HMS Bergbau AG (ISIN: DE0006061104, WKN: 606110) has published preliminary and unaudited IFRS figures for the first half of 2026, revealing a substantial increase in revenue to approximately EUR 1.1 billion, up 71% from EUR 643 million in the same period last year. The company's EBITDA, including one-off items, reached EUR 22.5 million, compared to EUR 8.3 million in the previous year. Adjusted EBITDA, excluding one-off items, stood at EUR 14.1 million. The one-off items of EUR 8.4 million were primarily due to the consolidation of the South African mining company Hoshoza Resources Vryheid.
The strong performance was attributed to a robust trading business in bulk products and liquid fuels, with March and April being the most successful months in the company's history in terms of tonnage handled. Additionally, the company significantly expanded its activities in the metal ores sector. A key development was the exclusive off-take agreement for the Langpan mining project in South Africa, securing the entire output of chromite ore for a minimum of eight years.
A major milestone was the start of production at HMS's coal mines in South Africa and Botswana. Both mines are expected to reach full production within 2026 and subsequently make significant contributions to earnings. CEO Dennis Schwindt 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.”
Following the strong first half, HMS has confirmed its full-year forecast, expecting revenue to rise to EUR 2 billion and adjusted EBITDA to increase from EUR 23.1 million in 2025 to EUR 35 million in 2026. The exact further impact from the ongoing activities at Hoshoza Resources Vryheid cannot yet be determined.
The preliminary results underscore HMS Bergbau's successful transformation into a diversified commodities company, balancing its traditional trading strengths with new mining operations. For the industry, this signals a trend of trading companies integrating upstream to secure supply chains and capture more value. The company's ability to navigate geopolitical disruptions, such as the Strait of Hormuz closure, by shifting trade to South-East Asia demonstrates resilience and adaptability, which are crucial in the volatile raw materials market.
Investors and stakeholders will be watching closely as HMS ramps up production at its coal mines, which could provide a steady stream of earnings and reduce reliance on trading margins. The full half-year report will be available on the company's website, www.hms-ag.com, under the Investor Relations section from 30 September 2026.
