0001193125-26-405527 | S-1 | XBRL Viewer

Print Document

Accrued Expenses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Payables and Accruals [Abstract]
Warranty expense	$ 0.4	$ 0.4	$ 0.8	$ 2.7

Business Combinations - Summary of Supplement of the Company on an Pro Forma Information (Details) - HMH Holding BV And Subsidiaries [Member] - Drillform Technical Services Ltd [Member]	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares
Business Combination, Pro Forma Information [Line Items]
Revenues \| $	$ 849,860
Net income attributable \| $	$ 49,753
Net income per common share—basic \| $ / shares	$ 248,765
Net income per common share—diluted \| $ / shares	$ 248,765

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Employee Benefit Expenses - Schedule of The Plans With Projected Benefit Obligations and Accumulated Benefit (Details) - HMH Holding BV And Subsidiaries [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pension benefits
Projected benefit obligation	$ 18,436	$ 18,458
Accumulated benefit obligation	$ 18,436	$ 18,458

Other Current Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Accelerated Share Repurchases [Line Items]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Income tax payable	$	7,314	$	12,388
Operating lease liability		6,718		10,470
Public duties and taxes		7,697		8,050
External derivative financial liabilities		2,393		555
Withheld taxes and other deductions		526		3,692
Other		—		427

Other current liabilities	$	24,648	$	35,582

HMH Holding BV And Subsidiaries [Member]

Accelerated Share Repurchases [Line Items]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Income taxes payable		12,388		6,376
Operating lease liability		10,470		8,114
Public duties and taxes		8,050		8,142
Withheld taxes and other deductions		3,692		3,317
External derivatives financial liabilities		555		4,612
Short-term deferred and contingent liabilities		—		1,922
Other		427		1,150

Other current liabilities	$	35,582	$	33,633

Equity - Additional Information (Details) $ / shares in Units, $ in Thousands				3 Months Ended	6 Months Ended
	May 05, 2026 USD ($) $ / shares shares	Apr. 30, 2026 USD ($)	Apr. 02, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Apr. 01, 2026 € / shares shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2025 € / shares shares	Dec. 31, 2024 $ / shares shares
Noncontrolling Interest [Line Items]
Preferred stock, shares authorized (in shares)				10,000,000	10,000,000
Shares repurchased \| $				$ 12,894	$ 12,894
Effect of the Corporate Reorganization Transactions \| $				0	0
Adjustments To Additional Paid In Capital, Purchase Of Shares \| $			$ 39,500	39,480	39,480
Non-controlling interest
Noncontrolling Interest [Line Items]
Shares repurchased \| $				13,518	13,518
Effect of the Corporate Reorganization Transactions \| $				$ 642,112	$ 642,112
Baker Hughes And Akastor
Noncontrolling Interest [Line Items]
Voting power percentage			0.00%
Equity interest percentage			73.00%
HMH Holding B.V. And Subsidiaries
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				63,783,304	63,783,304			200	200	200
Common stock, par value (in usd per share) \| (per share)								$ 1	€ 1	$ 1
Common stock, shares authorized (in shares)								200	200	200
Stock split, conversion ratio					346,774.96
Stock issuance costs \| $					$ 10,380	$ 0
HMH Holding B.V. And Subsidiaries \| Baker Hughes And Akastor
Noncontrolling Interest [Line Items]
Voting power percentage			0.00%
Equity interest percentage			73.00%
Class A Common Stock
Noncontrolling Interest [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.01
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000
Common Stock, Conversion Ratio				1	1
Shares repurchased (in shares)	685,844		2,100,000
Equity-based compensation (in shares)			836,781
Shares issuable (in shares)				31,891,652	31,891,652
Class A Common Stock \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class A Common Stock \| Akastor AS [Member]
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class A Common Stock \| IPO
Noncontrolling Interest [Line Items]
Shares issued (in shares)			10,520,000
Net proceeds \| $			$ 197,800
Stock issuance costs \| $			$ 12,600
Class A Common Stock \| Over-Allotment Option
Noncontrolling Interest [Line Items]
Net proceeds \| $		$ 12,900
Stock issuance costs \| $		$ 800
Shares repurchased \| $	$ 12,900
Class A Common Stock \| HMH Holding B.V. And Subsidiaries
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				12,042,625	12,042,625		100	100	100
Common stock, par value (in usd per share) \| (per share)				$ 0.01	$ 0.01		€ 1
Common stock, shares authorized (in shares)				1,000,000,000	1,000,000,000
Conversion of stock, shares converted (in shares)			32,577,496		32,577,496
Shares issued (in shares)			8,420,000
Class A Common Stock \| HMH Holding B.V. And Subsidiaries \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826	17,338,748	17,338,748
Class A Common Stock \| HMH Holding B.V. And Subsidiaries \| Akastor AS [Member]
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				17,338,748	17,338,748
Class B Common Stock
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				31,891,652	31,891,652
Common stock, par value (in usd per share) \| $ / shares	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)				500,000,000	500,000,000
Conversion of stock, shares issued (in shares)			32,577,496
Shares repurchased (in shares)	685,844		2,100,000
Class B Common Stock \| Baker Hughes And Akastor
Noncontrolling Interest [Line Items]
Voting power percentage			73.00%
Class B Common Stock \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class B Common Stock \| Akastor AS [Member]
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826
Class B Common Stock \| HMH Holding B.V. And Subsidiaries
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				31,891,652	31,891,652		100			100
Common stock, par value (in usd per share) \| $ / shares				$ 0.01	$ 0.01
Common stock, shares authorized (in shares)				500,000,000	500,000,000
Conversion of stock, shares converted (in shares)			32,577,496		32,577,496
Shares issued (in shares)			8,420,000
Class B Common Stock \| HMH Holding B.V. And Subsidiaries \| Baker Hughes Holdings LLC
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)			15,945,826	17,338,748	17,338,748
Class B Common Stock \| HMH Holding B.V. And Subsidiaries \| Akastor AS [Member]
Noncontrolling Interest [Line Items]
Common stock, shares outstanding (in shares)				17,338,748	17,338,748

Revenue from Contracts with Customers - Disaggregated Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Disaggregation of Revenue [Line Items]

Total revenue

$ 170,822

$ 203,457

$ 342,143

$ 401,887

HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

$ 821,754

$ 843,363

^[1]

Transferred overtime

Disaggregation of Revenue [Line Items]

Total revenue

104,968

128,987

196,115

249,526

Transferred overtime | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

519,350

512,818

Transferred at point in time

Disaggregation of Revenue [Line Items]

Total revenue

65,854

74,470

146,028

152,361

Transferred at point in time | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

302,404

330,545

ESS

Disaggregation of Revenue [Line Items]

Total revenue

97,660

125,547

198,350

233,088

ESS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

^[1]

438,553

443,189

ESS | Transferred overtime

Disaggregation of Revenue [Line Items]

Total revenue

65,013

89,340

125,033

162,326

ESS | Transferred overtime | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

300,400

299,928

ESS | Transferred at point in time

Disaggregation of Revenue [Line Items]

Total revenue

32,647

36,207

73,317

70,762

ESS | Transferred at point in time | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

138,153

143,261

PCS

Disaggregation of Revenue [Line Items]

Total revenue

73,162

77,910

143,793

168,799

PCS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

^[1]

383,201

400,174

PCS | Transferred overtime

Disaggregation of Revenue [Line Items]

Total revenue

39,955

39,647

71,082

87,200

PCS | Transferred overtime | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

218,950

212,890

PCS | Transferred at point in time

Disaggregation of Revenue [Line Items]

Total revenue

33,207

38,263

72,711

81,599

PCS | Transferred at point in time | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

164,251

187,284

Project and other manufacturing contracts revenue

Disaggregation of Revenue [Line Items]

Total revenue

10,093

33,139

22,385

57,756

Project and other manufacturing contracts revenue | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

92,436

70,462

Project and other manufacturing contracts revenue | ESS

Disaggregation of Revenue [Line Items]

Total revenue

5,395

29,102

14,416

48,276

Project and other manufacturing contracts revenue | ESS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

61,130

33,552

Project and other manufacturing contracts revenue | PCS

Disaggregation of Revenue [Line Items]

Total revenue

4,698

4,037

7,969

9,480

Project and other manufacturing contracts revenue | PCS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

31,306

36,910

Sale of products

Disaggregation of Revenue [Line Items]

Total revenue

10,494

25,835

30,995

55,966

Sale of products | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

121,553

158,674

Sale of products | ESS

Disaggregation of Revenue [Line Items]

Total revenue

7,508

12,986

15,651

29,923

Sale of products | ESS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

64,558

108,610

Sale of products | PCS

Disaggregation of Revenue [Line Items]

Total revenue

2,986

12,849

15,344

26,043

Sale of products | PCS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

56,995

50,064

Product revenue

Disaggregation of Revenue [Line Items]

Total revenue

20,587

58,974

53,380

113,722

Product revenue | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

^[2]

213,989

229,136

Product revenue | ESS

Disaggregation of Revenue [Line Items]

Total revenue

12,903

42,088

30,067

78,199

Product revenue | ESS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

^[2]

125,688

142,162

Product revenue | PCS

Disaggregation of Revenue [Line Items]

Total revenue

7,684

16,886

23,313

35,523

Product revenue | PCS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

^[2]

88,301

86,974

Service revenue

Disaggregation of Revenue [Line Items]

Total revenue

89,072

92,332

161,081

175,840

Service revenue | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

383,385

366,202

Service revenue | ESS

Disaggregation of Revenue [Line Items]

Total revenue

53,815

56,722

97,968

98,120

Service revenue | ESS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

195,741

190,222

Service revenue | PCS

Disaggregation of Revenue [Line Items]

Total revenue

35,257

35,610

63,113

77,720

Service revenue | PCS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

187,644

175,980

Spare parts revenue

Disaggregation of Revenue [Line Items]

Total revenue

61,163

52,151

127,682

112,325

Spare parts revenue | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

224,380

248,025

Spare parts revenue | ESS

Disaggregation of Revenue [Line Items]

Total revenue

30,942

26,737

70,315

56,769

Spare parts revenue | ESS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

117,124

110,805

Spare parts revenue | PCS

Disaggregation of Revenue [Line Items]

Total revenue

$ 30,221

$ 25,414

$ 57,367

$ 55,556

Spare parts revenue | PCS | HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Total revenue

$ 107,256

$ 137,220

[1]	As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.
[2]	Product revenue includes related party revenue.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) $ in Thousands	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Accounts receivable allowance \| $	$ 1,820	$ 2,889
Property, plant and equipment, accumulated depreciation \| $	$ 76,391	67,372
Treasury stock (in shares)	254,232
Class A Common Stock
Common stock, shares authorized (in shares)	1,000,000,000
Class B Common Stock
Common stock, shares authorized (in shares)	500,000,000
Common stock, shares outstanding (in shares)	31,891,652
Customer relationships
Intangible assets, accumulated amortization \| $	$ 50,254	46,299
Other intangible assets
Intangible assets, accumulated amortization \| $	$ 58,920	49,731
HMH Holding BV And Subsidiaries [Member]
Property, plant and equipment, accumulated depreciation \| $		67,372
Intangible assets, accumulated amortization \| $		$ (96,030)
Common stock, par value (in usd per share) \| (per share)		$ 1
Common stock, shares authorized (in shares)		200
Common stock, shares issued (in shares)		200
Common stock, shares outstanding (in shares)	63,783,304	200
HMH Holding BV And Subsidiaries [Member] \| Class A Common Stock
Common stock, par value (in usd per share) \| (per share)	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000
Common stock, shares issued (in shares)	12,296,857
Common stock, shares outstanding (in shares)	12,042,625	100
HMH Holding BV And Subsidiaries [Member] \| Class B Common Stock
Common stock, par value (in usd per share) \| $ / shares	$ 0.01
Common stock, shares authorized (in shares)	500,000,000
Common stock, shares issued (in shares)	31,891,652
Common stock, shares outstanding (in shares)	31,891,652
HMH Holding BV And Subsidiaries [Member] \| Customer relationships
Intangible assets, accumulated amortization \| $		$ (46,299)
HMH Holding Inc. [Member]
Common stock, par value (in usd per share) \| $ / shares		$ 0.01
Common stock, shares authorized (in shares)		1,000
Common stock, shares issued (in shares)		1,000
Common stock, shares outstanding (in shares)		1,000
HMH Holding Inc. [Member] \| Pro Forma [Member]
Common stock, shares authorized (in shares)		200
Common stock, shares issued (in shares)		200
Common stock, shares outstanding (in shares)		200
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Class A Common Stock
Common stock, par value (in usd per share) \| $ / shares		$ 0.01
Common stock, shares issued (in shares)		902,504
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Class B Common Stock
Common stock, par value (in usd per share) \| $ / shares		$ 0.01

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 119,705,000	$ 96,585,000
Contract assets	104,622,000	114,918,000
Inventories, net	252,192,000	253,759,000
Other current receivables	22,500,000	17,854,000
Prepaids and other current assets	18,828,000	32,882,000
Total current assets	648,908,000	629,210,000
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively	197,673,000	200,818,000
Goodwill	307,954,000	307,014,000
Related party note receivable	22,656,000	33,604,000
Right-of-use assets	45,834,000	48,739,000
Other assets	24,138,000	16,249,000
Total assets	1,362,565,000	1,357,704,000
Current liabilities
Current portion of long-term debt, net	1,473,000	715,000	$ 14,397,000
Contract liabilities	42,780,000	35,249,000
Accrued expenses	84,964,000	95,780,000
Other current liabilities	24,648,000	35,582,000
Total current liabilities	218,317,000	223,639,000
Non-current operating lease liabilities	40,469,000	39,922,000
Other liabilities	61,017,000	54,323,000
Total liabilities	516,166,000	657,252,000
Shareholders' equity
Members' equity	0	698,613,000
Additional paid-in capital	185,133,000	0
Retained earnings	27,566,000	0
Accumulated other comprehensive income (loss)	2,011,000	0
Class A common stock held in treasury (254,232 shares as of June 30, 2026)	(4,888,000)	0
Total shareholders' equity	210,261,000	698,613,000
Non-controlling interests	636,138,000	1,839,000
Total equity	846,399,000	700,452,000	631,337,000
Total liabilities and shareholders' equity	1,362,565,000	1,357,704,000
Customer relationships
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively	63,338,000	67,224,000
Other intangible assets
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively	52,064,000	54,846,000
Nonrelated Party
Current assets
Accounts receivable	125,099,000	108,060,000
Current liabilities
Accounts payable	64,439,000	56,206,000
Long-term debt, net	196,363,000	195,636,000
Related Party
Current assets
Accounts receivable	1,605,000	1,499,000
Related party notes receivable—current	4,357,000	3,653,000
Related party note receivable	22,656,000	33,604,000
Current liabilities
Accounts payable	13,000	107,000	107
Long-term debt, net	0	143,732,000
Other liabilities	8,291,000	8,291,000
Class A Common Stock
Shareholders' equity
Common stock, value, issued	120,000	0
Class B Common Stock
Shareholders' equity
Common stock, value, issued	$ 319,000	0
HMH Holding BV And Subsidiaries [Member]
Current assets
Cash and cash equivalents		96,585,000	48,912,000
Contract assets		114,918,000	153,150,000
Inventories, net		253,759,000	279,957,000
Other current receivables		17,854,000	31,158,000
Prepaids and other current assets		32,882,000	23,953,000
Total current assets		629,210,000	660,023,000
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively		200,818,000	198,684,000
Goodwill		307,014,000	300,939,000
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		122,070,000	135,154,000
Related party note receivable		33,604,000	31,747,000
Right-of-use assets		48,739,000	34,673,000
Other assets		16,249,000	19,997,000
Total assets		1,357,704,000	1,381,217,000
Current liabilities
Current portion of long-term debt, net		715,000	14,397,000
Contract liabilities		35,249,000	55,627,000
Accrued expenses		95,780,000	128,420,000
Other current liabilities		35,582,000	33,633,000
Total current liabilities		223,639,000	340,435,000
Non-current operating lease liabilities		39,922,000	27,052,000
Other liabilities		54,323,000	53,646,000
Total liabilities		657,252,000	749,880,000
Shareholders' equity
Common stock, value, issued		0	0
Additional paid-in capital		610,431,000	610,431,000
Retained earnings		83,943,000	38,489,000
Accumulated other comprehensive income (loss)		4,239,000	(18,753,000)
Total shareholders' equity		698,613,000	630,167,000
Non-controlling interests		1,839,000	1,170,000
Total equity		700,452,000	631,337,000
Total liabilities and shareholders' equity		1,357,704,000	1,381,217,000
HMH Holding BV And Subsidiaries [Member] \| Customer relationships
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		67,224,000	75,758,000
HMH Holding BV And Subsidiaries [Member] \| Other intangible assets
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		54,846,000	59,396,000
HMH Holding BV And Subsidiaries [Member] \| Nonrelated Party
Current assets
Cash and cash equivalents		108,060,000	116,882,000
Current liabilities
Accounts payable		56,206,000	107,807,000
Long-term debt, net		195,636,000	196,837,000
HMH Holding BV And Subsidiaries [Member] \| Related Party
Current assets
Accounts receivable		1,499,000	2,332,000
Related party notes receivable—current		3,653,000	3,679,000
Related party note receivable		33,604,000	31,747,000
Current liabilities
Accounts payable		107,000	551,000
Long-term debt, net		143,732,000	131,910,000
Other liabilities		8,291,000	8,676,000
HMH Holding Inc. [Member]
Current assets
Accounts receivable		10	10
Total assets		10	10
Shareholders' equity
Common stock, value, issued		10	10
Total shareholders' equity		10	$ 10
HMH Holding Inc. [Member] \| Historical [Member]
Current assets
Cash and cash equivalents		96,585,000
Contract assets		114,918,000
Inventories, net		253,759,000
Other current receivables		17,854,000
Prepaids and other current assets		32,882,000
Total current assets		629,210,000
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively		200,818,000
Goodwill		307,014,000
Related party note receivable		33,604,000
Right-of-use assets		48,739,000
Other assets		16,249,000
Total assets		1,357,704,000
Current liabilities
Current portion of long-term debt, net		715,000
Contract liabilities		35,249,000
Accrued expenses		95,780,000
Other current liabilities		35,582,000
Total current liabilities		223,639,000
Non-current operating lease liabilities		39,922,000
Other liabilities		54,323,000
Total liabilities		657,252,000
Shareholders' equity
Common stock, value, issued		0
Additional paid-in capital		610,431,000
Retained earnings		83,943,000
Accumulated other comprehensive income (loss)		4,239,000
Total shareholders' equity		698,613,000
Non-controlling interests		1,839,000
Total equity		700,452,000
Total liabilities and shareholders' equity		1,357,704,000
HMH Holding Inc. [Member] \| Corporate Reorganizations Adjustment [Member]
Current assets
Cash and cash equivalents		0
Contract assets		0
Inventories, net		0
Other current receivables		0
Prepaids and other current assets		0
Total current assets		0
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively		0
Goodwill		0
Related party note receivable		0
Right-of-use assets		0
Other assets		0
Total assets		0
Current liabilities
Current portion of long-term debt, net		0
Contract liabilities		0
Accrued expenses		0
Other current liabilities		0
Total current liabilities		0
Non-current operating lease liabilities		0
Other liabilities		3,424,000
Total liabilities		3,424,000
Shareholders' equity
Common stock, value, issued		0
Additional paid-in capital		(531,833,000)
Retained earnings		0
Accumulated other comprehensive income (loss)		0
Total shareholders' equity		(531,507,000)
Non-controlling interests		528,083,000
Total equity		(3,424,000)
Total liabilities and shareholders' equity		0
HMH Holding Inc. [Member] \| Offering Transactions Adjustments [Member]
Current assets
Cash and cash equivalents		19,916,000
Contract assets		0
Inventories, net		0
Other current receivables		0
Prepaids and other current assets		(21,326,000)
Total current assets		(1,410,000)
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively		0
Goodwill		0
Related party note receivable		(9,352,000)
Right-of-use assets		0
Other assets		0
Total assets		(10,762,000)
Current liabilities
Current portion of long-term debt, net		0
Contract liabilities		0
Accrued expenses		0
Other current liabilities		0
Total current liabilities		0
Non-current operating lease liabilities		0
Other liabilities		0
Total liabilities		(143,732,000)
Shareholders' equity
Common stock, value, issued		0
Additional paid-in capital		68,478,000
Retained earnings		(21,186,000)
Accumulated other comprehensive income (loss)		0
Total shareholders' equity		47,406,000
Non-controlling interests		85,564,000
Total equity		132,970,000
Total liabilities and shareholders' equity		(10,762,000)
HMH Holding Inc. [Member] \| Pro Forma [Member]
Current assets
Cash and cash equivalents		116,501,000
Contract assets		114,918,000
Inventories, net		253,759,000
Other current receivables		17,854,000
Prepaids and other current assets		11,556,000
Total current assets		627,800,000
Property, plant and equipment, net of accumulated depreciation of $76,391 and $67,372, respectively		200,818,000
Goodwill		307,014,000
Related party note receivable		24,252,000
Right-of-use assets		48,739,000
Other assets		16,249,000
Total assets		1,346,942,000
Current liabilities
Current portion of long-term debt, net		715,000
Contract liabilities		35,249,000
Accrued expenses		95,780,000
Other current liabilities		35,582,000
Total current liabilities		223,639,000
Non-current operating lease liabilities		39,922,000
Other liabilities		58,189,000
Total liabilities		517,386,000
Shareholders' equity
Common stock, value, issued		0
Additional paid-in capital		147,076,000
Retained earnings		62,757,000
Accumulated other comprehensive income (loss)		4,239,000
Total shareholders' equity		214,512,000
Non-controlling interests		615,486,000
Total equity		829,998,000
Total liabilities and shareholders' equity		1,346,942,000
HMH Holding Inc. [Member] \| Customer relationships \| Historical [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		67,224,000
HMH Holding Inc. [Member] \| Customer relationships \| Corporate Reorganizations Adjustment [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		0
HMH Holding Inc. [Member] \| Customer relationships \| Offering Transactions Adjustments [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		0
HMH Holding Inc. [Member] \| Customer relationships \| Pro Forma [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		67,224,000
HMH Holding Inc. [Member] \| Other intangible assets \| Historical [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		54,846,000
HMH Holding Inc. [Member] \| Other intangible assets \| Corporate Reorganizations Adjustment [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		0
HMH Holding Inc. [Member] \| Other intangible assets \| Offering Transactions Adjustments [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		0
HMH Holding Inc. [Member] \| Other intangible assets \| Pro Forma [Member]
Current assets
Customer relationships, net of accumulated amortization of $50,254 and $46,299, respectively		54,846,000
HMH Holding Inc. [Member] \| Nonrelated Party \| Historical [Member]
Current assets
Accounts receivable		108,060,000
Current liabilities
Accounts payable		56,206,000
Long-term debt, net		195,636,000
HMH Holding Inc. [Member] \| Nonrelated Party \| Corporate Reorganizations Adjustment [Member]
Current assets
Accounts receivable		0
Current liabilities
Accounts payable		0
Long-term debt, net		0
HMH Holding Inc. [Member] \| Nonrelated Party \| Offering Transactions Adjustments [Member]
Current assets
Accounts receivable		0
Current liabilities
Accounts payable		0
Long-term debt, net		0
HMH Holding Inc. [Member] \| Nonrelated Party \| Pro Forma [Member]
Current assets
Accounts receivable		108,060,000
Current liabilities
Accounts payable		56,206,000
Long-term debt, net		195,636,000
HMH Holding Inc. [Member] \| Related Party \| Historical [Member]
Current assets
Accounts receivable		1,499,000
Related party notes receivable—current		3,653,000
Current liabilities
Accounts payable		107,000
Long-term debt, net		143,732,000
HMH Holding Inc. [Member] \| Related Party \| Corporate Reorganizations Adjustment [Member]
Current assets
Accounts receivable		0
Related party notes receivable—current		0
Current liabilities
Accounts payable		0
Long-term debt, net		0
HMH Holding Inc. [Member] \| Related Party \| Offering Transactions Adjustments [Member]
Current assets
Accounts receivable		0
Related party notes receivable—current		0
Current liabilities
Accounts payable		0
Long-term debt, net		(143,732,000)
HMH Holding Inc. [Member] \| Related Party \| Pro Forma [Member]
Current assets
Accounts receivable		1,499,000
Related party notes receivable—current		3,653,000
Current liabilities
Accounts payable		107,000
Long-term debt, net		0
HMH Holding Inc. [Member] \| Class A Common Stock \| Historical [Member]
Shareholders' equity
Common stock, value, issued		0
HMH Holding Inc. [Member] \| Class A Common Stock \| Corporate Reorganizations Adjustment [Member]
Shareholders' equity
Common stock, value, issued		0
HMH Holding Inc. [Member] \| Class A Common Stock \| Offering Transactions Adjustments [Member]
Shareholders' equity
Common stock, value, issued		114,000
HMH Holding Inc. [Member] \| Class A Common Stock \| Pro Forma [Member]
Shareholders' equity
Common stock, value, issued		114,000
HMH Holding Inc. [Member] \| Class B Common Stock \| Historical [Member]
Shareholders' equity
Common stock, value, issued		0
HMH Holding Inc. [Member] \| Class B Common Stock \| Corporate Reorganizations Adjustment [Member]
Shareholders' equity
Common stock, value, issued		326,000
HMH Holding Inc. [Member] \| Class B Common Stock \| Offering Transactions Adjustments [Member]
Shareholders' equity
Common stock, value, issued		0
HMH Holding Inc. [Member] \| Class B Common Stock \| Pro Forma [Member]
Shareholders' equity
Common stock, value, issued		$ 326,000

Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Other Current Liabilities [Line Items]
Income tax payable	$ 7,314	$ 12,388
Operating lease liability	6,718	10,470
Public duties and taxes	7,697	8,050
External derivative financial liabilities	2,393	555
Withheld taxes and other deductions	526	3,692
Other	0	427
Other current liabilities	$ 24,648	35,582
HMH Holding BV And Subsidiaries [Member]
Other Current Liabilities [Line Items]
Income tax payable		12,388	$ 6,376
Operating lease liability		10,470	8,114
Public duties and taxes		8,050	8,142
External derivative financial liabilities		555	4,612
Withheld taxes and other deductions		3,692	3,317
Short-term deferred and contingent liabilities		0	1,922
Other		427	1,150
Other current liabilities		$ 35,582	$ 33,633

Share-based Compensation - Weighted Average Assumptions (Details) - Performance Share Units	6 Months Ended
	Jun. 30, 2026 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate	4.15%
Stock price volatility	56.00%
Contracted term in years	3 years
Expected dividend yield	0.00%
Grant date price of HMH common stock (in dollars per share)	$ 18.66

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Details)					3 Months Ended		6 Months Ended		12 Months Ended
	May 05, 2026 $ / shares shares	Apr. 30, 2026 USD ($)	Apr. 02, 2026 USD ($) $ / shares shares	Mar. 28, 2024 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Apr. 01, 2026 € / shares shares	Dec. 31, 2025 € / shares	Oct. 01, 2021
Concentration Risk [Line Items]
Deferred offering costs			$ 26,200,000						$ 21,300,000
Share-based compensation expense					$ 22,800,000		$ 22,800,000
Pre-IPO stock-based compensation expense					22,500,000		22,500,000
Purchase of HMH B.V. voting shares from Principal Stockholders			$ 39,500,000		$ 39,480,000		$ 39,480,000
Effective tax rate					47.30%	34.60%	666.30%	40.00%
Nonrelated Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable					$ 125,099,000		$ 125,099,000		108,060,000
Related Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable					1,605,000		1,605,000		1,499,000
Baker Hughes Holdings LLC \| Related Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable					0		0		0
Akastor AS [Member] \| Related Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable					$ 0		$ 0		$ 424,000
Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Equity interest percentage													50.00%
Akastor AS [Member]
Concentration Risk [Line Items]
Equity interest percentage													25.00%
Mercury HoldCo Inc.
Concentration Risk [Line Items]
Equity interest percentage													25.00%
Baker Hughes And Akastor
Concentration Risk [Line Items]
Equity interest percentage			73.00%
Voting power percentage			0.00%
HMH B.V. [Member]
Concentration Risk [Line Items]
Ownership percentage			100.00%
Class A Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.01
Repurchased to satisfy employee's tax holding obligations (in shares) \| shares			2,100,000
Shares repurchased (in shares) \| shares	685,844		2,100,000
Class A Common Stock \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares			15,945,826
Class A Common Stock \| Akastor AS [Member]
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares			15,945,826
Class A Common Stock \| IPO Investors
Concentration Risk [Line Items]
Voting power percentage			27.00%
Class A Common Stock \| IPO
Concentration Risk [Line Items]
Net proceeds			$ 197,800,000
Stock issuance costs			$ 12,600,000
Class A Common Stock \| Over-Allotment Option
Concentration Risk [Line Items]
Net proceeds		$ 12,900,000
Stock issuance costs		$ 800,000
Class B Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.01		$ 0.01
Repurchased to satisfy employee's tax holding obligations (in shares) \| shares			2,100,000
Shares repurchased (in shares) \| shares	685,844		2,100,000
Common stock, shares outstanding (in shares) \| shares					31,891,652		31,891,652
Class B Common Stock \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares			15,945,826
Class B Common Stock \| Akastor AS [Member]
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares			15,945,826
Class B Common Stock \| Baker Hughes And Akastor
Concentration Risk [Line Items]
Voting power percentage			73.00%
Customer Concentration Risk \| Revenue \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage					11.70%	14.10%	12.10%	14.20%
Customer Concentration Risk \| Revenue \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage					10.60%	11.70%	11.00%	10.30%
Customer Concentration Risk \| Accounts Receivable \| Customer One
Concentration Risk [Line Items]
Concentration risk, percentage							19.40%		11.20%
Customer Concentration Risk \| Accounts Receivable \| Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage							10.20%
HMH Holding BV And Subsidiaries [Member]
Concentration Risk [Line Items]
Common stock, par value (in usd per share) \| (per share)									$ 1	$ 1		€ 1
Stock issuance costs							$ 10,380,000	$ 0
Common stock, shares outstanding (in shares) \| shares					63,783,304		63,783,304		200	200
Deferred offering costs									$ 21,300,000	$ 10,700,000
Share-based compensation expense							$ 22,775,000	$ 0
Account receivable									2,900,000	5,600,000
Aoci, cash flow hedge, cumulative gain (loss), after tax									1,700,000	400,000
Total consideration				$ 9,200,000
Upfront consideration				2,300,000
Deferred consideration				6,900,000
Company recognized cash				2,300,000
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months									500,000
HMH Holding BV And Subsidiaries [Member] \| Nonrelated Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable				4,700,000
HMH Holding BV And Subsidiaries [Member] \| Related Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable				$ 2,200,000					$ 1,499,000	2,332,000
HMH Holding BV And Subsidiaries [Member] \| Minimum [Member]
Concentration Risk [Line Items]
Effective tax rate									50.00%
HMH Holding BV And Subsidiaries [Member] \| Goodwill [Member]
Concentration Risk [Line Items]
Goodwill, impairment loss									$ 0	0
HMH Holding BV And Subsidiaries [Member] \| Baker Hughes Holdings LLC \| Related Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable									0	0
HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member] \| Related Party [Member]
Concentration Risk [Line Items]
Related party accounts receivable									$ 424,000	$ 1,136,000
HMH Holding BV And Subsidiaries [Member] \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Equity interest percentage									50.00%
HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member]
Concentration Risk [Line Items]
Equity interest percentage									25.00%
HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member] \| Minimum [Member]
Concentration Risk [Line Items]
Equity interest percentage									5.00%
HMH Holding BV And Subsidiaries [Member] \| Mercury HoldCo Inc.
Concentration Risk [Line Items]
Equity interest percentage									25.00%
HMH Holding BV And Subsidiaries [Member] \| Baker Hughes And Akastor
Concentration Risk [Line Items]
Equity interest percentage			73.00%
Voting power percentage			0.00%
HMH Holding BV And Subsidiaries [Member] \| Hydril PCB Limited [Member]
Concentration Risk [Line Items]
Equity interest percentage				30.00%
HMH Holding BV And Subsidiaries [Member] \| Class A Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share) \| (per share)					$ 0.01		$ 0.01				€ 1
Common stock, shares outstanding (in shares) \| shares					12,042,625		12,042,625		100		100
HMH Holding BV And Subsidiaries [Member] \| Class A Common Stock \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares			15,945,826		17,338,748		17,338,748
HMH Holding BV And Subsidiaries [Member] \| Class A Common Stock \| Akastor AS [Member]
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares					17,338,748		17,338,748
HMH Holding BV And Subsidiaries [Member] \| Class B Common Stock
Concentration Risk [Line Items]
Common stock, par value (in usd per share) \| $ / shares					$ 0.01		$ 0.01
Common stock, shares outstanding (in shares) \| shares					31,891,652		31,891,652			100	100
HMH Holding BV And Subsidiaries [Member] \| Class B Common Stock \| Baker Hughes Holdings LLC
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares			15,945,826		17,338,748		17,338,748
HMH Holding BV And Subsidiaries [Member] \| Class B Common Stock \| Akastor AS [Member]
Concentration Risk [Line Items]
Common stock, shares outstanding (in shares) \| shares					17,338,748		17,338,748
HMH Holding BV And Subsidiaries [Member] \| Customer One
Concentration Risk [Line Items]
Purchase of HMH B.V. voting shares from Principal Stockholders									$ 25	$ 10
HMH Holding BV And Subsidiaries [Member] \| Customer Concentration Risk \| Customer One
Concentration Risk [Line Items]
Purchase of HMH B.V. voting shares from Principal Stockholders									21	18
HMH Holding BV And Subsidiaries [Member] \| Property, Plant and Equipment [Member]
Concentration Risk [Line Items]
Impairment of long-lived assets to be disposed of									$ 0	$ 0

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024	Apr. 17, 2024	Dec. 31, 2023
Current liabilities
Goodwill	$ 307,954	$ 307,014
HMH Holding BV And Subsidiaries [Member]
Current liabilities
Goodwill		$ 307,014	$ 300,939		$ 287,848
HMH Holding BV And Subsidiaries [Member] \| Drillform Technical Services Ltd [Member]
Assets
Cash and cash equivalents				$ 1,377
Accounts receivable				836
Inventory				3,043
Prepaid expenses and other current assets				110
Total current assets				5,366
Property and equipment				439
Intangible assets				11,000
Total assets				16,805
Current liabilities
Customer deposits				3,885
Accounts payable				1,307
Warranty liability				2,432
Deferred tax liability				477
Total current liabilities				8,101
Total debt and leases				2
Contingent consideration				3,700
Total liabilities				11,803
Equity consideration				21,000
Goodwill				$ 15,998

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 2,700	$ 2,700	$ 5,500	$ 5,500
Operating Lease, Right-of-Use Asset	45,834		45,834		$ 48,739
Operating Lease, Liability	$ 47,187		$ 47,187		50,392
HMH Holding BV And Subsidiaries [Member]
Lessee, Lease, Description [Line Items]
Operating lease cost					11,261	$ 9,708
Operating Lease, Right-of-Use Asset					48,739	34,673
Operating Lease, Liability					50,392	$ 35,166
HMH Holding BV And Subsidiaries [Member] \| Kristiansand Lease [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset					9,500
Operating Lease, Liability					$ 9,500

Goodwill - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Goodwill [Line Items]
Purchase price adjustment	$ 0.8
HMH Holding BV And Subsidiaries [Member]
Goodwill [Line Items]
Purchase price adjustment		$ 1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Other Liabilities- Summary Of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Pension and other post—retirement liabilities	$ 20,321	$ 21,142
Deferred tax liabilities	20,982	17,404
Provisions long-term	1,385	1,227
Tax receivable agreement liability	3,760	0
Other long-term liabilities	6,278	6,259
Total	61,017	54,323
HMH Holding BV And Subsidiaries [Member]
Related Party Transaction [Line Items]
Pension and other post—retirement liabilities		21,142	$ 21,319
Deferred tax liabilities		17,404	19,127
Provisions long-term		1,227	822
Other long-term liabilities		6,259	3,702
Total		54,323	53,646
Related Party
Related Party Transaction [Line Items]
Contingent considerations—related party	8,291	8,291
Tax receivable agreement liability	3,760
Total	8,291	8,291
Related Party \| HMH Holding BV And Subsidiaries [Member]
Related Party Transaction [Line Items]
Contingent considerations—related party		8,291	8,676
Total		8,291	8,676
Nonrelated Party \| Drillform
Related Party Transaction [Line Items]
Contingent considerations—related party	$ 3,700	3,700
Nonrelated Party \| Drillform \| HMH Holding BV And Subsidiaries [Member]
Related Party Transaction [Line Items]
Contingent considerations—related party		$ 3,700	$ 2,000

Income taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Deferred:
Income tax expense	$ (4,506)	$ 5,158	$ 1,346	$ 10,414
HMH Holding BV And Subsidiaries [Member]
Current:
Domestic					$ 0	$ 0
Foreign					(24,077)	(17,500)
Total current tax expense					(24,077)	(17,500)
Deferred:
Domestic					0	0
Foreign					(2,390)	(7,033)
Total deferred tax expense			$ 6,725	$ (846)	(2,390)	(7,033)
Income tax expense					$ 26,467	$ 24,533

Intangible assets (Tables)

12 Months Ended

Dec. 31, 2025

Intangible Asset, Finite-Lived [Line Items]

Schedule Of The Estimated Future Amortization Expense

The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2025:



Year ending December 31,	Amortization expense
2026	$	29,888
2027		28,067
2028		15,296
2029		5,378
2030		3,733
Thereafter		39,708

Total	$	122,070

HMH Holding BV And Subsidiaries [Member]

Intangible Asset, Finite-Lived [Line Items]

Schedule Of Intangible Assets

Intangible assets consisted of the following as of December 31, 2025 and 2024:



					2025										2024
	Useful life		Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Patents and rights		3-5 years	$	21,180	$	(18,785	)	$	2,395	$	20,107	$	(11,627	)	$	8,480
Customer relationships		2-20 years		113,523		(46,299	)		67,224		112,893		(37,135	)		75,758
Development costs		3-8 years		83,397		(30,946	)		52,451		66,049		(15,133	)		50,916

Total			$	218,100	$	(96,030	)	$	122,070	$	199,049	$	(63,895	)	$	135,154

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 30: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 35: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 36: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Summary of significant accounting policies	12 Months Ended
Summary of significant accounting policies	Dec. 31, 2025
HMH Holding Inc. [Member]
Accounting Policies [Line Items]
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation The Company’s balance sheets have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). As there has been no operating activity for this entity since its inception, separate statements of income and comprehensive income, cash flows and changes in stockholder’s equity have not been presented. The Company’s year-end is December 31. Summary of significant accounting policies The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates. Offering costs In connection with the Company’s initial public offering, affiliates of the Company have or will incur accounting, legal and other costs, which will be reimbursed by the Company upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder’s equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed. Organization costs Organization costs will be expensed as incurred. Such costs are comprised of the legal and professional fees associated with the formation of the Company.

Leases

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Lessee, Lease, Description [Line Items]

Leases

7. Leases

The following table sets forth supplemental condensed consolidated balance sheets information related to leases:



(in thousands)	Classification	June 30, 2026		December 31, 2025

Assets:
Operating lease assets	Right-of-use assets	$	45,834	$	48,739

Total lease assets		$	45,834	$	48,739


Liabilities:
Current:
Operating	Other current liabilities	$	6,718	$	10,470
Noncurrent:
Operating	Noncurrent lease liabilities		40,469		39,922

Total lease liabilities		$	47,187	$	50,392

For the three and six months ended June 30, 2026, we recognized operating lease cost of $2.7 million and $5.5 million, respectively, and $2.7 million and $5.5 million for the three and six months ended June 30, 2025, respectively, in our condensed consolidated statements of income.

HMH Holding BV And Subsidiaries [Member]

Lessee, Lease, Description [Line Items]

Leases

9. Leases

The Company has mostly property leases on a number of locations worldwide. The leases typically run for a period of two to ten years and some of the leases have extension options. The Company also has an immaterial amount of lease agreements related to cars, machinery, information technology equipment and office equipment. These leases have an average lease period of two to three years, generally with no renewal options included.

The lease agreements do not impose any covenants or restrictions.

The following table sets forth supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024:



	Classification	2025		2024

Assets
Operating lease assets	Right-of-use assets	$	48,739	$	34,673

Total lease assets		$	48,739	$	34,673


Liabilities
Current
Operating	Other current liabilities	$	10,470	$	8,114
Noncurrent
Operating	Noncurrent lease liabilities		39,922		27,052

Total lease liabilities		$	50,392	$	35,166

In 2025, the Company executed a 10-year extension for the Kristiansand lease and recognized a $9.5 million right-of-use asset and a corresponding $9.5 million lease liability.

The following table sets forth a summary of the components of lease expenses for the years ended December 31, 2025 and 2024:



Lease cost	Classification	2025		2024
Operating lease cost	Selling, general and administrative expenses	$	11,261	$	9,708
Sublease income	Service revenue		—		544

Net lease cost		$	11,261	$	9,164

The following table sets forth the maturities of operating lease liabilities as of December 31, 2025:



	Operating lease
2026	$	11,045
2027		9,594
2028		7,952
2029		5,428
2030		4,539
Thereafter		40,930

Total lease payments	$	79,488

Less: present value discount		(29,096	)

Present value of lease liabilities	$	50,392

The following table sets forth the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2025 and 2024:



	2025		2024
Weighted-average remaining lease term (years)		13.69		6.65
Weighted-average discount rate		7%		6%

Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Equity

12. Equity

Prior to the IPO, the capital structure of HMH B.V. consisted of two different classes of ordinary shares, 100 Class A ordinary shares and 100 Class B ordinary shares at €1.00 par value each. Baker Hughes and Akastor as Principal Stockholders owned all of the equity interests in HMH B.V.

Amendment and restatement of certificate of incorporation

In connection with the reorganization, the certificate of incorporation of HMH was amended and restated, among other things, to provide for the authorization of (i) 1,000,000,000 shares of Class A common stock, (ii) 500,000,000 shares of Class B common stock and (iii) 10,000,000 shares of preferred stock.

