Quantum wells (QWs) based on mercury telluride (HgTe) thin films provide a large scale of unusual physical properties starting from an insulator via a two-dimensional Dirac semimetal to a three-dimensional topological insulator. These properties result from the dramatic change of the QW band structure with the HgTe film thickness. Although being a key property, these energy dispersion relations cannot be reflected in experiments due to the lack of appropriate tools. Here we report an experimental and theoretical study of two HgTe quantum wells with inverted energy spectrum in which two-dimensional semimetallic states are realized. Using magneto-optical spectroscopy at sub-THz frequencies we were able to obtain information about electron and hole cyclotron masses at all relevant Fermi level positions and different charge densities. The outcome is also supported by a Shubnikov-de Haas analysis of capacitance measurements, which allows obtaining information about the degeneracy of the active modes. From these data, it is possible to reconstruct electron and hole dispersion relations. Detailed comparative analysis of the energy dispersion relations with theoretical calculations demonstrates a good agreement, reflecting even several subtle features like band splitting, the second conduction band, and the overlaps between the first conduction and first valence band. Our study demonstrates that the cyclotron resonance experiments can be efficiently used to directly obtain the band structures of semimetallic 2D materials.