PRECISION ENGINEERING
STRATEGIC EXPANSION AND
OPERATIONAL DELIVERY
Hunting PLC
Annual Report and Accounts 2025
At a Glance
We are Hunting
Hunting is a global precision
engineering group, which provides
quality-assured products and services
for the energy, aviation, defence,
medical, and power generation sectors.
Contents
2025 has seen the
delivery of key growth
objectives including the
completion of two
acquisitions and further
facility investment in the
Middle East.
Visit our 2025 online reporting
site to watch and read more:
huntingplc.com
Hear from Jim Johnson
Chief Executive
Strategic Report
At a Glance
IFC
Company Chair’s Statement
4
Hunting 2030 Strategy
6
Our Investment Proposition
11
Key Performance Indicators
12
Market Indicators
13
Business Model
14
Chief Executive’s Report
28
Product Group Review
32
Operating Segment Review
43
Group Financial Review
48
ESG and Sustainability
56
Task Force on Climate-related Financial
Disclosures (“TCFD”)
74
Risk Management and Internal Controls
87
Viability Statement and Going Concern
99
Section 172(1) Statement
101
Corporate Governance
Introduction to Corporate Governance
104
Board of Directors
106
Executive Committee
108
Corporate Governance Report
109
Nomination Committee Report
122
Ethics and Sustainability Committee Report
124
Remuneration Committee Report
127
– Remuneration at a Glance
131
– Annual Report on Remuneration
133
Audit and Risk Committee Report
144
Executive Committee Report
151
Internal Controls Committee Report
151
Directors’ Report
152
Financial Statements
Independent Auditor’s Report to
the Members of Hunting PLC
156
Consolidated Income Statement
168
Consolidated Statement of
Comprehensive Income
169
Consolidated Balance Sheet
170
Consolidated Statement of Changes in Equity
171
Consolidated Statement of Cash Flows
172
Notes to the Consolidated Financial Statements 173
Company Balance Sheet
227
Company Statement of Changes in Equity
228
Notes to the Company Financial Statements
229
Other Information
Non-GAAP Measures
236
Financial Record
244
Shareholder and Statutory Information
245
Glossary
247
Professional Advisers
251
Highlights 2025
Financial highlights
Non-financial highlights
Market highlights
Revenue
$
1,018.8
m
(2024 – $1,048.9m)
Internal manufacturing reject rate
0.20
%
(2024 – 0.31%)
Average WTI crude oil price
$
65
per bbl
(2024 – $76 per bbl)
EBITDA*
$
135.7
m
(2024 – $126.3m)
Scope 1 and 2 GHG emissions
tonnes CO
2
e
23,206
(2024 – 22,233)
Global drilling capital
investment
$
184.5
bn
(2024 – $191.4bn)
Profit before tax
$
65.5
m
(2024 – $(33.5)m loss)
Total recordable incident rate
0.75
(2024 – 0.93)
Global average rig count
1,775
(2024 – 1,899 restated)
*Non-GAAP Measure see NGM C on pages 237 to 238.
Revenue
$m
221.8
72.3
363.3
138.2
223.2
EBITDA*
$m
13.1
69.1
23.3
(7.0)
37.2
At a Glance
continued
Operating segments and our global locations
*Non-GAAP measure see NGM C on pages 237 and 238.
Operating segments
Hunting Titan
North America
Subsea Technologies
EMEA
Asia Pacific
Hunting global locations
Hunting Titan
North America
Subsea Technologies
EMEA
Asia Pacific
Joint Ventures and associates
Head Office
Operating sites
25
Distribution centres
14
Year-end employees
(including head office)
2,246
Hunting PLC
Annual Report and Accounts 2025
1
Strategic Report
Corporate Governance
Financial Statements
Other Information
At a Glance
continued
Perforating Systems
OCTG
Product groups
During 2025, Hunting delivered another
year of EBITDA growth, driven primarily
by our OCTG and Perforating Systems
product groups.
To deliver longer-term revenue growth,
the Company completed two strategic
acquisitions. Flexible Engineered Solutions
joined our Subsea platform, enhancing the
Group’s capabilities in the global FPSO
arena. In addition, we acquired the Organic
Oil Recovery business from its founding
shareholders, which will accelerate the
commercialisation of this innovative
technology. Hunting’s balanced product and
technology platform is applicable to most oil
and gas resources and extends across the
producing life of a typical oil and gas well
providing multiple sales opportunities.
Hunting’s Perforating Systems product offering
includes integrated gun systems, energetics
and instruments for the energy sector. The
Group’s perforating gun systems offer an
integrated well completion solution to clients,
which increases safety and efficiency. Hunting’s
energetics products improve firing accuracy
and efficiency. Complementing these products,
Hunting supplies instruments, detonation cord,
and other critical components, enabling us to
deliver the most comprehensive onshore
completion solutions available in the market.
Hunting’s Oil Country Tubular Goods (“OCTG”)
product offering includes premium connections,
accessories, and tubing. Our proprietary
connection technologies, which include
SEAL-LOCK™, WEDGE-LOCK™, and TEC-
LOCK™, are designed to meet the demands
of most oil and gas resource developments.
Hunting’s connection technology is also
applicable to the energy transition sector, serving
geothermal energy and carbon capture and
storage developments.
The Group provides an independent OCTG
supply chain to clients, sourcing through either
distributors in North America or steel mills in Asia
Pacific and India.
Reported through:
Hunting Titan
EMEA
Reported through:
Hunting Titan
North America
EMEA
Asia Pacific
READ MORE ON PAGES 32 AND 33
READ MORE ON PAGES 34 AND 35
Hunting PLC
Annual Report and Accounts 2025
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Strategic Report
Corporate Governance
Financial Statements
Other Information
Revenue
$m
221.1
138.1
467.5
112.4
79.7
At a Glance
continued
Advanced Manufacturing
Subsea
Other Manufacturing
EBITDA*
$m
13.9
87.7
10.3
23.7
0.1
Hunting’s Advanced Manufacturing product
offering leads the Group’s non-oil and gas
revenue diversification initiatives, delivering
high performance electronics and precision
engineered products, which are utilised in both
energy-related and non-oil and gas applications.
Our Electronics business manufactures high
temperature/high pressure printed circuit boards
used in downhole measurement tools as well as
serving other sectors such as the medical
industry. Our precision engineering business,
Dearborn, manufactures downhole tool housings,
periscope tubes, nuclear, aerospace engine
shafts, power generation turbine shafts and
products used in commercial space applications.
Hunting’s Subsea product offering comprises
four sub-groups: hydraulic couplings and valves,
used within subsea tree systems; titanium and
steel stress joints, which are applied to floating
production, storage and offloading (“FPSOs”)
facilities; diverless connectors and turrets, also
applied to FPSOs; and flow access modules
and flow intervention systems used in modular
offshore field developments. A consistent
theme of all these products is enabling the
safer and quicker delivery of oil and gas for
our customers and, therefore, cash flow from
offshore developments.
In addition, Hunting’s subsea products also
support the late-life and decommissioning phase
of offshore assets, providing modular access
systems, intervention tooling and engineered
connector solutions that enable safer, more
efficient and cost-effective decommissioning
operations.
Hunting’s Other Manufacturing products
include well intervention and testing equipment,
which is either sold to, or rented by, customers.
The Group’s trenchless technologies business
serves the global telecommunications sector.
Other Manufacturing also includes our licensed
Organic Oil Recovery (“OOR”) product, which is
an enhanced oil recovery technology solution
that increases oil well productivity while reducing
hydrogen sulfide (H
2
S) levels in the reservoir.
Reported through:
Hunting Titan
North America
Reported through:
Subsea Technologies
Reported through:
North America
EMEA
READ MORE ON PAGES 36 AND 37
READ MORE ON PAGES 38 AND 39
READ MORE ON PAGES 40 AND 41
*Non-GAAP measure see NGM C on pages 237 and 238.
Product groups
Perforating Systems
OCTG
Advanced Manufacturing
Subsea
Other Manufacturing
Hunting PLC
Annual Report and Accounts 2025
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Corporate Governance
Financial Statements
Other Information
Company Chair’s Statement
2025 has been another year of
strong delivery by your Company,
as management completed two
acquisitions and one divestment, in
line with the Hunting 2030 Strategy.
In July we announced revised capital
allocation priorities and committed
to a share buyback. Our increased
dividend guidance and buybacks
mean Hunting will be returning to
shareholders c.$290m to 2030,
supporting our strong outlook for
the Group over this timeframe.
Introduction
The acquisition of Flexible Engineered Solutions
(“FES”) broadens our exposure to the global
FPSO and offshore market, given its leadership
in fluid transfer solutions and subsea equipment.
FES also allows the Company to further bundle
and cross-sell our subsea products in the global
offshore market through our global footprint
leveraging our international sales force and
expertise in the subsea arena.
The acquisition of the Organic Oil Recovery
“OOR” technology enables an acceleration in the
deployment of this novel solution to customers
throughout our global business. This technology
extends the life of wells and increases the
economic life of a producing field, while
simultaneously reducing maintenance costs.
With the disposal of our interest in Rival
Downhole Tools, Hunting has been able to
recycle capital into higher return investments,
including M&A, further supporting our drive for
stronger returns and performance.
Our growth ambitions remain unchanged but,
as the year progressed, it has become clear that
the offshore and subsea segments of the oil and
gas industry are poised for strong momentum
into the medium term as these developments
have continued to accelerate.
The Directors have been impressed by the
commitment and delivery by the senior
leadership team during the year, particularly as
the macroeconomic and geopolitical backdrop to
the global energy industry became more volatile,
and I would like to thank Jim Johnson, our Chief
Executive, for leading the Group through this
trading environment, delivering strong financial
results and higher shareholder returns.
Market environment
During 2025, the macroeconomic and
geopolitical challenges and associated impact
to commodity prices were clearly evident with
WTI crude oil averaging $65 per barrel, which
represents a decline of 14% year-on-year.
However, we remain confident in our outlook
given our focus on the subsea and international
markets, as noted above.
To address these short-term challenges, the
Company continues to aggressively manage the
items within our control.
This has resulted in a major restructuring within
our EMEA operating segment and additional
cost reduction actions within other operating
segments of the Group, which have generated
improved margins.
To address a changing market, the Company
has invested in robust management development
that has enabled several leadership changes,
which has accelerated the margin improvements
reported through a combination of cost
reductions, technology initiatives, and customer
service.
Financial performance
Hunting delivered another year of robust financial
results resulting in increased profitability, ROCE,
and EPS.
The major factors generating these results were
the continued execution of the KOC project,
further growth in our OCTG business, and
margin improvement in our Perforating Systems
business through focused restructuring actions
and cost management.
EBITDA*
$
135.7
m
(2024 – $126.3m)
Dividend per share declared
13.0
cents
(2024 – 11.5 cents)
*Non-GAAP Measure see NGM C on pages 237 and 238.
Hunting PLC
Annual Report and Accounts 2025
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Strategic Report
Corporate Governance
Financial Statements
Other Information
Revenue was down 3% from $1,048.9m in 2024
to $1,018.8m in 2025, predominantly due to the
timing of customer projects.
Due to a stronger product mix and cost
reductions, EBITDA was $135.7m, up 7%
year-on-year. Our adjusted profit before tax
was $79.7m compared to $75.6m in 2024, an
increase of 5%. Statutory profit before tax was
$65.5m in 2025 compared to a loss of $33.5m
in the prior year.
Free cash flow conversion was 71% in the year at
$96.6m. This compared to $139.7m in 2024 and
remains well above our stated target of 50%, as
outlined at our 2023 Capital Markets Day. This
achievement was a result of continued working
capital efficiency improvements combined with
our stronger earnings.
During the year, the Company demonstrated its
ability to use the strength of the balance sheet
and free cash flow results to fund the two
acquisitions and increase returns of capital to
shareholders.
Capital allocation
Capital allocation is a fundamental area of
Board oversight. During the year, the Company
announced a targeted annual dividend increase
to the end of the decade, a share buyback
programme of $40m that was extended to
$60m, two acquisitions, and one divestiture.
