Hunting Plc · LSE:HTG
Hunting — Investor Day (January 2026)
51 slides from Hunting's investor day presentation, Jan 13, 2026
Slide 1: A Deep Dive into Subsea Technologies
HUNTING PLC A DEEP DIVE INTO SUBSEA TECHNOLOGIES TUESDAY 13 JANUARY 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 (together the “Presentation”) have been prepared by Hunting PLC (the
Slide 3: Today's speakers
Today’s speakers Dane Tipton, MarkStokes, Mark Stokes, Chris Venske, JimJohnson, Jim Johnson, Bruce Ferguson, MD of Subsea Mark Stokes, General General Manager – - Manager General Manager - ChiefExecutive Chief Executive Finance Director Technologies GM FES of FES FES OOR 2
Slide 4: Today's agenda
Today’s agenda Subsea introduction and Strategy update Welcome Jim Johnson, Chief Executive 2025 Financials and 2026 Guidance Bruce Ferguson, Finance Director Subsea Technologies Dane Tipton, Managing Director - Subsea Technologies Flexible Engineered Solutions (FES) Mark Stokes, General Manager - F
Slide 5: Key takeaways – 2030 Subsea Technologies revenue target now c.$470 million
Key takeaways – 2030 Subsea Technologies revenue target now c.$470 million Hunting is leveraging the multi - year subsea/offshore growth cycle – Target Subsea segmental revenue 2030 - $470m outlook remains strong 150 Following FES and OOR acquisitions, Hunting is targeting increased ‘share of wallet
Slide 6: Group portfolio – serving the life cycle of a well
Group portfolio – serving the life cycle of a well Increased revenue opportunity across the well life cycle OCTG PRODUCTION ADVANCED MANUFACTURING FLUID HANDLING PROD. ENHANCEMENT WELL INTERVENTION ENHANCED OIL RECOVERY DECOMMISSIONING ROCEPERFORATING $750m SURF TSJs VALVES AND COUPLINGS FIRST OIL T
Slide 7: $128 million of acquisition investment in Subsea Technologies since 2019
$128 million of acquisition investment in Subsea Technologies since 2019 Acquisition: Acquisition: Investment: Investment: Acquisition: Acquisition: RTI Energy Enpro Subsea Cumberland Additive OCTG JV with Jindal Organic Oil Flexible Eng. Systems (Spring) Holdings LLC SAW Ltd (India) Recovery Soluti
Slide 8: Hunting 2030 – further Subsea Technologies bolt-on acquisitions targeted
Hunting 2030 – further Subsea Technologies bolt - on acquisitions targeted $ 150 m Additional revenue p.a. by 20 % -25 % EBITDA margin businesses 2030 $ 75 m- $100 m SURF and SDS Targeted deal consideration Product additions (SURF – Subsea Umbilicals Risers and Flowlines) (SDS – Subsea Distribution
Slide 9: Hunting 2030 – a growth path led by offshore / subsea investment
Hunting 2030 – a growth path led by offshore / subsea investment STRATEGIC PILLARS 2 $ bn Revenue p.a. by 2030 $ 470 m 15 % Group EBITDA margin 50 % Or greater EBITDA to Free Subsea revenue p.a. by 2030 Cash Flow 15 % ROCE $ 750 m Cumulative Free Cash Flow 13 % p.a. Dividend increase $ 60 m Share bu
Slide 10: 2025 Financials and 2026 Guidance
2025 FINANCIALS AND 2026 GUIDANCE BRUCE FERGUSON 9
Slide 11: Year end trading update
Year end trading update* • Solid 7% year -on-year growth in EBITDA 2025 (unaudited) outturn of c.$135 million • EBITDA margin of 13% • Net cash / (debt) of c.$28 million • Total cash and bank / (borrowings) c.$59 -$61 million • Capital allocation priorities rebalanced - $33.5 million of share buybac
Slide 12: 2026 guidance
2026 guidance EBITDA $ 145 m - $ 155 m EBITDA margin c. 13 % - 14 % Effective tax rate 25% - 28% Adjusted diluted EPS Capex $ 40 m - $ 50 m Free cash flow conversion (post capex) c. 50 % 11
Slide 13: Strong oil demand outlook to 2050
Strong oil demand outlook to 2050 Liquids demand (million bopd ): 2015 - 2050 Commentators modelling a 120.0 delayed transition provides further support to industry investment into the medium 100.0 term 80.0 60.0 40.0 Strong oil and gas demand outlook to 2050 – robust industry investment required to
Slide 14: Subsea Technologies driving Group-level margin expansion
