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On 9 October 2026, Mincon Group plc reported that revenue for the nine months to 30 September 2026 was 28% higher than in the same period of 2025, and it attributed most of that increase to construction. Its board now expects full-year 2026 revenue and EBITDA to be ahead of market expectations. That is a qualitative upgrade. Mincon did not publish a numerical forecast range, and it did not state the market-consensus figures it is measuring against, so the headline phrase “guidance” should be read as a directional statement about the year, not a new target.
What the 28% figure covers
The 28% is a year-on-year comparison of revenue for the nine months to 30 September 2026 against the same nine months of 2025. It is a company-reported figure from the Q3 2026 Trading Update, not a full-year result and not an independent measure of the wider market. The update does not give a nine-month revenue total in the summary reviewed here, so the percentage is the only figure to rely on for the period.
Mincon’s reporting for the year so far comes in three stages. Each stage uses a different period, so the numbers should not be added or compared without checking the basis.
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| Reporting period | Announcement | Headline revenue measure | Construction |
|---|---|---|---|
| Full year 2025 | Full Year Financial Results, 10 March 2026 | Revenue of €148.7 million, up 2% on 2024 | Construction revenue up 14% |
| First half 2026 (to 30 June) | Half Year Financial Results, 4 August 2026 | Revenue of €87.8 million against €74.0 million in H1 2025 (continuing operations), about 19% higher | Up 23%; 50% of H1 revenue, up from 48% a year earlier |
| Nine months to 30 September 2026 | Q3 Trading Update, 9 October 2026 | 28% above the same period of 2025 | Cited as the main driver of the growth; no separate percentage given in the Q3 update |
The H1 figures are the most detailed published breakdown available. The Q3 update adds direction and project information, but it does not restate the full regional split.
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What drove Mincon’s 28% revenue growth?
Mincon attributes most of the nine-month increase to construction. The company is an Irish engineering group that designs, manufactures, sells and services rock-drilling tools and consumable products. Its construction business is the part of the group tied to foundations and infrastructure work rather than mineral extraction.
Construction and the spiral-flush solution
The Q3 update names customer traction for its spiral-flush drilled-foundations solution as a specific source of the growth. Spiral flush is a drilling approach used to form foundation piles and similar structures. The update does not quantify how much of the construction increase came from this product line, so readers should treat it as a named driver rather than a measured share.
Mining and water and geothermal work
Construction was not the only growth line in the first half. In H1 2026, mining revenue grew 18% and waterwell and geothermal revenue grew 5%. The Q3 update adds that the mining business grew across Africa, Australia and North America during the period. The update does not give a nine-month split by business line, so the relative contribution of mining to the 28% is not established.
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Where construction growth came from
Regional construction results in H1 2026 were uneven. The Americas and Northern Europe carried the increase, while Asia-Pacific and Africa fell sharply after large earlier projects finished without replacement contract wins.
| Region (H1 2026, construction revenue) | Change | Company explanation |
|---|---|---|
| Americas overall | Up 81% | North American construction revenue rose 85%; a single large infrastructure project contributed significantly |
| South America | Down 30% | Small comparison base |
| Europe, Middle East and Africa (EME) overall | Up 13% | Northern Europe rose 61%; the rest of Europe fell 41% |
| Asia-Pacific | Down 87% | Earlier large projects completed without replacement contract wins |
| Africa | Down 85% | Earlier large projects completed without replacement contract wins |
The company said the declines in Asia-Pacific and Africa were more than offset by the gains in the Americas and Europe. Because the Americas and Northern European gains depend on a small number of large projects, the regional picture is less broad than the group total suggests.
Existing North American infrastructure work
The Q3 update says existing major North American infrastructure projects will continue into 2027. This is a statement about project continuity, and it does not give a revenue figure for 2027.
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Two new Swedish projects
Mincon reports that it has won two significant new projects in Sweden. It expects them to complete between Q4 2026 and Q1 2027. The update does not state the value of these contracts.
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What Mincon said about its 2026 outlook
The outlook change is a board statement in the Q3 release. The exact sentence is:
“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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The release contains no personal quotation from an executive. The sentence is attributed to the board, not to an individual.
What the wording commits to
- A direction: full-year 2026 revenue and EBITDA are expected to be above market expectations.
- A reason: the trading momentum recorded up to 30 September 2026.
- A comparison point: market expectations, which the release does not quantify.
What the wording does not commit to
- No numerical full-year revenue or EBITDA range.
- No consensus figure that would turn “ahead of market expectations” into a target.
- No statement of how far ahead of expectations the company expects to finish.
Readers who want a number will need the consensus estimates from an independent source and will need to compare them with Mincon’s reported results once the full-year accounts are published.
Why the board raised its view
The release ties the upgrade to trading momentum through 30 September 2026. The specific items it cites are the construction traction described above, the continuation of North American infrastructure projects into 2027, the two Swedish awards, and growth in mining across Africa, Australia and North America. The release does not rank these items by their contribution to the upgrade.
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Margins: a qualification to the revenue story
Revenue growth and profitability are not the same thing, and the release is more cautious on margins than on sales. Mincon said higher raw-material costs put pressure on its Q3 margins. Modest price increases to customers offset part of that pressure.
The company said the cost pressure had since eased. It expects margins to improve further in the rest of 2026, supported by higher throughput and operating leverage. That is management’s expectation. It is not a reported full-year margin, and the release gives no margin percentages for Q3 or for the full year.
What the update does not establish
- A numerical full-year 2026 revenue or EBITDA forecast.
- The market-consensus values behind “ahead of market expectations”.
- A nine-month revenue total or a nine-month regional breakdown.
- How much of the 28% came from the spiral-flush product line, the North American project, or the Swedish projects.
- Any independent, market-wide industry statistic. The figures in this article are Mincon-reported results.
How to read the forward-looking parts
The nine-month revenue growth is a reported figure for a completed period. The full-year outlook, the expected margin improvement and the Swedish completion dates are forward-looking. Mincon’s release includes a warning that actual results may differ materially from those expectations. Treat the outlook as a considered view from the company, not as a settled result.
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- Mincon Group plc, Q3 2026 Trading Update, 9 October 2026.
- Mincon Group plc, 2026 Half Year Financial Results, 4 August 2026.
- Mincon Group plc, 2025 Full Year Financial Results, 10 March 2026.
- Mincon Group plc, RNS Announcements index, which lists the Q3 2026 release dated 9 October 2026.
Mincon’s shares are listed on Euronext Dublin as MIO and on AIM as MCON.
The figures and outlook language in this article come from Mincon’s own announcements. Check the original releases for the full text and the full forward-looking statements notice.
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