The holders of Class A common stock have both voting and economic rights, including rights to dividends and liquidation proceeds. In contrast, holders of Class B common stock have voting rights only and are not entitled to dividends or liquidation distributions.

Reorganization and initial public offering

The following is a summary of the securities reclassified in connection with the reorganization transactions and IPO:

•

HMH B.V. underwent a 346,774.96 for 1 stock split, after which Baker Hughes owned 17,338,748 B.V. Voting Class A Shares and 17,338,748 B.V. Voting Class B Shares and Akastor owned 17,338,748 B.V. Voting Class A Shares and 17,338,748 B.V. Voting Class B Shares.

•

HMH B.V. recapitalized to convert (i) 32,577,496 B.V. Voting Class A Shares to B.V.

Non-Voting

Class A Shares and (ii) 32,577,496 B.V. Voting Class B Shares to B.V.

Non-Voting

Class B Shares.

•

HMH and the Principal Stockholders entered into an exchange agreement under which the Principal Stockholders may, subject to certain limitations, exchange their HMH B.V.

non-voting

Class A and Class B ordinary shares, together with an equivalent number of shares of Class B common stock in HMH, for shares of Class A common stock on a

one-for-one

basis or, at the Company’s election, for cash.

•

On April 2, 2026, HMH completed the IPO of 10,520,000 shares of Class A common stock, and received net proceeds of approximately $197.8 million after deducting the underwriters’ discounts and offering fees of $12.6 million. HMH also granted the IPO underwriters a

30-day

over-allotment option to purchase additional shares of Class A common stock on the same terms. On April 30, 2026, the underwriters partially exercised the option for 685,844 shares of Class A common stock, resulting in additional net proceeds of $12.9 million, after deducting the underwriters’ discounts and offering fees of $0.8 million.

•

HMH used approximately $39.5 million of the net proceeds from the IPO as the cash consideration to purchase an aggregate of 2,100,000 B.V. Voting Class A Shares and 2,100,000 B.V. Voting Class B Shares from the Principal Stockholders, and the Principal Stockholders received 32,577,496 shares of Class B common stock in HMH in exchange for relinquishing voting rights on 32,577,496 of their B.V. Voting Class A Shares and 32,577,496 of their B.V. Voting Class B Shares.

•

HMH contributed the remaining net proceeds from the IPO to HMH B.V. in exchange for B.V. Voting Shares, consisting of 8,420,000 B.V. Voting Class A Shares and 8,420,000 B.V. Voting Class B Shares, such that, after the exchange, HMH will hold, after taking into account the B.V. Voting Shares acquired from the Principal Stockholders, one B.V. Voting Class A Share and one B.V. Voting Class B Share, respectively, for each share of our Class A common stock outstanding following the IPO and reorganization.

•

On May 5, 2026, HMH contributed all of the net proceeds from the underwriters’ exercise of the over-allotment option of $12.9 million to HMH B.V. in exchange for an additional 685,844 B.V. Voting Class A Shares and 685,844 B.V. Voting Class B Shares. HMH B.V. used such additional net proceeds to purchase in equal proportion from the Principal Stockholders an aggregate number of shares of the Company’s Class B common stock, B.V.

Non-Voting

Class A Shares and B.V.

Non-Voting

Class B Shares equal to the number of shares of the Company’s Class A common stock repurchased by the underwriters pursuant to the exercise of the option.

After giving effect to these transactions, including 836,781 shares of the Company’s Class A common stock issuable upon the consummation of the IPO pursuant to equity awards granted to employees that vested in connection with the IPO, Baker Hughes and Akastor each owned 15,945,826 shares of the Company’s Class B common stock, collectively representing approximately 73% of the total voting power of the Company’s capital stock, and each owned 15,945,826 B.V.

Non-Voting

Class A Shares and 15,945,826 B.V.

Non-Voting

Class B Shares, collectively representing an approximately 73% equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V.

Non-controlling

interest

Following the reorganization and the IPO, HMH consolidates the full results of HMH B.V. and its subsidiaries. The portion of the net assets and results of HMH B.V. attributable to the economic interests retained by the Principal Stockholders through their B.V.

non-voting

shares is presented as

non-controlling

interest in the Company’s consolidated financial statements. Upon the reorganization, the Company recognized a

non-controlling

interest of approximately $642.1 million, with a corresponding adjustment to the condensed consolidated statements of changes in equity. The

non-controlling

interest is subsequently adjusted for the Principal Shareholders’ proportionate share of net income and other comprehensive income of HMH B.V. and is reduced as Principal Stockholders exercise their exchange rights, at which point the corresponding economic interest is reclassified from

non-controlling

interest to equity attributable to HMH Holding Inc.

The following table summarizes the change in ownership of HMH B.V.:



	Ownership							Ownership Percentage
	HMH Holding Inc.		Non- controlling Interests			Total		HMH Holding Inc.		Non- controlling Interests		Total
Balance as of April 2, 2026		16,840,000		69,354,992			86,194,992		19.5%		80.5%		100%
Purchase of HMH B.V. Shares		4,200,000		(4,200,000	)		—		4.9%		(4.9)%		—%
Partial Exercise of Underwriters Purchase Option		1,371,688		(1,371,688	)		—		1.6%		(1.6)%		—%
Issuance under the Equity Based Compensation Plan		1,673,568		—			1,673,568		1.4%		(1.4)%		—%

Balance as of June 30, 2026		24,085,256		63,783,304			87,868,560		27.4%		72.6%		100.0%

As of June 30, 2026, the 63,783,304 total B.V.

Non-Voting

Class A Shares and B.V.

Non-Voting

Class B Shares together with 31,891,652 shares of the Company’s Class B common stock could be exchanged for 31,891,652 shares of the Company’s Class A common stock.

Treasury stock

Repurchases of the Company’s Class A common stock are included in treasury stock at the cost of shares repurchased.

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income (loss) consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Hedging reserve adjustments	$	6	$	465
Pension remeasurement reserve adjustments		712		2,691
Currency translation reserve adjustments		1,293		1,083

Total	$	2,011	$	4,239

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481520/505-30-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.D.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479921/505-20-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 1.B.3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480148/855-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Inventories (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Inventory [Line Items]

Schedule Of Inventories, Net Of Reserves

Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Stock of raw materials	$	21,299	$	18,550
Work in progress		32,825		29,397
Finished goods		198,068		205,812

Inventories, net	$	252,192	$	253,759

HMH Holding BV And Subsidiaries [Member]

Inventory [Line Items]

Schedule Of Inventories, Net Of Reserves

Inventories, net of reserves of $99.9 million and $105.4 million as of December 31, 2025 and 2024, respectively, consisted of the following:



	2025		2024
Stock of raw materials	$	18,550	$	26,354
Goods under production (work in progress)		29,397		45,585
Finished goods		205,812		208,018

Inventories, net	$	253,759	$	279,957

Related Party Transactions

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Related Party Transactions

17. Related party transactions

The following tables set forth a summary of transactions and balances with significant related parties:



(in thousands)	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total
Condensed Consolidated Statements of Income

Three Months Ended June 30, 2026
Revenue	$	—		$	—		$	47	$	513	$	—	$	560
Interest expense, net		(49	)		(13	)		—		—		—		(62	)

Six Months Ended June 30, 2026
Revenue	$	—		$	—		$	175	$	712	$	—	$	887
Interest expense, net		(2,182	)		(538	)		—		—		—		(2,720	)
Condensed Consolidated Balance Sheets

As of June 30, 2026
Related party accounts receivable	$	—		$	—		$	1,305	$	300	$	—	$	1,605
Related party notes receivable—current		—			1,544			—		—		2,813		4,357
Related party notes receivable		—			19,056			—		—		3,600		22,656
Accounts payable—related party		—			—			—		13		—		13
Tax receivable agreement liability		1,880			—			—		1,880		—		3,760
Other liabilities		384			7,907			—		—		—		8,291



(in thousands)	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total
Condensed Consolidated Statements of Income

Three Months Ended June 30, 2025
Revenue	$	—		$	—		$	49	$	113	$	—	$	162
Interest expense, net		(2,031	)		(486	)		—		—		—		(2,517	)

Six Months Ended June 30, 2025
Revenue	$	—		$	—		$	74	$	178	$	—	$	252
Interest expense, net		(4,001	)		(956	)		—		—		—		(4,957	)

Condensed Consolidated Balance Sheets

As of December 31, 2025
Related party accounts receivable	$	—		$	424		$	942	$	133	$	—	$	1,499
Related party notes receivable—current		—			1,544			—		—		2,109		3,653
Related party notes receivable		4,654			24,545			—		—		4,405		33,604
Accounts payable—related party		—			—			102		5		—		107
Long-term debt, net—related party		112,471			31,261			—		—		—		143,732
Other liabilities		384			7,907			—		—		—		8,291

HMH Holding BV And Subsidiaries [Member]

Related Party Transactions

18. Related party transactions

Related party relationships are those involving control (either direct or indirect), joint control or significant influence. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. All transactions with related parties to the Company have been based on arm’s length terms (unless disclosed differently).

The Company is a parent company that controls 25 companies around the world. Any transactions between the parent company and the subsidiaries are eliminated in the consolidated financial statements.

The Company is a joint venture by Akastor and Baker Hughes. The shareholders are Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%).

The related parties for the Company are the shareholders and the entities in Akastor and Baker Hughes.

The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2025 and 2024:



	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

For the year ended December 31, 2025
Consolidated statement of income
Revenue	$	—		$	—		$	130	$	315	$	—	$	445
Interest expense, net		(8,232	)		(1,986	)		—		—		—		(10,218	)

As of December 31, 2025
Consolidated balance sheet
Related party accounts receivable		—			424			942		133		—		1,499
Related party notes receivable—current		—			1,544			—		—		2,109		3,653
Related party notes receivable		4,654			24,545			—		—		4,405		33,604
Accounts payable—related party		—			—			102		5		—		107
Long-term debt, net—related party		112,471			31,261			—		—		—		143,732
Other liabilities		384			7,907			—		—		—		8,291



	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

For the year ended December 31, 2024
Consolidated statement of income
Revenue	$	—		$	3,406		$	132	$	77	$	—	$	3,615
Interest expense, net		(7,616	)		(1,686	)		—		—		—		(9,302	)

As of December 31, 2024
Consolidated balance sheet
Related party accounts receivable		—			1,136			974		—		222		2,332
Related party notes receivable—current		—			1,500			—		—		2,179		3,679
Related party notes receivable		4,299			22,694			—		—		4,754		31,747
Accounts payable—related party		—			—			69		124		358		551
Long-term debt, net—related party		103,767			28,143			—		—		—		131,910
Other liabilities		514			8,162			—		—		—		8,676

Related party transactions

Shareholder Notes

On March 17, 2023, the Company entered into a note with Baker Hughes Holdings LLC and Akastor AS (as amended, the “Shareholder Notes”) whereby the Company extended credit in the principal amount of $3.45 million to Baker Hughes Holdings LLC and $3.49 million to Akastor AS. The Shareholder Notes mature on the earliest to occur of December 18, 2028 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of HMH Holding Inc.’s initial public offering and accrue interest at a rate of 8.0% per annum. Subject to certain notice requirements, Baker Hughes Holdings LLC and Akastor AS may voluntarily prepay the Shareholder Notes in whole or in part without premium or penalty. There is no right of

set-off

against the Shareholder Loans.

Baker Hughes

License agreements

On October 1, 2021, in connection with the formation of the Company, the Company entered into w

orld

wide,

ful

ly paid, nontransferable and

non-sublicensable

license agreements with a subsidiary of Baker Hughes giving the Company a limited right to use the terms Vetco

™

and VetcoGray

™

as trademarks on certain products traditionally sold under those trademarks and certain other intellectual property rights relating to certain of Baker Hughes’s intellectual property related to the Subsea Drilling Systems pressure control business that Baker Hughes contributed to the Company at the time of the Company’s formation. The license agreement relating to other intellectual property rights is perpetual in term, and the trademark license agreement relating to use of the terms Vetco

™

and Vetco Gray

™

has an initial five-year term that is renewable by the Company for successive five-year terms as long as the trademarks remain in use for the products traditionally sold under those trademarks.

Remarketing agreement

On October 1, 2021, in connection with the formation of the Company, the Company entered into a remarketing agreement with Baker Hughes relating to certain BOPs, their associated control systems and other personal property. Such equipment is currently subject to a lease between two unrelated third parties, and the lessor of such equipment has the right to return such equipment to Baker Hughes at the end of the lease term. In the

event such equipment is returned to Baker Hughes, the Company has agreed to provide certain services to Baker Hughes with respect to the sale, leasing or remarketing of such equipment in exchange for reimbursement of

out-of-pocket

costs and expenses.

Akastor

Step Oiltools

In connection with the formation of the Company and pursuant to that certain transaction agreement by and between Akastor and Baker Hughes, dated as of March 2, 2021, as amended on April 27, 2021, September 30, 2021 and September 23, 2022 (the “JV Transaction Agreement”), to which the Company became a party pursuant to a joinder agreement dated as of October 1, 2021, and that certain share purchase agreement by and between Akastor AS and MHWirth AS, dated as of October 1, 2021, Akastor and Baker Hughes agreed that the contribution of one of Akastor’s subsidiaries, Step Oiltools, would be made on a delayed basis until certain Russian regulatory approvals were obtained. Subsequently, Step Oiltools’ business activities were significantly impacted by the Russian invasion of Ukraine, and it was decided that Step Oiltools would be liquidated. The parties agreed to cease seeking regulatory approval for the sale and to settle a seller’s credit in the amount of approximately $16.0 million, payable by Akastor to the Company, in exchange for Akastor transferring to the Company the proceeds from the Step Oiltools liquidation. The Company’s management has assessed the expected net proceeds from the liquidation of Step Oiltools during 2023 and does not believe that such proceeds would yield net cash flows equal to the original seller’s credit receivable from Akastor and, as such, recorded a

one-time

charge of $16.0 million in 2023. The fair value of the receivable has been remeasured to zero as of December 31, 2025 and 2024.

Payment of pension benefits

Pursuant to the JV Transaction Agreement, as part of its contribution to the Company at the time of the Company’s formation, Akastor agreed to pay certain

carved-out

pension liabilities existing in MHWirth AS prior to its contribution to the Company until such time as Akastor owns less than 5% of the Company’s equity interests, at which time Akastor will be obligated to pay all estimated remaining and unpaid pension costs. The Company estimated the value of such remaining and unpaid pension costs to be $18.4 million and $18.5 million as of December 31, 2025 and 2024, respectively, and the Company recorded a receivable of $21.4 million and $19.9 million as of December 31, 2025 and 2024, respectively, related to such pension payments from Akastor, which is reduced in line with pension payments to former employees in 2025 and 2024. The difference between unpaid pension costs and receivable is due to the timing of payments made to pensioners and pension payments received from Akastor by the Company.

Financial guarantees

As of December 31, 2025, Akastor had issued financial guarantees of approximately $5.0 million in favor of MHWirth AS, a wholly owned subsidiary of the Company, for fulfillment of certain lease obligations and performance under certain operational support frame agreements.

Indemnification asset

The Company obtained an indemnification asset that is related to the pension liabilities Akastor sold to the Company. As a result, Akastor is contractually obligated to indemnify the Company for that specific liability. An asset was recognized at the same time and measured using the same measurement basis as the liability. This ensured that both the asset and the liability were measured on a consistent basis using similar assumptions.

After initial recognition, an indemnification asset continues to be measured based on the assumptions used to measure the related liability, subject to management’s assessment of collectability of the asset, limited to the amount of the liability to which it relates. As the receivable offsets the liability movement and thus reflecting that the Company is being compensated for this by Akastor, the pension receivable is also remeasured at each reporting date. Therefore, the receivable is accounted for in a similar way in the consolidated statements of income. The indemnification asset is included in related party notes receivable—current and related party notes receivable on the consolidated balance sheets.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

HMH Holding BV And Subsidiaries [Member]

Accounting Policies [Line Items]

Schedule of Property Plant And Equipment Useful Life

Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows:



Asset Classification	Useful life
Building		16-33 years
Machinery, equipment and software		3-16 years

Earnings per Share

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings per Share

19. Earnings per share

Basic earnings per share is calculated by dividing the net income (loss) attributable to the Company during the period by the weighted average number of shares of Class A common stock outstanding during the same period. For the periods following the IPO, shares of Class B common stock are excluded from the computation of basic and diluted earnings per share, as these shares represent nonparticipating securities with no rights to dividends or earnings.

For periods prior to the IPO, we treated the Corporate Reorganization as a merger of entities under common control and retrospectively reflected earnings per share as though these transactions occurred at the earliest period presented. We allocated historical net income (loss) between Class A common stockholders and non-controlling interests based on their respective share ownership, with Class A and Class B share equivalents calculated from the HMH B.V. shares held by the Principal Stockholders.

The calculation of basic and diluted weighted average shares used for calculating earnings (loss) per share for the three and six months ended June 30, 2025 does not include the 11.2 million shares of Class A common stock sold in the IPO.

The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock:



	Three months ended June 30,					Six months ended June 30,
(in thousands)	2026			2025		2026			2025

Numerator (in thousands)
Net income (loss)	$	(5,019	)	$	9,768	$	(1,144	)	$	15,646
Less: Net income (loss) attributable to non-controlling interests		(9,995	)		819		(9,568	)		585

Net income attributable to HMH Holding Inc.	$	4,976		$	8,949	$	8,424		$	15,061


Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic		11,662			69,355		5,863			69,355
Effect of dilutive securities		309			—		825			—

Weighted-average shares of common stock outstanding—diluted		11,971			69,355		6,688			69,355


Net income (loss) per share of common stock (actual)
Basic	$	0.43		$	0.13	$	1.44		$	0.22
Diluted	$	0.42		$	0.13	$	1.26		$	0.22

We apply the treasury stock method to certain equity-based compensation awards and the

“if-converted”

method to determine the dilutive impact of the associated exchange rights on weighted-average common shares outstanding.

The following table details the actual potential common shares excluded from the diluted share calculation because their effect would be anti-dilutive:



	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Restricted common stock		—		—		—		—
Performance share units		10,168		—		4,804		—

As of June 30, 2026, the 63,783,304 total B.V.

Non-Voting

Class A Shares and B.V.

Non-Voting

Class B Shares together with 31,891,652 shares of the Company’s Class B common stock could be exchanged for 31,891,652 shares of the Company’s Class A common stock.

HMH Holding BV And Subsidiaries [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Earnings per Share

20. Earnings per share

For purposes of calculating earnings per share, Class A ordinary shares and Class B ordinary shares are identical. Therefore, the Company has calculated basic earnings per share on the basis of 200 shares. Basic earnings per ordinary share is calculated by dividing the net income attributable to the Company during the period by the weighted average number of ordinary shares outstanding during the same period. There are no adjustments required to be made to net income or the ordinary shares outstanding for purposes of computing basic and diluted earnings per share.



	2025		2024

Numerator (in thousands)
Net income	$	46,123	$	51,956
Less: Net income attributable to non-controlling interests		669		738


Net income attributable to HMH Holding B.V.	$	45,454	$	51,218

Denominator
Weighted average ordinary shares—basic and diluted (actual shares)		200		200

Earnings per ordinary shares—basic and diluted (actual)	$	227,270	$	256,090

Equity - Change in Ownership of HMH B.V (Details) - HMH Holding B.V. And Subsidiaries	3 Months Ended
	Jun. 30, 2026 shares
Ownership
Beginning balance (in shares)	86,194,992
Purchase of HMH B.V. Shares (in shares)	0
Partial Exercise of Underwriters Purchase Option (in shares)	0
Issuance under the Equity Based Compensation Plan (in shares)	1,673,568
Ending balance (in shares)	87,868,560
Ownership Percentage
Beginning balance	100.00%
Ending balance	100.00%
HMH Holding Inc.
Ownership
Beginning balance (in shares)	16,840,000
Purchase of HMH B.V. Shares (in shares)	4,200,000
Partial Exercise of Underwriters Purchase Option (in shares)	1,371,688
Issuance under the Equity Based Compensation Plan (in shares)	1,673,568
Ending balance (in shares)	24,085,256
Ownership Percentage
Beginning balance	19.50%
Purchase of HMH B.V. Shares	4.90%
Partial Exercise of Underwriters Purchase Option	1.60%
Issuance under the Equity Based Compensation Plan	1.40%
Ending balance	27.40%
Noncontrolling Interests
Ownership
Beginning balance (in shares)	69,354,992
Purchase of HMH B.V. Shares (in shares)	(4,200,000)
Partial Exercise of Underwriters Purchase Option (in shares)	(1,371,688)
Issuance under the Equity Based Compensation Plan (in shares)	0
Ending balance (in shares)	63,783,304
Ownership Percentage
Beginning balance	80.50%
Purchase of HMH B.V. Shares	(4.90%)
Partial Exercise of Underwriters Purchase Option	(1.60%)
Issuance under the Equity Based Compensation Plan	(1.40%)
Ending balance	72.60%

Segment Information

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Segment Reporting [Line Items]

Segment Information

18. Segment information

Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. As of June 30, 2026 and 2025, the Company had two operating segments, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and go-to-market strategies.

•

ESS is a supplier of drilling solutions and complete topside drilling packages and services to both onshore and offshore oil and gas customers. Key product offerings consist of overhaul, equipment installation and commissioning, services account management, 24/7 technical support, logistics, engineering upgrades, spare parts supply and training and condition-based maintenance. The ESS segment is derived from the acquisition of MHWirth AS.

•

PCS is a supplier of integrated drilling products and services. Key product offerings consist of blowout preventer systems, controls and drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea Drilling Systems.

In addition to its reportable segments, the Company has corporate operations (Headquarters) which include general corporate expenses. Headquarters includes certain corporate stewardship items discussed below necessary to reconcile the reportable segments to the Company’s total amounts.

The CODM, who is the Company’s Chief Executive Officer, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes (excluding certain corporate stewardship costs which are not allocable to the segments, such as legal, certain corporate finance functions and centrally managed initiatives, other non-operating items, and depreciation and amortization related to certain long-lived assets, including the headquarters office space), net other operating expenses (income), net foreign currency gain (loss), net other non-operating income (loss), and

net interest income (expense). Inter-segment pricing is determined on an arm’s length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments. Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company’s segments.

The following table presents the reconciliation of reportable segment revenues:



	2026							2025
(in thousands)	ESS		PCS		Total			ESS		PCS		Total
Three Months Ended June 30,
Revenues from external customers	$	97,660	$	73,162	$	170,822		$	125,547	$	77,910	$	203,457
Intersegment revenue		2,766		2,265		5,031			2,690		3,541		6,231

Total segment revenue	$	100,426	$	75,427	$	175,853		$	128,237	$	81,451	$	209,688
Elimination of intersegment revenue						(5,031	)						(6,231	)

Total consolidated revenue					$	170,822						$	203,457


Six Months Ended June 30,
Revenues from external customers	$	198,350	$	143,793	$	342,143		$	233,088	$	168,799	$	401,887
Intersegment revenue		8,015		5,884		13,899			4,808		6,773		11,581

Total segment revenue	$	206,365	$	149,677	$	356,042		$	237,896	$	175,572	$	413,468
Elimination of intersegment revenue						(13,899	)						(11,581	)

Total consolidated revenue					$	342,143						$	401,887

The following table presents the reconciliation of segment performance:



	Three months ended June 30, 2026									Three months ended June 30, 2025
(in thousands)	ESS			PCS			Total			ESS			PCS			Total
Revenues from external customers(a)	$	97,660		$	73,162					$	125,547		$	77,910
Cost of sales		(64,585	)		(44,939	)					(94,696	)		(56,849	)
Selling, general and administrative expenses		(29,868	)		(27,536	)					(18,166	)		(8,656	)
Research and development expenses		(442	)		(329	)					(721	)		72
Restructuring and other expenses(b)		(261	)		(4,743	)					(1,072	)		—

Total segment operating income (loss)	$	2,504		$	(4,385	)	$	(1,881	)	$	10,892		$	12,477		$	23,369

Unallocated corporate costs(c)								(2,950	)								(2,619	)
Foreign currency gain (loss)								(591	)								2,948
Other non-operating income (loss)								(158	)								334
Interest expense								(3,945	)								(9,106	)

Income (loss) before income taxes							$	(9,525	)							$	14,926



	Six months ended June 30, 2026									Six months ended June 30, 2025
(in thousands)	ESS			PCS			Total			ESS			PCS			Total
Revenues from external customers (a)	$	198,350		$	143,793					$	233,088		$	168,799
Cost of sales		(132,845	)		(93,312	)					(170,410	)		(123,018	)
Selling, general and administrative expenses		(45,376	)		(43,890	)					(38,064	)		(23,245	)
Research and development expenses		(685	)		(500	)					(1,235	)		(445	)
Restructuring and other expenses (b)		(261	)		(4,743	)					(3,951	)		(392	)

Total segment operating income (loss)	$	19,183		$	1,348		$	20,531		$	19,428		$	21,699		$	41,127

Unallocated corporate costs (c)								(6,199	)								(4,370	)
Foreign currency gain (loss)								(2,819	)								6,941
Other non-operating income (loss)								(413	)								647
Interest expense								(10,898	)								(18,285	)

Income (loss) before income taxes							$	202								$	26,060

(a)

As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.

(b)

Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of

right-of-use

assets.

(c)

Unallocated corporate costs include certain centralized corporate stewardship costs that are not allocable to the segments and are included in Selling, general and administrative expenses in our condensed consolidated statements of income.

HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Segment Information

19. Segment information and geographic data

Operating segments are defined as components of an entity for which separate financial information is available and evaluated on a regular basis by the Chief Operating Decision Maker (“CODM”) to allocate resources and assess performance. As of December 31, 2025 and 2024, the Company had two operating segments, ESS and PCS. The Company has identified its reportable segments based on the nature of the products and services, markets served and pricing and go-to-market strategies.

•

PCS is a supplier of integrated drilling products and services. Key product offerings consist of BOP systems, controls and drilling riser equipment, spare parts supply for rig operations and maintenance programs, overhaul and recertification and reactivation of rigs and technical and operational rig support. The PCS segment is derived from the acquisition of Subsea Drilling Systems.

The CODM, who is the company’s Chief Executive Officer, uses segment operating income as the primary financial measure to evaluate segment performance. Segment operating income is defined as income before taxes (excluding certain corporate stewardship costs which are not allocable to the segments, such as legal, certain corporate finance functions and centrally managed initiatives, other non-operating items, and depreciation and amortization related to certain long-lived assets, including the headquarters office space), net other operating expenses (income), net foreign currency gain/(loss), net other non-operating income (loss), and net interest income (expense). Inter-segment pricing is determined on an arm’s length basis. The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments.

Segment assets are not reported to, or used by, the CODM to allocate resources to or assess performance of the Company’s segments.

The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2025:



	ESS		PCS		Total
Revenue from external customers	$	438,553	$	383,201	$	821,754
Intersegment revenue		15,252		11,667		26,919

Total segment revenue	$	453,805	$	394,868	$	848,673
Elimination of intersegment revenue						(26,919	)

Total consolidated revenue					$	821,754

The following table presents the reconciliation of segment performance for the year ended December 31, 2025:



	ESS			PCS			Total
Revenue from external customers(a)	$	438,553		$	383,201
Cost of sales		(303,314	)		(237,721	)
Selling, general and administrative expenses(b)		(71,121	)		(46,142	)
Research and development expenses		(2,165	)		(648	)
Restructuring and other expenses(c)		(4,239	)		(392	)
Depreciation and amortization(b)		(10,218	)		(27,012	)

Total segment operating income	$	47,496		$	71,286		$	118,782

Unallocated corporate costs(d)								(10,893	)
Foreign currency income								6,790
Other non-operating income								1,263
Interest expense, net								(43,352	)

Income before income taxes							$	72,590

The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2024:



	ESS		PCS		Total
Revenue from external customers (a)	$	443,189	$	400,174	$	843,363
Intersegment revenue		5,489		10,115		15,604

Total segment revenue	$	448,678	$	410,289	$	858,967
Elimination of intersegment revenue						(15,604	)

Total consolidated revenue					$	843,363

The following table presents the reconciliation of segment performance for the year ended December 31, 2024:



	ESS			PCS			Total
Revenue from external customers (a)	$	443,189		$	400,174		$	843,363
Cost of sales		(313,838	)		(223,169	)
Selling, general and administrative expenses (b)		(72,015	)		(63,355	)
Research and development expenses		(2,268	)		(4,799	)
Restructuring and other expenses (c)		301			—
Depreciation and amortization (b)		(9,236	)		(27,428	)

Total segment operating income	$	46,133		$	81,423		$	127,556

Unallocated corporate costs (d)								(8,942	)
Foreign currency loss								(5,293	)
Other non-operating income								423
Interest expense, net								(37,255	)

Income before income taxes							$	76,489

(a)

(b)

Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

(c)

Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of

right-of-use

assets.

(d)

Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $8.1 million and $7.0 million for the years ended December 31, 2025 and 2024, respectively, and other corporate expenses of $2.7 million and $1.9 million for the years ended December 31, 2025 and 2024, respectively.

Geographical information

The following table presents consolidated revenue disaggregated by geography on an entity basis for the years ended December 31, 2025 and 2024:



	2025		2024
United States	$	301,448	$	304,262
Norway		203,012		206,155
Germany		100,285		99,453
United Kingdom		49,863		73,381
Singapore		28,278		45,425
Saudi Arabia		27,795		19,314
United Arab Emirates		27,584		19,904
Brazil		25,561		31,827
Azerbaijan		20,789		20,754
Australia		14,526		10,767
Canada		13,843		—
Other countries		8,770		12,121

Total revenue	$	821,754	$	843,363

The following table presents long-lived assets on the basis of geographic location as of December 31, 2025 and 2024:



	2025		2024
Headquarters (Netherlands)	$	57,794	$	59,199
United States		85,904		89,767
Norway		38,570		25,132
Brazil		28,723		25,211
Germany		17,289		17,041
Other countries		21,277		17,007

Total long-lived assets	$	249,557	$	233,357

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (j)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Property, plant and equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
HMH Holding BV And Subsidiaries [Member]
Property, Plant, and Equipment [Line Items]
Depreciation expense	$ 18.1	$ 18.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478704/905-360-25-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482222/360-10-30-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482338/360-10-05-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

Earnings per Share - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2026	Apr. 01, 2026	Dec. 31, 2025	Dec. 31, 2024
HMH Holding B.V. And Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			63,783,304		200	200
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares issuable (in shares)			31,891,652
Class A Common Stock \| IPO
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares issued in 2026 that are excluded from calculation of basis and diluted EPS in 2025	11,200,000	11,200,000
Class A Common Stock \| HMH Holding B.V. And Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			12,042,625	100	100
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			31,891,652
Class B Common Stock \| HMH Holding B.V. And Subsidiaries
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, shares outstanding (in shares)			31,891,652	100		100

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)	Total	Additional paid-in capital	Common stock held in treasury	Accumulated other comprehensive income (loss)	Retained earnings (loss)	Non-controlling interest	Class A common stock	Class A common stock Common Stock	Class B common stock	Class B common stock Common Stock	HMH Holding BV And Subsidiaries [Member]	HMH Holding BV And Subsidiaries [Member] Common Stock	HMH Holding BV And Subsidiaries [Member] Additional paid-in capital	HMH Holding BV And Subsidiaries [Member] Hedging Reserve [Member]	HMH Holding BV And Subsidiaries [Member] Pension Remeasurement Reserve [Member]	HMH Holding BV And Subsidiaries [Member] Currency Translation Reserve [Member]	HMH Holding BV And Subsidiaries [Member] Accumulated other comprehensive income (loss)	HMH Holding BV And Subsidiaries [Member] Retained earnings (loss)	HMH Holding BV And Subsidiaries [Member] Non-controlling interest	HMH Holding BV And Subsidiaries [Member] Class A common stock	HMH Holding BV And Subsidiaries [Member] Class B common stock
Beginning balance, shares outstanding (in shares) at Dec. 31, 2023												200,000
Beginning balance at Dec. 31, 2023											$ 593,131,000	$ 0	$ 601,539,000	$ 1,098,000	$ 1,220,000	$ 2,003,000	$ 4,321,000	$ (12,729,000)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)											(23,074,000)			(3,348,000)	842,000	(20,568,000)	(23,074,000)
Sale ownership interest in Hydril Arabia											9,324,000		8,892,000						432,000
Net income (loss)											$ 51,956,000							51,218,000	738,000
Ending balance, shares outstanding (in shares) at Dec. 31, 2024								0		0	200	200,000									100
Ending balance at Dec. 31, 2024	$ 631,337,000	$ 610,431,000	$ 0	$ (18,753,000)	$ 38,489,000	$ 1,170,000		$ 0		$ 0	$ 631,337,000	$ 0	610,431,000	(2,250,000)	2,062,000	(18,565,000)	(18,753,000)	38,489,000	1,170,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	22,364,000			22,364,000
Net income (loss)	15,646,000				15,061,000	585,000					$ 15,646,000
Ending balance, shares outstanding (in shares) at Jun. 30, 2025								0		0
Ending balance at Jun. 30, 2025	669,347,000	610,431,000	0	3,611,000	53,550,000	1,755,000		$ 0		$ 0
Beginning balance, shares outstanding (in shares) at Dec. 31, 2024								0		0	200	200,000									100
Beginning balance at Dec. 31, 2024	631,337,000	610,431,000	0	(18,753,000)	38,489,000	1,170,000		$ 0		$ 0	$ 631,337,000	$ 0	610,431,000	(2,250,000)	2,062,000	(18,565,000)	(18,753,000)	38,489,000	1,170,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)											22,992,000			2,715,000	629,000	19,648,000	22,992,000
Net income (loss)											$ 46,123,000							45,454,000	669,000
Ending balance, shares outstanding (in shares) at Dec. 31, 2025								0		0	200	200,000								100
Ending balance at Dec. 31, 2025	700,452,000	610,431,000		4,239,000	83,943,000	1,839,000		$ 0		$ 0	$ 700,452,000	$ 0	610,431,000	465,000	2,691,000	1,083,000	4,239,000	83,943,000	1,839,000
Beginning balance, shares outstanding (in shares) at Mar. 31, 2025								0		0
Beginning balance at Mar. 31, 2025	650,794,000	610,431,000	0	(5,174,000)	44,601,000	936,000		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	8,785,000			8,785,000
Net income (loss)	9,768,000				8,949,000	819,000
Ending balance, shares outstanding (in shares) at Jun. 30, 2025								0		0
Ending balance at Jun. 30, 2025	669,347,000	610,431,000	0	3,611,000	53,550,000	1,755,000		$ 0		$ 0
Beginning balance, shares outstanding (in shares) at Dec. 31, 2025								0		0	200	200,000								100
Beginning balance at Dec. 31, 2025	700,452,000	610,431,000		4,239,000	83,943,000	1,839,000		$ 0		$ 0	$ 700,452,000	$ 0	$ 610,431,000	$ 465,000	$ 2,691,000	$ 1,083,000	$ 4,239,000	$ 83,943,000	$ 1,839,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income Prior To The Corporate Reorganization Transactions	3,875,000				3,448,000	427,000
Other comprehensive income (loss)	3,619,000
Other comprehensive income prior to the Corporate Reorganization Transactions	5,600,000			5,600,000
Issuance of common stock in initial public offering, net of offering costs (in shares)								11,206		32,578
Issuance of common stock in initial public offering, net of offering costs	210,670,000	210,232,000						$ 112,000		$ 326,000
Redemption under exchange agreement with Principal Stockholders (in shares)										(686)
Redemption under exchange agreement with Principal Stockholders	(12,894,000)	631,000				(13,518,000)				$ (7,000)
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480,000)	(39,480,000)
Effect of the Corporate Reorganization Transactions	0	(570,015,000)		(7,296,000)	(64,801,000)	642,112,000
IPO related costs	(26,189,000)	(26,189,000)
TRA liability and related deferred tax impact from the Corporate Reorganization Transactions	(6,522,000)	(6,522,000)
Net income (loss) subsequent to the Corporate Reorganization Transactions	(5,019,000)				4,976,000	(9,995,000)
Net income (loss)	(1,144,000)										$ (1,144,000)
Share-based compensation (in shares)								837
Share-based compensation	22,775,000	6,045,000				16,722,000		$ 8,000
Purchase of treasury stock	(4,888,000)		(4,888,000)
Other Comprehensive Income Subsequent To The Corporate Reorganization Transactions	(1,981)			(532)		(1,449)
Ending balance, shares outstanding (in shares) at Jun. 30, 2026								12,043	31,891,652	31,892	63,783,304									12,042,625	31,891,652
Ending balance at Jun. 30, 2026	846,399,000	185,133,000	(4,888,000)	2,011,000	27,566,000	636,138,000		$ 120,000		$ 319,000
Beginning balance, shares outstanding (in shares) at Mar. 31, 2026								0		0
Beginning balance at Mar. 31, 2026	709,927,000	610,431,000	0	9,839,000	87,391,000	2,266,000		$ 0		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(1,981,000)			(532,000)		(1,449,000)
Issuance of common stock in initial public offering, net of offering costs (in shares)								11,206		32,578
Issuance of common stock in initial public offering, net of offering costs	210,670,000	210,232,000						$ 112,000		$ 326,000
Redemption under exchange agreement with Principal Stockholders (in shares)										(686)
Redemption under exchange agreement with Principal Stockholders	(12,894,000)	631,000				(13,518,000)				$ (7,000)
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480,000)	(39,480,000)
Effect of the Corporate Reorganization Transactions	0	(570,015,000)		(7,296,000)	(64,801,000)	642,112,000
IPO related costs	(26,189,000)	(26,189,000)
TRA liability and related deferred tax impact from the Corporate Reorganization Transactions	(6,522,000)	(6,522,000)
Net income (loss)	(5,019,000)				4,976,000	(9,995,000)
Share-based compensation (in shares)								837
Share-based compensation	22,775,000	6,045,000				16,722,000		$ 8,000
Purchase of treasury stock	(4,888,000)		(4,888,000)
Ending balance, shares outstanding (in shares) at Jun. 30, 2026								12,043	31,891,652	31,892	63,783,304									12,042,625	31,891,652
Ending balance at Jun. 30, 2026	846,399,000	$ 185,133,000	$ (4,888,000)	$ 2,011,000	$ 27,566,000	$ 636,138,000		$ 120,000		$ 319,000
Beginning balance, shares outstanding (in shares) at Apr. 01, 2026																				100	100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption under exchange agreement with Principal Stockholders (in shares)							(2,100,000)		(2,100,000)
Purchase of HMH B.V. voting shares from Principal Stockholders	$ (39,500,000)
Share-based compensation (in shares)							836,781

Employee Benefit Expenses

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Defined Benefit Plan [Table]

Employee Benefit Expenses

14. Employee benefit expenses

The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Service cost	$	43	$	125	$	83	$	246
Interest cost		175		182		345		357
Amortization of net actuarial loss		7		22		15		44

Net periodic cost	$	225	$	329	$	443	$	647

HMH Holding BV And Subsidiaries [Member]

Defined Benefit Plan [Table]

Employee Benefit Expenses

15. Employee benefit expenses

Pension plans in Germany and Norway

Pension costs represent the future pension entitlement earned by employees in the financial year. In a defined contribution plan, the Company is responsible for paying an agreed contribution to the employee’s pension account. In such a plan, this annual contribution represents the pension cost. In a defined benefit plan, it is the Company’s responsibility to provide a certain pension. The measurement of the cost and the pension liability for such arrangements is subject to actuarial valuations. The main pension liabilities relate to Norway and Germany. The welfare and support fund is closed for new entries. The welfare and support fund is recorded as other non-current liabilities and not as pension.

Pension plans in Germany

The main pension arrangement in Germany is a general pension plan organized by the German Government. This arrangement provides the main general pension entitlement of all Germans. All pension arrangements by employers consequently represent limited additional pension entitlements. German employers are not obliged to provide an employment pension plan.

ATZ (Altersteilzeit)—early retirement arrangement

ATZ is an early retirement arrangement organized by German employers, Trade/Labor Unions in Germany and the German Government. The ATZ plan is providing additional lifelong pensions to employees who retire before the general retirement age, to compensate for the reduction of the ordinary pension entitlements. The employees are given a choice of retirement age, with lower pension at earlier retirement.

The principle that, during the current employment relationship, the work performed by the employee is equivalent to the remuneration paid by the employer (principle of equivalence) and that there is therefore no impact on the balance sheets does not apply in the case of partial retirement.

The backlog of performance in the block model of ATZ represents an obligation on the part of the employer. The employee has already performed work for which such employee has not yet received any remuneration. For the fee to be paid in the release phase, a provision must be made during the work phase and increased pro rata temporis until the release phase is reached.

The estimated contributions expected to be paid to the German plan during 2026 amount to $0.8 million.

Pension plans in Norway

The main pension arrangement in Norway is a general pension plan organized by the Norwegian Government. This arrangement provides the main general pension entitlement of all Norwegian employees. All pension arrangements by employers consequently represent limited additional pension entitlements.

Norwegian employers are obliged to provide an employment pension plan, which can be organized as a defined benefit plan or as a defined contribution plan. The Company’s subsidiaries located in Norway closed the earlier defined benefit plans in 2008 and are now providing defined contribution plans for all employees.

Defined benefit plan

Employees who were 58 years or older in 2008, when the change to the contribution plan took place, are still in the defined benefit plan, which is a funded plan. There are no longer any active employees in this plan. The estimated contributions expected to be paid to the Norwegian plan during 2026 amount to $0.2 million.

Compensation plan

To ensure that the employees were treated fairly on the change to the contribution plan in 2008, the Company introduced a compensation plan. The basis for deciding the compensation amount is the difference between calculated pension capital in the defined benefit plan and the value of the defined benefit plan at the age of 67. The compensation amount will be adjusted annually in accordance with the adjustment of the employees’ pensionable income, and accrued interest according to market interest. If the employee leaves the Company voluntarily before the age of 67, the compensation amount will be reduced.

AFP—early retirement arrangement

AFP is an early retirement arrangement organized by Norwegian employers, the main Labor Union organization in Norway (LO) and the Norwegian Government. The AFP plan provides additional lifelong pensions to employees who retire before the general retirement age, to compensate for the reduction of the ordinary pension entitlements. The employees are given a choice of retirement age, with lower pension at earlier retirement.

