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Mincon Group plc

("Mincon" or the "Group")

2025 Half Year Financial Results

Mincon Group plc (Euronext:MIO AIM:MCON), the Irish engineering group specialising in the design, manufacture, sale and servicing of rock drilling tools and associated products, announces its half year results for the six months ended 30 June 2025.

H1 2025 Key Financial Highlights Continuing Operations	H1 2025	H1 2024	%Change
· Revenue	€ 74.0 million	€ 68.0 million	9%
· Gross Profit	€ 22.0 million	€ 17.4 million	27%
· EBITDA	€8.3 million	€ 4.7 million	84%
· Operating Profit	€ 4.1 million	€ 0 . 2 million	1542%
· Profit/(loss) for the period	€0.7 million	(€1 million)	168%

H1 2025 Business Highlights

• Revenue increased by 9% in the first half of the year showing improving momentum as the half progressed.

• Construction revenue growth of 47%, offsetting a weaker performance in mining and geothermal as the Mincon value proposition to the construction industry is increasingly recognised.

• Significant recovery in margin driven by operational and sourcing efficiencies, and volume recovery.

• Greenhammer to start its first "cost per foot" contract in Arizona.

• First installation of subsea anchor in the Orkney Islands.

• Continued investment in factory machinery and automation.

• The strong Q2 momentum, growing market opportunities, on-going operational initiatives and strong positioning in the construction industry will continue to contribute to the ongoing improvement in margins.

Joe Purcell, Chief Executive Officer, commenting on the results, said:

" I am pleased to report that the first half of 2025 showed a return to growth with higher revenue than the prior year but more importantly a significant recovery in our margins. This improved performance has been driven by increases in our construction revenues. This strong construction performance is due to a combination of our superior engineered product offering as well as onsite service support.

In conjunction with our improved sales, we have continued our focus on driving operational efficiencies across the Group, which is enhancing our margins and competitiveness.

Geographic markets

Our revenue in the Americas has seen an increase over the previous year. This is due to a strong performance in construction sales in North America, across a broad range of customers. Mining revenues grew in North America, but this was somewhat offset by reductions in South America as we moved away from a large low margin mining contract.

Our revenue in Europe/Middle East was up by 6% reflecting increases in construction revenue. In addition, we experienced an increase in our mining revenue, largely due to progress made in the Middle East, which is a positive development. Our water well/geothermal market was slow in the first half of 2025 reflecting a depressed Scandinavian housing market, however we see this picking up as the year progresses.

Our Africa revenues contracted versus prior year. However, our construction revenue increased in the region, while our mining revenue decreased due to challenging market conditions in West and Southern Africa. Our work to improve our competitive position in both of these regions is continuing and this should help to improve our revenues and, more importantly, margins over the medium term.

Geographic markets (continued)

Our Australia Pacific region was flat overall on prior year. Underlying this was a continued strong performance in our construction revenues from two large contracts in Tasmania and Western Australia. These increases were offset by a reduction in our mining revenues largely due to a poor first quarter on the East Coast due to heavy flooding and increased competition in the market. We expect an improvement in this region due to the extensive work being done on cost reduction to improve our competitive position in this important market for us.

Business Development

There is no doubt that the macroeconomic uncertainty due to the emerging global tariff situation has given pause for thought. On top of this, there has also been a rowing back on certain climate commitments which is concerning in the global push to reduce emissions. In the context of these challenges, it is important to take a step back and note the flexibility that our global spread gives us to try and mitigate tariffs. Also, the requirement of reducing emissions is directly related to increasing the efficiency of drilling which also impacts drilling costs. In that context, our engineering focus on efficiency remains a cornerstone in our push to win profitable market share.

On that note, our growing success in the construction sector is a reflection of the value proposition we represent with a market leading product range, backed up with experienced, application specific expertise, to deliver and exceed our customer expectations.

Our Greenhammer project is ready to deliver a yearlong cost per foot contract on a copper mine in Arizona. We have a team and service facility in place. This will be delivered in conjunction with our rig manufacturer partner and we are both optimistic about its future prospects.

Our collaboration with Subsea Micropiles reached an important milestone in April with the first installation of a subsea anchor in the Orkney Islands in Scotland. This positive development has been followed with significant strategic funding for Subsea Micropiles from Scottish and Japanese investors reflecting the ambition that both Countries have for the development of offshore wind.

Conclusion

It is pleasing to see the progress that we are making in the first half of this year. It does demonstrate that our business is moving in the right direction to increase revenues and more importantly margins and ROCE.

The increased opportunity we see in construction should be supplemented by growth that our product development can unlock in mining and in time with renewables. We are building positive momentum, and we need to remain focused on improving our competitive position, while delivering on the opportunities we have worked so hard to create. I would like to thank our dedicated teams around the world for their continued efforts and look forward to brighter days ahead."

Joseph Purcell

Chief Executive Officer

Key financial commentary

Market Industries

Revenue increased by 9% in the first half of 2025 compared to H1 2024. This increase was attributed to growth in construction industry revenue, while mining and waterwell/geothermal revenues declined during the same period. Foreign exchange movements impacted the Group's revenue growth by 1%.

Industry mix (by revenue)

	H1 2025	H1 2024
· Construction	48%	36%
· Mining	38%	48%
· Waterwell / Geothermal	14%	16%

Revenue from the construction industry increased by 47% during the period, compared to a 23% decrease in the same period of the previous year. Revenue in the industry became more globally diversified as investments were made to secure projects across our four regions, although project invoicing in this industry is inconsistent given the nature of large construction projects.

