Results for the year ended 31 December 2025

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/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/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/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.

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

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 [e-mail].

For further information please contact:

Hunting PLC Jim Johnson, Chief Executive Bruce Ferguson, Finance Director	Tel: [phone]
Sodali & Co James White Tilly Abraham	Tel: [phone]

or

[e-mail]

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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