HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) has released preliminary and unaudited financial results for the 2025 financial year, marking the first time the company has reported under International Financial Reporting Standards (IFRS). The change from German GAAP (HGB) to IFRS, along with strategic acquisitions, has significantly boosted earnings and equity, though sales declined due to lower commodity prices.
According to the preliminary figures, sales for 2025 amounted to EUR 1.22 billion, down from EUR 1.36 billion in the prior year. The decrease is primarily attributed to substantially lower commodity prices. However, EBITDA surged to EUR 59.4 million, compared to EUR 20.1 million in 2024, more than tripling the previous year's figure. This increase includes approximately EUR 37 million in one-off valuation effects from the IFRS transition, particularly from the initial consolidation of Maatla Resources (Pty.) Ltd. Net income rose to EUR 54.8 million (2024: EUR 13.2 million), while equity more than doubled to EUR 136.5 million (2024: EUR 51.1 million), resulting in an improved equity ratio of 38.2% (2024: 23.2%).
The transition to IFRS enhances comparability with international competitors and increases transparency for global investors, according to the company. In 2025, HMS took strategic steps to diversify beyond coal trading, positioning itself as a fully integrated commodities company along the entire value chain. Key moves included acquiring a majority stake in South African mining company Hoshoza Resources Vryheid and completing the acquisition of a majority stake in Maatla in Botswana. Maatla made a positive contribution to earnings in 2025, and HMS expects positive effects 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. 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 company is currently reviewing options to further strengthen its capital base, including potential capital measures, though no decisions have been made. The complete 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 will hold 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 2025 results and outlook. Registration is available at https://www.appairtime.com/event/a91ab325-6284-46e8-a156-159f3e0c1a88.
