Hunting has met FY25 EBITDA guidance, with a better year-end net cash position than we had anticipated. In Subsea very credible, raised, and ambitious targets have been announced which support the wider group’s previously stated 2030 targets. With significant large contract opportunities in OCTG and Subsea on the horizon, FY26 looks like being an important year for the company. After a good overall Q4, Hunting has flagged expected FY25 EBITDA of U$135m, with a c.13% margin (FY24: U$126.3m, 12.0%). This is within the guidance range and above our U$130m estimate. We believe that a good close to the year from Perforating Systems and solid Subsea and OCTG performances were the trading highlights in H2. New Subsea acquisitions (Organic Oil Recovery and Flexible Engineered Solutions) appear to be bedding in well. Hunting ended FY25 with a better-than-expected c.U$60m net cash position. Looking ahead, FY26 starts with a U$350m order book, a strong tender pipeline and management has guided to U$145m-155m expected EBITDA for the year. We shall review our estimates and fair value of 400p/share again with the FY25 results announcement. For now, our DCF model suggests that the current share price is equivalent to c.U$189m ‘steady state’ EBITDA, which looks conservative against the company’s 2030 ambitions.