Hunting (HTG) Trading Update summary

Financial performance and trading update

• Year-to-date EBITDA reached approximately $100.5 million, up 15% year-on-year, with a 13% EBITDA margin.

• Sales order book stood at about $416.4 million as of 30 September 2025.

• Net assets totaled around $907 million, and total liquidity was $336.5 million at quarter-end.

• Cash and bank/borrowings were $47.1 million, reflecting inventory investment and share buyback impact.

• Share buyback program absorbed $15.6 million, with 3,510,198 shares purchased for cancellation.

Segment and operational highlights

• Hunting Titan and North America segments performed ahead of or in line with expectations, driven by strong demand and improved efficiencies.

• Subsea segment delivered robust results, with FES integration progressing and $3 million EBITDA contribution expected for 2025.

• EMEA restructuring continued, with facility closures and a new Dubai site, causing some trading disruption.

• Asia Pacific segment traded in line with expectations.

• Organic Oil Recovery business scaled up, with two North Sea treatments underway.

Outlook and strategic initiatives

• 2025 EBITDA is expected at the lower end of the $135–$145 million guidance, still representing strong growth over 2024.

• Year-end cash and bank/borrowings projected at $40–$45 million, factoring in share buyback and working capital.

• $30 million (75%) of share buyback to be completed by year-end.

• Capital expenditure for 2025 anticipated at $35–$40 million.

• Management continues to pursue bolt-on acquisitions, focusing on subsea and well completions.