Hunting Plc · LSE:HTG
Hunting — H1 2026 Earnings Presentation
29 slides from Hunting's earnings presentation, Jun 30, 2026
Slide 1: Strategic Expansion and Operational Delivery – Half Year Report
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY HUNTING PLC HALF YEAR REPORT FOR THE SIX MONTH ENDED 30 JUNE 2026
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you acknowledge and agree to comply with the following restrictions. This document and the accompanying verbal presentation and webcast (together the “Presentation”) have been prepared by Hunt
Slide 3: H1 2026 highlights – capturing the structural growth opportunity
H1 2026 highlights – capturing the structural growth opportunity Continued momentum during Further optimisation of our Supportive market backdrop the period portfolio • Step -change in performance • $15m of cost reductions • Multi-year growth in oil and of Subsea Technologies planned by end of 2027.
Slide 4: Financial and market highlights – robust performance in a volatile macro environment
Financial and market highlights – robust performance in a volatile macro environment Financial highlights Market highlights Revenue Free Cash Flow Average WTI crude oil price $ 497.0 m $ (27.8) m $ 83 per bbl (H1 2025 – $528.6m) (H1 2025 – $66.2m) (H1 2025 – $67.5 per bbl) EBITDA Interim Dividend De
Slide 5: Successful transformation to deliver higher quality earnings from Subsea
Successful transformation to deliver higher quality earnings from Subsea Revenue 100% $960.0m $1,018.8m $497.0m • Current portfolio rebalanced to Subsea and Middle East (through APAC market share growth). 90% • Subsea now projected to comprise c.18 -20% of Group revenue in 80% 2026 and c.25% of Grou
Slide 6: Robust focus on higher cost reductions and stronger capital allocations
Robust focus on higher cost reductions and stronger capital allocations Operating sites Distribution centres Year - end employees (incl. head office) • Operational footprint 36 19 streamlined to align c. 31 % c. 26 % c. 24 % 2,956 with focus on offshore end -markets. decrease 25 decrease 14 decrease
Slide 7: Oil and gas demand will remain strong past 2050 – gas seen as the transition fuel
Oil and gas demand will remain strong past 2050 – gas seen as the transition fuel Long - term oil demand Long - term gas demand 6000 6000 Gas is the most resilient molecule, falling just 48% even Scenario spread is ~3x by 2050 (~4,400 vs ~1,500 Mtoe). under Net Zero, compared with oil's 68% drop Pol
Slide 8: Electricity and power demand projections driving the 'chase for electrons'
Electricity and power demand projections driving the ‘chase for electrons’ CapEx Estimates for AI Hyperscalers (1) (Billions of Dollars Single U.S. Data Centre Power Demand (MW) 60 50 51 46 40 42 37 30 33 31 28 25 20 24 22 18 19 10 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Source
Slide 9: Reserve life of majors now an increasingly important theme
Reserve life of majors now an increasingly important theme Oil & gas production by resource theme ( mmboe /d) 2025 pro./2040 prod. Ratio: < -25% 0 to -25% >0% 0% -35% -55% -10% -20% -52% -61% -36% -30% -48% 6 5 4 3 2 1 0 2025 2027 2029 2031 2033 2035 2037 2039 2025 2027 2029 2031 2033 2035 2037 2039
Slide 10: Finance Report
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY FINANCE REPORT 9
Slide 11: Robust performance alongside strong capital allocation policy
Robust performance alongside strong capital allocation policy Financial Overview • EBITDA of $62.1m and EBITDA margin of 12%. • Non -oil and gas revenue $38.0m. • Adjusted diluted earnings per share down from 19.6 cents to 15.2 cents. • Sales order book normalised at $386.5m providing visibility for
Slide 12: Core business reflects H2 weighting and absence of KOC order
Core business reflects H2 weighting and absence of KOC order H1 2026 H1 2025 Adjusted Group Income Statement* $m Margin $m Margin Revenue from oil and gas 459.0 490.9 ) Revenue from non -oil and gas 38.0 37.7 ) Further uplift projected for H2 Revenue 497.0 528.6 ) Lower revenue reflects absence of K
Slide 13: Strong results from Hunting Titan and Subsea Technologies operating segments
Strong results from Hunting Titan and Subsea Technologies operating segments H1 2026 H1 2025 Revenue EBITDA Revenue EBITDA Segmental results $m $m $m $m Hunting Titan 152.9 ) 12.3 ) 105.5 ) 5.9 ) North America 169.9 ) 27.9 ) 189.0 ) 31.8 ) Subsea Technologies 115.6 ) 23.6 ) 59.0 ) 7.7 ) EMEA 33.8 )
Slide 14: Robust balance sheet with working capital higher to drive performance in H2
Robust balance sheet with working capital higher to driver performance in H2 Working capital to revenue -% 30 June 31 December 2026 2025 Group Balance Sheet $m $m Property, plant and equipment 253.8 250.9 37 % Right -of-use assets 26.5 28.9 33 % Goodwill and other intangible assets 160.5 165.7 Assoc