Subsea Technologies driving Group - level margin expansion Subsea Technologies revenue 160 - $m 50% 200 % increase in segment 140 45% revenue 40% 120 35% 100 30% $m 80 25% 60 20% 15% 100 % increase in segment 40 10% EBITDA margin 20 5% 0 0% 2019 2020 2021 2022 2023 2024 2025e Revenue - $m EBITDA mar
Slide 15: Subsea Technologies
SUBSEA TECHNOLOGIES DANE TIPTON 14
Slide 16: Macro trends driving subsea market
Macro trends driving subsea market Worldwide energy demand driving deep and ultra - deepwater growth Exploration success driving accelerated development of new basins EPCI contracting model dominates as operator workforce shrinks Adjusted diluted EPS SURF market growth leads with deepwater expansion
Slide 17: Robust market drivers led by FPSO and subsea tree awards
Robust market drivers led by FPSO and subsea tree awards Offshore O&G EPC awards - $billions FPSO market - $billions 64.3 62.5 57.3 49.3 19.65 14.3 32.0 13.06 2030 2025 2022 2025 2026 2023 2024 Source: Westwood Global Energy Group – October 2025 Sanctioned Expected Source: Mordor Intelligence No. of
Slide 18: Subsea growth strategy
Subsea growth strategy Organic growth • Systems -level sales integration – increasing product and service bundling opportunities • R&D of complementary technologies – filling gaps with high margin products Inorganic growth • M&A to further broaden product platform of integrated services for life of
Slide 19: A compelling platform following $82 million of acquisitions in 2025
A compelling platform following $82 million of acquisitions in 2025 Spring Stafford FES TITANIUM STRESS JOINTS METAL SEAL COUPLINGS RISER CONNECTORS Enpro IP OOR FLOW ACCESS MODULES 187 PATENTS (INC OOR) MICROBIAL EOR 18
Slide 20: Expanding our product offering and building on our common touchpoints
Expanding our product offering and building on our common touchpoints Fluid Handling, Marine & Subsea Services • Turret Systems SURF Technology • Fluid Transfer Swivels • Titanium Stress Joints • Pressure Balanced Weak Links • Steel Stress Joints • Hydraulic / Electric / Fiber Optic Stab Plates • Dy
Slide 21: Strong global deployment for Subsea product lines
Strong global deployment for Subsea product lines Hunting product deployment ⚫ Production and distribution ⚫ SURF ⚫ Intervention and decommissioning ⚫ Fluid handling, marine and subsea services ⚫ Organic oil recovery 20
Slide 22: Accessing entire supply chain provides cross-selling opportunities
Accessing entire supply chain provides cross - selling opportunities Independents Majors and IOCs Tier 1 OEMs EPCI • Diversified customer access - mitigates concentration risk • No longer tied to just the well construction phase of a subsea field - can now stay embedded for 10 –20 years over life cy
Slide 23: Customer lifetime value opportunity
Customer lifetime value opportunity + Initial Order Future Field Development Cross - sell Potential Significant (15yr+) time horizon INCREMENTAL as facility porches and tieback trees are completed VALUE GROWTH Manufacturing & Installation INCREMENTAL VALUE GROWTH Expansion across customer asset port
Slide 24: Case study: Guyana – $475 million revenue target across the life of field
Case study : Guyana – $475 million revenue target across the life of field Evolving life of field contribution Pig Launcher • Adoption of TPJ and DPT SURF TSJ/DPT / Recovery technology • Utilisation of metal seal couplers, DBSCs, PLRs, vent hatches and sea water intake systems • Multiple phase devel
Slide 25: Tailwinds driving strong tender pipeline for 2026
Tailwinds driving strong tender pipeline for 2026 2026 tracked opportunities by region 58 opportunities c.$ 300 m Africa RoW North America South America Asia Pacific Europe Source: Company 24
Slide 26: Subsea is targeting revenue of c.$200 million in 2026 and 8% CAGR thereafter
Subsea is targeting revenue of c.$200 million in 2026 and 8% CAGR thereafter Subsea 2025 – 2028 revenue and EBITDA profile - $m (pre - acquisition and OOR upside) c.8% CAGR 230 215 200 138 2027e 2026e 2028e 2025e 50 43 38 24 Revenue EBITDA Source: Company 25
Slide 27: Key takeaways – creating a platform of integrated services
