Hunting H1 Trading Update 15 July 2026

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.