Hunting PLC Cuts 2026 Guidance Following Kuwaiti Tender Delay

Key Facts

In a move reflecting operational hurdles within the global energy services sector, Hunting PLC has lowered its full-year 2026 EBITDA guidance. This revision stems primarily from delays in a Kuwait Oil Company tender process, which is expected to impact the annual outlook now projected between $138 million and $141 million. While the Subsea and Perforating Systems segments showed resilience, weakness in OCTG and general manufacturing offset these gains.

According to analyst data, the company generated $497.0 million in revenue during H1 2026, marking a 6% decline year-over-year. EBITDA fell by 12% to $62.1 million, accompanied by a free cash flow outflow of $27.8 million due to increased working capital requirements. Per market data, the company's financial position shifted to a net debt of $51.4 million as of June 30, contrasting with a net cash position held during the prior-year period.

Looking ahead, investors are focused on whether the company can unwind its working capital investment during the second half of the year as managed predicted. While specific price levels for HTG were unavailable at the time of this report, broader industrial sentiment remains cautious, evidenced by recent data showing China's industrial production grew by a lower-than-expected 4.5% on August 17. The recovery of international tender timelines remains the primary catalyst to watch.