Hunting (LON: HTG), the energy equipment group, has cut its 2026 earnings guidance for the second time in about two months, and its shares fell sharply this morning. A release before the open put EBITDA, earnings before interest, tax, depreciation and amortisation, at $128-133m.
The shares stood at 374.8p at 09:12 UK time, down 11.9% on yesterday’s close of 425.5p, after opening at 365p and a low so far of 344p at that time. That erases a rise of about 9% between the 22nd and the 27th of October and sits below every daily close since late July.
About two months ago, at interim results, Hunting cut guidance to $138-141m. The new midpoint of $130.5m is about $9m, or 6.5%, below the $139.5m midpoint of that range. Chief executive Jim Johnson blamed the wider conflict.
the protracted and deepening nature of the conflict in the Middle East has impacted our overall results in Q3 and into Q4, with a deterioration in the short-term trading outlook seen in recent weeks.
Jim Johnson, chief executive of Hunting
Attacks on shipping and regional infrastructure have disrupted tenders for OCTG, the steel pipe used in oil wells. Fewer rigs are running in Saudi Arabia, which slows the Jafurah unconventional development and hurts the Hunting Titan unit. Titan’s third quarter fell marginally short of plan, and North America expects an OCTG slowdown in the fourth.
Johnson added that Hunting’s Electronics and Dearborn units are recovering more slowly than planned because of third-party supply chain problems. Year-to-date EBITDA to the 30th of September is about $89m, which implies roughly $39-44m for the final quarter.
| Source | FY2026 EBITDA |
|---|---|
| AGM presentation | $145-155m |
| Interim results, the 21st of August | $138-141m |
| Today’s update | $128-133m |
| Year to the 30th of September | c.$89m at c.12% margin |
Subsea profitability remains robust, and net assets were about $876m at the 30th of September. Kuwait’s re-tender, a fresh round of bidding, was published on the 12th of October, with a decision expected before year-end and shipments from the second half of 2027.
Hunting says it remains well placed to secure further orders from that re-tender. Its next trading update is due on the 19th of January.