A solid H1. Hunting has reported good trading for H1 overall, with EBITDA of c$68-70m, up 16% yoy. EBITDA margin was roughly 13%, compared to 12.2% in H1 24. The order book stands at $450m, marginally better than at Q1 ($439m), with a pipeline of $1.1bn. Total cash at the end of H1 stood at $79m, despite spending $69m on the acquisitions of FES and OOR in H1. Guidance reiterated. The company has reiterated guidance of $135-145m EBITDA for FY25. Total cash at year end is expected to be in the range of $65-75m. OCTG leads, Titan recovery. OCTG traded ahead of management expectations, with strong margins thanks to the final four shipments to KOC and strong bookings in North America. Titan returned to profitability in H1, despite some softening in the North American market. Subsea results are expected to be H2 weighted due to delivery timing, while Advanced Manufacturing was marginally behind plan. The restructuring of the EMEA segment is ongoing and is expected be completed by end Q3, generating c$10m in annualised cost savings. Buyback announced, dividend growth raised. As part of its review of capital allocation policy, the company has announced a share buyback of $40m, to start after the H1 results in August. It has also announced that it will increase its rate of dividend growth slightly, from 10% to 13% per year. The Board has reaffirmed that it intends to invest in organic capex broadly in line with depreciation until the end of the decade and will also continue to pursue bolt-on acquisition opportunities.