The Group started recognising construction revenue for two significant projects in Australia during the second half of 2024, with this continuing into the first half of 2025. Invoicing for these projects, located in Tasmania and Western Australia, was completed within the first half of the year.

We also successfully secured our first major port project in Africa and invoiced it in Q2 2025 although support for the project will continue through H2 2025 and into H1 2026. While opportunities in the African construction industry are limited, this project's success should go a long way to improve future prospects for our construction products and expertise.

The primary opportunities within the construction industry remain concentrated in developed markets, particularly in Europe and in North America. These regions have consistently represented our most significant markets in the construction industry.

Construction revenue in the Americas increased by 36% in H1 2025 compared to the same period in the previous year, following a 29% contraction in that earlier period. This growth is attributed to a wider customer base, primarily located in North America, with ongoing pursuit of significant projects in South America.

Construction revenue in the EME region experienced a partial recovery in the first half of 2025, increasing by 10%. This follows a notable contraction of 17% in H1 2024, attributable to elevated interest rates accumulated throughout 2023. Although interest rates began to decline at the half year in 2024, the reduction was insufficient to incentivise widespread borrowing for construction. Rates reached a more favourable level for the industry in 2025; however, it takes time for sector participants to adjust operations accordingly, as evidenced during Q2 2025.

Market analysis suggests the construction recovery will continue. In H1 2025, EME construction growth, similar to North America, was mainly driven by Mincon's supply to a large number of smaller projects in countries where we have a physical presence.

Mining revenue contracted by 13% in the first half of 2025 compared to the same period the previous year.

In the APAC region, mining revenue decreased by 40%, following a modest increase in H1 2024. The Australian mining supply market is highly price competitive, driven by neighbouring countries that maintain significant reliance on and investment in the sector. In response to these challenges, we are formulating strategies to strengthen collaboration with regional partners, thereby improving our access to mining opportunities. Additional contributing factors included a very wet first quarter in Northeast Australia and reduced exploration drilling activity.

Market Industries (continued)

Mining revenue in the Africa region contracted by 26% compared to H1 2024. Consistent with our approach in H2 2024, we reduced product supply to certain customers with slower payment histories. Additionally, a major mining client in the region is transitioning its operations from open-pit surface mining to underground mining. Our strategic and product focus remains on opportunities within open-pit mining.

The Americas, our largest mining region, saw flat growth versus H1 2024. North America grew 13%, while South America contracted by 29%, mainly due to the end of a major Chilean contract in Q2 2024, which the Group actively chose not to renew because margins did not meet Group requirements.

Mining revenue in the EME region increased by 28%, mainly due to customer activity in the Middle East. While the market is characterised by volatility, there are potential opportunities for mining through partnerships with suitable customers.

Revenue in the Geothermal/Waterwell industry contracted by 9% versus H1 2024, primarily due to the performance of the European market, which is mainly geothermal. This market slowed in Q2 2024, resulting in reduced revenue through the rest of the year, largely attributable to decreased residential and commercial construction activity in Northern Europe, a trend that continued into Q1 2025. With the reduction in interest rates, geothermal revenue began to recover in Q2 2025.

Earnings

Earnings have increased compared to the same period last year due to increased revenue and enhanced efficiencies from higher production volumes in factories.

Our margins are subject to variabilities based on the extent of in-house manufacturing completed within a given period. In the first half of 2025, in-house production increased compared to the same period in 2024, driven by higher product demand. Subsequently, there was a recovery in our factory margins across Europe.

As reported on throughout the previous year, competition for commoditised products increased across all industries, contributing to a decrease in revenues in 2024. In response, a comprehensive review of business operations was conducted in 2024, additional raw material supply chains were established, and partnerships were formed with manufacturers of commoditised products. Although these changes are ongoing, there has been an improvement in margins during the first half of 2025 as a result of these efforts.

Due to volatility in currency markets, FX has had an impact on the Group's financial result in H1 2025. The impact is mostly resulting from large pre-2025 non-euro denominated balance sheet items due to the level of intercompany trading from Europe to the USA. The Group already benefits from a significant level of natural hedging, which we have enhanced in H1 2025 through acquiring more raw material that is settled using US dollars.

Balance Sheet

Working capital absorbed a significant amount of cash in H1 2025. This was primarily attributed to an increase in inventory during the period, following a considerable decrease in inventory in 2024.

The increase in inventory can be attributed to two main factors. Firstly, our raw material and work-in-progress (WIP) amounts held increased at the end of H1 2025, excluding foreign exchange (FX) effects, as a result of integrating new supply chains. This adoption of additional supply chains is being managed carefully and is also part of our procurement risk. Secondly, inventory levels of Mincon products have been increased in anticipation of supplying major construction projects we expect to win in the second half of 2025. As these projects commence, we expect working capital demands to ease by year-end.

The debtor balance increased at the end of the period compared to the previous year end, primarily as a result of significant invoicing activity in June 2025 within the construction sector. Although the outstanding debtor balance currently exceeds our anticipated level slightly, we expect the number of debtor days to decline by year end.

In the first half of 2025, we commissioned property, plant, and equipment valued at €1.8 million, with the majority of this investment allocated to the replacement of ageing assets in certain factories. We intend to maintain this level of investment in the second half of 2025, with a significant portion dedicated to furthering the modernisation of our hammer plant via automation.

