FY26 results show strong financial performance driven by elevated gold prices, offset by lower production volumes and the dilutive effect of realized hedge losses (R9.6 billion). The transition to a net debt position and the heavy FY27 capital program (Eva Copper at US$650-680M) will constrain near-term free cash flow. Monitor execution of Eva Copper construction and the ramp-up of CSA copper production toward 40,000tpa by FY29.
Price Chart
Executive Summary
Harmony Gold Mining filed its FY26 20-F annual report, reporting record revenue of R99.2 billion (up 34.3% YoY), record adjusted free cash flow of R17.1 billion (up 53.9%), and a record full-year dividend of R8.2 billion. Gold production declined 3% to 1.43Moz, in line with guidance, while the newly acquired CSA mine contributed 18,207 tonnes of copper. The company guided FY27 gold production of 1.3-1.4Moz and copper production of 28,000-30,000 tonnes, with significant capital directed to the Eva Copper Project (US$650-680 million). The filing also sets the AGM for November 24, 2026, and includes routine director elections and governance resolutions.
Key Facts
- Record revenue of R99.2 billion (US$5.9 billion), up 34.3% year-on-year
- Record adjusted free cash flow of R17.1 billion (US$1.0 billion), up 53.9%
- Record full-year dividend of R8.2 billion (US$503 million) (1,280 SA cents per share)
- Gold production of 1.43Moz (44,464 kg), down 3% YoY but within guidance of 1.4-1.5Moz
- Copper production of 18,207 tonnes from CSA mine (eight months post-acquisition)
- Headline earnings per share up 87% to 4,363 SA cents
- Net debt of R852 million after MAC Copper acquisition (FY25: net cash of R11.1 billion); net debt/EBITDA of 0.02x
- FY27 gold production guidance: 1.3-1.4Moz; copper guidance: 28,000-30,000 tonnes
- Eva Copper Project capital guidance: US$650-680 million for FY27
- AGM scheduled for November 24, 2026; routine director elections and MoI amendment proposed
Financial Impact
Record revenue of R99.2 billion, record free cash flow of R17.1 billion, and record dividend of R8.2 billion. Net debt of R852 million post-acquisition vs net cash of R11.1 billion prior year.
Risk Factors
- Gold production declined 3% YoY and is guided to decline further in FY27 (1.3-1.4Moz vs 1.43Moz)
- Realized gold hedge losses of R9.6 billion reduced cash flow benefit of higher spot prices
- Net debt position of R852 million after acquisition, reversing prior net cash position
- Heavy capital spend in FY27 (Eva Copper US$650-680M) constrains free cash flow
- Moab Khotsong entering multi-year lower-production 'gold gap' phase
- Six fatalities recorded at South African operations during FY26
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001628280-26-068459 |
| Exhibit: exhibit21-nomfy26.htm | 0001628280-26-068459 |
| Exhibit: exhibit121-beyersnelfy26.htm | 0001628280-26-068459 |
| Exhibit: exhibit122-boipelolekubofy.htm | 0001628280-26-068459 |
| Exhibit: exhibit81-significantsubsi.htm | 0001628280-26-068459 |
| Exhibit: exhibit132-boipelolekubofy.htm | 0001628280-26-068459 |
| Exhibit: exhibit131-beyersnelfy26.htm | 0001628280-26-068459 |
| Document: hmy-20260630.htm | 0001628280-26-068459 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 6-K | $14.76 | awaiting T+20 | awaiting T+20 | $14.45 (−2.10%) |
Oct 30, 2026 2d ago | 20-F | $14.91 | awaiting T+20 | awaiting T+20 | $14.45 (−3.09%) |
Oct 23, 2026 9d ago | 6-K | $15.83 | awaiting T+20 | awaiting T+20 | $14.45 (−8.72%) |
Oct 16, 2026 16d ago | 6-K | $17.12 | awaiting T+20 | awaiting T+20 | $14.45 (−15.60%) |
Oct 13, 2026 19d ago | 6-K | $16.71 | awaiting T+20 | awaiting T+20 | $14.45 (−13.52%) |
Oct 7, 2026 25d ago | 6-K | $16.04 | awaiting T+20 | awaiting T+20 | $14.45 (−9.90%) |
Sep 22, 2026 5w ago | 6-K | $19.82 $16.72 | ▼ −15.64% | ▼ −15.08% | $14.45 (−27.09%) |
Sep 21, 2026 5w ago | 6-K | $19.00 $16.73 | ▼ −11.95% | ▼ −11.04% | $14.45 (−23.95%) |
Sep 15, 2026 6w ago | 6-K | $19.54 $16.71 | ▼ −14.48% | ▼ −17.46% | $14.45 (−26.05%) |
Sep 8, 2026 7w ago | 6-K | $20.23 $16.85 | ▼ −16.73% | ▼ −18.70% | $14.45 (−28.57%) |
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