Mincon Group (MCON) H1 2026 earnings summary

Executive summary

• Revenue increased 19% year-over-year to €87.8 million, with broad-based growth across industries and regions, led by Americas construction and a return to expansion in mining and waterwell/geothermal, despite a 2% FX headwind.

• Gross margin improved to 30.5% from 29.7%, driven by higher factory utilisation and operational efficiency, offsetting higher tungsten carbide costs.

• EBITDA rose 42% to €13.8 million (36% excluding one-off gains), and profit after tax surged 297% to €6.8 million.

• The HIT system (formerly Greenhammer) began operating at a copper mine in Canada, with further mining contracts in advanced discussions.

• Net debt reduced to €16.0 million, comfortably below 1x EBITDA, supported by €8.0 million cash released from asset disposals.

Financial highlights

• Revenue: €87.8 million, up 19% year-over-year; Mincon-manufactured sales up 23%, bought-in products flat.

• Gross margin: €26.8 million (31% of revenue), up from €22.0 million (30%).

• EBITDA: €13.8 million, up 66%; Operating profit: €9.3 million, up 74%.

• Profit after tax: €6.8 million, up 297% from €1.7 million; basic EPS: 3.19c, diluted EPS: 3.02c.

• One-off gain: €2.6 million from asset disposals.

Outlook and guidance

• Focus remains on operational efficiency and managing input cost inflation, particularly tungsten carbide.

• Expectation for working capital to ease as H2 projects are delivered, supporting further cash generation.

• Confident in continued profitability growth for the remainder of 2026, with strong market opportunities in construction and mining, especially in energy transition markets.