Hunting (LON:HTG) used its 2026 Annual General Meeting to highlight a “strong financial performance” in 2025, provide a first-quarter trading update, and discuss progress on its long-term 2030 strategy, including acquisitions, capital returns, and diversification efforts.
Chair highlights 2025 performance and Q1 trading update
Stuart Brightman, Non-Executive Company Chair, opened the meeting by saying 2025 delivered “a further year of strong financial performance,” alongside increased shareholder distributions and continued execution of the company’s 2030 growth initiatives.
According to Brightman, all product groups traded as expected, with Perforating Systems sales in North America performing ahead of expectations as “higher quality revenue and stronger production efficiencies continue to lift profitability.” He said full-year guidance was unchanged, with the company maintaining an EBITDA range of $145 million to $155 million. Brightman added that results are expected to be second-half weighted, with about 40% of earnings in the first half and 60% in the second half.
He also noted that as of April 14 the group’s sales order book was $428 million, compared with $358 million at the end of December 2025. Brightman said the company had recently secured new orders for titanium stress joints for its fifth major project in Guyana, with work to be completed through 2026 and into 2027.
CEO outlines strategy milestones, acquisitions, and portfolio shifts
Chief Executive Jim Johnson told shareholders he believed “there’s probably never been a better time to be an investor in Hunting,” arguing that “energy security matters” and that “the age of hydrocarbons is not disappearing anytime soon.” While reaffirming the company’s focus on its core energy business, he said Hunting is also looking to diversify, citing its Advanced Manufacturing group.
Johnson said the company achieved a number of objectives tied to its 2030 strategy in 2025, including completing two acquisitions. He said Hunting expanded its subsea footprint with the acquisition of FES and was “very pleased with how that integration has gone.” He also discussed the acquisition of Organic Oil Recovery (OOR), describing it as a move that brought technology in-house that Hunting previously did not own. Johnson said the acquisition removed geographic limitations that had existed under a licensing structure: “The chains are off.”
Johnson also pointed to the completion of “the biggest orders in the company’s history for OCTG” for KOC, while noting that anticipated additional orders may be affected by uncertain timing due to regional turmoil. He said Hunting opened a new Dubai facility to be closer to customers, describing it as partly driven by the need to downsize European operations. Johnson also said the company disposed of Rival and “exit[ed] the drilling tools business in total,” characterizing the segment as cash-intensive.
On capital returns, Johnson said the company’s capital allocation approach has changed over the past 12 months, emphasizing share buybacks. He said the buyback program has helped demonstrate demand for Hunting shares in the market.
Business unit commentary: OCTG, Subsea, Titan, and non-oil and gas
Johnson highlighted what he described as market share gains in OCTG, particularly in North America, as customers extend lateral lengths and require high reliability. He said Hunting’s completion and accessory business benefited from activity in Guyana through service companies including Schlumberger and Halliburton. Johnson also said the company’s Indian joint venture remained busy and contributed to earnings.
On subsea, Johnson described the segment as a strategic pivot since 2019 aimed at reducing reliance on North America land and increasing the company’s global exposure. He said the company is pursuing product-line synergies and “more bundling in front of clients.” He noted an uptick in North Sea abandonment work for the Enpro business, while describing most other subsea work as new development globally, “especially driven by all the activities in Guyana.”
Johnson called Titan “one of the best stories in the last 12 months,” citing market share growth in North America despite a flat market, as well as steady international growth. He attributed performance to product quality, dependability, and technology.
In Advanced Manufacturing, Johnson said Hunting saw an “uptick” in nuclear-related work and continued strength in traditional aerospace. He also said Hunting supplies products to Caterpillar linked to natural gas-fired power generation, tying the opportunity to increased electricity demand from areas such as data centers. Johnson added that Hunting’s electronics business had a weaker year because it remained more heavily oil-and-gas focused, but said the business recently won work related to space.
Shareholder questions: long-term energy transition and OOR outlook
During Q&A, shareholder Richard Morris asked about the company’s very long-term future and whether Hunting expects the oil industry to continue. Brightman responded that renewables remain important and described an “all of the above” approach, pointing to a focus on non-oil and gas, as well as potential opportunities in geothermal and nuclear. He also referenced interest in digital and AI technology and said he remained bullish “far out as 2050.” Johnson said Brightman had “said it well” and did not add further.
Lindsay Hunting of Hunting Investments Limited asked about the 10% Q1 margin, which he said “feels like a bit of a miss,” and requested more detail on OOR’s outlook for 2026. In response, management said the 10% blended margin reflected seasonality and product mix, while noting March was strong and reiterating a goal of reaching a 15% EBITDA margin. Management said it expected to be “above budget” and “close to that 15% EBITDA margin target for the year.”
On OOR, management said customer engagement is global and cited results from Buccaneer in the U.S., saying production doubled after a first treatment on a U.S. land well. Management also referenced customer activity in Oman and Pakistan, and noted trials with Harbour in the North Sea had been ongoing for six to nine months, with two treatments completed. Management said it was seeing “microbial breakthrough” and expected to see increased production and reduced water cut in the following weeks.
Management said OOR results “take time” but are expected to “play out throughout 2026,” with more impact in 2027 and beyond. It also said the 2026 budget includes “around about $20 million” for OOR and reiterated a target of $100 million in revenue by the end of 2030.
AGM voting and close
Brightman concluded the meeting by moving to the formal business of the AGM, confirming voting on all resolutions would be conducted via poll with Equiniti appointed as poll scrutineer. He said results would be announced later in the day and published on the company’s website.
About Hunting (LON:HTG)
Hunting is a global precision engineering group, which provides quality-assured products and services for the energy, aviation, commercial space, defence, medical, and power generation sectors.
Our strong focus on quality assured products, supported by rigorous health and safety procedures, ensures we assist in the delivery of energy safely and it is also the basis of our standing in this critical, global industry.
Our intellectual property portfolio enables the Hunting Group to maintain a leading technology edge, so that energy projects are delivered quicker and at lower cost with minimal impact on the environment.
Our people are our most important asset.
