Research on Hunting PLC (HTG:LON) from Equity Development
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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