Hunting Regulatory News (HTG)

Hunting PLC

("Hunting" or "the Company" or "the Group")

Launch of Share Buyback Programme of up to $40 million

Return of capital reflects strategic progress and confidence in future prospects

Hunting PLC (LSE:HTG), the precision engineering group, today announces the commencement of a share buyback programme in respect of its ordinary shares of 25 pence each ("Ordinary Shares") for a maximum aggregate consideration of up to $40 million (the "Share Buyback Programme"), which is expected to run from the date of this announcement until completion.

As noted in the Group's trading update on 9 July 2025, the Directors are pleased with Hunting's financial performance since 2023 when its capital allocation framework was published at its Capital Markets Day ("CMD"). Given the strong trading reported since the CMD, the Directors have reviewed the Company's capital allocation priorities and, following discussion with major shareholders, have announced an increase to the dividend distribution ambition together with a proposed share buyback, which reflects a rebalancing of its capital allocation priorities.

The Share Buyback Programme has been launched in consideration of the Group's sustainable cash generation and strong balance sheet. In addition, the launch of the Share Buyback Programme reflects the Directors' continued confidence in the prospects for the business following the strategic and operational progress made since the CMD.

Details of the Share Buyback Programme

The Share Buyback Programme is expected to be phased over three tranches, with the first tranche being for a maximum aggregate consideration of up to $15 million (the "First Tranche"). The First Tranche will commence today and is anticipated to end during Q4 2025, whereupon the second tranche for a maximum aggregate consideration of up to $15 million (the "Second Tranche") will commence, and which is anticipated to complete during early 2026. The third and final tranche for a maximum aggregate consideration of up to $10 million (the "Third Tranche") will commence on the conclusion of the Second Tranche and is targeted to complete during Q2 2026. All proposed timings are subject to market conditions.

Hunting has entered into non-discretionary agreements (the "Agreements") with each of: RBC Europe Limited ("RBC") instructing RBC to purchase Ordinary Shares in respect of the First Tranche; Canaccord Genuity Limited ("Canaccord") instructing Canaccord to purchase Ordinary Shares in respect of the Second Tranche; and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") instructing Berenberg to purchase Ordinary Shares in respect of the Third Tranche, in each case, of the Share Buyback Programme. RBC, Canaccord and Berenberg are hereafter referred to as the "Brokers".

The Brokers will each act as "riskless" principal for the purposes of the Share Buyback Programme, with any purchases of Ordinary Shares made by the Brokers in respect of the Share Buyback Programme to be affected within certain pre-set parameters on an irrevocable and non-discretionary basis and subject to the terms of the Agreements. Purchases of Ordinary Shares will be made on the Company's behalf in accordance with the Agreements with each of the Brokers, who will make their trading decisions concerning the purchases of Ordinary Shares independently of the Company. Provided the Company is not in a closed period to which it is subject nor in possession of inside information (an "Open Period"), the Company may elect to terminate the non-discretionary nature of the relevant mandates. The Company may subsequently choose to reinstate the non-discretionary mandates of the Share Buyback Programme provided that the Company is in an Open Period at that time. Purchases of Ordinary Shares will continue independently of and uninfluenced by the Company during any closed period to which the Company is subject and/or if the Company comes into possession of inside information.

The sole purpose of the Share Buyback Programme is to reduce the share capital of the Company. As such, all Ordinary Shares purchased under the Share Buyback Programme will be cancelled.

The Brokers will carry out their respective instructions by purchasing Ordinary Shares in the Company on the London Stock Exchange and/or other trading venues. Any purchases of Ordinary Shares by the Company will be in accordance with (and subject to the existence of and/or the limits prescribed by) the general authority to purchase Ordinary Shares granted by its shareholders at the Company's Annual General Meeting on 16 April 2025 (the "Authority"). The maximum number of Ordinary Shares which the Company is authorised to purchase under the Authority is 24,724,518 Ordinary Shares. The Share Buyback Programme will comply with UK Listing Rule 9.6 of the UK Financial Conduct Authority. The Share Buyback Programme will also be conducted in accordance with the parameters of the safe harbour provisions set out in: (i) Article 5(1) of Regulation (EU) 596/2014 (including the delegated and implementing acts adopted under it); and (ii) the provisions of Commission Delegated Regulation (EU) 2016/1052 with regard to regulatory technical standards for the conditions applicable to buyback programmes and stabilisation measures (in each case as they form part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as implemented, retained, amended, extended, re-enacted or otherwise given effect. There is no guarantee that the Share Buyback Programme will be implemented in full.

Hunting intends to announce any purchase of Ordinary Shares under the Share Buyback Programme on the business day following the calendar day on which the relevant purchase occurred.

For further information please contact:

or

lon.IR@hunting-intl.com

About Hunting PLC

Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ("ESCC") category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.

The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ("EMEA"); and Asia Pacific.

The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and Other Manufacturing.