The AFP plan exposes the participating entities to actuarial risk associated with employees of other entities with the result that there is no consistent and reliable basis for allocating the obligation, plan assets and costs to individual participating entities. Sufficient information is not available to use defined benefit accounting, and the AFP plan is accounted for as a defined contribution plan

The following table sets forth the accumulated benefit obligation in Norway and Germany as of December 31, 2025 and 2024:



	2025		2024

Change in benefit obligations
Benefit obligation at the beginning of the year	$	18,458	$	20,174
Service cost		163		492
Interest cost		749		764
Actuarial (gain) loss		(1,740)		124
Benefits paid		(1,457)		(1,419)
Foreign currency translation adjustment		2,354		(1,589)
Other		(91)		(88)

Benefit obligation at the end of the year	$	18,436	$	18,458


Change in plan assets
Fair value of plan assets at the beginning of year		—		—
Employer contribution		734		712
Benefits paid		(643)		(624)
Other		(91)		(88)
Fair value of plan assets at the end of year		—		—
Funded status—underfunded at the end of year		(18,436)		(18,458)

Accumulated benefit obligation	$	(18,436)	$	(18,458)

The plan assets are held and managed by Akastor, and obligations are settled on the Company’s behalf.

The amounts recognized in the consolidated balance sheets consisted of the following as of December 31, 2025 and 2024:



	2025		2024

Pension benefits
Current liabilities	$	995	$	911
Non-current liabilities		17,441		17,547

Net amount recognized	$	18,436	$	18,458

Information for the plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consisted of the following as of December 31, 2025 and 2024:



	2025		2024

Pension benefits
Projected benefit obligation	$	18,436	$	18,458
Accumulated benefit obligation		18,436		18,458

Net periodic cost

The components of net periodic cost recognized in Selling, general and administrative expenses in the consolidated statements of income consisted of the following for the years ended December 31, 2025 and 2024:



Pension benefits	2025		2024
Service cost	$	163	$	492
Interest cost		749		764
Amortization of net actuarial loss		71		54

Net periodic cost	$	983	$	1,310

The defined benefit plans are unfunded and consequently there are no pension plan assets held by the Company to be disclosed.

As part of the agreement between Akastor and Baker Hughes at the time of the formation of the Company, Akastor is responsible for all pension liabilities accrued and unsettled pension liabilities

pre-October

1, 2021. The Company has booked a receivable towards Akastor for its part of the total pension liability. See Note 18— “Related party transactions—Indemnification asset.”

Defined benefit obligation—actuarial assumptions

The following table sets forth the weighted average assumptions used to determine net periodic cost for these plans for the years ended December 31, 2025 and 2024:



	2025				2024
	Norway		Germany		Norway		Germany
Discount rate		4.5%		3.7%		4.7%		3.1%
Expected long-term return on plan assets		—		—		—		—
Interest crediting rate		4.0%		2.6%		3.5%		2.6%

Accumulated other comprehensive income (loss)

The amount recorded before-tax in accumulated other comprehensive income (loss) related to the Company’s defined benefit plans consisted of the following for the years ended December 31, 2025 and 2024:



	2025		2024
Net actuarial loss (gain)	$	(1,811)	$	70

The discount rates and other assumptions for Norway in 2025 and 2024 are based on the Norwegian high quality corporate bond rate and recommendations from the Norwegian Accounting Standards Board. It should be expected that fluctuations in the discount rates would also lead to fluctuations in the pension indexations. The total effect of fluctuations in economic assumptions is consequently unlikely to be significant. No net prior service cost was recognized for the years ended December 31, 2025 and 2024.

Assumptions regarding future mortality have been based on published statistics and mortality tables. The current life expectancy after retirement underlying the values of the defined benefit obligation at the reporting date is shown below in years.



	2025				2024
	Norway		Germany		Norway		Germany
Life expectancy of male pensioners after retirement		23.0		21.0		22.8		20.9
Life expectancy of female pensioners after retirement		26.3		24.4		26.1		24.3

Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2025 and 2024. Amounts shown below are for the pension plans in Norway.



2025	Change in defined benefit obligation
Change in actuarial assumptions		Increase		Decrease
Discount rate (1% increase/decrease movement)	$	7,651	$	7,869
Future salary growth (1% increase/decrease movement)		7,760		7,745



2024	Change in defined benefit obligation
Change in actuarial assumptions		Increase		Decrease
Discount rate (1% increase/decrease movement)	$	8,412	$	8,656
Future salary growth (1% increase/decrease movement)		8,531		8,518

The following table presents the expected benefit payments for pension benefits over the next 10 years. For funded Company sponsored plans, the benefit payments are made by the respective pension trust funds.



Year	Pension benefits
2026	$	995
2027		1,047
2028		1,050
2029		998
2030		1,039
2031—2035		5,765

Pension plans outside Norway and Germany

Pension plans outside Norway and Germany are predominately defined contribution plans and include 1,235 employees in 2025 and 1,283 employees in 2024. The cost of the defined contribution plans amounted to $7.2 million and $5.8 million for the years ended December 31, 2025 and 2024, respectively.

- Definition

The entire disclosure for defined benefit plan.

+ References

+ Details

- Definition

Disclosure of information about individual defined benefit pension plan or other postretirement defined benefit plan. It may be appropriate to group certain similar plans. Also includes schedule for fair value of plan assets by major categories of plan assets by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), Significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-3

Reference 23: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-4

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-2

+ Details

Notes to Unaudited Pro Forma Consolidated Statement of Income (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Unaudited Pro Forma Consolidated Statement Of Income [Line Items]

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock:



	Three months ended June 30,					Six months ended June 30,
(in thousands)	2026			2025		2026			2025

Numerator (in thousands)
Net income (loss)	$	(5,019	)	$	9,768	$	(1,144	)	$	15,646
Less: Net income (loss) attributable to non-controlling interests		(9,995	)		819		(9,568	)		585

Net income attributable to HMH Holding Inc.	$	4,976		$	8,949	$	8,424		$	15,061


Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic		11,662			69,355		5,863			69,355
Effect of dilutive securities		309			—		825			—

Weighted-average shares of common stock outstanding—diluted		11,971			69,355		6,688			69,355


Net income (loss) per share of common stock (actual)
Basic	$	0.43		$	0.13	$	1.44		$	0.22
Diluted	$	0.42		$	0.13	$	1.26		$	0.22

HMH Holding Inc. [Member] | Pro Forma [Member]

Unaudited Pro Forma Consolidated Statement Of Income [Line Items]

Schedule of Earnings Per Share, Basic and Diluted

The table below presents the computation of pro forma basic and diluted earnings per share of HMH Holding Inc. (in thousands, except share and per share amounts):



	Year ended December 31, 2025
Numerator:
Net income	$	35,155
Net income attributable to non-controlling interests		26,737
Net income attributable to HMH Holding Inc.		8,418

Denominator:
Weighted average shares of Class A common stock outstanding (basic)		11,423
Incremental common shares attributable to dilutive securities		–
Weighted average shares of Class A common stock outstanding (diluted)		11,423
Earnings per share – basic and diluted	$	0.74

Commitments and Contingencies - Changes in Provision Balance for Restructuring and Other Charges (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Restructuring Cost and Reserve [Line Items]
Balance at the beginning of the period	$ 2,085,000
Restructuring and other expenses	5,004,000
Reductions for payments	(1,546,000)
Foreign currency translation	(58,000)
Balance at the end of the period	5,485,000	$ 2,085,000
HMH Holding BV And Subsidiaries [Member]
Restructuring Cost and Reserve [Line Items]
Balance at the beginning of the period	$ 2,085	1,042
Restructuring and other expenses		2,392,000
Reductions for payments		(1,498,000)
Foreign currency translation		149,000
Balance at the end of the period		$ 2,085

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financial Instruments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule Of Financial Instruments That Are Measured At Fair Value On A Recurring Basis

The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy:



(in thousands)	Level 1		Level 2		Level 3(a)		Total
As of June 30, 2026
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	63	$	—	$	63
Derivative financial instruments—not designated as hedging instruments		—		445		—		445

Total assets	$	—	$	508	$	—	$	508


Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	18	$	—	$	18
Derivative financial instruments—not designated as hedging instruments		—		2,375		—		2,375

Total liabilities	$	—	$	2,393	$	—	$	2,393


As of December 31, 2025
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,262	$	—	$	1,262
Derivative financial instruments—not designated as hedging instruments		—		140		—		140

Total assets	$	—	$	1,402	$	—	$	1,402


Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	35	$	—	$	35
Derivative financial instruments—not designated as hedging instruments		—		520		—		520

Total liabilities	$	—	$	555	$	—	$	555

(a).

The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. has been remeasured to zero as of June 30, 2026 and December 31, 2025.

Schedule Of Fair Value Of The Derivative Financial Instruments And A Maturity Analysis Of The Derivatives Cash Flows

Designated hedges

The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.



(in thousands)	Total		6 months and less		6-12 Months		1-2 years

As of June 30, 2026
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts GBP	£	891	£	891	£	—	£	—
Average forward rate (GBP/NOK)				13.79		—		—
Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts GBP	£	245	£	245	£	—	£	—
Average forward rate (GBP/NOK)				13.90		—		—

As of December 31, 2025
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts USD	$	13,812	$	13,812	$	—	$	—
Average forward rate (USD/NOK)				10.58		—		—
Notional amounts EUR	€	490	€	490	€	—	€	—
Average forward rate (EUR/NOK)				12.14		—		—
Notional amounts GBP	£	2,076	£	1,185	£	891	£	—
Average forward rate (GBP/NOK)				13.85		13.79		—
Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts EUR	€	150	€	150	€	—	€	—
Average forward rate (EUR/NOK)				12.03		—		—
Notional amounts GBP	£	940	£	695	£	245	£	—
Average forward rate (GBP/NOK)				13.92		13.90		—

Non-Designated

Hedges

The table below presents the notional value of the

non-designated

derivative financial instruments and a maturity analysis of the related derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.



(in thousands)	Total		6 months and less		6-12 Months		1-2 years

As of June 30, 2026
Foreign exchange forward contracts:
Notional amounts NOK		NOK 69,800		NOK 28,200		NOK 41,600		NOK —
Average forward rate (NOK/USD)				0.10		0.10		—
Notional amounts GBP	£	11,200	£	6,100	£	5,100	£	—
Average forward rate (GBP/USD)				1.35		1.35		—
Notional amounts EUR	€	42,100	€	22,800	€	19,300	€	—
Average forward rate (EUR/USD)				1.20		1.21		—

As of December 31, 2025
Foreign exchange forward contracts:
Notional amounts NOK		NOK 131,200		NOK 97,900		NOK 16,500		NOK 16,800
Average forward rate (NOK/USD)				0.10		0.10		0.10
Notional amounts GBP	£	13,800	£	6,000	£	5,300	£	2,500
Average forward rate (GBP/USD)				1.35		1.35		1.34
Notional amounts EUR	€	49,300	€	21,600	€	18,900	€	8,800
Average forward rate (EUR/USD)				1.19		1.20		1.21

HMH Holding BV And Subsidiaries [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule Of Financial Instruments That Are Measured At Fair Value On A Recurring Basis

The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:



							2025
	Level 1		Level 2		Level 3(1)		Total

Assets
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,262	$	—	$	1,262
Derivative financial instruments—not designated as hedging instruments		—		140		—		140

Total assets	$	—	$	1,402	$	—	$	1,402


Liabilities
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	35	$	—	$	35
Derivative financial instruments—not designated as hedging instruments		—	$	520		—	$	520

Total liabilities	$	—	$	555	$	—	$	555



							2024
	Level 1		Level 2		Level 3(1)		Total

Assets
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,713	$	—	$	1,713

Total assets	$	—	$	1,713	$	—	$	1,713


Liabilities
Derivative financial instruments	$	—	$	4,612	$	—	$	4,612

Total liabilities	$	—	$	4,612	$	—	$	4,612

(1)

The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. (“Step Oiltools”) has been remeasured to zero as of December 31, 2025 and 2024.

Schedule Of Fair Value Of The Derivative Financial Instruments And A Maturity Analysis Of The Derivatives Cash Flows

The following table presents the fair value of the derivative financial instruments and a maturity analysis of the derivatives cash flows as of December 31, 2025 and 2024. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate.



	Total		6 months and less		6-12 months		1-2 years

As of December 31, 2025
Foreign exchanges forward contracts to hedge highly probable forecasted sales
Notional amounts USD	$	13,812	$	13,812	$	—	$	—
Average forward rate (USD/NOK)				10.58		—		—
Notional amounts EUR	€	490	€	490	€	—	€	—
Average forward rate (EUR/NOK)				12.14		—		—
Notional amounts GBP	£	2,076	£	1,185	£	891	£	—
Average forward rate (GBP/NOK)				13.85		13.79		—
Notional amounts EUR	€	—	€	—	€	—	€	—
Average forward rate (EUR/USD)				—		—		—
Foreign exchanges forward contracts to hedge highly probable forecasted purchases
Notional amounts EUR	€	150	€	150	€	—	€	—
Average forward rate (EUR/NOK)				12.03		—		—
Notional amounts GBP	£	940	£	695	£	245	£	—
Average forward rate (GBP/NOK)				13.92		13.90		—
Notional amounts EUR	€	—	€	—	€	—	€	—
Average forward rate (EUR/USD)				—		—		—



	Total		6 months and less		6-12 months		1-2 years

As of December 31, 2024
Foreign exchanges forward contracts to hedge highly probable forecasted sales
Notional amounts USD	$	97,710	$	74,136	$	10,817	$	12,757
Average forward rate (USD/NOK)				10.89		10.92		10.54
Notional amounts EUR	€	10,109	€	5,485	€	4,379	€	245
Average forward rate (EUR/NOK)				11.90		11.93		12.09
Notional amounts GBP	£	6,027	£	3,658	£	294	£	2,075
Average forward rate (GBP/NOK)				13.94		13.91		13.83
Notional amounts EUR	€	40,449	€	28,141	€	12,308	€	—
Average forward rate (EUR/USD)				1.08		1.08		—
Foreign exchanges forward contracts to hedge highly probable forecasted purchases
Notional amounts EUR	€	4,235	€	3,185	€	1,050	€	—
Average forward rate (EUR/USD)				11.76		11.94		—
Notional amounts GBP	£	2,596	£	1,206	£	450	£	940
Average forward rate (GBP/NOK)				13.65		13.95		13.92
Notional amounts EUR	€	2,246	€	2,246	€	—	€	—
Average forward rate (EUR/USD)				1.11		—		—

Non-designated

hedges

The table below presents the notional value of the

non-designated

derivative financial instruments and a maturity analysis of the related derivatives cash flows as of December 31, 2025 and 2024. Valuation techniques and inputs of forward contracts are based on the quoted forward exchange rate.



	Total		6 months and less		6-12 months		1-2 years

As of December 31, 2025
Foreign exchanges forward contracts
Notional amounts NOK		NOK 131,200		NOK 97,900		NOK 16,500		NOK 16,800
Average forward rate (NOK/USD)				0.10		0.10		0.10
Notional amounts GBP	£	13,800	£	6,000	£	5,300	£	2,500
Average forward rate (GBP/USD)				1.35		1.35		1.34
Notional amounts EUR	€	49,300	€	21,600	€	18,900	€	8,800
Average forward rate (EUR/USD)				1.19		1.20		1.21

Schedule Of Reconciliation By Risk Category Of Components Of Equity And Analysis Of OCI Items, Net Of Tax

The following table presents a reconciliation by risk category of components of equity and analysis of OCI items, net of tax:



	2025			2024
Balance as of January 1,	$	(2,250	)	$	1,098
Change in foreign currency risk		3,481			(4,314	)
Income tax allocated to cash flow hedges		(766	)		966

Balance as of December 31,	$	465		$	(2,250	)

Other Liabilities

6 Months Ended

Jun. 30, 2026

Other Current Liabilities [Line Items]

Other Liabilities

11. Other liabilities

Other liabilities consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Pension and other post—retirement liabilities	$	20,321	$	21,142
Deferred tax liabilities		20,982		17,404
Contingent considerations—related party		8,291		8,291
Provisions long-term		1,385		1,227
Tax receivable agreement liability		3,760		—
Other long-term liabilities(a)		6,278		6,259

Total	$	61,017	$	54,323

(a).

Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition, as of both June 30, 2026, and December 31, 2025.

HMH Holding BV And Subsidiaries [Member]

Other Current Liabilities [Line Items]

Other Liabilities

13. Other liabilities

Other liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Deferred tax liabilities	$	17,404	$	19,127
Pension and other post retirement liabilities		21,142		21,319
Provisions long-term		1,227		822
Contingent considerations—related party		8,291		8,676
Other long-term liabilities		6,259		3,702

Total	$	54,323	$	53,646

(1)

Other long-term liabilities include $3.7 million of contingent consideration related to the Drillform acquisition as of both December 31, 2025 and 2024 and $2.0 million of contingent consideration related to Deep Blue acquisition as of December 31, 2025.

Leases - Supplemental Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 45,834	$ 48,739
Operating Lease, Liability [Abstract]
Current operating lease liabilities	6,718	10,470
Non-current operating lease liabilities	40,469	39,922
Present value of lease liabilities	$ 47,187	50,392
HMH Holding BV And Subsidiaries [Member]
Lessee, Lease, Description [Line Items]
Operating lease assets		48,739	$ 34,673
Operating Lease, Liability [Abstract]
Current operating lease liabilities		10,470	8,114
Non-current operating lease liabilities		39,922	27,052
Present value of lease liabilities		$ 50,392	$ 35,166

Segment Information - Reconciliation of Reportable Segment Revenues (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Segment Reporting [Line Items]

Total revenue

$ 170,822

$ 203,457

$ 342,143

$ 401,887

HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

$ 821,754

$ 843,363

^[1]

Intersegment Eliminations

Segment Reporting [Line Items]

Total revenue

(5,031)

(6,231)

(13,899)

(11,581)

Intersegment Eliminations | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

(26,919)

(15,604)

Operating Segments

Segment Reporting [Line Items]

Total revenue

175,853

209,688

356,042

413,468

Operating Segments | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

848,673

858,967

ESS

Segment Reporting [Line Items]

Total revenue

97,660

125,547

198,350

233,088

ESS | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

^[1]

438,553

443,189

ESS | Intersegment Eliminations

Segment Reporting [Line Items]

Total revenue

(2,766)

(2,690)

(8,015)

(4,808)

ESS | Intersegment Eliminations | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

(15,252)

(5,489)

ESS | Operating Segments

Segment Reporting [Line Items]

Total revenue

100,426

128,237

206,365

237,896

ESS | Operating Segments | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

453,805

448,678

PCS

Segment Reporting [Line Items]

Total revenue

73,162

77,910

143,793

168,799

PCS | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

^[1]

383,201

400,174

PCS | Intersegment Eliminations

Segment Reporting [Line Items]

Total revenue

(2,265)

(3,541)

(5,884)

(6,773)

PCS | Intersegment Eliminations | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

(11,667)

(10,115)

PCS | Operating Segments

Segment Reporting [Line Items]

Total revenue

$ 75,427

$ 81,451

$ 149,677

$ 175,572

PCS | Operating Segments | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Total revenue

$ 394,868

$ 410,289

[1]	As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of presentation and description of the transactions - Additional Information (Details) - $ / shares			12 Months Ended
	May 05, 2026	Apr. 02, 2026	Dec. 31, 2025
Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Repurchased During Period, Shares		2,100,000
Stock Repurchased and Retired During Period, Shares	685,844	2,100,000
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture		836,781
Common Class B [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Repurchased During Period, Shares		2,100,000
Stock Repurchased and Retired During Period, Shares	685,844	2,100,000
HMH Holding Inc. [Member] \| Pro Forma [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Subsidiary, Voting Power Percentage			100.00%
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Company and Non controlling Interests [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest percentage			24.40%
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture			902,504
IPO [Member] \| HMH Holding Inc. [Member] \| Pro Forma [Member] \| Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Sale of Stock, Price Per Share			$ 20
Stock Repurchased During Period, Shares			10,520,000
IPO [Member] \| HMH Holding Inc. [Member] \| Pro Forma [Member] \| Common Class B [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Repurchased During Period, Shares			10,520,000
Underwriters [Member] \| HMH Holding Inc. [Member] \| Pro Forma [Member] \| Common Class A [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Repurchased and Retired During Period, Shares			1,578,000
Underwriters [Member] \| HMH Holding Inc. [Member] \| Pro Forma [Member] \| Common Class B [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Repurchased and Retired During Period, Shares			1,578,000

Notes to Unaudited Pro Forma Consolidated Statement of Income - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Dec. 31, 2025
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Share-based compensation	$ 22.8	$ 22.8
Pro Forma [Member] \| HMH Holding Inc. [Member]
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Share-based compensation			$ 21.2
Interest expense			10.9
Baker Hughes Holdings LLC [Member] \| Pro Forma [Member] \| HMH Holding Inc. [Member]
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Stockholders' equity note, subscriptions receivable			3.5
Akastor AS [Member] \| Pro Forma [Member] \| HMH Holding Inc. [Member]
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Stockholders' equity note, subscriptions receivable			3.5
Minimum [Member] \| Pro Forma [Member] \| HMH Holding Inc. [Member]
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Interest income			$ 0.7

Intangible assets

12 Months Ended

Dec. 31, 2025

HMH Holding BV And Subsidiaries [Member]

Intangible Asset, Finite-Lived [Line Items]

Intangible assets

6. Intangible assets

Intangible assets consisted of the following as of December 31, 2025 and 2024:



					2025										2024
	Useful life		Gross carrying amount		Accumulated amortization			Net carrying amount		Gross carrying amount		Accumulated amortization			Net carrying amount
Patents and rights		3-5 years	$	21,180	$	(18,785	)	$	2,395	$	20,107	$	(11,627	)	$	8,480
Customer relationships		2-20 years		113,523		(46,299	)		67,224		112,893		(37,135	)		75,758
Development costs		3-8 years		83,397		(30,946	)		52,451		66,049		(15,133	)		50,916

Total			$	218,100	$	(96,030	)	$	122,070	$	199,049	$	(63,895	)	$	135,154

Amortization expense recognized for the years ended December 31, 2025 and 2024 was $24.3 million and $20.7 million, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

The following table outlines the estimated future amortization expense related to intangible assets held as of December 31, 2025:



Year ending December 31,	Amortization expense
2026	$	29,888
2027		28,067
2028		15,296
2029		5,378
2030		3,733
Thereafter		39,708

Total	$	122,070

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt - Additional Information (Details) ¥ in Millions					1 Months Ended		12 Months Ended
Debt - Additional Information (Details) ¥ in Millions	Dec. 18, 2025 USD ($)	Dec. 17, 2025 USD ($)	Oct. 01, 2025	Aug. 22, 2023 USD ($)	Dec. 31, 2025 USD ($)	Nov. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2026 USD ($)	Nov. 20, 2023 USD ($)	Aug. 22, 2023 CNY (¥)	Oct. 01, 2021 USD ($)
Debt Instrument [Line Items]
Ratio of Indebtedness to Net Capital	2.5	2.5
Interest Coverage Ratio	1	1
7.875% Senior Secured Bonds due 2028
Debt Instrument [Line Items]
Long-term debt, fair value					$ 204,500,000		$ 204,500,000	$ 205,000,000
Stated interest rate								7.875%
Long-Term Debt, Fair Value					$ 204,500,000		$ 204,500,000	$ 205,000,000
Seven Point Eight Seven Five Senior Secured Bonds due 2028 [Member]
Debt Instrument [Line Items]
Stated interest rate					7.875%		7.875%	7.875%
Seven Point Eight Seven Five Senior Secured Bonds due 2028 [Member] \| HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Long-term debt, fair value					$ 204,500,000		$ 204,500,000
Debt Instrument, Face Amount		$ 200,000,000
Debt Instrument, Maturity Date		Dec. 17, 2028
Stated interest rate		7.875%			9.875%		9.875%
Additional Bond Issuance Capacity Amount		$ 125
Minimum Liquidity Required Under Debt Agreement Amount		$ 30,000,000
Debt Instrument Mandatory Prepayment Price Percentage		101.00%
Debt Instrument Fair Value Percentage Of Principal					102.25%		102.25%
Long-Term Debt, Fair Value					$ 204,500,000		$ 204,500,000
Seven Point Eight Seven Five Senior Secured Bonds due 2028 [Member] \| HMH Holding BV And Subsidiaries [Member] \| Debt Instrument, Redemption, Period One [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		103.938%
Seven Point Eight Seven Five Senior Secured Bonds due 2028 [Member] \| HMH Holding BV And Subsidiaries [Member] \| Debt Instrument, Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100.50%
Nine Point Eight Seven Five Senior Secured Bonds due 2026 [Member] \| HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 200,000,000
Debt Instrument, Maturity Date						Nov. 16, 2026
Stated interest rate					7.875%	9.875%	7.875%
Debt Instrument, Redemption Price, Percentage					103.292%
Long-Term Debt, Gross					$ 200,000,000		$ 200,000,000
Gain (Loss) on Extinguishment of Debt							$ 8,000,000
Loans Payable [Member] \| HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Dec. 18, 2028
Loans Payable [Member] \| HMH Holding BV And Subsidiaries [Member] \| Baker Hughes Holdings LLC [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											$ 80,000,000
Loans Payable [Member] \| HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											$ 20,000,000
Shareholder Loans [Member] \| HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Stated interest rate					8.00%		8.00%
Long-Term Debt, Gross					$ 143,700,000		$ 143,700,000
Shareholder Loans [Member] \| HMH Holding BV And Subsidiaries [Member] \| Baker Hughes Holdings LLC [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross					112,400,000		112,400,000
Deferred Tax Asset Consideration Payable Amount					300,000		300,000
Shareholder Loans [Member] \| HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross					31,300,000		31,300,000
Deferred Tax Asset Consideration Payable Amount					$ 3,000,000		$ 3,000,000
Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 75,000,000								$ 50,000,000
Minimum Liquidity Required Under Debt Agreement Amount	30
Debt Issuance Costs, Net	$ 800,000
Debt Instrument, Unused Borrowing Capacity, Description	Company is required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments
Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	4.00%
Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.00%
Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member] \| Debt Instrument, Redemption, Period One [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Jun. 17, 2028
Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member] \| Debt Instrument, Redemption, Period Two [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	May 16, 2026
Foreign Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 1,430,000						¥ 10.0
Debt Instrument, Unused Borrowing Capacity, Fee				$ 0
Foreign Line of Credit [Member] \| HMH Holding BV And Subsidiaries [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate				0.40%

Summary of significant accounting policies (Policies)	6 Months Ended	12 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2026	Dec. 31, 2025
Accounting Policies [Line Items]
Offering Costs	Offering costs In connection with our IPO, HMH B.V. and its affiliates incurred accounting, legal and other costs, which were reimbursed by us. Such costs were recorded as a reduction to equity against the proceeds from the IPO. Deferred offering costs of $21.3 million and $26.2 million were recognized in prepaids and other current assets in our condensed consolidated balance sheets as of December 31, 2025 and at the IPO date of April 2, 2026, respectively.
HMH Holding Inc. [Member]
Accounting Policies [Line Items]
Basis of Presentation		Basis of presentation The Company’s balance sheets have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). As there has been no operating activity for this entity since its inception, separate statements of income and comprehensive income, cash flows and changes in stockholder’s equity have not been presented. The Company’s year-end is December 31. Summary of significant accounting policies The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and the disclosure of gain and loss contingencies at the date of the financial statements and during the periods presented. The Company bases these estimates on historical results and various other assumptions believed to be reasonable, all of which form the basis for making estimates concerning the carrying values of assets and liabilities that are not readily available from other sources. Actual results could differ materially from those estimates.
Offering Costs		Offering costs In connection with the Company’s initial public offering, affiliates of the Company have or will incur accounting, legal and other costs, which will be reimbursed by the Company upon consummation of the initial public offering. Such costs will be deferred and recorded as a reduction to stockholder’s equity and recorded against the proceeds from the offering. In the event the offering is aborted, such deferred offering costs will be expensed.
Organization costs		Organization costs Organization costs will be expensed as incurred. Such costs are comprised of the legal and professional fees associated with the formation of the Company.

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property Plant And Equipment Useful Life (Details) - HMH Holding BV And Subsidiaries [Member]	Dec. 31, 2025
Building [Member] \| Maximum [Member]
Schedule of Property Plant And Equipment Useful Life [Line Items]
Property, plant, and Equipment, useful life	33 years
Building [Member] \| Minimum [Member]
Schedule of Property Plant And Equipment Useful Life [Line Items]
Property, plant, and Equipment, useful life	16 years
Machinery and Equipment [Member] \| Maximum [Member]
Schedule of Property Plant And Equipment Useful Life [Line Items]
Property, plant, and Equipment, useful life	16 years
Machinery and Equipment [Member] \| Minimum [Member]
Schedule of Property Plant And Equipment Useful Life [Line Items]
Property, plant, and Equipment, useful life	3 years

Income taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Income taxes [Line Items]
Income (loss) before income taxes	$ (9,525)	$ 14,926	$ 202	$ 26,060
HMH Holding BV And Subsidiaries [Member]
Income taxes [Line Items]
Domestic				(43,991)		$ (37,697)
Foreign				116,581		114,186
Income (loss) before income taxes				$ 72,590	$ 72,590	$ 76,489

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Debt Instrument [Line Items]

Schedule of short-term and long-term debt

Below are the contractual terms of the Company’s interest-bearing loans and borrowings that are measured at amortized cost. The carrying values of the Company’s short-term and long-term debt consisted of the following:



	Debt outstanding
(in thousands)	June 30, 2026		December 31, 2025		Maturity
7.875% Senior Secured Bonds due 2028		196,363		195,636		Dec 2028
Shareholder Loans		—		143,732		Dec 2028
Revolving Credit Facility		—		—
Credit Line in China (a)		1,473		715

Total debt, net		197,836		340,083
Current debt, net		1,473		715
Non-current debt, net		196,363		339,368

Total debt, net	$	197,836	$	340,083

(a).

Expired on March 26, 2026, with the Company retaining a one-year period from each respective withdrawal date to remit payment.

HMH Holding BV And Subsidiaries [Member]

Debt Instrument [Line Items]

Schedule of short-term and long-term debt



	Debt outstanding
	2025		2024		Maturity date
9.875% Senior Secured Bonds due 2026	$	—	$	196,837		Nov 2026
7.875% Senior Secured Bonds due 2028		195,636		—		Dec 2028
Shareholder Loans		143,732		131,910		Dec 2028
Revolving Credit Facility		—		14,397		Jun 2028
Credit Line in China		715		—		Mar 2026

Total debt, net		340,083		343,144
Current debt, net		715		14,397
Non-current debt, net		339,368		328,747

Total debt, net	$	340,083	$	343,144

Schedule of Maturities of Long-Term Debt

The following table sets forth the maturities of principal payments on long-term debt for each of the five years in the period ending December 31, 2030, and in the aggregate thereafter:



Year ending December 31,
2026	$	—
2027		—
2028		300,000
2029		—
2030		—
Thereafter		—

Total	$	300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 41: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 42: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Notes to Unaudited Pro Forma Consolidated Statement of Income

12 Months Ended

Dec. 31, 2025

HMH Holding Inc. [Member] | Pro Forma [Member]

Unaudited Pro Forma Consolidated Statement Of Income [Line Items]

Notes to unaudited pro forma consolidated statement of income

3. Notes to unaudited pro forma consolidated statement of income

Transaction accounting adjustments include the following adjustments related to the unaudited pro forma consolidated statement of income for the year ended December 31, 2025, as follows:

(f) Following the Corporate Reorganization, HMH Holding Inc. will be subject to U.S. federal income taxes, in addition to state, local and foreign taxes. However due to HMH Holding B.V.’s historial pre-tax losses and the associated valuation allowance, there will be no tax benefit recognized as an adjustment to our taxes on the unaudited pro forma consolidated statement of income, assuming the federal rates currently in effect and the highest statutory rates apportioned to each state, local and foreign jurisdiction.

(g) Reflects share-based compensation expense related to historical share awards issued by HMH B.V. to management and certain employees, which will vest when certain performance objectives are achieved. All of the awards are contingent on a liquidity event, which is defined as an initial public offering or a change of control of the Company. Upon completion of the Offering, the Company will recognize $21.2 million in share-based compensation expense.

(h) Reflects the reduction in interest expense of $10.9 million for the year ended December 31, 2025, as a result of the repayment of the outstanding indebtedness under the Shareholder Loans from Baker Hughes Holdings LLC and Akastor AS, as described in “Use of proceeds,” as if such repayment occurred on January 1, 2025.

(i) Reflects the reduction in interest income of $0.7 million for the year ended December 31, 2025, as a result of the settlement of the outstanding Shareholder Note receivable of $3.5 million from Baker Hughes Holdings LLC and $3.5 million from Akastor AS, as if such receipt occurred on January 1, 2025.

(j) The basic and diluted pro forma earnings per share of Class A common stock represents net income attributable to HMH Holding Inc. divided by the combination of the shares owned by the Principal Stockholders and the Class A common stock issued in the Offering. The non-controlling interest owners own shares of Class B common stock. These shares of Class B common stock are not considered participating securities because they have no right to receive dividends or a distribution on the liquidation or winding up of HMH Holding Inc. and no earnings are allocable to such class. Accordingly, basic and diluted earnings per share of Class B common stock have not been presented. The table below presents the computation of pro forma basic and diluted earnings per share of HMH Holding Inc. (in thousands, except share and per share amounts):



	Year ended December 31, 2025
Numerator:
Net income	$	35,155
Net income attributable to non-controlling interests		26,737
Net income attributable to HMH Holding Inc.		8,418

Denominator:
Weighted average shares of Class A common stock outstanding (basic)		11,423
Incremental common shares attributable to dilutive securities		–
Weighted average shares of Class A common stock outstanding (diluted)		11,423
Earnings per share – basic and diluted	$	0.74

Goodwill (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Goodwill [Line Items]

Schedule Of Changes In Carrying Value Of Goodwill

The changes in carrying value of goodwill are detailed by segment below:



(in thousands)	ESS		PCS		Total
Balance as of January 1, 2026	$	187,788	$	119,226	$	307,014
Acquisition and purchase accounting adjustments(a)		770		—		770
Currency translation differences		170		—		170

Balance as of June 30, 2026	$	188,728	$	119,226	$	307,954

(a).

ESS segment includes purchase price adjustment of $0.8 million, related to working capital measurement period adjustments for Deep Blue acquisition. See Note 2—“Business Combinations” for more information.

HMH Holding BV And Subsidiaries [Member]

Goodwill [Line Items]

Schedule Of Changes In Carrying Value Of Goodwill

The changes in carrying value of goodwill are detailed by segment below:



	ESS			PCS		Total
Balance as of January 1, 2024	$	184,619		$	103,229	$	287,848
Acquisition and other(1)		—			14,125		14,125
Currency translation differences		(1,034	)		—		(1,034	)

Balance as of December 31, 2024	$	183,585		$	117,354	$	300,939

Acquisition and purchase accounting adjustments(1)		3,584			1,872		5,456
Currency translation differences		619			—		619

Balance as of December 31, 2025	$	187,788		$	119,226	$	307,014

(1)

Goodwill associated with the 2024 Drillform acquisition was assigned to PCS segment and the 2025 Deep Blue acquisition was assigned to ESS segment. The PCS segment in 2025 includes purchase price adjustment of $1.9 million, net of deferred tax assets, related to remeasurement of warranty liabilities for the Drillform acquisition. See Note 2—“Business combinations” for more information.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2025
HMH Holding BV And Subsidiaries [Member]
Income taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	25.80%

Segment Information (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Segment Reporting [Line Items]

Schedule of Reconciliation of Reportable Segment Revenues

The following table presents the reconciliation of reportable segment revenues:



	2026							2025
(in thousands)	ESS		PCS		Total			ESS		PCS		Total
Three Months Ended June 30,
Revenues from external customers	$	97,660	$	73,162	$	170,822		$	125,547	$	77,910	$	203,457
Intersegment revenue		2,766		2,265		5,031			2,690		3,541		6,231

Total segment revenue	$	100,426	$	75,427	$	175,853		$	128,237	$	81,451	$	209,688
Elimination of intersegment revenue						(5,031	)						(6,231	)

Total consolidated revenue					$	170,822						$	203,457


Six Months Ended June 30,
Revenues from external customers	$	198,350	$	143,793	$	342,143		$	233,088	$	168,799	$	401,887
Intersegment revenue		8,015		5,884		13,899			4,808		6,773		11,581

Total segment revenue	$	206,365	$	149,677	$	356,042		$	237,896	$	175,572	$	413,468
Elimination of intersegment revenue						(13,899	)						(11,581	)

Total consolidated revenue					$	342,143						$	401,887

Schedule of Reconciliation of Segment Performance

The following table presents the reconciliation of segment performance:



	Three months ended June 30, 2026									Three months ended June 30, 2025
(in thousands)	ESS			PCS			Total			ESS			PCS			Total
Revenues from external customers(a)	$	97,660		$	73,162					$	125,547		$	77,910
Cost of sales		(64,585	)		(44,939	)					(94,696	)		(56,849	)
Selling, general and administrative expenses		(29,868	)		(27,536	)					(18,166	)		(8,656	)
Research and development expenses		(442	)		(329	)					(721	)		72
Restructuring and other expenses(b)		(261	)		(4,743	)					(1,072	)		—

Total segment operating income (loss)	$	2,504		$	(4,385	)	$	(1,881	)	$	10,892		$	12,477		$	23,369

Unallocated corporate costs(c)								(2,950	)								(2,619	)
Foreign currency gain (loss)								(591	)								2,948
Other non-operating income (loss)								(158	)								334
Interest expense								(3,945	)								(9,106	)

Income (loss) before income taxes							$	(9,525	)							$	14,926



	Six months ended June 30, 2026									Six months ended June 30, 2025
(in thousands)	ESS			PCS			Total			ESS			PCS			Total
Revenues from external customers (a)	$	198,350		$	143,793					$	233,088		$	168,799
Cost of sales		(132,845	)		(93,312	)					(170,410	)		(123,018	)
Selling, general and administrative expenses		(45,376	)		(43,890	)					(38,064	)		(23,245	)
Research and development expenses		(685	)		(500	)					(1,235	)		(445	)
Restructuring and other expenses (b)		(261	)		(4,743	)					(3,951	)		(392	)

Total segment operating income (loss)	$	19,183		$	1,348		$	20,531		$	19,428		$	21,699		$	41,127

Unallocated corporate costs (c)								(6,199	)								(4,370	)
Foreign currency gain (loss)								(2,819	)								6,941
Other non-operating income (loss)								(413	)								647
Interest expense								(10,898	)								(18,285	)

Income (loss) before income taxes							$	202								$	26,060

(a)

(b)

Restructuring and other expenses consist of severance costs primarily related to workforce reductions and impairment of

right-of-use

assets.

(c)

HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Schedule of Reconciliation of Reportable Segment Revenues

The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2025:



	ESS		PCS		Total
Revenue from external customers	$	438,553	$	383,201	$	821,754
Intersegment revenue		15,252		11,667		26,919

Total segment revenue	$	453,805	$	394,868	$	848,673
Elimination of intersegment revenue						(26,919	)

Total consolidated revenue					$	821,754

The following table presents the reconciliation of reportable segment revenue for the year ended December 31, 2024:



	ESS		PCS		Total
Revenue from external customers (a)	$	443,189	$	400,174	$	843,363
Intersegment revenue		5,489		10,115		15,604

Total segment revenue	$	448,678	$	410,289	$	858,967
Elimination of intersegment revenue						(15,604	)

Total consolidated revenue					$	843,363

Schedule of Reconciliation of Segment Performance

The following table presents the reconciliation of segment performance for the year ended December 31, 2025:



	ESS			PCS			Total
Revenue from external customers(a)	$	438,553		$	383,201
Cost of sales		(303,314	)		(237,721	)
Selling, general and administrative expenses(b)		(71,121	)		(46,142	)
Research and development expenses		(2,165	)		(648	)
Restructuring and other expenses(c)		(4,239	)		(392	)
Depreciation and amortization(b)		(10,218	)		(27,012	)

Total segment operating income	$	47,496		$	71,286		$	118,782

Unallocated corporate costs(d)								(10,893	)
Foreign currency income								6,790
Other non-operating income								1,263
Interest expense, net								(43,352	)

Income before income taxes							$	72,590

The following table presents the reconciliation of segment performance for the year ended December 31, 2024:



	ESS			PCS			Total
Revenue from external customers (a)	$	443,189		$	400,174		$	843,363
Cost of sales		(313,838	)		(223,169	)
Selling, general and administrative expenses (b)		(72,015	)		(63,355	)
Research and development expenses		(2,268	)		(4,799	)
Restructuring and other expenses (c)		301			—
Depreciation and amortization (b)		(9,236	)		(27,428	)

Total segment operating income	$	46,133		$	81,423		$	127,556

Unallocated corporate costs (d)								(8,942	)
Foreign currency loss								(5,293	)
Other non-operating income								423
Interest expense, net								(37,255	)

Income before income taxes							$	76,489

(a)

(b)

Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

(c)

Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of

right-of-use

assets.

