REG - Hunting PLC - AGM and Q1 2026 Trading Update

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RNS Number : 4567A  Hunting PLC  15 April 2026

 For Immediate Release  15 April 2026

 

 

 

 Hunting PLC

 

("Hunting" or "the Company" or "the Group")

 

AGM and Q1 2026 Trading Update

 

Hunting PLC (LSE: HTG), the precision engineering group, issues the following
Trading Update for Q1 2026, ahead of its Annual General Meeting that will take
place today at 10:30 a.m. BST in London.

 

Commenting on the Company's Q1 2026 performance and full-year outlook, Chief
Executive Jim Johnson, said:

 

"Hunting has delivered a solid Q1 performance, and we are maintaining our
full-year EBITDA guidance of $145-$155 million given the strong outlook for
our end markets.

 

"We remain vigilant regarding Middle East volatility, with our people
remaining safe and our facilities fully operational.

 

"We are seeing excellent order book momentum across South America and the US
onshore market. By restructuring our global operations and continuing our
share buyback programme, we are positioning Hunting for robust, long-term
growth and enhanced shareholder returns."

 

Q1 2026 trading update

 

The Group performed in line with expectations during the quarter, with Q1
trading reflecting the timing of key milestones on current subsea contracts,
which are weighted to Q2. Given this performance, Hunting's full-year EBITDA
guidance of between $145-$155 million is retained. As outlined at the Group's
2025 full-year results in March 2026, Hunting's earnings will be second half
weighted, given order execution and delivery timings, with a 40:60 split in
earnings being projected.

 

Q1 2026 Group EBITDA was $23.2 million, with an EBITDA margin of 10%. All
product groups have traded as expected, with Perforating Systems' sales in
North America reporting a performance ahead of expectations as higher quality
sales and production efficiencies continue to improve trading results.

 

As is typical for this time of year, the Group has invested in working capital
in the period to satisfy committed orders, which has led to a net cash outflow
in the quarter and, coupled with the ongoing share buyback programme, has led
to a quarter-end total cash and bank / (borrowings) position of $8.3 million
(31 December 2025 - $62.9 million).

 

Sales order book

 

As at 14 April 2026, the Group's sales order book stood at c.$428.8 million
(31 March 2026 - $365.3 million; 31 December 2025 - $358.0 million).

 

OCTG tender activity continues to be strong across most regions, with the
pipeline still standing at c.$1.0 billion. Some slippage in the issuance of
tenders has occurred in the Middle East since March 2026; however, management
still anticipates that these will be published in Q2 2026.

 

Since the year-end, the Group has continued to build its Subsea sales order
book, including the $63.5 million of orders secured for its titanium stress
joints for its latest project in Guyana as announced on 7 April 2026. Momentum
within the Spring, Stafford and Flexible Engineered Solutions businesses has
increased since the beginning of the year as offshore and subsea projects
continue to be executed.

 

Hunting continues to focus its Advanced Manufacturing business units on
developing non-oil and gas sales. At 31 March 2026, the non-energy sales order
book stood at $95.6 million (31 December 2025 - $98.6 million). Management is
expanding its sales efforts to target high-specification industrial programmes
with repeat demand characteristics. Clients include Teledyne Brown
Engineering, Solar Turbines, Pratt & Whitney, Sikorsky, and General
Electric, which support applications across power generation, aerospace, and
defence platforms. These programmes are supported by multi-year production
schedules, with defined manufacturing runs and repeat order patterns that
extend delivery across multiple reporting periods and, in certain cases,
provide programme visibility extending through 2028 and beyond.

 

 

Middle East update

 

Hunting's operations and personnel in Dubai and Saudi Arabia remain safe and
generally unaffected by the Middle East conflict. At this point management
expects minimal impact on current year profitability, although this position
remains predicated on the tenure of the conflict. The higher commodity price
environment has not yet translated into an increased US or International rig
count as operators adopt a 'wait and see' approach. However, Hunting is well
placed to benefit from any increase in activity.

 

Restructuring, operational efficiency and M&A

 

The restructuring of the EMEA operating segment continues, with the closure of
the Fordoun operating site on track for June 2026.

 

The previously announced $15 million cost reduction programme is accelerating,
with the majority of savings to be delivered by early 2028. Shared service
functions in Europe and North America will be fully operational by mid-2026,
which will drive further cost and operating efficiencies, along with the
efforts to reduce other SG&A costs.

 

The Group today announces the combination of the EMEA and Asia Pacific
operating segments to form a single 'International' operating segment with
effect from 1 January 2027, which will contribute to further cost efficiencies
over time.

 

In line with the Hunting 2030 Strategy, management continues to assess bolt-on
acquisitions, with a targeted pipeline of transactions under review during the
period. Subsea businesses remain a particular area of focus for the Group.

 

The H1 2026 Trading Update will be issued on Wednesday 15 July 2026.

 

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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