Slide 1: Earnings Call – Final Results 2025 & Outlook 2026
Earnings Call – Final Results 2025 & Outlook 2026 HMS Bergbau Group not to be copied or distributed without written consent
Slide 2: Disclaimer
1 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 offe
Slide 3: Solid FY 2025 as basis for accelerating growth
Solid FY 2025 as basis for accelerating growth Addition of new business segments in 2025 2 Core business: Mining operations/ Liquid fuels and international coal commodity lubricants trading production Strong financial year 2025* with record results in a still challenging economic environment marked
Slide 4: Liquid fuels: a new business segment growing rapidly
Liquid fuels: a new business segment growing rapidly 3 An experienced, globally active trading team with around 30 employees, acquired in Q3 2025: • Over 10 years’ experience as a trading team • Extensive expertise and a strong network • The team has previously handled trading volumes of over EUR 1
Slide 5: Mining Segment: own coal mines in South Africa and Botswana have commenced operations
Mining Segment: own coal mines in South Africa and Botswana have commenced operations Vertical expansion of the value chain is progressing 4 HMS secures access to raw materials through investments in mining projects worldwide Exclusive off-take agreements Primarily metallurgical coal, but also other
Slide 6: Maatla Resources, Botswana
Maatla Resources, Botswana Selected impressions 5 HMS Bergbau Group not to be copied or distributed without written consent
Slide 7: Growth momentum continues to accelerate in H2 2026
Growth momentum continues to accelerate in H2 2026 ► Tangible results demonstrate the transformation into a broadly diversified commodities firm Mining operations Significant expansion of launched in the first half Global demand for coal 6 activities in the liquid fuels of 2026 following remains at
Slide 8: All segments contributing to growth and profitability
All segments contributing to growth and profitability Growing, low-risk trading business adds revenue while mining business adds margin 7 LC-funded physical trades, Spot business, strong growth, Captive production, price upside, 6x funding turnaround 15x funding turnaround high-margin, expansion pot
Slide 9: Key Financials FY 2025
Key Financials FY 2025 Accounting in accordance with IFRS Revenue in €m EBITDA in €m 60.1 1500 1,364 1,224 60 37m Maatla 1000 40 first-time 21.6 consolidation 500 20 effect 8 0 0 FY 2024 FY 2025 FY 2024 FY 2025 Net Income in €m Equity in €m 54.8 132.6 60 150 (37%) 84m Maatla first-time 40 37m Maatla
Slide 10: Strong Performance & Continued Growth
Strong Performance & Continued Growth Figures 2024 onwards in accordance with IFRS Revenue in €m EBITDA in €m 4.7x 9.8x (6.2x adj.) 2,000 60.1 2000 60 55.0 1800 1600 50 9 20m first-time 1,364 consolidation 1400 1,296 37m first-time Hoshoza 1,224 40 consolidation 1200 Maatla 972 1000 30 800 21.6 20 1
Slide 11: P&L Details
P&L Details (Group, IFRS) 2024 2025 Change kEUR % kEUR % Main changes Revenue 1 363 715 100,0% 1 224 451 100,0% -10% Lower Coal Price Cost of materials (1 324 456) -97,1% (1 187 890) -97,0% -10% Personnel expenses (5 617) -0,4% (6 609) -0,5% 18% Liquid fuels team Depreciation and amortisation (445)
Slide 12: Balance Sheet Details
Balance Sheet Details (Group, IFRS) 2024 2025 Change kEUR % kEUR % % Assets Main changes Fixed assets 18 043 8% 141 732 40% 686% Maatla Resources Inventories 8 864 4% 10 656 3% 20% Receivables 134 662 63% 137 607 38% 2% Cash and cash equivalents 39 666 19% 37 098 10% -6% Other asset 13 169 6% 30 543
Slide 13: Cash Flow Details
Cash Flow Details (Group, IFRS) 2024 2025 kEUR kEUR Main drivers of cash flow 2025: 1. Cash Flow from operating activities 10 360 (32 479) Working capital Liquid Fuels; cut-off date effects Solid Fuels 2. Cash flow from investing activities (64) (14 462) Acquisition/first-time consolidation Maatla R
Slide 14: HGB (German GAAP) vs. IFRS
HGB (German GAAP) vs. IFRS Equity & Equity Ratio Equity Ratio in % Equity in €m HGB IFRS HGB IFRS 40 140 132.6 35 37.1 120 103.4 30 28.2 13.3 47.6 100 25 23.2 1.1 21.5 13.1. 1.2 80 47.6 20 14.5 51.0 60 2.5 15 0.9 40.7 46.0 2.5 2.6 85.0 22.0 23.8 40 10 20.3 15.1 55.8 13.5 48.5 13 5 20 38.1 43.5 0 0 2
Slide 15: Bond 2025/30 Price Development
Bond 2025/30 Price Development Since issuance 110% 108% 106% 104% 102% 100% 98% 96% 14 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Source: deutsche-boerse.com; Frankfurt; daily closing prices HMS Bergbau Group not to be copied or distributed without wri
Slide 16: Share Price Development
Share Price Development 24 months 90 Target price: € 85,00 80 Target price: € 80,00 70 60 50 40 30 20 10 0 15 Source: deutsche-boerse.com; XETRA; daily closing prices HMS Bergbau Group not to be copied or distributed without written consent
Slide 17: 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 WKN: 606110 1.0 % Schernikau Family Designated MWB Fairtrade Wertpapierhandels- 4.4 % Sponsor: bank AG LaVo Verwaltungs- Schernikau Family Frankfurte
Slide 18: Investment Highlights Recap & Q&A
Investment Highlights Recap & Q&A Decades of experience and High-margin mining business Proven track record of success extensive expertise launched Strategic diversification in the liquid Well positioned to expand market Experienced management team fuels sector is already showing share and tap into
Slide 19: Company Contact HMS Bergbau AG
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 18