HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110), a leading independent commodities trading and marketing company, released preliminary and unaudited figures for the 2025 financial year on April 14, 2026. For the first time, the financial figures were prepared in accordance with International Financial Reporting Standards (IFRS), replacing German GAAP (HGB). This change limits comparability with prior year figures but aims to improve transparency for international investors and align with listed competitors.
According to the preliminary report, HMS generated sales of EUR 1.22 billion in 2025, down from EUR 1.36 billion in the previous year. The decline is primarily attributed to significantly lower commodity prices. However, EBITDA surged substantially from EUR 20.1 million to EUR 59.4 million. This increase includes approximately EUR 37 million in one-off valuation effects from the transition to IFRS, particularly from the initial consolidation of Maatla Resources (Pty.) Ltd. Net income for the financial year reached EUR 54.8 million, compared to EUR 13.2 million in 2024. Equity rose to EUR 136.5 million (PY: EUR 51.1 million), and the equity ratio improved to around 38.2% from 23.2%.
Strategically, 2025 marked significant steps in HMS's long-term growth. The company is 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 completed the acquisition of the majority stake in Maatla in Botswana. Maatla made a positive contribution to earnings in 2025, and HMS expects positive earnings effects from Hoshoza in 2026. Additionally, business activities in liquid fuels and lubricants were significantly expanded.
Dennis Schwindt, CEO of HMS Bergbau, stated: “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 annual report for 2025, 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 invites investors and media representatives to a webcast in German on 15 April 2026 at 09:30 a.m. CEO Dennis Schwindt and CFO Jens Moir will explain the figures for 2025 and the outlook for 2026. Registration is available via this link.
