Harmony Gold Mining Co (HAM1) Q4 2026 Earnings Report

The call communicated strong financial and operational results with record revenue, large increases in earnings and free cash flow, meaningful reserve uplifts (especially for copper) and successful initial integration and operational progress at CSA. At the same time, near-term one-off cash impacts (~ZAR 10 billion), remaining contingent liabilities (~ZAR 2.1 billion), ongoing operational constraints at CSA and a regulatory/environmental process at Eva carry short-term execution and modeling risks. Management maintained guidance on production, CapEx and first copper timing and emphasized long-term optionality and portfolio upside.

Harmony reiterated that it met FY2026 guidance and gave forward metrics across the portfolio: group gold production 1.43Moz, AISC ZAR1.19m/kg (USD2,195/oz), underground recovered grade 5.83 g/t; CSA contributed 18,207 t copper at 3.75% recovered grade and C1 cash cost USD2.47/lb and Harmony is targeting a pathway to 40,000 tpa copper; revenue +34% to ZAR100bn (USD5.9bn), headline EPS +87% to ZAR43.63/sh, group adjusted free cash flow +54% to ZAR17bn (USD1bn); record final dividend ZAR4.8bn (ZAR7.50/sh) and FY dividend ZAR8.2bn (ZAR12.80/sh, ~3.5% yield); gold resources ~107Moz and reserves 27.4Moz, copper resources +18.5% to 7.4Mt and reserves +71% to 4.0Mt (including Eva Copper and CSA), plus c.350koz “blue‑sky” upside (≈150koz mine‑life extensions, 100koz tailings reclamation, 100koz other optimizations); Eva Copper first‑production timing and CapEx guidance maintained for 2028; remaining contingent liabilities ≈ZAR2.1bn (Mponeng ZAR433m, Eva ZAR540m, Glencore NSR ≈ZAR1.1bn) after two US$75m contingent payments, and operational progress noted (first vent raise complete, record development 560m in June, 12,000m drilled in Q4 with intercepts up to 12% Cu) while Harmony says 2026–2030 will focus on execution and beyond 2030 expects stronger margins, lower costs and expanding free cash flow.