(d)

Schedule of revenue and long-lived assets on the basis of geography

The following table presents consolidated revenue disaggregated by geography on an entity basis for the years ended December 31, 2025 and 2024:



	2025		2024
United States	$	301,448	$	304,262
Norway		203,012		206,155
Germany		100,285		99,453
United Kingdom		49,863		73,381
Singapore		28,278		45,425
Saudi Arabia		27,795		19,314
United Arab Emirates		27,584		19,904
Brazil		25,561		31,827
Azerbaijan		20,789		20,754
Australia		14,526		10,767
Canada		13,843		—
Other countries		8,770		12,121

Total revenue	$	821,754	$	843,363

The following table presents long-lived assets on the basis of geographic location as of December 31, 2025 and 2024:



	2025		2024
Headquarters (Netherlands)	$	57,794	$	59,199
United States		85,904		89,767
Norway		38,570		25,132
Brazil		28,723		25,211
Germany		17,289		17,041
Other countries		21,277		17,007

Total long-lived assets	$	249,557	$	233,357

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of Change in Ownership of HMH B.V

The following table summarizes the change in ownership of HMH B.V.:



	Ownership							Ownership Percentage
	HMH Holding Inc.		Non- controlling Interests			Total		HMH Holding Inc.		Non- controlling Interests		Total
Balance as of April 2, 2026		16,840,000		69,354,992			86,194,992		19.5%		80.5%		100%
Purchase of HMH B.V. Shares		4,200,000		(4,200,000	)		—		4.9%		(4.9)%		—%
Partial Exercise of Underwriters Purchase Option		1,371,688		(1,371,688	)		—		1.6%		(1.6)%		—%
Issuance under the Equity Based Compensation Plan		1,673,568		—			1,673,568		1.4%		(1.4)%		—%

Balance as of June 30, 2026		24,085,256		63,783,304			87,868,560		27.4%		72.6%		100.0%

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Hedging reserve adjustments	$	6	$	465
Pension remeasurement reserve adjustments		712		2,691
Currency translation reserve adjustments		1,293		1,083

Total	$	2,011	$	4,239

Income taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Effective Income Tax Rate Reconciliation [Line Items]

Income before income taxes

$ (9,525)

$ 14,926

$ 202

$ 26,060

Income tax expense

$ (4,506)

$ 5,158

$ 1,346

10,414

HMH Holding BV And Subsidiaries [Member]

Effective Income Tax Rate Reconciliation [Line Items]

Income before income taxes

$ 72,590

$ 76,489

Statutory income tax rate (25.8%)

(18,728)

(19,734)

Difference between local income tax rate and Dutch income tax rate

2,506

2,783

Nondeductible expenses

(8,588)

(6,812)

Unrecognized tax benefits

(352)

(1,560)

Income taxed to U.S. shareholders

^[1]

6,640

7,612

Shareholder tax benefit

(227)

(1,660)

Change in valuation allowance

(2,670)

(2,502)

Change in tax rate

(356)

Withholding taxes

(4,289)

(2,356)

Other

(403)

(304)

Income tax expense

$ 26,467

$ 24,533

[1]

HMH Holding B.V. (together with its subsidiaries located in the United States and Senegal) is taxed as a partnership for U.S. federal income tax purposes and, therefore, does not recognize U.S. federal income taxes. The shareholders are responsible for the income taxes on their share of the taxable income or loss and are entitled to any available tax credits on their income tax returns.

Accrued Expenses - Warranty Liability (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Product Warranty Liability [Line Items]
Beginning balance			$ 8,371,000
Accrued expense			797
Accrued expense	$ 400,000	$ 400,000	800,000	$ 2,700,000
Payments			(1,045,000)
Provision reversed during the period			(2,264,000)
Currency translation differences			(46,000)
Ending balance	$ 5,813,000		5,813,000		$ 8,371,000
HMH Holding BV And Subsidiaries [Member]
Product Warranty Liability [Line Items]
Beginning balance			$ 8,371,000	$ 11,082,000	11,082,000	$ 8,556,000
Accrued expense					2,339,000	2,405,000
Payments					(2,433,000)	(959,000)
Product Warranty Reclassification					(145,000)	3,345,000
Provision reversed during the period					(3,104,000)	(1,709,000)
Currency translation differences					632,000	(556,000)
Ending balance					$ 8,371,000	$ 11,082,000

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Restructuring Cost and Reserve [Line Items]

Summary of Changes in the Provision Balance for Restructuring and Other Charges

The following table summarizes the changes to the Company’s provision balance for restructuring and other charges:



(in thousands)	June 30, 2026
Balance at the beginning of the period	$	2,085
Additions for costs expensed		5,004
Reductions for payments		(1,546	)
Foreign currency translation		(58	)

Balance at the end of the period	$	5,485

HMH Holding BV And Subsidiaries [Member]

Restructuring Cost and Reserve [Line Items]

Summary of Changes in the Provision Balance for Restructuring and Other Charges


Balance as of January 1,	$	1,042
Additions for costs expensed		2,392
Reductions for payments		(1,498	)
Foreign currency translation		149

Balance as of December 31,	$	2,085

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accrued Expenses (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Accrued expenses [Line Items]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Accrued payroll and employee related liabilities	$	34,082	$	38,119
Accrued vendor costs		31,629		38,049
Provisions—warranty		5,813		8,371
Provisions—restructuring		4,100		858
Provisions—environmental(a)		3,219		3,236
Provisions for loss contingencies		759		1,962
Accrued interest		656		646
Accrued sales and other taxes		268		220
Other		4,438		4,319

Accrued expenses	$	84,964	$	95,780

(a).

Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants.

Schedule of Changes to the Company's Warranty Liability

The following table describes the changes to the Company’s warranty liability:



(in thousands)	June 30, 2026
Balance as of January 1, 2026	$	8,371
Accrued expense		797
Payments		(1,045	)
Provision reversed during the period		(2,264	)
Currency translation differences		(46	)

Balance as of June 30, 2026	$	5,813

HMH Holding BV And Subsidiaries [Member]

Accrued expenses [Line Items]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Accrued vendor costs	$	38,049	$	60,583
Accrued payroll and employee related liabilities		38,119		40,476
Provisions—warranty		8,371		11,082
Provisions—environmental(1)		3,236		3,086
Provisions for loss contingencies		1,962		3,023
Provisions—restructuring		858		220
Accrued interest		646		3,126
Accrued sales and other taxes		220		1,361
Other		4,319		5,463

Accrued expenses	$	95,780	$	128,420

(1)

Schedule of Changes to the Company's Warranty Liability

The following table describes the changes to the Company’s warranty liability as of December 31, 2025 and 2024:



	2025			2024
Balance as of January 1,	$	11,082		$	8,556
Accrued expense		2,339			2,405
Payments		(2,433	)		(959	)
Reclassification		(145	)		3,345
Provision reversed during the period		(3,104	)		(1,709	)
Currency translation differences		632			(556	)

Balance as of December 31,	$	8,371		$	11,082

Notes to unaudited pro forma consolidated balance sheet

12 Months Ended

Dec. 31, 2025

HMH Holding Inc. [Member] | Pro Forma [Member]

Unaudited Pro Forma Consolidated Balance Sheet [Line Items]

Notes to unaudited pro forma consolidated balance sheet

2. Notes to unaudited pro forma consolidated balance sheet

Transaction accounting adjustments include the following adjustments related to the unaudited pro forma consolidated balance sheet as of December 31, 2025, as follows:

(a)

HMH B.V. incurred $21.3 million of legal, accounting and other direct costs associated with the Offering, which are recorded in “Prepaid expenses and other current assets” in the consolidated balance sheet. Upon completion of the Offering, these costs will be offset against the proceeds and recorded as a reduction of additional paid-in capital.

(b)

As a result of the Corporate Reorganization and the Transactions (assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock and prior to giving effect to the 902,504 shares of Class A common stock issuable upon consummation of this offering pursuant to LTI Awards that will vest in connection with this offering), the Company will own approximately 24.4% of the economic interest in HMH B.V. and will control the management of HMH B.V. Immediately following the completion of the Corporate Reorganization, the ownership percentage held by the Company and by non-controlling interests will be approximately 24.4% and 75.6%, respectively.

Represents an adjustment to equity reflecting (i) the par value for Class A common stock and the Company’s Class B common stock, par value $0.01 per share (“Class B common stock”), (ii) $528.1 million of non-controlling interests related to the 75.6% economic interest held by the Principal Stockholders and (iii) reclassification of HMH B.V.’s interest of $528.4 million to additional paid-in capital.

(c)

In connection with the closing of the Offering, we will enter into a tax receivable agreement (the “Tax Receivable Agreement”) with the Principal Stockholders that provides for the payment by us to the Principal Stockholders of 85% of the realized benefits, if any, as a result of increases in our share of existing tax basis and adjustments to the tax basis of the assets of HMH B.V. as a result of sales or exchanges of B.V. Non-Voting Shares (as defined elsewhere in this prospectus), and our utilization of certain tax attributes related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For a complete description of the Tax Receivable Agreement, see the section entitled “Certain relationships and related party transactions—Tax Receivable Agreement” included elsewhere in this prospectus. The Tax Receivable Agreement will be accounted for as a contingent liability, with amounts accrued when considered probable and reasonably estimable. The following are the Tax Receivable Agreement adjustments:

We estimate that we will not realize the benefit represented by the deferred tax assets, based on an analysis of expected future earnings, and will reduce deferred tax assets with a full valuation allowance;

We will record a $3.4 million liability under the Tax Receivable Agreement (or $5.5 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock and after giving effect to the application of the net proceeds therefrom) based on our estimate of the aggregate amount that we will pay to the Principal Stockholders under the Tax Receivable Agreement as a result of the Transactions; and

We will record an adjustment to decrease additional

paid-in

capital of $3.4 million, t

reflect the increa

e in the Tax Receivable Agreement liability payable to the Principal Stockholders as a result of the Offering Transactions, with no deferred tax asset recognized.

Due to the uncertainty as to the amount and timing of future exchanges of B.V.

Non-Voting

Shares (together with an equal number of shares of Class B common stock) by the Principal Stockholders and as to the price per share of our Class A common stock at the time of any such exchanges, the unaudited pro forma consolidated financial information does not assume that exchanges have occurred. Therefore, no increases in tax basis in the Company’s assets or other tax benefits that may be realized as a result of any such future exchanges have been reflected in the unaudited pro forma consolidated financial information.

However, if all of the Principal Stockholders were to exchange their B.V.

Non-Voting

Shares (together with an equal number of shares of Class B common stock) for shares of Class A common stock immediately following the completion of the Offering, we would recognize an incremental deferred tax asset of approximately $42.9 million and a

non-current

liability of approximately $33.0 million based on the Company’s estimate of the aggregate amount that it will pay under the Tax Receivable Agreement as a result of such future exchanges, utilizing various assumptions set forth in the Tax Receivable Agreement, including without limitation the following: (i) a price of $20.00 per share; (ii) a constant combined federal and state corporate tax rate of 25%; (iii) we will have sufficient taxable income to fully utilize the tax benefits; and (iv) no material changes in tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount of deferred tax assets and related

non-current

liabilities that we will recognize as a result of any such future exchanges will differ based on, among other things: (i) the amount and timing of future exchanges of B.V.

Non-Voting

Shares (together with an equal number of shares of Class B common stock) by the Principal Stockholders, and the extent to which such exchanges are taxable; (ii) the price per share of our Class A common stock at the time of the exchanges; (iii) the amount and timing of future income against which to offset the tax benefits; and (iv) the tax rates then in effect.

There is a reasonable possibility that, within the next 12 months, future developments could cause us to change our conclusions regarding the valuation allowance and/or the Tax Receivable Agreement liability that has been recognized. Any such change could result in an income tax benefit in the period in which the valuation allowance is released and/or an increase in pre-tax income in the period in which the Tax Receivable Agreement liability is released.

(d)

Represents (i) the net proceeds of approximately $193.8 million based on an initial public offering price of $20.00 per share after deducting assumed underwriting discounts and commissions and other estimated offering expenses (or $223.4 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock), (ii) the related use of $146.6 million of the proceeds to repay all outstanding indebtedness under the Shareholder Loans and (iii) an incremental $9.5 million of proceeds estimated to be received (via offset against repayment of the Shareholder Loans) from the Shareholder Notes (as defined elsewhere in this prospectus).

(e)

Reflects an adjustment to retained earnings of $21.2 million for share-based compensation expense that will be recognized upon completion of the Offering related to historical share awards issued by HMH B.V. to management and certain employees, which will vest when certain performance objectives are achieved.

All of the awards are contingent on a liquidity event, which is defined as an initial public offering or a change of control of the Company.

Leases - Schedule of the components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 2,700	$ 2,700	$ 5,500	$ 5,500
HMH Holding BV And Subsidiaries [Member]
Lessee, Lease, Description [Line Items]
Operating lease cost					$ 11,261	$ 9,708
Sublease income					0	544
Net lease cost					$ 11,261	$ 9,164

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - HMH Holding BV And Subsidiaries [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income taxes [Line Items]
Balance as of January 1,	$ 771	$ 0
Increases in unrecognized tax benefits - current year positions	0	110
Increases in unrecognized tax benefits - prior year positions	0	661
Balance as of December 31,	$ 771	$ 771

Submission	Sep. 25, 2026
Submission [Line Items]
Central Index Key	0002021880
Registrant Name	HMH Holding Inc
Form Type	S-1
Submission Type	S-1
Fee Exhibit Type	EX-FILING FEES

Revenue from Contracts with Customers - Contract Liabilities (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized included in contract liabilities balance	$ 20,900,000	$ 33,700,000
Contract With Customer Asset And Liability [Line Items]
Beginning balance	35,249,000
Additions	88,333,000
Revenue recognized	(80,802,000)
Ending balance	42,780,000		$ 35,249,000
HMH Holding BV And Subsidiaries [Member]
Revenue from Contract with Customer [Abstract]
Revenue recognized included in contract liabilities balance			50.7	$ 71.3
Contract With Customer Asset And Liability [Line Items]
Beginning balance	$ 35,249,000	$ 55,627,000	55,627,000	75,525,000
Additions			166,877,000	95,386,000
Revenue recognized			(187,255,000)	(115,284,000)
Ending balance			$ 35,249,000	$ 55,627,000

Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Lessee, Lease, Description [Line Items]

Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases

The following table sets forth supplemental condensed consolidated balance sheets information related to leases:



(in thousands)	Classification	June 30, 2026		December 31, 2025

Assets:
Operating lease assets	Right-of-use assets	$	45,834	$	48,739

Total lease assets		$	45,834	$	48,739


Liabilities:
Current:
Operating	Other current liabilities	$	6,718	$	10,470
Noncurrent:
Operating	Noncurrent lease liabilities		40,469		39,922

Total lease liabilities		$	47,187	$	50,392

HMH Holding BV And Subsidiaries [Member]

Lessee, Lease, Description [Line Items]

Schedule of Supplemental Consolidated Balance Sheet Information Related to Leases

The following table sets forth supplemental consolidated balance sheet information related to leases as of December 31, 2025 and 2024:



	Classification	2025		2024

Assets
Operating lease assets	Right-of-use assets	$	48,739	$	34,673

Total lease assets		$	48,739	$	34,673


Liabilities
Current
Operating	Other current liabilities	$	10,470	$	8,114
Noncurrent
Operating	Noncurrent lease liabilities		39,922		27,052

Total lease liabilities		$	50,392	$	35,166

Schedule of the components of lease expense

The following table sets forth a summary of the components of lease expenses for the years ended December 31, 2025 and 2024:



Lease cost	Classification	2025		2024
Operating lease cost	Selling, general and administrative expenses	$	11,261	$	9,708
Sublease income	Service revenue		—		544

Net lease cost		$	11,261	$	9,164

Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity

The following table sets forth the maturities of operating lease liabilities as of December 31, 2025:



	Operating lease
2026	$	11,045
2027		9,594
2028		7,952
2029		5,428
2030		4,539
Thereafter		40,930

Total lease payments	$	79,488

Less: present value discount		(29,096	)

Present value of lease liabilities	$	50,392

Schedule of Weighted Average Remaining Term and Weighted Average Discount Rates

The following table sets forth the weighted-average remaining term and weighted average discount rates related to leases as of December 31, 2025 and 2024:



	2025		2024
Weighted-average remaining lease term (years)		13.69		6.65
Weighted-average discount rate		7%		6%

Inventories

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Inventory [Line Items]

Inventories

3. Inventories

Inventories, net of reserves of $96.1 million and $99.9 million as of June 30, 2026 and December 31, 2025, respectively, consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Stock of raw materials	$	21,299	$	18,550
Work in progress		32,825		29,397
Finished goods		198,068		205,812

Inventories, net	$	252,192	$	253,759

Inventory write-downs for the three and six months ended June 30, 2026 were $1.6 million and $2.0 million, respectively, compared to $1.1 million and $3.0 million for the three and six months ended June 30, 2025, respectively.

HMH Holding BV And Subsidiaries [Member]

Inventory [Line Items]

Inventories

3. Inventories

Inventories, net of reserves of $99.9 million and $105.4 million as of December 31, 2025 and 2024, respectively, consisted of the following:



	2025		2024
Stock of raw materials	$	18,550	$	26,354
Goods under production (work in progress)		29,397		45,585
Finished goods		205,812		208,018

Inventories, net	$	253,759	$	279,957

For the years ended December 31, 2025 and 2024, the Company recorded inventory write-downs of $4.1 million and $5.7 million, respectively.

Financial Instruments - Schedule Of Financial Instruments That Are Measured At Fair Value On A Recurring Basis (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

$ 508

$ 1,402

Total liabilities

2,393

555

Level 1

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

Total liabilities

Level 2

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

508

1,402

Total liabilities

2,393

555

Level 3

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

Total liabilities

Derivative financial instruments—designated as cash flow hedging instruments

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

1,262

Derivative financial instruments, Liabilities

Derivative financial instruments—designated as cash flow hedging instruments | Level 1

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

Derivative financial instruments, Liabilities

Derivative financial instruments—designated as cash flow hedging instruments | Level 2

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

1,262

Derivative financial instruments, Liabilities

Derivative financial instruments—designated as cash flow hedging instruments | Level 3

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

Derivative financial instruments, Liabilities

Derivative financial instruments—not designated as hedging instruments

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

445

140

Derivative financial instruments, Liabilities

2,375

520

Derivative financial instruments—not designated as hedging instruments | Level 1

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

Derivative financial instruments, Liabilities

Derivative financial instruments—not designated as hedging instruments | Level 2

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

445

140

Derivative financial instruments, Liabilities

2,375

520

Derivative financial instruments—not designated as hedging instruments | Level 3

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

Derivative financial instruments, Liabilities

$ 0

HMH Holding BV And Subsidiaries [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

1,402

$ 1,713

Derivative financial instruments, Liabilities

4,612

Total liabilities

555

4,612

HMH Holding BV And Subsidiaries [Member] | Level 1

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

Derivative financial instruments, Liabilities

Total liabilities

HMH Holding BV And Subsidiaries [Member] | Level 2

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

1,402

1,713

Derivative financial instruments, Liabilities

4,612

Total liabilities

555

4,612

HMH Holding BV And Subsidiaries [Member] | Level 3

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Total assets

^[1]

Derivative financial instruments, Liabilities

^[1]

Total liabilities

^[1]

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—designated as cash flow hedging instruments

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

1,262

1,713

Derivative financial instruments, Liabilities

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—designated as cash flow hedging instruments | Level 1

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

Derivative financial instruments, Liabilities

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—designated as cash flow hedging instruments | Level 2

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

1,262

1,713

Derivative financial instruments, Liabilities

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—designated as cash flow hedging instruments | Level 3

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

^[1]

$ 0

Derivative financial instruments, Liabilities

^[1]

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—not designated as hedging instruments

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

140

Derivative financial instruments, Liabilities

520

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—not designated as hedging instruments | Level 1

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

Derivative financial instruments, Liabilities

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—not designated as hedging instruments | Level 2

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

140

Derivative financial instruments, Liabilities

520

HMH Holding BV And Subsidiaries [Member] | Derivative financial instruments—not designated as hedging instruments | Level 3

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Derivative financial instruments, Assets

^[1]

Derivative financial instruments, Liabilities

^[1]

$ 0

[1]	The fair value (Level 3) of the seller’s receivable against Akastor AS on proceeds from the sales or liquidation of Step Oiltools B.V. (“Step Oiltools”) has been remeasured to zero as of December 31, 2025 and 2024.

Related Party Transactions - Additional Information (Details) - USD ($)		12 Months Ended
	Oct. 01, 2021	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Mar. 17, 2023
Baker Hughes Holdings LLC [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner	50.00%
Akastor AS [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner	25.00%
Mercury HoldCo Inc. [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner	25.00%
HMH Holding BV And Subsidiaries [Member]
Related Party Transaction [Line Items]
Proceeds From The Liquidation		$ 16,000,000
Amount Receivable From Pension Payments Form Subsidiary			$ 21,400,000	$ 19,900,000
Guarantor Obligations, Current Carrying Value			5,000,000
HMH Holding BV And Subsidiaries [Member] \| Pension Costs [Member]
Related Party Transaction [Line Items]
Amount Of Unpaid Pension Cost			$ 18,400,000	$ 18,500,000
HMH Holding BV And Subsidiaries [Member] \| Related Party [Member] \| Baker Hughes Holdings LLC [Member]
Related Party Transaction [Line Items]
Long-Term Line of Credit					$ 3,450,000
Line of Credit Facility, Interest Rate at Period End					8.00%
HMH Holding BV And Subsidiaries [Member] \| Related Party [Member] \| Akastor AS [Member]
Related Party Transaction [Line Items]
Long-Term Line of Credit					$ 3,490,000
Line of Credit Facility, Periodic Payment	$ 16
HMH Holding BV And Subsidiaries [Member] \| Baker Hughes Holdings LLC [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner			50.00%
HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner			25.00%
HMH Holding BV And Subsidiaries [Member] \| Akastor AS [Member] \| Minimum [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner			5.00%
HMH Holding BV And Subsidiaries [Member] \| Mercury HoldCo Inc. [Member]
Related Party Transaction [Line Items]
Subsidiary, Ownership Percentage, Noncontrolling Owner			25.00%

Revenue from Contracts with Customers (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Disaggregation of Revenue [Line Items]

Schedule of Disaggregation of Revenue

The following tables present revenue from contracts with customers:



	2026						2025
(in thousands)	ESS		PCS		Total		ESS		PCS		Total
Three Months Ended June 30,
Project and other manufacturing contracts revenue	$	5,395	$	4,698	$	10,093	$	29,102	$	4,037	$	33,139
Sale of products		7,508		2,986		10,494		12,986		12,849		25,835

Product revenue(a)		12,903		7,684		20,587		42,088		16,886		58,974
Service revenue		53,815		35,257		89,072		56,722		35,610		92,332
Spare parts revenue		30,942		30,221		61,163		26,737		25,414		52,151

Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457

Six Months Ended June 30,
Project and other manufacturing contracts revenue	$	14,416	$	7,969	$	22,385	$	48,276	$	9,480	$	57,756
Sale of products		15,651		15,344		30,995		29,923		26,043		55,966

Product revenue(a)		30,067		23,313		53,380		78,199		35,523		113,722
Service revenue		97,968		63,113		161,081		98,120		77,720		175,840
Spare parts revenue		70,315		57,367		127,682		56,769		55,556		112,325

Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

(a).

Product revenue includes related party revenue.

The following table presents the timing of revenue recognition:



	2026						2025
(in thousands)	ESS		PCS		Total		ESS		PCS		Total
Three Months Ended June 30,
Transferred overtime	$	65,013	$	39,955	$	104,968	$	89,340	$	39,647	$	128,987
Transferred at point in time		32,647		33,207		65,854		36,207		38,263		74,470

Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457

Six Months Ended June 30,
Transferred overtime	$	125,033	$	71,082	$	196,115	$	162,326	$	87,200	$	249,526
Transferred at point in time		73,317		72,711		146,028		70,762		81,599		152,361

Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

Schedule of Change in Contract Assets and Liabilities

Contract assets consisted of the following:



(in thousands)	June 30, 2026
Balance as of January 1, 2026	$	114,918
Additions		140,722
Transfers to accounts receivable		(151,018	)

Balance as of June 30, 2026	$	104,622

Contract liabilities consisted of the following:



(in thousands)	June 30, 2026
Balance as of January 1, 2026	$	35,249
Additions		88,333
Revenue recognized		(80,802	)

Balance as of June 30, 2026	$	42,780

HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Schedule of Disaggregation of Revenue

The following tables present revenue disaggregated by revenue type for the years ended December 31, 2025 and 2024:



	2025
	ESS		PCS		Total
Project and other manufacturing contracts revenue	$	61,130	$	31,306	$	92,436
Sale of products		64,558		56,995		121,553

Product revenue(1)		125,688		88,301		213,989

Service revenue		195,741		187,644		383,385
Spare parts revenue		117,124		107,256		224,380


Total revenue	$	438,553	$	383,201	$	821,754



	2024
	ESS		PCS		Total
Project and other manufacturing contracts revenue	$	33,552	$	36,910	$	70,462
Sale of products		108,610		50,064		158,674

Product revenue (1)		142,162		86,974		229,136
Service revenue		190,222		175,980		366,202
Spare parts revenue		110,805		137,220		248,025

Total revenue	$	443,189	$	400,174	$	843,363

(1)

Product revenue includes related party revenue.

The following table presents timing of revenue recognition for the year ended December 31, 2025:



	ESS		PCS		Total
Transferred overtime	$	300,400	$	218,950	$	519,350
Transferred at point in time		138,153		164,251		302,404

Total revenue	$	438,553	$	383,201	$	821,754

The following table presents timing of revenue recognition for the year ended December 31, 2024:



	ESS		PCS		Total
Transferred overtime	$	299,928	$	212,890	$	512,818
Transferred at point in time		143,261		187,284		330,545

Total revenue	$	443,189	$	400,174	$	843,363

Schedule of Change in Contract Assets and Liabilities

Contract assets consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Balance as of January 1,	$	153,150	$	160,933
Additions		324,949		263,591
Transfers to accounts receivable		(350,896)		(271,374)
Written off(1)	$	(12,285)	$	—

Balance as of December 31,	$	114,918	$	153,150

(1)

2025 amounts written off represent a cancellation of contract with a customer and is included in cost of services sold in the consolidated statements of income.

Contract liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Balance as of January 1,	$	55,627		75,525
Additions		166,877		95,386
Revenue recognized		(187,255)		(115,284)

Balance as of December 31,	$	35,249		55,627

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

Segment Information - Reconciliation of Segment Performance (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Segment Reporting [Line Items]

Revenue from external customers

$ 170,822,000

$ 203,457,000

$ 342,143,000

$ 401,887,000

Cost of sales

(109,524,000)

(151,545,000)

(226,157,000)

(293,428,000)

Selling, general and administrative expenses

(60,354,000)

(29,441,000)

(95,465,000)

(65,679,000)

Research and development expenses

(771,000)

(649,000)

(1,185,000)

(1,680,000)

Restructuring and other expenses

(5,004,000)

(1,072,000)

(5,004,000)

(4,343,000)

Operating Income (Loss), Adjusted

(1,881,000)

23,369,000

20,531,000

41,127,000

Total segment operating income (loss)

(1,881,000)

23,369,000

20,531,000

41,127,000

Unallocated corporate costs

(2,950,000)

(2,619,000)

(6,199,000)

(4,370,000)

Foreign currency gain (loss)

(591,000)

2,948,000

(2,819,000)

6,941,000

Other non-operating income (loss)

(158,000)

334,000

(413,000)

647,000

Interest expense

(3,945,000)

(9,106,000)

(10,898,000)

(18,285,000)

$ (43,352,000)

$ (37,255,000)

Income (loss) before income taxes

(9,525,000)

14,926,000

202,000

26,060,000

HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Revenue from external customers

821,754,000

843,363,000

^[1]

Cost of sales

(576,024,000)

(571,173,000)

Selling, general and administrative expenses

(130,397,000)

(146,810,000)

Research and development expenses

(2,813,000)

(7,067,000)

Restructuring and other expenses

(4,631,000)

301,000

Operating Income (Loss), Adjusted

118,782,000

127,556,000

Total segment operating income (loss)

118,782,000

127,556,000

Unallocated corporate costs

^[2]

(10,893,000)

(8,942,000)

Foreign currency gain (loss)

6,790,000

(5,293,000)

Other non-operating income (loss)

1,263,000

423,000

Interest expense

(43,352,000)

(37,255)

Income (loss) before income taxes

72,590,000

76,489,000

ESS

Segment Reporting [Line Items]

Revenue from external customers

97,660,000

125,547,000

198,350,000

233,088,000

Cost of sales

(64,585,000)

(94,696,000)

(132,845,000)

(170,410,000)

Selling, general and administrative expenses

(29,868,000)

(18,166,000)

(45,376,000)

(38,064,000)

Research and development expenses

(442,000)

(721,000)

(685,000)

(1,235,000)

Restructuring and other expenses

(261,000)

(1,072,000)

(261,000)

(3,951,000)

Operating Income (Loss), Adjusted

2,504,000

10,892,000

19,183,000

19,428,000

Total segment operating income (loss)

2,504,000

10,892,000

19,183,000

19,428,000

ESS | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Revenue from external customers

^[1]

438,553,000

443,189,000

Cost of sales

(303,314,000)

(313,838,000)

Selling, general and administrative expenses

^[3]

(71,121,000)

(72,015,000)

Research and development expenses

(2,165,000)

(2,268,000)

Restructuring and other expenses

^[4]

(4,239,000)

301,000

Depreciation, Depletion and Amortization, Nonproduction

^[3]

(10,218,000)

(9,236,000)

Operating Income (Loss), Adjusted

47,496,000

46,133,000

Total segment operating income (loss)

47,496,000

46,133,000

PCS

Segment Reporting [Line Items]

Revenue from external customers

73,162,000

77,910,000

143,793,000

168,799,000

Cost of sales

(44,939,000)

(56,849,000)

(93,312,000)

(123,018,000)

Selling, general and administrative expenses

(27,536,000)

(8,656,000)

(43,890,000)

(23,245,000)

Research and development expenses

(329,000)

72,000

(500,000)

(445,000)

Restructuring and other expenses

(4,743,000)

(392,000)

Operating Income (Loss), Adjusted

(4,385,000)

12,477,000

1,348,000

21,699,000

Total segment operating income (loss)

$ (4,385,000)

$ 12,477,000

$ 1,348,000

$ 21,699,000

PCS | HMH Holding BV And Subsidiaries [Member]

Segment Reporting [Line Items]

Revenue from external customers

^[1]

383,201,000

400,174,000

Cost of sales

(237,721,000)

(223,169,000)

Selling, general and administrative expenses

^[3]

(46,142,000)

(63,355,000)

Research and development expenses

(648,000)

(4,799,000)

Restructuring and other expenses

^[4]

(392,000)

Depreciation, Depletion and Amortization, Nonproduction

^[3]

(27,012,000)

(27,428,000)

Operating Income (Loss), Adjusted

71,286,000

81,423,000

Total segment operating income (loss)

$ 71,286,000

$ 81,423,000

[1]	As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.
[2]	Unallocated corporate costs include certain corporate stewardship costs that are not allocable to the segments, consisting of centralized finance costs of $8.1 million and $7.0 million for the years ended December 31, 2025 and 2024, respectively, and other corporate expenses of $2.7 million and $1.9 million for the years ended December 31, 2025 and 2024, respectively.
[3]	Depreciation and amortization expense is included in the consolidated statements of income within cost of sales and selling, general and administrative expenses.
[4]	Restructuring and other expenses consist of severance costs primarily related to workforce reductions and reorganization within ESS and impairment of right-of-use assets.

Other Current Liabilities

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Other Current Liabilities [Line Items]

Other Current Liabilities

6. Other current liabilities

Other current liabilities consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Income tax payable	$	7,314	$	12,388
Operating lease liability		6,718		10,470
Public duties and taxes		7,697		8,050
External derivative financial liabilities		2,393		555
Withheld taxes and other deductions		526		3,692
Other		—		427

Other current liabilities	$	24,648	$	35,582

HMH Holding BV And Subsidiaries [Member]

Other Current Liabilities [Line Items]

Other Current Liabilities

8. Other current liabilities

Other current liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Income taxes payable		12,388		6,376
Operating lease liability		10,470		8,114
Public duties and taxes		8,050		8,142
Withheld taxes and other deductions		3,692		3,317
External derivatives financial liabilities		555		4,612
Short-term deferred and contingent liabilities		—		1,922
Other		427		1,150

Other current liabilities	$	35,582	$	33,633

Business Combinations (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Business Combination [Line Items]

Summary of the Fair Value of Assets Acquired and Liabilities Assumed

The following table provides the allocation of the purchase price to major classes of assets and liabilities assumed in USD as of the acquisition date, translated at the exchange rate on the acquisition date. The goodwill reflected below increased by £0.6 million ($0.8 million) from December 31, 2025, which resulted from working capital measurement period adjustments.



(in millions)	British pounds		Exchange rate at acquisition date		USD
Cash consideration paid, including £0.2 million cash acquired	£	3.5		1.3446	$	4.7
Contingent consideration(a)		1.6		1.3446		2.2

Total consideration		5.1				6.9
Identified intangible assets acquired		1.9		1.3446		2.6

Goodwill acquired	£	3.2			$	4.3

(a).

The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets.

Summary of Net Impact of Drillform Acquisition on the Income Statement



(in millions)	British pounds		Exchange rate at acquisition date		USD
Cash consideration paid, including £0.2 million cash acquired	£	3.5		1.3446	$	4.7
Contingent consideration(a)		1.6		1.3446		2.2

Total consideration		5.1				6.9
Identified intangible assets acquired		1.9		1.3446		2.6

Goodwill acquired	£	3.2			$	4.3

(a).

The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets.

HMH Holding BV And Subsidiaries [Member]

Business Combination [Line Items]

Summary of the Fair Value of Assets Acquired and Liabilities Assumed

Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024:


Revenues	$	7,906
Net income		(2,760	)

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed



Assets
Cash and cash equivalents	$	1,377
Accounts receivable		836
Inventory		3,043
Prepaid expenses and other current assets		110

Total current assets		5,366
Property and equipment		439
Intangible assets		11,000

Total assets	$	16,805


Liabilities and equity
Current liabilities
Customer deposits		3,885
Accounts payable		1,307
Warranty liability		2,432
Deferred tax liability		477

Total current liabilities		8,101
Total debt and leases		2
Contingent consideration		3,700

Total liabilities	$	11,803

Equity consideration	$	21,000
Goodwill	$	15,998

Schedule of the Fair Value of Acquired Identifiable Intangible Assets

The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition:


Developed technology(1)	$	6,000
Customer relationships(1)		5,000

Total acquired intangible assets	$	11,000

(1)

The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively.

Summary of Net Impact of Drillform Acquisition on the Income Statement

Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024:


Revenues	$	7,906
Net income		(2,760	)

Summary of Supplement of the Company on an Pro Forma Information

Following is the supplemental consolidated financial results of the Company on an unaudited pro forma basis for the year ended December 31, 2024, as if the acquisition had been consummated on January 1, 2024:


Revenues	$	849,860
Net income attributable		49,753
Net income per common share—basic and diluted	$	248,765

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-47

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-4A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 37: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Employee Benefit Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Retirement Benefits [Abstract]
Service cost	$ 43	$ 125	$ 83	$ 246
Interest cost	175	182	345	357
Amortization of net actuarial loss	7	22	15	44
Net periodic cost	$ 225	$ 329	$ 443	$ 647

Share-based Compensation - RSUs and PSUs Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) $ / shares shares
Restricted common stock
Shares of Restricted Common Stock/Performance Share Units
Beginning balance (in shares) \| shares	0
Converted at IPO (in shares) \| shares	1,204
Post-IPO grant (in shares) \| shares	355
Vested upon the consummation of the IPO (in shares) \| shares	(924)
Ending balance (in shares) \| shares	635
Weighted Average Price on the Date of Grant
Beginning balance (in dollars per share) \| $ / shares	$ 0
Converted at IPO (in dollars per share) \| $ / shares	15.89
Post-IPO grant (in dollars per share) \| $ / shares	18.68
Vested upon the consummation of the IPO (in dollars per share) \| $ / shares	14.57
Ending balance (in dollars per share) \| $ / shares	$ 19.37
Total grant date fair value of restricted stock awards that vested \| $	$ 13.5
Performance Share Units
Shares of Restricted Common Stock/Performance Share Units
Beginning balance (in shares) \| shares	0
Converted at IPO (in shares) \| shares	520
Post-IPO grant (in shares) \| shares	225
Vested upon the consummation of the IPO (in shares) \| shares	(167)
Ending balance (in shares) \| shares	578
Weighted Average Price on the Date of Grant
Beginning balance (in dollars per share) \| $ / shares	$ 0
Converted at IPO (in dollars per share) \| $ / shares	18.4
Post-IPO grant (in dollars per share) \| $ / shares	27.05
Vested upon the consummation of the IPO (in dollars per share) \| $ / shares	13.97
Ending balance (in dollars per share) \| $ / shares	$ 23.04

Property, plant and equipment - Schedule of Property, plant and equipment (Tables)

12 Months Ended

Dec. 31, 2025

HMH Holding BV And Subsidiaries [Member]

Property, Plant, and Equipment [Line Items]

Schedule Of Property, Plant And Equipment

Property, plant and equipment consisted of the following as of December 31, 2025 and 2024:



	2025			2024
Buildings and land	$	162,275		$	151,638
Machinery, equipment and software		102,600			85,822
Assets under construction		3,315			3,317

Total cost	$	268,190		$	240,777

Less: Accumulated depreciation		(67,372	)		(42,093	)

Property, plant and equipment, net	$	200,818		$	198,684

Depreciation expense relating to property, plant and equipment was $18.1 million and $18.7 million for the years ended December 31, 2025 and 2024, respectively, and was recorded in the consolidated statements of income within cost of sales and selling, general and administrative expenses.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Expenses - Schedule of Amount Recorded Before-Tax in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
HMH Holding BV And Subsidiaries [Member]
Defined Benefit Plan Disclosure [Line Items]
Actuarial (gain) loss	$ (1,811)	$ 70

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Leases - Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Lessee Operating Lease Liability Maturity [Line Items]
Present value of lease liabilities	$ 47,187	$ 50,392
HMH Holding BV And Subsidiaries [Member]
Lessee Operating Lease Liability Maturity [Line Items]
2026		11,045
2027		9,594
2028		7,952
2029		5,428
2030		4,539
Thereafter		40,930
Total lease payments		79,488
Less: present value discount		(29,096)
Present value of lease liabilities		$ 50,392	$ 35,166

Segment Information (Parenthetical) (Details) - HMH Holding BV And Subsidiaries [Member] - Operating Segments [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Line Items]
Financing Interest Expense	$ 8,100,000	$ 7,000,000
Other Noninterest Expense	$ 2.7	$ 1.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Goodwill [Line Items]

Goodwill

4. Goodwill

The changes in carrying value of goodwill are detailed by segment below:



(in thousands)	ESS		PCS		Total
Balance as of January 1, 2026	$	187,788	$	119,226	$	307,014
Acquisition and purchase accounting adjustments(a)		770		—		770
Currency translation differences		170		—		170

Balance as of June 30, 2026	$	188,728	$	119,226	$	307,954

(a).

HMH Holding BV And Subsidiaries [Member]

Goodwill [Line Items]

Goodwill

5. Goodwill

The changes in carrying value of goodwill are detailed by segment below:



	ESS			PCS		Total
Balance as of January 1, 2024	$	184,619		$	103,229	$	287,848
Acquisition and other(1)		—			14,125		14,125
Currency translation differences		(1,034	)		—		(1,034	)

Balance as of December 31, 2024	$	183,585		$	117,354	$	300,939

Acquisition and purchase accounting adjustments(1)		3,584			1,872		5,456
Currency translation differences		619			—		619

Balance as of December 31, 2025	$	187,788		$	119,226	$	307,014

(1)

- Definition

The entire disclosure for goodwill.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table]

Share-based Compensation

13. Share-based compensation

Pre-IPO plans

Prior to the IPO, the Board of Directors of the Company (the “Board”) established the founders’ phantom equity award, the 2022 long-term incentive program, the 2023 long-term incentive program, the 2024 long-term incentive program and the 2025 long-term incentive program (collectively, the “Pre-IPO Plans”) as award programs for management and certain key personnel to entitle them to compensation when certain strategic goals are met. The 2026 Plan (as defined herein) replaced the Pre-IPO Plans, and no additional awards will be granted under those historical plans. In connection with the closing of the IPO, all outstanding equity awards previously granted under the Pre-IPO Plans were replaced with substantially similar awards under the 2026 Plan (the “Replacement Awards”).

2026 Long-term incentive plan

On March 31, 2026, the Board approved the HMH Holding Inc. 2026 Long-Term Incentive Plan (the “2026 Plan”), which became effective upon the closing of the IPO. The 2026 Plan authorizes the grant of incentive stock options, RSUs, and other equity-based awards to eligible employees, non-employee directors, and consultants. As of June 30, 2026, the Company has reserved a maximum of 2.2 million shares of Class A common stock for issuance under the 2026 Plan, of which approximately 1.4 million shares are available for issuance of future awards. This share reserve includes an evergreen provision allowing for an annual increase of up to 5% of outstanding shares, effective on the first day of each fiscal year at the discretion of the Board. The Company has reserved an additional 1,500,714 shares of Class A common stock for issuance under the 2026 Plan to be used exclusively to satisfy the obligations under the Replacement Awards.

Share-based compensation cost

For the three and six months ended June 30, 2026, the Company recognized total share-based compensation expense of $22.8 million, upon the consummation of the IPO. The Company recorded $22.3 million of this expense within selling, general, and administrative expenses and $0.5 million was recognized within cost of sales in the condensed consolidated statements of income.

As of June 30, 2026, there was approximately $18.6 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under both the Pre-IPO Plans and the 2026 Plan. This cost is expected to be recognized over a weighted-average period of 2.52 years.

Restricted stock:

RSUs generally vest over a three-year period, with fair value determined by the closing market price of the Company’s Class A common stock on the date of grant. The following table presents a summary of RSU activity for the six months ended June 30, 2026:



(in thousands, except per share amounts)	Restricted stock units			Weighted average price on the date of grant
Balance as of January 1, 2026		—		$	—
Converted at IPO		1,204			15.89
Post-IPO grant		355			18.68
Vested upon the consummation of the IPO (a)		(924	)		14.57

Balance as of June 30, 2026		635			19.37

(a).

During the three and six months ended June 30, 2026, the total grant date fair value of restricted stock unit awards that vested was $13.5 million.

