Wrap Text
Financial Results for the year ended 30 June 2026 and a Final Dividend Declaration
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
(Harmony and/or the Company)
RESULTS FOR THE YEAR ENDED 30 JUNE 2026 AND A FINAL DIVIDEND DECLARATION
Exceptional cash flows enable strategic growth alongside record shareholder
returns
Johannesburg. Thursday, 27 August 2026. Harmony Gold Mining Company Limited
is pleased to announce its financial and operating results for the year ended
30 June 2026 (FY26).
“FY26 was a defining year in Harmony’s evolution into a diversified gold and
copper producer. Through safe, consistent operational delivery, disciplined
execution and strategic investment, we achieved gold production guidance for
the eleventh consecutive financial year and delivered on all key operating
guidance metrics.
Group gold production of 44 464kg (1 429 551oz) was in line with guidance,
while AISC of R1 191 698/kg (US$2 195/oz) remained within guidance.
Underground recovered grade of 5.83g/t was also in line with guidance.
Following its acquisition, CSA mine contributed 18 207 tonnes of copper at
a recovered grade of 3.75% and a C1 cash cost of US$2.47/lb, all within
guidance.
This performance drove significant growth in earnings per share, robust cash
flow generation and record dividends, while we continued investing in reserve
conversion, life extension and future growth.
Up to 2025, we focused on portfolio progression and improvement. Between
2026 and 2030, we will focus on execution and unlocking the value already
embedded in our assets. Beyond 2030, we expect a meaningful cash flow
inflection as margins strengthen, costs decline and free cash flow expands.
We look ahead with confidence. Our gold and copper portfolio provides
optionality. Our balance sheet provides resilience. Our people provide the
capability to deliver. Together, these strengths position Harmony to generate
cash today, deliver growth tomorrow and create enduring value through the
cycle. Guided by our values and Mining with Purpose, we remain committed to
safe, profitable production and sustainable returns for all our shareholders
and stakeholders,” said Beyers Nel, Chief Executive Officer of Harmony.
Key highlights of FY26 are:
- Despite the tragic loss of life in the FY26, the Group achieved an all-
time low lost-time injury frequency rate of 5.05 from 5.39 per million
hours worked, highlighting continued progress in our journey towards zero
harm
- 87% increase in headline earnings per share to 4 363 SA cents
(258 US cents) from 2 337 SA cents (129 US cents)
- 103% increase in earnings per share of 4 701 SA cents (278 US cents) from
2 313 SA cents (127 US cents)
- Record adjusted free cash flow, up 54% to R17 148 million
(US$1 015 million) driven by a higher average gold price received and
copper sales from the CSA mine following the acquisition of MAC Copper
Limited (“MAC Copper”)
- Achieved underground recovered grade of 5.83g/t, above guidance
- 3% decrease in total gold production to 44 464kg (1 429 551oz) from 46
023kg (1 479 671oz), achieving production guidance for the 11th
consecutive year
- Achieved copper production of 18 207 tonnes from CSA mine, towards the
upper end of guidance, with a recovered grade of 3.75%, well above guidance
- 13% increase in group all-in sustaining costs (AISC) to R1 191 698/kg
(US$2 195/oz) from R1 053 189/kg (US$1 804/oz), in line with guidance
- 35% increase in average gold price received to R2 069 710/kg (US$3 811/oz)
from R1 529 358
- /kg (US$2 620/oz)
- C1 cash cost of US$2.47/lb, well below guidance
- 34% increase in group revenue to R99 238 million (US$5 876 million) from
R73 896 million (US$4 071 million)
- Balance sheet remains healthy and flexible with net debt of R852 million
(US$52 million) from net cash of R11 148 million (US$628 million)
following the MAC Copper acquisition
- Liquidity of R17 101 million (US$1 043 million) in cash and undrawn
facilities
- Secured a new US$500 million, A$500 million and R7 billion syndicated,
multi-currency, multi-tranche funding package, reducing interest costs,
extending maturities and strengthening liquidity
- Tshepong North life of mine extended to 15 years from six years
- Eva Copper construction advanced, with key infrastructure and process
plant milestones achieved, following the Final Investment Decision in
November 2025
- CSA mine integration complete and investment in the mine is underway to
position it for the long-term following the acquisition of MAC Copper
- A final dividend declared of 750 SA cents (approximately 46.9 US cents)
per ordinary share declared (June 2025: 155 SA cents (8.9 US cents)),
bringing total FY26 payout to a record R8.1 billion (US$503 million)
GOLD OPERATING RESULTS
Year Year
ended ended
30 June 30 June %
2026 2025 Change
Underground recovered
grade g/t 5.83 6.27 (7)
R/kg 2 069 710 1 529 358 35
Gold price received
US$/oz 3 811 2 620 46
kg 44 464 46 023 (3)
Gold produced total
oz 1 429 551 1 479 671 (3)
R/kg 991 654 874 770 (13)
Group cash operating costs1
US$/oz 1 826 1 499 (22)
R million 48 184 30 214 59
Group production profit1
US$ million 2 853 1 664 72
Group all-in sustaining R/kg 1 191 698 1 053 189 (13)
costs (AISC)1 US$/oz 2 195 1 804 (22)
R/kg 1 314 254 1 160 853 (13)
Group all-in cost (AIC)1
US$/oz 2 420 1 989 (22)
Average exchange rate R:US$ 16.89 18.15 (7)
1 Figures for the year ended 30 June 2025 restated. Refer to note 25 of the condensed consolidated financial statements
for further detail on restatement.