Based on our success in the year, the Directors
are declaring a Final Dividend of 6.8 cents
per share (2024 – 6.0 cents), which takes our
total dividend for the year to 13.0 cents per
share (2024 – 11.5 cents) or an increase of
13%. The Final Dividend is subject to approval
at the Company’s Annual General Meeting on
15 April 2026.
Based on the strength of the balance sheet,
the confidence in our business outlook, and
input from major shareholders, the Company
determined that these were the most appropriate
allocations of capital in order to achieve our
long-term objectives.
Board profile
On 3 March 2025, we welcomed Cathy Krajicek
as a new, independent, non-executive Director of
the Company. Cathy succeeds Annell Bay, who
retired after ten years of service to the Company,
and provides important customer perspectives
for our long-term growth strategy, given her
experience of the upstream exploration and
production segment of the industry.
Culture
As noted elsewhere in this report, Hunting
completed its third all-employee engagement
survey, which showed further progress in the
engagement of the workforce and the initiatives
implemented by management to increase
development of our employees.
On behalf of the Directors, I would like to thank
our employees who are our most important asset
and who will be instrumental in the continued
delivery of our growth objectives to the end of
the decade and beyond.
Stuart M. Brightman
Company Chair
5 March 2026
Total dividends payable to shareholders in
respect of the financial year
$
19.6
m
(2024 – $18.2m)
Total distributions to shareholders in
respect of the financial year
$
53.1
m
(2024 – $18.2m)
How the Board supports our
strategy – overseeing long-term
growth opportunities
Flexible Engineered Solutions
– acquired in June 2025 for $64.8m
The addition of FES to the Hunting Group
broadens our subsea offering and will leverage
our presence in the global FPSO market.
READ MORE ON PAGE 29
Organic Oil Recovery
– acquired in March 2025 for $18.2m
With the purchase of the OOR technology
Hunting can now accelerate the
commercialisation of this exciting
enhanced oil recovery solution.
READ MORE ON PAGE 29
Company Chair’s Statement
continued
Hunting PLC
Annual Report and Accounts 2025
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Strategic Report
Corporate Governance
Financial Statements
Other Information
ESG and
sustainability
READ MORE
ON PAGE 10
Strong returns
READ MORE
ON PAGE 8
Growth
READ MORE
ON PAGE 7
Operational
excellence
READ MORE
ON PAGE 9
Hunting has four defined strategic pillars
to deliver growth in the long term
Hunting 2030 Strategy
Hunting 2030 financial and
investment return targets
We are targeting c.$2.0bn
of annual revenue
Our operational growth strategy is supported by
strong market fundamentals and independent
market commentary that points to sustained
demand for oil and gas and committed industry
capital expenditures. The Group has set a 2030
revenue goal of c.$2.0bn p.a., with 75% sourced
from oil and gas and 25% from non-oil and gas
sectors, including the energy transition sector.
Deliver ROCE greater than 15%
The Group is focused on retaining a strong
balance sheet and maximising its return on capital
employed (“ROCE”) through careful management
of its working capital. Management is targeting
to deliver ROCE of greater than 15% by 2030.
Management is also aiming to outperform our
peers by targeting a working capital to
annualised revenue of c.35%.
Increase dividend distributions
by a minimum of 13% per annum
We are seeking to return c.$220m of cash
to shareholders, primarily through dividend
distributions, with the Board targeting a steady
increase of 13% annually to 2030. Details of the
increase can be found on page 8.
Deliver a more efficient business platform
To ensure that we operate efficiently, the Group
is focused on disposing of non-core and
underperforming investments and product lines,
thereby reducing our global operational footprint
and reducing fixed costs. By the end of 2026, the
Group will have realised c.$20m of cost savings
following the restructuring of the EMEA and
Hunting Titan operating segments.
Increase our EBITDA margin
to greater than 15%
Our focus is on delivering technology that attracts
high margins, maximising the output from our
current operating footprint, while minimising our
cost base, which are our key drivers to meet the
EBITDA margin target of greater than 15%
by 2030.
Generate c.$750m of cumulative
free cash flow
With increased revenue and margins, supported
by stringent management of our balance sheet,
we are targeting an EBITDA to free cash flow
conversion rate of 50% or greater and aim to
deliver c.$750m of cumulative free cash flow
through to the end of the decade. This target is
on a post capital expenditure basis.
Net leverage of less than 1.5x EBITDA
through the period
By maintaining a strong balance sheet, liquidity,
and a prudent approach to debt, a long-term net
leverage of 1.5x EBITDA is targeted.
Underpinned by our diversified portfolio
of businesses and targeted bolt-on
acquisitions
Risks to the strategic pillars of the 2030 Strategy
1
Increased competition and market consolidation
2
Geopolitical instability
3
Adverse movement in commodity prices
4
Information technology and cyber security
5
Our ability to achieve our strategic goals
6
Legal and compliance risk
7
Loss of key executives or staff and shortage
of key staff
8
Climate change and energy transition
9
Product quality and reliability
10
Work environment issues including health
and safety
Hunting PLC
Annual Report and Accounts 2025
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Corporate Governance
Financial Statements
Other Information
Hunting 2030 Strategy
continued
Growth
Our aim is to continue to develop
our global presence and supply a
comprehensive range of products
used in oil and gas wellbores
and through expansion into
complementary non-oil and
gas sectors.
Our diversified portfolio of products,
which are offered in strategic global
locations, will enable us to produce
high levels of profitability and free
cash flow.
Our cash generation will facilitate
growth through investment
in our existing businesses and
through acquisition.
Related KPIs
Revenue; non-oil and gas revenue; EBITDA; adjusted
profit before tax; adjusted diluted earnings per share;
total shareholder return; and free cash flow.
SEE PAGES 12 AND 13
Related risks
1
2
3
5
7
8
9
SEE PAGES 91 TO 95
Retain focus on global oil and gas
opportunities, specifically growing our
subsea and offshore-focused businesses
Crude oil and natural gas are forecast to be two
critical primary energy sources for many decades
to come. As developed and emerging economies
seek growth and energy security, hydrocarbon
resources will remain part of the energy landscape
alongside other renewable and low carbon
energy sources. The Group will continue to
broaden its product offering and introduce critical
technologies through research and development
(“R&D”) and targeted mergers and acquisitions
(“M&A”). The offshore sector of the global energy
industry provides predictable and sustained
hydrocarbon production, which have increased in
importance for project developers in recent years.
Develop a global position in the renewables
and energy transition sector
The energy transition sector is an area of new
opportunity for Hunting, as global efforts to
decarbonise the energy supply chain accelerate.
The Group anticipates growth in supplying
products for geothermal as well as carbon
capture and storage projects, which require
high-performance technology and materials
that can deliver multi-decade benefits to the
energy industry. With the acquisition of Flexible
Engineered Solutions (“FES”), the Company is
deploying its proprietary connectors to penetrate
and build a presence in the floating offshore
wind sector.
Progress in high-value, non-oil
and gas industries
Given the cyclical nature of the oil and gas
industry, a key element of our strategy is to create
a more stable revenue and profit profile. This will
be delivered through organic and acquisitive
growth of non-oil and gas businesses.
We currently sell into several non-oil and gas
end-markets, such as the aviation, commercial
space, defence, medical, nuclear and power
generation sectors, and will continue to leverage
our world-class precision engineering and
manufacturing know-how into these areas.
Highlights 2025
OCTG
Completed key OCTG and Subsea orders
for Kuwait Oil Company and ExxonMobil
Guyana as developments in the Middle
East and South America increase.
$
64.8
m
Acquired Flexible Engineered Solutions
(“FES”) for $64.8m to add new products
and revenue opportunities to our Subsea
platform. FES enhances Hunting’s presence
in the global FPSO market.
$
18.2
m
Acquired Organic Oil Recovery (“OOR”)
technology for $18.2m to accelerate
commercialisation and broaden global
reach of this enhanced oil recovery solution.
$
98.6
m
Built a $98.6m non-oil and gas order book,
to pivot our long-term end-markets to
aviation, defence and commercial space
sectors.
Hunting PLC
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Financial Statements
Other Information
Hunting 2030 Strategy
continued
Strong returns
In the growth phase of the oil
and gas cycle, our business has
the capability to deliver strong
profitability, robust cash generation,
and solid returns on capital,
supporting higher shareholder
distributions. To reduce exposure
to oil and gas cyclicality, the Group
is expanding revenue in aviation,
commercial space, defence,
medical, and power generation
markets. We continue to seek
opportunities to reduce our fixed
cost base and improve efficiency.
The Group has also invested in
technologies supporting the energy
transition, including floating
offshore wind, geothermal, and
carbon capture projects.
Related KPIs
Revenue; non-oil and gas revenue; EBITDA; adjusted
profit before tax; adjusted diluted earnings per share;
dividend per share declared; total shareholder return;
free cash flow; working capital to annualised revenue
ratio; and return on average capital employed (“ROCE”).
SEE PAGES 12 AND 13
Related risks
1
2
3
5
8
9
SEE PAGES 91 TO 95
Increase EBITDA
The Group is targeting strong growth in EBITDA,
with an ambition of c.$300m p.a. by the end of
the decade. This target will be met through a
combination of organic growth and substantial
contributions from acquisitions to be secured in
the coming years.
Improve working capital efficiencies
Hunting has a targeted working capital to
annualised revenue ratio target of 35% or lower.
The primary levers for delivering this goal are
improvements in inventory management and
receivables, supported by the use of working
capital solutions and instruments designed to
shorten cash cycles on some of our more
capital-intensive contracts.
Deliver strong cash flow conversion
Generating and releasing cash from our capital
employed, driving increased balance sheet
efficiency will lead to Hunting meeting its stated
long-term objective of a 50% or greater EBITDA
to free cash flow conversion rate.
Increase shareholder returns
Capital growth and increased dividends remain
the primary methods of delivering returns to
our shareholders. A targeted annual dividend
increase of at least 13% through to the end of the
decade is a key commitment by the Directors as
part of the Hunting 2030 Strategy. The Company
will also deliver returns to shareholders through
share buyback programmes, where the Group’s
sustainable cash generation and strong balance
sheet allow.
13
%
Increase to total
dividends declared
to 13.0 cents
(2024 – 11.5 cents).
Total dividends
distributed in respect
of 2025 $19.6m
(2024 – $18.2m).
$
33.5
m
Purchased 7.2m Ordinary shares via
a share buyback programme, returning
$33.5m to shareholders. These shares
have been cancelled.
7
% increase
in EBITDA
Recorded EBITDA of $135.7m
(2024 – $126.3m), as OCTG and
Perforating Systems delivered
growth.
10
% ROCE
delivered
Equals a one percentage point
increase in 2025 compared to the
9% delivered in 2024.
Highlights 2025
Hunting PLC
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Financial Statements
Other Information
Hunting 2030 Strategy
continued
Operational excellence
Our people are at the heart of
our business, and their health,
safety, and well-being remain our
highest priority.
We operate in competitive, cyclical
sectors that are both high-profile
and highly regulated. To be
successful, we must consistently
deliver reliable, quality-assured
products that meet the highest
industry standards and support
safer processes for our customers.
In addition, we strive to manage
working capital efficiently to ensure
the timely delivery of products to
our customers.
Related KPIs
Working capital to annualised revenue ratio; total
recordable incident rate; and internal manufacturing
reject rate.
SEE PAGES 12 AND 13
Related risks
4
5
6
7
9
10
SEE PAGES 91 TO 95
Maintain and improve our health
and safety performance
The safety of our employees remains a
key management priority, reflecting our
commitment to delivering a best-in-class
service for our clients and reinforcing
confidence in our operational standards.
Increase training and development
for our workforce
Training continues across the Group in many
areas, including HSE, quality assurance, IT and
cyber awareness, financial, and other important
operational policies covered within the Hunting
PLC Code of Conduct training programme.
Continue to deliver strong
quality-assured products
Our products operate in some of the harshest
environments, therefore delivering products
that consistently perform and which protect
our customers, suppliers, employees and the
environment remain a key area of focus.
