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Mincon The Driller's Choice INTERIM RESULTS H1 2026 Six months ended 30 June 2026
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Summary H1 2026 Mincon Revenue up 19% with broad-based growth across industries and regions, driving strong margin and earnings gains. Broad-based growth. Revenue growth was broad-based, led by Americas construction, with mining and waterwell/geothermal both returning to expansion overall. FX impacted revenue growth by 2%. Margin expansion. Higher factory utilisation lifted the total gross margin to 30.5% from 29.7%, even as sharply higher tungsten carbide prices raised the cost of products that utilise carbide. Operating leverage. Higher volumes and better utilisation drove strong operating leverage: EBITDA rose 36% excluding the profits on the sales of our plant buildings in Perth in H1 2026 and in Sheffield in H1 2025, contributing to annualised ROCE improvement to 10.5%. Stronger balance sheet. The ongoing operational review released €8.0 million of cash through asset disposals, all applied to debt. Net debt fell to €16.0 million, comfortably below 1 x EBITDA. Mincon · The Driller's Choice 2 H1 2026 H1 2025 Change €'000 €'000 % Revenue 87,809 74,053 19% Gross margin 26,819 21,983 22% Total gross margin % 31% 30% Operational Costs (20,105) (18,155) Gain on disposal of FA 2,628 1,546 Operating profit 9,342 5,374 74% Operating profit % 11% 7% EBITDA 13,806 9,756 42% EBITDA % 16% 13% Non-operational costs (364) (2,965) Profit before tax 8,978 2,409 273% Tax (2,207) (704) Profit after tax 6,771 1,705 297%
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Business Review Industry and regional performance for the first half of 2026 Mincon
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R E V E N U E B Y I N D U S T R Y Industry Sales Analysis Mincon Construction Mining Waterwell / Geothermal REVENUE GROWTH BY INDUSTRY Construction €43.7m +23% Mining €33.4m +18% Waterwell / Geothermal €10.7m +5% Mix shift. Construction increase was mostly due to strong growth in the Americas and Europe, and more than replaced the large one-off Australian and African projects completed in 2025. Mining held at 38% while returning to growth, and waterwell/geothermal eased to 12% of the mix despite growing 5% in absolute terms. Mincon · The Driller's Choice 4
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I N D U S T R Y R E V I E W Construction Sector Mincon Construction revenue increased 23%, building on the 47% growth recorded a year earlier. Americas led. Construction revenue in the Americas rose 81%, concentrated in North America (+85%) and including a single large infrastructure project invoiced steadily over the period. South America contracted 30% against a small comparative base. European recovery. The EME region grew 13%, continuing the recovery first seen in H1 2025 and driven by Northern Europe, up 61% on a large number of smaller projects. The rest of Europe fell 41%, the developed markets of Europe and North America remain our most significant construction opportunity. APAC and Africa contraction. As anticipated, last year's two large Australian projects and the African port project completed in 2025, therefore Asia-Pacific and Africa construction contracted. This was more than offset by the Americas and Europe. We are actively pursuing contracts in APAC and Africa. REVENUE CHANGE BY REGION (vs H1 2025) ▲ 81% ▲ 13% ▼ 85% ▼ 87% The industry became more concentrated in our two largest markets, the Americas and Europe, as project-led revenue in APAC and Africa completed. Mincon · The Driller's Choice 5
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I N D U S T R Y R E V I E W Mining Sector Mincon Mining revenue increased 18%, a marked turnaround from the 13% contraction in H1 2025. APAC rebound. Asia-Pacific mining revenue rose 47%, reversing last year’s contraction, with Australia up 49% after a very wet first quarter and reduced exploration in the prior year. The Australian supply market remains highly price competitive, and we continue to build collaboration with regional partners. Americas & Africa. The Americas growth was led by North America (+28%) on sustained drilling demand, while South America eased 5% on one customer's ordering pattern. Africa recovered 16%, achieved while maintaining discipline on customers with slower payment histories, with the focus on open-pit surface mining. Share gains, EME softer. EME was the only region to decline, driven principally by lower Middle East activity (−26%) against a strong prior-year comparative. The market there remains volatile but continues to offer opportunities where we can secure the right partnerships. REVENUE CHANGE BY REGION (vs H1 2025) ▲ 47% ▲ 21% ▲ 16% ▼ 16% Growth was recorded across most regions, with market-share gains in the Americas, Africa and APAC; only EME was lower on softer Middle East demand. Mincon · The Driller's Choice 6
