Harmony Gold pays record R8,1bn dividend as headline earnings rise 87%

Harmony Gold will pay shareholders a final dividend of 750 SA cents per share for the year ended 30 June 2026, taking the total payout for the year to a record R8,1 billion (US$503 million).The figure is stated in the company’s results announcement, published on 27 August 2026 and available.

The final dividend is dividend number 99. Payment falls on Monday, 12 October 2026 to shareholders on the register at the close of business on Friday, 9 October 2026. The shares trade ex-dividend from Wednesday, 7 October 2026. The dividend is declared out of income reserves, and the local dividend withholding tax rate is 20%, which leaves 600 SA cents per share for shareholders liable for the tax and the full 750 SA cents for those exempt from it.

Revenue up 34% on a stronger gold price

Group revenue rose 34% to R99 238 million (US$5 876 million) from R73 896 million (US$4 071 million). The average gold price received climbed 35% to R2 069 710/kg (US$3 811/oz) from R1 529 358/kg (US$2 620/oz).

Headline earnings per share increased 87% to 4 363 SA cents (258 US cents) from 2 337 SA cents (129 US cents). Basic earnings per share rose 103% to 4 701 SA cents (278 US cents) from 2 313 SA cents (127 US cents). Headline earnings came in at R27 238 million (US$1 613 million), up from R14 531 million (US$800 million). The prior-year comparatives were restated, and the company’s announcement refers readers to note 25 of the condensed consolidated financial statements.

Adjusted free cash flow rose 54% to a record R17 148 million (US$1 015 million). The company attributes the increase to the higher average gold price received and to copper sales from the CSA mine, which it acquired with MAC Copper Limited.

Gold output falls 3% but holds guidance

Total gold production fell 3% to 44 464kg (1 429 551oz) from 46 023kg (1 479 671oz). That met production guidance for the eleventh consecutive financial year, a point the chief executive, Beyers Nel, put at the centre of the results. Underground recovered grade of 5.83g/t came in above guidance. Group all-in sustaining costs rose 13% to R1 191 698/kg (US$2 195/oz) from R1 053 189/kg (US$1 804/oz), within guidance.

Copper is the new line in the accounts. The CSA mine produced 18 207 tonnes at a recovered grade of 3.75%, towards the upper end of guidance and above the guided grade. The C1 cash cost of US$2.47/lb came in well below guidance. Group production profit from copper was R1 876 million (US$111 million).

“Through safe, consistent operational delivery, disciplined execution and strategic investment, we achieved gold production guidance for the eleventh consecutive financial year and delivered on all key operating guidance metrics.”

The company also reported an all-time low lost-time injury frequency rate of 5.05 per million hours worked, down from 5.39. The same announcement records the loss of life during the year, and the two facts sit together in the document as the company stated them.

The balance sheet after the acquisition

The MAC Copper acquisition changed the shape of the balance sheet. Harmony moved from net cash of R11 148 million (US$628 million) to net debt of R852 million (US$52 million). Liquidity stands at R17 101 million (US$1 043 million) in cash and undrawn facilities. The company secured a new US$500 million, A$500 million and R7 billion syndicated, multi-currency, multi-tranche funding package, which it says reduces interest costs, extends maturities and strengthens liquidity.

On the operational side, the life of the Tshepong North mine was extended to 15 years from six. Construction at Eva Copper advanced after the final investment decision in November 2025, with key infrastructure and process plant milestones reached. Integration of the CSA mine is complete and further investment is under way.

For the year to 30 June 2027, Harmony guides gold production of between 1 300 000 ounces and 1 400 000 ounces at an all-in sustaining cost of between R1 300 000/kg and R1 395 000/kg, with underground recovered grade above 5.60g/t. Copper guidance is 28 000 to 30 000 tonnes at a C1 cash cost of between US$2.55/lb and US$2.65/lb, at a yield of approximately 3.50%.

What it means for the payout

The dividend is the number most shareholders will act on. A holder of 100 shares receives R750 before tax on 12 October, or R600 after the 20% withholding tax. Holders of American Depositary Receipts are directed to confirm dividend details with the depository bank, and the announcement gives an indicative 46.86651 US cents per ADR at an assumed exchange rate of R16.00 to the dollar.

Ernst & Young Inc. reviewed the condensed consolidated financial statements for the year and expressed an unmodified review conclusion. The announcement is a summary, and the company directs investors to the full results booklet published on the Stock Exchange News Service and on its website on 27 August 2026. Harmony’s income tax reference number is 9240/012/60/0, and it has 636 798 966 ordinary shares in issue, including 11 821 538 treasury shares.

Source: Harmony Gold. Read the original item.