HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110), a leading independent commodities trading and marketing company headquartered in Berlin, has published its audited financial figures for fiscal year 2025, confirming significant earnings growth. The company's EBITDA reached EUR 60.1 million, more than tripling from EUR 20.1 million in the previous year, while net income surged to EUR 54.8 million from EUR 13.2 million. Group sales declined to EUR 1.22 billion from EUR 1.36 billion, primarily due to lower commodity prices.
The results include positive one-time valuation effects of approximately EUR 37 million from the transition to IFRS accounting standards, particularly from the initial consolidation of Maatla Resources (Pty.) Ltd., a coal mine in Botswana. This is the first time HMS has prepared its financial statements under IFRS, limiting comparability with prior years.
Looking ahead, HMS forecasts group sales of EUR 2 billion and EBITDA of EUR 55 million for fiscal year 2026. This includes a one-time valuation effect of roughly EUR 20 million from the initial consolidation of Hoshoza Resources Vryheid in South Africa. Excluding this special effect, adjusted EBITDA is expected to rise from EUR 23.1 million in 2025 to EUR 35 million in 2026.
The company made key strategic decisions during 2025, expanding into liquid fuels, raw material production, and traditional trading. These moves position HMS as a fully integrated, internationally oriented commodity house along the entire value chain, moving beyond coal trading. CEO Dennis Schwindt and CFO Jens Moir will discuss the results and outlook during a webcast on July 6, 2026, at 3:00 p.m. CET, open to investors and media. Registration is available via this link.
HMS also announced it has suspended its current bond issuance due to market conditions in the mid-cap bond market but remains in close contact with investors. The full annual report for 2025 is available for download on the company's website at www.hms-ag.com in the Investor Relations section.
For leaders in business and technology, HMS's results underscore the potential for commodity trading firms to achieve substantial earnings growth through strategic diversification and international expansion. The integration of mining operations in Botswana and South Africa, along with the move into liquid fuels, signals a shift toward vertical integration that could enhance supply chain resilience and margins. The company's expectation of EUR 2 billion in sales for 2026 indicates strong confidence in market recovery and operational scaling. However, the reliance on one-time valuation effects and the suspension of bond issuance highlight ongoing financial risks, including market volatility and access to capital. As HMS continues to evolve into a fully integrated commodity house, its performance will be a bellwether for the sector's ability to adapt to changing energy and raw material demands.
