Hunting has reaffirmed that FY24 EBITDA will be in line with October’s revised US$123m-126m guidance, the midpoint of which represents c.22% y-o-y progress. As previously noted, the OCTG and Subsea product groups have delivered strong performances while Hunting Titan/Perforating Systems (PS) has had to contend with depressed North American onshore activity levels. Some restructuring actions are anticipated in FY25 – our estimates being unchanged and in line with guidance – but the company’s stronger than expected net cash position provides good M&A optionality.