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Mincon Group plc says its board now expects full-year 2026 revenue and EBITDA to be ahead of market expectations. The basis is revenue for the nine months to 30 September 2026, which was 28% higher than the same period of 2025, with most of the increase attributed to construction. The update is a qualitative change to the outlook. It gives no new numeric forecast, so the headline word “guidance” should be read as shorthand for that statement rather than a published range.
What the 28% figure measures
The 28% number comes from Mincon’s Q3 2026 trading update, dated 9 October 2026. It compares revenue for January to September 2026 with January to September 2025. It is not a full-year result, and it is a company-reported figure, not an independent measure of the market for drilling tools or foundation equipment.
The company’s earlier numbers give useful context. In its half-year results of 4 August 2026, Mincon reported H1 revenue of €87.8 million against €74.0 million in H1 2025 on a continuing-operations basis, a rise of 19%. Because the nine-month comparison is higher than the six-month one, growth appears to have picked up in the third quarter. The release does not give a standalone Q3 revenue figure, so that conclusion is an inference from two cumulative numbers, and the bases are not identical.
What drove Mincon’s 28% revenue growth?
Mincon attributes most of the nine-month increase to construction. The update specifically cites customer traction for its spiral-flush drilled-foundations solution. Three separate threads sit behind the headline.
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Construction
Construction was the main stated driver. In H1 2026, construction revenue grew 23%, and it made up 50% of group revenue, up from 48% a year earlier. The company’s FY 2025 results, published 10 March 2026, had already shown construction revenue growth of 14% in that year, so the segment has been growing for more than one reporting period.
Mining and waterwell/geothermal
Construction was not the only growing business. In H1 2026, mining revenue grew 18% and waterwell/geothermal grew 5%. The Q3 update says mining grew across Africa, Australia and North America during the period. That matters for readers who assume the 28% is purely a construction story: the group’s other activities were also expanding, though the release does not split the nine-month figure by segment.
Large North American and Swedish projects
Mincon says its existing major North American infrastructure projects will continue into 2027. It also reports winning two significant new projects in Sweden, expected to complete between Q4 2026 and Q1 2027. Project timing like this is lumpy by nature. A large project that finishes without a replacement can reduce revenue quickly, which is what happened in some regions earlier in the year (see the table below).
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What did Mincon say about its 2026 outlook?
The key sentence in the Q3 release reads:
“Accordingly, on account of the strong trading momentum through to 30 September 2026, the Board now expects that full year 2026 revenue and EBITDA will be ahead of market expectations.”
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This is a statement from the board of Mincon Group plc. The release does not attribute it to a named individual, and it should not be read as a personal forecast from Chief Executive Officer Joe Purcell, who is listed in the contact details.
What the statement does not contain matters as much as what it does. It gives no numeric range for full-year revenue or EBITDA, and it does not state the market-consensus figures that “ahead of market expectations” implies. Without an independently sourced consensus number, the phrase cannot be translated into a target. Readers who want to size the change will need the company’s full-year results or a consensus estimate from a separate source.
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The release also includes a standard forward-looking-statements warning. It says actual results may differ materially from the expectations it describes.
Where construction grew and where it fell
The regional picture is uneven. Construction revenue rose sharply in North America and Northern Europe, fell in South America and the rest of Europe, and dropped steeply in Asia-Pacific and Africa. The company attributes the declines in Asia-Pacific and Africa to earlier large projects completing without replacement contract wins in those regions. It says the drop was more than offset by growth in the Americas and Europe.
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|---|---|---|
| Americas (overall) | Up 81% | Not stated |
| North America | Up 85%; a single large infrastructure project contributed significantly | Existing major infrastructure projects continue into 2027 |
| South America | Down 30%, against a small comparison base | Not stated |
| EME (overall) | Up 13% | Not stated |
| Northern Europe | Up 61% | Two significant new Swedish projects, completing Q4 2026 to Q1 2027 |
| Rest of Europe | Down 41% | Not stated |
| Asia-Pacific | Down 87%; earlier large projects completed without replacement wins | Not stated |
| Africa | Down 85%; earlier large projects completed without replacement wins | Not stated |
The H1 figures are the most detailed regional data available in the company’s reporting. The Q3 update does not restate regional construction revenue, so the nine-month regional split cannot be reconstructed from the sources.
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Margins: the qualification to watch
Revenue growth has not translated into a clean margin story. Mincon said higher raw-material costs pressured its Q3 margins, with some offset from modest customer price increases. It also said those cost pressures had since eased, and it expects margins to improve further in the rest of 2026, supported by higher throughput and operating leverage.
That expectation is management’s outlook. It is not a reported full-year result, and it depends on the cost and volume assumptions the company has described.
How to read the update
The update combines reported figures with forward-looking statements. The table below separates the two.
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| Measure | Reported in the Q3 update | Expected or stated as outlook |
|---|---|---|
| Revenue | Up 28% for nine months to 30 September 2026 | Full-year 2026 revenue ahead of market expectations; no numeric range |
| EBITDA | Not stated as a reported figure in this update | Full-year 2026 EBITDA ahead of market expectations; no numeric range |
| Margins | Q3 pressured by raw-material costs, partly offset by modest price increases | Improvement in the rest of 2026, supported by higher throughput and operating leverage |
What to check next
- Whether a later statement gives a numeric revenue or EBITDA range, or a market-consensus reference
- Whether the full-year 2026 results show the margin improvement management expects
- Whether the North American infrastructure work continues into 2027, as the company describes
- Whether the two Swedish projects complete between Q4 2026 and Q1 2027
- Whether Asia-Pacific and Africa construction revenue recovers through new contract wins
About Mincon
Mincon describes itself as an Irish engineering group that designs, manufactures, sells and services rock-drilling tools and consumable products. Its shares are listed on Euronext under the ticker MIO and on AIM under MCON. Readers following the stock should weigh the company’s dependence on construction and mining activity, which tends to move with project cycles, alongside the company’s own outlook language.
This article describes company announcements and is not personal financial advice.
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