Hunting Plc · LSE:HTG
Hunting — FY2025 Earnings Presentation
41 slides from Hunting's earnings presentation, Mar 5, 2026
Slide 1: Precision Engineering Strategic Expansion and Operational Delivery
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY HUNTING PLC RESULTS PRESENTATION FOR THE YEAR ENDED 31 DECEMBER 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 and webcast (together the “Presentation”) have been prepared by Hunt
Slide 3: Operational highlights
Operational highlights Robust delivery of Hunting 2030 objectives Revised capital allocations announced • $64.8m acquisition of Flexible Engineering Solutions in June 2025 to • Commitment to increase dividend distributions by 13% p.a. to the end of build out subsea offering. the decade – total divid
Slide 4: Financial and non-financial highlights
Financial and non - financial highlights Financial highlights Non - financial highlights Market highlights Revenue Free Cash Flow Internal manufacturing reject rate Average WTI crude oil price $ 1,018.8 m $ 96.6 m 0.20 % $ 65 per bbl (2024 – $1,048.9m) (2024 – $139.7m) (2024 – 0.31%) (2024 – $76 per
Slide 5: Hunting 2030 scorecard - delivering and on track
Hunting 2030 scorecard - delivering and on track CMD OBJECTIVE CMD OBJECTIVE CMD OBJECTIVE CMD OBJECTIVE Rationalise underperforming Medium-term conversion of 50% Medium-term EBITDA margin of Increase profitability and cash businesses and streamline cost or more 15% generation through strong balance
Slide 6: Strong EBITDA growth delivered in the year
Strong EBITDA growth delivered in the year EBITDA - $135.7m EBITDA Margin 13% 0.1 23.7 19% 17% CMD target 15% 10.3 13% 9% 13.9 87.7 6% OCTG 0% Perforating Systems OCTG Subsea Advanced Perforating Other Group Advanced Manufacturing Manufacturing Systems Manufacturing Subsea Source: Company Other Manu
Slide 7: Acquisition update – accelerating contribution to long-term growth
Acquisition update – accelerating contribution to long - term growth FLEXIBLE ENGINEERED SOLUTIONS ORGANIC OIL RECOVERY • Progress with order book on key global projects • Production DOUBLED in Battery 3 area Sea Lion (Falklands); and Kaskida (Gulf of America) • Water cut slashed 80% 0% • Other oppo
Slide 8: OCTG global progress – global revenue delivered in the year
OCTG global progress – global revenue of $ 468 m delivered in the year TEC - LOCK sales up 55% y - o- y Jindal Hunting JV – PAT contribution $3.3m # of TL threads cut (2024 – $2.3m) 300,000 250,000 200,000 115,708 joints threaded in 2025 150,000 100,000 50,000 0 2018 2019 2020 2021 2022 2023 2024 20
Slide 9: Non-oil and gas progress - $82.9m of revenue booked
Non - oil and gas progress - $82.9m of revenue booked - up 10% y - o- y Revenue - $m 82.9 • Strong progress within Dearborn business unit – 75.9 75.1 non-oil and gas sales order book now c.$99 million, driven by power generation, aerospace and commercial space opportunities. • Trenchless business un
Slide 10: Cost reductions and restructuring
Cost reductions and restructuring $15m cost saving plan announced today – to be completed by 2028, driven by : • Streamlined SG&A costs, including roll out of shared service functions in North America and EMEA. • Further review of global footprint and cost base. • 17 th year of our Group -wide lean
Slide 11: Balance sheet efficiency driving cash flow and higher shareholder returns
Balance sheet efficiency driving cash flow and higher shareholder returns Inventory turns -# Dividends declared - cent s per share 13.0 3.0 3.1 11.5 10.0 2.3 2.3 9.0 2.1 8.0 2021 2021 2022 2023 2024 2025 2022 2023 2024 2025 Free cash flow - $m Share price -% 139.7 96.6 2021 2022 2023 2024 54.0 2025
Slide 12: Product group review
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY PRODUCT GROUP REVIEW 11
Slide 13: Product group review: OCTG
Product group review: OCTG Global growth driven by • KOC 1.0 and 2.0 orders continued in the year supporting global sales growth, and lower year end order book. leading premium • North America market share gains driven by TEC -LOCK semi -premium connection offering. connection technology • Well comp
Slide 14: Product group review: Subsea