Our facilities continue to secure key
manufacturing accreditations
Hunting remains committed to achieving and
maintaining critical ISO certifications, including
those for manufacturing excellence and
environmental management.
We aim for zero recordable incidents
and fatalities
Protecting our employees and contractors
who work at our facilities remains a key focus.
52,130
hours
Recorded HSE training in the year totalled
52,130 hours, on average 23 hours per
employee (2024 – 68,834 hours / 28 hours
per employee).
0.75
TRIR
Our total recordable incident rate
in the year was 0.75 (2024 – 0.93),
reflecting a broadly consistent
performance for health and safety,
and averaging 0.86 over the
past three years.
0.20
%
We improved our manufacturing reject rate
in the year through robust quality assurance
protocols. In 2024, our reject rate was
0.31%.
22.1
m parts
In the year, we manufactured 22.1m
parts (2024 – 15.6m), with only 0.0021%
(2024 – 0.0006%) of shipped parts returned.
Highlights 2025
Hunting PLC
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Financial Statements
Other Information
Hunting 2030 Strategy
continued
ESG and sustainability
We are committed to acting with
high standards of integrity and
creating positive, long-lasting
relationships with our customers,
suppliers, employees, and the wider
communities in which we operate.
We are also focused on managing
and reducing our carbon footprint
and impact on the environment.
Related KPIs
Total recordable incident rate; internal manufacturing
reject rate; total scope 1, 2 and 3 emissions; CO
2
intensity factor; total purchased electricity; and
renewable energy purchased.
SEE PAGES 12 AND 13
Related risks
5
6
7
8
10
SEE PAGES 91 TO 95
Our employees are our most important
asset, and we aim to keep our voluntary
turnover rate low
Hunting strives to keep our employee attrition
rates low as it reduces the risk of injury, it reduces
costs associated with hiring and training new
employees, ensures that productivity remains
high, and a stronger company culture prevails.
Our focus on training supports efficiency
improvements and helps ensure a safe and
engaged workforce.
We continue to seek ways of reducing
our carbon footprint and encourage our
suppliers and customers to do the same
Hunting is committed to improving its carbon
and climate reporting to provide investors and
stakeholders with a clear understanding of
our environmental impact. We are targeting
a reduction in our scope 1 and 2 greenhouse
gas emissions by 50% from our 2019 baseline
year and to purchase 50% of our energy from
renewable sources by the end of the decade.
We are enhancing our carbon and climate
reporting to enable our stakeholders to
understand Hunting’s impact on the
environment
Hunting now reports scope 1, 2 and 3 emissions,
which will enable further development of a Net
Zero plan. Assurance procedures over our 2024
scope 1 and 2 data were completed in the year.
We are committed to ethical ways
of doing business, which includes
transparent dealings and having a zero
tolerance to modern slavery
Hunting’s culture encourages the highest levels
of ethical behaviour and to this end has strong
anti-bribery and corruption, modern slavery
and sanctions policies.
11.4
%
In the year, our voluntary turnover rate
was 11.4% (2024 – 10.3%), and the average
tenure of our employees is nine years
(2024 – nine years), which helps us mitigate
HSE risk.
22.8
kg/$k
Our CO
2
e intensity factor was 22.8kg/$k
of revenue (2024 – 21.2kg/$k of revenue).
4.16
Satisfaction rating out of 5.00
from employee engagement
survey compared to 4.07 in 2023.
474,894
tonnes
Our total scope 1, 2 and 3 GHG emissions
were 474,894 tonnes (2024 – 557,068 tonnes)
following collection of a full data set from all
operating segments.
Highlights 2025
Hunting PLC
Annual Report and Accounts 2025
10
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Corporate Governance
Financial Statements
Other Information
Hunting 2030 Strategy
continued
Investment proposition
Hunting PLC’s investment case is
based on technology, precision
engineering core competencies,
and a deep knowledge of the global
energy and precision manufacturing
industries.
Our strategy and expertise will drive
long-term growth, providing leverage
to deliver our value proposition into
new sectors.
Our core competencies
Our strategic differentiators
position us competitively
Our sectors of focus
are resilient
Our financial returns
are gaining momentum
Leadership in:
• Systems design and precision
engineering;
• Bespoke manufacturing; and
• Metallurgy and materials.
Investing in our people to provide:
• Innovation and a competitive edge,
protected through patents and
trademarks;
• Engineering and technical leadership
to attract blue-chip customers from
multiple end-markets; and
• A premium service culture.
Global operating presence
in key locations and exposure to
high-growth markets with proven
control over:
• Quality assurance;
• Health and safety; and
• Carbon emissions.
Strong, experienced management
team to:
• Pursue growth across complex
and competitive sectors;
• Diversify revenue to ensure long-term
resilience;
• Navigate through market cycles; and
• Ensure M&A targets are aligned with
our long-term strategy.
Diversified portfolio:
• Hunting has a diversified portfolio
of market-leading technologies,
products and services that address
many areas of the energy and non-oil
and gas supply chain. The Group
holds a global portfolio of patents and
trademarks across key technologies
and geographies.
Efficiency:
• Our precision-engineered products
are highly reliable and assist in higher
safety protocols and more efficient
procedures for our customers,
wherever they are deployed.
Commercial agility:
• Hunting can leverage its world-class
engineering and manufacturing
capabilities into the energy transition
sector and into high-quality non-oil
and gas markets and industries
through its global presence. Our
commercial agility helps us to remain
a technology leader, often
with a compelling market share.
Our ESG and sustainability
principles:
• Hunting has an established culture
based on its highly skilled and trained
workforce, resulting in strong
quality-assured products and a
robust HSE record. Our ESG
principles help us drive growth,
increase efficiencies and safety for
our workforce and our customers,
and lowers carbon emissions through
operational effectiveness and
technological innovation.
Oil and gas:
• The global energy industry,
particularly oil and gas, is a long-term
driver of economic growth. This is
likely to be the case for many years
to come.
Energy transition:
• Energy transition opportunities are
complementary to our core oil and
gas markets, and is a further area of
long-term growth for the Group.
Other non-oil and gas:
• Aviation, commercial space, defence,
medical, and power generation
sectors have long-term growth
prospects. These are resilient markets
that support economic prosperity
and use our precision engineering
expertise, which will reduce cyclicality
in our earnings.
Strong growth profile:
• Hunting has increased its revenue,
profits and cash flows in recent
years despite continuing uncertainty
in markets.
Improved margins:
• Stronger pricing, focused cost
management and higher facility
utilisation levels have enhanced
operating margins and earnings.
Improved earnings:
• Increased earnings have led to higher
shareholder and capital returns in the
form of share buybacks, dividend
distributions and capital growth.
Cash generation:
• Consistently turning profit into free
cash flow.
Strong balance sheet:
• Improving balance sheet efficiency;
• Financial stability; and
• Revolving credit facility and term loan
provide liquidity.
Progressive financial returns:
• Revenue and profit growth;
• Fixed cost reduction strategy, delivering
a more efficient business platform;
• Increasing EBITDA to free cash flow
conversion;
• Share buyback programme; and
• Dividend growth.
Hunting PLC
Annual Report and Accounts 2025
11
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Financial Statements
Other Information
Key Performance Indicators
Financial
Revenue
$m
1,018.8
2025
2024
1,048.9
2023
929.1
Revenue is earned from products and services sold
to customers from the Group’s principal activities
(see notes 2 and 3).
Dividend per share declared*
cents
13.0
2025
2024
11.5
2023
10.0
The amount in cents returned to Ordinary shareholders
in relation to the financial year (see NGM Q).
Sales order book*
$m
358.0
2025
2024
508.6
2023
565.2
The sales order book comprises the value of all
customer orders booked and expected to be
recognised as revenue in future periods (see NGM T).
Total cash and bank/(borrowings)*
$m
62.9
2025
2024
104.7
2023
(0.8)
Total cash and bank/(borrowings) comprises cash at
bank and in hand, short-term deposits and money
market funds less bank overdrafts and bank
borrowings (see NGM K).
Free cash flow*
$m
96.6
2025
2024
139.7
2023
(0.5)
All cash flows before transactions with shareholders
and acquisitions, either subsidiaries or assets
(see NGM P).
Adjusted diluted earnings per share*
cents
34.1
2025
2024
31.4
2023
20.3
Adjusted earnings attributable to Ordinary
shareholders, divided by the weighted average number
of Ordinary shares in issue during the year adjusted for
all potentially dilutive Ordinary shares (NGM B).
Non-oil and gas revenue
$m
82.9
2025
2024
75.1
2023
75.9
Revenue earned from products and services sold to
customers in non-oil and gas sectors (see note 2).
EBITDA*
$m
135.7
2025
2024
126.3
2023
102.4
Adjusted results before interest, tax, depreciation,
impairment and amortisation (see NGM C), and
includes the Group’s share of associates’ and joint
ventures results for the year.
Adjusted profit before tax*
$m
79.7
2025
2024
75.6
2023
50.0
Profit before tax excluding adjusting items (see NGM B).
Working capital to annualised revenue ratio*
%
33
2025
2024
29
2023
46
Working capital as a percentage of annualised revenue
(see NGM E).
Total shareholder return*
%
32
2025
2024
0
2023
(9)
Total shareholder return is a measure of the
Company’s performance over time. It factors in
share price appreciation and dividends paid to show
the total return to the shareholder expressed as an
annualised percentage.
Return on average capital employed*
%
10
2025
2024
9
2023
6
Adjusted profit before interest and tax, for the previous
12 months, as a percentage of average gross capital
employed (see NGM S).
* Non-GAAP measure (“NGM”) see pages 236 to 243.
Hunting PLC
Annual Report and Accounts 2025
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Financial Statements
Other Information
Market Indicators
Key Performance Indicators
continued
Non-financial
Global onshore capital investment
$bn
129.5
2025
2024
136.2
2023
141.2
The estimated onshore/land-based drilling and
production expenditures of the industry. Reported
by Spears & Associates in their Drilling & Production
Outlook – December 2025.
Global offshore capital investment
$bn
55.0
2025
2024
55.2
2023
57.6
The estimated offshore drilling and production
expenditures of the industry as reported by
Spears & Associates in their Drilling & Production
Outlook – December 2025.
Global onshore average rig count
#
1,553
2025
2024
1,640
2023
1,560
The average onshore global rig count during the year
as reported by Baker Hughes Inc. Reported by Spears
& Associates in their Drilling & Production Outlook –
December 2025.
Average WTI crude oil price
$ per barrel
65
2025
2024
76
2023
78
The average price recorded in the year for West Texas
Intermediary crude oil.
Global offshore average rig count
#
223
2025
2024
259
2023
205
The average offshore global rig count during the year
as reported by Baker Hughes Inc. Reported by Spears
& Associates in their Drilling & Production Outlook –
December 2025.
Average Henry Hub natural gas price
$ per mmBtu
3.62
2025
2024
2.41
2023
2.66
The average price recorded in the year for Henry Hub
natural gas.
Total recordable incident rate (OSHA method)
#
0.75
2025
2024
0.93
2023
0.91
The US Occupational Safety and Health Administration
(“OSHA”) incident rate is calculated by multiplying
the number of recordable incidents by 200,000 and
then dividing that number for the number of labour
hours worked.
Internal manufacturing reject rate
%
0.20
2025
2024
0.31
2023
0.20
Percentage of parts rejected during the manufacturing
process.
CO
2
e intensity factor
kg/$k of revenue
22.8
2025
2024
21.2
2023
24.3
CO
2
e intensity factor is defined as kilogrammes CO
2
of scope 1 and 2 greenhouse gas emissions, divided
by $’000 of revenue.
Total purchased electricity
GWh
48.2
2025
2024
50.2
2023
49.4
The Group’s total electricity purchased during the year.
Renewable electricity purchased
GWh
12.6
2025
2024
10.5
2023
11.4
The Group’s electricity purchased from renewable
or sustainable sources during the year.
Total scope 1 and 2 emissions
tonnes CO
2
e
23,206
2025
2024
22,233
2023
22,599
Scope 1 and 2 greenhouse gas emissions in tonnes,
reported in line with the Greenhouse Gas Protocol,
published by the World Resources Institute.
