Hunting (HTG) Investor update summary

Strategic vision and market positioning

• Subsea technology is central to the 2030 growth strategy, targeting $470 million in subsea revenue and $100 million from Organic Oil Recovery (OOR) by 2030.

• The business has evolved from a Tier 2 supplier to a life-of-field technology partner, integrating five business units and expanding its global reach.

• Acquisitions of FES and OOR have broadened the product portfolio, enabling bundled solutions and deeper customer relationships.

• The company is focused on high-margin, patented technology and aims to avoid commoditized, low-margin segments.

• Group-wide revenue goal of $2 billion per year by 2030, with 15% ROCE and 15% EBITDA margin.

Financial performance and guidance

• Achieved record trading in Q4 2025, with $35 million in the quarter and $138 million in subsea revenue for the year.

• 2025 unaudited EBITDA expected at $135 million, with a 13% margin and net cash of $28 million.

• 2026 guidance projects $145–$155 million EBITDA, with a goal to reach and exceed 15% EBITDA margin.

• Subsea margins are expected to be above 20%, with OOR and FES acquisitions being margin accretive.

• Share buyback program expanded to $60 million, running through Q1 2026.

Market trends and growth drivers

• Offshore and deepwater subsea investment is accelerating, with strong tailwinds from sustained oil demand projected through 2050.

• Subsea tree awards and FPSO orders are set to increase significantly, with 42 FPSOs currently on order representing major revenue opportunities.

• The EPCI business model shift and operator workforce reductions create a window for technology partners to fill gaps.

• Enhanced Oil Recovery (EOR), especially OOR, is gaining traction as operators seek to maximize recovery from existing assets.

• Strong tender pipeline for 2026, with $300 million in tracked opportunities across multiple regions.