Balance Sheet (continued)

As a result of the ongoing root and branch review, €2.3 million cash was released into the business in the first half of 2025 through the sale of capital equipment. The largest portion of this amount resulted from the divestment of our building that previously accommodated Mincon's carbide manufacturing operations in Sheffield, UK.

During the first half of 2025, new borrowing was less than €0.5 million and was allocated for the commissioning of plant and equipment. Total borrowing decreased by more than €3.7 million, excluding foreign exchange effects, resulting in a ratio well below 2:1 with EBITDA.

During the reporting period, we made payments of €0.7 million towards historical acquisitions. Additionally, a final dividend for the year 2024 amounting to €2.2 million was disbursed in June 2025.

For further information, please contact:

Mincon Group plc Tel: +353 (61) 361 099

Joe Purcell CEO

Mark McNamara CFO

Tom Purcell COO

Davy Corporate Finance (Nominated Adviser, Euronext Growth Tel: +353 (1) 679 6363

Adviser and Joint Broker)

Anthony Farrell

Daragh O'Reilly

Shore Capital (Joint Broker) Tel: +44 (0) 20 7408 4090

Malachy McEntyre

Mark Percy

Daniel Bush

Mincon Group plc

2025 Half Year Financial Results

			Condensed consolidated income statement For the 6 months ended 30 June 2025


	Notes	Unaudited Continuing Operations H1 2025 €'000		Unaudited Discontinued Operations H1 2025 €'000 (Note 10)	Unaudited H1 2025 €'000	Unaudited H1 2024 €'000
Revenue ..............................................................................................................................................................................	5	74,048		5	74,053	68,011
Cost of sales .........................................................................................................................................................................	7	(52,051)		(19)	(52,070)	(50,655)
Gross profit .........................................................................................................................................................................		21,997		(14)	21,983	17,356
Operating costs .....................................................................................................................................................................	7	(18,047)		(108)	(18,155)	(17,240)
Gain on disposal of property, plant and equipment ......................................................................................................................	14	138		1,408	1,546	133
Operating profit ....................................................................................................................................................................		4,088		1,286	5,374	249
Finance income .....................................................................................................................................................................		45		7	52	49
Finance cost .........................................................................................................................................................................		(1,135)		-	(1,135)	(1,271)
Foreign exchange (loss)/gain ...................................................................................................................................................		(1,947)		70	(1,877)	102
Movement on deferred consideration .......................................................................................................................................		(5)		-	(5)	4
Profit/(Loss) before tax .........................................................................................................................................................		1,046		1,363	2,409	(867)
Income tax expense ...............................................................................................................................................................		(377)		(327)	(704)	(116)
Profit/(Loss) for the period .....................................................................................................................................................		669		1,036	1,705	(983)


Earnings/(Loss) per Ordinary Share
Basic earnings/(loss) per share	11	0.31c		0.49c	0.80c	(0.46c)
Diluted earnings per share	11	0.30c		0.47c	0.77c	(0.00c)

Condensed consolidated statement of comprehensive income
For the 6 months ended 30 June 2025


	Unaudited 2025 H1	Unaudited 2024 H1
	€'000	€'000
Profit/(Loss) for the period ............................................................................................................................	1,705	(983)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation - foreign operations ...............................................................................................	(5,948)	968
Other comprehensive (loss)/(profit) for the period ...............................................................................................	(5,948)	968
Total comprehensive loss for the period .........................................................................................................	(4,243)	(15)

The accompanying notes are an integral part of these financial statements.


Condensed Consolidated statement of financial position As at 30 June 2025


		Unaudited 30 June 2025	31 December 2024
	Notes	€'000	€'000

Non-Current Assets
Intangible assets and goodwill .................................................................................................................................................	13	38,670	40,099
Property, plant and equipment .................................................................................................................................................	14	47,888	50,945
Deferred tax asset .................................................................................................................................................................	8	2,515	2,547
Total Non-Current Assets ......................................................................................................................................................		89,073	93,591
Non-Current Assets Held for Resale	10	-	751
Current Assets
Inventory ..............................................................................................................................................................................	15	68,041	67,335
Trade and other receivables ....................................................................................................................................................	16	26,272	24,480
Prepayments and other current assets .......................................................................................................................................		9,711	9,773
Current tax asset ...................................................................................................................................................................	8	945	485
Cash and cash equivalents .....................................................................................................................................................		11,175	15,027
Total Current Assets .............................................................................................................................................................		116,144	117,100
Total Assets .........................................................................................................................................................................		205,217	211,442
Equity
Ordinary share capital ............................................................................................................................................................	9	2,125	2,125
Share premium .....................................................................................................................................................................		67,647	67,647
Undenominated capital ..........................................................................................................................................................		39	39
Merger reserve ......................................................................................................................................................................		(17,393)	(17,393)
Share based payment reserve .................................................................................................................................................	12	2,766	2,573
Foreign currency translation reserve .........................................................................................................................................		(13,386)	(7,438)
Retained earnings .................................................................................................................................................................		104,237	104,762
Total Equity ..........................................................................................................................................................................		146,035	152,315
Non-Current Liabilities
Loans and borrowings ............................................................................................................................................................	17	19,189	23,770
Deferred tax liability ...............................................................................................................................................................	8	1,517	1,535
Deferred consideration ...........................................................................................................................................................	18	846	1,641
Other liabilities ......................................................................................................................................................................		227	385
Total Non-Current Liabilities ...................................................................................................................................................		21,779	27,331
Current Liabilities
Loans and borrowings ............................................................................................................................................................	17	15,342	13,913
Trade and other payables .......................................................................................................................................................		11,614	9,170
Accrued and other liabilities .....................................................................................................................................................		9,675	8,095
Current tax liability .................................................................................................................................................................	8	772	618
Total Current Liabilities .........................................................................................................................................................		37,403	31,796
Total Liabilities .....................................................................................................................................................................		59,182	59,127
Total Equity and Liabilities ......................................................................................................................................................		205,217	211,442

The accompanying notes are an integral part of these financial statements.


