JOHANNESBURG, South Africa — Harmony Gold Mining Company Limited reported an 87% increase in headline earnings for the financial year ended June 30, 2026, alongside record adjusted free cash flow, as the miner continued its expansion from gold into copper.
Headline earnings rose to R27,238 million from a restated R14,531 million in the previous financial year, Harmony said in reviewed financial and operating results announced in Johannesburg on August 27. Headline earnings per share also increased 87%, reaching 4,363 South African cents compared with a restated 2,337 cents for FY25.
The results showed stronger earnings and cash generation even as annual gold output declined. Harmony produced 44,464 kilograms of gold, equal to 1,429,551 ounces, during FY26. That was 3% below the prior year’s 46,023 kilograms, or 1,479,671 ounces.
Free cash flow reaches company record
Adjusted free cash flow increased 54% to R17,148 million, or US$1,015 million, from R11,142 million, equivalent to US$614 million, a year earlier. Harmony described the FY26 total as the highest adjusted free cash flow in the company’s history.
The gain means adjusted free cash flow grew by more than R6 billion year over year. Together with the sharp rise in headline earnings, the figure highlighted the strength of Harmony’s financial performance despite the lower volume of gold produced.
Harmony said its FY26 gold production remained within the company’s guidance. The outcome marked the 11th consecutive financial year in which the miner met its production target range, extending a record of delivering output in line with its forecasts.
CSA mine adds copper production
The company’s acquired CSA mine in Australia produced 18,207 tonnes of copper during the year, placing output toward the upper end of Harmony’s guidance. The operation reported a recovered copper grade of 3.75% and a C1 cash cost of US$2.47 per pound.
CSA’s contribution gives Harmony a significant operating presence in copper alongside its established gold portfolio. The mine’s production, grade and cost figures were included in the group’s FY26 results as Harmony emphasized the changing composition of its business.
“FY26 was a defining year in Harmony’s evolution into a diversified gold and copper producer,” Chief Executive Officer Beyers Nel said in the company’s results announcement.
The copper output adds a second major mined commodity to Harmony’s operating results, while gold remained the company’s largest reported production category. The FY26 figures therefore provide an early combined view of the group’s gold and copper performance.
Prior-year earnings figures restated
Harmony identified the comparative FY25 figures for both headline earnings and headline earnings per share as restated. On that revised basis, headline earnings increased by R12,707 million in FY26, while headline earnings per share rose by 2,026 South African cents.
The company said its condensed consolidated financial statements for FY26 were reviewed by Ernst & Young Inc. The accounting firm issued an unmodified review conclusion. A review provides a different level of assurance from a full audit, making that distinction relevant to the status of the annual figures announced by Harmony.
The report puts the company’s financial growth, lower gold production and new copper contribution into a single set of annual results. Harmony’s next-year performance will be measured against FY26’s record adjusted free cash flow, higher earnings base and 18,207-tonne copper contribution from CSA.
