Harmony Gold chief executive officer (CEO) Beyers Nel confirmed a record interim dividend of R5.30 per share (approximately R3.38 billion or US$204 million) for the six months ended December 31, 2025, driven by elevated gold prices.
This payout is more than double the previous interim dividend, supported by a 36% increase in the average gold price received to R1,909,849/kg.
The company has declared a record interim gross cash dividend of 530 SA cents (approximately 32.02 US cents) per ordinary share for the six months ended 31 December 2025, payable on Tuesday, 28 April 2026.
“A dividend No. 98 of 530.00000 SA cents (32.02417 US cents*) per ordinary share, being the dividend for the six months ended 31 December 2025, has been declared payable on Tuesday, 28 April 2026 to those shareholders recorded in the share register of the company at the close of business on Friday, 24 April 2026. The dividend is declared in the currency of the Republic of South Africa. Any change in address or dividend instruction to apply to this dividend must be received by the company’s transfer secretaries or registrar not later than Friday, 24 April 2026.”
The dividend, paid out of income reserves, is subject to a 20% withholding tax, resulting in a net dividend of 424 SA cents for liable shareholders.
Nel indicated the company is strengthening its position as a high-quality, lower-risk producer by leveraging high gold prices into sustainable, long-term value, as highlighted in its Interim Results for the six months ended December 31, 2025.
“During this period, Harmony has strengthened its position as a higher quality, lower risk global gold and copper producer. We continue to grow selectively, sequentially and affordably, converting today’s strong gold price into lasting value. Our first rand or dollar goes to safety and sustaining our operations, with further capital deployed only where true value is created.
This discipline supports balance sheet strength and our commitment to consistent, through the cycle dividends.
“We are pleased to announce that we have revised our dividend policy to provide shareholders with a higher base dividend plan upside participation. We will be paying a record interim dividend for this reporting period. Operationally our fundamentals remain firmly intact, and we remain on track to meet our full year production, cost and grade guidance,” said Nel.
Harmony’s production and cost guidance figures for the six months to end-June 2026 under Copper reflected an expectation of 17 500 to 18 500 tones.
The group has also announced production at the CSA mine will be temporarily halted for approximately one month to allow for “essential steel replacement on two levels of the shaft.”
Harmony reported a 20% increase in revenue to R44.4bn for the six months ended December, even as operational disruptions resulted in output slipping 9% year on year to 724,099oz.
Lower metallurgical recoveries meant underground recovered grade fell by 11%, while the lower production figures fuelled a 21% jump in all-in sustaining costs.
“This is a necessary intervention to ensure long-term safety, reliability, and production stability and has been factored into the revised guidance. C1 cash costs for the remainder of this financial year are expected to be between US$2.65/lb and US$2.80/lb at a recovered grade of above 3.50%.”
Key highlights of H1FY26 are:
- Safety strategy continues to progress, lowest ever LTIFR1 of 4.23 per million hours worked (H1FY25: 5.52)
- Over a decade of production consistency as we remain on track to meet full-year production, grade and cost guidance
- CSA copper guidance of 17 500 to 18 500 tonnes at a C1 cash cost of US$2.65/lb to US$2.80/lb and grade of above 3.50% for the financial year
- Group gold production of 22 522kg (724 099oz), down 9% due to temporary challenges in second quarter of FY26
- Underground recovered grade decreased by 11% to 5.72g/t due to lower metallurgical recoveries; face grades remain in line with plans
- All-in sustaining cost (AISC) increased by 21% to R1 180 367/kg (US$2 115/oz), in line with guidance and mainly due to lower production
- Operating profit increased by 61% to R16 107 million (US$930 million) from R10 003 million (US$559 million)
- Average gold price received (including hedge) up 36% to R1 909 849/kg (US$3 421/oz) from R1 405 020/kg (US$2 437/oz)
- Group revenue up 20% to R44 400 million (US$2 557 million) from R37 141 million (US$2 071 million)
- Basic earnings per share up 24% to 1 563 SA cents (90 US cents) from 1 265 SA cents (71 US cents)
- 13% increase in headline earnings per share to 1 431 SA cents (82 US cents) from 1 270 SA cents (71 US cents)
- Revised dividend policy paying up to 50% of net free cash2 out to shareholders
- Interim dividend3 declared of 530 SA cents (32 US cents), per ordinary share declared (December 2024: 227 SA cents (12 US cents)), and record payout of record R3 383 million (US$204 million)
