Hunting

Hunting Dividend Analysis and Summary

• Final dividend: 6.8 US cents per share
• Total FY2025 dividend: 13.0 US cents per share (up 13% year on year from 11.5c)
• Ex-dividend date: 09/04/2026
• Record date: 10/04/2026
• Payment date: 08/05/2026
• Policy/Guidance: Commitment to increase dividend distributions by 13% per annum to the end of the decade
• Coverage (FY2025): DPS 13.0c vs adjusted diluted EPS 34.1c (c.2.6x covered); vs statutory diluted EPS 24.6c (c.1.9x covered)
• Currency: Dividends declared in US cents

• Affordability: Strong coverage on both adjusted and statutory earnings. FY2025 free cash flow of $96.6m and a net cash position of $62.9m (after c.$145m of outflows for M&A, buybacks, treasury shares and dividends) indicate healthy capacity to fund the dividend.
• Cash generation outlook: 2026 EBITDA guidance of $145–$155m with a targeted FCF conversion of =50% implies >$72m FCF at the low end—adequate to support the dividend alongside moderate buybacks.
• Growth trajectory: Total DPS grew 13% in 2025 and management has reiterated a 13% p.a. dividend growth commitment to 2030. Margin expansion (EBITDA margin up to 13%) and portfolio mix shift toward subsea and non-oil & gas underpin medium-term DPS growth ambitions.
• Capital returns balance: 2025 shareholder returns totaled $53.1m (dividends + buybacks). Ongoing buybacks should reduce share count, modestly enhancing per-share dividend sustainability.