Harmony Gold Mining Company Limited (HMY) Earnings
Harmony Gold Mining Company Limited is expected to report next earnings on March 3, 2027 (in NaN days), with a consensus EPS estimate of $1.41. HMY has beaten EPS estimates in 1 of its last 3 reported quarters (average surprise +567.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 27, 2026 | $1.29 | $1.29 | +0.0% | $3.7B | +14.2% |
| Mar 11, 2026 | $0.95 | $0.88 | -7.6% | $2.8B | +1.0% |
| Aug 28, 2025 | $0.57 | $10.31 | +1708.8% | $36.8B | — |
| Mar 4, 2025 | — | $0.68 | — | $2.0B | — |
| Nov 28, 2024 | — | $6.29 | — | $18.6B | — |
| Sep 5, 2024 | — | $0.11 | — | $1.6B | +7.0% |
| Apr 30, 2024 | — | $2.09 | — | $15.0B | — |
| Feb 28, 2024 | — | $9.53 | — | $31.8B | — |
| Feb 28, 2022 | — | $2.24 | — | $21.9B | +1450.2% |
| Aug 31, 2021 | — | $0.82 | — | $20.1B | — |
| May 17, 2021 | — | $7.41 | — | $21.5B | — |
| Feb 23, 2021 | — | $3.68 | — | $10.7B | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2026 · August 27, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strategic Evolution: Harmony has evolved into a diversified global gold and copper producer, achieving gold production guidance for the 11th consecutive year. - Financial Strength: Record financial results driven by strong operational delivery, enabling a record final dividend of ZAR 4.8 billion and full-year dividend yield of approximately 3.5%. - CSA Integration: Operational integration at CSA is complete, with the Harmony operating model fully entrenched. Safety records improved significantly post-acquisition. - Production Growth Pathway: CSA has a clear pathway to 40,000 tonnes of copper annually. Significant exploration intercepts (up to 12% copper) have been identified outside current resources. - Eva Copper Progress: Construction on the precleared areas, including the critical copper concentrating plant, continues on schedule toward first production in 2028. - Future Outlook: Focus from 2026-2030 is on execution and unlocking embedded value, with expected cash flow inflection beyond 2030 as margins strengthen.
Guidance
- Maintenance of Guidance: Management maintains its guidance for group gold production, all-in sustaining costs, and underground recovered grades. - CSA Copper Target: Signaling a growth trajectory to reach 40,000 tonnes of copper production annually. - Eva Copper Timeline: Maintaining guidance for first copper production in 2028 and associated CapEx profiles, despite ongoing regulatory engagement. - Blue Sky Potential: Highlighted conceptual potential for an additional 350,000 ounces through mine life extensions and tailings reclamation, though this is not part of formal guidance.
Segment performance
Group gold production reached 1.43 million ounces, in line with guidance. All-in sustaining costs were ZAR 1.19 million per kilogram (USD 2,195 per ounce). Underground recovered gold grades averaged 5.83 grams per tonne. The CSA copper asset contributed 18,207 tonnes of copper at a recovered grade of 3.75% and a C1 cash cost of USD 2.47 per pound. Group revenue increased 34% to ZAR 100 billion (USD 5.9 billion), and headline earnings per share rose 87% to ZAR 43.63.
Risks & headwinds
- Regulatory and Environmental Risks (Eva Copper): Ongoing engagement with regulators regarding endangered species (Lizard) poses a potential risk to schedule, though management believes it will not cause major delays. Stage 2 regulatory referral is pending to allow access to replacement ore sources. - Contingent Liabilities: Remaining contingent consideration liabilities totaling approximately ZAR 2.1 billion linked to Mponeng, Eva Copper, and CSA net smelter royalties. - One-off Costs: Previous year saw significant one-off cash flow impacts from CSA acquisition integration and contingent payments; while largely resolved, such complexities are inherent in acquiring junior-owned mines. - Conceptual Nature of Upside: The 'blue sky' production potential of 350,000 ounces is early-stage and conceptual, carrying execution risk.
Analyst Q&A
Q: Adrian Hammond asked why the portfolio outlook shifted from declining to growing over 10 years and requested clarification on reserve updates for CSA and Eva.
A: Beyers Nel explained the shift includes CSA's full-year contribution, Eva Copper, and conceptual 'blue sky' extensions like West Wits and tailings reclamation. Boipelo Lekubo noted that gold reserves increased to 27.4 million ounces due to Tshepong North and other additions, while copper reserves surged 71% to 4 million tonnes following CSA and Eva inclusion.
Q: Arnold Van Graan inquired about remaining contingent payments, CSA's long-term CapEx profile, and the status of environmental issues at Eva Copper.
A: Boipelo Lekubo stated there is still a ZAR 2.1 billion liability for contingent considerations linked to production. Beyers Nel confirmed CSA's worst infrastructure challenges are being addressed via new vent raises, with progress toward 40,000 tonnes. Regarding Eva, he affirmed construction is on schedule for 2028 first production, with regulatory engagement proceeding responsibly without causing anticipated delays.