Hms Bergbau Ag · XETR:HMU
Hms Bergbau — Investor Presentation (November 2025)
25 slides from Hms Bergbau's investor presentation, November 2025
Slide 1: Company Presentation November 2025
Company Presentation November 2025 HMS Bergbau Group not to be copied or distributed without written consent
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is strictly confidential. It is intended only for the respective addressee and may not be distributed or disclosed without the prior consent of HMS Bergbau AG (the "Company"). The information in this presentation does not constitute an offer
Slide 3: HMS Bergbau AG at a glance
2 HMS Bergbau AG at a glance A globally active physical International business Logistics- and financing Focused participation in Growing and commodity trading with a strong focus on expertise with clear selected mining projects sustainably profitable, company established growth markets focus on attr
Slide 4: Management and Supervisory Board
Management 3 Supervisory Board Heinz Schernikau, Chairman Founder HMS Bergbau AG Dennis Schwindt, CEO Jens Moir, CFO Dr. h.c. Michael Bärlein Henry Werkmeister ▪ Since 07/2020: CEO, HMS Bergbau AG ▪ Since 09/2020: CFO, HMS Bergbau AG ▪ Since 2018: COO, HMS Bergbau AG ▪ 2016-2020: CFO various start-u
Slide 5: Record revenue and earnings in FY 2024
Record revenue and earnings in FY 4 2024 Strategic initiatives for Sustained global demand Strategic initiatives for long-term corporate for coal, particularly from long-term corporate growth are already emerging and developing growth are already Revenue showing positive effects countries, provides
Slide 6: Current highlights of the investment case
Current highlights of the investment case 5 - Bond placement Funding - Expansion of the liquid fuels business segment Growth drivers Vertical integration initiatives - High-quality metallurgical coal mine about to commence production Shareholder Value - Share price rising significantly - Market Cap
Slide 7: New corporate bond 2025/2030 successfully placed
New corporate bond 2025/2030 successfully placed 6 Price performance (in %) Bond 2025/2030 (WKN A4DFTU) as a major component of the financing mix 109 supporting future growth 107 Very high demand, bond significantly oversubscribed 105 Bond issue volume of EUR 50 million 103 Attractive interest rate
Slide 8: Trade Finance
Trade Finance Trade Finance Facilities support our growth trajectory 7 60 Trade finance facilities of Growth in commodity Based on an average Deploying trade finance USD 450m, provided by 16 trading is supported by duration of 60 days per facilities six times per year Banks in Europe, Middle East co
Slide 9: Unit-Economics & Trade Finance Requirements (example calculation)
Unit-Economics & Trade Finance Requirements (example calculation) Capacity in Ktons Mini Bulk 3 – 15 Revenue & Profit per transaction per year 8 #ships 1 180 Handysize 15 - 40 Tons per ship 75 000 13 500 000 Revenue @100 EUR/t € 7 500 000 € 1 350 000 000 Handymax 40 – 65 Gross Margin (3%) € 225 000
Slide 10: Global demand for coal remains stable
Global demand for coal remains stable HMS Bergbau ideally Global demand for Demand Growth Driver: Emerging Seaborne coal trade accounts for positioned to profit from coal remains at peak expected to Markets & Developing around 16% of global coal continuing growth in South levels increase further Nat
Slide 11: Well positioned internationally
Well positioned internationally Physical Commodity Trading & Project Developments HMS Bergbau AG Berlin, Germany 10 Headquarters Subsidiary/Project Investment Representative office HMS Bergbau Group not to be copied or distributed without written consent
Slide 12: HMS Trade Flows worldwide 2024
HMS Trade Flows worldwide 2024 Others Others Australia Europe 4% 3% 5% 3% USA India 8% 9% 11 South Africa 23 % China 18 % Southeast Indonesia Asia 32 % 66 % Mozambique 29 % Global deliveries with a strong focus on Southeast Asia and China Origins Destinations HMS responds flexibly and dynamically to
Slide 13: Diversification of the business model
Diversification of the business model Liquid fuels Excellent growth prospects beyond the core coal business Mining operations/ Commodity Business production segment Thermal coal significantly 12 Metallurgical extended coal Vertical extension of the value chain PCI coal CORE BUSINESS COAL TRADE Anthr
