REG - Hunting PLC - Results for the year ended 31 December 2025
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RNS Number : 3973V Hunting PLC 05 March 2026
For Immediate Release 5 March 2026
Hunting PLC
("Hunting" or "the Company" or "the Group")
Results for the year ended 31 December 2025
Continued growth in operational performance and shareholder returns
as we deliver on our 2030 objectives
LONDON, England. Hunting PLC (LSE: HTG), the precision engineering group,
today announces its results for the year ended 31 December 2025.
Financial Highlights
· EBITDA increased by 7%, to $135.7m.
· EBITDA margin of 13%, up from 12%.
· Gross margin improved to 27%.
· Revenue decreased by 3%, to $1,018.8m.
· Non-oil and gas revenue up 10%, to $82.9m.
· Adjusted diluted earnings per share 34.1 cents, up 9%.
· Sales order book $358.0m comprising $120.7m of subsea and $98.6m of non-oil
and gas opportunities.
· Free cash flow of $96.6m - representing an EBITDA conversion of 71%.
· Cash and bank / (borrowings) $62.9m, after c.$145m of net outflows related to
acquisitions, share buybacks, treasury share purchases, and dividends.
· Total dividends declared in the year up 13% to 13.0 cents per share, from 11.5
cents in 2024. A Final Dividend of 6.8 cents is being declared today. The
dividend payment date will be 8 May 2026, with a record date of 10 April 2026
and an ex-dividend date of 9 April 2026.
· Adjusting items totalling $14.2m recorded related to restructuring and
acquisition-related costs.
· Adjusted profit before tax of $79.7m in 2025, compared to $75.6m in the prior
year. Statutory profit before tax was $65.5m compared to a loss before tax of
$33.5m in 2024.
· 2026 EBITDA guidance of $145-$155m retained, with EBITDA to Free Cash Flow
conversion targeted at 50% or greater.
Commenting on the results Jim Johnson, Chief Executive, said:
"During the year, Hunting reaffirmed its commitment to disciplined capital
allocation, strategic portfolio expansion and operational efficiency
improvements. Our results reflect the strong performance of our teams around
the world and I would like to thank them all for their hard work and
dedication in what was a highly volatile and unpredictable market.
"Over the course of 2025, we strengthened our balance sheet, executed targeted
acquisitions, exited lower‑return segments, and broadened our geographic
footprint, all while expanding our EBITDA margin and setting a clear path
towards our stated 15% medium‑term ambition under our Hunting 2030 Strategy.
"As we diversify into higher‑growth markets, enhance our subsea and
non‑oil and gas offerings, and continue to enhance our returns to
shareholders, Hunting is building a more resilient, higher‑quality earnings
base.
"Our ability to compound value for shareholders through consistent execution,
prudent investment and a sharper, more profitable portfolio remains a key area
of differentiation for our business.
"We are well placed to build on the strong momentum we have generated in 2025,
with Hunting continuing to drive its product offering onto the global stage
and capture the many opportunities that are available to us."
2025 Strategic and Operational Highlights
Robust delivery of Hunting 2030 objectives
• $64.8m acquisition of Flexible Engineering Solutions in June
2025 to build out subsea offering.
• $18.2m purchase of Organic Oil Recovery technology in March
2025 to accelerate commercialisation.
• $231m orders for Kuwait Oil Company (KOC) completed, supporting
robust performance of the OCTG product group.
• Improved performance of Perforating Systems product group
with increased EBITDA to $13.9m
(2024 - $1.4m).
• Disposal of Rival Downhole Tools for $13.0m releasing
capital to invest in higher return product lines.
• New facility in Dubai opened in September 2025 to service
the Middle East.
Continued focus on cost efficiencies
• Progress on the restructuring of the EMEA operating segment
- annualised savings of c.$11m, after closure of Fordoun, Aberdeen, operating
site, in June 2026.
• Completion of Hunting Titan restructuring to deliver c.$6m
p.a. savings.
• Commitment to reduce centralised and other costs by a
further $15m by the end of 2027.
Revised capital allocations announced
• Commitment to increase dividend distributions by 13% p.a. to
the end of the decade.