Hunting PLC
Annual Report and Accounts 2025
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Other Information
What we do
Hunting is a global engineering
group that provides precision
manufactured equipment and
premium services, which create
sustainable value for our
customers.
We are focused on high-value
end-markets that recognise
and value our manufacturing
capabilities.
Our
markets
Our pillars
for value
creation
Delivering
value for our
stakeholders*
Shareholders
and lenders
Employees
Customers
and suppliers
Environment
and climate
Government
and communities
Proprietary
technology
Strategic locations
Quality-assured
products
Training
Critical
supply chains
Blue-chip
customers
and suppliers
Expertise in
materials
and engineering
Responsible
and sustainable
practices
Energy –
oil and gas
Energy –
transition
technologies
Non-oil
and gas
*Monitoring is through our chosen
KPIs (see pages 12 and 13)
and achievement of the
Hunting 2030 Strategy
(see pages 6 to 10).
Business Model
Hunting PLC
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Other Information
Scenarios for oil demand: 2015 to 2050
Source: Wood MacKenzie
Base Case Scenario
Net Zero Scenario
Country Pledges Scenario
Delayed Transition Scenario
2015
2025
2020
2030
2040
2035
2045
2050
120
100
80
60
20
40
0
millions of bopd
Business Model
continued
Our markets
Energy – oil and gas
Our core market remains the oil and gas sector
within the global energy industry. For decades,
affordable and secure energy has underpinned
economic growth, supported by a constantly
evolving technological and geographic landscape.
Global crude oil demand is approximately 100m
barrels per day, and, as illustrated in the adjacent
chart, is expected to remain robust for decades
to come. Hunting’s products and services are
designed to support this enduring global
requirement.
The oil and gas industry is highly complex,
well-regulated, and technologically demanding,
requiring solutions that enable the safe and
responsible extraction of hydrocarbons. Hunting
addresses these needs by supplying high-
performance, engineered technologies to a
diverse customer base, including integrated
energy groups, international service companies,
and national and independent operators.
To meet daily global demand, the industry relies
on advanced equipment and technology.
Hunting’s major product groups, summarised
on pages 32 to 41, span from onshore well
completion solutions produced by our Perforating
Systems product group (Hunting Titan operating
segment) to deepwater development equipment
manufactured by our Subsea Technologies
operating segment. A key indicator for Hunting’s
markets is annual capital expenditure by industry
stakeholders. In 2025, global investment in crude
oil and natural gas production was approximately
$184.5bn (2024 – $191.4bn), and this level
of spending is expected to remain resilient as
the world continues to depend on traditional
energy sources.
Energy – transition technologies
As Western economies accelerate efforts
to manage their respective carbon footprints,
new opportunities are emerging for Hunting.
Geothermal energy is gaining traction as a cleaner
source of heat and power. Hunting anticipates
growth for its OCTG product group in this sector,
where our premium connections and strategic
supply capabilities deliver critical solutions to
clients. Following the acquisition of FES, Hunting
will leverage its proprietary connectors to build a
presence in the floating offshore wind market.
Looking further ahead, carbon capture, utilisation
and storage (“CCUS”) is developing as a key
technology to reduce atmospheric carbon.
CCUS projects require advanced materials and
engineered solutions to ensure long-term
operational integrity, areas where Hunting’s
capabilities are well positioned to add value.
Non-oil and gas
Beyond energy, Hunting has a long-standing
presence in the aviation and defence sectors,
supported by key accreditations within our
Advanced Manufacturing businesses. These
credentials enable participation in government
contracts, including naval and air force
programmes, where we supply components
such as engine shafts for military aircraft and
periscope tubes for submarines.
In recent years, Hunting has expanded into
the commercial space sector, leveraging our
precision engineering expertise to manufacture
critical components. We also produce turbine
shafts for the power generation industry and
continue to develop accessories for the medical
sector. In 2025, Hunting secured orders for
components for the nuclear industry, a primary
energy source experiencing renewed interest
due to rising electricity demand and the
industry’s low-carbon profile.
Hunting PLC
Annual Report and Accounts 2025
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Financial Statements
Other Information
01
We develop proprietary
technology
The development of new technology and
products is a key element of our business
model and strategy.
This intellectual property and know-how are
introduced to our blue-chip customers as the
drive for more efficient and safer delivery of
oil and gas continues.
In 2025, the Group held 408 patents
and trademarks.
02
We manufacture close to where
our clients need us
Hunting has a global operating presence
in strategic locations to ensure that we are
close to where our customers are drilling and
developing many different resource types.
Our established operating footprint ensures
that we can support our customers in the oil
and gas industry as well as the emerging
energy transition and industrial sectors.
At 31 December 2025, we manufactured in
nine countries (2024 – 11), from 25 operating
sites (2024 – 25) and supplied through
14 distribution centres (2024 – 14).
03
We leverage our brand and reputation
through strong quality assured products
The Hunting brand is supported by its strong
reputation for quality assurance. These
credentials drive customer loyalty and form
the basis of most industry tenders, which
support our success in increasing our market
share in key product lines and multiple
end-markets.
During 2025, the Group manufactured
22.1m parts (2024 – 15.6m) with an
internal manufacturing reject rate of 0.20%
(2024 – 0.31%). The reject rate for goods
shipped was 0.0021% in the year
(2024 – 0.0006%).
These metrics demonstrate the impressive
quality and reliability of our products. This
performance strengthens Hunting’s standing
in its end-markets.
04
We train our employees and
keep them safe
Our health and safety protocols have been
developed to keep our employees safe, with
our safety performance measured using an
industry-wide performance indicator, which
is monitored closely.
In 2025, the Group had 19 recordable
incidents (2024 – 25) leading to a total
recordable incident rate of 0.75 (2024 – 0.93)
compared to the industry standard of 4.0.
The Group recorded one contractor fatality
(2024 – nil) in the year, in China.
Business Model
continued
Our pillars for value creation
Related risks
1
3
4
5
6
7
8
9
10
Related risks
1
2
5
6
7
Related risks
1
4
5
6
7
9
10
Related risks
4
5
6
7
10
Risks to our pillars for value creation
1
Increased competition and market consolidation
2
Geopolitical instability
3
Adverse movement in commodity prices
4
Information technology and cyber security
5
Our ability to achieve our strategic goals
6
Legal and compliance risk
7
Loss of key executives or staff and shortage
of key staff
8
Climate change and energy transition
9
Product quality and reliability
10
Work environment issues including health
and safety
Hunting PLC
Annual Report and Accounts 2025
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Financial Statements
Other Information
05
We provide critical supply
channels
Our products are manufactured using critical
raw materials, which enable them to perform
in highly challenging environments. We work
hard to provide competitive supply channels
to ensure that our products reach their
destination without disruption and without
compromising on quality. The Group has an
agile OCTG supply chain in Asia Pacific,
working with a number of Chinese steel mills
to ensure the supply of competitive OCTG to
which our premium connections are applied.
The Group has several strategic partnerships,
including our joint venture partner Jindal SAW
in India, which produces OCTG pipe and
tubulars, to which Hunting’s premium
connections are applied, for the local Indian
energy market. The Group also has strategic
supply chain partners to support the
accelerating energy transition sector, including
the ten-year alliance with Jiuli.
06
We target blue-chip customers
and suppliers
Hunting is a trusted supplier to some of the
world’s leading energy companies, including
integrated energy companies, national oil
companies, international services groups,
independent oil and gas producers, as well as
leading engineering companies who operate in
the global aviation, commercial space, defence,
medical, and power generation sectors.
We target clients and end-markets which
value strongly assured products and services,
and which demand high-performance
technology and products.
We have developed long-standing
relationships with our customers through our
market-leading reputation for HSE, quality
assurance and reliability, differentiated
technology, availability and delivery, and
customer service and support.
07
We leverage our expertise
in material science and engineering
Hunting’s workforce comprises highly skilled
engineers and machinists who lead the
development and manufacture of our
high-performance technology and products.
Our expertise in mechanical and materials
engineering and metallurgy ensures that
our products will perform in high-pressure,
high-temperature environments.
We can leverage this expertise into energy
transition markets as well as high-value,
non-oil and gas markets, such as aviation,
commercial space, defence, medical,
and nuclear, to further increase our
diversification opportunities.
08
We operate in a responsible
and sustainable way
Hunting’s responsible and sustainable
approach to its global operations includes the
monitoring of waste and emissions to ensure
we have a minimal impact on the environment.
We have recycled for many years and, more
recently, have been monitoring our carbon
footprint, with initiatives being introduced to
reduce our climate impact.
The Group announced revised carbon
intensity targets in March 2025 as part of the
Board’s drive to improve our carbon reduction
credentials and to assist in the preparation
of a Net Zero transition plan.
Business Model
continued
Related risks
1
2
5
7
9
Related risks
1
3
4
5
9
10
Related risks
1
4
5
7
10
Related risks
4
6
7
8
9
10
Risks to our pillars for value creation
1
Increased competition and market consolidation
2
Geopolitical instability
3
Adverse movement in commodity prices
4
Information technology and cyber security
5
Our ability to achieve our strategic goals
6
Legal and compliance risk
7
Loss of key executives or staff and shortage
of key staff
8
Climate change and energy transition
9
Product quality and reliability
10
Work environment issues including health
and safety
Hunting PLC
Annual Report and Accounts 2025
17
Strategic Report
Corporate Governance
Financial Statements
Other Information
Business Model
continued
Delivering value for
our stakeholders
The Group’s stakeholders enable
the delivery of Hunting’s business
model and strategy. Engaging with
stakeholders is a cornerstone of our
culture and has become increasingly
important in recent years.
We maintain regular, meaningful
dialogue to understand and respond
to the needs of our shareholders,
lenders, customers, suppliers, and
workforce. This ongoing engagement
ensures alignment and strengthens
the relationships that underpin our
long-term success.
Shareholders
and lenders
Employees
Customers
and suppliers
Environment
and climate
Governments
and communities
Our shareholders and
lenders provide equity
and loan capital to the
Group. The Directors
regularly engage with
shareholders and lenders
to discuss performance,
strategy, capital allocation,
governance, and other
matters. This feedback
is used to refine our
strategic plans.
Our employees are one of
the Group’s most valuable
assets, driving the delivery
of our strategic objectives.
We are committed to
diversity, continuous
training and development,
while maintaining the
highest Health and Safety
standards. The Board
engages with management
and employees through
site visits and structured
programmes, reinforcing
our commitment to a
strong, inclusive culture.
Our customers and
suppliers are central to the
Group’s success. Ongoing
dialogue informs our
product development and
sharpens our technical and
product offering, ensuring
we meet evolving market
and customer needs. We
remain focused on
delivering a secure and
reliable supply chain,
reinforcing trust and
long-term partnerships.
The Group is committed
to strong environmental
stewardship. Our operating
principles are focused on
containing and reducing
our carbon footprint,
maximising recycling,
reducing waste streams
and improving our climate
change commitments.
The Group maintains
active engagement
with local regulators,
tax authorities, and
governments. We also
support communities
through a wide range
of initiatives, including
fundraising events and
charitable donations.
Each region develops its
own programmes to reflect
local needs and cultural
practices, reinforcing our
commitment to responsible
and inclusive operations.
13.0
cents
2025 dividend per
share declared
9
years
Average employee tenure
408
Patents and trademarks
26
%
Electricity from
renewable resources
$
62
k
Charitable donations
Hunting PLC
Annual Report and Accounts 2025
18
Strategic Report
Corporate Governance
Financial Statements
Other Information
Business Model
continued
Shareholders
Hunting’s shareholders are a key source of
capital, enabling the Group to invest in growth
and deliver long-term value. Their support
underpins our ability to execute strategy,
innovate, and maintain financial resilience.
The Group is a listed public company, with
one class of Ordinary shares quoted on the
London Stock Exchange in the Equity Shares
Commercial Companies category.
At 31 December 2025, the total number
of Ordinary shares in issue was 157.7m
(2024 – 164.9m), with 1,203 (2024 – 1,237)
shareholders on the register.