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I N D U S T R Y R E V I E W Waterwell / Geothermal Sector Mincon Waterwell/geothermal revenue grew 5%, returning to growth after a 9% contraction a year earlier. European recovery. Growth was led by the European market and specifically Northern Europe's geothermal segment, where revenue rose 12%. That recovery is notable given the backdrop of elevated borrowing rates, which have weighed on geothermal demand across the region. Norway direct-to-market. The Group opened an office in Norway at the end of 2025, moving from distribution to selling direct. This has given us greater control in the territory and has made an encouraging start, and we see good opportunities to build a strong market presence. Energy transition. Waterwell and geothermal sit within the renewables transition. We are developing and rolling out next- generation solutions designed to deliver the efficiency gains that will increase activity in the renewable markets. REVENUE CHANGE BY REGION (vs H1 2025) ▲ 11% ▲ 58% ▼ 24% ▼ 12% The return to growth was driven by Europe; APAC grew from a small base, while the Americas and Africa were modestly lower in this industry. Mincon · The Driller's Choice 7
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Financial Performance Income statement, balance sheet and cash flow Mincon
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F I N A N C I A L P E R F O R M A N C E Income Statement Mincon In-house utilisation. Mincon-manufactured sales grew 23% while bought-in sales were broadly flat, so proportionally more revenue was produced in our own factories, supporting margins and lifting total gross margin in the period. Carbide squeeze. Gross margin on products that utilize carbide tightened as tungsten carbide prices rose sharply; carbide is the largest material component in several products, and with large sales volume under existing price lists much of the increase is being absorbed at the margin line with the remainder passed through. One-off gain. Earnings include a non-recurring €2.6 million gain on the sale of capital assets, prior year it was €1.5 million. Excluding these, EBITDA grew by 36%. Mincon · The Driller's Choice 9 FX swing. Foreign exchange moved from a €1.9 million adverse charge to a €0.5 million favourable movement, recognised below operating profit and driven mainly by intercompany trading between Europe and the US. H1 2026 H1 2025 Change €'000 €'000 % Sales Mincon products 73,433 59,825 23% Sales bought in products 14,376 14,228 1% Revenue 87,809 74,053 19% Cost of sales (60,990) (52,070) 17% Gross margin 26,819 21,983 22% Total gross margin % 31% 30% Operational Costs (20,105) (18,155) Gain on disposal of FA 2,628 1,546 70% Operating profit 9,342 5,374 74% Operating profit % 11% 7% EBITDA 13,806 9,756 42% EBITDA % 16% 13% Non-operational costs (364) (2,965) -88% Profit before tax 8,978 2,409 273% Tax (2,207) (704) Profit after tax 6,771 1,705 297%
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F I N A N C I A L P E R F O R M A N C E Balance Sheet Mincon Inventory build for H2. Total inventory rose versus December 2025, reflecting the integration of new supply chains, higher carbide prices and stock built ahead of secured H2 demand. However, it is in line with months held at 8.2, we expect this to decrease in the year ahead. Late-period invoicing. The period-end debtor balance rose on high construction-industry invoicing in May/June 2026, but debtor days of 63 was also in line with December 2025 and below H1 2025. Mincon · The Driller's Choice 10 H1 2026 2025 Balance Sheet €'000 €'000 €'000 % Intangible assets & goodwill 38,082 38,453 (371) Property plant & equipment 42,825 40,902 1,923 Deferred tax asset 3,140 2,549 591 Total Non-Current Assets 84,047 81,904 2,143 3% Inventory 83,715 71,493 12,222 Trade and other receivables 30,550 25,387 5,163 Other current assets 10,653 15,764 (5,111) Cash - current accounts 12,961 11,650 1,311 Total Current Assets 137,879 124,294 13,585 11% Total Assets 221,926 206,198 15,728 8% Loans and borrowings 20,449 18,587 1,862 Other liabilities 2,263 2,629 (366) Total Non-Current Liabilities 22,712 21,216 1,496 7% Current Liabilities Loans and borrowings 8,470 14,946 (6,476) Trade and other payables 17,403 10,826 6,577 Accrued & other liabilities 18,123 10,247 7,876 Total Current Liabilities 43,996 36,019 7,977 22% Total Liabilities 66,708 57,235 9,473 17% Total Equity 155,218 148,963 6,255 4% Total Shareholders’ Equity and Liabilities 221,926 206,198 15,728 8% Change Working capital absorbed cash. The increase in payables offset the increase in inventory and debtors, therefore working capital absorbed a more modest €3.2 million of cash. Factory investment. €3.1 million of plant & equipment was commissioned in the period, mainly modernising manufacturing in Ireland and Finland.