Key takeaways – creating a platform of integrated services Strong tailwinds driving 2030 revenue and EBITDA goals Increased selling connectivity with our platform of integrated services Life of field revenue opportunities exist beyond initial equipment sales Adjusted diluted EPS c.$230 million reven
Slide 28: Flexible Engineered Solutions (FES)
FLEXIBLE ENGINEERED SOLUTIONS (FES) MARK STOKES 27
Slide 29: Specialists in engineered fluid transfer solutions
Specialists in engineered fluid transfer solutions FES product deployment • Established in 1997 with over 40 years’ experience • Operates globally in oil and gas / renewable energy sectors • Three divisions – Fluid Handling, Subsea & Marine providing diverse portfolio of proprietary products • Diver
Slide 30: High return / low working capital business model provides resiliency
High return / low working capital business model provides resiliency • Full life of field partnering with clients via extensive product range or from client concept • Manufacturing managed through approved sub -vendors, with in -house welding and fabrication capabilities • Integrated QMS with ISO900
Slide 31: Strong product portfolio providing cross-selling and new sales entry points
Strong product portfolio providing cross - selling and new sales entry points Fluid handling FIXED & HYDRAULIC / PRESSURE DIVERLESS BEND FLUID TRANSFER DISCONNECTABLE ELECTRIC / FIBRE BALANCED WEAK STIFFENER SWIVELS TURRET SYSTEMS OPTIC STAB PLATES LINK COUPLINGS CONNECTORS Subsea HOT STABS & PIG LA
Slide 32: Multiple product line additions contributing to the expanded offering
Multiple product line additions contributing to the expanded offering FPSO (Fixed): FPSO (DP): • Connectors/Receptacles Fixed Rigs: • Turrets • Bunker Stations • Bunker Stations • Swivels • Seawater Intake • Pig Launcher / • Stab Plates • Pig Launcher / Receiver Receiver • Bunker Stations Single Poi
Slide 33: Driving the 'one-stop shop' strategy for key equipment
Driving the ‘one - stop shop’ strategy for key equipment Development Expanded product offering Oil majors and shipyards SURF contractors and installers OEMs – riser and umbilical vendors Simplified supply chain Increased vendor and contracting touchpoints 32
Slide 34: Solutions not just grouped products
Strategic bundling by creating value beyond individual products Solutions not Pricing to Value -based Solving pain just grouped reflect offering, cost points for products value savings and customers convenience Packaging Seamless FES PLR & Pull -Head mounted on Hunting TSJ operational customer effic
Slide 35: Case study: Petrobras
Case study : Petrobras Client: Product: Diverless unified support tube (TSUDL) Region: • Successfully delivered 15 TSUDL units to P -82 FPSO • Scope included prototype TSUDL design never previously supplied • Connects both fixed & flexible risers via same connector • Design incorporated hydraulic &
Slide 36: Supporting Hunting's non-oil and gas strategy
Supporting Hunting’s non - oil and gas strategy • Leveraging proprietary connectors to build presence in floating offshore wind (FOW) market • Pilot installations in France and UK have moved offering from ‘proof of concept’ stage to commercialisation • Emergency release systems under development to
Slide 37: Stronger together with integration on track
Stronger together with integration on track • Phase 1 on-boarding and integration project complete, strong 'First 100 days' People and indicators culture • Strong working relationships established with aligned QAHSE and compliance cultures IT • Fully integrated into Hunting's global IT infrastructur
Slide 38: Key takeaways – integrating critical equipment
Key takeaways – integrating critical equipment Broader product offering for SURF and SDS markets Simplified supply chain provides more efficient vendor dialogue Bundling of products to provide solutions for clients to build higher value relationships Adjusted diluted EPS Non - oil and gas revenue op
Slide 39: Organic Oil Recovery
ORGANIC OIL RECOVERY CHRIS VENSKE 38
Slide 40: What is enhanced oil recovery?