Performance share units

PSUs generally cliff vest three years from the date of grant, with their grant-date fair value measured utilizing a Monte Carlo simulation model. For the 2026 PSU grant, the number of shares of Class A common stock issuable is determined by comparing the Company’s Total Shareholder Return Compound Annual Growth Rate (TSR CAGR) against the TSR CAGR of the peer group over a three-year performance period ending December 31, 2028. Initial payouts range from 0% to 200% of target. The following table presents a summary of PSU activity for the six months ended June 30, 2026:



(in thousands, except per share amounts)	Performance share units			Weighted average price on the Date of grant
Balance as of January 1, 2026		—		$	—
Converted at IPO		520			18.40
Post-IPO Grant		225			27.05
Vested upon the consummation of the IPO		(167	)		13.97

Balance as of June 30, 2026		578			23.04

The company estimated the fair value of PSU awards using the following weighted average assumptions:



	June 30, 2026
Risk free interest rate		4.15%
Stock price volatility		56.00%
Contracted term in years		3
Expected dividend yield		—
Grant date price of HMH common stock	$	18.66

HMH Holding BV And Subsidiaries [Member]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table]

Share-based Compensation

14. Share-based compensation

The Company had the following share-based payment arrangements during the periods presented:

Founders’ phantom equity award program

In 2022, the Board of Directors of the Company (“Board”) established a $10.0 million award program for management and certain employees that entitles them to payments when certain strategic goals are achieved. The program was established based on an equity value of $600.0 million, which was deemed to be the fair value of the Company’s equity. The Board issued awards with an aggregate grant value of $10.0 million in 2022 ($2.0 million of which was subsequently forfeited upon the departure of one recipient thereof), and partially reallocated such forfeited awards with aggregate grant values of $1.3 million and $0.3 million in 2024 and 2023, respectively, to the participants of the program. There were no such awards in 2025. The amount of the payment is determined based on the increase or decrease of the equity value of the Company. Vesting requires continuous service through the vesting date and is contingent upon the occurrence of a change in control or an IPO (each as defined in the applicable award agreement). The program expires at the end of the eight-year period after the grant date. In the event of a change of control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO, the settlement shall be made in shares of the resulting public company.

Long-term incentive program

In 2022, the Board established a share-based incentive program covering certain key personnel to entitle them to payment when certain strategic goals are achieved. The Board issued awards with an aggregate grant value of $5.0 million in 2025, $5.0 million in 2024, $5.0 million in 2023 and $5.0 million in 2022, respectively, to the participants of the program based on an equity value of $1.0 billion in 2025, $1.0 billion in 2024, $700.0 million in 2023 and $600.0 million in 2022, respectively, which were deemed to be the fair value of the Company’s equity. Each award contains two components: a time-based restricted equity award (“RSU”) and a performance-based award (“PSU”). Vesting requires continuous service through the vesting date. The RSUs have a three-year ratable vesting schedule from the grant date, and the PSUs cliff vest after three years based on specific performance metrics. Both components are contingent upon a change in control or an IPO or another event making equity ownership interest in the Company publicly available. The program expires at the end of the eight-year period after the grant date. In the event of a change in control, the settlement may be in cash, shares or other form of consideration at the discretion of the Board. In the event of an IPO or other public liquidity event, the settlement shall be made in shares of the resulting public company.

Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt, net	$ 197,836	$ 340,083	$ 343,144
HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
2026		0
2027		0
2028		300,000
2029		0
2030		0
Thereafter		0
Total debt, net		$ 300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Organization and nature of business	12 Months Ended
Organization and nature of business	Dec. 31, 2025
HMH Holding Inc. [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Organization and nature of business	1. Organization and nature of business HMH Holding Inc. (the “Company”) was incorporated in the State of Delaware on April 29, 2024. The Company is authorized to issue 1,000 shares of one class of common stock with a par value of $0.01. The Company was formed with the intent that it will be included in a reorganization into a holding corporate structure and its sole material asset is expected to be a controlling equity interest in HMH Holding B.V. On April 29, 2024, HMH Holding B.V. acquired 1,000 shares of the Company’s common stock for cash consideration of $0.01 per share, or total cash consideration of $10.

Notes to unaudited pro forma consolidated balance sheet - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($) $ / shares shares	May 05, 2026 $ / shares	Apr. 02, 2026 $ / shares	Dec. 31, 2025 € / shares	Dec. 31, 2024 $ / shares shares	Apr. 29, 2024 $ / shares
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Share-based payment arrangement, expense	$ 22.8	$ 22.8
HMH Holding Inc. [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Common stock, shares issued (in shares) \| shares			1,000				1,000
Common stock, par value (in usd per share) \| $ / shares			$ 0.01				$ 0.01	$ 0.01
HMH Holding Inc. [Member] \| Pro Forma [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Prepaids and other current assets			$ 21.3
Common stock, shares issued (in shares) \| shares			200
Percentage of ownership interest held by parent			24.40%
Common stock, par value (in usd per share) \| € / shares						€ 1
Non-controlling interests			$ 528.1
Percentage of economic interest held by principal stockholder			75.60%
Percentage of payment by principal stockholders			85.00%
Amount of tax receivable agreement			$ 3.4
Amount of principal stockholders tax receivable agreement			5.5
Deferred tax asset			42.9
Liabilities, Noncurrent			$ 33.0
Shares issued, price per share \| $ / shares			$ 20
State corporate tax rate			25.00%
Offering cost, expense			$ 223.4
Repayments of shareholder loan			146.6
Proceeds from shareholder loan			9.5
Share-based payment arrangement, expense			$ 21.2
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Company and Non controlling Interests [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Ownership percentage			24.40%
Equity interest percentage			75.60%
HMH Holding Inc. [Member] \| Pro Forma [Member] \| IPO [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Proceeds from Issuance Initial Public Offering			$ 193.8
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Minimum [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Additional paid-in capital			3.4
HMH Holding Inc. [Member] \| Pro Forma [Member] \| Additional Paid-in Capital [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Additional paid-in capital			$ 528.4
Common Class B [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Common stock, par value (in usd per share) \| $ / shares				$ 0.01	$ 0.01
Common Class B [Member] \| HMH Holding Inc. [Member] \| Pro Forma [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Common stock, par value (in usd per share) \| $ / shares			$ 0.01
Common Class A [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Common stock, par value (in usd per share) \| $ / shares					$ 0.01
Common Class A [Member] \| HMH Holding Inc. [Member] \| Pro Forma [Member]
Unaudited Pro Forma Consolidated Balance Sheet [Line Items]
Common stock, shares issued (in shares) \| shares			902,504
Common stock, par value (in usd per share) \| $ / shares			$ 0.01

Financial Instruments - Schedule Of Fair Value Of The Derivative Financial Instruments And A Maturity Analysis Of The Derivatives Cash Flows (Details) € in Thousands, £ in Thousands, kr in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2026 GBP (£)	Jun. 30, 2026 EUR (€)	Jun. 30, 2026 NOK (kr)	Jun. 30, 2026 € / $	Jun. 30, 2026 £ / kr	Jun. 30, 2026 kr / $	Jun. 30, 2026 £ / $	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 NOK (kr)	Dec. 31, 2025 € / $	Dec. 31, 2025 £ / kr	Dec. 31, 2025 kr / $	Dec. 31, 2025 £ / $	Dec. 31, 2025 $ / kr	Dec. 31, 2025 € / kr	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 NOK (kr)	Dec. 31, 2024 € / $	Dec. 31, 2024 £ / kr	Dec. 31, 2024 $ / kr	Dec. 31, 2024 € / kr
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	$ 13,812,000		£ 891							£ 2,076	€ 490
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	13,812,000		891							1,185	490
Average forward rate							13.79							13.85			10.58	12.14
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0		0							891	0
Average forward rate							0							13.79			0	0
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0		0							0	0
Average forward rate							0							0			0	0
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			245							940	150
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			245							695	150
Average forward rate							13.9							13.92				12.03
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			0							245	0
Average forward rate							0							13.9				0
Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			0							0	0
Average forward rate							0							0				0
Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			11,200	€ 42,100	kr 69,800					13,800	49,300	kr 131,200
Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			6,100	22,800	28,200					6,000	21,600	97,900
Average forward rate						1.2		0.1	1.35				1.19		0.1	1.35
Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			5,100	19,300	41,600					5,300	18,900	16,500
Average forward rate						1.21		0.1	1.35				1.2		0.1	1.35
Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts			£ 0	€ 0	kr 0					2,500	8,800	16,800
Average forward rate						0		0	0				1.21		0.1	1.34
HMH Holding BV And Subsidiaries [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Beginning balance	(2,250)	$ 1,098
Change in foreign currency risk	3,481,000	(4,314,000)
Income tax allocated to cash flow hedges	(766)	966
Ending balance	465	(2,250)
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	13,812,000	97,710,000								2,076	0	490							£ 6,027	€ 40,449	kr 10,109
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	13,812,000	74,136,000								1,185	0	490							3,658	28,141	5,485
Average forward rate													0	13.85			10.58	12.14				1.08	13.94	10.89	11.9
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	0	10,817,000								891	0								294	12,308	4,379
Average forward rate													0	13.79			0	0				1.08	13.91	10.92	11.93
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted sales: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts	$ 0	12,757,000								0	0	0							2,075	0	kr 245
Average forward rate													0	0			0	0				0	13.83	10.54	12.09
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts		4,235,000								940	0	150							2,596	2,246
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts		3,185,000								695	0	150							1,206	2,246
Average forward rate													0	13.92				12.03				11.76	13.65
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts		1,050,000								245	0	0							450	0
Average forward rate													0	13.9				0				11.94	13.95
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts		$ 0								0	0	0							£ 940	€ 0
Average forward rate													0	0				0				0	13.92
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward rate \| € / $																						1.11
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward rate \| € / $																						0
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—designated as cash flow hedging instruments \| Foreign exchange forward contracts to hedge highly probable forecasted purchases: \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Average forward rate \| € / $																						0
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts										13,800	49,300	131,200
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments \| 6 months and less
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts										6,000	21,600	97,900
Average forward rate													1.19		0.1	1.35
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments \| 6-12 months
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts										5,300	18,900	16,500
Average forward rate													1.2		0.1	1.35
HMH Holding BV And Subsidiaries [Member] \| Foreign exchange forward contracts \| Derivative financial instruments—not designated as hedging instruments \| 1-2 years
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amounts										£ 2,500	€ 8,800	kr 16,800
Average forward rate													1.21		0.1	1.34

Intangible assets - Schedule Of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Customer Relationships [Member]
Intangible Asset, Finite-Lived [Line Items]
Accumulated amortization	$ 50,254	$ 46,299
Net carrying amount	$ 63,338	67,224
HMH Holding BV And Subsidiaries [Member]
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount		218,100	$ 199,049
Accumulated amortization		(96,030)	(63,895)
Net carrying amount		122,070	135,154
HMH Holding BV And Subsidiaries [Member] \| Patents and rights [Member]
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount		21,180	20,107
Accumulated amortization		(18,785)	(11,627)
Net carrying amount		2,395	8,480
HMH Holding BV And Subsidiaries [Member] \| Customer Relationships [Member]
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount		113,523	112,893
Accumulated amortization		(46,299)	(37,135)
Net carrying amount		67,224	75,758
HMH Holding BV And Subsidiaries [Member] \| Development Costs [Member]
Intangible Asset, Finite-Lived [Line Items]
Gross carrying amount		83,397	66,049
Accumulated amortization		(30,946)	(15,133)
Net carrying amount		$ 52,451	$ 50,916
HMH Holding BV And Subsidiaries [Member] \| Maximum [Member] \| Patents and rights [Member]
Intangible Asset, Finite-Lived [Line Items]
Useful life		5 years
HMH Holding BV And Subsidiaries [Member] \| Maximum [Member] \| Customer Relationships [Member]
Intangible Asset, Finite-Lived [Line Items]
Useful life		20 years
HMH Holding BV And Subsidiaries [Member] \| Maximum [Member] \| Development Costs [Member]
Intangible Asset, Finite-Lived [Line Items]
Useful life		8 years
HMH Holding BV And Subsidiaries [Member] \| Minimum [Member] \| Patents and rights [Member]
Intangible Asset, Finite-Lived [Line Items]
Useful life		3 years
HMH Holding BV And Subsidiaries [Member] \| Minimum [Member] \| Customer Relationships [Member]
Intangible Asset, Finite-Lived [Line Items]
Useful life		2 years
HMH Holding BV And Subsidiaries [Member] \| Minimum [Member] \| Development Costs [Member]
Intangible Asset, Finite-Lived [Line Items]
Useful life		3 years

Employee Benefit Expenses - Schedule of The Current Life Expectancy After Retirement (Details) - HMH Holding BV And Subsidiaries [Member]	Dec. 31, 2025	Dec. 31, 2024
Male Pensioners [Member] \| Norwegian Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan current life expectancy after retirement	23	22.8
Male Pensioners [Member] \| German Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan current life expectancy after retirement	21	20.9
Female Pensioners [Member] \| Norwegian Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan current life expectancy after retirement	26.3	26.1
Female Pensioners [Member] \| German Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan current life expectancy after retirement	24.4	24.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Segment Information - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Line Items]
Number of reportable segments not disclosed flag	true
HMH Holding BV And Subsidiaries [Member]
Segment Reporting [Line Items]
Number of operating segments	2	2
Segment Reporting, Expense Information Used by CODM, Description	the Company has corporate operations (Headquarters) which include general corporate expenses.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM uses segment operating income in the budget and forecasting process and to monitor budget versus actual results, which are used in assessing the performance of the segments and to allocate resources to the segments.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Liabilities (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Summary Of Other Noncurrent Liabilities

Other liabilities consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Pension and other post—retirement liabilities	$	20,321	$	21,142
Deferred tax liabilities		20,982		17,404
Contingent considerations—related party		8,291		8,291
Provisions long-term		1,385		1,227
Tax receivable agreement liability		3,760		—
Other long-term liabilities(a)		6,278		6,259

Total	$	61,017	$	54,323

HMH Holding BV And Subsidiaries [Member]

Summary Of Other Noncurrent Liabilities

Other liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Deferred tax liabilities	$	17,404	$	19,127
Pension and other post retirement liabilities		21,142		21,319
Provisions long-term		1,227		822
Contingent considerations—related party		8,291		8,676
Other long-term liabilities		6,259		3,702

Total	$	54,323	$	53,646

(1)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Notes to Unaudited Pro Forma Consolidated Statement of Income - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Net income	$ (5,019)	$ 9,768	$ (1,144)	$ 15,646
Net income attributable to non-controlling interests	(9,995)	819	(9,568)	585
Net income attributable to HMH Holding Inc.	$ 4,976	$ 8,949	$ 8,424	$ 15,061
Weighted average shares of Class A common stock outstanding (basic)	11,662,000	69,355,000	5,863,000	69,355,000
Weighted average shares of Class A common stock outstanding (diluted)	11,971,000	69,355,000	6,688,000	69,355,000
Pro Forma [Member] \| HMH Holding Inc. [Member]
Unaudited Pro Forma Consolidated Statement Of Income [Line Items]
Net income					$ 35,155
Net income attributable to non-controlling interests					26,737
Net income attributable to HMH Holding Inc.					$ 8,418
Weighted average shares of Class A common stock outstanding (basic)					11,422,504
Incremental common shares attributable to dilutive securities					0
Weighted average shares of Class A common stock outstanding (diluted)					11,422,504
Earnings per share – basic					$ 0.74
Earnings per share – diluted					$ 0.74

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of RSUs Activity

The following table presents a summary of RSU activity for the six months ended June 30, 2026:



(in thousands, except per share amounts)	Restricted stock units			Weighted average price on the date of grant
Balance as of January 1, 2026		—		$	—
Converted at IPO		1,204			15.89
Post-IPO grant		355			18.68
Vested upon the consummation of the IPO (a)		(924	)		14.57

Balance as of June 30, 2026		635			19.37

(a).

During the three and six months ended June 30, 2026, the total grant date fair value of restricted stock unit awards that vested was $13.5 million.

Summary of PSUs Activity

The following table presents a summary of PSU activity for the six months ended June 30, 2026:



(in thousands, except per share amounts)	Performance share units			Weighted average price on the Date of grant
Balance as of January 1, 2026		—		$	—
Converted at IPO		520			18.40
Post-IPO Grant		225			27.05
Vested upon the consummation of the IPO		(167	)		13.97

Balance as of June 30, 2026		578			23.04

Schedule of PSU Awards Weighted Average Assumptions

The company estimated the fair value of PSU awards using the following weighted average assumptions:



	June 30, 2026
Risk free interest rate		4.15%
Stock price volatility		56.00%
Contracted term in years		3
Expected dividend yield		—
Grant date price of HMH common stock	$	18.66

Employee Benefit Expenses - Schedule of The Amounts Recognized in The Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Pension benefits
Non-current liabilities	$ 20,321	$ 21,142
HMH Holding BV And Subsidiaries [Member]
Pension benefits
Non-current liabilities		21,142	$ 21,319
HMH Holding BV And Subsidiaries [Member] \| Pension Benefits [Member]
Pension benefits
Current liabilities		995	911
Non-current liabilities		17,441	17,547
Net amount recognized		$ 18,436	$ 18,458

Employee Benefit Expenses (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Periodic Cost

The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Service cost	$	43	$	125	$	83	$	246
Interest cost		175		182		345		357
Amortization of net actuarial loss		7		22		15		44

Net periodic cost	$	225	$	329	$	443	$	647

Schedule of Net Periodic Cost Recognized in Selling, General and Administrative Expenses

The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Service cost	$	43	$	125	$	83	$	246
Interest cost		175		182		345		357
Amortization of net actuarial loss		7		22		15		44

Net periodic cost	$	225	$	329	$	443	$	647

Schedule of The Weighted Average Assumptions Used To Determine Net Periodic

The following table sets forth the weighted average assumptions used to determine net periodic cost for these plans for the years ended December 31, 2025 and 2024:



	2025				2024
	Norway		Germany		Norway		Germany
Discount rate		4.5%		3.7%		4.7%		3.1%
Expected long-term return on plan assets		—		—		—		—
Interest crediting rate		4.0%		2.6%		3.5%		2.6%

HMH Holding BV And Subsidiaries [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Components of Net Periodic Cost



Pension benefits	2025		2024
Service cost	$	163	$	492
Interest cost		749		764
Amortization of net actuarial loss		71		54

Net periodic cost	$	983	$	1,310

Schedule of The Accumulated Benefit Obligation

The following table sets forth the accumulated benefit obligation in Norway and Germany as of December 31, 2025 and 2024:



	2025		2024

Change in benefit obligations
Benefit obligation at the beginning of the year	$	18,458	$	20,174
Service cost		163		492
Interest cost		749		764
Actuarial (gain) loss		(1,740)		124
Benefits paid		(1,457)		(1,419)
Foreign currency translation adjustment		2,354		(1,589)
Other		(91)		(88)

Benefit obligation at the end of the year	$	18,436	$	18,458


Change in plan assets
Fair value of plan assets at the beginning of year		—		—
Employer contribution		734		712
Benefits paid		(643)		(624)
Other		(91)		(88)
Fair value of plan assets at the end of year		—		—
Funded status—underfunded at the end of year		(18,436)		(18,458)

Accumulated benefit obligation	$	(18,436)	$	(18,458)

Schedule of The Amounts Recognized in The Consolidated Balance Sheets

The amounts recognized in the consolidated balance sheets consisted of the following as of December 31, 2025 and 2024:



	2025		2024

Pension benefits
Current liabilities	$	995	$	911
Non-current liabilities		17,441		17,547

Net amount recognized	$	18,436	$	18,458

Schedule of The Plans With Projected Benefit Obligations and Accumulated Benefit

Information for the plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consisted of the following as of December 31, 2025 and 2024:



	2025		2024

Pension benefits
Projected benefit obligation	$	18,436	$	18,458
Accumulated benefit obligation		18,436		18,458

Schedule of Net Periodic Cost Recognized in Selling, General and Administrative Expenses



Pension benefits	2025		2024
Service cost	$	163	$	492
Interest cost		749		764
Amortization of net actuarial loss		71		54

Net periodic cost	$	983	$	1,310

Schedule of Amount Recorded Before-Tax in Accumulated Other Comprehensive Income (Loss)



	2025		2024
Net actuarial loss (gain)	$	(1,811)	$	70

Schedule of The Current Life Expectancy After Retirement

The current life expectancy after retirement underlying the values of the defined benefit obligation at the reporting date is shown below in years.



	2025				2024
	Norway		Germany		Norway		Germany
Life expectancy of male pensioners after retirement		23.0		21.0		22.8		20.9
Life expectancy of female pensioners after retirement		26.3		24.4		26.1		24.3

Schedule of The Pension Plans In Norway

Amounts shown below are for the pension plans in Norway.



2025	Change in defined benefit obligation
Change in actuarial assumptions		Increase		Decrease
Discount rate (1% increase/decrease movement)	$	7,651	$	7,869
Future salary growth (1% increase/decrease movement)		7,760		7,745



2024	Change in defined benefit obligation
Change in actuarial assumptions		Increase		Decrease
Discount rate (1% increase/decrease movement)	$	8,412	$	8,656
Future salary growth (1% increase/decrease movement)		8,531		8,518

Schedule of The Expected Benefit Payments For Pension Benefits



Year	Pension benefits
2026	$	995
2027		1,047
2028		1,050
2029		998
2030		1,039
2031—2035		5,765

Offerings - Offering: 1	Sep. 25, 2026 USD ($) shares
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Class A common stock, par value $0.01 per share
Amount Registered \| shares	31,891,652
Proposed Maximum Offering Price per Unit	18.65
Maximum Aggregate Offering Price	$ 594,779,309.80
Fee Rate	0.01381%
Amount of Registration Fee	$ 82,139.02
Offering Note	Estimated in accordance with Rule 457(c) under the Securities Act of 1933, as amended, solely for purposes of calculating the registration fee, based on the average of the high and low sales prices of the Class A common stock, par value $0.01 per share ("Class A Common Stock"), of HMH Holding Inc. as reported on The Nasdaq Global Select Market on September 23, 2026. Represents shares of Class A Common Stock that may be sold by the selling stockholders identified in this Registration Statement on Form S-1.

Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - HMH Holding BV And Subsidiaries [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets
Net operating loss carryforwards	$ 9,330	$ 11,144
Interest carryforwards	10,885	18,713
Employee benefit plan liabilities	3,207	3,490
Property, plant and equipment	249	2,437
Provisions	7,222	4,777
Inventories	8,944	8,580
Other	1,420	0
Total deferred tax asset	41,257	49,141
Valuation allowance	(21,253)	(26,325)
Total deferred tax asset after valuation allowance	20,004	22,816
Deferred tax liabilities
Customer relationships	(8,981)	(10,229)
Other intangible assets	(3,435)	(2,662)
Contract assets	(7,878)	(3,244)
Derivative financial instruments	(1,560)	(3,049)
Other	(14)	(3,619)
Total deferred tax liabilities	(21,868)	(22,803)
Net deferred tax (liability) asset	$ (1,864)	$ 13

Related Party Transactions (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Schedule of Related Party Transactions

The following tables set forth a summary of transactions and balances with significant related parties:



(in thousands)	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total
Condensed Consolidated Statements of Income

Three Months Ended June 30, 2026
Revenue	$	—		$	—		$	47	$	513	$	—	$	560
Interest expense, net		(49	)		(13	)		—		—		—		(62	)

Six Months Ended June 30, 2026
Revenue	$	—		$	—		$	175	$	712	$	—	$	887
Interest expense, net		(2,182	)		(538	)		—		—		—		(2,720	)
Condensed Consolidated Balance Sheets

As of June 30, 2026
Related party accounts receivable	$	—		$	—		$	1,305	$	300	$	—	$	1,605
Related party notes receivable—current		—			1,544			—		—		2,813		4,357
Related party notes receivable		—			19,056			—		—		3,600		22,656
Accounts payable—related party		—			—			—		13		—		13
Tax receivable agreement liability		1,880			—			—		1,880		—		3,760
Other liabilities		384			7,907			—		—		—		8,291



(in thousands)	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total
Condensed Consolidated Statements of Income

Three Months Ended June 30, 2025
Revenue	$	—		$	—		$	49	$	113	$	—	$	162
Interest expense, net		(2,031	)		(486	)		—		—		—		(2,517	)

Six Months Ended June 30, 2025
Revenue	$	—		$	—		$	74	$	178	$	—	$	252
Interest expense, net		(4,001	)		(956	)		—		—		—		(4,957	)

Condensed Consolidated Balance Sheets

As of December 31, 2025
Related party accounts receivable	$	—		$	424		$	942	$	133	$	—	$	1,499
Related party notes receivable—current		—			1,544			—		—		2,109		3,653
Related party notes receivable		4,654			24,545			—		—		4,405		33,604
Accounts payable—related party		—			—			102		5		—		107
Long-term debt, net—related party		112,471			31,261			—		—		—		143,732
Other liabilities		384			7,907			—		—		—		8,291

HMH Holding BV And Subsidiaries [Member]

Schedule of Related Party Transactions

The following table sets forth a summary of transactions and balances with significant related parties as of December 31, 2025 and 2024:



	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

For the year ended December 31, 2025
Consolidated statement of income
Revenue	$	—		$	—		$	130	$	315	$	—	$	445
Interest expense, net		(8,232	)		(1,986	)		—		—		—		(10,218	)

As of December 31, 2025
Consolidated balance sheet
Related party accounts receivable		—			424			942		133		—		1,499
Related party notes receivable—current		—			1,544			—		—		2,109		3,653
Related party notes receivable		4,654			24,545			—		—		4,405		33,604
Accounts payable—related party		—			—			102		5		—		107
Long-term debt, net—related party		112,471			31,261			—		—		—		143,732
Other liabilities		384			7,907			—		—		—		8,291



	Baker Hughes Holdings LLC			Akastor AS			Other Baker Hughes companies		Other Akastor companies		Tanajib Holding Company		Total

For the year ended December 31, 2024
Consolidated statement of income
Revenue	$	—		$	3,406		$	132	$	77	$	—	$	3,615
Interest expense, net		(7,616	)		(1,686	)		—		—		—		(9,302	)

As of December 31, 2024
Consolidated balance sheet
Related party accounts receivable		—			1,136			974		—		222		2,332
Related party notes receivable—current		—			1,500			—		—		2,179		3,679
Related party notes receivable		4,299			22,694			—		—		4,754		31,747
Accounts payable—related party		—			—			69		124		358		551
Long-term debt, net—related party		103,767			28,143			—		—		—		131,910
Other liabilities		514			8,162			—		—		—		8,676

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details)
$ in Thousands, £ in Millions

6 Months Ended

Oct. 01, 2025

USD ($)

Oct. 01, 2025

GBP (£)

Jun. 30, 2026

USD ($)

Jun. 30, 2026

GBP (£)

Dec. 31, 2025

USD ($)

Oct. 01, 2025

GBP (£)

Business Combination [Line Items]

Purchase price adjustment

$ 800

Goodwill acquired

307,954

$ 307,014

Deep Blue

Business Combination [Line Items]

Purchase price adjustment

$ 800

£ 0.6

Cash consideration paid, including £0.2 million cash acquired

$ 4,700

£ 3.5

Cash acquired | £

0.2

Contingent consideration

^[1]

2,200

£ 1.6

Total consideration

6,900

£ 5.1

Identified intangible assets acquired

2,600

1.9

Goodwill acquired

$ 4,300

£ 3.2

[1]	The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

+ Details

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2026
Document Information [Line Items]
Document Type	S-1
Amendment Flag	false
Entity Central Index Key	0002021880
Entity Registrant Name	HMH Holding Inc.
Entity Incorporation, State or Country Code	DE
Entity Primary SIC Number	3533
Entity Tax Identification Number	99-2746883
Entity Address, Address Line One	3300 North Sam Houston Parkway East
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	449-2000
Entity Small Business	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Dwight W. Rettig
Entity Address, Address Line One	3300 North Sam Houston Parkway East
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77032
City Area Code	281
Local Phone Number	449-2000

Business Combinations

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Business Combination [Line Items]

Business Combinations

2. Business combinations

On October 1, 2025, Hydril PCB Limited completed the acquisition of Deep Blue Oil & Gas Limited (“Deep Blue”), a UK-based company specializing in managed-pressure-drilling (“MPD”) systems. Deep Blue holds a portfolio of patents and proprietary technology with applications in offshore drilling, including advanced MPD control and sealing systems. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition.



(in millions)	British pounds		Exchange rate at acquisition date		USD
Cash consideration paid, including £0.2 million cash acquired	£	3.5		1.3446	$	4.7
Contingent consideration(a)		1.6		1.3446		2.2

Total consideration		5.1				6.9
Identified intangible assets acquired		1.9		1.3446		2.6

Goodwill acquired	£	3.2			$	4.3

(a).

The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets.

HMH Holding BV And Subsidiaries [Member]

Business Combination [Line Items]

Business Combinations

2. Business combinations

Drillform Technical Services Ltd.

On July 17, 2024, Hydril PCB Canada Inc., a wholly owned subsidiary of the Company, completed its acquisition of all of the issued and outstanding shares of Drillform Technical Services Ltd. (“Drillform”) for a total purchase price of $24.7 million, consisting of $21.0 million in cash and $3.7 million in contingent consideration. Drillform holds a portfolio of patents and intellectual property related to equipment used in the handling of drill pipe during drilling operations and has a significant installed base of automated floor wrenches and catwalks. Drillform is based in Alberta, Canada and has facilities in Tulsa, Oklahoma and Abu Dhabi, United Arab Emirates. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition. The purchase price allocation was determined using the valuation as of the date of acquisition.

The following table provides the allocation of the purchase price to major classes of assets and liabilities as of the acquisition date. The goodwill reflected below increased by $1.9 million, comprised of measurement period

adjustments related to warranty liabilities of $2.4 million and associated change in deferred tax asset of $(0.6) million, from the original preliminary purchase price allocation.



Assets
Cash and cash equivalents	$	1,377
Accounts receivable		836
Inventory		3,043
Prepaid expenses and other current assets		110

Total current assets		5,366
Property and equipment		439
Intangible assets		11,000

Total assets	$	16,805


Liabilities and equity
Current liabilities
Customer deposits		3,885
Accounts payable		1,307
Warranty liability		2,432
Deferred tax liability		477

Total current liabilities		8,101
Total debt and leases		2
Contingent consideration		3,700

Total liabilities	$	11,803

Equity consideration	$	21,000
Goodwill	$	15,998

The following table summarizes the fair value of acquired identifiable intangible assets as of the date of acquisition:


Developed technology(1)	$	6,000
Customer relationships(1)		5,000

Total acquired intangible assets	$	11,000

(1)

The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively.

The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity and debt holders for three years, contingent on meeting the prescribed realized sales price and margin targets for certain types of units sold. The Company estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow method under the income approach. The Company considered a range of outcomes, with the maximum being $12 million, and determined the most likely amount of undiscounted contingent consideration is $4.7 million.

Goodwill generated from this business combination is primarily attributable to expected synergies from the transaction and incremental revenue and profit to be derived from the Company’s expansion into global markets. The goodwill is not expected to be deductible for U.S. income tax purposes; however, it can be deducted for Canadian income tax purposes.

During the year ended December 31, 2024, the Company incurred $3.6 million in transaction costs in connection with this acquisition, which were expensed as incurred and included in Selling, general and administrative

expenses in the consolidated statement of income. No transaction costs in connection with this acquisition were incurred during the year ended December 31, 2025.

Since the date of acquisition, following is the net impact of the Drillform acquisition on the Company’s consolidated statement of income for the year ended December 31, 2024:


Revenues	$	7,906
Net income		(2,760	)


Revenues	$	849,860
Net income attributable		49,753
Net income per common share—basic and diluted	$	248,765

These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the companies been combined during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods. The pro forma results include adjustments related to purchase accounting, primarily amortization of intangible assets. Acquisition costs and other nonrecurring charges were immaterial and are included in the earliest period presented.

Deep Blue Oil & Gas Limited

On October 1, 2025, Hydril PCB Limited completed the acquisition of all of the issued and outstanding shares of Deep Blue Oil & Gas Limited (“Deep Blue”), a UK-based company specializing in managed-pressure-drilling (“MPD”) systems, for a total consideration of approximately £3.3 million (USD: 4.5 million) in cash and £1.5 million (USD: 2.0 million) in contingent consideration. Deep Blue holds a portfolio of patents and proprietary technology with applications in offshore drilling, including advanced MPD control and sealing systems. The Company recognized £1.9 million (USD: 2.6 million) of identified intangible assets, £0.2 million (USD: 0.3 million) in cash and £2.7 million (USD: 3.6 million) of goodwill associated with this acquisition. The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting the specific earnings and operational targets. The Company accounted for the transaction as a business combination and allocated the total purchase price to assets acquired, liabilities and contingent consideration assumed based on their fair values at the date of acquisition.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-38

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 46
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-46

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 43
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-43

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 45
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-45

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479303/805-10-55-29

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

Other liabilities - Summary Of Other Noncurrent Liabilities (Parenthetical) (Details) - Nonrelated Party [Member] - Drillform [Member] - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Contingent consideration	$ 3.7	$ 3.7
HMH Holding BV And Subsidiaries [Member]
Related Party Transaction [Line Items]
Contingent consideration		$ 3.7	$ 2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026 USD ($) Employee	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	195
Restructuring and other expenses (income), net		$ 5,004	$ 1,072	$ 5,004	$ 4,343
Impairment of right-of-use assets			$ 700		$ 1,800
HMH Holding BV And Subsidiaries [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	135
Restructuring and other expenses (income), net						$ 4,631	$ (301)
Impairment of right-of-use assets						1,800
Outstanding bank guarantees						5,000
Purchase commitments						88,000
Restructuring and other expenses						4,600	$ 0
Bank guarantee
Restructuring Cost and Reserve [Line Items]
Outstanding bank guarantees	$ 30,100	$ 30,100		$ 30,100
Bank guarantee \| HMH Holding BV And Subsidiaries [Member]
Restructuring Cost and Reserve [Line Items]
Outstanding bank guarantees						$ 30,900
Norway
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	110
Norway \| HMH Holding BV And Subsidiaries [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	110
Mexico
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	60
Germany
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	25
Germany \| HMH Holding BV And Subsidiaries [Member]
Restructuring Cost and Reserve [Line Items]
Number of employees impacted by restructuring plan \| Employee	25

Inventories - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Inventories, net of reserves	$ 96,100		$ 96,100		$ 99,900
Provision for inventory write-down	$ 1,600	$ 1,100	2,000	$ 3,000
HMH Holding BV And Subsidiaries [Member]
Inventory [Line Items]
Inventories, net of reserves					99,900	$ 105,400
Provision for inventory write-down			$ 1,989	$ 3,034	4,064	4,964
Provision for Inventory Write Down					$ 4,100	$ 5,700

Property, plant and equipment - Schedule Of Property, Plant And Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Property, Plant, and Equipment [Line Items]
Less: Accumulated depreciation	$ (76,391)	$ (67,372)
Property, plant and equipment, net	$ 197,673	200,818
HMH Holding BV And Subsidiaries [Member]
Property, Plant, and Equipment [Line Items]
Property plant and equipment gross		268,190	$ 240,777
Less: Accumulated depreciation		(67,372)	(42,093)
Property, plant and equipment, net		200,818	198,684
HMH Holding BV And Subsidiaries [Member] \| Buildings and land [Member]
Property, Plant, and Equipment [Line Items]
Property plant and equipment gross		162,275	151,638
HMH Holding BV And Subsidiaries [Member] \| Machinery, equipment and software [Member]
Property, Plant, and Equipment [Line Items]
Property plant and equipment gross		102,600	85,822
HMH Holding BV And Subsidiaries [Member] \| Asset under Construction [Member]
Property, Plant, and Equipment [Line Items]
Property plant and equipment gross		$ 3,315	$ 3,317

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Accounting Policies [Line Items]

Basis of presentation and summary of significant accounting policies

1. Basis of presentation and summary of significant accounting policies

Description of business

HMH Holding Inc. (“HMH,” the “Company,” “we,” “us” or “our”) is a leading global provider of offshore and onshore drilling equipment and services.

We were incorporated in the State of Delaware on April 29, 2024 as a holding entity with an intent to complete our initial public offering (“IPO”) and other related transactions in order to carry on business of HMH Holding B.V. (“HMH B.V.”). HMH B.V. was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders of HMH B.V. were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”).

Initial public offering

On April 2, 2026, we completed our IPO of our Class A common stock, par value $0.01 per share (“Class A common stock”), and received net proceeds of approximately $197.8 million after deducting the underwriters’ discounts and offering fees of $12.6 million. We also granted the IPO underwriters a 30-day over-allotment option to purchase additional shares of Class A common stock on the same terms. On April 30, 2026, the underwriters partially exercised the option, resulting in additional net proceeds of $12.9 million, after deducting the underwriters’ discounts and offering fees of $0.8 million.

Corporate reorganization

We used approximately $39.5 million of the net proceeds from the IPO as the cash consideration to purchase an aggregate of 2,100,000 voting Class A ordinary shares of HMH B.V., par value $0.01 per share (“B.V. Voting Class A Shares”), and 2,100,000 voting Class B ordinary shares of HMH B.V., par value $0.01 per share (“B.V. Voting Class B Shares” and, together with B.V. Voting Class A Shares, the “B.V. Voting Shares”), from Baker Hughes and Akastor (collectively referred to as the “Principal Stockholders”).

On April 2, 2026, we contributed all of the remaining net proceeds from the IPO to HMH B.V. in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares such that the number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, respectively, held by the Company, taking into account the B.V. Voting Class A Shares and B.V. Voting Class B Shares acquired by the Company from the Principal Stockholders, equals the number of shares of Class A common stock sold by us in the IPO.

On May 5, 2026, we contributed all of the net proceeds from the underwriters’ exercise of the over-allotment option to HMH B.V. in exchange for an additional 685,844 B.V. Voting Class A Shares and 685,844 B.V. Voting Class B Shares. HMH B.V. used such additional net proceeds to purchase in equal proportion from Baker Hughes and Akastor, respectively, an aggregate number of shares of the Company’s Class B common stock, par value $0.01 per share (“Class B common stock”), non-voting Class A ordinary shares of HMH B.V. (“B.V. Non-Voting Class A Shares”) and non-voting Class B ordinary shares of HMH B.V. (“B.V. Non-Voting Class B Shares” and,

together with the B.V.

Non-Voting

Class A Shares, the “B.V.

Non-Voting

Shares”), respectively, equal to the number of shares of the Company’s Class A common stock purchased by the underwriters pursuant to the exercise of the option.

After giving effect to these transactions, including the shares of the Company’s Class A common stock issuable upon the consummation of the IPO pursuant to equity awards granted to employees that vested in connection with the IPO, Baker Hughes and Akastor each owned 15,945,826 shares of the Company’s Class B common stock, collectively representing approximately 73% of the total voting power of our capital stock, and each owned 15,945,826

non-voting

Class A ordinary shares of HMH B.V. and 15,945,826

non-voting

Class B ordinary shares of HMH B.V., collectively representing approximately a 73% equity interest in HMH B.V. and 0% voting power of the equity in HMH B.V. Immediately following the underwriters’ exercise of the over-allotment option, the investors in the IPO, collectively, owned all of the shares of the Company’s Class A common stock, representing approximately 27% of the total voting power of our capital stock.

Basis of presentation

The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These statements, therefore, should be read in conjunction with the consolidated financial statements and related notes of HMH B.V. for the year ended December 31, 2025 included in the final prospectus of HMH Holding dated March 31, 2026 and filed with the SEC on April 1, 2026.

The condensed consolidated financial statements included in this Registration Statement on Form

S-1

reflect all normal and recurring adjustments which, in the opinion of management, are necessary for a fair presentation of our consolidated financial position as of June 30, 2026 and December 31, 2025 and the consolidated results of operations and cash flows for the three and six months ended June 30, 2026 and 2025. The unaudited results of operations for the interim periods reported are not necessarily indicative of results to be expected for the full year.

Immediately following the closing of the IPO, we are the successor to HMH B.V. for financial reporting purposes. Subsequent to the IPO, the Company’s sole material asset is its equity interest in HMH B.V. As the sole managing member and holder of 100% of the voting interest of HMH B.V., we operate and control all of its business and affairs and therefore consolidate its results for financial reporting purposes. The reorganization transactions are accounted for as a reorganization of entities under common control. Accordingly, the condensed consolidated financial statements have been retrospectively presented to reflect the assets and liabilities received in the Corporate Reorganization at HMH B.V.’s historical carrying amounts, as if the common control transaction had occurred on January 1, 2025, the earliest period presented.

Certain amounts in prior periods have been reclassified to conform with current period presentation.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for

contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accou

nting

estimates are recognized in the period in which the estimate is revised and in any future periods affected.

Offering costs

In connection with our IPO, HMH B.V. and its affiliates incurred accounting, legal and other costs, which were reimbursed by us. Such costs were recorded as a reduction to equity against the proceeds from the IPO. Deferred offering costs of $21.3 million and $26.2 million were recognized in prepaids and other current assets in our condensed consolidated balance sheets as of December 31, 2025 and at the IPO date of April 2, 2026, respectively.

Share-based compensation

We account for share-based compensation awards granted to employees, directors, and non-employees in accordance with ASC 718, Compensation—Stock Compensation based on the estimated grant date fair value and recognize the expense over the requisite service period, net of actual forfeitures. The fair value of restricted stock awards and RSUs is determined based on the closing price of our common stock on the date of grant and the fair value of PSUs is measured using a Monte Carlo simulation model.

The fair value of RSUs and PSUs granted prior to the IPO was determined with the assistance of independent third-party valuations. These awards were contingent upon a liquidity event, which is defined as an IPO or a change of control (each as defined in the applicable award agreement) of the Company and the completion of a service period. The performance condition related to these awards was met upon the commencement of trading of our Class A common stock on The Nasdaq Global Select Market. For the three and six months ended June 30, 2026, we recognized share-based compensation of $22.8 million, including $22.5 million related to pre-IPO share-based awards.

Concentration risk

During the three months ended June 30, 2026, two customers accounted for approximately 11.7% and 10.6% of total revenue compared to two customers accounting for approximately 14.1% and 11.7% during the three months ended June 30, 2025. During the six months ended June 30, 2026, two customers accounting for approximately 12.1% and 11.0% of total revenue compared to two customers accounted for 14.2% and 10.3% during the six months ended June 30, 2025. The revenue associated with these customers was included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue.

As of June 30, 2026, two customers accounted for approximately 19.4% and 10.2% of current accounts receivable. As of December 31, 2025, one customer accounted for approximately 11.2% of current accounts receivable. The Company expects to maintain its relationship with these customers.

New accounting standards to be adopted

As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from

early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2023-09,

“Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU

2023-09”),

which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU

2023-09

provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU

2023-09

is effective for the Company prospectively for all annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on its disclosures.

In November 2024, the FASB issued ASU

No. 2024-03,

“Disaggregation of Income Statement Expenses

(Subtopic 220-40).”

