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 and a successful transformation into a diversified commodities company. The company's revenue surged by approximately 71% to around EUR 1.1 billion, compared to EUR 643 million in the same period last year. EBITDA, including one-off items, reached EUR 22.5 million, up from EUR 8.3 million in the prior year. Adjusted EBITDA, excluding one-off items, stood at EUR 14.1 million, with positive one-off effects of EUR 8.4 million arising from the consolidation of the South African mining company Hoshoza Resources Vryheid.
The half-year figures are only partially comparable to the previous year, as the 2025 results were prepared under the German Commercial Code (HGB), whereas the current figures follow IFRS. The strong performance was driven by robust trading activities 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, HMS significantly expanded its activities in the metal ores sector, securing an exclusive off-take agreement for a minimum of eight years covering the entire output of chromite ore from the Langpan mining project in South Africa.
A key milestone 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 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, anticipating 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 impact of ongoing activities at Hoshoza Resources Vryheid on results cannot yet be fully determined. The full 2026 half-year report will be available for download from 30 September 2026 on the company's website, www.hms-ag.com, under the Investor Relations section.
This announcement underscores HMS Bergbau's successful pivot towards a diversified commodities business, leveraging both trading and mining operations to drive substantial growth. The company's ability to navigate geopolitical disruptions, such as the Strait of Hormuz closure, by shifting trading volumes to South-East Asia highlights its operational flexibility. The start of mining production marks a strategic shift that is expected to provide stable, long-term earnings, aligning with the company's ambitious full-year targets.
