AGM and Q1 2026 Trading Update
Summary by AI BETAClose X
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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:
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Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director
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Tel: +44 (0) 20 7321 0123 |
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Sodali & Co James White Tilly Abraham |
Tel: +44 (0) 78 5543 2699 |
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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