Shareholder returns are measured through
Total Shareholder Return (“TSR”), which is
a key performance metric for the Group and
forms a large portion of executive long-term
remuneration. TSR is assessed against
demanding vesting targets and benchmarked
against industry peers. In 2025, Hunting PLC’s
Ordinary shares achieved a TSR of 32% on
an annualised basis. (For the definition of TSR,
see page 250).
The Board sets the Company’s dividend policy,
declaring dividends in US Dollars and paying in
Sterling. In July 2025, we announced a revised
dividend ambition as part of a broader review
of Hunting’s capital allocation policy as noted on
the right.
During the year, the Company initiated a share
buyback programme. As at 31 December 2025,
7,219,478 Ordinary shares had been purchased
for cancellation at a cost of $33.5m before costs,
reducing the issued share capital accordingly.
In December 2025, the Company announced
an extension to the original $40 million buyback
programme by up to a further $20 million.
Total shareholder return (1-year)
32
%
Dividend per share declared
13.0
cents
Share Buyback
$
33.5
m
Board engagement and
decision making – shareholders
At each Board meeting Directors receive
a report from the Investor Relations function
on the Company’s share register, which
is supported by briefings from the Chief
Executive, Finance Director, and Company
Secretary on recent shareholder interactions
and key themes discussed.
Throughout the year, the Board engaged
closely with leading institutional investors
on performance, remuneration, and capital
allocation. In July 2025, the Directors
announced a revised capital allocation
framework, including a commitment to
increase annual dividend distributions by
at least 13% per annum through to 2030.
The revised capital allocation also introduced
a $40m share buyback programme, which
commenced in August. Following further
consultation with major shareholders, the
share buyback programme was extended by
a further $20m in December 2025.
Dividend proposals are reviewed by the Audit
and Risk Committee as part of its regular
programme of work, with recommendations
made to the Board following a review of the
Group’s financial performance for the relevant
reporting period. Dividends are announced
alongside Group results and are typically paid
in May and October.
For 2025, the Directors are proposing a Final
Dividend of 6.8 cents per share, subject to
shareholder approval at the 2026 AGM.
Shareholders and lenders
Hunting PLC
Annual Report and Accounts 2025
19
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Corporate Governance
Financial Statements
Other Information
Business Model
continued
Shareholder engagement
We maintain regular and transparent
engagement with our shareholders through
a structured annual calendar managed by our
Investor Relations team.
The Chief Executive and Finance Director meet
institutional investors following the publication of
half-year and full-year results and throughout the
year. These meetings include participation in
investor conferences across the UK, Europe, and
the US, one-to-one sessions with existing and
potential shareholders, and engagement with
private and retail investors through platforms
such as Investor Meets Company.
Lenders
In 2024, the Group entered into a new funding
arrangement for its committed borrowing
facilities to finance the ongoing working capital
requirements of the existing business and to
support Hunting’s stated organic and inorganic
growth strategy. The facilities are provided by a
four-bank syndicate consisting of Wells Fargo,
HSBC, First Abu Dhabi Bank, and Emirates NBD.
The funding arrangements comprised a $200m
revolving credit facility (“RCF”) and a $100m
term loan.
The $200m RCF was arranged with an initial
tenor of four years, expiring on 16 October 2028.
During the year, the Company exercised its
option to extend the contracted maturity date
by an additional 12-month term, such that
the $200m RCF is now due to expire on
16 October 2029.
The $100m term loan was arranged with a
three-year tenor and, pursuant to the conditions
of the facility agreement, was fully drawn on
signing of the facilities. Under the terms of the
loan agreement, after the initial 12-month period
from the date of signing, the term loan begins to
amortise, with eight quarterly repayments of
$9.4m to be made and a final $25.0m repayment
in September 2027. The first quarterly payment
of $9.4m was made in September 2025, with a
second payment made in December 2025.
A conventional earnings-based covenant regime
is attached to the facilities and includes a
leverage test (being the ratio of total net debt to
adjusted EBITDA not exceeding 3.0:1) and an
interest cover test (being the ratio of consolidated
EBITDA to consolidated net finance charges not
being less than 4.0:1).
The Company holds a hybrid AGM in April each
year, which enables investors to attend in-person
or engage online through a webcast.
Further, the Company Chair and Senior
Independent Director meet investors annually
to discuss governance, succession planning,
remuneration, capital allocation, and other
matters. These meetings are designed for open
dialogue without a fixed agenda, fostering
constructive engagement.
Key topics discussed during the year included
progress against the Hunting 2030 Strategy;
capital allocation priorities; including dividends;
share buybacks; M&A opportunities; and broader
strategic developments.
Combined with the $62.9m of total cash and
bank/(borrowings) recorded at the year-end,
the Group now has $405.2m of liquidity
available to pursue growth opportunities,
including bolt-on acquisitions.
Board engagement and decision
making – lenders
The Directors are briefed at each Board
meeting by the Finance Director on the
Group’s financial position and the relationship
with members of the bank lending group.
Meetings between the Company and the
lending group were held throughout the year
following the full-year and half-year results
announcements.
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continued
Hunting’s reputation, which has been built over
many years, is underpinned by the dedication
of its highly skilled employees, who are central
to delivering the Group’s strategic objectives.
At 31 December 2025, the Group had 2,246
employees (2024 – 2,367) across its global
operations.
The Group is committed to training and
developing all employees, which includes Health
and Safety training, professional development,
and general career development initiatives.
To retain our staff, our employees are fairly
remunerated with a competitive base salary.
Given the competitive landscape of our industry,
our base levels of pay are well above minimum
wage thresholds.
Employees are offered benefits on joining
the Group, including healthcare cover, post-
retirement benefits and, in certain instances
when Group outperformance in terms of
operational or financial targets has been
delivered, participation in discretionary annual
bonus arrangements.
Our reputation as a responsible employer is
reflected in an average employee tenure of nine
years (2024 – nine years) and a voluntary turnover
rate of 11.4% (2024 – 10.3%). These metrics
demonstrate our commitment to fostering
long-term, mutually beneficial relationships with
our workforce.
Hunting takes diligent steps to achieve full
compliance with all relevant regional laws
covering employment and minimum
wage legislation.
Our ethics policies promote equal employment
opportunities, enabling us to draw from the
widest talent pool and attract the best people.
The Board, through the Ethics and Sustainability
Committee, monitors Group culture and
adherence to our published Hunting PLC Code
of Conduct (“Code of Conduct”). Day-to-day
responsibility for employee matters rests with
local management, ensuring responsiveness to
local needs while maintaining compliance with
the Group’s ethical employment and human
rights standards as set out in the Code of
Conduct (www.huntingplc.com).
Year-end employees
2,246
(2024 – 2,367)
Training
The Group requires all employees to complete
a comprehensive Code of Conduct training
programme, covering Hunting’s ethical
standards, compliance requirements, and key
policies. Both the Code of Conduct and the
training course were updated during the year
to reflect evolving best practices.
Health and Safety remains a priority, supported
by an embedded training programme and
a structured onboarding process for new
employees. In addition, the Group provides
extensive IT and cyber-security training to all staff,
ensuring awareness and resilience against
emerging digital risks.
Health and Safety
The Group is committed to maintaining the
highest standards of safety for employees,
contractors, and all stakeholders. Safety is
embedded in our culture, supported by rigorous
Health and Safety practices and a continuous
drive for best practice.
We target zero fatalities and zero recordable
incidents across all operations. Each business
develops tailored Health and Safety policies
aligned with local regulatory requirements and
the Group’s overarching commitment to putting
safety first.
During the year, the Group regretfully recorded
a fatality involving a contractor, the first such
incident in many decades. The Board oversaw a
comprehensive root cause analysis, conducted
by the Global Director of QAHSE, and
management implemented remedial actions
immediately to strengthen safety controls and
prevent recurrence. The Board received detailed
reports and assurance that all identified risks
were addressed, reaffirming our commitment to
the highest standards of Health and Safety.
Health and Safety performance is monitored
closely, with reports presented to the Board
quarterly and in-depth reviews conducted by
the Ethics and Sustainability Committee twice
a year.
Further details on compliance with the Sustainability
Accounting Standards Board (“SASB”) reporting framework
can be found on pages 72 and 73, and additional health and
safety reporting is provided on pages 60 to 62.
Employees
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continued
Equal opportunities, diversity and inclusion
The Group recognises that a diverse workforce
drives high performance, fosters innovation, and
strengthens organisational effectiveness. We are
committed to creating an inclusive workplace
where all individuals are valued and respected.
Hunting believes that promoting and developing
diversity is everyone’s responsibility and we seek
to increase the diversity of our workforce through
recruitment, training, and development.
Hunting does not treat applications from less
able persons any differently from those of
able-bodied persons and gives full and fair
consideration to such applications.
Our policies aim to promote equality, eliminate
discrimination, and build strong relationships
among employees from diverse backgrounds.
Hunting is committed to providing a safe working
environment where staff are treated with respect
and ensuring that our employees enjoy prejudice-
free decision-making.
Hunting is also committed to building a working
environment in which all individuals can make the
best use of their skills, free from discrimination,
victimisation, harassment and/or bullying, and
in which all appointments are based on merit.
Hunting has an embedded culture of equal
opportunities for all employees and prospective
employees regardless of race, ethnic origin,
nationality, age, trade union activities, sex, marital
status, part-time status, sexual orientation,
religion, belief or disability.
Employee engagement survey
In 2025, Hunting conducted its third all-employee
engagement survey using the Gallup Q12
methodology. The survey assessed key aspects
of engagement and satisfaction, including the
question: “On a five-point scale, how satisfied are
you with your organisation as a place to work?”
The score for this question was 4.16 out of 5.00,
a 0.09 increase from our 2023 result of 4.07.
The average score across all 12 core questions
was 3.97, representing a 0.09 improvement from
2023. This compares favourably to the Gallup
global benchmark of approximately 3.60,
reflecting Hunting’s strong performance in
employee engagement relative to industry norms.
Additional feedback highlighted areas for
improvement, which management is actively
addressing to further strengthen employee
experience and engagement.
Gallup Q12 employee engagement results –
average score out of 5
3.97
2025
2023
3.88
2019
3.78
For further details on the employee engagement survey
results, see page 71.
Hunting’s policies promote the gender and
ethnicity suggestions made in the Hampton
Alexander Review and the Parker Review, and
these are taken into consideration as the Board is
refreshed, along with the requirements published
by the Financial Conduct Authority, noted on
page 112.
For further reporting on diversity and inclusion, see page 70.
Human rights
We are committed to respecting and upholding
the human rights of all our employees. As part
of the Code of Conduct training, a module on
human rights is included.
For further reporting on our approach to human rights,
see page 62.
Modern slavery
Our Modern Slavery statement can be found
on our website (www.huntingplc.com).
For further reporting on our approach to Modern Slavery,
see page 63.
Whistleblowing
The Board of Hunting has established
procedures whereby employees can raise
concerns, in confidence, by contacting the
Company Chair or Senior Independent Director.
The Group also uses an independent
whistleblowing service operated by SafeCall.
Contact information for both these lines of
reporting is published on staff noticeboards
across the Group’s facilities and within the
Group’s magazine, the “Hunting Review”,
which is published twice yearly and is available
to all employees.
Board engagement and decision making
– employees
Through the Ethics and Sustainability
Committee, the Board has formalised the
reporting of Human Resources and QAHSE
matters, with the Group’s Chief HR Officer
and Global Director of QAHSE providing
reports at each meeting.
These senior managers are also members
of the Executive Committee.
The Directors organised an employee
engagement event at the Group’s OCTG
facilities in Singapore and China in June 2025,
where employees were able to ask questions
to the Board.
Paula Harris, the designated non-executive
Director for employee engagement also took
these opportunities to talk to the management
and workforce.
All reports to the Group’s SafeCall service
are taken seriously, with care being taken to
retain confidentiality and anonymity of all
callers. Each report is investigated thoroughly,
with the Board receiving briefings from Keith
Lough, the Company’s Senior Independent
Director. During the year, the Group received
two reports to the SafeCall service
(2024 – three).
