Hunting PLC (LSE:HTG) reported a solid performance for the first half of 2026, with EBITDA of approximately 62 million dollars in line with guidance and an EBITDA margin of around 12 percent. Strong demand for its subsea and perforating systems businesses helped offset weaker trading across its OCTG and manufacturing operations. The company also reported a sales order book of approximately 387 million dollars, while its tender pipeline remained close to 1 billion dollars.
Strong subsea demand supports order growth
During the first half, Hunting secured 63.5 million dollars of orders for subsea titanium stress joints in Guyana, while its perforating systems business continued to benefit from robust demand across both international and North American markets.
The company also continued to advance its Organic Oil Recovery technology, which now has more than 30 active customers as it moves towards broader commercial deployment.
Second-half recovery expected
Management maintained its full-year EBITDA guidance of between 145 million dollars and 155 million dollars and continues to expect stronger activity during the second half of the year.
The company is also progressing restructuring initiatives within its Europe, Middle East and Africa operations, while continuing to explore bolt-on acquisitions in the subsea and intelligent completions markets. Hunting has also begun the process of appointing a new chief executive officer and confirmed plans to transition its external auditor to KPMG in 2027.
Cash position reflects investment and shareholder returns
Higher working capital requirements and capital returned to shareholders resulted in a modest net debt position at the halfway stage of the year. However, Hunting continues to benefit from a resilient balance sheet, supported by positive earnings guidance, a substantial tender pipeline and ongoing plans for share buybacks and dividend growth.
Investors will continue to monitor cash flow generation and order book conversion, particularly given the cyclical nature of the energy services sector and the decline in free cash flow reported during 2025.
About Hunting PLC
Hunting PLC is a global precision engineering company that supplies specialised products and services to the energy industry and selected industrial markets. The company is listed on the London Stock Exchange and operates from offices and manufacturing facilities across the United Kingdom, the United States, Asia and the Middle East.
Its business spans a range of technologies including oil country tubular goods, perforating systems, subsea equipment, advanced manufacturing and engineered products, serving customers involved in energy production and infrastructure worldwide.
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