HMS Bergbau AG, a leading independent commodities trading and marketing company based in Germany, has announced its preliminary and unaudited financial results for the first half of 2026, revealing significant growth across its business segments. The company reported revenue of approximately EUR 1.1 billion, a substantial increase of around 71% compared to EUR 643 million in the same period last year. This growth underscores the successful transformation into a diversified commodities company, as highlighted in the official release.
The company's EBITDA, including one-off items, reached EUR 22.5 million in the first half of the year, up from EUR 8.3 million in the previous year. Adjusted EBITDA, which excludes one-off effects, stood at EUR 14.1 million. The one-off positive effects of EUR 8.4 million were primarily due to the consolidation of Hoshoza Resources Vryheid, a South African mining company. It is important to note that the half-year figures for 2026 are not directly comparable to the previous year's numbers, as the latter were prepared under the German Commercial Code (HGB) instead of IFRS.
The strong performance was driven by a robust trading business in bulk products and liquid fuels. Notably, March and April were the most successful months in the company's history in terms of tonnage handled. Additionally, HMS significantly expanded its activities in the metal ores sector. A key development was the signing of 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.
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 later in 2026 and are anticipated to make substantial contributions to 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 performance, HMS has confirmed its full-year forecast for 2026, projecting revenue to rise to EUR 2 billion. Adjusted EBITDA is expected to increase from EUR 23.1 million in 2025 to EUR 35 million in 2026. The company notes that the exact extent of further impacts from ongoing activities at Hoshoza Resources Vryheid cannot yet be determined.
The full 2026 half-year report will be available for download from September 30, 2026, on the company's website, www.hms-ag.com, under the Investor Relations section.