The ASU requires public entities to disaggregate, in a tabular presentation, certain income statement expenses into different categories, such as purchases of inventory, employee compensation, depreciation and intangible asset amortization. The guidance is effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU

2025-06,

“Intangibles—Goodwill and

Other—Internal-Use

Software (Subtopic

350-40):

Targeted Improvements to the Accounting for

Internal-Use

Software” (“ASU

2025-06”).

Under the new guidance,

internal-use

software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU

2025-06

is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new ASU on its consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU

2025-09,

“Hedge Accounting Improvements” (“ASU

2025-09”).

The new guidance provides targeted improvements to the hedge accounting guidance to primarily address cash flow hedging, but also impact certain fair value and net investment hedges, including (i) permitting designation of variable price components of forecasted purchases or sales of nonfinancial assets when clearly and closely related to the underlying asset, (ii) allowing groups of forecasted transactions with similar risk exposures (including those based on different interest rate indexes) to be hedged together, and (iii) introducing a model for cash flow hedges of forecasted interest payments on “choose-your-rate” debt instruments that permits a borrower to change the designated interest rate index and/or tenor without automatically discontinuing hedge accounting. ASU

2025-09

on its consolidated financial statements and related disclosures.

HMH Holding BV And Subsidiaries [Member]

Accounting Policies [Line Items]

Basis of presentation and summary of significant accounting policies

1. Basis of presentation and summary of significant accounting policies

Description of business

HMH Holding B.V. (“HMH,” the “Company,” “we” or “our”) is a leading global provider of offshore and onshore drilling equipment and services.

The Company was operationally established with effect from October 1, 2021, through its acquisition of all shares in the MHWirth business from Akastor ASA and the Subsea Drilling Systems business from Baker Hughes Company. After these transactions, the shareholders were Baker Hughes Holdings LLC (50%), Akastor AS (25%) and Mercury HoldCo Inc. (25%). Baker Hughes Holdings LLC is a wholly owned subsidiary of Baker Hughes Company (together with Baker Hughes Holdings LLC, “Baker Hughes”), and Akastor AS and Mercury HoldCo Inc. are wholly owned subsidiaries of Akastor ASA (together with Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc., “Akastor”).

Basis of presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S.” and such principles, “U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of HMH and all of its subsidiaries and affiliates that it controls or variable interest entities for which the Company has determined it is the primary beneficiary. All intercompany accounts and transactions have been eliminated.

In the notes to the consolidated financial statements, all dollar amounts in tables are in thousands of dollars unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers.

Certain amounts in prior periods have been reclassified to conform with current period presentation.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts; valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired and liabilities assumed in business combinations.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

Foreign currency

The consolidated financial statements are presented in U.S. dollars (“USD”). Assets and liabilities of non-U.S. operations with a functional currency other than the USD have been translated into USD using the Company’s period end exchange rates, and revenue, expenses and cash flows have been translated at average rates for the respective periods. Any resulting translation gains and losses are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the consolidated statements of income.

Business combinations

Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company.

Transaction costs are expensed as incurred.

Offering costs

In connection with the HMH Holding Inc.’s initial public offering, the Company has incurred or will incur accounting, legal and other costs, which will be reimbursed by HMH Holding Inc. upon consummation of the initial public offering. Such costs will be deferred by the Company and recorded against the proceeds from the offering as a reduction to stockholders’ equity by HMH Holding Inc. In the event the offering is aborted, such deferred offering costs will be expensed. Deferred offering costs of $21.3 million and $10.7 million were recognized in prepaids and other current assets as of December 31, 2025 and 2024, respectively.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less. Restricted cash may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others or company statements of intention with regard to particular deposits. The Company held an immaterial balance of restricted cash as of December 31, 2025 and December 31, 2024.

Accounts receivable

Accounts receivable are recorded at the invoiced amount, net of any allowance for credit losses. The Company evaluates the expected credit losses of accounts receivable, considering historical credit losses, current customer-specific information and other relevant factors when determining the allowance. The Company monitors customer payment history and current creditworthiness to determine that collectability of the related financial assets is reasonably assured. The Company also considers the overall business climate in which customers operate. For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix contemplates historical credit losses by age of receivable, adjusted for any forward-looking information and management expectations. Accounts receivable have been reduced by an allowance of $2.9 million and $5.6 million as of December 31, 2025 and 2024, respectively.

Derivative financial instruments

The Company uses derivative financial instruments, primarily forward currency exchange contracts, to mitigate the effects of variability of future earnings and cash flows caused by the movements in foreign currency exchange rates. Derivative financial assets and liabilities are included in the other current assets and other current liabilities on the consolidated balance sheet at their respective fair values. The maximum term of the forward currency exchange contracts is under 24 months as of December 31, 2025 and 2024.

Designated hedges:

The Company applies cash flow hedge accounting to certain of these forward currency exchange contracts, such that changes in the fair values or cash flows of future identifiable and anticipated transactions being hedged are expected to be offset by corresponding changes in the fair value of the derivatives. For derivative instruments designated as hedging instruments, the effective portion of the gain or loss of the derivative, which does not include the time value component of a forward currency rate, is reported in the hedge reserve in accumulated other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction impacts earnings.

For the years ended December 31, 2025 and 2024, the Company reclassified $1.7 million income and $0.4 million of loss, respectively, into earnings from accumulated OCI related to cash flow hedges. The Company expects to reclassify an approximate $0.5 million loss from accumulated OCI into earnings over the next 12 months as the forecasted transactions occur.

Non-designated

hedges:

The Company also enters into derivative financial instruments that are not designated as hedging instruments. These instruments are used primarily to manage foreign exchange exposures on recognized monetary assets and liabilities denominated in currencies other than the functional currency. Changes in the fair value of these

non-designated

derivatives are recognized immediately in earnings within foreign currency gain, net. Similar to designated hedges, these instruments are strictly used for risk management purposes and not for trading or speculation.

Share capital

Ordinary shares are classified as equity. A repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares. The Company has Class A ordinary shares and Class B ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at general meetings. Total outstanding shares are 200 shares, par value EUR 1 per share. As of December 31, 2025 and 2024, the Company had 100 Class A ordinary shares and 100 Class B ordinary shares outstanding.

Inventories

Inventories are recognized at the average acquisition cost or net realizable value, whichever is lower. The net sales value for raw materials and work in progress (goods under production) is calculated as the net realizable value of the finished products less the remaining production and sales costs. In the case of manufactured inventories and work in progress, costs include an appropriate share of attributable costs based on normal operating capacity.

Credit risk and concentrations

The Company’s current receivables are spread over a broad and diverse group of customers across many countries. The Company grants credit to its customers and performs periodic credit evaluations of its customers’ financial conditions, including monitoring its customers’ payment history and current creditworthiness to manage this risk. The Company does not generally require collateral in support of its current receivables, but the Company may require payment in advance or security in the form of a letter of credit or a bank guarantee.

Having a concentration of customers in the energy industry may impact the Company’s overall exposure to credit risk as its customers may be similarly affected by prolonged changes in economic and industry conditions. Some of the Company’s customers may experience extreme financial distress as a result of falling commodity prices and may be forced to seek protection under applicable bankruptcy laws, which may affect the

Company’s ability to recover any amounts due from such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil prices, which could affect the Company’s ability to collect, on a timely basis or in full, from its customers in these countries, particularly national oil companies. Laws in some jurisdictions in which the Company operates or will operate could make collection difficult or time consuming.

The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets. The Company does not hold collateral as security. Contract assets and liabilities are stated in Note 11—“Revenue from contracts with customers.”

During the years ended December 31, 2025 and 2024, one customer individually accounted for approximately 21% and 18%, respectively, of the Company’s revenues which were included in both Equipment and System Solutions (“ESS”) and Pressure Control Systems (“PCS”) revenue in respective years. During the years ended December 31, 2025 and 2024, one customer accounted for approximately 25% and 10%, respectively, of current accounts receivable. The Company expects to maintain its relationship with this customer.

Leases

Right-of-use assets

The Company recognizes right-of-use asset at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any prepaid lease payments made at or before the commencement date, plus any initial direct costs. The right-of-use asset is subject to impairment assessment of non-financial assets and adjusted for certain remeasurement of the lease liability.

Lease liabilities

At the lease commencement date, the Company recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the Company’s incremental borrowing rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. Changes in future lease payments arising from a change in an index or rate are reflected as expense in the period the change occurs. The lease liability is subsequently measured at amortization cost using the effective-interest method.

Short-term leases

The Company applies the recognition exemption to its leases that have a lease term of 12 months or less from the commencement date. Lease payments associated with the short-term leases are recognized as expenses on a straight-line basis over the lease term.

Lease term

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease, if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Company applies judgment in evaluating whether it is reasonably certain to exercise an extension option, considering all relevant factors that create economic incentive to exercise the extension option.

Lease liabilities expiring within the following periods from the balance dates

Some property leases contain extension or termination options exercisable before the end of the

non-cancellable

period. They are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. The extension and termination options are exercisable only by the Company and not by the applicable lessor. The Company assesses at the lease commencement date whether it is reasonably certain that it will exercise the extension or termination options.

Most extension options in office leases have not been included in the lease liability because the Company expects to be able to replace the assets without significant cost or business disruption. Additionally, most of the early termination options are not considered in the lease term, as the Company assesses it as reasonably certain that the leases will not be terminated early.

Property, plant and equipment

Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost of self-constructed assets includes the cost of materials, direct labor, borrowing costs on qualifying assets, production overheads and the estimated costs of dismantling and removing the assets and restoring the site on which they are located.

Subsequent costs

The Company capitalizes the cost of a replacement part or a component of property, plant and equipment when incurred if it can be measured reliably and it extends the useful life of the asset or qualifies as an asset improvement. All other costs are expensed as incurred.

Depreciation

Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment.

Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows:



Asset Classification	Useful life
Building		16-33 years
Machinery, equipment and software		3-16 years

Impairment

The Company reviewed the recoverability of long-lived assets, including finite-lived acquired intangible assets and property and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. The Company concluded there were no indicators evident or other circumstances present that these assets were not recoverable and, accordingly, no impairment charges of long-lived assets were recognized for the years ended December 31, 2025 and 2024.

Goodwill

Goodwill represents the excess of purchase price paid by the Company over the fair market value of the net assets acquired in a business combination. Goodwill is tested for impairment annually or whenever events or circumstances change indicating that the fair value of a reporting unit with goodwill could be below its carrying amount.

The Company performs impairment testing if any impairment indicators are identified. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying value. If the qualitative assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, a quantitative test is required. The recoverable amounts of reporting units to which goodwill is allocated have been determined based on fair value in use. If the carrying value of the reporting unit including goodwill exceeds its fair value, an impairment charge equal to the excess would be recognized up to a maximum amount of goodwill allocated to that reporting unit.

There were no impairment charges during the years ended December 31, 2025 and 2024 as a result of the Company’s goodwill impairment assessment.

Other intangible assets, patents and rights and customer relations

Acquired intangible assets are measured at cost less accumulated amortization and impairment losses.

Subsequent expenditures

Subsequent expenditures on intangible assets are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are expensed as incurred.

Amortization

Amortization is recognized in the consolidated statements of income on a straight-line basis over the estimated useful lives of intangible assets unless such useful lives are indefinite. Intangible assets are amortized from the date they are available for use. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Research and development expenses

Expenditures on research activities undertaken with the prospect of obtaining new scientific or technical knowledge and understanding are recognized in the consolidated statements of income as incurred.

Development activities involving a plan or design for the production of new or substantially improved products or processes are expensed as incurred, unless the costs relate to an item that has an alternative future use. The Company follows Accounting Standards Codification (“ASC”) 350-40 to account for development costs incurred for the costs of computer software developed or obtained for internal use. ASC 350-40 requires such costs to be capitalized once certain criteria are met. Capitalized internal-use software costs are primarily comprised of cost of materials, direct labor overhead costs that are directly attributable to preparing the asset for its intended use and capitalized interest on qualifying assets. Costs are capitalized once the project is defined, funding is committed, and it is confirmed the software will be used for its intended use. Capitalization of these costs concludes once the project is substantially complete and the software is ready for its intended purpose.

Capitalized development expenditures are measured at cost less accumulated amortization and accumulated imp

airme

nt losses.

Revenue from contracts with customers

Revenue recognition

Revenue from performance obligations satisfied over time, typically in project contracts and service contracts, is recognized according to progress. This requires estimates of the final total revenue, as well as measurement of progress achieved to date as a proportion of the total work to be performed. The estimated progress in long-term project and other manufacturing contracts is based on internal and external estimates of progress. See the following table for the description of types of revenue and revenue recognition policy by type of revenue.



Type of contract/revenue	Nature of performance obligations, including significant payment terms	Significant revenue recognition policies

Project and other manufacturing contracts	Under project and other manufacturing contracts, specialized products are built to a customer’s specifications and the assets have no alternative use to the Company. If a project or other manufacturing contract is terminated by the customer, the Company has an enforceable right to payment for the work completed to date. The contracts establish a legally enforceable milestone payment schedule as well as a legally enforceable right to receive payment for work completed. Each of the project or other manufacturing contracts normally includes a single, combined output for the customer, such as an integrated drilling equipment package. A single performance obligation, satisfied over time, is identified in each contract. Project and other manufacturing contracts revenue is presented in product revenue on the consolidated statements of income. Normal payment terms for project and other manufacturing contracts are 30 to 45 days.	Revenue from project and other manufacturing contracts is recognized according to progress. The input method used to measure progress is determined by reference to the costs incurred to date relative to the total estimated contract cost. Because of the uniqueness of the project and the required engineering in the initial phases of construction contracts, the Company may defer recognition of revenue, in excess of costs, until the point that progress can be measured reliably, which is when a project is approximately 20% complete. The Company considers milestone payments as variable consideration, with the full milestone payment representing the most likely outcome based on the Company’s historical experience. In addition, liquidated damages are recognized as a reduction of the transaction price unless it is highly probable that it will not be incurred. Disputed amounts and claims are only recognized when negotiations have reached an advanced stage, customer acceptance is highly likely and the amounts can be measured reliably.

Service revenue	Service revenue is generated from the rendering of various aftermarket services for installed products to customers. This offering includes field service, maintenance, overhaul and repair.	Service revenue associated with field service, maintenance and overhaul and repair is recognized according to progress or the as-invoiced amounts, when the invoiced amounts directly correspond with the benefit of the services that are



Type of contract/revenue	Nature of performance obligations, including significant payment terms	Significant revenue recognition policies
	Field service, maintenance and overhaul and repair services are satisfied over time as the customers simultaneously receive and consume the benefits provided by these services. For service contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an estimation method if observable prices are not available. Normal payment terms for service revenue are 30 to 45 days.	transferred to the customers. Progress is measured using the input method based on labor hours incurred.

Spare parts revenue	Revenue from spare parts, which involve physical transfer of goods, is satisfied at a point of time when control transfers to the customers, according to the contract terms. Normal payment terms for spare parts revenue are 30 to 45 days.	Revenue from spare parts is recognized when the customers obtain control of the goods, according to the contract terms, typically at physical shipment of goods.

Sale of products	This revenue type involves sale of products or equipment that are of a standard nature, not made to the customer’s specifications. Customers obtain control of these products according to the contract terms. The Company has assessed that these performance obligations are satisfied at a point of time. Revenue for sale of products is presented in product revenue on the consolidated statements of income. For contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an	Revenue from these performance obligations is recognized when the customers obtain control of the goods, according to the contract terms.



Type of contract/revenue	Nature of performance obligations, including significant payment terms	Significant revenue recognition policies
	estimation method if observable prices are not available. Normal payment terms for sale of products are 30 to 45 days.

Contract assets

Contract assets represent the amounts recognized as revenue by the Company for which the rights to payment have not become unconditional as of the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers.

Contract liabilities

A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. Contract liabilities are recognized as revenue when the Company performs under the contract (i.e., transfers control of the related goods or services to the customer).

Income taxes

The Company operates through various subsidiaries in a number of countries throughout the world. Income taxes have been recorded based upon the income tax laws and rates of the countries in which the Company operates and earns income. The Company’s annual income tax expense is based on taxable income, statutory income tax rates and tax planning opportunities available in the various jurisdictions in which it operates. The determination and evaluation of the annual income tax expense and tax positions involves the interpretation of the tax laws in the various jurisdictions in which the Company operates. It requires significant judgment in determining the Company’s income tax expense and in evaluating its tax positions, including evaluating uncertainties and the use of estimates and assumptions regarding significant future events such as the amount, timing and character of income, deductions and tax credits. The Company’s tax filings are subject to examination by the taxing authorities in the jurisdictions where it conducts business. These examinations may result in assessments of additional income taxes that are resolved with the taxing authorities or through the courts.

The financial statement effects of tax positions are recognized if the tax position is more likely than not to be realized. Recognized tax positions are measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized. A valuation allowance is established for any portion of a deferred tax asset that management believes is not more likely than not to be realized. Valuation of deferred tax assets is dependent on management’s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.

Accrued liabilities

Warranties

Provision for warranties is recognized when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.

A provision is made for expected warranty expenditures. The warranty period is normally 12 to 30 months depending on the specific customer contract and terms. See Note 12—“Accrued expenses” for further information about provisions for warranty expenditures.

Restructuring

A restructuring provision is recognized when the Company has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected that the entity will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity.

Legal disputes and contingent liabilities

Given the scope of the Company’s worldwide operations, its subsidiaries are inevitably involved in legal disputes in the course of their business activities. In addition, the Company from time to time engages in mergers, acquisitions and other transactions that could expose the Company to financial and other

non-operational

risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The Company follows the development of these disputes on

case-by-case

basis and makes assessments based on all available evidence as at the reporting date.

Employee benefits

Defined contribution plans

Obligations for contributions by the Company to defined contribution plans are recognized as an expense in the consolidated statements of income as incurred.

Defined benefit plans

The Company’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations.

Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, and the return on plan assets (excluding interest) are recognized immediately in other comprehensive income. The Company determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the consolidated statements of income. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to

past service or the gain or loss on curtailment is recognized immediately in the consolidated statements of income. The C

pany recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Fair value measurement

When available, the Company measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument.

The determination of the fair value and the useful lives of the assets and liabilities acquired is performed, which requires the application of judgment. Fair values have been estimated by a range of different valuation techniques, such as the market approach, income approach and cost approach based on the techniques that have been assessed to be most appropriate for the type of assets or liability measured. All of these methods include a range of various assumptions where significant estimation has been exercised.

A number of the Company’s accounting policies and disclosures requires the measurement of fair values, for both financial and non-financial assets and liabilities, including:

(a)

Derivatives

(b)

Acquisitions

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 2: Quoted prices for similar instruments in active markets; quoted prices of identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•

Level 3: Significant inputs to the valuation model are unobservable.

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Hedging activities

The Company uses cash flow hedging primarily to mitigate the effects of foreign exchange rate changes on future transactions denominated in foreign currencies. Accordingly, the vast majority of the Company’s derivative activity in this category consists of forward currency exchange contracts. Changes in the fair value of cash flow hedges are recorded in the hedge reserve in Accumulated other comprehensive income (“AOCI”) and are recorded in earnings in the period in which the hedged transaction occurs. See the statements of change in shareholders’ equity for further information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges is under 24 months as of December 31, 2025 and 2024.

The Company hedges its future transactions in foreign currencies with external banks. The foreign exchange derivatives are subject to hedge accounting. Hedges qualifying for hedge accounting are classified as cash flow hedges (hedges of highly probable future revenues and/or expenses).

The hedged transactions in foreign currency that are subject to cash flow hedge accounting are highly probable future transactions expected to occur at various dates during the next one to four years, depending on progress in the projects. Gains and losses on forward foreign exchange contracts are recognized in other comprehensive income and reported as measurement adjustments within AOCI in equity until they are recognized in the consolidated statements of income in the period or periods during which the hedged transactions affect the consolidated statements of income. If the forward foreign exchange contract is rolled due to a change in timing of the forecasted cash flow, the settlement effect is included in contract assets or contract liabilities.

Investment in subsidiaries

For investments in subsidiaries that are not wholly owned, but where the Company exercises control, the equity held by the minority owners and their portion of net income are reflected as non-controlling interests.

On March 28, 2024, Hydril PCB Limited (“Hydril UK”), a subsidiary of the Company, issued shares representing a 30% non-controlling interest in its subsidiary, Hydril Pressure Controlling Arabia Limited (“Hydril Arabia”), to Tanajib Holding Company CJSC (“Tanajib”), in exchange for total consideration of $9.2 million, comprising $2.3 million of upfront consideration and $6.9 million of deferred consideration. On March 28, 2024, the Company recognized cash of $2.3 million, related party notes receivable—current of $2.2 million and related party notes receivable of $4.7 million.

New accounting standards to be adopted

As an emerging growth company, the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an emerging growth company from early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company prospectively to all annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures.

In November 2024, the FASB issued ASU

2024-03,

“Disaggregation of Income Statement Expenses

(Subtopic 220-40).”

In September 2025, the FASB issued ASU

2025-06,

“Intangibles—Goodwill and

Other—Internal-Use

Software (Subtopic

350-40):

Targeted Improvements to the Accounting for

Internal-Use

Software” (“ASU

2025-06”).

Under the new guidance,

internal-use

software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU

2025-06

In November 2025, the FASB issued ASU

2025-09,

“Hedge Accounting Improvements” (“ASU

2025-09”).

2025-09

on its consolidated financial statements and related disclosures.

HMH Holding Inc. [Member] | Pro Forma [Member]

Accounting Policies [Line Items]

Basis of presentation and summary of significant accounting policies

1. Basis of presentation and description of the transactions

The unaudited pro forma consolidated financial information was prepared in accordance with Article 11 of Regulation S-X and presents the pro forma financial condition and results of operations of the Company based upon the historical financial information of HMH B.V. after giving effect to the transaction accounting adjustments set forth in the notes to unaudited pro forma consolidated financial information.

For purposes of the unaudited pro forma consolidated balance sheet, it is assumed that the Transactions had taken place on December 31, 2025. For purposes of the unaudited pro forma consolidated statement of income, it is assumed that the Transactions had taken place on January 1, 2025.

The unaudited pro forma consolidated financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of Class A common stock. In addition, the unaudited pro forma consolidated financial information does not reflect any cost savings, operating synergies or revenue enhancements that the consolidated company may achieve as a result of the Transactions.

Reorganization transactions and offering transactions

Immediately prior to the Offering and the Corporate Reorganization, (i) Baker Hughes Company (Nasdaq: BKR) and its wholly owned subsidiary, Baker Hughes Holdings LLC (collectively, “Baker Hughes”), and (ii) Akastor ASA (OSE: AKAST) and its wholly owned subsidiaries, Akastor AS, Mercury HoldCo AS and Mercury HoldCo Inc. (collectively, “Akastor” and, together with Baker Hughes, the “Principal Stockholders”), will collectively own all of the equity interests in HMH B.V.

The Company is offering shares of Class A common stock in this Offering at an initial public offering price of $20.00 per share. The Company intends to use the proceeds (net of underwriting discounts and commissions and other estimated offering expenses) from the issuance of Class A common stock to acquire 10,520,000 B.V. Voting Class A Shares and 10,520,000 B.V. Voting Class B Shares (each as defined elsewhere in this prospectus) from the Principal Stockholders and contribute all the remaining net proceeds from the Offering to HMH B.V in exchange for a number of B.V. Voting Class A Shares and B.V. Voting Class B Shares, which HMH B.V will in turn use to repay outstanding indebtedness under the Shareholder Loans (as defined elsewhere in this prospectus) and for general corporate purposes, which may include funding for acquisitions, working capital requirements, capital expenditures and the repayment, refinancing, redemption or repurchase of indebtedness or other securities. If the underwriters exercise in full their option to purchase additional shares of Class A common stock, we intend to contribute all of the additional net proceeds to HMH B.V. in exchange for an additional 1,578,000 B.V. Voting Class A Shares and 1,578,000 B.V. Voting Class B Shares. HMH B.V. intends to use such additional net proceeds to purchase in equal proportion from Baker Hughes and Akastor, respectively, an aggregate number of shares of Class B common stock, B.V. Non-Voting Class A Shares and B.V. Non-Voting Class B Shares, respectively, equal to the number of shares of Class A common stock issued upon the underwriters’ exercise of the option.

After giving effect to the Corporate Reorganization and the Offering contemplated by this prospectus (assuming the underwriters do not exercise their option to purchase additional shares of Class A common stock and prior to giving effect to the 902,504 shares of Class A common stock issuable upon consummation of this offering pursuant to LTI Awards (as defined elsewhere in this prospectus) that will vest in connection with this offering), the Company will be a holding company, and its sole material asset will be a controlling equity interest in HMH

B.V. As a result of the Corporate Reorganization and the Transactions, the Company will own approximately 24.4% of the economic interest in HMH B.V. but will have 100% of the voting power and will control the management of HMH B.V. The Company will be responsible for all operational, management and administrative decisions relating to HMH B.V.’s business and will have the obligation to absorb losses and receive benefits from HMH B.V. The Corporate Reorganization lacks economic substance under GAAP and therefore will be accounted for in a manner consistent with a reorganization of entities under common control. As a result, the consolidated financial statements of the Company will recognize the assets and liabilities received in the Corporate Reorganization at their historical carrying amounts, as reflected in the historical consolidated financial statements of HMH B.V.

For a complete description of the Corporate Reorganization, see the section entitled “Corporate reorganization” included elsewhere in this prospectus.

Employee Benefit Expenses - Schedule of The Pension Plans In Norway (parenthetical) (Details) - HMH Holding BV And Subsidiaries [Member]	Dec. 31, 2025	Dec. 31, 2024
Discount Rate [Member]
Effect Of One Percentage Point Defined Benefit Obligation [Line Items]
Actuarial Assumption Change Rate Percentage	1.00%	1.00%
Future Salary Growth [Member]
Effect Of One Percentage Point Defined Benefit Obligation [Line Items]
Actuarial Assumption Change Rate Percentage	1.00%	1.00%

Debt - Short-term and Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total debt, net	$ 197,836	$ 340,083	$ 343,144
Current debt, net	1,473	715	14,397
Non-current debt, net	196,363	339,368	328,747
HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Total debt, net		300,000
Current debt, net		715	14,397
Nine Point Eight Seven Five Senior Secured Bonds due 2026 [Member]
Debt Instrument [Line Items]
Total debt, net		0	196,837
Seven Point Eight Seven Five Senior Secured Bonds due 2028 [Member]
Debt Instrument [Line Items]
Total debt, net	196,363	195,636
Seven Point Eight Seven Five Senior Secured Bonds due 2028 [Member] \| HMH Holding BV And Subsidiaries [Member]
Debt Instrument [Line Items]
Total debt, net		195,636	0
Shareholder Loans
Debt Instrument [Line Items]
Total debt, net	0	143,732	131,910
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt, net	0	0	14,397
Credit Line in China
Debt Instrument [Line Items]
Total debt, net	$ 1,473	$ 715	$ 0

Financial Instruments

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial Instruments

5. Financial instruments

The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy:



(in thousands)	Level 1		Level 2		Level 3(a)		Total
As of June 30, 2026
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	63	$	—	$	63
Derivative financial instruments—not designated as hedging instruments		—		445		—		445

Total assets	$	—	$	508	$	—	$	508


Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	18	$	—	$	18
Derivative financial instruments—not designated as hedging instruments		—		2,375		—		2,375

Total liabilities	$	—	$	2,393	$	—	$	2,393


As of December 31, 2025
Assets:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,262	$	—	$	1,262
Derivative financial instruments—not designated as hedging instruments		—		140		—		140

Total assets	$	—	$	1,402	$	—	$	1,402


Liabilities:
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	35	$	—	$	35
Derivative financial instruments—not designated as hedging instruments		—		520		—		520

Total liabilities	$	—	$	555	$	—	$	555

(a).

We classify financial instruments in our condensed consolidated balance sheets based on the maturity date of these instruments. As of June 30, 2026 and December 31, 2025, the fair value of our financial instruments are presented in other current receivables and other current liabilities in our condensed consolidated balance sheets.

The carrying value of cash and cash equivalents, current receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts.

Designated hedges



(in thousands)	Total		6 months and less		6-12 Months		1-2 years

As of June 30, 2026
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts GBP	£	891	£	891	£	—	£	—
Average forward rate (GBP/NOK)				13.79		—		—
Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts GBP	£	245	£	245	£	—	£	—
Average forward rate (GBP/NOK)				13.90		—		—

As of December 31, 2025
Foreign exchange forward contracts to hedge highly probable forecasted sales:
Notional amounts USD	$	13,812	$	13,812	$	—	$	—
Average forward rate (USD/NOK)				10.58		—		—
Notional amounts EUR	€	490	€	490	€	—	€	—
Average forward rate (EUR/NOK)				12.14		—		—
Notional amounts GBP	£	2,076	£	1,185	£	891	£	—
Average forward rate (GBP/NOK)				13.85		13.79		—
Foreign exchange forward contracts to hedge highly probable forecasted purchases:
Notional amounts EUR	€	150	€	150	€	—	€	—
Average forward rate (EUR/NOK)				12.03		—		—
Notional amounts GBP	£	940	£	695	£	245	£	—
Average forward rate (GBP/NOK)				13.92		13.90		—

Non-Designated

Hedges

The table below presents the notional value of the

non-designated

derivative financial instruments and a maturity analysis of the related derivatives’ cash flows. Valuation techniques and inputs for forward contracts are based on the quoted forward exchange rate.



(in thousands)	Total		6 months and less		6-12 Months		1-2 years

As of June 30, 2026
Foreign exchange forward contracts:
Notional amounts NOK		NOK 69,800		NOK 28,200		NOK 41,600		NOK —
Average forward rate (NOK/USD)				0.10		0.10		—
Notional amounts GBP	£	11,200	£	6,100	£	5,100	£	—
Average forward rate (GBP/USD)				1.35		1.35		—
Notional amounts EUR	€	42,100	€	22,800	€	19,300	€	—
Average forward rate (EUR/USD)				1.20		1.21		—

As of December 31, 2025
Foreign exchange forward contracts:
Notional amounts NOK		NOK 131,200		NOK 97,900		NOK 16,500		NOK 16,800
Average forward rate (NOK/USD)				0.10		0.10		0.10
Notional amounts GBP	£	13,800	£	6,000	£	5,300	£	2,500
Average forward rate (GBP/USD)				1.35		1.35		1.34
Notional amounts EUR	€	49,300	€	21,600	€	18,900	€	8,800
Average forward rate (EUR/USD)				1.19		1.20		1.21

For the three and six months ended June 30, 2026, we recorded a (gain) loss of nil and $1.5 million, respectively, related to

non-designated

hedges in other

non-operating

income (loss), net

in our condensed consolidated statements of income. The Company did not have any open

non-designated

hedges during the three and six months ended June 30, 2025.

HMH Holding BV And Subsidiaries [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial Instruments

7. Financial instruments

The following tables set forth the Company’s financial instruments that are measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:



							2025
	Level 1		Level 2		Level 3(1)		Total

Assets
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,262	$	—	$	1,262
Derivative financial instruments—not designated as hedging instruments		—		140		—		140

Total assets	$	—	$	1,402	$	—	$	1,402


Liabilities
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	35	$	—	$	35
Derivative financial instruments—not designated as hedging instruments		—	$	520		—	$	520

Total liabilities	$	—	$	555	$	—	$	555



							2024
	Level 1		Level 2		Level 3(1)		Total

Assets
Derivative financial instruments—designated as cash flow hedging instruments	$	—	$	1,713	$	—	$	1,713

Total assets	$	—	$	1,713	$	—	$	1,713


Liabilities
Derivative financial instruments	$	—	$	4,612	$	—	$	4,612

Total liabilities	$	—	$	4,612	$	—	$	4,612

(1)

The carrying value of cash and cash equivalents, current receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts.

Designated

hedges



	Total		6 months and less		6-12 months		1-2 years

As of December 31, 2025
Foreign exchanges forward contracts to hedge highly probable forecasted sales
Notional amounts USD	$	13,812	$	13,812	$	—	$	—
Average forward rate (USD/NOK)				10.58		—		—
Notional amounts EUR	€	490	€	490	€	—	€	—
Average forward rate (EUR/NOK)				12.14		—		—
Notional amounts GBP	£	2,076	£	1,185	£	891	£	—
Average forward rate (GBP/NOK)				13.85		13.79		—
Notional amounts EUR	€	—	€	—	€	—	€	—
Average forward rate (EUR/USD)				—		—		—
Foreign exchanges forward contracts to hedge highly probable forecasted purchases
Notional amounts EUR	€	150	€	150	€	—	€	—
Average forward rate (EUR/NOK)				12.03		—		—
Notional amounts GBP	£	940	£	695	£	245	£	—
Average forward rate (GBP/NOK)				13.92		13.90		—
Notional amounts EUR	€	—	€	—	€	—	€	—
Average forward rate (EUR/USD)				—		—		—



	Total		6 months and less		6-12 months		1-2 years

As of December 31, 2024
Foreign exchanges forward contracts to hedge highly probable forecasted sales
Notional amounts USD	$	97,710	$	74,136	$	10,817	$	12,757
Average forward rate (USD/NOK)				10.89		10.92		10.54
Notional amounts EUR	€	10,109	€	5,485	€	4,379	€	245
Average forward rate (EUR/NOK)				11.90		11.93		12.09
Notional amounts GBP	£	6,027	£	3,658	£	294	£	2,075
Average forward rate (GBP/NOK)				13.94		13.91		13.83
Notional amounts EUR	€	40,449	€	28,141	€	12,308	€	—
Average forward rate (EUR/USD)				1.08		1.08		—
Foreign exchanges forward contracts to hedge highly probable forecasted purchases
Notional amounts EUR	€	4,235	€	3,185	€	1,050	€	—
Average forward rate (EUR/USD)				11.76		11.94		—
Notional amounts GBP	£	2,596	£	1,206	£	450	£	940
Average forward rate (GBP/NOK)				13.65		13.95		13.92
Notional amounts EUR	€	2,246	€	2,246	€	—	€	—
Average forward rate (EUR/USD)				1.11		—		—

Non-designated

hedges

The table below presents the notional value of the

non-designated



	Total		6 months and less		6-12 months		1-2 years

As of December 31, 2025
Foreign exchanges forward contracts
Notional amounts NOK		NOK 131,200		NOK 97,900		NOK 16,500		NOK 16,800
Average forward rate (NOK/USD)				0.10		0.10		0.10
Notional amounts GBP	£	13,800	£	6,000	£	5,300	£	2,500
Average forward rate (GBP/USD)				1.35		1.35		1.34
Notional amounts EUR	€	49,300	€	21,600	€	18,900	€	8,800
Average forward rate (EUR/USD)				1.19		1.20		1.21

The following table presents a reconciliation by risk category of components of equity and analysis of OCI items, net of tax:



	2025			2024
Balance as of January 1,	$	(2,250	)	$	1,098
Change in foreign currency risk		3,481			(4,314	)
Income tax allocated to cash flow hedges		(766	)		966

Balance as of December 31,	$	465		$	(2,250	)

Organization and nature of business - Additional Information (Details) - HMH Holding Inc. [Member] - USD ($)	Apr. 29, 2024	Dec. 31, 2025	Dec. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common Stock, Shares Authorized	1,000	1,000	1,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Affiliated Entity [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Sale of Stock, Number of Shares Issued in Transaction	1,000
Shares Issued, Price Per Share	$ 0.01
Sale of Stock, Consideration Received on Transaction	$ 10

Employee Benefit Expenses - Schedule of Net Periodic Cost Recognized in Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 43	$ 125	$ 83	$ 246
Interest cost	175	182	345	357
Amortization of net actuarial loss	(7)	(22)	(15)	(44)
Net periodic cost	$ 225	$ 329	$ 443	$ 647
HMH Holding BV And Subsidiaries [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost					$ 163	$ 492
Interest cost					749	764
Amortization of net actuarial loss					71	54
Net periodic cost					$ 983	$ 1,310

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Earnings per Share - Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Numerator (in thousands)
Net income (loss)	$ (5,019)	$ 9,768	$ (1,144)	$ 15,646
Less: Net income (loss) attributable to non-controlling interests	(9,995)	819	(9,568)	585
Net income (loss) attributable to HMH Holding Inc.	$ 4,976	$ 8,949	$ 8,424	$ 15,061
Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic (in shares)	11,662	69,355	5,863	69,355
Effect of dilutive securities (in shares)	309	0	825	0
Weighted-average shares of Class A Common stock outstanding—diluted (in shares)	11,971	69,355	6,688	69,355
Net income (loss) per share of common stock (actual)—Basic (in dollars per share)	$ 0.43	$ 0.13	$ 1.44	$ 0.22
Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share)	$ 0.42	$ 0.13	$ 1.26	$ 0.22
HMH Holding BV And Subsidiaries [Member]
Numerator (in thousands)
Net income (loss)			$ (1,144)	$ 15,646	$ 46,123	$ 51,956
Less: Net income (loss) attributable to non-controlling interests					669	738
Net income (loss) attributable to HMH Holding Inc.					$ 45,454	$ 51,218
Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic (in shares)					200	200
Weighted-average shares of Class A Common stock outstanding—diluted (in shares)					200	200
Net income (loss) per share of common stock (actual)—Basic (in dollars per share)					$ 227,270	$ 256,090
Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share)					$ 227,270	$ 256,090

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Accounting Policies [Line Items]

Description of business

HMH Holding Inc. (“HMH,” the “Company,” “we,” “us” or “our”) is a leading global provider of offshore and onshore drilling equipment and services.

Reclassification

Certain amounts in prior periods have been reclassified to conform with current period presentation.

Use of Estimates

Use of estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accou

nting

estimates are recognized in the period in which the estimate is revised and in any future periods affected.

Offering Costs

Offering costs

Share-based Compensation

Share-based compensation

Concentration risk

New Accounting Standards to be Adopted

New accounting standards to be adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

2023-09,

“Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU

2023-09”),

which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU

2023-09

provide for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. ASU

2023-09

is effective for the Company prospectively for all annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of this standard on its disclosures.

In November 2024, the FASB issued ASU

No. 2024-03,

“Disaggregation of Income Statement Expenses

(Subtopic 220-40).”

In September 2025, the FASB issued ASU

2025-06,

“Intangibles—Goodwill and

Other—Internal-Use

Software (Subtopic

350-40):

Targeted Improvements to the Accounting for

Internal-Use

Software” (“ASU

2025-06”).

Under the new guidance,

internal-use

software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU

2025-06

In November 2025, the FASB issued ASU

2025-09,

“Hedge Accounting Improvements” (“ASU

2025-09”).

2025-09

on its consolidated financial statements and related disclosures.

HMH Holding BV And Subsidiaries [Member]

Accounting Policies [Line Items]

Description of business

HMH Holding B.V. (“HMH,” the “Company,” “we” or “our”) is a leading global provider of offshore and onshore drilling equipment and services.

Basis of Presentation

Basis of presentation

Certain amounts in prior periods have been reclassified to conform with current period presentation.

Foreign currency

Business combinations

Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date when control is transferred to the Company.

Transaction costs are expensed as incurred.

Use of Estimates

Use of estimates

Offering costs

Cash and cash equivalents

Accounts receivable

Derivative financial instruments

Designated hedges:

Non-designated

hedges:

non-designated

Share capital

Inventories

Concentration risk

Credit risk and concentrations

Leases

Right-of-use assets

Lease liabilities

Short-term leases

Lease term

Lease liabilities expiring within the following periods from the balance dates

Some property leases contain extension or termination options exercisable before the end of the

non-cancellable

Property, plant and equipment

Subsequent costs

Depreciation

Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment.

Estimates for useful life, depreciation method and residual values are reviewed annually. Assets are depreciated on a straight-line basis over their expected economic lives as follows:



Asset Classification	Useful life
Building		16-33 years
Machinery, equipment and software		3-16 years

Impairment

Goodwill

There were no impairment charges during the years ended December 31, 2025 and 2024 as a result of the Company’s goodwill impairment assessment.

Other intangible assets, patents and rights and customer relations

Acquired intangible assets are measured at cost less accumulated amortization and impairment losses.

Subsequent expenditures

Amortization

Research and development expenses

Capitalized development expenditures are measured at cost less accumulated amortization and accumulated imp

airme

nt losses.

Revenue from contracts with customers

Revenue recognition



Type of contract/revenue	Nature of performance obligations, including significant payment terms	Significant revenue recognition policies

Project and other manufacturing contracts	Under project and other manufacturing contracts, specialized products are built to a customer’s specifications and the assets have no alternative use to the Company. If a project or other manufacturing contract is terminated by the customer, the Company has an enforceable right to payment for the work completed to date. The contracts establish a legally enforceable milestone payment schedule as well as a legally enforceable right to receive payment for work completed. Each of the project or other manufacturing contracts normally includes a single, combined output for the customer, such as an integrated drilling equipment package. A single performance obligation, satisfied over time, is identified in each contract. Project and other manufacturing contracts revenue is presented in product revenue on the consolidated statements of income. Normal payment terms for project and other manufacturing contracts are 30 to 45 days.	Revenue from project and other manufacturing contracts is recognized according to progress. The input method used to measure progress is determined by reference to the costs incurred to date relative to the total estimated contract cost. Because of the uniqueness of the project and the required engineering in the initial phases of construction contracts, the Company may defer recognition of revenue, in excess of costs, until the point that progress can be measured reliably, which is when a project is approximately 20% complete. The Company considers milestone payments as variable consideration, with the full milestone payment representing the most likely outcome based on the Company’s historical experience. In addition, liquidated damages are recognized as a reduction of the transaction price unless it is highly probable that it will not be incurred. Disputed amounts and claims are only recognized when negotiations have reached an advanced stage, customer acceptance is highly likely and the amounts can be measured reliably.

Service revenue	Service revenue is generated from the rendering of various aftermarket services for installed products to customers. This offering includes field service, maintenance, overhaul and repair.	Service revenue associated with field service, maintenance and overhaul and repair is recognized according to progress or the as-invoiced amounts, when the invoiced amounts directly correspond with the benefit of the services that are



Type of contract/revenue	Nature of performance obligations, including significant payment terms	Significant revenue recognition policies
	Field service, maintenance and overhaul and repair services are satisfied over time as the customers simultaneously receive and consume the benefits provided by these services. For service contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an estimation method if observable prices are not available. Normal payment terms for service revenue are 30 to 45 days.	transferred to the customers. Progress is measured using the input method based on labor hours incurred.

