HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) has released preliminary and unaudited figures 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 the initial consolidation of Maatla Resources (Pty.) Ltd., resulted in a significant boost to earnings. EBITDA surged to EUR 59.4 million from EUR 20.1 million in the prior year, with approximately EUR 37 million attributable to one-off valuation effects from the IFRS transition. Sales declined to EUR 1.22 billion from EUR 1.36 billion, primarily due to lower commodity prices. Net income rose to EUR 54.8 million (PY: EUR 13.2 million), and equity more than doubled to EUR 136.5 million, lifting the equity ratio to 38.2% from 23.2%.
The adoption of IFRS is intended to improve comparability with international competitors and increase transparency for global investors. According to CEO Dennis Schwindt, “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 diversified commodities company, with activities spanning coal trading, liquid fuels, ore and cement product trading, and commodity mining. Key milestones in 2025 included the acquisition of a majority stake in Hoshoza Resources Vryheid in South Africa and the successful completion of the majority stake in Maatla in Botswana, which already contributed positively to earnings. HMS expects further positive earnings contributions from Hoshoza in 2026.
The company’s expanded business in liquid fuels and lubricants also contributed to its broader commodity portfolio. The shift to IFRS and the strategic acquisitions underscore HMS's goal of becoming more resilient to market fluctuations and offering integrated services along the value chain. The management board is currently evaluating options to further strengthen the capital base, including potential capital measures, though no decisions have been made. The complete annual financial statements and annual report for 2025, including the 2026 outlook, will be available from 30 June 2026 on the company’s website at www.hms-ag.com in the Investor Relations section. HMS invites investors and media to a webcast 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.
