HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) has published 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 transition from German GAAP (HGB) to IFRS, along with the initial consolidation of Maatla Resources (Pty.) Ltd, resulted in a significant boost to earnings, with EBITDA rising from EUR 20.1 million to EUR 59.4 million.
Sales for the year amounted to EUR 1.22 billion, down from EUR 1.36 billion in the prior year, primarily due to lower commodity prices. However, net income surged to EUR 54.8 million, compared to EUR 13.2 million in 2024. Equity increased sharply 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 peers and increase transparency for global investors. The company highlighted that approximately EUR 37 million of the EBITDA increase came from one-off valuation effects related to the IFRS transition, particularly from the initial consolidation of Maatla Resources.
Strategically, HMS advanced its transformation into a diversified commodities company during 2025. The company acquired a majority stake in Hoshoza Resources Vryheid in South Africa and successfully completed the acquisition of a majority stake in Maatla in Botswana. Maatla already contributed positively to earnings in 2025, and HMS expects positive earnings contributions 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 complete annual financial statements and the 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. The management board is currently reviewing various options to further strengthen the company’s capital base, including potential capital measures, though no decision has been made yet.
HMS will host a webcast for investors and media representatives on 15 April 2026 at 09:30 a.m. CET. CEO Dennis Schwindt and CFO Jens Moir will discuss the 2025 figures and the outlook for 2026. Registration is available at this link.
