Mincon Group Soars: 2025 Profits More Than Double Amid Strategic Shift

Mincon’s 2025: profits rebound as strategy takes hold

Mincon Group plc posted a tidy recovery in 2025. Group revenue edged up 2% to €148.7 million, but the real story is profitability: total operating profit more than doubled to €12.1 million and profit for the year jumped 213% to €5.5 million. EBITDA from continuing operations rose 19% to €19.3 million, lifting the EBITDA margin to 13.0% (2024: 11.2%).

The improvement reflects cost discipline, a stronger construction book in North America, and the clean exit from loss‑making carbide operations.

Headline numbers investors should know

Metric	2025	2024	Change
Total revenue	€148.7 million	€145.9 million	+2%
Gross profit	€44.4 million	€40.1 million	+11%
EBITDA (continuing)	€19.3 million	€16.2 million	+19%
EBITDA (total)	€20.4 million	€14.2 million	+44%
Operating profit (continuing)	€10.9 million	€7.6 million	+44%
Operating profit (total)	€12.1 million	€5.5 million	+119%
Profit for the year (total)	€5.5 million	€1.8 million	+213%
Basic EPS (total)	2.60 cent	0.83 cent	n/a
Total dividend	2.10 cent	2.10 cent	Unchanged
Cash and cash equivalents	€11.7 million	€15.0 million	-€3.4 million
Loans and borrowings	€33.5 million	€37.7 million	-€4.2 million
Net debt to equity	0.30	0.29	Slightly higher

Quick refresher: EBITDA is profit before interest, tax, depreciation and amortisation – a proxy for underlying operating cash earnings.

What drove the stronger profit?

Cost base and mix improvements

• EBITDA margin climbed to 13.0% as 2024’s operational review bore fruit and raw material costs fell by 4% as a share of Mincon‑manufactured revenue.
• Large construction projects supported margin recovery.
• Discontinued operations helped: the sale and closure of the Sheffield carbide facility completed in early 2025 and delivered a €1.4 million gain on asset sales.

End‑market performance

• Construction up 14% and is now Mincon’s largest industry. North American projects that were delayed previously have kicked off.
• Mining down 9% as Mincon deliberately realigned its offer away from commoditised products in certain locations.
• Waterwell/geothermal remained subdued overall, though revenue rose 1% thanks to a solid Northern European geothermal base.

Regional picture

• Americas revenue up 6%, with North America up 12% driven by construction wins. Tariffs and US cost inflation remain a headwind, with price increases being passed through where possible.
• Europe, Middle East and Africa up 3%: geothermal in Northern Europe was sluggish, offset by growth in Central Europe and the Middle East.
• Africa up 13% helped by a DRC construction project and recovering gold mining demand in West Africa.
• APAC down 28% as the business is being restructured to target more profitable opportunities.

Cash flow, balance sheet and working capital

Operating cash flow was steady at €8.8 million (2024: €9.0 million). Working capital increased, chiefly due to inventory build to service large construction projects that began in Q4 2025. Inventory stood at €71.5 million (2024: €67.3 million).

Capital investment was disciplined at €3.0 million, aimed at automation and replacing high‑maintenance kit. Mincon also realised €2.3 million of proceeds from asset disposals. Loans and borrowings fell to €33.5 million, although cash declined to €11.7 million after dividends (€4.5 million) and debt and lease repayments. Net debt to equity nudged to 0.30.

Post year‑end, the Australian property held for sale completed on 31 January 2026 for AUD$13 million (€7.4 million) – a useful liquidity boost not yet reflected in the 2025 cash balance.