COPPER OPERATING RESULTS
Year Year
ended ended
30 June 30 June %
2026 2025 Change
US$/t 12 399 — 100
Copper price received
US$/lb 5.62 — 100
t 18 207 — 100
Copper produced
lbs'000 40 140 — 100
Yield % 3.75 — 100
US$/t 5 450 — 100
C1 costs
US$/lb 2.47 — 100
US$/t 8 845 — 100
Group costs and capital
US$/lb 4.01 — 100
R million 1 876 — 100
Group production profit
US$ million 111 — 100
Average exchange rate R:US$ 16.89 18.15 (7)
FINANCIAL RESULTS
Year Year
ended ended
30 June 2026 30 June 2025 %
(Reviewed) (Reviewed) Change
SA cents 4 701 2 313 103
Basic earnings per share1
US cents 278 127 119
R million 27 238 14 531 87
Headline earnings1
US$ 1 613 800 102
Headline earnings per share million
SA cents 4 363 2 337 87
(HEPS)1 US cents 258 129 100
1 Figures for the year ended 30 June 2025 restated. Refer to note 25 of the condensed consolidated financial statements
for further detail on restatement.
FY27 group production and cost guidance
Year-on-year production guidance for gold is between 1 300 000 ounces and
1 400 000 ounces at an AISC of between R1 300 000/kg and R1 395 000/kg.
Underground recovered grade for FY27 is guided at above 5.60g/t.
Year-on-year production guidance for copper is between 28 000 tonnes and 30
000 tonnes at a C1 cash cost of between US$2.55/lb and US$2.65/lb. A yield
of approximately 3.50% is guided for FY27.
Notice of Final Gross Cash Dividend
Our dividend declaration for the 12 months ended 30 June 2026 is as follows:
Declaration of final gross cash ordinary dividend no. 99
The board of directors of the Company (Board) has approved, and notice is
hereby given, that a final gross cash dividend of 750 SA cents
(46.86651 US cents*) per ordinary share in respect of the 12 months ended
30 June 2026, has been declared payable to the registered shareholders of
Harmony on Monday, 12 October 2026
In accordance with paragraph 7.23(a) – (k) of the JSE Listings Requirements
the following additional information is disclosed:
• The dividend has been declared out of income reserves;
• The local Dividend Withholding Tax rate is 20%;
• The gross local dividend amount is 750.00000 SA cents
(46.86651 US cents*) per ordinary share for shareholders exempt from
the Dividend Withholding Tax;
• The net local dividend amount is 600.00000 SA cents per ordinary share
for shareholders liable to pay the Dividend Withholding Tax;
• Harmony currently has 636 798 966 ordinary shares in issue (which
includes 11 821 538 treasury shares); and
• Harmony’s income tax reference number is 9240/012/60/0.
A dividend No. 99 of 750.00000 SA cents (46.86651 US cents*) per ordinary
share, being the dividend for the 12 months ended 30 June 2026, has been
declared payable on Monday, 12 October 2026 to those shareholders recorded
in the share register of the company at the close of business on Friday, 9
October 2026. The dividend is declared in the currency of the Republic of
South Africa. Any change in address or dividend instruction to apply to this
dividend must be received by the company’s transfer secretaries or registrar
not later than Friday, 2 October 2026.