Spare parts revenue	Revenue from spare parts, which involve physical transfer of goods, is satisfied at a point of time when control transfers to the customers, according to the contract terms. Normal payment terms for spare parts revenue are 30 to 45 days.	Revenue from spare parts is recognized when the customers obtain control of the goods, according to the contract terms, typically at physical shipment of goods.

Sale of products	This revenue type involves sale of products or equipment that are of a standard nature, not made to the customer’s specifications. Customers obtain control of these products according to the contract terms. The Company has assessed that these performance obligations are satisfied at a point of time. Revenue for sale of products is presented in product revenue on the consolidated statements of income. For contracts with multiple performance obligations, the Company allocates the transaction price based on the standalone selling price of each performance obligation. The Company determines the standalone selling price based on observable prices or will use an	Revenue from these performance obligations is recognized when the customers obtain control of the goods, according to the contract terms.



Type of contract/revenue	Nature of performance obligations, including significant payment terms	Significant revenue recognition policies
	estimation method if observable prices are not available. Normal payment terms for sale of products are 30 to 45 days.

Contract assets

Contract liabilities

Income taxes

Accrued liabilities

Warranties

Restructuring

Legal disputes and contingent liabilities

non-operational

case-by-case

basis and makes assessments based on all available evidence as at the reporting date.

Employee benefits

Defined contribution plans

Obligations for contributions by the Company to defined contribution plans are recognized as an expense in the consolidated statements of income as incurred.

Defined benefit plans

past service or the gain or loss on curtailment is recognized immediately in the consolidated statements of income. The C

pany recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Fair value measurement

A number of the Company’s accounting policies and disclosures requires the measurement of fair values, for both financial and non-financial assets and liabilities, including:

(a)

Derivatives

(b)

Acquisitions

•

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 3: Significant inputs to the valuation model are unobservable.

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Hedging activities

Investment in subsidiaries

New Accounting Standards to be Adopted

New accounting standards to be adopted

In November 2024, the FASB issued ASU

2024-03,

“Disaggregation of Income Statement Expenses

(Subtopic 220-40).”

In September 2025, the FASB issued ASU

2025-06,

“Intangibles—Goodwill and

Other—Internal-Use

Software (Subtopic

350-40):

Targeted Improvements to the Accounting for

Internal-Use

Software” (“ASU

2025-06”).

Under the new guidance,

internal-use

software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function. ASU

2025-06

In November 2025, the FASB issued ASU

2025-09,

“Hedge Accounting Improvements” (“ASU

2025-09”).

2025-09

on its consolidated financial statements and related disclosures.

Commitments and contingencies

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Restructuring Cost and Reserve [Line Items]

Commitments and contingencies

16. Commitments and contingencies

We are involved in various claims and legal actions arising in the ordinary course of business. A liability is recognized in our consolidated financial statements when a loss is considered probable and amounts can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, we will disclose the nature of the claim and, if possible, an estimate of the loss or range of loss. We believe it is remote that outcomes of such known matters would have a material adverse impact on our consolidated financial position, results of operations or liquidity.

Restructuring

The Company has taken a substantial workforce decrease and reorganization in recent years, driven by the desire to increase efficiency and flexibility and rationalize its footprint. In January 2025, the Company initiated a restructuring plan primarily focused on global workforce reductions and the reorganization of facilities in Horten and Fornebu, Norway. In June 2026, the Company expanded the scope of this restructuring plan to include the reorganization of its operations in Mexico. These initiatives impacted 195 individuals, comprising 110 employees in Norway, 60 employees in Mexico, and 25 employees in Germany.

For both the three and six months ended June 30, 2026, we recognized restructuring and other expenses of $5.0 million. For the three and six months ended June 30, 2025, restructuring and other expenses were

$1.1 million and $4.3 million, respectively, which included $0.7 million and $1.8 million, respectively, in

right-of-use

(ROU) asset impairment charges.

The following table summarizes the changes to the Company’s provision balance for restructuring and other charges:



(in thousands)	June 30, 2026
Balance at the beginning of the period	$	2,085
Additions for costs expensed		5,004
Reductions for payments		(1,546	)
Foreign currency translation		(58	)

Balance at the end of the period	$	5,485

Other

In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs and tax guarantees to guarantee the Company’s performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. As of June 30, 2026, the Company had outstanding bank guarantees of $30.1 million. As of June 30, 2026, none of these guarantees either has, or is likely to have, a material impact on the Company’s financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements.

HMH Holding BV And Subsidiaries [Member]

Restructuring Cost and Reserve [Line Items]

Commitments and contingencies

17. Commitments and contingencies

Restructuring

The Company has taken a substantial workforce decrease and reorganization in recent years, driven by the desire to increase efficiency and flexibility and to rationalize its footprint, which involved establishing a new organization structure by converting the “Major Projects and Products” division under ESS to “Product and Innovation, Engineering Disciplines and Product Management.” In January 2025, Company also announced a restructuring plan primarily focused on the reorganization of facilities in Horten and Fornebu, Norway and global workforce reductions. These initiatives are expected to impact 135 individuals, comprising 110 employees in Norway and 25 employees in Germany.

Restructuring and other expenses of $4.6 million were recognized for the year ended December 31, 2025, of which $1.8 million related to the impairment of right-of-use assets. There were no restructuring expenses recognized for the year ended December 31, 2024. The following table summarizes the changes to the Company’s provision balance for restructuring and other charges for the year ended December 31, 2025:


Balance as of January 1,	$	1,042
Additions for costs expensed		2,392
Reductions for payments		(1,498	)
Foreign currency translation		149

Balance as of December 31,	$	2,085

Other

In the normal course of business with customers, vendors and others, the Company has issued various bank guarantees, such as advance payment guarantees, surety bonds, performance guarantees, bid bonds, customs and tax guarantees to guarantee the Company’s performance as it relates to contracts with customers, contract bidding, customs duties, tax appeals and obligations in various jurisdictions. As of December 31, 2025, the Company had outstanding bank guarantees of $30.9 million. As of December 31, 2025, none of these guarantees either has, or is likely to have, a material impact on the Company’s financial position, results of operations or cash flows as the Company expects to comply with the underlying performance requirements.

As of December 31, 2025, the Company had purchase commitments of $88 million for purchasing materials to satisfy the Company’s contractual obligations and that are due within next 24 months.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventories - Schedule Of Inventories, Net Of Reserves (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Stock of raw materials	$ 21,299,000	$ 18,550,000
Work in progress	32,825,000	29,397,000
Finished goods	198,068,000	205,812,000
Inventories, net	$ 252,192,000	253,759,000
HMH Holding BV And Subsidiaries [Member]
Inventory [Line Items]
Stock of raw materials		18,550	$ 26,354
Work in progress		29,397	45,585
Finished goods		205,812	208,018
Inventories, net		$ 253,759,000	$ 279,957,000

Employee Benefit Expenses - Additional information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Employee	Dec. 31, 2024 USD ($) Employee
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Number of Employees \| Employee	1,235	1,283
HMH Holding BV And Subsidiaries [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Cost \| $	$ 7.2	$ 5.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Earnings per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Share

The following table reconciles the figures used to calculate basic and diluted net income (loss) per share for common stock:



	Three months ended June 30,					Six months ended June 30,
(in thousands)	2026			2025		2026			2025

Numerator (in thousands)
Net income (loss)	$	(5,019	)	$	9,768	$	(1,144	)	$	15,646
Less: Net income (loss) attributable to non-controlling interests		(9,995	)		819		(9,568	)		585

Net income attributable to HMH Holding Inc.	$	4,976		$	8,949	$	8,424		$	15,061


Denominator (actual shares)
Weighted-average shares of common stock for HMH and HMH B.V. outstanding—basic		11,662			69,355		5,863			69,355
Effect of dilutive securities		309			—		825			—

Weighted-average shares of common stock outstanding—diluted		11,971			69,355		6,688			69,355


Net income (loss) per share of common stock (actual)
Basic	$	0.43		$	0.13	$	1.44		$	0.22
Diluted	$	0.42		$	0.13	$	1.26		$	0.22

Schedule of Potential Common Shares Excluded from Diluted Share Calculation

The following table details the actual potential common shares excluded from the diluted share calculation because their effect would be anti-dilutive:



	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Restricted common stock		—		—		—		—
Performance share units		10,168		—		4,804		—

HMH Holding BV And Subsidiaries [Member]

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Earnings Per Share

There are no adjustments required to be made to net income or the ordinary shares outstanding for purposes of computing basic and diluted earnings per share.



	2025		2024

Numerator (in thousands)
Net income	$	46,123	$	51,956
Less: Net income attributable to non-controlling interests		669		738


Net income attributable to HMH Holding B.V.	$	45,454	$	51,218

Denominator
Weighted average ordinary shares—basic and diluted (actual shares)		200		200

Earnings per ordinary shares—basic and diluted (actual)	$	227,270	$	256,090

Employee Benefit Expenses - Schedule of The Pension Plans In Norway (Details) - HMH Holding BV And Subsidiaries [Member] - Norwegian Plan [Member] - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Discount Rate [Member] \| Increase [Member]
Effect Of One Percentage Point Defined Benefit Obligation [Line Items]
Actuarial Assumption Sensitivity Effect On Defined Benefit Obligation Amount	$ 7,651	$ 8,412
Discount Rate [Member] \| Decrease [Member]
Effect Of One Percentage Point Defined Benefit Obligation [Line Items]
Actuarial Assumption Sensitivity Effect On Defined Benefit Obligation Amount	7,869	8,656
Future Salary Growth [Member] \| Increase [Member]
Effect Of One Percentage Point Defined Benefit Obligation [Line Items]
Actuarial Assumption Sensitivity Effect On Defined Benefit Obligation Amount	7,760	8,531
Future Salary Growth [Member] \| Decrease [Member]
Effect Of One Percentage Point Defined Benefit Obligation [Line Items]
Actuarial Assumption Sensitivity Effect On Defined Benefit Obligation Amount	$ 7,745	$ 8,518

Earnings per Share - Potential Common Shares Excluded from Diluted Share Calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	0	0
Performance share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	10,168	0	4,804	0

Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Derivative financial instruments—not designated as hedging instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss related to non-designated hedges	$ 0.0	$ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net income (loss)	$ (1,144,000)	$ 15,646,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation expense	22,800,000
Provision for inventory write-down	2,000,000	3,000,000
HMH Holding BV And Subsidiaries [Member]
Cash flows from operating activities
Net income (loss)	(1,144,000)	15,646,000	$ 46,123,000	$ 51,956,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	21,719,000	20,993,000	42,460,000	39,402,000
Share-based compensation expense	22,775,000	0
Amortization of borrowing costs	727,000	975,000	1,789,000	1,858,000
Restructuring and other expenses	0	1,800,000	1,828,000	0
Deferred tax expense (benefit)	(6,725,000)	846,000	2,390,000	7,033,000
Payment-in-kind interest	2,908,000	5,421,000	11,055,000	9,964,000
Provision for bad debt expense	468,000	480,000	11,136,000	1,965,000
Provision for inventory write-down	1,989,000	3,034,000	4,064,000	4,964,000
Loss on debt extinguishment			1,449,000	0
Changes in operating assets and liabilities
Accounts receivable and related party accounts receivable	(16,371,000)	(6,569,000)	20,041,000	(16,614,000)
Contract assets	11,419,000	18,196,000	34,516,000	(3,267,000)
Inventories, net	(956,000)	1,307,000	29,464,000	(47,232,000)
Other current receivables	(5,083,000)	13,412,000	16,019,000	(5,733,000)
Prepaid and other current assets	(1,636,000)	(7,582,000)	(6,245,000)	2,383,000
Accounts payable and accounts payable—related party	7,858,000	(38,875,000)	(57,451,000)	2,535,000
Accrued expenses	(12,427,000)	(22,192,000)	(41,513,000)	11,473,000
Contract liabilities	7,504,000	(295,000)	(22,031,000)	(16,409,000)
Other current and long-term liabilities	(9,915,000)	(8,957,000)	(6,194,000)	(12,092,000)
Other, net	2,046,000	(5,192,000)	(590,000)	2,675,000
Net cash provided by (used in) operating activities	25,156,000	(7,552,000)	88,310,000	34,861,000
Cash flows from investing activities
Purchase of property, plant and equipment	(2,086,000)	(4,840,000)	(9,617,000)	(16,096,000)
Purchase of property, plant and equipment			338,000	213,000
Purchase of intangible asset			(715)	(192)
Development costs	(5,896,000)	(1,073,000)	(6,649,000)	(2,244,000)
Acquisition of business, net of cash	(770,000)	0	(4,457,000)	(19,624,000)
Net cash provided by (used in) investing activities	(8,752,000)	(5,913,000)	(21,100,000)	(37,943,000)
Cash flows from financing activities
Issuance of common stock in initial public offering (IPO), net of underwriting discount	210,670,000	0
Purchase of HMH B.V. voting shares from Principal Stockholders	(39,480,000)	0
Redemption under exchange agreement with Principal Stockholders	(12,894,000)	0
IPO issuance costs	(10,380,000)	0
Proceeds from issuance of long-term loans—bonds			200,000	0
Proceeds from issuance of long-term loans—revolving credit facilities	719,000	90,000,000	125,702,000	90,000,000
Repayment of long-term loans—bonds			(206,584)	0
Repayment of revolving credit facilities	0	(92,000,000)	(140,000,000)	(97,984,000)
Proceeds from sale to non-controlling interests			0	2,291,000
Repayment of long-term debt, net—related party	(137,099,000)	0
Purchase of treasury shares	(4,888,000)	0
Payment of borrowing costs			(3,378,000)	(1,615,000)
Net cash provided by (used in) financing activities	6,648,000	(2,000,000)	(24,260,000)	(7,308,000)
Effect of foreign exchange rate on cash and cash equivalents	68,000	4,966,000	4,723,000	(3,222,000)
Net increase (decrease) in cash and cash equivalents	23,120,000	(10,499,000)	47,673,000	(13,612,000)
Cash and cash equivalents beginning of period	96,585,000	48,912,000	48,912,000	62,524,000
Cash and cash equivalents end of period	119,705,000	38,413,000	96,585,000	48,912,000
Supplemental cash flow information:
Cash paid for income taxes, net	13,020,000	9,175,000	18,334,000	17,218,000
Cash paid for interest	9,195,000	13,700,000	28,024,000	23,284,000
Supplemental non-cash financing activities:
Deferred IPO cost netted with IPO proceeds	15,809,000	0
Settlement of long-term debt, net —related party and related party notes receivable	$ 9,541,000	$ 0
Contingent Consideration In Connection With Acquisition			$ 2,017,000	$ 3,700,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ (13)	$ 98	$ (123)	$ 881
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ (27)	$ 415	$ (20)	$ 544
HMH Holding BV And Subsidiaries [Member]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax					$ 766	$ 966
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax					$ 224	$ 312

Employee Benefit Expenses - Schedule of The Expected Benefit Payments For Pension Benefits (Details) - HMH Holding BV And Subsidiaries [Member] $ in Thousands	Dec. 31, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Benefit Payment, Year One	$ 995
Defined Benefit Plan, Expected Future Benefit Payment, Year Two	1,047
Defined Benefit Plan, Expected Future Benefit Payment, Year Three	1,050
Defined Benefit Plan, Expected Future Benefit Payment, Year Four	998
Defined Benefit Plan, Expected Future Benefit Payment, Year Five	1,039
Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years	$ 5,765

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Leases - Schedule of Weighted Average Remaining Term and Weighted Average Discount Rates (Details) - HMH Holding BV And Subsidiaries [Member]	Dec. 31, 2025	Dec. 31, 2024
Weighted Average Remaining Term and Weighted Average Discount Rates [Line Items]
Weighted-average remaining lease term (years)	13 years 8 months 8 days	6 years 7 months 24 days
Weighted-average discount rate	7.00%	6.00%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Net income (loss)	$ (5,019)	$ 9,768	$ (1,144)	$ 15,646
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(2,017)	9,915	3,995	20,710
Derivatives designated as cash flow hedges
Effect of changes in fair value of cash flow hedges	(59)	90	(560)	4,006
Tax benefit (expense) on effect of changes in cash flow hedges	13	(98)	123	(881)
Net change in fair value of cash flow hedges, after taxes	(46)	(8)	(437)	3,125
Benefit plans
Effect of changes in benefit plans	109	(1,537)	81	(2,015)
Tax benefit (expense) on effect of changes in benefit plans	(27)	415	(20)	544
Net effect of changes in benefit plans, after taxes	82	(1,122)	61	(1,471)
Total other comprehensive income (loss)	(1,981)	8,785	3,619	22,364
Comprehensive income (loss)	(7,000)	18,553	2,475	38,010
Less: Comprehensive income (loss) attributable to non-controlling interests	(11,444)	819	(11,017)	585
Comprehensive income (loss) attributable to HMH Holding Inc.	$ 4,444	$ 17,734	13,492	37,425
HMH Holding BV And Subsidiaries [Member]
Net income (loss)			$ (1,144)	$ 15,646	$ 46,123	$ 51,956
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments					19,648	(20,568)
Derivatives designated as cash flow hedges
Tax benefit (expense) on effect of changes in cash flow hedges					(766)	(966)
Net change in fair value of cash flow hedges, after taxes					2,715	(3,348)
Benefit plans
Tax benefit (expense) on effect of changes in benefit plans					224	312
Net effect of changes in benefit plans, after taxes					629	842
Total other comprehensive income (loss)					22,992	(23,074)
Comprehensive income (loss)					69,115	28,882
Less: Comprehensive income (loss) attributable to non-controlling interests					669	738
Comprehensive income (loss) attributable to HMH Holding Inc.					$ 68,446	$ 28,144

Business Combinations - Summary of Net Impact of Drillform Acquisition on the Income Statement (Details) - HMH Holding BV And Subsidiaries [Member] - Drillform Technical Services Ltd [Member]	12 Months Ended
	Dec. 31, 2024 USD ($)
Business Combination [Line Items]
Revenues	$ 7,906
Net income	$ (2,760)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fees Summary	Sep. 25, 2026 USD ($)
Fees Summary [Line Items]
Total Offering	$ 594,779,309.80
Previously Paid Amount	0.00
Total Fee Amount	82,139.02
Total Offset Amount	0.00
Net Fee	$ 82,139.02
Offering Table N/A
Offset Table N/A	N/A
Combined Prospectus Table N/A	N/A

Accrued Expenses

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Accrued expenses [Line Items]

Accrued Expenses

10. Accrued expenses

Accrued expenses consisted of the following:



(in thousands)	June 30, 2026		December 31, 2025
Accrued payroll and employee related liabilities	$	34,082	$	38,119
Accrued vendor costs		31,629		38,049
Provisions—warranty		5,813		8,371
Provisions—restructuring		4,100		858
Provisions—environmental(a)		3,219		3,236
Provisions for loss contingencies		759		1,962
Accrued interest		656		646
Accrued sales and other taxes		268		220
Other		4,438		4,319

Accrued expenses	$	84,964	$	95,780

(a).

The following table describes the changes to the Company’s warranty liability:



(in thousands)	June 30, 2026
Balance as of January 1, 2026	$	8,371
Accrued expense		797
Payments		(1,045	)
Provision reversed during the period		(2,264	)
Currency translation differences		(46	)

Balance as of June 30, 2026	$	5,813

We recognized warranty expense of $0.4 million and $0.8 million for the three and six months ended June 30, 2026, respectively, and $0.4 million and $2.7 million for the three and six months ended June 30, 2025, respectively. These expenses were recorded in our condensed consolidated statements of Income within total cost of sales.

HMH Holding BV And Subsidiaries [Member]

Accrued expenses [Line Items]

Accrued Expenses

12. Accrued expenses

Accrued expenses consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Accrued vendor costs	$	38,049	$	60,583
Accrued payroll and employee related liabilities		38,119		40,476
Provisions—warranty		8,371		11,082
Provisions—environmental(1)		3,236		3,086
Provisions for loss contingencies		1,962		3,023
Provisions—restructuring		858		220
Accrued interest		646		3,126
Accrued sales and other taxes		220		1,361
Other		4,319		5,463

Accrued expenses	$	95,780	$	128,420

(1)

The following table describes the changes to the Company’s warranty liability as of December 31, 2025 and 2024:



	2025			2024
Balance as of January 1,	$	11,082		$	8,556
Accrued expense		2,339			2,405
Payments		(2,433	)		(959	)
Reclassification		(145	)		3,345
Provision reversed during the period		(3,104	)		(1,709	)
Currency translation differences		632			(556	)

Balance as of December 31,	$	8,371		$	11,082

Debt

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Debt Instrument [Line Items]

Debt

8. Debt



	Debt outstanding
(in thousands)	June 30, 2026		December 31, 2025		Maturity
7.875% Senior Secured Bonds due 2028		196,363		195,636		Dec 2028
Shareholder Loans		—		143,732		Dec 2028
Revolving Credit Facility		—		—
Credit Line in China (a)		1,473		715

Total debt, net		197,836		340,083
Current debt, net		1,473		715
Non-current debt, net		196,363		339,368

Total debt, net	$	197,836	$	340,083

(a).

Expired on March 26, 2026, with the Company retaining a one-year period from each respective withdrawal date to remit payment.

Fair values

As of June 30, 2026 and December 31, 2025, the fair value of the 7.875% Senior Secured Bonds due 2028 was $205.0 million and $204.5 million, respectively. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount, as these interest rates are variable in nature and are reflective of market rates.

HMH Holding BV And Subsidiaries [Member]

Debt Instrument [Line Items]

Debt

10. Debt



	Debt outstanding
	2025		2024		Maturity date
9.875% Senior Secured Bonds due 2026	$	—	$	196,837		Nov 2026
7.875% Senior Secured Bonds due 2028		195,636		—		Dec 2028
Shareholder Loans		143,732		131,910		Dec 2028
Revolving Credit Facility		—		14,397		Jun 2028
Credit Line in China		715		—		Mar 2026

Total debt, net		340,083		343,144
Current debt, net		715		14,397
Non-current debt, net		339,368		328,747

Total debt, net	$	340,083	$	343,144

Debt agreements

7.875% Senior Secured Bonds due 2028

On or around December 17, 2025, the Company issued $200.0 million aggregate principal amount of its senior secured bonds (ISIN code NO0013700039) (the “Senior Secured Bonds due 2028”), which mature on December 17, 2028. Interest on the bonds accrues at a fixed rate of 7.875% per annum as of December 31, 2025. The Senior Secured Bonds due 2028 are secured by liens on substantially all of the Company’s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material

subsidiaries. The security of the Senior Secured Bonds due 2028 is subject to the Intercreditor Agreement (as defined herein) with the facility agent under the Revolver (as defined herein). Subject to compliance with certain conditions, the Company is permitted to issue additional bonds under the agreement governing the Senior Secured Bonds due 2028 in an aggregate principal amount up to $125.0 million, and the Company is also permitted to enter into certain bridge financing facilities. The Company intends to list the Senior Secured Bonds due 2028 on the Euronext ABM during the first half of 2026.

The agreement governing the Senior Secured Bonds due 2028 includes customary representations and warranties, affirmative covenants and certain restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Senior Secured Bonds due 2028 also require the Company to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the agreement governing the Senior Secured Bonds due 2028) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the agreement governing the Senior Secured Bonds due 2028) of not less than 2.50 to 1.00. The agreement governing the Senior Secured Bonds due 2028 contains customary events of default. If an event of default exists under the Senior Secured Bonds due 2028, the lenders will be able to accelerate the maturity of the Senior Secured Bonds due 2028 and exercise other rights and remedies. If an event of default exists under the Revolver, a cross-default will be triggered under the Senior Secured Bonds due 2028, and the bondholders thereunder will be able to accelerate the maturity of the Senior Secured Bonds due 2028 and exercise other rights and remedies.

As of December 31, 2025, the Company was in compliance with all financial covenants under the Senior Secured Bonds due 2028.

The Senior Secured Bonds due 2028 are redeemable, at the Company’s option, (i) prior to June 17, 2027, at a price equal to the make-whole amount and (ii) beginning on June 17, 2027, at a premium of 103.938%. The redemption premium then declines in steps until June 17, 2028, at which time the Company may redeem the bonds at a premium of 100.500%. The redemption premium then falls away at the maturity date, at which time the Company may redeem the bonds at par value.

Following a Change of Control or a Share

De-Listing

Event (each as defined in the agreement governing the Senior Secured Bonds due 2028), the Company can be required to prepay the Senior Secured Bonds due 2028 at 101% of the nominal amount of the bonds being repaid.

9.875% Senior Secured Bonds due 2026

In November 2023, the Company issued $200.0 million aggregate principal amount of its senior secured bonds (the “Senior Secured Bonds due 2026”), which were scheduled to mature on November 16, 2026. Interest on the bonds accrued at a fixed rate of 9.875% per annum.

In December 2025, the outstanding $200.0 million aggregate principal amount of the Senior Secured Bonds due 2026 was refinanced using the proceeds of the Senior Secured Bonds due 2028 at a price equal to 103.292% of nominal value (plus accrued and unpaid interest to the date of redemption). In connection with the refinancing, the Senior Secured Bonds due 2026 were also delisted from the Oslo Stock Exchange. This transaction resulted in an $8.0 million loss on extinguishment of the debt, which included write

off-of

unamortized debt issuance costs and is recognized in the consolidated statement of income for the year ended December 31, 2025.

Shareholder Loans

On October 1, 2021, the Company entered into a loan agreement with related parties, Baker Hughes Holdings LLC and Akastor AS (as amended, the “Shareholder Loan Agreement”), to finance its operating and finance activities. Baker Hughes Holdings LLC provided an $80.0 million term loan under the Shareholder Loan Agreement (the “Baker Hughes Shareholder Loan”), and Akastor AS provided a $20.0 million term loan under the Shareholder Loan Agreement (the “Akastor Shareholder Loan” and, together with the Baker Hughes Shareholder Loan, the “Shareholder Loans”). The Shareholder Loans mature on the earliest to occur of December 18, 2028 or a liquidation event (as defined in the Shareholder Loan Agreement) such as the consummation of HMH Holding Inc.’s initial public offering.

As of December 31, 2025, the total amount of principal and accrued and unpaid interest outstanding under the Shareholder Loans was $143.7 million, which included $112.4 million outstanding under the Baker Hughes Shareholder Loan and $31.3 million outstanding under the Akastor Shareholder Loan. The Company also agreed to pay Baker Hughes and Akastor for certain deferred tax assets related to the contributed businesses in the amounts of approximately $0.3 million and $3.0 million, respectively, with such payment made by way of an increase to the Shareholder Loans. Such additional amounts relating to deferred tax assets are reflected in the Shareholder Loans’ balances as of December 31, 2025. The Shareholder Loans bear interest at a rate of 8.0% per annum. The Shareholder Loans are unsecured. The Shareholder Loan Agreement includes certain restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness or make or declare dividends. The Shareholder Loan Agreement contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Shareholder Loan Agreement, the lenders will be able to accelerate the maturity of the Shareholder Loans and exercise other rights and remedies. Subject to certain notice requirements, the Company may voluntarily prepay outstanding loans under the Shareholder Loan Agreement in whole or in part without premium or penalty.

Revolving Credit Facility

On November 20, 2023, the Company, DNB Bank ASA, as agent, certain financial institutions party thereto as lenders (the “Revolver Lenders”) and DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, branch in Norway, as mandated lead arrangers and bookrunners, entered into a senior facility agreement (the “Prior Revolver”) pursuant to which the Revolver Lenders provided revolving credit financing to the Company in an aggregate principal amount of up to $50.0 million.

On March 10, 2025, DNB Bank ASA agreed as agent under the Prior Revolver to amend certain terms of the Prior Revolver to permit implementation of the corporate reorganization and the listing of HMH Holding Inc.’s Class A common stock on Nasdaq, and the documentation formally implementing the same became effective as of March 11, 2025.

On December 18, 2025, the Company, DNB Bank ASA, as agent, the Revolving Lenders and DNB Carnegie, a part of DNB Bank ASA, and Nordea Bank Abp, branch in Norway, as mandated lead arrangers and bookrunners, entered into an amendment and restatement of the Prior Revolver (as amended and restated, the “Revolver”) pursuant to which the Revolver Lenders provide revolving credit financing to the Company in an aggregate principal amount of up to $75.0 million. The scheduled maturity date of the Revolver is June 17, 2028 (which is an extension from the May 16, 2026 scheduled maturity date of the Prior Revolver). The Company recorded a debt issuance cost of $0.8 million in connection with the amendment and restatement of the Prior Revolver and is included in Long-term debt, net in the Company’s consolidated balance sheet.

Borrowings under the Revolver bear interest at the compounded reference rate, which is the applicable Secured Overnight Financing Rate (“SOFR”) plus the applicable credit spread adjustment, plus a margin ranging from 3.00% to 4.00% based on the Company’s most recent leverage ratio. In addition to paying interest on

outstanding principal under the Revolver, the Company is required to pay a quarterly commitment fee equal to 40% of the applicable margin on the unused available commitments.

The Revolver is secured by liens on substantially all of the Company’s assets, including the equity of its material subsidiaries, and guarantees, either directly or indirectly, from its material subsidiaries. The security of the Revolver is subject to the Intercreditor Agreement with the trustee under the Senior Secured Bonds due 2028. The Revolver includes certain restrictive covenants that may limit the Company’s ability to, among other things, incur additional indebtedness, guarantee obligations, incur liens, make investments, loans or capital expenditures, sell or dispose of assets, enter into mergers or consolidations, enter into transactions with affiliates or make or declare dividends. The Revolver also requires the Company to maintain at all times a minimum liquidity of not less than $30.0 million, a gearing ratio of Consolidated Net Total Borrowings to Consolidated Total Equity (each as defined in the Revolver) not to exceed 1.00 to 1.00 and an interest cover ratio of Adjusted EBITDA to Net Interest Expenses (each as defined in the Revolver) of not less than 2.50 to 1.00. The Revolver contains customary representations and warranties, affirmative covenants and events of default. If an event of default exists under the Revolver, the Revolver Lenders will be able to accelerate the maturity of the Revolver and exercise other rights and remedies. If an event of default exists under the Senior Secured Bonds due 2028, a cross-default will be triggered under the Revolver, and the Revolver Lenders will be able to accelerate the maturity of the Revolver and exercise other rights and remedies. Subject to certain notice requirements and certain partial prepayment amount restrictions, the Company may voluntarily prepay outstanding loans under the Revolver in whole or in part without premium or penalty. Following a Change of Control (as defined in the Revolver), which definition varies depending on whether an initial public offering has occurred, the Company can be required to prepay the loans in whole if the parties do not reach an agreement to continue the loan. As of December 31, 2025, the Company was in compliance with all financial covenants under the Revolver.

Intercreditor Agreement

On December 18, 2025, the facility agent under the Revolver, the trustee under the Senior Secured Bonds due 2028, in its capacities as bond trustee and security agent, and certain other parties entered into an intercreditor agreement (the “Intercreditor Agreement”) governing (i) the relative priorities of their respective security interests in the assets securing the Revolver, the Senior Secured Bonds due 2028 and certain future secured indebtedness and (ii) certain other matters relating to the administration of their respective security interests, including the occurrence of an insolvency event. Pursuant to the Intercreditor Agreement, the liabilities under, and the security and guarantees provided in respect of, the Revolver, the Senior Secured Bonds due 2028 and any hedging agreements shall rank pari passu in payments and security, subject to the super senior status of the liabilities under the Revolver and any hedging liabilities with respect to the application of proceeds received or recovered by the security agent.

Credit Line in China

On August 22, 2023, the Company entered into a credit line agreement (the “Credit Line in China”) with Bank of China Shanghai Pudong branch (the “Credit Line in China Lender”) pursuant to which the Credit Line in China Lender provided a credit line in an aggregate principal amount of up to Chinese renminbi (RMB) 10.0 million (USD: $1.43 million based on the exchange rate as of December 31, 2025). On March 27, 2025, the Company extended the Credit Line in China with the Credit Line in China Lender. The extension is effective through March 26, 2026.

Borrowings under the Credit Line in China bear interest at the compounded reference rate, which was the applicable China Loan Prime Rate minus margin 0.4% as of December 31, 2025. Interest is paid quarterly in the

last month of each quarter. There is no quarterly commitment fee or guarantee requirement based on the Company’s financial status. The borrowing length for each withdrawal is one year. The Credit Line in China can be used for the Company’s daily operations and can not be used to purchase real estate,

re-lend

to other companies or make investments.

Fair values

The fair value of the Senior Secured Bonds due 2028 was 102.25%, or $204.5 million, as of December 31, 2025. The fair value was determined using a market approach based on observable inputs. For the remaining debt instruments, the book values of each instrument approximate its respective carrying amount and fair value, and interest rates for each instrument are reflective of market rates.

Maturity schedule

The following table sets forth the maturities of principal payments on long-term debt for each of the five years in the period ending December 31, 2030, and in the aggregate thereafter:



Year ending December 31,
2026	$	—
2027		—
2028		300,000
2029		—
2030		—
Thereafter		—

Total	$	300,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 24: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
HMH Holding BV And Subsidiaries [Member]
Subsequent Event [Line Items]
Subsequent events	21. Subsequent events The Company evaluated subsequent events through March 4, 2026, the date that the consolidated financial statements were available to be issued.
HMH Holding Inc. [Member]
Subsequent Event [Line Items]
Subsequent events	3. Subsequent events Management has performed an analysis of activities and transactions through March 4, 2026, which is the date the financial statements were issued, to determine the need for any adjustments to or additional disclosures within these financial statements. We determined that there are no significant subsequent events requiring adjustment or disclosure.

Revenue from Contracts with Customers

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

9. Revenue from contracts with customers

Disaggregated revenue

The Company disaggregates revenue from contracts with customers by revenue type for both its ESS and PCS segments, as it believes this best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.

The following tables present revenue from contracts with customers:



	2026						2025
(in thousands)	ESS		PCS		Total		ESS		PCS		Total
Three Months Ended June 30,
Project and other manufacturing contracts revenue	$	5,395	$	4,698	$	10,093	$	29,102	$	4,037	$	33,139
Sale of products		7,508		2,986		10,494		12,986		12,849		25,835

Product revenue(a)		12,903		7,684		20,587		42,088		16,886		58,974
Service revenue		53,815		35,257		89,072		56,722		35,610		92,332
Spare parts revenue		30,942		30,221		61,163		26,737		25,414		52,151

Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457

Six Months Ended June 30,
Project and other manufacturing contracts revenue	$	14,416	$	7,969	$	22,385	$	48,276	$	9,480	$	57,756
Sale of products		15,651		15,344		30,995		29,923		26,043		55,966

Product revenue(a)		30,067		23,313		53,380		78,199		35,523		113,722
Service revenue		97,968		63,113		161,081		98,120		77,720		175,840
Spare parts revenue		70,315		57,367		127,682		56,769		55,556		112,325

Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

(a).

Product revenue includes related party revenue.

The following table presents the timing of revenue recognition:



	2026						2025
(in thousands)	ESS		PCS		Total		ESS		PCS		Total
Three Months Ended June 30,
Transferred overtime	$	65,013	$	39,955	$	104,968	$	89,340	$	39,647	$	128,987
Transferred at point in time		32,647		33,207		65,854		36,207		38,263		74,470

Total revenue	$	97,660	$	73,162	$	170,822	$	125,547	$	77,910	$	203,457

Six Months Ended June 30,
Transferred overtime	$	125,033	$	71,082	$	196,115	$	162,326	$	87,200	$	249,526
Transferred at point in time		73,317		72,711		146,028		70,762		81,599		152,361

Total revenue	$	198,350	$	143,793	$	342,143	$	233,088	$	168,799	$	401,887

Contract assets consisted of the following:



(in thousands)	June 30, 2026
Balance as of January 1, 2026	$	114,918
Additions		140,722
Transfers to accounts receivable		(151,018	)

Balance as of June 30, 2026	$	104,622

Contract liabilities consisted of the following:



(in thousands)	June 30, 2026
Balance as of January 1, 2026	$	35,249
Additions		88,333
Revenue recognized		(80,802	)

Balance as of June 30, 2026	$	42,780

Revenue recognized during the six months ended June 30, 2026 and 2025 that was included in the contract liabilities balance at the beginning of such periods was $20.9 million and $33.7 million, respectively.

Transaction price allocated to the remaining performance obligations

As of June 30, 2026, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $414.4 million. As of June 30, 2026, the Company expected to recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as the Company fulfills the related remaining performance obligations.

HMH Holding BV And Subsidiaries [Member]

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

11. Revenue from contracts with customers

Disaggregated revenue

The following tables present revenue disaggregated by revenue type for the years ended December 31, 2025 and 2024:



	2025
	ESS		PCS		Total
Project and other manufacturing contracts revenue	$	61,130	$	31,306	$	92,436
Sale of products		64,558		56,995		121,553

Product revenue(1)		125,688		88,301		213,989

Service revenue		195,741		187,644		383,385
Spare parts revenue		117,124		107,256		224,380


Total revenue	$	438,553	$	383,201	$	821,754



	2024
	ESS		PCS		Total
Project and other manufacturing contracts revenue	$	33,552	$	36,910	$	70,462
Sale of products		108,610		50,064		158,674

Product revenue (1)		142,162		86,974		229,136
Service revenue		190,222		175,980		366,202
Spare parts revenue		110,805		137,220		248,025

Total revenue	$	443,189	$	400,174	$	843,363

(1)

Product revenue includes related party revenue.

The following table presents timing of revenue recognition for the year ended December 31, 2025:



	ESS		PCS		Total
Transferred overtime	$	300,400	$	218,950	$	519,350
Transferred at point in time		138,153		164,251		302,404

Total revenue	$	438,553	$	383,201	$	821,754

The following table presents timing of revenue recognition for the year ended December 31, 2024:



	ESS		PCS		Total
Transferred overtime	$	299,928	$	212,890	$	512,818
Transferred at point in time		143,261		187,284		330,545

Total revenue	$	443,189	$	400,174	$	843,363

Contract assets consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Balance as of January 1,	$	153,150	$	160,933
Additions		324,949		263,591
Transfers to accounts receivable		(350,896)		(271,374)
Written off(1)	$	(12,285)	$	—

Balance as of December 31,	$	114,918	$	153,150

(1)

2025 amounts written off represent a cancellation of contract with a customer and is included in cost of services sold in the consolidated statements of income.

Contract liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024
Balance as of January 1,	$	55,627		75,525
Additions		166,877		95,386
Revenue recognized		(187,255)		(115,284)

Balance as of December 31,	$	35,249		55,627

Revenue recognized during the years ended December 31, 2025 and 2024 that was included in the contract liabilities balance at the beginning of such period was $50.7 million and $71.3 million, respectively.

Transaction price allocated to the remaining performance obligations

As of December 31, 2025, the aggregate amount of the transaction price allocated to the unsatisfied or partially unsatisfied performance obligations was $329.3 million. As of December 31, 2025, the Company expected to

recognize substantially all of the revenue from the total remaining performance obligations over the next 12 months. Contract modifications could affect both the timing to complete as well as the amount to be received as t

Company fu

lfill

s the related remaining performance obligations.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue from Contracts with Customers - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 414,400,000
Performance obligation, period	12 months
Revenue recognized included in contract liabilities balance	$ 20,900,000	$ 33,700,000
HMH Holding BV And Subsidiaries [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount			$ 329,300,000
Revenue recognized included in contract liabilities balance			$ 50.7	$ 71.3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Revenue

Total revenue

$ 170,822,000

$ 203,457,000

$ 342,143,000

$ 401,887,000

Operating expenses

Total cost of sales

109,524,000

151,545,000

226,157,000

293,428,000

Selling, general and administrative expenses

60,354,000

29,441,000

95,465,000

65,679,000

Research and development expenses

771,000

649,000

1,185,000

1,680,000

Restructuring and other expenses (income), net

5,004,000

1,072,000

5,004,000

4,343,000

Total operating expenses

175,653,000

182,707,000

327,811,000

365,130,000

Operating income (loss)

(4,831,000)

20,750,000

14,332,000

36,757,000

Foreign currency gain (loss), net

(591,000)

2,948,000

(2,819,000)

6,941,000

Other non-operating income (loss)

(158,000)

334,000

(413,000)

647,000

Interest income (expense), net

(3,945,000)

(9,106,000)

(10,898,000)

(18,285,000)

$ (43,352,000)

$ (37,255,000)

Income (loss) before income taxes

(9,525,000)

14,926,000

202,000

26,060,000

Income tax (expense) benefit

4,506,000

(5,158,000)

(1,346,000)

(10,414,000)

Net income (loss)

(5,019,000)

9,768,000

(1,144,000)

15,646,000

Less: Net income (loss) attributable to non-controlling interests

(9,995,000)

819,000

(9,568,000)

585,000

Net income (loss) attributable to HMH Holding Inc.

$ 4,976,000

$ 8,949,000

$ 8,424,000

$ 15,061,000

Net income (loss) per share of common stock (actual)—Basic (in dollars per share)

$ 0.43

$ 0.13

$ 1.44

$ 0.22

Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share)

$ 0.42

$ 0.13

$ 1.26

$ 0.22

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Basic (in shares)

11,662,000

69,355,000

5,863,000

69,355,000

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Diluted (in shares)

11,971,000

69,355,000

6,688,000

69,355,000

Related Party

Revenue

Total revenue

$ 560,000

$ 162,000

$ 887,000

$ 252,000

Operating expenses

Interest income (expense), net

62,000

2,517,000

2,720,000

4,957,000

Service

Revenue

Total revenue

89,072,000

92,332,000

161,081,000

175,840,000

Operating expenses

Total cost of sales

58,766,000

63,671,000

111,824,000

120,749,000

Service | Nonrelated Party

Revenue

Total revenue

89,072,000

92,332,000

161,081,000

175,840,000

Product

Operating expenses

Total cost of sales

16,527,000

53,422,000

41,894,000

100,119,000

Product | Nonrelated Party

Revenue

Total revenue

20,027,000

58,812,000

52,493,000

113,470,000

Spare Parts

Revenue

Total revenue

61,163,000

52,151,000

127,682,000

112,325,000

Operating expenses

Total cost of sales

34,231,000

34,452,000

72,439,000

72,560,000

Spare Parts | Nonrelated Party

Revenue

Total revenue

$ 61,163,000

$ 52,151,000

127,682,000

112,325,000

HMH Holding BV And Subsidiaries [Member]

Revenue

Total revenue

821,754,000

843,363,000

^[1]

Operating expenses

Total cost of sales

576,024,000

571,173,000

Selling, general and administrative expenses

130,397,000

146,810,000

Research and development expenses

2,813,000

7,067,000

Restructuring and other expenses (income), net

4,631,000

(301,000)

Total operating expenses

713,865,000

724,749,000

Operating income (loss)

107,889,000

118,614,000

Foreign currency gain (loss), net

6,790,000

(5,293,000)

Other non-operating income (loss)

1,263,000

423,000

Interest income (expense), net

(43,352,000)

(37,255)

Income (loss) before income taxes

72,590,000

76,489,000

Income tax (expense) benefit

(26,467,000)

(24,533,000)

Net income (loss)

$ (1,144,000)

$ 15,646,000

46,123,000

51,956,000

Less: Net income (loss) attributable to non-controlling interests

669,000

738,000

Net income (loss) attributable to HMH Holding Inc.

