Hunting Plc · LSE:HTG
Hunting — H1 2025 Earnings Presentation
35 slides from Hunting's earnings presentation, August 2025
Slide 1: Hunting PLC Half Year results presentation for the six months ended 30 June 2025
Hunting PLC Half Year results presentation for the six months ended 30 June 2025
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 (together the "Presentation”) have been prepared by Hunting PLC (the
Slide 3: Strategic progress CMD financial delivery 2025 Guidance
Strategic progress CMD financial delivery Financial overview 04 05 13 2025 Guidance Operational overview Outlook 23 24 33 3
Slide 4: H1 2025 strategic progress highlights
• $83m of complementary acquisitions completed in the period to increase the profit and cash flow profile of the Group in the medium term: • $65m acquisition of Flexible Engineered Solutions completed in June 2025 to broaden subsea platform • $18m acquisition of Organic Oil Recovery technology in Ma
Slide 5: CMD targets and deliverables
Target Deliverable Capitalise on strong $267 million revenue from KOC, for SEAL-LOCK XD as virtual mill concept accelerated investment in global oil $143 million revenue from ExxonMobil Guyana for TSJs, including Yellowtail, Uaru and Whiptail and gas industry developments Acquire complementary $64.8
Slide 6: EBITDA, dividend, free cash flow and working capital progress
EBITDA – 215% increase since H1 2022 Dividend – $58.2m returned to shareholders since 2022 80 7 70.2 6.2 70 5.5 60.3 6 60 5.0 49.1 5 4.5 50 4 cents $m 40 30 3 22.3 20 2 10 1 0 0 H1 2022 H1 2023 H1 2024 H1 2025 H1 2022 H1 2023 H1 2024 H1 2025 Free cash flow – $78.3m improvement since H1 2022 Working
Slide 7: % of international revenue
% of international revenue 100% 90% 80% $284.9m $279.6m 70% $293.6m $276.7m $286.4m 60% 50% 40% 30% $270.2m $249.0m 20% $184.2m $174.6m $207.4m 10% 0% H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 International North America Source: Company 7
Slide 8: Acquisitions, restructuring and disposal
Acquisition of Organic Oil Recovery – Acquisition of Flexible Engineered Solutions – $18m $65m • Increased access to global market including North • Leading provider of fluid transfer solutions to the and South America offshore industry • Hiring new sales and technical personnel • Significant bundli
Slide 9: Hunting Titan and EMEA restructuring
HUNTING TITAN EMEA • Headcount now 524, down 6% since June 2023 • Current headcount 248 – June 2026 target c.167 across region • Two operating sites closed since 2023 • Four operating sites to be closed • Improved production efficiencies driving improved EBITDA • Profitability targeted by June 2026
Slide 10: Cash conversion cycle trend
Cash Conversion Cycle trend 410 80% 75% 360 70% 310 60% 260 337 219 215 270 193 Number of Days 50% 210 46% 48% 160 44% 150 40% 163 123 175 109 159 110 134 34% 30% 60 29% 92 87 84 89 76 67 20% 10 (25) (31) (50) (49) (60) 10% (40) (81) (90) 0% (LTM) Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 DSO DIO DP
Slide 11: ROCE 5.7ppt increase since H1 2020
ROCE 5.7ppt increase since H1 2020 12% 10% 10.5% 8% 7.5% 6% 4% 4.8% 4.0% 2% 0% (1.3)% (2)% (4)% (5.0)% (6)% H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Source: Company 11
Slide 12: $40m of share buy backs to be completed by Q2 2026
$40m of share buy backs to be completed by Q2 2026 • $40m share buy back commencing 100% today to rebalance capital allocations 90% • EBT purchases halted given Company is well covered for future share award 80% vestings to 2027 70% 57% 73% • Increased dividend distribution to 60% support medium ter
Slide 13: Financial overview
PRECISION ENGINEERING FROM SUBSEA TO SPACE FINANCIAL OVERVIEW
Slide 14: Financial overview
Financial overview Sales order book of $473m at 31 July 2025 providing visibility for 2025-2026 Revenue up by 7% year-on- year led by OCTG across North America onshore and international markets Positive free cash flow of $66.2m Adjusted diluted earnings per share up 26% from 15.5 cents to 19.6 cents
Slide 15: Revenue and EBITDA breakdown by product group
External revenue breakdown by product group – $m EBITDA breakdown by product group – $m 100% 100% 1.3 2.2 45.4 43.5 3.2 7.0 90% 90% 5.5 2.6 102.6 80% 119.4 80% 7.7 70% 70% 17.8 53.5 60% 61.7 60% 58.6 50% 50% 78.7 40% 40% 50.7 30% 30% 270.4 32.5 20% 188.6 20% 10% 10% 0% 0% H1 2024 H1 2025 H1 2024 H1
Slide 16: Income statement summary
* Results for the year, as reported under IFRS, adjusted for certain items as determined by management. 16
Slide 17: Strong offshore and international demand continues to drive activity
Strong offshore and international demand continues to drive activity H1 2025 H1 2024 H2 2024 Revenue EBITDA Revenue EBITDA Revenue EBITDA Segmental results $m $m $m $m $m $m Hunting Titan 105.5 5.9 122.9 2.0 107.4 (1.4) North America 189.0 31.8 192.7 29.0 195.7 33.2 Subsea Technologies 59.0 7.7 78.7
Slide 18: Product groups and operating segments H1 2025 performance
Product groups and operating segments H1 2025 performance Hunting North Subsea Asia External EBITDA Titan America Technologies EMEA Pacific Revenue EBITDA Margin $m $m $m $m $m $m $m % OCTG 0.7 101.6 - 14.3 153.8 270.4 50.7 19% Perforating Systems 99.2 - - 3.4 - 102.6 7.0 7% Advanced Manufacturing 2
