Harmony Gold posts record FY2026 results

Harmony Gold delivered record financial metrics for its 2026 fiscal year, supported by a combination of higher realised gold prices and increased production volumes. Headline earnings per share rose 87% to 4,363 South African cents, underscoring the strength of the company’s earnings performance in the period.

Adjusted free cash flow increased 54% to 17.1 billion rand, marking a record level for the company. This growth in cash generation reflects the uplift in profitability as well as the contribution from higher output.

Gold production for the year reached 44,464 kilograms, equivalent to about 1.43 million ounces. This performance meant Harmony met its production guidance for the eleventh consecutive year, highlighting consistent operational delivery.

All‑in sustaining costs were 1,191,698 rand per kilogram, which equates to about US$2,195 per ounce. These costs remained within the company’s guidance range, indicating that higher earnings were not solely the result of price gains but also of maintained cost control.

Management linked the strong FY2026 performance directly to higher realised gold prices working together with increased volumes. The combination of improved pricing and steady operations amplified revenue and earnings, feeding through to record adjusted free cash flow.

The alignment of higher prices with production that met guidance allowed Harmony to convert market conditions into stronger financial outcomes. This translated into improved profitability and cash resources during the fiscal year.

Despite the record earnings and cash flow, Harmony Gold’s share price declined on the day the results were announced. The stock fell 2.27% in regular trading, closing at US$22.43, and slipped a further 2.72% in after‑hours trading to US$21.82.

The negative price reaction contrasted with the operational and financial improvements reported for FY2026. Investors were confronted with a company that had delivered higher earnings, strong cash generation and production in line with guidance, yet saw its shares trade lower into the close and after hours.