HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110), a leading independent commodities trading and marketing company, has released preliminary and unaudited figures for the 2025 financial year. The company reported sales of EUR 1.22 billion, down from EUR 1.36 billion in the prior year, primarily due to significantly lower commodity prices. However, EBITDA surged from EUR 20.1 million to EUR 59.4 million, a near tripling of earnings. Net income for the year reached EUR 54.8 million, compared to EUR 13.2 million in 2024. Equity stood at EUR 136.5 million as of December 31, 2025, up from EUR 51.1 million, with the equity ratio improving to 38.2% from 23.2%.
The financial results were prepared for the first time in accordance with International Financial Reporting Standards (IFRS), marking a shift from German GAAP (HGB). This change enhances comparability with international competitors and increases transparency for global investors. The transition to IFRS contributed approximately EUR 37 million in one-off valuation effects, largely from the initial consolidation of Maatla Resources (Pty.) Ltd. The company noted that the 2025 figures are only partially comparable to prior-year figures due to the accounting change.
Strategically, HMS Bergbau took significant steps in 2025 to position itself as a fully integrated, diversified commodities company along the entire value chain. Beyond its core coal trading business, the company expanded into commodity mining by acquiring majority stakes in Hoshoza Resources Vryheid in South Africa and Maatla in Botswana. Maatla already contributed positively to earnings in 2025, and HMS expects positive contributions from Hoshoza in 2026. Additionally, the company expanded its activities in liquid fuels and lubricants.
CEO Dennis Schwindt 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." The CEO also highlighted the IFRS adoption as a logical step for greater visibility on the capital market.
The complete annual financial statements and annual report for 2025, including the outlook for 2026, will be available from June 30, 2026, on the company's website at www.hms-ag.com in the Investor Relations section. The Management Board is currently reviewing various options to further strengthen the capital base, including potential capital measures, though no decision has been made yet.
HMS Bergbau will host a webcast for investors and media on April 15, 2026, at 09:30 a.m. German time. CEO Dennis Schwindt and CFO Jens Moir will discuss the 2025 results and the 2026 outlook. Registration is available at this link.
