Further EBITDA progress, FY25 guidance narrowed

In a Q3 update, Hunting has narrowed FY25 EBITDA guidance towards the lower end of the existing U$135m-145m range, noting that this remains slightly above our existing FY25 estimate. This broadly-based group has performed substantially in line with management expectations although EMEA re-structuring has perhaps been a modest drag. Underlying cash flow/year-end net cash looks to be slightly better than we anticipated. Hunting has generated c. U$100m EBITDA with a c.13% margin in YTD trading (compared to c. U$87m and 12% in the first nine months of FY24). Themes consistent with those reported in H1 prevailed during Q3, with revenue and EBITDA margins at similar levels to Q2 we believe. Notably, profitability at North America businesses mo...