Harmony Gold Mining Company reported record financial results for the second half of fiscal year 2026, with revenue rising 34% year-over-year to ZAR 100 billion ($5.9 billion). Headline earnings per share climbed 87% to ZAR 43.63, while operating free cash flow increased 54% to a company record ZAR 17 billion ($1 billion).
The Johannesburg-based miner maintained gold production at 1.43 million ounces, meeting guidance for the 11th consecutive financial year. Underground recovered gold grades reached 5.83 grams per ton, slightly above the 5.8-gram guidance threshold, driven by strong performance at the Mponeng Mine. All-in sustaining costs were reported at ZAR 1.19 million per kilogram, equivalent to $2,195 per ounce, within targeted ranges.
The company declared a final dividend of ZAR 7.50 per share, bringing the full-year payout to ZAR 12.80 per share and totaling ZAR 8.2 billion. The total dividend yield is approximately 3.5%. Gross profit margin improved to 43.5%, supported by copper operations at the CSA Mine, which produced 18,207 tons with a recovered grade of 3.75% and C1 cash costs of $2.47 per pound.
Harmony Gold’s shares fell 2.27% to $22.43 during regular trading following the results, though they edged up 0.4% in after-hours activity. The stock has delivered a 55.9% total return over the past year, trading between a 52-week low of $12.58 and high of $26.06. Valuation metrics showed a P/E ratio of 9.76 and a PEG ratio of 0.26, with an InvestingPro financial health score of 3.78 out of 5.
Chief Executive Officer Pius Now highlighted the company’s transition into a diversified gold and copper producer, noting consistent operational delivery and strategic execution. Looking ahead, management outlined a three-phase strategy: portfolio progression through 2025, execution and asset value unlocking from 2026 to 2030, and an expected inflection in cash flow generation beyond 2030 as margins strengthen and costs decline.
