Hunting (HTG) H1 2026 TU earnings summary

Executive summary

• Solid H1 2026 performance with EBITDA in line with guidance, driven by strong Subsea and Perforating Systems demand.

• Subsea orders boosted by $63.5 million in Guyana contracts; Perforating Systems exceeded expectations, especially in North America.

• Lower activity in OCTG, Advanced Manufacturing, and Other Manufacturing due to order phasing, with recovery expected in H2 2026.

• Commercialisation of Organic Oil Recovery (OOR) technology progressing, with new orders and positive test data.

• Ongoing restructuring in EMEA, including site consolidation and closure.

Financial highlights

• H1 2026 EBITDA of approximately $62 million, with a margin of about 12%.

• Working capital increased to around $394 million at 30 June 2026, supporting higher H2 activity.

• Total cash and bank/(borrowings) at $(19) million, reflecting dividends, share buybacks, treasury share purchases, and import duty settlement.

• Period-end sales order book at $387 million, up from $358 million at 2025 year-end.

Outlook and guidance

• Maintains 2026 full-year EBITDA guidance of $145–$155 million and margin guidance of 13–14%.

• Year-end cash and bank position projected at $60–$65 million as H1 working capital unwinds.

• Expects increased activity in Asia Pacific, Americas, and Middle East, driven by AI power demand and energy security.

• $15 million annual cost savings on track for 2026–2027.

• OOR business unit expected to generate $10–$15 million revenue in 2026, targeting $100 million per annum by 2030.