2026

Integrated
reporting
suite

Mining with purpose

Our 2026 reporting suite

Harmony at a glance

United by purpose and guided by values, we continue to operate ethically and foster belonging, pride and accountability within our workforce, while collaborating with host communities to sustain and enhance the value we create.

FY26 results at a glance

FY26 was one of Harmony’s strongest years, driven by our focus on safety, growth investment and creating opportunities for our people as we expand in gold and copper.

Disciplined delivery
Portfolio progression
Enduring value

Safety

Lowest ever LTIFR1

Loss of life: 6 (FY25:11)

5.05 lost-time injuries per million hours worked

Production

Gold: 44 464kg

(1.43Moz); met production guidance for over a decade

Copper: 18 207t

Upper end of guidance achieved

Underground recovered grade/yield

Met guidance

Gold: 5.83g/t

Copper: 3.75%

Costs

Within guidance and well-controlled

Gold AISC2

R1 191 698/kg

Copper C1

US$2.47/lb

Headline earnings per share

+87% to 4 363 SA cents

(258 US cents3)

Record shareholder returns

Final dividend:

750 SA cents per share

(47 US cents4)

Full year dividend declared:

R8.2bn (US$503m4)

Group revenue

+34%

A record R99.2bn (US$5.9bn3)

(FY25: R73.9bn (US$4.1bn3))

Net debt to EBITDA5

0.02x

Net debt: R852m

(FY25: net cash R11.1bn)

Cash generated by operating activities

+48%

R33.6bn

(FY25: R22.6bn)

Gold MRMR

Mineral Resources stable at 106.8Moz

Mineral Reserves slightly up to 27.4Moz

Underground Reserve grade at 6.54g/t

Copper MRMR

Mineral Resources at 7.4Mt

up 18% from CSA

Mineral Reserves at 4.0Mt

up 71% from both Eva Copper and CSA

CSA Reserve grade at 3.26%

Embedding sustainability

FTSE4Good Index Series inclusion for the 9th

consecutive year

MSCI ESG rating upgrade to “A”

  1. 1Lost-time injury frequency rate per million hours worked.
  2. 2All-in sustaining cost.
  3. 3Illustrative equivalent based on an average exchange rate of R16.89/US$1 for FY26 (FY25: R18.15/US$1).
  4. 4Illustrative equivalent based on a closing exchange rate of R16.55/US$1 as at 6 March 2026 (interim dividend) and R16.00/US$1 as at 21 August 2026 (final dividend).
  5. 5Earnings before interest, tax, depreciation and amortisation.

Chairman’s statement

Stewardship, responsible growth and enduring value

FY26 reflected the benefits of Harmony’s long-term investments, strong management and strategic decisions, delivering positive outcomes across key priorities as the company evolves into an international gold and copper producer creating sustainable value for stakeholders. 

Dr Patrice Motsepe Chairman

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Chief executive officer’s review

Operational excellence, portfolio progression, enduring value

FY26 marked a defining milestone as Harmony became a gold and copper producer, integrating CSA mine and starting construction at Eva Copper, while meeting all production, grade and cost guidance, including gold production guidance for the 11th consecutive year. 

Beyers Nel Group chief executive officer

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Operations and growth projects

Harmony is building a stronger, more resilient and future-focused business. By optimising operations, pursuing value-accretive growth, diversifying the portfolio and securing robust free cash flow, we create enduring profitability and long-term shareholder value. Each portfolio plays a distinct role in the business model and contributes to Harmony's transformation into a high-quality, geographically diversified gold and copper producer.

South Africa North WestGautengFree State
  • Mponeng
  • Doornkop
  • Kusasalethu
  • Savuka
  • Moab Khotsong
  • Kalgold
  • Mine Waste Solutions
  • Joel
  • Masimong
  • Target 1
  • Tshepong North
  • Tshepong South
  • Central Plant Reclamation
  • Phoenix
Australasia Papua New
Guinea
AustraliaQueenslandNew South
Wales
  • Wafi-Golpu Project
  • Hidden Valley
  • Eva Copper Project
  • CSA

Competitive differentiators

Harmony is a long-life gold producer with copper-driven growth and optionality. We have the largest and fastest-growing copper exposure of any South African gold producer. Combined with our track record of consistency and operational excellence, that sets us apart. Together, this is a differentiated proposition – cash generation today, optionality for tomorrow, and a management team with the track record to deliver on both.

Embedded sustainable mining practices

Sustainability is not a parallel reporting exercise, it’s how we secure the three inputs our mines cannot operate without

Gold and copper portfolio

CSA, Eva Copper and Wafi-Golpu provide a credible route to a more diversified, higher-margin gold-copper portfolio

Deep-level mining specialists

We have technical capability in complex underground operations, grade control and asset optimisation

Tailings retreatment and management

We turn historic tailings into value, rehabilitation and resource stewardship, at a global scale

Capital discipline

We have a clear framework that balances reinvestment, balance sheet strength and sustainable shareholder returns

Operational excellence

We have predictable delivery, disciplined cost control and portfolio-wide execution

Mineral Resource and Mineral Reserve quality and growth

Our Mineral Resource and Mineral Reserve base continues to grow and, more importantly, improve in quality

Proactive and can-do culture

Harmony’s leadership has built a culture built on achievement and delivering results

Harmony

Harmony’s integrated reporting suite is for the financial year ending 30 June 2026.

Harmony’s Integrated report provides a balanced and concise view of how we leverage and affect the resources and relationships on which we rely to execute our strategy and business model.

The report articulates how we create and preserve value for Harmony and our stakeholders, while mitigating its depletion, over the short, medium and long term.

Our 2026 reporting suite

Excel downloads

Additional documents for download