Dividends received by non-resident shareholders will be exempt from income
tax in terms of section 10(1)(k)(i) of the Income Tax Act. The dividend
withholding tax rate is 20%, accordingly, any dividend will be subject to
dividend withholding tax levied at a rate of 20%, unless the rate is reduced
in terms of any applicable agreement for the avoidance of double taxation
(DTA) between South Africa and the country of residence of the shareholder.
Should dividend withholding tax be withheld at a rate of 20%, the net dividend
amount due to non-resident shareholders is 600.00000 SA cents per share. A
reduced dividend withholding rate in terms of the applicable DTA may only be
relied on if the non-resident shareholder has provided the following forms
to their CSDP or broker, as the case may be in respect of uncertificated
shares or the company, in respect of certificated shares:
(a) a declaration that the dividend is subject to a reduced rate as a result
of the application of a DTA; and
(b) a written undertaking to inform the CSDP or broker, as the case may be,
should the circumstances affecting the reduced rate change or the
beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue
Service. Non-resident shareholders are advised to contact their CSDP or
broker, as the case may be, to arrange for the abovementioned documents to
be submitted prior to the payment of the distribution if such documents have
not already been submitted.
In compliance with the requirements of Strate Proprietary Limited (Strate)
and the JSE Listings Requirements, the salient dates for payment of the
dividend are as follows:
Last date to trade ordinary shares cum-
dividend is Tuesday, 6 October 2026
Ordinary shares trade ex-dividend Wednesday, 7 October 2026
Record date Friday, 9 October 2026
Payment date Monday, 12 October 2026
No dematerialisation or rematerialisation of share certificates may occur
between Wednesday, 7 October 2026 and Friday, 9 October 2026 both dates
inclusive, nor may any transfers between registers take place during
this period.
On payment date, dividends due to holders of certificated securities on the
SA share register will either be electronically transferred to such
shareholders' bank accounts or, in the absence of suitable mandates,
dividends will be held in escrow by Harmony until suitable mandates are
received to electronically transfer dividends to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to
such shareholders' accounts with the relevant CSDP or broker.
The holders of American Depositary Receipts (ADRs) should confirm dividend
details with the depository bank. Assuming an exchange rate of R16.00/US$1*
the dividend payable on an ADR is equivalent to 46.86651 US cents for ADR
holders before dividend tax. However, the actual rate of payment will depend
on the exchange rate on the date for currency conversion.
* Based on an exchange rate of R16.00/US$1 at 21 August 2026. However, the
actual rate of payment will depend on the exchange rate on the date for
currency conversion.
Short-form announcement
This short-form announcement is the responsibility of the Board.
Shareholders are advised that this short-form announcement represents a
summary of the information contained in the full financial results (results
booklet) incorporating the FY26 condensed consolidated financial statements
and does not contain full or complete details contained in the results booklet
published on the Stock Exchange News Service, via the JSE cloudlink at
https://senspdf.jse.co.za/documents/2026/jse/isse/HARE/FY26result.pdf and
on Harmony’s website (www.harmony.co.za) on 27 August 2026.
The condensed consolidated financial statements for the financial year ended
30 June 2026, from which this short-form announcement has been correctly
extracted, have been reviewed by Ernst & Young Inc., who expressed an
unmodified review conclusion thereon.
Any investment decisions by investors and/or shareholders should be based on
a consideration of the results booklet as a whole and shareholders are
encouraged to review the results booklet, which is available for viewing on
the Company’s website and the JSE cloudlink, referred to above.
This short-form announcement may contain non-GAAP measures. These non-GAAP
measures are considered to be pro forma financial information in terms of
the JSE Listings Requirements and have been prepared for illustrative
purposes only and are the responsibility of the Board. Investors are referred
to the results booklet for more information.
Ends.
For more details, contact:
Jared Coetzer
Head: Investor Relations
+27 (0)82 746 4120
Johannesburg, South Africa
27 August 2026
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of
the safe harbour provided by Section 21E of the Exchange Act and Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”), with respect
to our financial condition, results of operations, business strategies,
operating efficiencies, competitive positions, growth opportunities for
existing services, plans and objectives of management, markets for stock and
other matters. These forward-looking statements, including, among others,
those relating to our future business prospects, revenues, and the potential
benefit of acquisitions (including statements regarding growth and cost
savings) wherever they may occur in this announcement, are necessarily
estimates reflecting the best judgment of our senior management and involve
a number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements. As a
consequence, these forward-looking statements should be considered in light
of various important factors, including those set forth in our Integrated
Annual Report. All statements other than statements of historical facts
included in this announcement may be forward-looking statements. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances and should be considered in light
of various important factors, including those set forth in this disclaimer.
