Harmony Gold Mining H2 2026 (Media) Earnings Report

Harmony Gold Mining EPS Results

• Actual EPS: N/A
• Consensus EPS: $1.29
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Harmony Gold Mining Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $3.20 billion
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Harmony Gold Mining Announcement Details

• Quarter: H2 2026 (Media)
• Date: 8/27/2026
• Time: Before Market Opens
• Conference Call Date: Thursday, August 27, 2026
• Conference Call Time: 1:30AM ET

Harmony Gold Mining (NYSE:HMY) is a South African-based gold producer engaged in the exploration, extraction, processing and refining of gold. The company operates a portfolio of underground and surface mines, supported by related processing facilities and exploration activities.

Harmony’s operations are primarily located in South Africa, with additional assets in Papua New Guinea. Its international portfolio includes the Hidden Valley open-pit gold and silver mine, while the company also participates in the Wafi-Golpu copper-gold development project in Papua New Guinea. In South Africa, Harmony operates several gold mines and associated infrastructure in the Witwatersrand Basin and the Free State.

Founded in 1950, Harmony has expanded from its original South African mining operations through acquisitions and asset development. The company is listed on the Johannesburg Stock Exchange and the New York Stock Exchange under the symbol HMY. Harmony is led by Chief Executive Officer Peter Steenkamp and focuses on safe, responsible mining, operational efficiency and extending the life of its mineral assets.

Harmony Gold Mining H2 2026 (Media) Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Operational guidance was achieved for the 11th consecutive year: Gold production totaled 1.43 million ounces, while all-in sustaining costs of $2,195 per ounce and underground recovered grades of 5.83 grams per ton were within or marginally above guidance.
• Positive Sentiment: The newly acquired CSA copper mine contributed 18,207 tons of copper at a 3.75% recovered grade and a C1 cash cost of $2.47 per pound, meeting its guidance targets.
• Positive Sentiment: Financial results reached records: Revenue rose 34% to ZAR 100 billion, headline earnings per share increased 87% to ZAR 43.63, and operating free cash flow grew 54% to ZAR 17 billion.
• Positive Sentiment: Strong cash generation supported a record final dividend of ZAR 7.50 per share, bringing the full-year dividend to ZAR 12.80 per share and an approximate 3.5% yield.
• Neutral Sentiment: Management said the 2026–2030 strategy will emphasize execution and unlocking value from existing assets, with a potential cash-flow inflection beyond 2030 as margins strengthen and costs decline.

Presentation

[Operator]

Good morning. Welcome to Harmony Gold FY 2026 results media call. All telephone line participants will be in a listen-only mode. If you'd like to ask a question, please key in star and then one on your telephone keypad. You may key in star and then two to leave the question queue. If you should need assistance during the call, please signal an operator by keying in star and then zero. Please note that this event is being recorded. I will now hand over to the CEO, Beyers Nel. Please go ahead, sir.

[Beyers Nel, CEO at Harmony Gold Mining Company]

Good day, and thank you for joining us. I'm joined by Boipelo Lekubo, our FD, and members of our group executive and investor relations teams. FY 2026 was a defining year in Harmony's evolution into a diversified global gold and copper producer. Through safe, consistent operational delivery, disciplined execution, and strategic investment, we achieved gold production guidance for the 11th consecutive financial year and delivered on all key operating guidance metrics. Group gold production of 1.43 million ounces was in line with guidance, while all-in sustaining costs of ZAR 1.19 million per kilogram or $2,195 per ounce also remained within guidance. Underground recovered gold grades of 5.83 grams per ton was in line with guidance too.

[Beyers Nel, CEO at Harmony Gold Mining Company]

Following its acquisition, CSA copper mine contributed 18,207 tons of copper at a recovered grade of 3.75% at a C1 cash cost of $2.47 per pound, that is U.S., all within guidance as well. This performance translated into record financial results, with revenue increasing by 34% to ZAR 100 billion or $5.9 billion. Headline earnings per share increased by 87% to ZAR 43.63 per share. Group operating free cash flow increased by 54% to a record ZAR 17 billion or $1 billion.

[Beyers Nel, CEO at Harmony Gold Mining Company]

This enabled us to declare a record final dividend of ZAR 4.8 billion or ZAR 7.50 per share, lifting the full-year dividend to ZAR 8.2 billion or ZAR 12.80 per share at a yield of approximately 3.5%. Importantly, this was achieved while continuing to invest 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 remains strong. Our people provide the capability to deliver.

[Beyers Nel, CEO at Harmony Gold Mining Company]

Together, these strengths position Harmony Gold Mining Company 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 our stakeholders. Before I take your questions, I would like to remind you that all supporting information relating to our results is available on our website. With that, let's open the line for questions. Thank you.

[Operator]

Thank you, sir. Ladies and gentlemen, if you'd like to ask a question, please key in star and then one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may key in star and then two to leave the question queue. Our first question comes from Martin Creamer of Mining Weekly. Please go ahead.

[Martin Creamer, Publishing Editor at Mining Weekly]

Good morning, everybody. Your results are uplifting me. It's a wrapping year. This is fantastic. Really great stuff. I've just got one query. You said that the achieved underground recovered grade of 5.83 grams per ton was in line with guidance, yet your news service says it's above guidance.

[Beyers Nel, CEO at Harmony Gold Mining Company]

Good morning, Martin. It is indeed marginally above guidance. You remember our guidance was above 5.8 grams per ton, and we came in at 5.83 grams per ton, Martin. 0.03 above that entry point of guidance. Very pleased with the grades, mainly on the back of continued strong performance at our high grade Mponeng Mine, who's had a stellar year again.

[Martin Creamer, Publishing Editor at Mining Weekly]

Thanks so much for that.

[Beyers Nel, CEO at Harmony Gold Mining Company]

Thanks, Martin.

[Operator]

Ladies and gentlemen, just a further reminder. If you'd like to ask a question, you're welcome to key in star and then one on your telephone keypad. It appears we have no further questions in the question queue. I will now hand back for closing remarks.

[Beyers Nel, CEO at Harmony Gold Mining Company]

Thank you very much to everybody who joined the media call this morning. We look forward to perhaps see some of you at the results presentation. Thank you very much.

[Operator]

Thank you, sir. Ladies and gentlemen, that concludes this morning's event. Thank you for joining us, and you may now disconnect your lines.

Participants

Executives

• Beyers Nel, CEO

Analysts

• Martin Creamer, Publishing Editor at Mining Weekly