What is enhanced oil recovery? IOR Improved Oil Recovery 350 m bbls OIIP Average Offshore Oilfield Size EOR Enhanced Oil Recovery Primary Recovery Secondary Recovery Tertiary Recovery c. 10 -15 % . (Water flood, (OOR) Tertiary Recovery Potential Artificial Lift, etc.) Oil Production Rate 3 -10 years
Slide 41: OOR – multiple benefits for operators, delivering higher project returns
OOR – multiple benefits for operators, delivering higher project returns PHASE 1 PHASE 2 PHASE 3 PHASE 4 Vadose Zone Capillary Fringe Water Table Unconsolidated Sediment (saturated) Pore Network Sedimentary Rock Igneous Rock Oil / Droplet OOR nutrients flow with injected water Fracture Lower water c
Slide 42: OOR is a lower capex / opex solution for operators
OOR is a lower capex / opex solution for operators Current EOR solutions and relative implementation cost Existing infrastructure Chemical Technical advantage 500,000,000 kg/yr 50,000,000 kg/yr Gas Injection Low injected volume Operational advantage 5,000,000 kg/yr Thermal Volume of Product Injected
Slide 43: Real world results
Real world results Oil production ( bopd ) c. 75 % Production above baseline OOR Treatments Begin Quarterly Oil Production (bbl/day) Injection frequency Free cash flow 2023 2024 2025 Significantly unlocked INCREMENTAL OIL PRODUCTION bopd DCA PRODUCTION Source: Company 42
Slide 44: Reduction in H2S production decreases maintenance costs
Reduction in H 2 S production decreases maintenance costs H 2 S monitoring Pre - injection sample 7% 24% 300 16 14 250 12 200 69% 10 H 2 S in Gas ( ppmv ) H2S in Oil (mg/kg) H 2 S levels increasing 150 8 6 Sample #4 1% 100 4 50 OOR Treatment 2 Begins 0 0 2013 2014 2016 2017 2019 2020 2021 2023 2024
Slide 45: Opportunities ahead
Opportunities ahead Scales rapidly OOR revenue model $160 Technical advantage $140 Annual revenue - $m $120 $100 $80 Low risk proof of concept $60 $40 Operational advantage $20 $0 1 2 3 4 5 Year Field #1 Field #2 Field #3 Field #4 Field #5 OOR FIELD OPERATIONS TIMELIME Field screening of Select targ
Slide 46: Current customer activity
Current customer activity Activity and location Proof of Concept Stage 45
Slide 47: Route to revenue of $100 million p.a. by 2030
Route to revenue of $100 million p.a. by 2030 ACHIEVED SINCE MILESTONES ACQUISTION Key strategic Primary Western hemisphere expansion hires laboratory upgrade MILESTONES FORWARD Accelerate customer decision- Scale blending capabilities Scale analysis capabilities making from months to days in key ge
Slide 48: Key takeaways – an EOR solution gaining customer traction
Key takeaways – an EOR solution gaining customer traction A game changing technology for the industry Accelerating commercialisation post - acquisition Multiple client benefits – multiple entry points into the production life cycle Adjusted diluted EPS Targeting $100 million p.a. of revenue by 2030
Slide 49: Summary & Q&A
SUMMARY & Q&A JIM JOHNSON 48
Slide 50: Summary
Summary • The subsea/offshore market is providing strong revenue growth and a higher value sales opportunity for Hunting • End - to- end revenue potential from exploration to decommissioning • Strong margin products and higher visibility sales adds to more stable profits and cash generation • Our pr
Slide 51: Gsuntinc
Gsuntinc