• $40m share buyback commenced in August 2025, expanded to
$60m in December 2025 - target completion mid-March 2026.
• $53.1m returned to shareholders in respect of 2025 (2024 -
$18.2m), including dividends and share buybacks.
• Second share buyback programme proposed today totalling $40m
to be completed by March 2028.
Financial Summary
Financial Performance measures as defined by the Group*
2025 2024 Variance
Revenue $1,018.8m $1,048.9m -$30.1m
Non-oil and gas revenue $82.9m $75.1m +$7.8m
EBITDA* $135.7m $126.3m +$9.4m
EBITDA margin* 13% 12% +1pp
Adjusted profit before tax* $79.7m $75.6m +$4.1m
Adjusted diluted earnings per share* 34.1 cents 31.4 cents +2.7 cents
Free cash flow* $96.6m $139.7m -$43.1m
Total cash and bank / (borrowings)* $62.9m $104.7m -$41.8m
Net assets $855.3m $902.3m -$47.0m
ROCE* 10% 9% +1pp
Final dividend proposed 6.8 cents 6.0 cents +0.8 cents
*Non-GAAP measure, see pages 236 to 243 of the 2025 Annual Report and
Accounts.
Financial Performance measures as derived from IFRS
2025 2024 Variance
Non-cash goodwill impairment - $109.1m -$109.1m
Operating profit / (loss) $76.3m $(21.1)m +$97.4m
Profit / (loss) before tax $65.5m $(33.5)m +$99.0m
Diluted earnings / (loss) per share 24.6 cents (17.6) cents +42.2 cents
Net cash inflow from operating activities $138.9m $188.5m -$49.6m
Outlook Statement
Hunting is well placed to build on its strong 2025 performance during the year
ahead and, following the successful delivery of the KOC and ExxonMobil
contracts, management is actively converting its high-value tender pipeline to
backfill capacity and scale the order book.
Our OCTG product group continues to report a strong tender pipeline across all
key operating regions. Large tenders in the Middle East are being pursued with
our strategic mill partners, while in North America we are now driving our
TEC-LOCK™ product line into the international market arena following strong
growth within our domestic US markets. A key region of growth will be the
Middle East where unconventional resource development is accelerating.
Hunting's Subsea product group will incorporate OOR fully from 1 January 2026,
with the technology seeing strong interest across the Americas, Middle East
and Africa. With the projected increase in subsea tree awards and FPSO builds,
our Stafford, Spring, and FES businesses are seeing multiple opportunities to
drive margin through integrated bundling, providing a unified 'life-of-field'
solution across the subsea landscape in the year ahead.
Hunting's Perforating Systems business is launching new technology, which will
drive our market share in North America, along with the projected
International growth in the Middle East and South America.
The Advanced Manufacturing group continues to pivot to more non-oil and gas
sales, with a strong focus on aviation and space markets.
We continue to streamline our operations, reduce our cost base and improve
efficiencies to focus our resources on, and align our profitability with,
those markets where the strongest growth opportunities are in the medium term.
In line with our stated capital allocation policy, we have proposed a second
share buyback totalling $40m to be completed over the next two years. This
will mean that our returns to shareholders to 2030 will be c.$290m.
While we are closely monitoring the evolving situation in the Middle East, the
Group's financial outlook remains robust. Although some tender and order
slippage is possible in the event of a protracted conflict, given our
strategic concentration on offshore and subsea markets, alongside our growing
international diversification, our 2026 projections carry minimal exposure to
the Middle East. Consequently, while minor timing shifts in orders are
possible, we do not anticipate a material impact on our long-term growth
trajectory.
Overall, Hunting is anticipating further earnings growth in the year ahead
and, having demonstrated that the Group can deliver growth and returns against
a challenged macroeconomic backdrop, the Directors remain confident that our
skilled workforce will rise to these challenges as we continue to deliver our
Hunting 2030 Strategy.
Group Results Narrative
For access to narrative on the Group's results (incorporating the Company
Chair's and Chief Executive's Statements, Outlook, Product Group and Operating
Segment Reviews, and Group Financial Review) for the year ended 31 December
2025 please click on the following link.
