HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) has published its preliminary and unaudited financial results for the first half of 2026, showing significant growth and successful transformation into a diversified commodities company. The German-based commodities trading and marketing company reported revenue of approximately EUR 1.1 billion, a rise of about 71% compared to EUR 643 million in the same period last year. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached EUR 14.1 million, excluding one-off items, while EBITDA including one-off items amounted to EUR 22.5 million, up from EUR 8.3 million in the prior year. The positive one-off effects of EUR 8.4 million resulted from the consolidation of the South African mining company Hoshoza Resources Vryheid.
The half-year figures are not directly comparable to the previous year's because the 2025 results were prepared under the German Commercial Code (HGB), whereas the current figures follow IFRS standards. Despite this, the company's performance highlights its robust trading business and the initial contributions from its mining operations.
During the first six months of 2026, HMS Bergbau achieved a strong trading performance across bulk products and liquid fuels. Notably, March and April were the most successful months in the company's history in terms of tonnage handled. The company also significantly expanded its activities in the metal ores sector, entering into an exclusive off-take agreement for the Langpan mining project in South Africa, covering the entire output of chromite ore for a minimum of eight years.
One of the key milestones was the start of production at HMS's coal mines in South Africa and Botswana. Both mines are expected to reach full production by the end of 2026, which will likely contribute substantially to future earnings. Dennis Schwindt, CEO of HMS Bergbau, commented: “We are very satisfied with our performance in the first half of the year. All business divisions have performed well and are contributing to our growth. Our trading business has performed very well; we were able to more than offset the restrictions caused by the closure of the Strait of Hormuz through increased trading in South-East Asia. We are particularly pleased that our coal mines have started production. Over the course of the rest of this year, we will gradually ramp up production there. We then expect to see corresponding positive contributions to earnings.”
Given the strong first half, HMS Bergbau has confirmed its full-year forecast for 2026, expecting revenue to rise to EUR 2 billion and adjusted EBITDA to increase from EUR 23.1 million in 2025 to EUR 35 million. The exact impact of the ongoing activities at Hoshoza Resources Vryheid on results cannot yet be determined, but the company remains optimistic about its growth trajectory.
This news is significant for the commodities industry as it demonstrates the successful integration of mining operations into a trading company's business model, a strategy that could serve as a blueprint for others. The company's ability to adapt to geopolitical disruptions, such as the Strait of Hormuz closure, by shifting trading volumes to South-East Asia shows resilience and strategic agility. For investors and industry leaders, HMS Bergbau's performance indicates a positive outlook for the commodities sector, particularly in coal and metal ores, and highlights the potential for growth in emerging markets like South Africa and Botswana.
