Hunting PLC’s shares fell 16.6% to 395p on Tuesday after the UK energy services group reduced its 2026 EBITDA guidance and reported weaker first-half results.
The company cut its 2026 EBITDA forecast to between $138 million and $141 million, down from a prior range of $145 million to $155 million. The revision reflects delays in the Kuwait Oil Company tender process, which is expected to reduce earnings by roughly $10 million. Hunting also reported a 12% drop in first-half EBITDA to $62.1 million, alongside a 6% year-on-year decline in revenue to $497.0 million.
Adjusted diluted earnings per share fell 22.4% to 15.2 cents from 19.6 cents in the prior-year period, primarily due to the absence of Kuwait Oil Company orders completed in the first half of 2025. Free cash flow turned negative during the six months as working capital increased in anticipation of higher activity later in the year.
Hunting, a FTSE 250 constituent specializing in precision engineering for the energy sector, secured $63.5 million in titanium stress joint orders in Guyana during the period. However, broader headwinds from Middle East geopolitical tensions, including uncertainty around the Strait of Hormuz, added pressure on order timing for companies with Gulf exposure.
The stock decline followed an executive committee member’s sale of 50,000 shares ahead of the results. The company is also navigating a leadership transition following the CEO’s retirement.
