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Trading statement for the six months ended 31 December 2025
Harmony Gold Mining Company Limited
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
ISIN: ZAE000015228
JSE share code: HAR
("Harmony" and/or the "Company")
Trading statement for the six months ended 31 December 2025
Johannesburg, Monday, 9 March 2026. In terms of paragraph 6.26 of the
Listings Requirements of the JSE Limited ("JSE"), a company listed on
the JSE is required to publish a trading statement as soon as they are
satisfied that a reasonable degree of certainty exists that the financial
results for the next period to be reported upon - being its interim
results for the six months ended 31 December 2025 ("H1FY26") - will
differ by at least 20% from the financial results for the comparable six
months ended 31 December 2024 (the "previous comparable period" or
"H1FY25").
"Harmony's underlying fundamentals remain strong, evident in the
performance across our portfolio. Disciplined capital allocation allows
us to convert higher gold prices into growth, while integrating copper
scale from CSA and Eva Copper to widen margins and de-risk cash flows
through the cycle. We remain focused on selective, sequenced and
affordable growth, alongside responsible shareholder returns. Mining
with Purpose ensures we convert today's opportunity into enduring long-
term value for all," says Beyers Nel, CEO.
Expected basic and headline earnings for H1FY26
Shareholders of Harmony are advised that a reasonable degree of certainty
exists that basic earnings for H1FY26 will be higher than for H1FY25
primarily due to:
• an increase in revenue as a result of significant rise in the average
gold price received which increased by 36% to R1 909 849/kg in H1FY26
from R1 405 020/kg in H1FY25. When measured in US dollar, the average
gold price received increased by 40% to $3 421/oz in H1FY26 from
$2 437/oz in H1FY25.
• a reversal of impairment in respect of property, plant and equipment
relating to the Tshepong North cash generating unit ("CGU") recognised
in H1FY26 as a result of significantly higher gold price assumptions
applied in the valuation.
• an increase in foreign exchange translation which is mainly
attributable to the translation gain from the US dollar-denominated
bridge facility. This gain resulted from favourable exchange rate
movements when converted into the company's functional currency.
The increase in earnings was partially offset by the following:
• an increase in production costs due to above-inflation increases
electricity costs and higher labour costs in line with the 5-year wage
agreement);.
• an increase in royalty tax due to higher rates being applied as a
result of higher profits, as well as the increased revenue base to
which it is applied;
• an increase in current taxation, reflecting increased taxable income
resulting from improved profitability due to favourable gold prices.
• an increase in amortisation and depreciation as a result of additions
to property, plant and equipment following the acquisition of MAC
Copper Limited ("MAC Copper");
• an increase in derivative losses, primarily driven by the significant
rise in the silver spot price, which moved above the average locked-in
floor and cap prices of the outstanding silver collar contracts.
• acquisition costs related to various costs directly attributable to
the acquisition process of MAC Copper. These costs include stamp duty
payable in Australia, attorney and advisory fees.
• an increase in finance costs, mainly due to the bridge facility for
the MAC acquisition, which includes the amortisation of the commitment
fees. Additionally, there was an increase in the finance cost element
of the streaming arrangements which were assumed as part of the MAC
Copper acquisition.
• fair value movements on copper and silver streaming arrangements with
OR Royalties Inc. (OR Royalties) which resulted from embedded
derivatives that have been separated from the host contracts and are
measured at fair value through profit or loss.
Consequently, earnings per share ("EPS") are expected to be between 1527
and 1638 South African cents per share, which represents an increase of
between 21% and 30% on the EPS of 1265 South African cents per share for
the previous comparable period. In United States ("US") dollar terms,
the EPS are expected to be between 87 and 92 US cents per share, which
is an increase of between 23% and 30% on the EPS of 71 US cents per
share reported for the previous comparable period.
Headline earnings per share ("HEPS") are expected to be between 1411 and
1485 South African cents, which represents an increase of between 11%
and 17% from the HEPS of 1270 South African cents reported in the previous
comparable period. In US dollar terms, the HEPS are expected to be
between 79 and 86 US cents per share, which is an increase of between
11% and 21% on the headline earnings of 71 US cents per share reported
for the previous comparable period.
Harmony will publish its financial results for the six months ended
31 December 2025 on Wednesday, 11 March 2026. Please see Harmony's
website for more details: www.harmony.co.za.
The financial information on which this trading statement is based has
not been reviewed or reported on by Harmony's external auditors.
