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, marking the first application of International Financial Reporting Standards (IFRS). The change from German GAAP (HGB) to IFRS, along with the initial consolidation of Maatla Resources (Pty.) Ltd., resulted in a significant increase in earnings. EBITDA tripled to EUR 59.4 million from EUR 20.1 million in the prior year, while net income rose to EUR 54.8 million (PY: EUR 13.2 million). Sales reached EUR 1.22 billion, down from EUR 1.36 billion, primarily due to lower commodity prices.
The transition to IFRS improved comparability with international peers and enhanced transparency for investors. One-off valuation effects from the IFRS transition, particularly from Maatla’s consolidation, contributed approximately EUR 37 million to earnings. Equity increased sharply to EUR 136.5 million (PY: EUR 51.1 million), with the equity ratio rising to 38.2% from 23.2%.
Strategically, HMS advanced its transformation into a fully integrated commodities company. In 2025, it acquired a majority stake in Hoshoza Resources Vryheid in South Africa and completed the acquisition of a majority stake in Maatla in Botswana. Maatla made a positive earnings contribution in 2025, and HMS expects positive effects from Hoshoza in 2026. The company also expanded its liquid fuels and lubricants business. CEO Dennis Schwindt 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 report for 2025, including the outlook for 2026, will be available from June 30, 2026, on the company’s website www.hms-ag.com in the Investor Relations section. The Management Board is reviewing options to further strengthen the capital base, including potential capital measures, though no decision has been made. HMS will host a webcast on April 15, 2026, at 09:30 a.m. CET. Registration is available at this link.