For further reporting on our approach to business ethics,
see pages 61 and 63.
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continued
Our customers
As a key participant in the oil and gas equipment
supply chain, Hunting’s broad portfolio of
products and services enables the Group to
cover a large proportion of the needs of the
global energy industry, including onshore and
offshore drilling projects and conventional and
unconventional resource development, supported
by selected high-value services to help our
customers achieve their strategic objectives.
Across all our businesses, a common theme is
our ability to add value. We do this by delivering
advanced, high-technology solutions that reduce
operational costs, solve technical challenges, and
enable projects to be completed more efficiently
and safely, without compromising on quality.
Hunting maintains proactive engagement
with customers to understand their evolving
requirements and to collaborate on technology
developments that enhance safety and lower
production costs. This customer-focused
approach ensures we remain a trusted partner
in helping customers meet their long-term goals.
Customer engagement
Customer engagement is central to
understanding the short- to medium-term needs
of our clients and shaping our strategy.
This dialogue informs our product development
and service programmes, ensuring we deliver
solutions that meet evolving requirements.
In 2025, the Group launched a number of new
products developed in close collaboration
with customers, addressing in-field technical
challenges and strengthening long-term
partnerships.
Hunting also engages with customers to
understand their future needs in order to obtain
the necessary qualifications and certifications
to enable participation in bids and tenders.
A notable example of this engagement was
the completion of two major orders for KOC
totalling $231m, following more than five years of
collaboration to certify our suppliers’ steel pipe
and Hunting’s proprietary connections for
participation in relevant tenders.
We maintain active dialogue with customers
through regular visits to our facilities, where clients
review production capabilities, explore new
technologies, and collaborate on future projects.
Customer contact reports, prepared by our
sales teams, capture feedback on performance,
satisfaction, and areas for improvement.
Independent third-party surveys further validate
customer perception and satisfaction.
Our customer-facing sales teams are supported
by engineering, quality assurance, Health and
Safety, and environmental specialists ensuring
operational excellence and compliance in
global tenders.
During the year, Hunting participated in several
international trade shows, including ADIPEC in
Abu Dhabi, providing opportunities to engage
with existing and potential customers.
Anti-bribery and corruption (“ABC”)
The Group has processes and procedures in
place to monitor and assess the risk of bribery
and corruption occurring.
Hunting’s Code of Conduct training course
includes detailed modules on ABC compliance
and risk assessment procedures.
Twice a year, each major business unit
completes a risk assessment process, detailing
management’s views on its risk profile against
16 key ABC considerations, and the mitigating
controls in place for each of these risks.
As part of the Internal Audit function’s work
programme, it reviews the bribery and corruption
registers of each business unit in addition to gifts,
entertainment and expenses reports.
Customer-related ethics and governance
Hunting’s strong customer relationships are
reinforced by our commitment to ethical conduct
and transparency in all business dealings.
We provide all major customers with our Code
of Conduct, which sets out our principles for
integrity and openness.
Due diligence is carried out on all new customers
to ensure compliance with international trade
and sanctions legislation. Where appropriate,
we request end-user declarations to confirm
that Hunting’s products do not breach trading
restrictions or sanctions requirements.
In addition, the Group maintains strict
entertainment and hospitality approval policies,
supporting our pledge to uphold the highest
ethical standards.
Customers and suppliers
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continued
Our suppliers
The Group’s ability to deliver highly trusted and
innovative products for our customers depends
on a resilient and well-managed supply chain.
To ensure continuity and reliability, critical
materials are never sourced from a single
supplier, providing assurance that Hunting
can consistently meet customer needs.
We regularly review long lead-time material supplies
to maintain competitive market pricing and work
closely with a diverse network of suppliers through
ongoing two-way dialogue on quality expectations.
The Company complies with the UK Reporting
on Payment Practices and Performance
(Amendment) Regulations 2024. Under these
regulations, qualifying UK companies within the
Group are required to publish information on their
payment terms and practices on a six-monthly
basis. The Company remains committed to
paying suppliers in accordance with agreed
payment terms and to engaging promptly where
any disputes arise, in order to minimise potential
disruption to the supply chain.
Supplier-related ethics and governance
As with the Group’s customer base, Hunting
completes due diligence on its supplier base
and communicates its ethics policies and
expectations to its major suppliers through its
Supplier Code of Conduct, which was updated
to reflect evolving best practices following the
update to the Code of Conduct during the year.
Our supply chain managers frequently visit supplier
facilities to assess procedures, including quality
assurance, health and safety performance, and
employment practices.
For new suppliers, particularly those providing
key components, first article inspection
procedures are implemented before orders are
placed to confirm compliance with quality and
delivery standards.
Board engagement and decision making
– customers and suppliers
In parallel with the commercial dialogue and
engagement undertaken by our leadership
teams with our customers, the Board of
Hunting, in support of its statutory stakeholder
duty, has approved the development of the
Group’s strategy by reviewing and approving
capital investment projects that directly
support future customer needs. The Board
approved these capital investments, either as
part of the approval of the Strategic Plan or
Annual Budget process.
Board approvals are also required for
contracts over a certain monetary value, such
as with the KOC orders completed in the year.
In each case, the Board was satisfied that
there was good alignment between the
final capital allocation and the Board’s
consideration of customer matters.
The Board, through the work of the Ethics
and Sustainability Committee, reviews the
Group’s supply chain risk profile and reviews
engagement reports on the Group’s dialogue
with suppliers. This leads to discussion and
challenge by the Directors.
During the year, the Chief Executive and
Finance Director attended ADIPEC, which
enabled them to interact with both major
customers and suppliers.
For further reporting on our approach to business ethics,
see pages 61 and 63.
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continued
Carbon and climate matters are important areas
of the Board’s discussions, which has led to the
introduction of strong governance and reporting
initiatives in recent years that will support
Hunting’s commitment to these issues for the
long term. In March 2025, Hunting announced a
new carbon intensity factor ambition whereby the
Company will now target a factor of 20kg of
CO
2
e/$k of revenue or less by 2030 (based on
Hunting’s scope 1 and 2 emissions only).
The Directors are mindful that all commitments
made by the Group should remain proportionate
to the size and profile of our operations, but also
to protect our earnings and shareholder returns,
which form the basis of our investment case.
In 2025, the Group collected a full scope 1, 2
and 3 carbon emissions data set, encompassing
all five operating segments. The Group also
continues to migrate its primary and secondary
energy sources to lower carbon sources, with the
Group targeting the purchase of 50% of its
electricity requirements from renewable sources
by 2030.
Group climate policy and commitment
to the Paris Accords
The Board has committed to the principles
published in the 2015 Paris Agreement, which
aims to limit the increase in global temperatures.
The Group’s Climate Policy can be found at
www.huntingplc.com.
Annual greenhouse gas emissions
To monitor the impact of Hunting’s operations
on the environment, and in compliance with
UK Company Law, the Group collates
greenhouse gas (“GHG”) data in accordance
with the principles of the Kyoto Protocol and the
methodologies published by the World Resources
Institute. Hunting is committed to addressing
environmental issues and embedding a low
carbon culture within our Company. New facilities,
such as the Dubai facility commissioned in the
year, take into account environmental impact
considerations, including protection from extreme
weather events, such as windstorms and
flooding. The Company discloses the breakdown
of its GHG emissions to enable stakeholders to
understand the overall mix of emissions and the
likely areas of emissions reduction, as the Group
continues to evolve its initiatives to contain and
reduce its carbon footprint.
The Company has a process to independently
assure its scope 1 and 2 data, with a view
to assuring its scope 3 data ahead of setting
science-based targets in the near future.
The Group submits its GHG data to the
Carbon Disclosure Project, which is available
at www.cdp.net.
Board engagement and decision making
– environment
The Board continued to oversee the
development of carbon and climate initiatives
in the year. Through the work of the Ethics
and Sustainability Committee, the Group
monitors all emissions and climate-related
disclosures, including compliance with the
Company’s TCFD and SASB reporting, and
has agreed a roadmap to enhance the
Group’s external reporting of this area.
Tonnes CO
2
e
2025*
2024
2019
(baseline year)
Scope 1
Fuel consumption, including natural gas
3,366
2,046
4,128
Vehicle fuel consumption
1,788
1,584
2,972
Air-conditioning
988
n/a
n/a
Total scope 1
6,142
3,630
7,100
Scope 2
Electricity consumption
17,064
18,603
28,774
Total scope 1 and 2
23,206
22,233
35,874
Scope 3
Scope 3
451,688
534,835
n/a
Total scope 1, 2 and 3
474,894
557,068
n/a
Intensity Factor #
2025
2024
2019
(baseline year)
Scope 1 and 2 emissions – tonnes
23,206
22,233
35,874
Revenue – $m
1,018.8
1,048.9
960.0
Intensity factor
22.8
21.2
26.8
*
2025 scope 3 emissions were extrapolated using data from all five of Hunting’s operating segments, and pro-rated from data which was for
the nine months to 30 September 2025.
The data reported and the carbon dioxide conversion factors used to report the Group’s carbon footprint are based on those published by the
UK government and the International Energy Agency. For further information on Hunting’s climate, ESG and wider sustainability efforts, please
see pages 56 to 86.
Environment and climate
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continued
Governments
Hunting’s global footprint spans nine countries,
requiring close interaction with local regulators,
governments, and tax authorities to maintain
strong business standing. Hunting seeks to
ensure full compliance with all applicable laws
and regulations in the countries in which we
are located.
As a UK-listed public company, our primary
regulator is the Financial Conduct Authority
(“FCA”). The relationship with the FCA is actively
managed with support from our brokers and
legal advisers whenever relevant matters arise.
Each business unit must establish and
enforce effective compliance procedures and
maintain strong relationships with local tax
and legal authorities.
Recognising the sensitivity of government
interactions and the associated bribery risks,
the Group enforces robust internal procedures,
including identifying government-owned
customers and suppliers. All external-facing
employees receive training on our anti-bribery
and corruption policies to ensure compliance
and that we uphold the highest ethical standards.
Tax strategy
Hunting operates in a global environment
and is committed to acting with integrity,
transparency, and paying the right amount of
tax at the right time. Our tax strategy is to fully
comply with all applicable tax laws, regulations,
and disclosure requirements in every jurisdiction
where we operate.
Where areas of significant complexity, uncertainty,
or materiality arise, Hunting engages reputable
professional firms to ensure compliance and
uphold best practice. We maintain honest, timely,
and respectful relationships with tax authorities,
working collaboratively to resolve any disputes.
Hunting has a zero-tolerance approach to tax
evasion and the facilitation of tax evasion. This
commitment is reinforced through mandatory
Code of Conduct training, which includes modules
designed to help employees understand risks
and procedures related to tax compliance.
Governments and communities
Board engagement and decision making
– governments
The Group’s tax governance is managed
as follows:
•
The Board reviews Hunting’s tax strategy
and policies on an ongoing basis, with
regular updates on the tax position
provided at each Board meeting by either
the Finance Director or Group Head of Tax;
•
As part of the work of the Audit and Risk
Committee, tax matters are also monitored.
Further details can be found in the Audit
and Risk Committee Report on pages 144
to 150;
•
Day-to-day matters are delegated to
Hunting’s Group Head of Tax and a small
team of in-house tax professionals who
hold a combination of accounting and tax
qualifications;
•
The local financial controllers, supported by
their finance and operational teams, are
responsible for managing their operational
taxes in line with local laws and regulations
alongside the Group’s tax governance and
tax policies. They are supported by the
Group’s central tax team and local advisers,
as required;
•
An annual review of our tax policies form
part of our internal Group Manual review
procedures; and
•
Ongoing monitoring of tax legislation that
will impact us, including engaging specialist
advisers when appropriate.
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continued
Communities
The Board encourages community-focused
initiatives, with the Executive Committee
responsible for identifying local activities and
projects to support. This delegation allows
regional cultural practices to be considered.
A number of the Group’s businesses undertake
intern programmes whereby students at local
colleges and universities work within the
Company.