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F I N A N C I A L P E R F O R M A N C E Cash Flow Mincon Net debt. Cash generated from operations rose significantly, reflecting the higher profitability of the period, and allowing us to reduce net debt to €16.0 million, below 1 x EBITDA. Less debt. New borrowing drawdowns of €5.0 million funded H1 2026 plant and equipment commissioning and down payments for H2 2026, while loan repayments of €12.4 million were made in the period, a net €4.6 million reduction in borrowings. Dividend. Final year 2025 dividend of €2.2 million was paid in June 2026. Mincon · The Driller's Choice 11 Deleveraging. The root and branch review released €8.0 million of cash through asset disposals, this was all applied to debt. Cashflow H1 2026 H1 2025 Change Cash flows from operating activities €'000 €'000 €'000 Profit 6,771 1,705 Depreciation & amortisation 4,427 4,244 Other non cash movements (56) 2,136 Cash from operating activities 11,142 8,085 3,057 Chages in inventories (11,093) (4,139) Changes in trade receivables (4,791) (3,062) Changes in other assets (261) (197) Changes in trade payables & accruals 12,923 4,132 Cash generated from operating activities 7,920 4,819 3,101 Net interest & taxes paid (1,444) (2,106) Net cash from operating activities 6,476 2,713 3,763 Purchase/sale of PPE 4,908 545 Investment in intangibles - (485) Acquisitions, current & historical (427) (195) Net cash used from investing activities 4,481 (135) 4,616 Dividends paid (2,230) (2,230) Loan facilities change (net) (7,456) (3,750) Net cash provided in investing activities (9,686) (5,980) (3,706) FX effect on cash 40 (450) Cash at the beginning of the period 11,650 15,027 Cash at the end of the period 12,961 11,175 1,786
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Product Development Innovation partnerships driving future growth Mincon
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P R O D U C T D E V E L O P M E N T HIT System Mincon Formerly Greenhammer · now live on a copper mine in Canada. Commissioned & running. The HIT system, formerly Greenhammer, was commissioned in July 2026 on a copper mine in British Columbia and is running well, marking the move from development to live operation on a customer site. Epiroc partnership. The system is being taken to market with our collaboration partner Epiroc, and several large mining customers are now at an advanced stage in discussions, giving a strong opportunity for the technology. Market opportunity. The Group remains confident the system will take share in the open-pit, single-pass drilling market, where it is designed to reduce drilling cost per foot and to support the industry's emissions-reduction targets. Transformational. HIT remains a transformational opportunity for both Mincon and Epiroc in hard-rock surface mining, with the potential to reshape how large open-pit operations approach production drilling. [ PROJECT PHOTO ] Mincon · The Driller's Choice 13
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P R O D U C T D E V E L O P M E N T Subsea Micropile Project Mincon Offshore-wind foundation solution with collaboration partner Subsea Micropiles. Progressing. The development project for the offshore-wind industry, run with our collaboration partner Subsea Micropiles, continues to advance, and we expect to be able to report significant progress in the year ahead. Stronger opportunity. Although it has been slow to develop, the opportunity has not gone away — if anything it has strengthened, as the industry increasingly recognises the scale of the foundation challenges that our solution is designed to address. Energy transition. The project enables Mincon's position to contribute to offshore wind, a market central to the energy transition, and complements the next-generation product roadmap we are building across our core industries. [ PROJECT PHOTO ] Mincon · The Driller's Choice 14
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Outlook Priorities and expectations for the second half of 2026 Mincon
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L O O K I N G A H E A D Outlook H2 2026 Mincon Operational efficiency. We will continue to build on the momentum in operational efficiency across the Group. While margins reflect the level of in- house manufacturing completed in any given period, the ongoing operational review is well positioned to deliver further benefits in the second half. Managing input costs. Exceptional tungsten carbide inflation continues to weigh on margins and has increased inventory values. It has not yet been fully passed through to price, and we are actively managing procurement and pricing to recover it over time. Working capital to ease. As the construction and mining projects secured for the second half are delivered, we expect inventory to unwind and working- capital demand to ease, supporting cash generation through the remainder of the year. Growth platform. The platform we have built is delivering across revenue, profitability and return on capital employed. We remain confident in the opportunities ahead, particularly those linked to the energy transition, while staying diligent on efficiency and delivery. Any forward-looking statements represent the Board's best judgment as to future events. Actual results may differ materially owing to economic, competitive and other factors, some outside the Group's control. Mincon · The Driller's Choice 16 Well positioned for H2 2026, with continued focus on efficiency, and easing working capital to support cash generation.
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Q&A Mincon · The Driller's Choice Mincon