FY26
Filed Aug 27, 2026Exceptional cash flows enable strategic growth alongside record shareholder returns
Revenue increased 34%, headline earnings per share increased 87%, basic earnings per share increased 103%, and adjusted free cash flow increased 54%. The company met its gold production and cost guidance and reported copper production and C1 cash cost within guidance following the MAC Copper acquisition.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Group revenueother | R99 238 million (US$5 876 million) | – | 34% |
| Basic earnings per shareother | 4 701 SA cents (278 US cents) | – | 103% increase |
| Headline earningsother | R27 238 million (US$1 613 million) | – | 87% |
| Headline earnings per share (HEPS)other | 4 363 SA cents (258 US cents) | – | 87% |
| Adjusted free cash flownon-GAAP | R17 148 million (US$1 015 million) | – | 54% increase |
| Underground recovered gradeother | 5.83g/t | – | (7) |
| Gold price receivedother | R2 069 710/kg (US$3 811/oz) | – | 35% / 46% |
| Gold produced totalother | 44 464kg (1 429 551oz) | – | (3) |
| Group cash operating costsother | R991 654/kg (US$1 826/oz) | – | (13) / (22) |
| Group production profitother | R48 184 million (US$2 853 million) | – | 59% / 72% |
| Group all-in sustaining costs (AISC)non-GAAP | R1 191 698/kg (US$2 195/oz) | – | (13) / (22) |
| Group all-in cost (AIC)non-GAAP | R1 314 254/kg (US$2 420/oz) | – | (13) / (22) |
| Copper price receivedother | US$12 399/t (US$5.62/lb) | – | 100 |
| Copper producedother | 18 207 tonnes (40 140 lbs'000) | – | 100 |
| Copper yieldother | 3.75% | – | 100 |
| Copper C1 costsother | US$5 450/t (US$2.47/lb) | – | 100 |
| Copper group costs and capitalother | US$8 845/t (US$4.01/lb) | – | 100 |
| Copper group production profitother | R1 876 million (US$111 million) | – | 100 |
| Average exchange rateother | R:US$ 16.89 | – | (7) |
| Lost-time injury frequency rateother | 5.05 per million hours worked | – | – |
FY27 outlook
- NoteGold production between 1 300 000 ounces and 1 400 000 ounces
- NoteGold AISC between R1 300 000/kg and R1 395 000/kg
- NoteUnderground recovered grade above 5.60g/t
- NoteCopper production between 28 000 tonnes and 30 000 tonnes
- NoteCopper C1 cash cost between US$2.55/lb and US$2.65/lb
- NoteCopper yield of approximately 3.50%
Capital returns
- A final gross cash dividend of 750 SA cents (46.86651 US cents*) per ordinary share
- Total FY26 payout of R8.1 billion (US$503 million)
- Final dividend payable on Monday, 12 October 2026
What drove it
- A 35% increase in average gold price received to R2 069 710/kg (US$3 811/oz)
- Copper sales from the CSA mine following the acquisition of MAC Copper Limited
- 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
- Tshepong North life of mine extended to 15 years from six years
- Eva Copper construction advanced 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
Concerns
- Total gold production decreased 3% to 44 464kg (1 429 551oz).
- Underground recovered grade declined to 5.83g/t from 6.27g/t.
- Group all-in sustaining costs increased 13% to R1 191 698/kg and 22% to US$2 195/oz.
- The Group reported the tragic loss of life in FY26.
- Net debt of R852 million (US$52 million) followed the MAC Copper acquisition.
- Harmony identified prior-period errors relating to the configuration of its mine planning software and the accounting for management bonuses/payroll provisions and accruals, and revised affected prior-period comparative information.
What to watch
- Delivery against FY27 gold production guidance of between 1 300 000 ounces and 1 400 000 ounces.
- Delivery against FY27 gold AISC guidance of between R1 300 000/kg and R1 395 000/kg.
- CSA mine delivery against FY27 copper production guidance of between 28 000 tonnes and 30 000 tonnes and C1 cash-cost guidance of between US$2.55/lb and US$2.65/lb.
- Underground recovered grade against FY27 guidance of above 5.60g/t.
- Execution of Eva Copper construction and continued investment at CSA mine.
- Liquidity, net debt and implementation of the new syndicated funding package.
Balance sheet and cash flow
- Adjusted free cash flow of R17 148 million (US$1 015 million), up 54%
- Net debt of R852 million (US$52 million) from net cash of R11 148 million (US$628 million)
- 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
Analysis
Harmony delivered a strong FY26 financial outcome, with group revenue increasing 34% to R99 238 million (US$5 876 million), headline earnings increasing 87% to R27 238 million (US$1 613 million), and basic earnings per share increasing 103% to 4 701 SA cents (278 US cents). Adjusted free cash flow increased 54% to R17 148 million (US$1 015 million). The release attributes this cash generation to a higher average gold price received and copper sales from CSA following the MAC Copper acquisition.
Management, verbatim
FY26 was a defining year in Harmony’s evolution into a diversified gold and copper producer.
Beyers Nel, Chief Executive Officer of Harmony
Between 2026 and 2030, we will focus on execution and unlocking the value already embedded in our assets.
Beyers Nel, Chief Executive Officer of Harmony
Not in the filing
stated, not guessed- GAAP or IFRS net income
- Gross profit and gross margin
- Operating income and operating margin
- Cash flow from operations
- Capital expenditures
- Cash balance
- Total debt
- Segment revenue
- Prior-quarter comparisons
- FY27 revenue guidance
- FY27 gross-margin guidance
- FY27 operating-expense guidance
- FY27 tax-rate guidance
- Previous-period outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.