For more details, contact:
Jared Coetzer
Head of Investor Relations
+27 (0) 82 746 4120
Johannesburg, South Africa
9 March 2026
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
FORWARD-LOOKING STATEMENTS
This market release contains forward-looking statements within the
meaning of the safe harbour provided by Section 21E of the Exchange Act
and Section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), with respect to our financial condition, results of
operations, business strategies, operating efficiencies, competitive
positions, growth opportunities for existing services, plans and
objectives of management, markets for stock and other matters. These
forward-looking statements, including, among others, those relating to
our future business prospects, revenues, and the potential benefit of
acquisitions (including statements regarding growth and cost savings)
wherever they may occur in this booklet, are necessarily estimates
reflecting the best judgment of our senior management and involve a
number of risks and uncertainties that could cause actual results to
differ materially from those suggested by the forward-looking
statements. As a consequence, these forward-looking statements should
be considered in light of various important factors, including those set
forth in our Integrated Annual Report. All statements other than
statements of historical facts included in this booklet may be forward-
looking statements. By their nature, forward-looking statements involve
risk and uncertainty because they relate to future events and
circumstances and should be considered in light of various important
factors, including those set forth in this disclaimer. Readers are
cautioned not to place undue reliance on such statements. Important
factors that could cause actual results to differ materially from
estimates or projections contained in the forward-looking statements
include, without limitation: overall economic and business conditions
in South Africa, Papua New Guinea, Australia and elsewhere; the impact
from, and measures taken to address, Covid-19 and other contagious
diseases, such as HIV and tuberculosis; high and rising inflation, supply
chain issues, volatile commodity costs and other inflationary pressures
exacerbated by the geopolitical risks; estimates of future earnings, and
the sensitivity of earnings to gold and other metals prices; estimates
of future gold and other metals production and sales; estimates of future
cash costs; estimates of future cash flows, and the sensitivity of cash
flows to gold and other metals prices; estimates of provision for
silicosis settlement; increasing regulation of environmental and
sustainability matters such as greenhouse gas emission and climate
change, and the impact of climate change on our operations; estimates
of future tax liabilities under the Carbon Tax Act (South Africa);
statements regarding future debt repayments; estimates of future capital
expenditures; the success of our business strategy, exploration and
development activities and other initiatives; future financial position,
plans, strategies, objectives, capital expenditures, projected costs and
anticipated cost savings and financing plans; estimates of reserves
statements regarding future exploration results and the replacement of
reserves; the ability to achieve anticipated efficiencies and other cost
savings in connection with, and the ability to successfully integrate,
past and future acquisitions, as well as at existing operations; our
ability to complete ongoing and future acquisitions; fluctuations in the
market price of gold and other metals; the occurrence of hazards
associated with underground and surface gold mining; the occurrence of
labour disruptions related to industrial action or health and safety
incidents; power cost increases as well as power stoppages, fluctuations
and usage constraints; ageing infrastructure, unplanned breakdowns and
stoppages that may delay production, increase costs and industrial
accidents; supply chain shortages and increases in the prices of
production imports and the availability, terms and deployment of capital;
our ability to hire and retain senior management, sufficiently
technically-skilled employees, as well as our ability to achieve
sufficient representation of historically disadvantaged persons in
management positions or sufficient gender diversity in management
positions or at Board level; our ability to comply with requirements
that we operate in a sustainable manner and provide benefits to affected
communities; potential liabilities related to occupational health
diseases; changes in government regulation and the political
environment, particularly tax and royalties, mining rights, health,
safety, environmental regulation and business ownership including any
interpretation thereof; court decisions affecting the mining industry,
including, without limitation, regarding the interpretation of mining
rights; our ability to protect our information technology and
communication systems and the personal data we retain; risks related to
the failure of internal controls; the outcome of pending or future
litigation or regulatory proceedings; fluctuations in exchange rates and
currency devaluations and other macroeconomic monetary policies, as well
as the impact of South African exchange control regulations; the adequacy
of the Group's insurance coverage; any further downgrade of South
Africa's credit rating and socio-economic or political instability in
South Africa, Papua New Guinea, Australia and other countries in which
we operate; changes in technical and economic assumptions underlying our
mineral reserves estimates; geotechnical challenges due to the ageing
of certain mines and a trend toward mining deeper pits and more complex,
often deeper underground, deposits; and actual or alleged breach or
breaches in governance processes, fraud, bribery or corruption at our
operations that leads to censure, penalties or negative reputational
impacts.
The foregoing factors and others described under "Risk Factors" in our
Integrated Annual Report (www.har.co.za) and our Annual Report on Form
20-F should not be construed as exhaustive. We undertake no obligation
to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this
booklet or to reflect the occurrence of unanticipated events, except as
required by law. All subsequent written or oral forward-looking
statements attributable to Harmony or any person acting on its behalf
are qualified by the cautionary statements herein. Any forward-looking
statements contained in these financial results have not been reviewed
or reported on by Harmony's external auditors.
Date: 09-03-2026 01:07:00
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