Harmony delivered a clean beat across all key financial metrics with record cash flow and dividends, while maintaining conservative leverage. The key swing factor is the gold price — the company's hedge book realized a R9.6B loss in FY26, but the unhedged portion more than offset this. With FY27 gold AISC guidance of R1,300,000-R1,395,000/kg and the current gold price well above the R1,850,000/kg planning assumption, margin expansion should continue. Monitor Eva Copper permitting progress (Northern Blue-tongued Skink issue) and CSA mine ramp-up toward 40ktpa by FY29 as the next catalysts.
Price Chart
Executive Summary
Harmony Gold Mining Company reported record FY26 results with revenue up 34% to R99.2B, headline earnings per share up 87% to 4,363 SA cents, and record adjusted free cash flow of R17.1B. The company declared a record final dividend of 750 SA cents per share, bringing total FY26 dividends to R8.2B. Gold production declined 3% to 1.43Moz (in line with guidance), while the newly acquired CSA copper mine contributed 18,207 tonnes of copper production. The company guided FY27 gold production of 1.3-1.4Moz and copper production of 28,000-30,000 tonnes, with Eva Copper first production targeted for H2 2028. The balance sheet shifted to a net debt position of R852M from net cash of R11.1B in FY25 following the MAC Copper acquisition, but leverage remains very low at 0.02x net debt/EBITDA.
Key Facts
- Group revenue increased 34% to R99,238 million (US$5,876 million) from R73,896 million
- Headline earnings per share up 87% to 4,363 SA cents (258 US cents) from 2,337 SA cents
- Record final dividend of 750 SA cents per share declared; total FY26 dividends of R8,151 million (US$503 million)
- Record adjusted free cash flow up 54% to R17,148 million (US$1,015 million) from R11,142 million
- Gold production of 44,464kg (1,429,551oz), down 3% year-on-year, in line with guidance
- Copper production of 18,207 tonnes from CSA mine (8 months post-acquisition), towards upper end of guidance
- Average gold price received up 35% to R2,069,710/kg (US$3,811/oz)
- Net debt of R852 million (US$52 million) vs net cash of R11,148 million (US$628 million) in FY25; net debt/EBITDA of 0.02x
- Gold AISC increased 13% to R1,191,698/kg (US$2,195/oz), in line with guidance
- FY27 guidance: gold production 1.3-1.4Moz, copper production 28,000-30,000 tonnes, Eva Copper first production H2 2028
- Gold Mineral Reserves increased to 27.4Moz from 26.9Moz; copper Mineral Reserves increased to 4.0Mt from 2.3Mt
- Secured new US$500M, A$500M and R7B syndicated multi-currency funding package
Financial Impact
Revenue +34% to R99.2B, headline earnings +87% to R27.2B, adjusted free cash flow +54% to R17.1B, record total dividends of R8.2B
Risk Factors
- Gold price decline would pressure margins given elevated AISC and hedge book losses
- Eva Copper Project permitting delays from protected species discovery could delay first production beyond H2 2028 target
- Moab Khotsong gold production declined 16% and is in a transitional 'gold gap' period
- Net debt position of R852M vs prior net cash; increased leverage from MAC Copper acquisition
- Realized gold hedge losses of R9.6B reduced reported revenue; ongoing hedging caps upside in rising price environment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-059195 |
| Document: 0001628280-26-059195-index-headers.html | 0001628280-26-059195 |
| Document: 0001628280-26-059195-index.html | 0001628280-26-059195 |
| Document: 0001628280-26-059195.txt | 0001628280-26-059195 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 6-K | $19.54 $19.92 | ▲ +1.94% | ▲ +1.13% | $17.33 (−11.28%) |
Sep 8, 2026 24d ago | 6-K | $20.23 $19.63 | ▼ −2.97% | ▼ −2.30% | $17.33 (−14.31%) |
Aug 27, 2026 5w ago | 6-K | $21.03 $20.76 | ▼ −1.28% | ▼ −1.55% | $17.33 (−17.57%) |
Aug 27, 2026 5w ago | 6-K | $21.03 $20.76 | ▼ −1.28% | ▼ −1.55% | $17.33 (−17.57%) |
Aug 21, 2026 6w ago | 6-K | $23.54 $20.23 | ▼ −14.06% | ▼ −14.54% | $17.33 (−26.36%) |
Aug 18, 2026 6w ago | 6-K | $19.28 $22.95 | ▲ +19.04% | ▲ +19.24% | $17.33 (−10.09%) |
Aug 17, 2026 6w ago | 6-K | $20.03 $22.81 | ▲ +13.88% | ▲ +15.07% | $17.33 (−13.45%) |
Jul 20, 2026 10w ago | 6-K | $14.33 $15.87 | ▲ +10.75% | ▲ +11.17% | $17.33 (+20.97%) |
Jun 30, 2026 13w ago | 6-K | $15.21 $16.29 | ▲ +7.10% | ▲ +6.50% | $17.33 (+13.97%) |
Jun 11, 2026 16w ago | Institutional Cluster | $15.21 $17.10 | ▼ −12.43% | ▼ −11.99% | $17.33 (−13.97%) |
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