Harmony Gold Mining Company Limited Q4 2025 Earnings Recap

Harmony delivered robust financial results in FY ‘25, achieving record cash flows and maintaining consistent production while enhancing safety protocols. The company reported a 26% increase in headline earnings per share and reached the upper end of its gold production guidance.

Key Takeaways

• Adjusted free cash flow surged 54% to over ZAR 11 billion at a 16% margin.
• Headline earnings per share rose 26% to ZAR 23.37; a record final dividend of ZAR 2.4 billion was declared.
• Gold production hit 46 tonnes (1.48 million ounces), consistent with production guidance, while maintaining all-in sustaining costs at ZAR 1.05 million per kilogram (approximately USD 1,800 per ounce).
• Achieved the lowest ever Lost-Time Injury Frequency Rate (LTIFR) in company history, reflecting a commitment to improving safety culture.
• The operational strategy focuses on high-quality ore bodies and disciplined cost management to ensure resilience across commodity cycles.