Hunting PLC Reports Mixed H1 2026 Results Amid Strategic Shifts
Event summary
- H1 2026 revenue declined 6% YoY to $497.0m, with EBITDA down 12% to $62.1m due to absence of KOC orders and slower activity in Advanced Manufacturing.
- Subsea and Perforating Systems product groups performed well, while OCTG and Advanced Manufacturing lagged.
- $63.5m titanium stress joint orders secured for ExxonMobil in Guyana, to be delivered by 2027.
- Interim dividend increased by 13% to 7.0 cents per share.
- Chief Executive Jim Johnson to retire; search for successor underway.
The big picture
Hunting PLC's H1 2026 results reflect a mixed performance, with strong gains in Subsea and Perforating Systems offset by declines in OCTG and Advanced Manufacturing. The company is navigating geopolitical risks in the Middle East while pushing forward with cost reductions and a leadership transition. The strategic repositioning in Subsea and focus on high-margin product groups align with long-term growth ambitions, but near-term volatility remains a challenge.
What we're watching
- Geopolitical Risk
- How Middle East instability will affect Hunting's tendering activity and medium-term growth prospects in the region.
- Operational Efficiency
- Whether the $15m cost reduction plan by 2027 can offset revenue declines in lagging product groups.
- Leadership Transition
- The pace at which the new CEO can maintain strategic momentum amid portfolio transformation.