Condensed consolidated statement of cash flows For the 6 months ended 30 June 2025
	Unaudited H1 2025 €'000	Unaudited H1 2024 €'000
Operating activities:
Profit/(loss) for the period ....................................................................................................................................................	1,705	(983)
Adjustments to reconcile profit to net cash provided by operating activities:
Depreciation .....................................................................................................................................................................	3,819	4,048
Amortisation of product development ....................................................................................................................................	242	242
Amortisation of intellectual property ......................................................................................................................................	183	139
Movement on deferred consideration ....................................................................................................................................	5	(4)
Finance cost .....................................................................................................................................................................	1,135	1,271
Finance income ................................................................................................................................................................	(52)	(49)
Gain on sale of property, plant and equipment ........................................................................................................................	(1,546)	(133)
Income tax expense ...........................................................................................................................................................	704	116
Other non-cash movements ................................................................................................................................................	1,890	(109)
	8,085	4,538

Changes in trade and other receivables ................................................................................................................................	(3,062)	(3,541)
Changes in prepayments and other current assets ..................................................................................................................	(197)	574
Changes in inventory .........................................................................................................................................................	(4,139)	1,055
Changes in trade and other payables ....................................................................................................................................	4,132	2,291
Cash provided by operations ...............................................................................................................................................	4,819	4,917

Interest received ................................................................................................................................................................	52	49
Interest paid .....................................................................................................................................................................	(1,135)	(1,271)
Income taxes paid .............................................................................................................................................................	(1,023)	(1,630)
Net cash provided by operating activities ............................................................................................................................	2,713	2,065

Investing activities
Purchase of property, plant and equipment ............................................................................................................................	(1,792)	(2,534)
Proceeds from the sale of property, plant and equipment .........................................................................................................	2,337	313
Payment of deferred consideration .......................................................................................................................................	(195)	(202)
Investment in acquired intangible assets ...............................................................................................................................	(485)	(303)
Net cash used in investing activities ...................................................................................................................................	(135)	(2,726)

Financing activities
Dividends paid ..................................................................................................................................................................	(2,230)	(2,231)
Repayment of borrowings ...................................................................................................................................................	(2,567)	(2,270)
Repayment of lease liabilities ..............................................................................................................................................	(1,667)	(1,546)
Drawdown of loans ............................................................................................................................................................	484	1,969
Net cash used in financing activities ...................................................................................................................................	(5,980)	(4,078)

Effect of foreign exchange rate changes on cash ....................................................................................................................	(450)	25
Net decrease in cash and cash equivalents .........................................................................................................................	(3,852)	(4,714)

Cash and cash equivalents at the beginning of the year ...........................................................................................................	15,027	20,482
Cash and cash equivalents at the end of the period ..............................................................................................................	11,175	15,768
Cash and cash equivalents for discontinued operations ...........................................................................................................	1,096	-
Cash and cash equivalents for continuing operations ..............................................................................................................	10,079	15,768
Cash and cash equivalents at the end of the period ..............................................................................................................	11,175	15,768

The accompanying notes are an integral part of these financial statements.

Condensed consolidated statement of changes in equity for the 6 months ended 30 June 2025

	Share capital		Share premium		Merger reserve		Un-denominated capital		Share based payment reserve		Foreign currency translation reserve		Retained earnings		Unaudited Total equity
	€'000		€'000		€'000		€'000		€'000		€'000		€'000		€'000

Balances at 1 July 2024		2,125		67,647		(17,393)		39		2,398		(6,898)		104,244		152,162
Comprehensive income:
Profit for the period		-		-		-		-		-		-		2,749		2,749
Other comprehensive income:
Foreign currency translation		-		-		-		-		-		(540)		-		(540)
Total comprehensive income												(540)		2,749		2,209
Transactions with Shareholders:
Share-based payments		-		-		-		-		175		-		-		175
Dividend payment		-		-		-		-		-		-		(2,231)		(2,231)
Total transactions with Shareholders		-		-		-		-		175		-		(2,231)		(2,056)
Balances at 31 December 2024		2,125		67,647		(17,393)		39		2,573		(7,438)		104,762		152,315
Comprehensive income:
Loss for the period		-		-		-		-		-		-		1,705		1,705
Other comprehensive income:
Foreign currency translation		-		-		-		-		-		(5,948)		-		(5,948)
Total comprehensive income												(5,948)		1,705		(4,243)
Transactions with Shareholders:
Share-based payments		-		-		-		-		193		-		-		193
Dividend payment		-		-		,-		-		-		-		(2,230)		(2,230)
Total transactions with Shareholders		-		-		-		-		193		-		(2,230)		(2,037)
Balances at 30 June 2025		2,125		67,647		(17,393)		39		2,766		(13,386)		104,237		146,035

The accompanying notes are an integral part of these financial statement.