$ 45,454,000

$ 51,218,000

Net income (loss) per share of common stock (actual)—Basic (in dollars per share)

$ 227,270

$ 256,090

Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share)

$ 227,270

$ 256,090

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Basic (in shares)

200,000

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Diluted (in shares)

200,000

HMH Holding BV And Subsidiaries [Member] | Related Party

Revenue

Total revenue

$ 445,000

$ 3,615,000

Operating expenses

Interest income (expense), net

10,218,000

9,302,000

HMH Holding BV And Subsidiaries [Member] | Service

Revenue

Total revenue

383,385,000

366,202,000

Operating expenses

Total cost of sales

253,541,000

223,376,000

HMH Holding BV And Subsidiaries [Member] | Service | Nonrelated Party

Revenue

Total revenue

383,385,000

366,202,000

HMH Holding BV And Subsidiaries [Member] | Product

Operating expenses

Total cost of sales

183,509,000

205,172,000

HMH Holding BV And Subsidiaries [Member] | Product | Nonrelated Party

Revenue

Total revenue

213,544,000

225,521,000

HMH Holding BV And Subsidiaries [Member] | Spare Parts

Revenue

Total revenue

224,380,000

248,025,000

Operating expenses

Total cost of sales

138,974,000

142,625,000

HMH Holding BV And Subsidiaries [Member] | Spare Parts | Nonrelated Party

Revenue

Total revenue

224,380,000

$ 248,025,000

HMH Holding Inc. [Member] | Historical [Member]

Revenue

Total revenue

821,754,000

Operating expenses

Total cost of sales

576,024,000

Selling, general and administrative expenses

130,397,000

Research and development expenses

2,813,000

Restructuring and other expenses (income), net

4,631,000

Total operating expenses

713,865,000

Operating income (loss)

107,889,000

Foreign currency gain (loss), net

6,790,000

Other non-operating income (loss)

1,263,000

Interest income (expense), net

(43,352,000)

Income (loss) before income taxes

72,590,000

Income tax (expense) benefit

(26,467,000)

Net income (loss)

46,123,000

Less: Net income (loss) attributable to non-controlling interests

669,000

Net income (loss) attributable to HMH Holding Inc.

45,454,000

HMH Holding Inc. [Member] | Corporate Reorganizations Adjustment [Member]

Revenue

Total revenue

Operating expenses

Total cost of sales

Selling, general and administrative expenses

Research and development expenses

Restructuring and other expenses (income), net

Total operating expenses

Operating income (loss)

Foreign currency gain (loss), net

Other non-operating income (loss)

Interest income (expense), net

Income (loss) before income taxes

Income tax (expense) benefit

Net income (loss)

Less: Net income (loss) attributable to non-controlling interests

Net income (loss) attributable to HMH Holding Inc.

HMH Holding Inc. [Member] | Offering Transactions Adjustments [Member]

Revenue

Total revenue

Operating expenses

Total cost of sales

Selling, general and administrative expenses

21,186,000

Research and development expenses

Restructuring and other expenses (income), net

Total operating expenses

21,186,000

Operating income (loss)

(21,186,000)

Foreign currency gain (loss), net

Other non-operating income (loss)

Interest income (expense), net

10,218,000

Income (loss) before income taxes

(10,968,000)

Income tax (expense) benefit

Net income (loss)

(10,968,000)

Less: Net income (loss) attributable to non-controlling interests

26,068,000

Net income (loss) attributable to HMH Holding Inc.

(37,036,000)

HMH Holding Inc. [Member] | Pro Forma [Member]

Revenue

Total revenue

821,754,000

Operating expenses

Total cost of sales

576,024,000

Selling, general and administrative expenses

151,583,000

Research and development expenses

2,813,000

Restructuring and other expenses (income), net

4,631,000

Total operating expenses

735,051,000

Operating income (loss)

86,703,000

Foreign currency gain (loss), net

6,790,000

Other non-operating income (loss)

1,263,000

Interest income (expense), net

(33,134,000)

Income (loss) before income taxes

61,622,000

Income tax (expense) benefit

(26,467,000)

Net income (loss)

35,155,000

Less: Net income (loss) attributable to non-controlling interests

26,737,000

Net income (loss) attributable to HMH Holding Inc.

$ 8,418,000

Net income (loss) per share of common stock (actual)—Basic (in dollars per share)

$ 0.74

Net income (loss) per share of Class A common stock (actual) — Diluted (in dollars per share)

$ 0.74

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Basic (in shares)

11,422,504

Weighted-average shares of common stock for HMH and HMH B.V. outstanding—Diluted (in shares)

11,422,504

HMH Holding Inc. [Member] | Related Party | Historical [Member]

Revenue

Total revenue

$ 445,000

HMH Holding Inc. [Member] | Related Party | Corporate Reorganizations Adjustment [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Related Party | Offering Transactions Adjustments [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Related Party | Pro Forma [Member]

Revenue

Total revenue

445,000

HMH Holding Inc. [Member] | Service | Historical [Member]

Operating expenses

Total cost of sales

253,541,000

HMH Holding Inc. [Member] | Service | Corporate Reorganizations Adjustment [Member]

Operating expenses

Total cost of sales

HMH Holding Inc. [Member] | Service | Offering Transactions Adjustments [Member]

Operating expenses

Total cost of sales

HMH Holding Inc. [Member] | Service | Pro Forma [Member]

Operating expenses

Total cost of sales

253,541,000

HMH Holding Inc. [Member] | Service | Nonrelated Party | Historical [Member]

Revenue

Total revenue

383,385,000

HMH Holding Inc. [Member] | Service | Nonrelated Party | Corporate Reorganizations Adjustment [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Service | Nonrelated Party | Offering Transactions Adjustments [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Service | Nonrelated Party | Pro Forma [Member]

Revenue

Total revenue

383,385,000

HMH Holding Inc. [Member] | Product | Historical [Member]

Operating expenses

Total cost of sales

183,509,000

HMH Holding Inc. [Member] | Product | Corporate Reorganizations Adjustment [Member]

Operating expenses

Total cost of sales

HMH Holding Inc. [Member] | Product | Offering Transactions Adjustments [Member]

Operating expenses

Total cost of sales

HMH Holding Inc. [Member] | Product | Pro Forma [Member]

Operating expenses

Total cost of sales

183,509,000

HMH Holding Inc. [Member] | Product | Nonrelated Party | Historical [Member]

Revenue

Total revenue

213,544,000

HMH Holding Inc. [Member] | Product | Nonrelated Party | Corporate Reorganizations Adjustment [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Product | Nonrelated Party | Offering Transactions Adjustments [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Product | Nonrelated Party | Pro Forma [Member]

Revenue

Total revenue

213,544,000

HMH Holding Inc. [Member] | Spare Parts | Historical [Member]

Operating expenses

Total cost of sales

138,974,000

HMH Holding Inc. [Member] | Spare Parts | Corporate Reorganizations Adjustment [Member]

Operating expenses

Total cost of sales

HMH Holding Inc. [Member] | Spare Parts | Offering Transactions Adjustments [Member]

Operating expenses

Total cost of sales

HMH Holding Inc. [Member] | Spare Parts | Pro Forma [Member]

Operating expenses

Total cost of sales

138,974,000

HMH Holding Inc. [Member] | Spare Parts | Nonrelated Party | Historical [Member]

Revenue

Total revenue

224,380,000

HMH Holding Inc. [Member] | Spare Parts | Nonrelated Party | Corporate Reorganizations Adjustment [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Spare Parts | Nonrelated Party | Offering Transactions Adjustments [Member]

Revenue

Total revenue

HMH Holding Inc. [Member] | Spare Parts | Nonrelated Party | Pro Forma [Member]

Revenue

Total revenue

$ 224,380,000

[1]	As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.

Goodwill - Schedule Of Changes In Carrying Value Of Goodwill (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Dec. 31, 2024

Goodwill [Line Items]

Balance at Beginning

$ 307,014

Acquisition and purchase accounting adjustments

^[1]

770

Currency translation differences

170

Balance at Ending

307,954

$ 307,014

ESS Segment [Member]

Goodwill [Line Items]

Balance at Beginning

187,788

Acquisition and purchase accounting adjustments

^[1]

770

Currency translation differences

170

Balance at Ending

188,728

187,788

PCS Segment [Member]

Goodwill [Line Items]

Balance at Beginning

119,226

Acquisition and purchase accounting adjustments

^[1]

Currency translation differences

Balance at Ending

119,226

HMH Holding BV And Subsidiaries [Member]

Goodwill [Line Items]

Balance at Beginning

307,014

300,939

$ 287,848

Acquisition and purchase accounting adjustments

^[2]

5,456

Acquisition and other

14,125

Currency translation differences

619

(1,034)

Balance at Ending

307,014

300,939

HMH Holding BV And Subsidiaries [Member] | ESS Segment [Member]

Goodwill [Line Items]

Balance at Beginning

187,788

183,585

184,619

Acquisition and purchase accounting adjustments

^[2]

3,584

Acquisition and other

Currency translation differences

619

(1,034)

Balance at Ending

187,788

183,585

HMH Holding BV And Subsidiaries [Member] | PCS Segment [Member]

Goodwill [Line Items]

Balance at Beginning

$ 119,226

117,354

103,229

Acquisition and purchase accounting adjustments

^[2]

1,872

Acquisition and other

14,125

Currency translation differences

Balance at Ending

$ 119,226

$ 117,354

[1]	ESS segment includes purchase price adjustment of $0.8 million, related to working capital measurement period adjustments for Deep Blue acquisition. See Note 2—“Business Combinations” for more information.
[2]	Goodwill associated with the 2024 Drillform acquisition was assigned to PCS segment and the 2025 Deep Blue acquisition was assigned to ESS segment. The PCS segment in 2025 includes purchase price adjustment of $1.9 million, net of deferred tax assets, related to remeasurement of warranty liabilities for the Drillform acquisition. See Note 2—“Business combinations” for more information.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangible assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
HMH Holding BV And Subsidiaries [Member]
Intangible Asset, Finite-Lived [Line Items]
Amortization expense	$ 24.3	$ 20.7

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Schedule of revenue and long-lived assets on the basis of geography (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

$ 170,822,000

$ 203,457,000

$ 342,143,000

$ 401,887,000

Operating Segments [Member]

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

$ 175,853,000

$ 209,688,000

$ 356,042,000

$ 413,468,000

HMH Holding BV And Subsidiaries [Member]

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

$ 821,754,000

$ 843,363,000

^[1]

HMH Holding BV And Subsidiaries [Member] | Operating Segments [Member]

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

848,673,000

858,967,000

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

249,557

233,357

HMH Holding BV And Subsidiaries [Member] | UNITED STATES

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

301,448,000

304,262,000

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

85,904

89,767

HMH Holding BV And Subsidiaries [Member] | NORWAY

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

203,012,000

206,155,000

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

38,570

25,132

HMH Holding BV And Subsidiaries [Member] | GERMANY

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

100,285,000

99,453,000

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

17,289

17,041

HMH Holding BV And Subsidiaries [Member] | UNITED KINGDOM

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

49,863,000

73,381,000

HMH Holding BV And Subsidiaries [Member] | SINGAPORE

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

28,278,000

45,425,000

HMH Holding BV And Subsidiaries [Member] | SAUDI ARABIA

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

27,795,000

19,314,000

HMH Holding BV And Subsidiaries [Member] | UNITED ARAB EMIRATES

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

27,584,000

19,904,000

HMH Holding BV And Subsidiaries [Member] | BRAZIL

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

25,561,000

31,827,000

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

28,723

25,211

HMH Holding BV And Subsidiaries [Member] | AZERBAIJAN

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

20,789,000

20,754,000

HMH Holding BV And Subsidiaries [Member] | AUSTRALIA

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

14,526,000

10,767,000

HMH Holding BV And Subsidiaries [Member] | CANADA

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

13,843,000

HMH Holding BV And Subsidiaries [Member] | NETHERLANDS

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

57,794

59,199

HMH Holding BV And Subsidiaries [Member] | Other [Member]

Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]

Revenue from Contract with Customer, Including Assessed Tax

8,770,000

12,121,000

Long-Lived Asset, Excluding Financial Instrument, Customer Relationship, Mortgage Servicing Right, Deferred Policy Acquisition Cost, and Deferred Tax Asset, Amount

$ 21,277

$ 17,007

[1]	As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

Income taxes [Line Items]

Income Taxes

15. Income taxes

Provision for income taxes

We recorded a tax benefit of $4.5 million and a tax provision of $1.3 million for the three and six months ended June 30, 2026, respectively, compared to tax provisions of $5.2 million and $10.4 million for the corresponding prior year periods, respectively. The decreases in our tax provisions for both the three and six-month ended-periods were primarily attributable to stock compensation expenses recorded in 2026 upon completion of the IPO and shifts in the Company’s geographic mix of income, which unfavorably altered our estimated annual

effective tax rate. Consequently, our effective tax rate shifted to 47.3% and 666.3% for the three and six months ended June 30, 2026, respectively, compared to 34.6% and 40.0% for the same periods in 2025, respectively.

These fluctuating effective rates were heavily driven by valuation allowances on losses in certain foreign jurisdictions where tax benefits cannot currently be realized, along with the ongoing impacts of localized withholding taxes, statutory jurisdictional rate differentials, and pass-through

non-controlling

interests related to U.S. income taxed at the owner level. For the three and six months ended June 30, 2026, our income tax included the impact of a $22.5 million stock-based compensation expense related to

pre-IPO

stock-based awards. For the six months ended June 30, 2026, our income tax also included $0.5 million of IPO related transaction costs.

Tax receivable agreement

On April 2, 2026, the Company entered into a Tax Receivable Agreement (the “TRA”) with HMH B.V. and the Principal Stockholders. The TRA requires the Company to pay 85% of the net cash savings, if any, actually realized or deemed to be realized in certain circumstances to the Principal Stockholders in connection with U.S. federal, state, local and foreign income taxes and franchise taxes resulting from (i) acquisitions of B.V. Voting Shares from the Principal Stockholders by the Company in connection with the IPO, (ii) the acquisition of B.V.

Non-Voting

Shares from the Principal Stockholders using the net proceeds from any future offering, (iii) redemptions or exchanges of B.V.

Non-Voting

Shares by the Principal Stockholders and the corresponding number of shares of the Company’s Class B common stock for shares of the Company’s Class A common stock or cash or (iv) tax benefits related to imputed interest deemed arising as a result of payments made under the TRA.

During the three months ended June 30, 2026, the Company recorded a TRA liability of $3.8 million. The Company also recorded a deferred tax liability of $2.8 million, resulting from the difference between the book and tax basis of the Company’s investment in HMH B.V. which was reflected in additional

paid-in

capital in our condensed consolidated balance sheet

as of June 30, 2026

HMH Holding BV And Subsidiaries [Member]

Income taxes [Line Items]

Income Taxes

16. Income taxes

Income tax expense, all of which are foreign, consisted of the following for the years ended December 31, 2025 and 2024:



	2025			2024

Current:
Domestic	$	—		$	—
Foreign		(24,077	)		(17,500	)

Total current tax expense	$	(24,077	)	$	(17,500	)


Deferred:
Domestic	$	—		$	—
Foreign		(2,390	)		(7,033	)

Total deferred tax expense	$	(2,390	)	$	(7,033	)

Income tax expense	$	(26,467	)	$	(24,533	)

The domestic and foreign components of income before income taxes were as follows for the years ended December 31, 2025 and 2024:



	2025			2024
Domestic	$	(43,991	)	$	(37,697	)
Foreign		116,581			114,186


Income before income taxes	$	72,590		$	76,489

Effective tax rate

The following table reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in the Netherlands, the jurisdiction of tax domicile of the Company, for the years ended December 31, 2025 and 2024:



	2025			2024
Income before income taxes	$	72,590		$	76,489
Statutory income tax rate (25.8%)		(18,728	)		(19,734	)

Tax effects of:
Difference between local income tax rate and Dutch income tax rate		2,506			2,783
Nondeductible expenses		(8,588	)		(6,812	)
Unrecognized tax benefits		(352	)		(1,560	)
Income taxed to U.S. shareholders(1)		6,640			7,612
Shareholder tax benefit		(227	)		(1,660	)
Change in valuation allowance		(2,670	)		(2,502	)
Change in tax rate		(356	)		—
Withholding taxes		(4,289	)		(2,356	)
Other		(403	)		(304	)

Income tax expense	$	(26,467	)	$	(24,533	)

(1)

Recognized deferred tax assets and liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024

Deferred tax assets
Net operating loss carryforwards	$	9,330	$	11,144
Interest carryforwards		10,885		18,713
Employee benefit plan liabilities		3,207		3,490
Property, plant and equipment		249		2,437
Provisions		7,222		4,777
Inventories		8,944		8,580
Other		1,420		—

Total deferred tax asset	$	41,257	$	49,141

Valuation allowance		(21,253)		(26,325	)

Total deferred tax asset after valuation allowance	$	20,004	$	22,816

Deferred tax liabilities
Customer relationships		(8,981)		(10,229	)
Other intangible assets		(3,435)		(2,662	)
Contract assets		(7,878)		(3,244	)
Derivative financial instruments		(1,560)		(3,049	)
Other		(14)		(3,619	)

Total deferred tax liabilities	$	(21,868)	$	(22,803	)

Net deferred tax (liability) asset	$	(1,864)	$	13

For the year ended December 31, 2025, the net change in valuation allowance of $5.1 million was comprised of $3.6 million of additions less $0.9 million of reversals, which impacted the effective tax rate. Additional activity included $8.1 million of reversals related to reductions in carryforward amounts and $0.4 million of foreign currency translation adjustments. For the year ended December 31, 2024, the net change in valuation allowance of $2.8 million was comprised of $3.4 million of additions less $0.9 million of reversals, which impacted the effective tax rate. Additional activity included $4.1 million of additions related to an acquisition less $7.5 million of reversals related to reductions in carryforward amounts and $1.9 million of foreign currency translation adjustments.

As of December 31, 2025, the Company had $42.6 million of net operating loss carryforwards (“NOLs”), of which approximately $19.0 million will expire between 2028 and 2046, and the remainder can be carried forward indefinitely. The Company also had interest carryforwards of $43.8 million, of which $10.6 million will expire between 2027 and 2035, and the remainder can be carried forward indefinitely.

As of December 31, 2024, the Company had $42.5 million of NOLs, of which approximately $18.1 million will expire between 2030 and 2042, and the remainder can be carried forward indefinitely. The Company also had interest carryforwards of $75.4 million, of which $19.6 million will expire between 2025 and 2030, and the remainder can be carried forward indefinitely.

The Company operates and is subject to income taxes in multiple jurisdictions. Income tax return periods from 2020 generally remain open for examination in Norway and periods from 2021 generally remain open for examination in other jurisdictions.

As of December 31, 2025, the Company had undistributed earnings of foreign subsidiaries of $114.5 million, which continue to be indefinitely reinvested. The Company makes a determination each period whether to

indefinitely reinvest these earnings. If, as a result of these reassessments, the Company distributes these earnings in the future, additional tax liabilities could result. No additional income taxes have been provided for any additional outside basis differences inherent in the Company’s foreign subsidiaries, as these amounts continue to be indefinitely reinvested. Determining the amount of unrecognized deferred tax liability related to any additional outside basis differences in these entities is not practicable.

As of December 31, 2025, the Company had approximately $0.8 million of unrecognized tax benefits and does not expect to recognize any significant increases in unrecognized tax benefits during the next twelve-month period. Interest and penalties, in the amount of $0.3 million related to income taxes, are recorded in income tax expense. The total liability recognized for unrecognized tax benefits including interest and penalties is $1.9 million. If recognized, the $0.8 million of unrecognized tax benefits would favorably impact the effective tax rate. During 2025, the aggregate changes in the Company’s total amount of unrecognized benefits are summarized as follows:



	2025		2024
Balance as of January 1,	$	771	$	—
Increases in unrecognized tax benefits - current year positions		—		110
Increases in unrecognized tax benefits - prior year positions		—		661

Balance as of December 31,	$	771	$	771

The Organization for Economic

Co-operation

and Development has advanced reforms focused on global profit allocation and implementing a global minimum tax rate of at least 15% for large multinational corporations on a

jurisdiction-by-jurisdiction

basis, known as “Pillar Two.” On December 15, 2022, the European Council formally adopted a European Union directive on the implementation of the plan by January 1, 2024. In January 2026, the Organization for Economic

Co-operation

and Development issued additional guidance on a

side-by-side

package, which limits the applicability of Pillar Two to U.S. multinational companies. The Company will be subject to Pillar Two beginning in 2026, but it is not expected to materially increase the taxes the Company owes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Business Combinations - Schedule of the Fair Value of Acquired Identifiable Intangible Assets (Details) - HMH Holding BV And Subsidiaries [Member] - Drillform Technical Services Ltd [Member]
$ in Thousands

Apr. 17, 2024

USD ($)

Intangible Asset, Finite-Lived [Line Items]

Identified intangible assets acquired

$ 11,000

Developed Technology Rights [Member]

Intangible Asset, Finite-Lived [Line Items]

Identified intangible assets acquired

6,000

^[1]

Customer Relationships [Member]

Intangible Asset, Finite-Lived [Line Items]

Identified intangible assets acquired

$ 5,000

^[1]

[1]	The weighted-average amortization period for developed technology and customer relationships is 5 years and 2 years, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income taxes (Tables) - HMH Holding BV And Subsidiaries [Member]

12 Months Ended

Dec. 31, 2025

Income taxes [Line Items]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense, all of which are foreign, consisted of the following for the years ended December 31, 2025 and 2024:



	2025			2024

Current:
Domestic	$	—		$	—
Foreign		(24,077	)		(17,500	)

Total current tax expense	$	(24,077	)	$	(17,500	)


Deferred:
Domestic	$	—		$	—
Foreign		(2,390	)		(7,033	)

Total deferred tax expense	$	(2,390	)	$	(7,033	)

Income tax expense	$	(26,467	)	$	(24,533	)

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The domestic and foreign components of income before income taxes were as follows for the years ended December 31, 2025 and 2024:



	2025			2024
Domestic	$	(43,991	)	$	(37,697	)
Foreign		116,581			114,186


Income before income taxes	$	72,590		$	76,489

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]



	2025			2024
Income before income taxes	$	72,590		$	76,489
Statutory income tax rate (25.8%)		(18,728	)		(19,734	)

Tax effects of:
Difference between local income tax rate and Dutch income tax rate		2,506			2,783
Nondeductible expenses		(8,588	)		(6,812	)
Unrecognized tax benefits		(352	)		(1,560	)
Income taxed to U.S. shareholders(1)		6,640			7,612
Shareholder tax benefit		(227	)		(1,660	)
Change in valuation allowance		(2,670	)		(2,502	)
Change in tax rate		(356	)		—
Withholding taxes		(4,289	)		(2,356	)
Other		(403	)		(304	)

Income tax expense	$	(26,467	)	$	(24,533	)

(1)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Recognized deferred tax assets and liabilities consisted of the following as of December 31, 2025 and 2024:



	2025		2024

Deferred tax assets
Net operating loss carryforwards	$	9,330	$	11,144
Interest carryforwards		10,885		18,713
Employee benefit plan liabilities		3,207		3,490
Property, plant and equipment		249		2,437
Provisions		7,222		4,777
Inventories		8,944		8,580
Other		1,420		—

Total deferred tax asset	$	41,257	$	49,141

Valuation allowance		(21,253)		(26,325	)

Total deferred tax asset after valuation allowance	$	20,004	$	22,816

Deferred tax liabilities
Customer relationships		(8,981)		(10,229	)
Other intangible assets		(3,435)		(2,662	)
Contract assets		(7,878)		(3,244	)
Derivative financial instruments		(1,560)		(3,049	)
Other		(14)		(3,619	)

Total deferred tax liabilities	$	(21,868)	$	(22,803	)

Net deferred tax (liability) asset	$	(1,864)	$	13

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

During 2025, the aggregate changes in the Company’s total amount of unrecognized benefits are summarized as follows:



	2025		2024
Balance as of January 1,	$	771	$	—
Increases in unrecognized tax benefits - current year positions		—		110
Increases in unrecognized tax benefits - prior year positions		—		661

Balance as of December 31,	$	771	$	771

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Total	$ 846,399	$ 709,927	$ 700,452	$ 669,347	$ 650,794	$ 631,337
Accumulated other comprehensive income (loss)
Class of Stock [Line Items]
Total	2,011	$ 9,839	4,239	$ 3,611	$ (5,174)	$ (18,753)
Hedging reserve adjustments
Class of Stock [Line Items]
Total	6		465
Pension remeasurement reserve adjustments
Class of Stock [Line Items]
Total	712		2,691
Currency translation reserve adjustments
Class of Stock [Line Items]
Total	$ 1,293		$ 1,083

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 27: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 35: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 36: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 67: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 70: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 71: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 72: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 73: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 74: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Business Combinations - Additional Information (Details)
£ in Millions

6 Months Ended

12 Months Ended

Oct. 01, 2025

USD ($)

Oct. 01, 2025

GBP (£)

Jul. 17, 2024

USD ($)

Mar. 28, 2024

USD ($)

Jun. 30, 2026

USD ($)

Jun. 30, 2026

GBP (£)

Dec. 31, 2025

USD ($)

Oct. 01, 2025

GBP (£)

Dec. 31, 2024

USD ($)

Apr. 17, 2024

USD ($)

Dec. 31, 2023

USD ($)

Business Combination [Line Items]

Goodwill

$ 307,954,000

$ 307,014,000

Purchase price adjustment

800,000

Deep Blue Oil & Gas Limited [Member]

Business Combination [Line Items]

Business combination, consideration transferred

$ 6,900,000

£ 5.1

Cash

4,700,000

3.5

Goodwill

4,300,000

£ 3.2

Contingent consideration

^[1]

2,200,000

1.6

Identified intangible assets acquired

2,600,000

1.9

Purchase price adjustment

$ 800,000

£ 0.6

HMH Holding BV And Subsidiaries [Member]

Business Combination [Line Items]

Business combination, consideration transferred

$ 9,200,000

Goodwill

307,014,000

$ 300,939,000

$ 287,848,000

Deferred tax asset

(20,004)

(22,816)

Purchase price adjustment

1,900,000

HMH Holding BV And Subsidiaries [Member] | Drillform Technical Services Ltd [Member]

Business Combination [Line Items]

Business combination, consideration transferred

$ 24,700,000

Cash

21,000,000

Contingent consideration

$ 3,700,000

Goodwill

15,998,000

Warrant liabilities

2,400,000

Deferred tax asset

(600,000)

Maximum contingent consideration

12,000,000

Asset acquisition, consideration transferred, contingent consideration

4,700,000

Business combination, transaction cost, excluding separately recognized transaction

$ 0

$ 3,600,000

Identified intangible assets acquired

11,000,000

Cash and cash equivalents

$ 1,377,000

Purchase price adjustment

$ 1.9

HMH Holding BV And Subsidiaries [Member] | Deep Blue Oil & Gas Limited [Member]

Business Combination [Line Items]

Cash

4.5

£ 3.3

Goodwill

3,600,000

2.7

Contingent consideration

2,000,000

1.5

Identified intangible assets acquired

2,600,000

1.9

Cash and cash equivalents

$ 300,000

£ 0.2

[1]	The contingent consideration consists of deferred payments by the Company to the acquiree’s prior equity holders for three years, contingent on meeting specific earnings and operational targets.

Employee Benefit Expenses - Schedule of the accumulated benefit obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan, Roll Forwards [Abstract]
Service cost	$ 43	$ 125	$ 83	$ 246
Interest cost	$ 175	$ 182	345	357
HMH Holding BV And Subsidiaries [Member]
Defined Benefit Plan, Roll Forwards [Abstract]
Beginning balance			18,436	18,458	$ 18,458	$ 20,174
Service cost					163	492
Interest cost					749	764
Actuarial (gain) loss					(1,740)	124
Benefits paid					(1,457)	(1,419)
Foreign currency translation adjustment					2,354	(1,589)
Other					(91)	(88)
Ending balance					18,436	18,458
Beginning of year			$ 0	$ 0	0	0
Employer contribution					734	712
Benefits paid					(643)	(624)
End of year					0	0
Funded status—End of year					(18,436)	(18,458)
Accumulated benefit obligation					$ (18,436)	$ (18,458)

Intangible assets - Schedule Of The Estimated Future Amortization Expense (Details) - HMH Holding BV And Subsidiaries [Member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Asset, Finite-Lived [Line Items]
2026	$ 29,888
2027	28,067
2028	15,296
2029	5,378
2030	3,733
Thereafter	39,708
Total	$ 122,070	$ 135,154

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes- Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income taxes [Line Items]
Tax (benefit) provision	$ 4,500,000	$ 5,200,000	$ 1,300,000	$ 10,400,000
Effective tax rate	47.30%	34.60%	666.30%	40.00%
Pre-IPO stock-based compensation expense	$ 22,500,000		$ 22,500,000
IPO related transaction costs included in tax expense			$ 500,000
TRA liability	3,800,000
Tax impact of reorganization	$ 2,800,000
HMH Holding BV And Subsidiaries [Member]
Income taxes [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount					$ 5,100,000	$ 2,800,000
Addition In Valuation Allowance Deferred Tax Asset Change In Amount					3,600,000	3,400,000
Deferred Tax Assets Valuation Allowance Reversal					900,000	900,000
Deferred Tax Assets Operating Loss Reduction In Carryforwards					8,100,000	7,500,000
Foreign Currency Translation Adjustments					400,000	1,900,000
Addition In Valuation Allowance Defered Tax Assets						4,100,000
Unrecognized Tax Benefits Favorable Rate Amount					800,000
Deferred Tax Assets, Operating Loss Carryforwards					9,330	11,144
Deferred Tax Asset, Interest Carryforward					10,885	18,713
Undistributed Earnings of Foreign Subsidiaries					114,500,000
Unrecognized Tax Benefits					771	771	$ 0
Income Tax Examination, Penalties and Interest Expense					300,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense					1,900,000
HMH Holding BV And Subsidiaries [Member] \| Deferred Income Tax Charge [Member]
Income taxes [Line Items]
Deferred Tax Assets Interest Carryforward Subject To Expiration					10,600,000	19,600,000
Deferred Tax Assets, Operating Loss Carryforwards					42,600,000	42,500,000
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration					19,000,000	18,100,000
Deferred Tax Asset, Interest Carryforward					43,800,000	$ 75,400,000
Unrecognized Tax Benefits					$ 800,000

Accrued Expenses (Details) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

schedule of accrued liabilities [Line Items]

Accrued vendor costs

$ 31,629

$ 38,049

Accrued payroll and employee related liabilities

34,082

38,119

Provisions—warranty

5,813

8,371

Provisions—environmental

3,219

3,236

Provisions for loss contingencies

759

1,962

Provisions—restructuring

4,100

858

Accrued interest

656

646

Accrued sales and other taxes

268

220

Other

4,438

4,319

Accrued expenses

$ 84,964

95,780

HMH Holding BV And Subsidiaries [Member]

schedule of accrued liabilities [Line Items]

Accrued vendor costs

38,049

$ 60,583

Accrued payroll and employee related liabilities

38,119

40,476

Provisions—warranty

8,371

11,082

$ 8,556

Provisions—environmental

^[1]

3,236

3,086

Provisions for loss contingencies

1,962

3,023

Provisions—restructuring

858

220

Accrued interest

646

3,126

Accrued sales and other taxes

220

1,361

Other

4,319

5,463

Accrued expenses

$ 95,780

$ 128,420

[1]	Costs of future estimated expenditures for environmental remediation liabilities are not discounted to their present value due to the timing of the future expenditures not being reliably determinable. The environmental remediation liability is related to two plants.

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Dec. 31, 2025

Dec. 31, 2024

Mar. 28, 2024

Condensed Consolidated Statements of Income

Revenue

$ 170,822,000

$ 203,457,000

$ 342,143,000

$ 401,887,000

Interest expense, net

3,945,000

9,106,000

10,898,000

18,285,000

$ 43,352,000

$ 37,255,000

Condensed Consolidated Balance Sheets

Related party note receivable

22,656,000

33,604,000

Tax receivable agreement liability

3,760,000

Other liabilities

61,017,000

54,323,000

Revenue

560,000

162,000

887,000

252,000

Interest expense, net

(62,000)

(2,517,000)

(2,720,000)

(4,957,000)

Condensed Consolidated Balance Sheets

Related party accounts receivable

1,605,000

1,499,000

Related party notes receivable—current

4,357,000

3,653,000

Related party note receivable

22,656,000

33,604,000

Accounts payable—related party

13,000

107,000

107

Tax receivable agreement liability

3,760,000

Long-term debt, net—related party

143,732,000

Other liabilities

8,291,000

Condensed Consolidated Statements of Income

Revenue

Interest expense, net

(49,000)

(2,031,000)

(2,182,000)

(4,001,000)

Condensed Consolidated Balance Sheets

Related party accounts receivable

Related party notes receivable—current

Related party note receivable

4,654,000

Accounts payable—related party

Tax receivable agreement liability

1,880,000

Long-term debt, net—related party

112,471,000

Other liabilities

384,000

Related Party | Akastor AS [Member]

Condensed Consolidated Statements of Income

Revenue

Interest expense, net

(13,000)

(486,000)

(538,000)

(956,000)

Condensed Consolidated Balance Sheets

Related party accounts receivable

424,000

Related party notes receivable—current

1,544,000

Related party note receivable

19,056,000

24,545,000

Accounts payable—related party

Tax receivable agreement liability

Long-term debt, net—related party

31,261,000

Other liabilities

7,907,000

Condensed Consolidated Statements of Income

Revenue

47,000

49,000

175,000

74,000

Interest expense, net

Condensed Consolidated Balance Sheets

Related party accounts receivable

1,305,000

942,000

Related party notes receivable—current

Related party note receivable

Accounts payable—related party

102,000

Tax receivable agreement liability

Long-term debt, net—related party

Other liabilities

Related Party | Other Akastor companies

Condensed Consolidated Statements of Income

Revenue

513,000

113,000

712,000

178,000

Interest expense, net

Condensed Consolidated Balance Sheets

Related party accounts receivable

300,000

133,000

Related party notes receivable—current

Related party note receivable

Accounts payable—related party

13,000

5,000

Tax receivable agreement liability

1,880,000

Long-term debt, net—related party

Other liabilities

Related Party | Tanajib Holding Company

Condensed Consolidated Statements of Income

Revenue

Interest expense, net

$ 0

Condensed Consolidated Balance Sheets

Related party accounts receivable

Related party notes receivable—current

2,813,000

2,109,000

Related party note receivable

3,600,000

4,405,000

Accounts payable—related party

Tax receivable agreement liability

Long-term debt, net—related party

Other liabilities

$ 0

HMH Holding BV And Subsidiaries [Member]

Condensed Consolidated Statements of Income

Revenue

821,754,000

843,363,000

^[1]

Interest expense, net

43,352,000

37,255

Condensed Consolidated Balance Sheets

Related party note receivable

33,604,000

31,747,000

Other liabilities

54,323,000

53,646,000

HMH Holding BV And Subsidiaries [Member] | Related Party

Condensed Consolidated Statements of Income

Revenue

445,000

3,615,000

Interest expense, net

(10,218,000)

(9,302,000)

Condensed Consolidated Balance Sheets

Related party accounts receivable

1,499,000

2,332,000

$ 2,200,000

Related party notes receivable—current

3,653,000

3,679,000

Related party note receivable

33,604,000

31,747,000

Accounts payable—related party

107,000

551,000

Long-term debt, net—related party

143,732,000

131,910,000

Other liabilities

8,291,000

8,676,000

HMH Holding BV And Subsidiaries [Member] | Related Party | Baker Hughes Holdings LLC

Condensed Consolidated Statements of Income

Revenue

Interest expense, net

(8,232,000)

(7,616,000)

Condensed Consolidated Balance Sheets

Related party accounts receivable

Related party notes receivable—current

Related party note receivable

4,654,000

4,299,000

Accounts payable—related party

Long-term debt, net—related party

112,471,000

103,767,000

Other liabilities

384,000

514,000

HMH Holding BV And Subsidiaries [Member] | Related Party | Akastor AS [Member]

Condensed Consolidated Statements of Income

Revenue

3,406,000

Interest expense, net

(1,986,000)

(1,686,000)

Condensed Consolidated Balance Sheets

Related party accounts receivable

424,000

1,136,000

Related party notes receivable—current

1,544,000

1,500,000

Related party note receivable

24,545,000

22,694,000

Accounts payable—related party

Long-term debt, net—related party

31,261,000

28,143,000

Other liabilities

7,907,000

8,162,000

HMH Holding BV And Subsidiaries [Member] | Related Party | Other Baker Hughes companies

Condensed Consolidated Statements of Income

Revenue

130,000

132,000

Interest expense, net

Condensed Consolidated Balance Sheets

Related party accounts receivable

942,000

974,000

Related party notes receivable—current

Related party note receivable

Accounts payable—related party

102,000

69,000

Long-term debt, net—related party

Other liabilities

HMH Holding BV And Subsidiaries [Member] | Related Party | Other Akastor companies

Condensed Consolidated Statements of Income

Revenue

315,000

77,000

Interest expense, net

Condensed Consolidated Balance Sheets

Related party accounts receivable

133,000

Related party notes receivable—current

Related party note receivable

Accounts payable—related party

5,000

124,000

Long-term debt, net—related party

Other liabilities

HMH Holding BV And Subsidiaries [Member] | Related Party | Tanajib Holding Company

Condensed Consolidated Statements of Income

Revenue

Interest expense, net

Condensed Consolidated Balance Sheets

Related party accounts receivable

222,000

Related party notes receivable—current

2,109,000

2,179,000

Related party note receivable

4,405,000

4,754,000

Accounts payable—related party

358,000

Long-term debt, net—related party

Other liabilities

$ 0

[1]	As the CODM does not regularly review intersegment revenue, it is excluded from the determination of total segment operating income. The CODM uses revenue from external customers to assess performance and allocate resources.

Revenue from Contracts with Customers - Contract Assets (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Dec. 31, 2024
Contract With Customer Asset And Liability [Line Items]
Beginning balance	$ 114,918,000
Additions	140,722,000
Transfers to accounts receivable	(151,018,000)
Ending balance	104,622,000	$ 114,918,000
HMH Holding BV And Subsidiaries [Member]
Contract With Customer Asset And Liability [Line Items]
Beginning balance	$ 114,918	153,150	$ 160,933
Additions		324,949,000	263,591
Transfers to accounts receivable		(350,896,000)	(271,374)
Written off		(12,285)	0
Ending balance		$ 114,918	$ 153,150

Share-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	2,200,000		2,200,000						1,500,714
Shares available for issuance (in shares)	1,400,000		1,400,000
Annual increase percentage (up to)			5.00%
Share-based compensation	$ 22,800		$ 22,800
Selling, general and administrative expenses	60,354	$ 29,441	95,465	$ 65,679
Total cost of sales	109,524	$ 151,545	226,157	$ 293,428
Unrecognized compensation cost	18,600		$ 18,600
Recognition period			2 years 6 months 7 days
Share-based payment arrangement, after forfeiture	22,775		$ 22,775
HMH Holding BV And Subsidiaries [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Selling, general and administrative expenses					$ 130,397	$ 146,810
Total cost of sales					576,024	571,173
Founders phantom equity award program \| HMH Holding BV And Subsidiaries [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Program for management								$ 10,000
Fair value share based payment arrangement award								600,000
Share-based payment arrangement, before forfeiture								10,000
Share-based payment arrangement, forfeited						300	$ 1,300	2,000
Long term incentive program \| HMH Holding BV And Subsidiaries [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, before forfeiture					5,000	5,000	5,000	5,000
Share-based payment arrangement, after forfeiture					$ 1,000	$ 1,000	$ 700,000	$ 600,000
Restricted common stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Performance Share Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Performance period			3 years
Performance Share Units \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payout percentage			0.00%
Performance Share Units \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payout percentage			200.00%
Share-Based Payment Arrangement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Selling, general and administrative expenses	22,300		$ 22,300
Total cost of sales	$ 500		$ 500

Property, plant and equipment

12 Months Ended

Dec. 31, 2025

HMH Holding BV And Subsidiaries [Member]

Property, Plant, and Equipment [Line Items]

Property, plant and equipment

4. Property, plant and equipment

Property, plant and equipment consisted of the following as of December 31, 2025 and 2024:



	2025			2024
Buildings and land	$	162,275		$	151,638
Machinery, equipment and software		102,600			85,822
Assets under construction		3,315			3,317

Total cost	$	268,190		$	240,777

Less: Accumulated depreciation		(67,372	)		(42,093	)

Property, plant and equipment, net	$	200,818		$	198,684

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Employee Benefit Expenses - Schedule of The Weighted Average Assumptions Used To Determine Net Periodic (Details) - HMH Holding BV And Subsidiaries [Member]	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
German Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.70%	3.10%
Expected long-term return on plan assets	0.00%	0.00%
Interest crediting rate	2.60%	2.60%
Norwegian Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.50%	4.70%
Expected long-term return on plan assets	0.00%	0.00%
Interest crediting rate	4.00%	3.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details