Mincon Group (MCON) H1 2025 earnings summary

Executive summary

• Revenue grew 9% year-over-year in H1 2025 to €74.1m, driven by a 47% surge in construction, offsetting declines in mining and geothermal/waterwell sectors.

• Gross profit increased 27% to €22.0m, with margin improvements from operational reviews, sourcing efficiencies, and volume recovery.

• EBITDA rose to €9.6m (up 84%), and operating profit reached €5.4m, with net profit at €1.7m, reversing a prior loss.

• Construction revenue now represents 48% of total revenue, up from 36% in H1 2024.

• Asset divestments and reduced borrowing improved the borrowing/EBITDA ratio to well below 2:1.

Financial highlights

• Revenue: €74.1m in H1 2025, up 9% year-over-year; gross margin: €22.0m, up 27%.

• EBITDA: €9.6m, up 84% year-over-year; EBITDA margin increased to 13%.

• Operating profit: €5.4m, up from €0.25m; operating margin at 7%.

• Net profit: €1.7m vs. loss of €0.98m in H1 2024; basic EPS: 0.80c.

• Construction revenue up 47%; mining revenue down 13%; geothermal/waterwell down 9%.

Outlook and guidance

• Operational reviews and margin improvements expected to continue into H2 2025.

• Construction sector growth anticipated to continue, with product development targeting mining and renewables.

• Working capital demands expected to ease by year-end as major projects commence.