Notes to the condensed consolidated interim financial statements

1 Description of business

Mincon Group plc ("the Company") is a company incorporated in the Republic of Ireland. The unaudited condensed consolidated interim financial statements of the Company for the six months ended 30 June 2025 (the "Interim Financial Statements") include the Company and its subsidiaries (together referred to as the "Group"). The Interim Financial Statements were authorised for issue by the Directors on 05 August 2025.

2. Basis of preparation

The Interim Financial Statements have been prepared in accordance with IAS 34, 'Interim Financial Reporting', as adopted by the EU. The Interim Financial Statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2024 as set out in the 2024 Annual Report (the "2024 Accounts"). The Interim Financial Statements do, however, include selected explanatory notes to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

The Interim Financial Statements do not constitute statutory financial statements. The statutory financial statements for the year ended 31 December 2024, extracts from which are included in these Interim Financial Statements, were prepared under IFRS as adopted by the EU and will be filed with the Registrar of Companies together with the Company's 2024 annual return. They are available from the Company website www.mincon.com and, when filed, from the registrar of companies. The auditor's report on those statutory financial statements was unqualified.

The Interim Financial Statements are presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent company and also the presentation currency for the Group's financial reporting.

The financial information contained in the Interim Financial Statements has been prepared in accordance with the accounting policies applied in the 2024 Accounts.

3. Use of estimates and judgements

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. The judgements, estimates and associated assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. In preparing the Interim Financial Statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the 2024 Accounts.

4. Changes in material accounting policy information

There have been no changes in material accounting policy information applied in these Interim Financial Statements, they are the same as those applied in the last annual audited financial statements.

5. Revenue

	H1 2025	H1 2024
	€'000	€'000
Product revenue:
Sale of Mincon product...........................................................................................................................................	59,825	54,828
Sale of third-party product.......................................................................................................................................	14,228	13,183
Total revenue ⁽¹⁾ ......................................................................................................................................................	74,053	68,011

⁽¹⁾ Total revenue in H1 2025 includes revenue from discontinued operations.

6. Operating Segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). Our CODM has been identified as the Board of Directors.

Having assessed the aggregation criteria contained in IFRS 8 operating segments and considering how the Group manages its business and allocates resources, the Group has determined that it has one reportable segment. In particular the Group is managed as a single business unit that sells drilling equipment, primarily manufactured by Mincon manufacturing sites.

Entity-wide disclosures

The business is managed on a worldwide basis but operates manufacturing facilities and sales offices in Ireland, Sweden, Finland, South Africa, Australia, the United States and Canada and sales offices in other locations including Australia, South Africa, Finland, Spain, Namibia, Ghana, France, Sweden, Canada, Chile and Peru. In presenting information on geography, revenue is based on the geographical location of customers and non-current assets based on the location of these assets.

Revenue by region (by location of customers):


	H1 2025	H1 2024
	€'000	€'000
Region:
Europe, Middle East, Africa....................................................................................................................................................	36,255	32,952
Americas...............................................................................................................................................................................	30,203	26,303
Australasia.............................................................................................................................................................................	7,176	7,228
Ireland...................................................................................................................................................................................	419	1,528
Total revenue ⁽¹⁾ .....................................................................................................................................................................	74,053	68,011

(1) Total revenue in H1 2025 includes revenue from discontinued operations.


Non-current assets by region (location of assets):
	30 June 2025	31 December 2024
	€'000	€'000
Region:
Europe, Middle East, Africa................................................................................................................................................	63,526	64,789
Americas...........................................................................................................................................................................	13,733	16,088
Australasia.........................................................................................................................................................................	9,299	10,167
Total non-current assets⁽¹⁾ ................................................................................................................................................	86,558	91,044
(1) Non-current assets exclude deferred tax assets.

7. Cost of Sales and operating expenses

Included within cost of sales, operating costs were the following major components:

Cost of sales
	H1 2025	H1 2024
	€'000	€'000
Raw materials..........................................................................................................................................................................	19,453	20,459
Third-party product purchases..................................................................................................................................................	11,019	10,222
Employee costs.......................................................................................................................................................................	10,145	9,961
Depreciation (note 14)..............................................................................................................................................................	2,674	2,827
In bound costs on purchases....................................................................................................................................................	1,847	1,548
Energy costs...........................................................................................................................................................................	1,122	1,289
Maintenance of machinery........................................................................................................................................................	981	795
Subcontracting........................................................................................................................................................................	2,930	1,639
Amortisation of product development.......................................................................................................................................	242	242
Other.......................................................................................................................................................................................	1,657	1,673
Total cost of sales ⁽¹⁾ ..............................................................................................................................................................	52,070	50,655

⁽¹⁾ Total cost of sales in H1 2025 includes cost of sales from discontinued operations.

Operating costs


	H1 2025	H1 2024
	€'000	€'000
Employee costs.......................................................................................................................................................................	10,246	10,203
Depreciation (note 14)..............................................................................................................................................................	1,145	1,221
Amortisation of acquired intellectual property............................................................................................................................	183	139
Travel......................................................................................................................................................................................	814	1,075
Other.......................................................................................................................................................................................	5,767	4,602
Total other operating costs ⁽¹⁾ ..................................................................................................................................................	18,155	17,240

⁽¹⁾ Total operating costs in H1 2025 includes operating costs from discontinued operations.