Local community sponsorships or charitable
donations are encouraged, following approval by
a member of the Board or Executive Committee.
Most businesses within the Group host “Open
House” days at facilities to allow customers,
suppliers, employees’ families, and other
members of the local community to visit our
operations.
Community initiatives are regularly reported in the
Group’s magazine, the “Hunting Review”, which
profiles the Group’s operations, employees, and
community work.
For further reporting on community engagement,
see page 70.
Charitable donations and community
sponsorships
$
62
k
(2024 – $70k)
Board engagement and decision making
– communities
The Board has a policy whereby unclaimed
dividends returned to the Company from
its registrar are donated to UK charities,
with a small committee, led by the Finance
Director, agreeing the beneficiaries of the
charitable donations.
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Chief Executive’s Report
2025 was a further year of progress
in Hunting’s financial performance,
despite extreme macroeconomic
volatility being reported. Management
delivered a 7% increase in EBITDA, a
one percentage point improvement to
ROCE, and delivered Free Cash Flow
of $96.6m, which represents an
EBITDA conversion of 71%.
The Group delivered on further strategic
milestones in the year in line with our Hunting
2030 ambitions. We completed two acquisitions
totalling $83.0m, which enhances our medium-
to long-term revenue profile. Management
continued to drive cost out of the Company,
with restructuring underway within our EMEA
and Hunting Titan operating segments. Finally,
our financial performance, including strong cash
flows, enabled the Board to revise its capital
allocation priorities, which led to an increase of
13% in the total dividends declared to 13.0 cents
per share as well as commence a $40m share
buyback programme in August, which was
extended in December to $60m.
As we note in our outlook statement, 2026
should see a continuation of the growth which
the Company has delivered over the past few
years, as energy demand continues unabated,
with the demand for high technology driving
the oil and gas industry to be more efficient,
while also exploring and finding new reserves.
Our performance is delivered by our strong,
experienced, committed workforce and it is
these employees who I now thank for the hard
work in what has been a challenging year, for
delivering the growth and shareholder returns
that the Directors are delighted to report.
We look forward to the future with confidence.
Strategic delivery
The strategic highpoints in the year include the
successful completion of the acquisition of
Flexible Engineered Solutions (“FES”) and
the Organic Oil Recovery (“OOR”) technology
purchased from their respective founding
shareholders. More detail on these transactions
is provided on the following page.
At our Capital Markets Day (“CMD”) in 2023
we published our acquisition priorities, which
included adding subsea and offshore businesses
and high technology production enhancement
solutions to our portfolio. FES and OOR meet
these criteria. However, both also add strong
medium- to long-term revenue growth potential
to the Group. The Board is pleased with these
transactions as they align with the broader trend
of the industry to develop more stable production
sources, being offshore projects, while
maximising recovery from existing oil and gas
wells. Both acquisitions were fully integrated into
the Group during the second half of the year.
The Directors are also focused on maximising
profitability and returns from the rest of our
portfolio and, in the year, we commenced the
restructuring of the EMEA operating segment.
We are targeting annualised savings of $11m or
more as we rationalise our European operational
footprint. We opened a new facility in Dubai and
closed three facilities in the year, with a fourth
facility closing in June 2026. I would like to thank
our remaining employees for their support during
this time of disruption and change.
The Hunting Titan operating segment focused on
improving its results in the year, in part through
further restructuring and cost elimination,
including selling, distribution and administration
costs, but also by focusing on higher quality
sales, which generated more profitable results.
The US onshore completions market remains a
highly competitive environment in which to
operate; however, with our international exposure
in regions such as the Middle East and South
America, the segment is positioned for further
improvements to its financial performance in the
year ahead.
Our robust financial performance led to a
change in our capital allocation priorities. Strong
operational cash flows in the year have enabled
us to acquire businesses and increase dividend
payments to shareholders beyond the ambition
stated at our 2023 CMD. We are now targeting
a 13% annualised increase to our total dividend
distributions to 2030. This will mean our
shareholders will receive c.$190m of dividends
across this time, which the Directors believe
is a substantial return of capital given our size
and profile.
During the year, the Directors also considered
the merits of a share buyback programme to
further increase our shareholder returns. The
commencement of the $40m buyback in August
reflects the balance of returning additional cash
to shareholders while still providing firepower to
complete acquisitions as and when they are
identified. Given the cash generation of the Group
together with the strength of the balance sheet,
the buyback programme was extended by $20m,
which was announced in December. In total, this
will mean shareholder returns of nearly $250m to
2030, underlining the Directors’ focus on stronger
returns to shareholders into the medium term.
I am particularly pleased to note that after
payments of $81.3m in relation to acquisitions,
$19.1m of dividends paid, treasury share
purchases of $18.2m, and $33.5m of the current
buyback completed, Hunting reports year-end
total cash and bank/(borrowings) of $62.9m,
which reflects the Directors’ strong belief that
retaining a robust balance sheet, in what is a
largely cyclical business, remains a key strategic
priority to support the long-term sustainable
success of the Group for many years to come.
EBITDA
$
135.7
m
+7%
Dividend per share declared
13.0
cents
+13%
Hunting PLC
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Other Information
Chief Executive’s Report
continued
In March 2025, Hunting acquired the Organic
Oil Recovery (“OOR”) technology from its
founders for $18.2m.
Hunting has collaborated with the business
since 2017, when the Group entered into
a marketing agreement to assist in
the commercialisation of this exciting
technology, with access to markets outside
of North America.
OOR offers a low-cost, enhanced oil recovery
solution to exploration and production
companies and can be applied to most oil
reservoirs at any stage of the production
lifecycle.
This microbial-based solution breaks down
larger oil particles to allow for enhanced fluid
flow and, therefore, higher production levels
and higher resource recovery from a typical
oil reservoir.
In June 2025, Hunting acquired Flexible
Engineered Solutions (“FES”) for $64.8m from
its founders.
FES is a provider of subsea, marine and
offshore solutions to both traditional oil and
gas and non-oil and gas end-markets.
Founded over 25 years ago, the business
has built up a robust product offering, which
includes diverless bend stiffener connectors;
turret systems; fluid transfer swivels; stab
plates; and other equipment utilised on
floating production, storage and offloading
(“FPSO”) vessels.
This is likely to be a strong growth market in the
coming years as the global oil and gas industry
accelerates offshore projects. Headquartered in
Ashington, Northumberland, UK, FES operates
from a 35,000 sq. ft. facility, in addition to a
6,000 sq. ft. test facility. FES currently has 45
employees.
FES’s solutions have been deployed in many
key offshore regions including the Gulf of
America, West Africa, and South America,
Organic Oil Recovery
Flexible Engineered Solutions
The technology has been applied to an
increasing number of projects with excellent
production characteristics being demonstrated.
In 2025, Hunting acquired the technology to
accelerate production and access all global
locations for the application of this technology.
Since acquisition, the business has refurbished
its sampling and test laboratory in California,
US, hired additional scientists and sales
personnel to speed up the testing process
and also plans to open a laboratory in Dubai,
UAE, at Hunting’s new state-of-the-art facility,
which was opened in September 2025.
As we write, we have a number of exciting pilot
tests underway and will be adding new pilot
tests with other important customers in the
coming year to accelerate revenue and profits.
with the majority of its revenues coming
from international business outside of the UK.
FES also benefits from long-term relationships
with a wide variety of blue-chip customers,
including super majors, independent oil and
gas companies, and international energy
service companies, working on large,
multi-year projects, which provide high levels
of earnings visibility.
FES’s product offering is a perfect fit within
Hunting’s subsea portfolio as it enhances
the Group’s subsea umbilicals, risers and
flow lines (“SURF”) offering as it is highly
complementary to our titanium and steel stress
joint product range, manufactured by our
Spring business unit, which is also being
increasingly adopted for use by clients on
FPSOs given the stronger HSE and lower
maintenance operating characteristics.
The sales teams within FES and Spring
have identified and pursued new revenue
opportunities as Hunting takes its products
to new clients. We are delighted to report
that these new opportunities are well over and
above those identified at the time of acquisition.
Hunting PLC
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29
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Other Information
Source: FT.com
WTI crude oil price 2025
$ per barrel
90
70
80
50
60
40
D
J
F
M
A
M
J
J
A
S
O
N
D
Culture
In Q4 2025, we completed our third all-employee
engagement survey with the results being
summarised on page 71. Hunting’s culture
remains strong with our average tenure being
nine years (2024 – nine years) and reflects the
commitment of our employees to our values.
Market overview
The strength of Hunting’s performance during
2025 can only be fully appreciated when the
macroeconomic backdrop is considered as
context to the sentiment across the industry
throughout the year.
In September 2024, the OPEC+ group indicated
that it would commence the unwinding of its
production cuts, which had been in place since
2020 and, since 1 January 2025, 2.2m barrels
of oil per day (“bopd”) were added to OPEC+
supply, despite global economic strength being
generally soft.
This additional production created downward
pressure on the global price for WTI crude oil
– with an absolute c.20% decline being recorded
in the year, as noted in the chart to the left, with
the average price recorded across the year of
$65 per bbl, lower than the average price in 2024
of $76 per bbl.
The net impact of this lower oil price was to
reduce the overall industry capital expenditure
recorded. Spears & Associates note in their
December 2025 update that total expenditure
declined by c.4% to $184.5bn (2024 – $191.4bn)
in the year. North American spend declined c.8%
to $87.5bn (2024 – $95.4bn), while International
spend was more resilient at $97.0bn or c.1%
higher than in the prior year. The deterioration in
the crude oil price led to a c.6% decline in the
North America rig count, as noted in the chart
to the right.
However, Hunting delivered strong growth in
earnings, returns and cash flow in the year
despite this tepid market environment.
Financial summary
While Hunting reports a 3% decrease in
revenue in the year, international market activity
continued to show strong resilience. Revenue
in 2025 was $1,018.8m compared to $1,048.9m
in 2024. H1 2025, revenue was $528.6m
(2024 – $493.8m), while H2 revenue was
$490.2m (2024 – $555.1m). The impact of the
KOC orders on our first half revenue profile is
clearly seen. However, management notes that
momentum was relatively unaffected throughout
the balance of the year, as subsea orders and
North America OCTG sales momentum
continued. Non-oil and gas revenue increased
in the year to $82.9m (2024 – $75.1m).
US average rig count
#
560
2025
2024
598
2023
688
Source: Spears & Associates
Group EBITDA increased 7% to $135.7m in the
year (2024 – $126.3m). Group EBITDA margin
increased to 13% (2024 – 12%) as the strong
focus on higher margin product sales and cost
management and the drive for higher production
efficiencies supported this result. The Directors
note that this result is 13 percentage points
higher than 2021, and well on the way to reaching
our goal of greater than 15% by 2030 as laid out
in our CMD in 2023.
The Hunting Titan operating segment delivered
revenue of $228.7m in the year (2024 – $230.3m),
which was broadly in line with the prior year.
However, with the full impact of the restructuring,
which began in 2024, and a focus on higher
production efficiencies and higher margin sales,
management delivered a strong increase in
EBITDA in the year to $13.1m compared to
$0.6m in 2024. EBITDA margin for the segment
was 6% (2024 – 0%).
EBITDA
$m
135.7
2025
2024
126.3
2023
102.4
Source: Company
The North America operating segment reported
an increase in revenue to $389.5m in the year
(2024 – $388.4m), as robust sales from the
Group’s OCTG product group were delivered.
The Advanced Manufacturing product group
saw some weakness in the year as the
Electronics business unit reported lower oil
and gas sales as the MWD/LWD equipment
purchasing cycle slowed. EBITDA increased to
$69.1m (2024 – $62.2m), or by 11% in the year.
EBITDA margin for the operating segment
therefore, increased to 18% (2024 – 16%).
The Subsea Technologies operating segment
reported a year of more mixed fortunes, despite
the strong offshore market backdrop. Sales
of titanium stress joints to clients, such as
ExxonMobil and TPAO, were progressed as
deepwater projects continued in Guyana and
the Turkish area of the Black Sea. While sales
were down year-on-year within the Spring
business due to project timings, the sales order
book increased in the second half of the year due
to new tender wins.
