Montega reiterates HMS Bergbau buy, sets EUR 89 price target

• Montega reiterated a Buy rating on HMS Bergbau, keeping its 12-month price target at EUR 89.
• Research cited preliminary H1 2026 revenue of about EUR 1.1 billion, up 71% year on year, driven by expanded liquid fuels trading.
• Adjusted EBITDA rose to EUR 14.1 million, up 70% year on year, with a 1.3% margin; slightly below Montega expectations.
• Reported EBITDA totaled EUR 22.5 million, boosted by an EUR 8.4 million one-off from consolidating Hoshoza.
• Montega expects H2 acceleration from higher trading capacity and mine ramp-ups; it forecasts EUR 5-7 million 2026 mining EBITDA contribution.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. HMS Bergbau AG published the original content used to generate this news brief via EQS News (Ref. ID: rc_26626) on August 24, 2026, and is solely responsible for the information contained therein.