Slide 15: Working capital reflects projected step-up in H2 2026 activity
Working capital reflects projected step -up in H2 2026 activity 30 June 2026 31 December 2025 Working capital $m $m Inventories - Hunting Titan 99.0 99.0 ) - North America 85.8 81.8 ) - Other segments 54.7 56.7 ) Net inventories 239.5 237.5 ) Receivables 293.5 238.3 ) Payables (141.7) (139.9) Total
Slide 16: Cash flows reflect H1 investment ahead of anticipated higher activity in H2 2026
Cash flows reflects H1 investment ahead of anticipated higher activity in H2 2026 H1 2026 H1 2025 Group cash flow $m $m EBITDA 62.1 ) 70.2 ) 2025 included KOC order contribution Add: share -based payments 7.1 ) 7.3 ) 69.2 ) 77.5 ) Working capital movements (58.0) 25.8 ) Inventory purchases for H2 20
Slide 17: OCTG, Subsea and Advanced Manufacturing supporting future sales profile
OCTG, Subsea and Advanced Manufacturing supporting future sales profile Order book by product group 25.1 128.4 93.5 • Tender pipeline remains at c.$1.0bn including OCTG, Subsea and Advanced Manufacturing. OCTG 27.5 • Order book upside driven by Middle East OCTG opportunities, albeit with Perforating
Slide 18: 2026 Guidance
2026 Guidance EBITDA $ 138 m - $ 141 m Adjusted following delay to KOC order EBITDA margin c. 12 % - 13 % Higher proportion of Perforating Systems in the profit mix Effective tax rate 24 % - 27 % Capex $ 40 m - $ 50 m Free cash flow conversion (post -capex) c. 50 % 17
Slide 19: Our Strategic Growth Path
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY OUR STRATEGIC GROWTH PATH PPT MASTER. FOOTER STYLE 18
Slide 20: End-market and regional diversification driving resilient growth profile
End -market and regional diversification driving resilient growth profile International unconventional growth (Perforating Systems) Power and non - oil and gas (Advanced Manufacturing) Deep water acceleration (OCTG and Subsea) Enhanced recovery (Other Manufacturing) North America onshore (OCTG and P
Slide 21: Strong market outlook for international unconventionals
Strong market outlook for international unconventionals Source: Wood MacKenzie 20
Slide 22: OCTG and Perforating Systems – leading North America revenue momentum
OCTG and Perforating Systems – leading North America revenue momentum PERFORATING SYSTEMS H - 5 Perforating System • OCTG and Perforating Systems continue to lead Group’s offering in the important market of North America (US and Canada). • New products to be introduced to continue Hunting’s technolo
Slide 23: Domestic US, South America and Middle East building momentum
Domestic US, South America and Middle East building momentum Hunting Titan - $m revenue by destination 3% 6% 12% $ 32 m of International sales North America 78% EMEA South America Established High growth High potential Asia Pacific 22
Slide 24: OCTG and multiple Subsea products driving Group international / offshore revenue
OCTG and multiple Subsea products driving Group international / offshore revenue South America Pivot to high growth offshore/deepwater sub - sectors paying off Indexed production growth by resource theme 1.4 LNG (+35%) and deepwater (+31%) are the fastest growing themes to the early 2030s, outpacing
Slide 25: Dearborn supported by robust aviation and power generation orders
Dearborn supported by robust aviation and power generation orders Dearborn Order book – c.$92m $4.0m $2.7m $0.6m $5.0m $27.3m $52.4m Blue chip client base Aviation PowerGen Nuclear Space Naval O & G / Other 24
Slide 26: Enhanced oil recovery technologies becoming a key area of focus
Enhanced oil recovery technologies becoming a key area of focus The pace of Norway’s production decline depends heavily on how much recovery rates improves Long - term oil demand Long - term gas demand 3.5 140 Extra recovery techniques being used and expanded across Norwegian fields include water an
Slide 27: Organic Oil Recovery commercialisation accelerating into steps 3 and 4
Organic Oil Recovery commercialisation accelerating into steps 3 and 4 Step 3 In-situ reservoir validation Step 1 Field screening of reservoir characteristics Step 4 Full -field expansion Step 2 Ecology validation 26
Slide 28: Summary – strong macro fundamentals into the long term
Summary – strong macro fundamentals into the long term Portfolio momentum – growth opportunities on all fronts • Good results delivered in H1 2026 driven by Perforating Systems and Subsea – other products to contribute more strongly to H2 results. • 2026 EBITDA guidance range of $138 - 141 million,
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