HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) announced preliminary and unaudited financial results for the 2025 financial year, marking a significant milestone with the first-time adoption of International Financial Reporting Standards (IFRS). The transition from German GAAP (HGB) to IFRS, along with the initial consolidation of Maatla Resources (Pty.) Ltd., had a clearly positive impact on earnings, according to the company's press release.
Sales for 2025 reached EUR 1.22 billion, slightly below the prior year's EUR 1.36 billion, primarily due to lower commodity prices. However, EBITDA surged to EUR 59.4 million from EUR 20.1 million in 2024, more than tripling. Of this increase, approximately EUR 37 million is attributable to one-off valuation effects from the IFRS transition, particularly the initial consolidation of Maatla. Net income rose to EUR 54.8 million (2024: EUR 13.2 million), and equity increased substantially to EUR 136.5 million (2024: EUR 51.1 million), lifting the equity ratio to around 38.2% from 23.2%.
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." He emphasized the company's strategic transformation into a broadly positioned commodity company with activities in coal trading, liquid fuels, ore and cement product trading, as well as commodity mining. "This makes us even more resilient to crises and enables us to offer customers services from a single source," Schwindt added.
During 2025, HMS took important strategic steps, including acquiring a majority stake in Hoshoza Resources Vryheid in South Africa and completing the acquisition of a majority stake in Maatla in Botswana. The company also expanded its business in liquid fuels and lubricants. While Maatla already made a positive contribution to earnings in 2025, HMS expects positive earnings effects from Hoshoza in 2026.
The change to IFRS is intended to improve comparability with listed international competitors and increase transparency for international investors. The complete annual financial statements and annual report for 2025, including the outlook for 2026, will be available from 30 June 2026 on the company's website at www.hms-ag.com in the Investor Relations section.
HMS Bergbau is also reviewing various options to further strengthen its capital base, including potential capital measures, though no decision has been made yet. The company will host a webcast for investors and media representatives on 15 April 2026 at 09:30 a.m. CET, where CEO Dennis Schwindt and CFO Jens Moir will discuss the results and outlook. Registration is available at this link.
