Harmony Gold Doubles Interim Dividend as Higher Gold Price Fuels Earnings and Copper Growth
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Harmony Gold Mining ( (HMY) ) just unveiled an update.
Harmony Gold Mining reported interim results for the six months ended 31 December 2025 on 11 March 2026, showing it remains on track to meet full-year production, grade and cost guidance despite a 9% drop in group gold output and an 11% decline in underground recovered grade. The company benefited from a significantly higher gold price, which lifted group revenue 20% to R44.4 billion, operating profit 61% to R16.1 billion, and basic earnings per share 24%, while maintaining a robust balance sheet with net debt to EBITDA at 0.18 times and liquidity of R14.8 billion.
Harmony doubled its interim dividend to 530 SA cents per share and adopted a more generous dividend policy of paying out up to 50% of net free cash, resulting in a record R3.38 billion interim payout to shareholders. Strategically, Harmony advanced its copper growth platform with maiden production from the newly acquired CSA mine and board approval of the Eva Copper project, while continuing to improve safety performance with its lowest-ever lost time injury frequency rate, reinforcing its shift toward a diversified gold and copper profile and more shareholder-friendly capital returns.
The most recent analyst rating on (HMY) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Harmony Gold Mining stock, see the HMY Stock Forecast page.
Spark’s Take on HMY Stock
According to Spark, TipRanks’ AI Analyst, HMY is a Outperform.
The score is driven primarily by strong financial performance (profitability, low leverage, and solid cash generation) and supportive bullish technicals with price above all key moving averages. The rating is tempered by only moderate valuation support (P/E ~18 and low dividend yield) and earnings-call risks around rising costs and operational/safety headwinds.
To see Spark’s full report on HMY stock, click here.
More about Harmony Gold Mining
Harmony Gold Mining Company Limited is a South African-based precious metals producer focused on gold and growing copper output, with operations spanning high-grade and optimised underground mines, surface operations in South Africa and the Hidden Valley mine internationally. The group is positioning itself as a higher quality, lower risk global gold and copper producer, underpinned by a strong balance sheet and a strategy of selective, affordable growth.
Average Trading Volume: 4,685,629
Technical Sentiment Signal: Buy
Current Market Cap: $12.14B
Learn more about HMY stock on TipRanks’ Stock Analysis page.
