Hunting PLC (LSE: HTG; OTC: HNTIF) Reports Mixed First-Half Results as Subsea Strength Offsets Softer Markets

• Hunting reported first-half 2026 revenue of $497.0 million, down 6% from the prior-year period, while EBITDA declined 12% to $62.1 million.
• Strong margins and growth in the Subsea product group, along with improved Perforating Systems performance, partly offset weaker results in other businesses.
• The company lowered its 2026 EBITDA guidance after a delay in a Kuwait Oil Company tender process.

Hunting PLC (OTC: HNTIF) is a global precision-engineering group whose primary listing is on the London Stock Exchange under the ticker HTG. The company provides equipment and services to energy customers and also serves selected non-oil-and-gas markets.

On August 21, 2026, Hunting reported results for the six months ended June 30, 2026. Revenue was $497.0 million, compared with $528.6 million in the first half of 2025, representing a 6% decline. EBITDA fell 12% to $62.1 million, and the EBITDA margin narrowed to 12% from 13%.

Adjusted diluted earnings per share were 15.2 cents, down from 19.6 cents a year earlier. The company’s IFRS diluted earnings per share, however, increased to 15.0 cents from 12.1 cents, reflecting substantially lower one-off adjusting items in the 2026 period. Therefore, the results should not be described simply as an earnings beat without citing a specific, comparable analyst-consensus estimate.

Hunting said its Subsea and Perforating Systems product groups delivered notable year-over-year revenue growth. Management attributed the Subsea segment’s stronger margins to recent order momentum, improved trading conditions, and the contribution from Flexible Engineered Solutions, acquired in June 2025. These gains were offset by lower results in OCTG, Advanced Manufacturing, and Other Manufacturing.

Cash flow was weaker during the first half. The company reported a free-cash-flow outflow of $27.8 million, compared with an inflow of $66.2 million a year earlier, as working-capital investment increased. Net debt was $51.4 million at June 30, compared with net cash of $44.7 million a year earlier.

Hunting reduced its 2026 EBITDA guidance to between $138 million and $141 million. The company said a delay in the Kuwait Oil Company tender process would reduce 2026 EBITDA by about $10 million, although it expects its working-capital investment to unwind during the second half. The board nevertheless increased the interim dividend by 13% to 7.0 cents per share.