Slide 14: Expansion of business activities: Global trade in liquid fuels
Expansion of business activities: Global trade in liquid fuels Acquisition of an experienced, globally operating trading team New locations in Asia and South America in preparation Expansion into new business areas is a logical step and complements the 13 core coal business Numerous transactions alr
Slide 15: Seaborne trade remains indispensable for the global economy
Seaborne trade remains indispensable for the global economy Continuously rising global transport volumes and increasingly longer transport routes are driving growth in the fuel market Global container traffic Increase in average distances travelled due to disruptions in the (millions of 20-foot unit
Slide 16: Horizontal & vertical expansion of the value chain is progressing
Horizontal & vertical expansion of the value chain is progressing HMS secures access to commodities through stakes in mining projects worldwide Kazakhstan Lithium/Cobalt Exclusive off-take agreements targeted Initial test drillings at a very early stage Primarily metallurgical coal, but also other c
Slide 17: Maatla Resources in Botswana (51% HMS): Start of production expected in early 2026
Maatla Resources in Botswana (51% HMS): Start of production expected in early 2026 Highly modern metallurgical coal mine (under construction) Botswana considered as stable; coal mining encouraged Initial open-pit mining with professional subcontractors and on-site processing plant Mining license unt
Slide 18: Financial First Half 2025
Financial First Half 2025 Revenue in €m EBITDA in €m 1600 10 7.9 8.3 1400 1200 8 6.3 1000 656.7 731.4 6 800 642.9 600 4 400 2 200 0 0 H1/23 H1/24 H1/25 H1/23 H1/24 H1/25 Net Income in €m EPS in € 17 10 2,0 8 5.8 1,5 1.12 1.22 1.26 6 5.1 5.5 1,0 4 0,5 2 0 0,0 H1/23 H1/24 H1/25 H1/23 H1/24 H1/25
Slide 19: Strong Financials 2024
Strong Financials 2024 Revenue in €m EBITDA in €m Net Income in €m 18 2000 35 32.4 16.9 1800 1.687.7 16 30 14.5 ~1.500.0 1600 14 13.2 1.363.7 12.4 25 1400 1.296.2 12 20.1 ~20.0 10.4 1200 20 10 971.9 1000 15.4 15.7 8 15 800 6 18 600 10 427.7 400 5.6 4 3.2 5 200 2 0 0 0 2021 2022 2023 2024 2025e 2026e
Slide 20: Financials (Group, German GAAP/HGB)
Financials (Group, German GAAP/HGB) P&L 2021 2022 2023 2024 Transaction Volume # ships 93 116 197 228 Revenue €m 428.1 972.8 1297.8 1363.7 Gross Margin €m 14.9 29.0 37.4 40.8 EBITDA €m 5.6 15.4 15.7 20.1 Net Income €m 3.2 10.4 12.4 13.2 BALANCE SHEET 2021 2022 2023 2024 Total Assets €m 98.8 130.5 28
Slide 21: Excellent operational performance also reflected by the share price development
Excellent operational performance also reflected by the share price development Share price/Revenue development* (01.01.2024-27.10.2025) EPS/Dividend development per share (in €) (in € / in € million) 80 1.6 4,0 Price target € 72.00 70 1.4 3,5 3.15 2.89 60 1.2 3,0 2.74 50 1.0 2,5 2.29 40 0.8 2,0 30
Slide 22: Share & Shareholders
Share & Shareholders Free Float 23.4 % ERAG Energie & Rohstoff AG # of shares: 4,590,588 (Schernikau Family) 37.0 % ISIN: DE0006061104 Treasury Shares 1.0 % WKN: 606110 Schernikau Family Designated MWB Fairtrade 4.4 % Sponsor: Wertpapierhandelsbank AG LaVo Verwaltungs- Schernikau Family Frankfurter
Slide 23: Outlook
Outlook Excellently positioned to expand market shares and develop Robust new markets financial resources FY 2025: Revenue growth to around EUR 1.5 million and stable EBITDA High growth opportunities anticipated beyond the coal market: further primary commodities and 22 energy sources HMS Bergbau Gr
Slide 24: Investment Highlights Recap
Investment Highlights Recap Expansion of the value chain Proven track record of success Decades of experience and delivering high-margin contributions extensive expertise Experienced management team Low-risk business model supported by a strong anchor shareholder Strategic diversification of Attract
Slide 25: Company Contact
Company Contact Investor Relations Manager: edicto GmbH HMS Bergbau AG Ralf Droz/ Doron Kaufmann An der Wuhlheide 232 T: +49 69 905 505 51 12459 Berlin E-Mail: hms-bergbau@edicto.de Germany T: +49 (30) 65 66 81-0 F: +49 (30) 65 66 81-15 E-Mail: hms@hms-ag.com www.hms-ag.com 24 HMS Bergbau Group not