(http://www.rns-pdf.londonstockexchange.com/rns/5493Z_2-2025-3-5.pdf)
http://www.rns-pdf.londonstockexchange.com/rns/3973V_1-2026-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3973V_1-2026-3-4.pdf)
Financial Statements and Notes to the Accounts
For access to the Financial Statements and Notes to the Accounts for the year
ended 31 December 2025 please click on the following link.
(http://www.rns-pdf.londonstockexchange.com/rns/5493Z_2-2025-3-5.pdf)
http://www.rns-pdf.londonstockexchange.com/rns/3973V_2-2026-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3973V_2-2026-3-4.pdf)
Listing Rules / Disclosure Guidance and Transparency Rules Information
For access to Hunting's Strategy, Key Performance Indicators, Business Model,
ESG and Sustainability, Risk Management and Internal Controls (including
Principal Risks), Viability and Going Concern, and the Responsibility
Statement of the Directors for the year ended 31 December 2025, please click
on the following link.
(http://www.rns-pdf.londonstockexchange.com/rns/5493Z_2-2025-3-5.pdf)
http://www.rns-pdf.londonstockexchange.com/rns/3973V_3-2026-3-4.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3973V_3-2026-3-4.pdf)
Page number references refer to the full Annual Report when available.
The linked documents provide access to all major financial and operational
disclosures contained in the Group's 2025 Annual Report and Accounts. The
complete 2025 Annual Report and Accounts will be published on 12 March 2026
and can then be accessed at www.huntingplc.com (http://www.huntingplc.com) .
The financial information set out in the above links does not constitute the
Company's statutory accounts for the years ended 31 December 2025 or 31
December 2024 but is extracted from those accounts. Statutory accounts for
2024 have been delivered to the Registrar of Companies and those for 2025 will
be delivered in due course. The auditor has reported on those accounts; their
reports were unqualified, did not draw attention to any matter by way of
emphasis without qualifying their report and did not contain statements under
s498(2) or (3) of the Companies Act 2006. Whilst the financial information
included in this preliminary announcement has been computed in accordance with
UK adopted International Financial Reporting Standards, this announcement does
not itself contain sufficient information to comply with IFRS.
Analyst Briefing and Webcast
Hunting PLC will host an analyst briefing and webcast at the offices of Sodali
& Co., The Leadenhall Building, 122 Leadenhall St, London EC3V 4AB,
commencing at 9:00a.m. GMT.
Attendees should arrive by 8:45a.m. to clear building security in good time.
The live webcast can be accessed by copying and pasting the following link
into your browser:
https://stream.brrmedia.co.uk/broadcast/6980b0fc4001ac0013f23fd8
(https://stream.brrmedia.co.uk/broadcast/6980b0fc4001ac0013f23fd8)
Analysts and investors wishing to participate in a Q&A session can do so
by submitting questions via the chat function of the webcast and these will be
addressed by management during the live webcast. If you have any queries
relating to this then please email hunting@client.sodali.com
(mailto:hunting@client.sodali.com) .
For further information please contact:
Hunting PLC Tel: +44 (0) 20 7321 0123
Jim Johnson, Chief Executive
Bruce Ferguson, Finance Director
Sodali & Co Tel: +44 (0) 78 5543 2699
James White
Tilly Abraham
or
lon.IR@hunting-intl.com
About Hunting PLC
Hunting is a global, precision engineering group that provides
precision-manufactured equipment and premium services, which add value for our
customers. Established in 1874, it is a listed public company, quoted on the
London Stock Exchange in the Equity Shares in Commercial Companies ("ESCC")
category. The Company maintains a corporate office in Houston and is
headquartered in London. As well as the United Kingdom, the Company has
operations in China, India, Indonesia, Mexico, Saudi Arabia, Singapore, United
Arab Emirates and the United States of America.
The Group reports in US dollars across five operating segments: Hunting Titan;
North America; Subsea Technologies; Europe, Middle East and Africa ("EMEA");
and Asia Pacific.
The Group also reports revenue and EBITDA financial metrics based on five
product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and
Other Manufacturing.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66
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