HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110, “HMS”), a leading independent commodities trading and marketing company from Germany, today presented preliminary and unaudited figures for the 2025 financial year. The figures were prepared for the first time in accordance with the International Financial Reporting Standards (IFRS), a change from German GAAP (HGB) that limits comparability with prior year results.
According to the preliminary figures, HMS generated sales of EUR 1.22 billion in 2025, compared to EUR 1.36 billion in the previous year. The decline in sales is primarily due to significantly lower commodity prices versus the prior year. However, EBITDA increased substantially from EUR 20.1 million to EUR 59.4 million. Positive earnings contributions of approximately EUR 37 million are attributable to one-off valuation effects from the transition to IFRS, in particular from the initial consolidation of Maatla Resources (Pty.) Ltd. Net income for the financial year amounted to EUR 54.8 million, up from EUR 13.2 million in the prior year. Equity stood at EUR 136.5 million as of December 31, 2025, compared to EUR 51.1 million a year earlier, and the equity ratio improved to around 38.2 percent from 23.2 percent.
The change to IFRS enhances comparability with listed international competitors and increases transparency for international investors, according to the company. In 2025, HMS took important strategic steps for long-term growth, positioning itself beyond coal trading as a fully integrated, internationally established commodities trading, mining, and marketing company along the entire value chain. In mining, HMS acquired a majority stake in Hoshoza Resources Vryheid in South Africa and successfully completed the acquisition of a majority stake in Maatla in Botswana. After Maatla already made a positive contribution to earnings in 2025, HMS also expects positive earnings effects from Hoshoza for 2026. Additionally, business activities in liquid fuels and lubricants were significantly expanded.
Dennis Schwindt, CEO of HMS Bergbau, commented: “2025 was once again a very good financial year for HMS, in which we were able to maintain a very good and profitable position in the market despite significantly lower commodity prices. We have substantially expanded our commodity activities along the value chain and operate as a broadly positioned commodity company with activities in coal trading, liquid fuels, ore and cement product trading as well as in commodity mining. This makes us even more resilient to crises and enables us to offer customers services from a single source. We see the change in our accounting and financial reporting to IFRS as a logical step for even greater visibility on the capital market.”
The complete annual financial statements and the annual report for the 2025 financial year, including the outlook for 2026, will be available for download from June 30, 2026, on the company's website at www.hms-ag.com in the Investor Relations section.
The Management Board of HMS Bergbau AG is currently reviewing various options to further strengthen the company’s capital base, including consideration of potential capital measures. No decision has yet been made in this regard.
HMS invites investors and media representatives to a webcast in German on April 15, 2026, at 09:30 a.m. CEO Dennis Schwindt and CFO Jens Moir will explain the figures for the 2025 financial year and the outlook for 2026, and report on current developments within the company. The Management Board will then be available for questions in a Q&A session. To participate, registration is required via the following link: https://www.appairtime.com/event/a91ab325-6284-46e8-a156-159f3e0c1a88.