Chief Executive’s Report
continued
Health and Safety
2025 has seen a solid QAHSE performance
with our key operational indicators recording
a Total Recordable Incident Rate (“TRIR”) of
0.75 compared to 0.93 in 2024.
It is with great sadness that we report a fatality
involving a contracted worker at our Wuxi
operations in China in the second half of the year,
the first such incident within Hunting for over
30 years. The individual sustained injuries after
entering an area that was not designated for
access and was taken to hospital for treatment,
but sadly passed away. This has deeply affected
the Directors and the wider workforce. The
Directors have undertaken a thorough review of
the circumstances, completed root cause analysis,
and management has swiftly implemented
remedial actions, including enhanced access
controls and reinforced training, to ensure this
cannot happen again. The Board remains
committed to maintaining the highest standards
of Health and Safety across all operations.
Product quality
Our manufacturing reject rate maintained its
strong performance recording a rate of 0.20%
in the year compared to 0.31% in 2024.
Hunting PLC
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Corporate Governance
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Other Information
The Stafford business, which supplies hydraulic
valves and couplings, also reported a slower year
as reduced global subsea tree orders depressed
volumes through the business. The Enpro
business reported good results, while Flexible
Engineered Solutions (“FES”) contributed
$10.0m to our sales. Revenue within the
operating segment was, therefore, $139.3m
(2024 – $147.1m) or a decrease of 5%. EBITDA
was $23.3m (2024 – $30.3.m) with an EBITDA
margin of 17% (2024 – 20%).
With the material restructuring announced in
January 2025, the EMEA operating segment
reported lower revenue in the year, as the
closure of facilities created disruption across
the Group’s EMEA businesses. Revenue was
$73.5m (2024 – $87.7m), while the EBITDA loss
was $7.0m (2024 – $7.9m loss). EBITDA margin
was, therefore, (10)% (2024 – $(9)%).
The Asia Pacific operating segment delivered
another strong result in the year, with revenue of
$226.7m (2024 – $240.6m) as the delivery of the
KOC orders continued. EBITDA was $37.2m in
the year, compared to $41.4m in 2024. EBITDA
margin for the segment was 16% (2024 – 17%)
with headcount and costs being flexed to match
the changing revenue profile in the year.
Gross profit in the year for the Group was
$279.8m compared to $271.9m in the prior year,
leading to an increase in gross margin to 27%
(2024 – 26%) or a one percentage point increase
over 2024. This reflects generally stronger
production efficiencies and better product mix
across the Group.
The Group changed the presentation of its
consolidated income statement during
the year and now reports research and
development (“R&D”) costs as a separate line
item as these costs are now more significant.
Adjusted diluted earnings per share
cents
34.1
2025
2024
31.4
2023
20.3
Source: Company
In the year, total R&D costs were $10.5m (2024
– $8.8m), with $5.9m (2024 – $6.6m) expensed in
the year.
The Group’s share of profit from joint ventures
and associates was $3.5m in the year
(2024 – $0.1m loss), with a valuable contribution
from the India JV in its second year of trading.
No impairment charges to goodwill were
recognised in 2025. In 2024, following the
difficult trading environment for Hunting Titan,
an impairment charge to goodwill of $109.1m
was recognised.
Operating profit was, therefore, $76.3m
(2024 – $21.1m loss), and includes adjusting
items totalling $14.2m (2024 – $109.1m).
Adjusting items comprised $9.3m of EMEA
restructuring costs and $4.9m of one-off
acquisition-related costs as due diligence
continued on a number of transactions.
Adjusted operating profit was $90.5m compared
to $88.0m in 2024 leading to an increase in
operating margin to 9% (2024 – 8%).
Net finance costs totalled $10.8m
(2024 – $12.4m), leading to profit before tax of
$65.5m (2024 – $33.5 loss) and an adjusted
profit before tax of $79.7m (2024 – $75.6m).
The Group’s tax charge was $22.7m
(2024 – $8.0m credit) and the adjusted tax
charge was $21.1m (2024 – $19.8m), leading to
profit for the year of $42.8m (2024 – $25.5m loss)
and an adjusted profit for the year attributable to
owners the parent of $56.9m (2024 – $53.3m).
Diluted earnings per share were 24.6 cents
(2024 – 17.6 cents loss per share). Adjusted
diluted earnings per share were 34.1 cents
(2024 – 31.4 cents).
Outlook
Hunting is well placed to build on its strong
2025 performance during the year ahead and,
following the successful delivery of the KOC and
ExxonMobil contracts, management is actively
converting its high-value tender pipeline to
backfill capacity and scale the order book.
Our OCTG product group continues to report a
strong tender pipeline across all key operating
regions. Large tenders in the Middle East are
being pursued with our strategic mill partners,
while in North America we are now driving our
TEC-LOCK™ product line into the international
market arena following strong growth within our
domestic US markets. A key region of growth
will be the Middle East where unconventional
resource development is accelerating.
Hunting’s Subsea product group will incorporate
OOR fully from 1 January 2026, with the
technology seeing strong interest across the
Americas, Middle East and Africa. With the
projected increase in subsea tree awards and
FPSO builds, our Stafford, Spring, and FES
businesses are seeing multiple opportunities to
drive margin through integrated bundling,
providing a unified ‘life-of-field’ solution across
the subsea landscape in the year ahead.
Hunting’s Perforating Systems business is
launching new technology, which will drive our
market share in North America, along with the
projected International growth in the Middle East
and South America.
The Advanced Manufacturing group continues
to pivot to more non-oil and gas sales, with a
strong focus on aviation and space markets. We
continue to streamline our operations, reduce our
cost base and improve efficiencies to focus our
resources on, and align our profitability with,
those markets where the strongest growth
opportunities are in the medium term.
In line with our stated capital allocation policy, we
have proposed a second share buyback totalling
$40m to be completed over the next two years.
This will mean that our returns to shareholders to
2030 will be c.$290m.
While we are closely monitoring the evolving
situation in the Middle East, the Group’s
financial outlook remains robust. Although
some tender and order slippage is possible
in the event of a protracted conflict, given our
strategic concentration on offshore and subsea
markets, alongside our growing international
diversification, our 2026 projections carry minimal
exposure to the Middle East. Consequently, while
minor timing shifts in orders are possible, we do
not anticipate a material impact on our long-term
growth trajectory.
Overall, Hunting is anticipating further
earnings growth in the year ahead and,
having demonstrated that the Group can
deliver growth and returns against a challenged
macroeconomic backdrop, the Directors remain
confident that our skilled workforce will rise to
these challenges as we continue to deliver our
Hunting 2030 Strategy.
Jim Johnson
Chief Executive
5 March 2026
Chief Executive’s Report
continued
Hunting PLC
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31
Strategic Report
Corporate Governance
Financial Statements
Other Information
Product Group Review
Perforating Systems
Technology to drive
completion efficiency
The Group’s Perforating Systems
product group, predominantly
delivered through the Hunting
Titan operating segment,
continues to be a leading player
in the global well completions
market, supplying industry-
leading perforating guns,
energetics and instruments.
While the product group records
the majority of its revenue from
the important North American
onshore market, the international
adoption of US completions
technology is providing strong
growth opportunities in South
America and the Middle East.
Introduction and market overview
During 2025, the Perforating Systems
product group benefited from the restructuring
programme completed in 2024. The product
group delivered a strong rise in profitability
by focusing on higher margin basins,
reducing costs, and improving internal
production efficiencies through revised
production schedules that increased overhead
absorption across all manufacturing facilities.
Despite the declining US onshore rig count and a
lower average WTI oil price being recorded in the
year, the Perforating Systems product group and
the Hunting Titan operating segment reported
stronger year-on-year EBITDA, which is testament
to the performance of the new management
team put in place in Q3 2024.
Of particular note has been the growth reported
within our International markets, including South
America and the Middle East. The acceleration of
unconventional resource development, particularly
in Saudi Arabia where natural gas developments
have increased significantly over the past few
years, indicates that good growth prospects for
the product group lie in these markets given the
strength of Hunting’s technology and broad-
based component offering.
Coupled with this, the International growth profile
is also supported by the likelihood that natural
gas drilling across North America will see a
resurgence in the coming years, to support the
electricity demand anticipated through the
projected number of data centres planned, in
support of the acceleration of Artificial Intelligence
tools, which require higher power circuit boards,
cooling and larger capacity data centres.
Strategic Report
Corporate Governance
Financial Statements
Other Information
Hunting PLC
Annual Report and Accounts 2025
32
Perforating Systems – revenue
$m
221.1
2025
2024
222.7
2023
243.8
Source: Company
Perforating Systems – sales order book
$m
23.4
2025
2024
16.5
2023
12.7
Source: Company
Perforating Systems – EBITDA
$m
13.9
2025
2024
1.4
2023
25.1
Source: Company
Product Group Review
continued
In summary, despite challenging North American
markets seen over the past two years, the
Perforating Systems product group has strong
growth prospects to pursue in the medium term.
Product group financial performance
Revenue from the Perforating Systems product
group was broadly flat year-on-year, with
$221.1m in 2025 compared to $222.7m in 2024.
Within this, US revenue of $158.0m was in line
with 2024 revenue of $159.1m, while Canada
revenue decreased from $17.9m in 2024 to
$13.4m. International revenue grew to $49.7m in
the year (2024 – $45.7m), despite the pause in
activity in Saudi Arabia during the year, as efforts
to globalise the Group’s technologies continued.
EBITDA for the product group was $13.9m in
2025 compared to $1.4m in the prior year, giving
an EBITDA margin of 6% in 2025 compared to
1% in 2024.
The Perforating Systems sales order book at the
year-end was $23.4m, compared to $16.5m at
the 2024 year-end. Due to its “manufacture to
stock” business model, Perforating Systems
does not carry a large order book and is a
short-cycle business overall.
Intellectual property
Intellectual property based on the Group’s
Perforating Systems product group totalled
115 patents.
Technology
In 2025, research and development efforts
were directed towards mitigating the impact
of price-sensitive perforating product sales
by prioritising high-margin instrumentation
and leasing revenue.
This strategy underscores our commitment
to innovation and operational efficiency while
delivering enhanced value to our customers.
A new Ballistic Release Tool was launched in
December 2025 to the US domestic market.
The new tool was developed to simplify client
operations and extend maintenance intervals.
By replacing complex moving parts with solid
components, the new tool delivers improved
durability and ease of servicing, while its lighter,
more compact design enhances operational
efficiency. These improvements reduce
maintenance requirements and inventory needs,
making the tool attractive for both outright
purchase or leasing, reinforcing Hunting’s
commitment to innovation-led growth.
In addition, a new Gyroscopic Orientation
Tool (“GOT”), was introduced internationally
in Q2 2025, which showcases Hunting’s ability
to deliver advanced technology that improves
efficiency and reduces costs for customers.
Designed for deployment in vertical conventional
wells, the tool enables active orientation and
perforation in a single run, combining our proven
ControlFire™ system with gyroscopic and
steering capabilities. This innovation allows
operators to streamline operations, significantly
reducing time and expense while maintaining
exceptional accuracy and reliability. By leveraging
Hunting’s expertise in ruggedised perforating
tools and precision logging, the GOT sets a new
standard for dependable performance in
challenging completion environments.
Outlook
The North American onshore unconventional
market is likely to be steady in 2026, given the
prevailing WTI oil price and the likely capital
expenditures planned in the year ahead.
Growth is projected from the Group’s International
markets, particularly in South America and the
Middle East where unconventional resource
development continues to accelerate, and as
global operators continue to adopt US
technology in their well completion programmes.
As noted above, the medium-term growth
of this product group is likely to be dictated by
liquid natural gas (“LNG”) demand and power
requirements to support new data centre
build-outs across North America, which
will require significantly higher amounts of
natural gas.
Hunting PLC
Annual Report and Accounts 2025
33
Strategic Report
Corporate Governance
Financial Statements
Other Information
Adam Dyess
Managing Director, Hunting Titan