Harmony Gold Mining reported a 102% surge in net profit to R29.5 billion for fiscal 2026, driven by a 34% rise in revenue to R99.2 billion and record gold output of 44,464 kilograms.
Headline earnings per share jumped 87% to 4,363 South African cents, while adjusted free cash flow reached a record R17.1 billion, up 54% from the prior year. The company declared a final dividend of 750 SA cents per share, bringing the full-year payout to 1,280 SA cents, or R8.2 billion in total shareholder returns.
Gold production met guidance for the 11th consecutive year at 1.43 million ounces, with underground grades averaging 5.83 grams per tonne. The CSA copper mine in Australia, acquired in October 2025, produced 18,207 tonnes of copper over eight months at a recovered grade of 3.75% and a C1 cost of US$2.47 per pound.
All-in sustaining costs for gold rose 14% to R45.8 billion, partly due to lower planned production and higher operating expenses, including an 8.1% increase in South African labor costs and a 15.5% jump in electricity costs. Royalties surged 77% to R30,203 per kilogram, reflecting stronger profitability.
Copper production is set to expand, with CSA expected to yield 30,000 tonnes in FY27, 34,000 tonnes in FY28, and 40,000 tonnes in FY29. The Eva Copper project remains on track for first production in late 2028, with capital guidance unchanged at US$1.55–1.75 billion.
Harmony’s mineral reserves grew 1.7% to 27.4 million ounces of gold, while copper reserves jumped 71% to 4.0 million tonnes. The company allocated 80% of capital expenditure to growth projects, including a R29.5 billion program to convert 9.8 million ounces of resources to reserves at internal rates of return ranging from 30% to 65%.
Safety performance improved, with the lost-time injury frequency rate falling to 5.05 per million hours worked and fatalities declining to six from 11 in FY25. CEO Beyers Nel described FY26 as a "defining year" in the company’s transition from a South African gold producer to a diversified gold and copper miner, though he noted ventilation constraints at CSA still require resolution.
Shares declined 2.27% to close at R22.43, extending losses to 4.06% in after-hours trading.