Readers are cautioned not to place undue reliance on such statements.
Important factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking statements include,
without limitation: overall economic and business conditions in South Africa,
Papua New Guinea, Australia and elsewhere; the impact from, and measures
taken to address, Covid-19 and other contagious diseases, such as HIV and
tuberculosis; high and rising inflation, supply chain issues, volatile
commodity costs and other inflationary pressures exacerbated by the
geopolitical risks; estimates of future earnings, and the sensitivity of
earnings to gold and other metals prices; estimates of future gold and other
metals production and sales; estimates of future cash costs; estimates of
future cash flows, and the sensitivity of cash flows to gold and other metals
prices; estimates of provision for silicosis settlement; increasing
regulation of environmental and sustainability matters such as greenhouse
gas emission and climate change, and the impact of climate change on our
operations; estimates of future tax liabilities under the Carbon Tax Act
(South Africa); statements regarding future debt repayments; estimates of
future capital expenditures; the success of our business strategy,
exploration and development activities and other initiatives; future
financial position, plans, strategies, objectives, capital expenditures,
projected costs and anticipated cost savings and financing plans; estimates
of reserves statements regarding future exploration results and the
replacement of reserves; the ability to achieve anticipated efficiencies and
other cost savings in connection with, and the ability to successfully
integrate, past and future acquisitions, as well as at existing operations;
our ability to complete ongoing and future acquisitions; fluctuations in the
market price of gold and other metals; the occurrence of hazards associated
with underground and surface gold mining; the occurrence of labour
disruptions related to industrial action or health and safety incidents;
power cost increases as well as power stoppages, fluctuations and usage
constraints; ageing infrastructure, unplanned breakdowns and stoppages that
may delay production, increase costs and industrial accidents; supply chain
shortages and increases in the prices of production imports and the
availability, terms and deployment of capital; our ability to hire and retain
senior management, sufficiently technically-skilled employees, as well as
our ability to achieve sufficient representation of historically
disadvantaged persons in management positions or sufficient gender diversity
in management positions or at Board level; our ability to comply with
requirements that we operate in a sustainable manner and provide benefits to
affected communities; potential liabilities related to occupational health
diseases; changes in government regulation and the political environment,
particularly tax and royalties, mining rights, health, safety, environmental
regulation and business ownership including any interpretation thereof; court
decisions affecting the mining industry, including, without limitation,
regarding the interpretation of mining rights; our ability to protect our
information technology and communication systems and the personal data we
retain; risks related to the failure of internal controls; the outcome of
pending or future litigation or regulatory proceedings; fluctuations in
exchange rates and currency devaluations and other macroeconomic monetary
policies, as well as the impact of South African exchange control
regulations; the adequacy of the Group’s insurance coverage; any further
downgrade of South Africa’s credit rating and socio-economic or political
instability in South Africa, Papua New Guinea, Australia and other countries
in which we operate; changes in technical and economic assumptions underlying
our mineral reserves estimates; geotechnical challenges due to the ageing of
certain mines and a trend toward mining deeper pits and more complex, often
deeper underground, deposits; actual or alleged breach or breaches in
governance processes, fraud, bribery or corruption at our operations that
leads to censure, penalties or negative reputational impacts; and the risk
that additional errors or adjustments are identified.
The foregoing factors and others described under “Risk Factors” in our
Integrated Annual Report (www.har.co.za) and our Annual Report on Form 20-F
should not be construed as exhaustive. We undertake no obligation to update
publicly or release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this announcement or to
reflect the occurrence of unanticipated events, except as required by law.
All subsequent written or oral forward-looking statements attributable to
Harmony or any person acting on its behalf are qualified by the cautionary
statements herein. Any forward-looking statements contained in these
financial results have not been reviewed or reported on by Harmony's external
auditors.
Restatement Review
During the financial year ended 30 June 2026 (FY26), Harmony identified
prior-period errors relating to the configuration of its mine planning
software and the accounting for management bonuses/payroll provisions and
accruals. Harmony has corrected the errors by revising the affected prior-
period comparative information presented in the FY26 condensed consolidated
financial statements. Refer to Note 25 for further information.
Date: 27/08/2026 05:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
