HY26result

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# HY26result

Source: https://senspdf.jse.co.za/documents/2026/jse/isse/HARE/HY26result.pdf
Published: 2026-03-11T00:00:00+00:00
Fetched: 2026-05-05T10:46:01.057+00:00
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## Content

# HY26result
Harmony Gold Mining Company Limited
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE share code: HAR
NYSE share code: HMY
ISIN: ZAE000015228
(Harmony or the Company)
INTERIM
RESULTS
for the six-month period ended
31 December 2025 (H1FY26)*
HARMONY'S INTERIM DIVIDEND
DOUBLES ON NEW POLICY
ALONGSIDE COPPER GROWTH
Johannesburg, South Africa. Wednesday,
11 March 2026. Harmony Gold Mining Company Limited
(Harmony or the Company) is pleased to report our financial
and operational results for H1FY26.
›
SALIENT FEATURES MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
for the six-month period ended 31 December 2025 (H1FY26)
vs six-month period ended 31 December 2024 (H1FY25)
Safety OVERVIEW
During the period under review, we further reinforced Harmony’s position as a higher‑quality,
• Safety strategy continues to progress, lowest ever LTIFR1 of 4.23 per million hours worked (H1FY25: 5.52)
lower‑risk global producer of gold and copper. Our strategy remains anchored in safe, predictable and
Operational excellence profitable production that delivers resilient cash flows and supports disciplined, long‑term growth.
• Over a decade of production consistency as we remain on track to meet full-year production, grade and cost Safety remains our first value. We are encouraged by the continued improvement in our lost‑time
guidance injury frequency rate, which has remained below 5.00 per million hours worked, for three consecutive
• CSA copper guidance of 17 500 to 18 500 tonnes at a C1 cash cost of US$2.65/lb to US$2.80/lb and grade of quarters. This reflects strengthened ownership across the business. Our commitment to achieving
above 3.50% for the financial year zero harm remains non-negotiable.
• Group gold production of 22 522kg (724 099oz), down 9% due to temporary challenges in second quarter of
FY26 Gold remains core to Harmony. Expanding into copper is an intentional step to enhance portfolio
• Underground recovered grade decreased by 11% to 5.72g/t due to lower metallurgical recoveries; face grades quality and long‑term durability. Our capital allocation framework is measured, disciplined and
remain in line with plans value‑focused, to enhance operational consistency, strengthen margins and support predictable cash
• All-in sustaining cost (AISC) increased by 21% to R1 180 367/kg (US$2 115/oz), in line with guidance and flows. Even in an elevated commodity price environment, capital discipline remains paramount.
mainly due to lower production
We deploy capital prudently on a risk‑adjusted basis across safety, sustaining our orebodies,
Financial returns greenfield projects, brownfield expansions and shareholder returns – ensuring we create long-term
value through commodity price cycles.
• Operating profit increased by 61% to R16 107 million (US$930 million) from R10 003 million (US$559 million)
• Average gold price received (including hedge) up 36% to R1 909 849/kg (US$3 421/oz) from R1 405 020/kg Our strengthened cash generation has enabled us to revise our dividend policy to ensure that up to
(US$2 437/oz) 50% of our net free cash is returned to investors, reflecting our commitment to delivering tangible,
• Group revenue up 20% to R44 400 million (US$2 557 million) from R37 141 million (US$2 071 million) consistent and attractive cash returns. Our approach ensures that investors benefit today through
• Basic earnings per share up 24% to 1 563 SA cents (90 US cents) sustainable and enhanced dividends, while also participating in the long‑term value we are creating
across our portfolio.
Capital allocation
Maintaining a balance sheet well below our 1x net debt/EBITDA threshold, positions us to both fund
• Revised dividend policy paying up to 50% of net free cash5 out to shareholders
future growth and continue rewarding shareholders.
• Interim dividend2, 3 declared of 530 SA cents (32 US cents), and record payout of record R3 383 million
(US$204 million) Operationally, we remain on track to meet our full‑year production, cost and grade guidance and the
• Robust balance sheet with net debt/EBITDA4 of 0.18 times exceptional gold price environment has further supported another strong financial performance. This
• Liquidity of R14 819 million (US$895 million) in cash and undrawn facilities combination of operational discipline and favourable market conditions has translated into robust
cash generation.
Gold and copper growth
Based on current projects, we expect to produce approximately 100 000 tonnes of copper per annum
• Maiden copper production from newly acquired CSA mine with integration underway
within the next three years, once the Eva Copper Project is completed. This will establish Harmony as
• Eva Copper final investment decision approved by board on 24 November 2025, construction underway
a world‑class gold producer with a meaningful copper footprint.
• Brownfield extension projects continue to advance
Against this backdrop, I am pleased to report that Harmony has once again delivered solid
* The condensed consolidated financial statements for the six-months ended 31 December 2025 on pages 22 to 53 have been reviewed by our external operational and financial results for H1FY26, demonstrating the strength of our strategy and the
auditors, Ernst & Young Inc. Adjusted free cash flow, cash operating costs, total all-in sustaining costs, total all-in costs, reconciliation of non-GAAP quality of our people.
measures and the convenience translation are considered to be pro forma financial information in terms of the JSE Listings Requirements and have been
extracted, without adjustment.
1
LTIFR – lost time injury frequency rate per million hours worked
2
See dividend notice on page 11 for the details
3