Product group review: Subsea Unique, patent protected • New order wins in Gulf of America, Guyana and Black Sea contributing to stronger outlook in year ahead. technologies to • Project timings and sales mix leading to lower revenue and profit in 2025. accelerate • Subsea tree awards and new FPSO bu
Slide 15: Product group review: Perforating Systems
Product group review: Perforating Systems Technology to drive • Restructuring and focus on efficiencies delivered strong increase in EBITDA in the year. completion • International market growth anticipated out to 2028 -29 driven by South America and Middle East markets. efficiency • Market share gai
Slide 16: Product group review: Advanced Manufacturing
Product group review: Advanced Manufacturing Precision • Revenue and profit lower due to slower Electronics business in the year. • Dearborn accelerating non -oil and gas sales - $99m order book within aviation, engineering commercial space, defence, medical and power generation markets. • Opportuni
Slide 17: Product group review: Other Manufacturing
Product group review: Other Manufacturing Capabilities to support • New facility in Dubai opened in September 2025, housing well intervention and well testing businesses to align with growing Middle East market. a changing industry • Sales down in the year predominantly driven by transfer of assets
Slide 18: Finance report
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY FINANCE REPORT 17
Slide 19: Financial overview – another robust year of earnings growth
Financial overview – another robust year of earnings growth EBITDA up 7% to Non - oil and gas Adjusted diluted Sales order book Return on average $135.7m. EBITDA revenue $82.9m, up earnings per share normalised at capital employed margin 13% 10% up 9% from 31.4 $358.0m providing 10% (2024 – 9%) cent
Slide 20: OCTG leading sales in 2025, supported by non-oil and gas increase
OCTG leading sales in 2025, supported by non - oil and gas increase Revenue by Product - $m 79.7 2025 2024 2023 $m $m $m Oil and gas 935.9 973.8 853.2 138.1 Non -oil and gas 82.9 75.1 75.9 1,018.8 1,048.9 929.1 467.5 112.4 OCTG Perforating Systems Advanced Manufacturing 221.1 Subsea Other Manufactur
Slide 21: Earnings and profitability growth delivered in the year
Earnings and profitability growth delivered in the year Adjusted Group Income Statement* 2025 2024 $m margin $m margin Revenue from oil and gas 935.9 ) 973.8 ) Revenue from non -oil and gas 82.9 ) 75.1 ) Revenue 1,018.8 ) 1,048.9 ) Gross profit 279.8 ) 27% 271.9 ) 26% EBITDA* 135.7 ) 13% 126.3 ) 12%
Slide 22: Product groups and operating segments 2025 performance
Product groups and operating segments 2025 performance Subsea Asia EBITDA Hunting North External Titan America Technologies EMEA Pacific Revenue EBITDA Margin $m $m $m $m $m $m $m $m OCTG 1.8 216.4 - 26.1 223.2 467.5 87.7 19% Perforating Systems 213.2 - - 7.9 - 221.1 13.9 6% Advanced Manufacturing 6
Slide 23: Strong balance sheet
Strong balance sheet Group Balance Sheet 31 December 2025 31 December 2024 Working capital to revenue -% $m $m Property, plant and equipment 250.9 ) 252.8 ) 35 % 33 % Right -of-use assets 28.9 ) 28.3 ) Goodwill and other intangible assets 165.7 ) 84.5 ) 29% Associates and joint ventures 12.7 ) 9.2 )
Slide 24: Working capital improvements assisting cash generation
Working capital improvements assisting cash generation Cash conversion cycle (CCC) trend • Net inventory balance reduced by $65.8m during the year and a focus on reducing 410 80% quantum of trade payables and receivables. 75% 360 • Working capital to sales now c.33%, down 70% from 75% in 2020. 310 6
Slide 25: $62.9m of cash after $145m outflows for acquisitions and shareholder returns
$62.9m of cash after $145m outflows for acquisitions and shareholder returns $ million Total cash and bank / (borrowings) 350 300 7.4 18.0 250 135.7 (30.7) (18.0) 201.3 200 (9.7) (6.1) 150 (73.1) 104.7 100 (33.9) (19.1) 5.9 62.9 50 (18.2) 0 24
Slide 26: Order book providing visibility for 2026 and beyond
Order book providing visibility for 2026 and beyond Order book by product group – c.$358m Sales order book – 4 year look back 15.1 16.8 39.9 21.0 18.7 12.7 16.5 23.4 21.0 161.5 137.6 130 .0 116.2 76.7 152.2 72.5 105.1 120.7 249.7 196.5 120.7 222 .0 Other 23.4 Perforating Systems 2022 2025 2024 2023
