Hunting plc Q3 update 28 Oct 2026

While below earlier expectations, Hunting is still ending FY26 on a firm trading note overall with good cash generation. The company’s Q3 trading update points to EBITDA of U$89m for the first nine months of FY26, with a c.12% margin. Implied Q3 EBITDA of U$27m is ahead of Q1 but down from the strong Q2 outturn and, year-on year, EBITDA is c.11% lower for the nine-month period, substantially due to stronger OCTG deliveries in the prior year. Divisionally, Subsea Technologies is trading robustly though both Hunting Titan and North America now anticipate a slowing in delivery rates to the year end. EMEA and Asia-Pacific are broadly trading as expected though both have also been impacted at the margin by Middle East exposure. We have trimmed our below consensus FY26 EBITDA by U$8m (or 6%) to the lower end of the revised U$128m-133m guidance range, while Our estimates beyond the current year are unchanged. Year-end net cash guidance of U$40m-45m, implies an expected Q4 net inflow in excess of U$50m. Our unchanged 502p per share fair value remains comfortably above the current share price. With a decision on the re-tendered large KOC order pending, we see positive order book development as the next likely catalyst for upwards momentum. Read our research note here: https://www.equitydevelopment.co.uk/research/fy26e-ebitda-trimmed-by-6-to-revised-guidance