Harmony Gold's FY26 Success Masks Post-2030 Payoff

Harmony Gold Mining (HMY) reported its best fiscal year ever in FY26, with headline earnings up 87% to $1.61 billion and adjusted EPS of $2.58.

The stock is down 9.45% over the past six months despite ripping 31.42% higher over the past month.

CEO Beyers Nel framed the real reward as coming after 2030, saying 'Up to 2025, we focused on portfolio progression and improvement. Between 2026 and 2030, we will focus on execution and unlocking the value already embedded in our assets. Beyond 2030, we expect a meaningful cash flow inflection as margins strengthen, costs decline and free cash flow expands.'

The company's revenue jumped 34% to $5.88 billion, driven largely by a 35% increase in the average gold price received to $3,811 an ounce.