Hunting is a global engineering group that provides precision-manufactured equipment and premium services with a diverse product portfolio. The company has a global service footprint from operations in 9 countries including 25 production locations and 14 distribution centres. Hunting is seeking to grow rapidly in adjacent Energy Transition product sub-sectors as well as deepening its presence in other non-oil & gas ones.

15 Jul 2026

Subsea boosts profitability in a positive Q2

Hunting has confirmed a strong Q2 performance and reiterated existing guidance for profitability and year end cash for 2026.

The Subsea and Perforating Systems Product Groups both made good progress in H1. Subsea’s favourable order book development, (and a maiden H1 contribution from FES) together with further improvements from share gains at Perforating Systems, are understood to be behind this sequential uplift.

Year-on-year, this H1 EBITDA performance is just over 10% below H1 25 as the comparative/Q1 period featured elevated OCTG order deliveries. Acknowledging that group H1 EBITDA is lower y-o-y, Q2 trading stands up well against the quarterly performances seen across FY25.

Our estimates and 502p per share fair value are unchanged.

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