Illustrative equivalent based on the closing exchange rate of R16.55/US$1 as at 6 March 2026
4
EBITDA – Earnings before interest, tax, depreciation and amortisation as defined, also excludes unusual items such as impairment and restructuring cost:
rolling 12-month historical
5
Net free cash is defined as operating free cash flow after capital, interest, tax, corporate and other expenses.
Harmony Gold Mining Company Limited | Interim results for the six-month period ended 31 December 2025 ‹ › 1
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER continued
RESPONSIBLE STEWARDSHIP Our community programmes will continue to grow alongside our rehabilitation and environmental stewardship
work. This integrated approach of combining climate action, operational discipline and meaningful social
Safety: Proactive strategy continues to deliver improvements investment, ensures we remain responsible custodians of the assets and communities entrusted to us, while
Nothing matters more than ensuring every person returns home safely, every day. Our people are our most building a more resilient, competitive and future‑focused Harmony.
important assets and we remain unwavering in our commitment to zero loss of life. Tragically we lost one
colleague in the second quarter of the financial year. We remember and honour the life of Mr Markus Bekker, CAPITAL ALLOCATION ANCHORED IN DISCIPLINED, LONG‑TERM
electrician at Mponeng, 26 October 2025 (Q2FY26). VALUE CREATION
Through our Thibakotsi’s humanistic culture transformation we are embedding personal ownership across the
Revised dividend policy returns more of our net free cash* to shareholders
organisation. This is supported by our Accountability Model, Risk Response Protocol and disciplined learning
from incidents. After careful consideration of our capital requirements, capital structure, through-the-cycle macroeconomic
conditions and current strong cash flow generation, we are pleased to announce that we have revised our dividend
Our proactive focus on leading indicators, continues to drive quarter‑on‑quarter progress across our key safety policy to provide shareholders with enhanced upside participation.
measures. Performance and scorecard remuneration has been amended and is now linked to both leading and
lagging indicators. Leading indicators include Workplace Hazard Ratings and Loss-of-life Critical Control Checks Harmony has amended its dividend policy to allow for up to 50% of net free cash* to be returned to shareholders,
while lagging indicators include LTIFR. This year we made progress, delivering a loss-of-life free first quarter and subject to the discretion of the board and net debt to EBITDA (leverage) levels.
all major indicators improving year on year – evidence of the discipline, consistency and accountability across the The revised policy now includes an improved base dividend, which has been increased from 20% to 30% of net
organisation. free cash*. In addition, an upside dividend may be paid, based on leverage levels.
Our safety non‑negotiables are clear and constant: golden control compliance, effective management and When leverage is equal to or above 0.5x and below 1x, only a base dividend of 30% of net free cash* is payable.
supervisory routines, and life‑saving behaviours – everywhere, every shift. This is how we deliver safe, predictable As leverage improves, the board may at its sole discretion consider an upside dividend of up to 20% of net free
production and live our pillar of Responsible Stewardship until zero harm is a reality for every person at Harmony. cash*.
Indicator per million hours worked H1FY26 H1FY25
In-line with our new dividend policy, we are pleased to announce an interim dividend of 530 SA cents
LTIFR1 4.23 5.52 (32 US cents**) per share for this reporting period, resulting in a rolling 12-month dividend yield of 2.2% based off
RIFR2 2.82 3.38 the closing JSE share price of R318.11 on 6 March 2026. It also represents a total payout of 43% of net cash*. The
LLIFR3 0.02 0.02 total dividend payout for this reporting period is a record R3 383 million (US$204 million).
1. Lost time injury frequency rate 2. Reportable injury frequency rate 3. Loss of life injury frequency rate * Net free cash is defined as operating free cash flow after capital, interest, tax, corporate and other expenses.
** The dividend was converted using a closing exchange rate of R16.55/US$1 at 6 March 2026.
Embedded sustainability
Balance sheet strength and flexibility maintained
Sustainability is embedded in how we run the business and is integral to holistic risk management. We are
We have maintained a healthy balance sheet which is in a net debt position of R5 544 million (US$335 million)
advancing our science‑based pathway to net‑zero by 2045, with the 100 MW Moab Khotsong PV plant
after the acquisition of MAC Copper. EBITDA for the reporting period increased by 39% to R18 004 million
scheduled to begin phased commissioning in April 2026. This progress is supported by a growing pipeline of
(US$1 037 million) in H1FY26 from R12 924 million (US$721 million) in H1FY25. Our annualised net debt/EBITDA
renewable‑energy initiatives that strengthen operational resilience by reducing emissions exposure and mitigating
was 0.18 times as at 31 December 2025 and comfortably below the 1 times internal threshold. At current levels
power‑price volatility.
we expect to be back in a net cash position by the end of the financial year.
Harmony’s 2025 CDP results highlight our leadership in water stewardship, earning a Leadership score of A- in
We had R14 819 million (US$895 million) available in cash and undrawn facilities as at 31 December 2025. We are
Water Security and a Management score of B in Climate Change, both improved from prior years. The 2025
therefore well-positioned to continue funding all our operational needs alongside our various growth projects while
CDP scores further reflect a mature, well-governed and transparent approach to environmental management,
paying a

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