HMS Bergbau AG has released 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 has led to a substantial increase in reported earnings, with EBITDA tripling to EUR 59.4 million, compared to EUR 20.1 million in the prior year. This surge was primarily driven by one-off valuation effects of approximately EUR 37 million from the initial consolidation of Maatla Resources (Pty.) Ltd., a Botswana-based mining company in which HMS acquired a majority stake during the year.
Sales for 2025 amounted to EUR 1.22 billion, down from EUR 1.36 billion in 2024, a decline attributed to significantly lower commodity prices. Despite the revenue drop, net income rose to EUR 54.8 million, up from EUR 13.2 million in the previous year. Equity strengthened to EUR 136.5 million, and the equity ratio improved to 38.2% from 23.2%, reflecting the positive impact of the IFRS transition and the strategic acquisitions.
The change to IFRS is a strategic move to improve comparability with international competitors and increase transparency for global investors. HMS Bergbau is actively transforming from a coal trading company into a diversified commodities company with activities across the entire value chain, including trading, mining, and marketing. In 2025, the company acquired a majority stake in Hoshoza Resources Vryheid in South Africa and completed the acquisition of Maatla in Botswana. Maatla already contributed positively to 2025 earnings, and Hoshoza is expected to contribute in 2026. Additionally, HMS expanded its business 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. 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 management board is reviewing options to further strengthen the company’s capital base, including potential capital measures, though no decisions have been made yet. The complete annual financial statements and annual report for 2025, including the 2026 outlook, will be available from June 30, 2026, on the company's website at www.hms-ag.com in the Investor Relations section.
HMS Bergbau will host a webcast for investors and media representatives on April 15, 2026, at 09:30 a.m. (German time) to discuss the results and outlook. Registration is available at this link.