Employee information
	H1 2025	H1 2024
	€'000	€'000
Wages and salaries.............................................................................................................................................	17,378	17,265
Social security costs...........................................................................................................................................	1,680	1,602
Pension costs of defined contribution plans.........................................................................................................	1,140	1,140
Share based payments (note 12)..........................................................................................................................	193	157
Total employee costs⁽¹⁾ ......................................................................................................................................	20,391	20,164

⁽¹⁾ Total employee costs in H1 2025 includes employee costs from discontinued operations.

The average number of employees was as follows:
	H1 2025	H1 2024
	Number	Number
Sales and distribution......................................................................................................................................	119	125
General and administration...............................................................................................................................	75	74
Manufacturing, service and development..........................................................................................................	316	335
Average number of persons employed ...........................................................................................................	510	534

8. Income Tax

The Group's consolidated effective tax rate in respect of operations for the six months ended 30 June 2024 was 29% (30 June 2024: (-13%). The effective rate of tax is forecast at 25% for 2025. The tax charge for the six months ended 30 June 2025 of €704,000 (30 June 2024: €116,000) includes income tax expense relating to discontinued operations and deferred tax relating to movements in provisions, net operating losses forward and the temporary differences for property, plant and equipment recognised in the income statement.

The net current tax asset/(liability) at period-end was as follows:

	30 June 2025	31 December 2024
	€'000	€'000
Current tax prepayments......................................................................................................................................	945	485
Current tax payable.............................................................................................................................................	(772)	(618)
Net current tax asset/(liability)..............................................................................................................................	173	(133)

The net deferred tax liability at period-end was as follows:

	30 June 2025	31 December 2024
	€'000	€'000
Deferred tax asset................................................................................................................................................	2,515	2,547
Deferred tax liability..............................................................................................................................................	(1,517)	(1,535)
Net deferred tax asset..........................................................................................................................................	998	1,012

9. Share capital


Allotted, called- up and fully paid up shares	Number	€000
01 January 2025...........................................................................................................................................................	212,472,413	2,125
30 June 2025................................................................................................................................................................	212,472,413	2,125

Share issuances

On 26 November 2013, Mincon Group plc was admitted to trading on the Enterprise Securities Market (ESM) of the Euronext Dublin and the Alternative Investment Market (AIM) of the London Stock Exchange.

10. Discontinued Operations and Non-current Assets Held for Resale

The amounts presented in the 30 June 2025 condensed consolidated income statement under discontinued operations relate to the Mincon Carbide Limited which the Board of Directors made the decision to cease trading during the second half of 2024.

As at 31 December 2024, all contracts with customers in Mincon Carbide Limited were fulfilled and all inventory and portion of the property and equipment have been sold. Further, few employees are still employed to execute outstanding administrative activities.

The remaining property and equipment was sold in January 2025 and a gain on sale on of property and equipment of €1.4 million is presented as discontinued operations for the six months ended 30 June 2025.

11. Earnings/(Loss) per share

Basic earnings per share (EPS) is computed by dividing the profit for the period available to ordinary shareholders by the weighted average number of Ordinary Shares outstanding during the period. Diluted earnings per share is computed by dividing the profit for the period by the weighted average number of Ordinary Shares outstanding and, when dilutive, adjusted for the effect of all potentially dilutive shares. The following table sets forth the computation for basic and diluted net profit per share for the periods ended 30 June:

H1 2025 Continuing

Operations

H1 2025 Discontinued Operations

H1 2025

H1 2024

Numerator (amounts in €'000):

Profit/(Loss) attributable to owners of the Parent ...........................................................................................

669

1,036

1,705

(983)

Denominator (Number):

Basic shares outstanding..............................................................................................................................

Restricted share awards................................................................................................................................

Restricted share options...............................................................................................................................

Diluted weighted average shares outstanding…………………………………………….

212,472,413

740,000

830,000

7,110,000

2,860,000

220,322,413

216,162,413

Earnings/(Loss) per Ordinary Share

Basic earnings/(loss) per share, €..................................................................................................................

Diluted earnings per share, €.........................................................................................................................

0.31c

0.30c

0.49c

0.47c

0.80c

0.77c

(0.46c)

(0.00c)

For the period ended 30 June 2024, the inclusion of potentially issuable ordinary shares would result in a decrease in the loss per share, thus, they are considered to be anti-dilutive and as such, a diluted loss per share was not included.

12. Share based payment

The vesting conditions of the scheme state that the minimum growth in EPS shall be CPI plus 5% per annum, compounded annually, over the relevant three accounting years up to the share award of 100% of the participant's basic salary. Where awards have been granted to a participant in excess of 100% of their basic salary, the performance condition for the element that is in excess of 100% of basic salary is that the minimum growth in EPS shall be CPI plus 10% per annum, compounded annually, over the three accounting years.

