Harmony 1H headline EPS 14.31 rand

Harmony Gold Mining Company Limited reported headline earnings per share (EPS) of 14.31 rand (1,431 South African cents) for the six months ended 31 December 2025, reflecting an 11%–17% increase compared to 12.70 rand (1,270 cents) in the prior-year period according to the earnings report. This growth was driven by a 36% rise in the average gold price received in rand terms to R1,909,849/kg and a 40% increase in US dollar terms to $3,421/oz, alongside a reversal of impairment at the Tshepong North cash-generating unit and foreign exchange gains from a US dollar bridge facility as detailed in the filing.

However, the increase was partially offset by higher production costs, including above-inflation electricity and labor expenses under a five-year wage agreement. Royalty tax and current taxation also rose due to higher profit margins and a larger revenue base. Additionally, amortization and depreciation costs increased following the acquisition of MAC Copper Limited, while derivative losses from silver price volatility and fair value movements on copper and silver streaming agreements further pressured results according to the company's financial report.

The company's basic EPS is projected to rise 21%–30% to 15.27–16.38 rand (1,527–1,638 cents), supported by the same factors, though headline earnings exclude non-recurring items like impairment reversals as stated in the earnings announcement. Harmony Gold will release its full H1 FY26 results on 11 March 2026 per the company's filing.

This performance underscores the interplay between commodity price tailwinds and operational cost pressures in the gold mining sector. Investors are advised to monitor the company's ability to balance growth initiatives with margin preservation amid evolving market conditions.

Harmony Gold Mining Co. Ltd. SEC Form 6-K filing, 9 March 2026: Harmony Gold Mining Co. Ltd. Trading statement, 9 March 2026.