Slide 27: 2026 Guidance remains unchanged
2026 Guidance remains unchanged EBITDA $ 145 m - $ 155 m EBITDA margin c. 13 % - 14 % Effective tax rate 25% - 28% Capex $ 40 m - $ 50 m Free cash flow conversion (post - capex) c. 50 % 26
Slide 28: Outlook
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY OUTLOOK 27
Slide 29: Strategic steps to deliver 2030 target EBITDA
Strategic steps to deliver 2030 target EBITDA Areas identified to achieve EBITDA ambition Non -Oil and Gas International growth with Titan Subsea bundling 2026 target EBITDA OCTG 2025 EBITDA New Technology 28
Slide 30: New Technology – driving new sales opportunities
New Technology – driving new sales opportunities Subsea OCTG Well Intervention Perforating Systems FIS Premium connection Opti-TEK Ballistic Release Gyroscopic Orientation technology Tubing Cutter Tool Tool FAM Opti-TEK Data Stem SEAL -LOCK and We are Wedge -Lock continuously expanding our product l
Slide 31: International sales opportunities driving revenue growth
International sales opportunities driving revenue growth Hunting Titan – International sales profile 2020 - 2027 ($m) 40.0e 30.0e 22.8 18.5 14.2 10.6 8.0 20 20 2026 2027 2025 2021 2022 2023 2024 3.7 Source: Company Argentina - $m Saudi Arabia - $m Source: Company 30
Slide 32: OCTG – further global growth planned across multiple geographies
OCTG – further global growth planned across multiple geographies Introduce TEC - LOCK into international Build out manufacturing capabilities in India, markets – as unconventional resource Malaysia and Indonesia development accelerates Build on Guyana Accessories success with Focus on delivering new
Slide 33: Non-Oil and Gas – potential to more than double current sales
Non - Oil and Gas – potential to more than double current sales Additional $100m of sales identified within current core competencies • $25m of short -term • P&W engine shaft • Rotor shafts for • Power generation • $8m of nuclear orders opportunities identified work continuing to Sikorsky continue t
Slide 34: Subsea bundling – multiple opportunities being captured
Su bsea bundling – multiple opportunities being captured from current portfolio Existing projects New Spring / FES: Sakarya, Tiber, Longtail, Venus, Geng N projects FES: Hammerhead New geographies New solutions Indonesia, Angola OOR with ExxonMobil and Brava 33
Slide 35: Summary
Summary • 2025 strong delivery of Hunting 2030 milestones - acquisitions completed, financial results improved. • EBITDA margins approaching 15% - underperforming businesses addressed and positioned for growth. • Revised capital allocations - $190m of dividends projected now to 2030. • $100m of shar
Slide 36: Appendicies
PRECISION ENGINEERING STRATEGIC EXPANSION AND OPERATIONAL DELIVERY APPENDICIES 35
Slide 37: Strong cash flow generation
Strong cash flow generation Working Capital 2025 2024 $m $m EBITDA 135.7 ) 126.3 ) Add: share based payments 12.7 ) 14.1 ) 148.4 ) 140.4 ) Working capital movements 18.0 ) 53.3 ) Capital investments (tangible and intangible assets) (40.6) (30.1) Lease payments (9.7) (8.9) Net interest and bank fees
Slide 38: Working capital
Working capital Working Capital 2025 2024 $m $m Inventories - Hunting Titan 99.0 107.8 ) - North America 81.8 98.7 ) - Other segments 56.7 96.8 ) Net inventories 237.5 303.3 ) Receivables 238.3 262.4 ) Payables (139.9) (210.2) Total 335.9 355.5 Working capital to annualised revenue 33% 29% Inventory
Slide 39: ESG and Sustainability
ESG and Sustainability 2 6,142 50 % ESG Ethics and Sustainability meetings in 2025 of the Board are women Scores Scope 1 emissions (2024 – 2) (2024 – 3,630 tonnes CO (6 March 2025 – 50%) 2 e) 1Contractor f atality in 2025 20.4 (2024 – zero) 23 % 19 Recordable incidents of entire workforce are women
Slide 40: ESG and Sustainability
ESG and Sustainability Skilled employees driving quality and HSE – Manufacturing reject rate Renewable energy purchases - % of total electricity purchased 0.35% 60% 0.30% 50% 0.31% 0.25% 50% 40% 0.20% 0.20% 0.20% 30% 0.15% 20% 26% 0.10% 0.13% 23% 21% 20% 10% 16% 0.05% 12% 0% 4% 0.00% 2022 2023 2024
Slide 41: Gsuntinc
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