Reconciliation of outstanding share awards	Number of Awards in thousands
Outstanding on 1 January 2025...................................................................................................................	780
Forfeited during the period.........................................................................................................................	(40)
Exercised during the period........................................................................................................................	-
Granted during the period...........................................................................................................................	-
Outstanding at 30 June 2025.....................................................................................................................	740

Reconciliation of outstanding share options	Number of Options in thousands
Outstanding on 1 January 2025...................................................................................................................	2,860
Forfeited during the period.........................................................................................................................	(110)
Exercised during the period........................................................................................................................	-
Granted during the period...........................................................................................................................	4,360
Outstanding at 30 June 2025.....................................................................................................................	7,110

13. Intangible Assets and Goodwill

	Internally generated intangible assets	Goodwill	Acquired intellectual property	Total
	€'000	€'000	€'000	€'000
Balance at 1 January 2025 ..........................................................................................................................	6,180	31,767	2,152	40,099
Amortisation of product development..........................................................................................................	(242)	-		(242)
Acquired intellectual property.......................................................................................................................	-	-	485	485
Amortisation of intellectual property.............................................................................................................	-	-	(183)	(183)
Foreign currency translation differences.......................................................................................................	-	(773)	(716)	(1,489)
Balance at 30 June 2025 .............................................................................................................................	5,938	30,994	1,738	38,670

14. Property, Plant and Equipment

Capital expenditure in the first half-year amounted to €1.8 million (30 June 2024: €2.5 million), of which €1.5 million was invested in plant and equipment (30 June 2024: €2.2 million). Gain on sale of property and equipment in the first half amounted to €1.5 million (30 June 2024: €133,000). The depreciation charge for property, plant and equipment is recognised in the following line items in the income statement:

	H1 2025	H1 2024
	€'000	€'000
Cost of sales (note 7)......................................................................................................................................	2,674	2,827
Operating costs (note 7)...................................................................................................................................	1,145	1,221
Total depreciation charge for property, plant and equipment ..........................................................................	3,819	4,048

15. Inventory

	30 June 2025	31 December 2024
	€'000	€'000
Finished goods...........................................................................................................................................................	45,566	44,807
Work-in-progress.........................................................................................................................................................	8,603	9,309
Raw materials..............................................................................................................................................................	13,872	13,219
Total inventory ...........................................................................................................................................................	68,041	67,335

The Group recorded an impairment of €24,000 against inventory to take account of net realisable value during the period ended 30 June 2025 (30 June 2024: €NIL).

16. Trade and other receivables

	30 June 2025	31 December 2024
	€'000	€'000
Gross receivable.....................................................................................................................................................	27,482	26,165
Provision for impairment.........................................................................................................................................	(1,210)	(1,685)
Net trade and other receivables	26,272	24,480
			Provision for impairment
			€'000
Balance at 1 January 2025..................................................................................................................................................			(1,685)
Deduction..........................................................................................................................................................................			475
Balance at 30 June 2025 ...................................................................................................................................................			(1,210)

16. Trade and other receivables (continued)

The following table provides the information about the exposure to credit risk and ECL's for trade receivables as at 30 June 2025.

	Weighted average loss rate %	Gross carrying amount €'000	Loss allowance €'000
Current (not past due).................................................................................................................................................	1%	19,000	280
1-30 days past due.....................................................................................................................................................	8%	3,821	286
31-60 days past due...................................................................................................................................................	12%	1,026	123
61 to 90 days ............................................................................................................................................................	7%	3,341	227
More than 90 days past due .......................................................................................................................................	100%	294	294
Net trade and other receivables...................................................................................................................................		27,482	1,210

The following table provides the information about the exposure to credit risk and ECL's for trade receivables as at 31 December 2024.

	Weighted average loss rate %	Gross carrying amount €'000	Loss allowance €'000
Current (not past due).................................................................................................................................................	2%	16,800	374
1-30 days past due.....................................................................................................................................................	12%	3,825	459
31-60 days past due...................................................................................................................................................	19%	1,793	340
61 to 90 days ............................................................................................................................................................	11%	3,624	389
More than 90 days past due .......................................................................................................................................	100%	123	123
Net trade and other receivables...................................................................................................................................		26,165	1,685

17. Loans, borrowings and lease liabilities

		30 June 2025	31 December 2024
	Maturity	€'000	€'000
Loans and borrowings...............................................................................................................................................	2025-2036	27,716	29,802
Lease liabilities..........................................................................................................................................................	2025-2032	6,815	7,881
Total Loans, borrowings and lease liabilities		34,531	37,683
Current		15,342	13,913
Non-current		19,189	23,770

The Group has a number of bank loans and lease liabilities with a mixture of variable and fixed interest rates. The Group has not been in default on any of these debt agreements during any of the periods presented. The loans are secured against the assets for which they have been drawn down for.

18. Financial Risk Management

The Group is exposed to various financial risks arising in the normal course of business. Our financial risk exposures are predominantly related to changes in foreign currency exchange rates as well as the creditworthiness of our financial asset counterparties.

The Interim Financial Statements do not include all financial risk management information and disclosures required in the annual financial statements and should be read in conjunction with the 2024 Accounts. There have been no changes in our risk management policies since year-end and no material changes in our interest rate risk.

18. Financial Risk Management (continued)

a) Liquidity and Capital

The Group defines liquid resources as the total of its cash, cash equivalents and short term deposits. Capital is defined as the Group's shareholders' equity and borrowings.

The Group's objectives when managing its liquid resources are:

• To maintain adequate liquid resources to fund its ongoing operations and safeguard its ability to continue as a going concern, so that it can continue to create value for investors;

• To have available the necessary financial resources to allow it to invest in areas that may create value for shareholders; and

• To maintain sufficient financial resources to mitigate against risks and unforeseen events.