Slide 19: Strong improvement in FCF as cash released from working capital
Strong improvement in FCF as cash released from working capital H1 2025 H1 2024 Group Cash Flow $m $m EBITDA 70.2 60.3 16% year-on-year increase ‘Add: share-based payments 7.3 7.0 77.5 67.3 Working capital movements 25.8 (39.9) Working capital outflows reduced year-on-year Tangible and intangible as
Slide 20: Strong balance sheet
Strong balance sheet 30 June | 31 December 2025 2024 Group Balance Sheet $m $m Working capital : revenue - % Property, plant and equipment 253.9 252.8 Asset additions in line with depreciation 50 Right-of-use assets 28.0 28.3 , Goodwill and other intangible assets 170.8 84.5 $81.7m on acquisition of
Slide 21: Working capital reflecting H1 seasonality
Working capital reflecting H1 seasonality 30 June 31 December 2025 2024 Working Capital $m $m Inventories - Hunting Titan 109.1 107.8 - North America 93.5 98.7 - Other segments 59.7 96.8 Net inventories 262.3 303.3 Receivables 243.4 262.4 Payables (173.5) (210.2) Total 332.2 355.5 Working capital to
Slide 22: Order book by product group and operational activity
Order book by product group – $m Order book by operational activity – $m Orderbook / timing 23% 2026/27 2025 34% 66% 77% Oil and gas Non-oil and gas Source: Company 22
Slide 23: 2025 Guidance remains unchanged
EBITDA PRECISION ENGINEERING $ 135m - $145m FROM SUBSEA EBITDA margin TO SPACE c. 12% - 13% Effective tax rate 25% - 28% Capex $ 35m - $40m Free cash flow conversion (post capex) 2025 GUIDANCE REMAINS c. 50% Total cash and bank / (borrowings) – pre-share UNCHANGED buyback $ 65m - $75m 23
Slide 24: Strategic and operational overview
STRATEGIC AND OPERATIONAL OVERVIEW WELL POSITIONED TO CAPTURE FUTURE GROWTH
Slide 25: Acquisition of Flexible Engineered Solutions
• Located in Ashington, UK with manufacturing and test facilities – two 35,000 sq. ft. facilities and 6,000 sq. ft. test centre, with over 40 years’ experience • £50m consideration paid out of existing cash balances • Acquired from management team and founders • 45 personnel joining Group on complet
Slide 26: Stafford, Spring, Enpro: FES deployed systems
Stafford Spring Enpro FES deployed systems 26
Slide 27: Organic Oil Recovery technology acquisition
– • $18 million acquisition of technology completed in March 2025 • Hunting now has access to a global market including North and South America region • New sales and technical personnel being hired in North America and Middle East • Sampling and evaluation laboratory being built in UAE to speed up
Slide 28: EMEA new leadership and cost savings
• New leadership driving a re-energised business plan • c.$11m annualised cost saving now targeted following announcement to close Fordoun, UK, facility • Business model in North Sea converted to well intervention rentals focus, as decommissioning work accelerates on UKCS • New Dubai facility focuse
Slide 29: India JV with Jindal SAW
• 51:49 India JV performing well with key partner Jindal SAW • JV generated revenue of $18.2 million and PAT of $4.7 million in first year of operation • ONGC, Oil India, Vedanta and Reliance, all key clients • Indian government expanding drilling offshore supporting further investment in Hunting pr
Slide 30: South America expansion and Brazil entity
• New legal entity established in Brazil to capture more Hunting OCTG, Subsea and OOR work in-country, particularly with Petrobras, Prio and Brava • Guyana activity continuing to be robust as new projects are commissioned by ExxonMobil (Longtail in 2026) • Suriname and Trinidad exploration also cont
Slide 31: OCTG tonnes per rig and TEC-LOCK progress
OCTG tonnes per rig • North America OCTG bucking rig count, as lateral length and shift to gas drilling accelerates in the USA, with consistent results 850 being delivered from Canada 800 750 • TEC-LOCK Wedge connection continues to gain market 700 acceptance with key drillers in the Permian and Hay
Slide 32: Oil and gas demand outlook to 2050
• Strong oil and gas demand outlook to 2050 – robust industry Global Energy Transition Outlook (ETO) investment required to maintain profile. • Commentators modelling a delayed transition provides further 120 support to industry investment into the medium term. 100 • North America natural gas and un
Slide 33: Outlook
Tender pipeline remains in excess of $1bn, with opportunities for new Subsea and Advanced Manufacturing orders being pursued and large OCTG tenders likely to be issued across the Middle East in H2 Continuing to examine bolt-on M&A opportunities, taking a disciplined approach in line with our strateg
Slide 34: Questions & Answers
STRATEGIC PROGRESS AND OPERATIONAL DELIVERY
Slide 35: Product groups and operating segments H1 2024 performance
Product groups and operating segments H1 2024 performance Hunting North Subsea Asia External EBITDA Titan America Technologies EMEA Pacific Revenue EBITDA Margin $m $m $m $m $m $m $m % OCTG 1.2 98.5 - 14.3 74.6 188.6 32.5 17% Perforating Systems 111.9 - - 7.5 - 119.4 3.2 3% Advanced Manufacturing 3.