HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) announced preliminary and unaudited figures for the 2025 financial year, marking the first time the company prepared its consolidated financial statements under International Financial Reporting Standards (IFRS). The change from German GAAP (HGB) to IFRS improves comparability with international competitors and increases transparency for global investors, though it limits direct comparability with prior-year figures.
According to the preliminary results, HMS generated sales of EUR 1.22 billion in 2025, down from EUR 1.36 billion in the previous year. The decline was primarily attributed to significantly lower commodity prices. However, EBITDA surged to EUR 59.4 million from EUR 20.1 million in 2024, more than tripling. This substantial increase includes approximately EUR 37 million in one-off valuation effects from the IFRS transition, particularly from the initial consolidation of Maatla Resources (Pty.) Ltd. Net income for the year reached EUR 54.8 million, compared to EUR 13.2 million in the prior year. Equity rose sharply to EUR 136.5 million (2024: EUR 51.1 million), and the equity ratio improved to approximately 38.2% from 23.2%.
The 2025 financial year was pivotal for HMS Bergbau's strategic transformation from a coal-focused trader into a fully integrated, diversified commodities company along the entire value chain. The company expanded its mining operations by acquiring a majority stake in Hoshoza Resources Vryheid in South Africa and completing the acquisition of a majority stake in Maatla in Botswana. Maatla already contributed positively to earnings in 2025, and HMS expects positive earnings contributions from Hoshoza in 2026. Additionally, the company significantly expanded its business in liquid fuels and lubricants.
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 30 June 2026 on the company's website www.hms-ag.com in the Investor Relations section. The Management Board is currently reviewing various options to further strengthen the company’s capital base, including potential capital measures, though no decision has been made yet.
HMS Bergbau will host a webcast for investors and media representatives on 15 April 2026 at 09:30 a.m. CET. CEO Dennis Schwindt and CFO Jens Moir will discuss the 2025 financial figures and the outlook for 2026. Registration is available at this link.