Liquid and capital resources are monitored on the basis of the total amount of such resources available and the Group's anticipated requirements for the foreseeable future. The Group's liquid resources and shareholders' equity at 30 June 2025 and 31 December 2024 were as follows:

	30 June 2025	31 December 2024
	€'000	€'000
Cash and cash equivalents ...............................................................................................................................	11,175	15,027
Loans and borrowings.......................................................................................................................................	34,531	37,683
Shareholders' equity ........................................................................................................................................	146,035	152,315

b) Foreign currency risk

The Group is a multinational business operating in a number of countries and the euro is the presentation currency. The Group, however, does have revenues, costs, assets and liabilities denominated in currencies other than euro. Transactions in foreign currencies are recorded at the exchange rate prevailing at the date of the transaction. The resulting monetary assets and liabilities are translated into the appropriate functional currency at exchange rates prevailing at the reporting date and the resulting gains and losses are recognised in the income statement. The Group manages some of its transaction exposure by matching cash inflows and outflows of the same currencies. The Group does not engage in hedging transactions and therefore any movements in the primary transactional currencies will impact profitability. The Group continues to monitor appropriateness of this policy.

The Group's global operations create a translation exposure on the Group's net assets since the financial statements of entities with non-euro functional currencies are translated to euro when preparing the consolidated financial statements. The Group does not use derivative instruments to hedge these net investments.

The principal foreign currency risks to which the Group is exposed relate to movements in the exchange rate of the euro against US dollar, South African rand, Australian dollar, Swedish krona and Canadian dollar.

The Group has material subsidiaries with a functional currency other than the euro, such as US dollar, Australian dollar, South African rand, Canadian dollar and Swedish krona.

In 2025, 56% (2024: 55%) of Mincon's revenue €74.1 million (30 June 2024: €68.0 million) was generated in Australian Dollar, Swedish Krona and US Dollar. The majority of the Group's manufacturing base has a Euro, US dollar or Swedish krona cost base. While Group management makes every effort to reduce the impact of this currency volatility, it is impossible to eliminate or significantly reduce given the fact that the highest grades of our key raw materials are either not available or not denominated in these markets and currencies. Additionally, the ability to increase prices for our products in these jurisdictions is limited by the current market factors.

Currency also has a significant transactional impact on the Group as outstanding balances in foreign currencies are retranslated at closing rates at each period end. The changes in the foreign currencies have either weakened or strengthened, resulting in a foreign exchange loss being recognised in other comprehensive income and a significant movement in foreign currency translation reserve.

18. Financial Risk Management (continued)

Average and closing exchange rates for the Group's primary currency exposures were as disclosed in the table below for the period presented.

	30 June 2025	H1 2025	31 December 2024	H1 2024
Euro exchange rates	Closing	Average	Closing	Average
US Dollar..........................................................................................................................................................................	1.17	1.09	1.04	1.08
Australian Dollar ...............................................................................................................................................................	1.79	1.72	1.67	1.60
Canadian Dollar.................................................................................................................................................................	1.60	1.54	1.49	1.46
South African Rand ...........................................................................................................................................................	20.84	20.09	19.55	19.67
Swedish Krona .................................................................................................................................................................	11.13	11.09	11.46	11.33

c) Fair values

Financial instruments carried at fair value

The deferred consideration payable represents management's best estimate of the fair value of the amounts that will be payable, discounted as appropriate using a market interest rate. The fair value was estimated by assigning probabilities, based on management's current expectations, to the potential pay-out scenarios. The fair value of deferred consideration is not dependent on the future performance of the acquired businesses against predetermined targets and on management's current expectations thereof.

Movements in the year in respect of Level 3 financial instruments carried at fair value

The movements in respect of the financial assets and liabilities carried at fair value in the period ended to 30 June 2025 are as follows:

	Deferred consideration
	€'000
Balance at 1 January 2025 ..........................................................................................................................................	1,641
Cash payment............................................................................................................................................................	(680)
Foreign currency translation adjustment.......................................................................................................................	4
Unwinding of discount on deferred consideration.........................................................................................................	(119)
Balance at 30 June 2025 .............................................................................................................................................	846

19. Commitments

The following capital commitments for the purchase of property, plant and equipment had been authorised by the directors at 30 June 2025:

	Total
	€'000
Contracted for.........................................................................................................................................................................	800
Not contracted for ..................................................................................................................................................................	410
Total ......................................................................................................................................................................................	1,210

20. Litigation

The Group is not involved in legal proceedings that could have a material adverse effect on its results or financial position.

21. Related Parties

The Group has relationships with its subsidiaries, directors and senior key management personnel. All transactions with subsidiaries eliminate on consolidation and are not disclosed.

As at 30 June 2025, the share capital of Mincon Group plc was 56.32% owned by Kingbell Company (31 December 2024 56.32%), this company is ultimately controlled by Patrick Purcell and members of the Purcell family. Patrick Purcell retired as a director of the Company on 19 May 2025. The Group paid the final dividend for 2024 in June 2025, Kingbell Company receive €1.3 million.

There were no other related party transactions in the half year ended 30 June 2025 that affected the financial position or the performance of the Company during that period and there were no changes in the related party transactions described in the 2024 Accounts that could have a material effect on the financial position or performance of the Company in the same period.

22. Subsequent events

There have been no significant events subsequent to the period end 30 June 2025 affecting the Group.

23. Approval of financial statements

The Board of Directors approved the Interim Financial Statements for the six months ended 30 June 2025 on
05 August 2025.