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National Energy Services Reunited (NESR) investor relations material
National Energy Services Reunited Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Secured the largest frac tender in Jafurah, a multi-year, multi-billion dollar contract, establishing a leading position in the Middle East unconventional sector.
Achieved strong execution and cost control despite transitioning key contracts in Q3 2025, with continued growth in Kuwait and increased activity across most operating countries.
Countercyclical investment strategy enabled rapid operational readiness and capitalized on market weakness, positioning for future growth.
Participation in major industry events highlighted the region's focus on energy addition and AI-driven demand, aligning with company strengths.
Net income rose to $17.7 million, up 16.7% sequentially but down 14.0% year-over-year, with diluted EPS at $0.18, up 15.6% sequentially.
Financial highlights
Q3 2025 revenue was $295.3 million, down 9.8% sequentially and 12.2% year-over-year, mainly due to contract transitions in Saudi Arabia.
Adjusted EBITDA for Q3 2025 was $64 million (21.7% margin), stable versus Q2 2025 despite lower revenue, reflecting strong cost discipline.
Adjusted EPS for Q3 2025 was $0.16, with adjustments for charges and credits totaling $2.3 million.
Gross debt as of September 30 was $332.9 million; net debt was $263.3 million; net debt-to-Adjusted EBITDA ratio at 0.93.
Operating cash flow for the nine months ended September 30, 2025, was $125.7 million; free cash flow was $25.0 million, down from $103.0 million in the prior year period.
Outlook and guidance
Full year 2025 revenue expected to be broadly in line with 2024, with Q4 2025 anticipated to be a record quarter.
2025 and 2026 EBITDA margins projected to remain at 21%-22%, with a goal to improve to 23%-25% over time.
2026 revenue run rate expected to reach approximately $2 billion, with high confidence due to signed contracts and operational ramp-up.
CapEx for 2025 and 2026 guided at $140 million-$150 million annually, supporting contract execution and growth.
Free cash flow for 2025 projected at $70 million-$80 million, with a positive trajectory expected in 2026.
How does NESR maintain Jafurah margins?
Impact of AI on MENA gas demand and NESR?
Capital allocation post-2026 debt reduction?
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Next National Energy Services Reunited earnings date
Q4 202512 Mar, 2026
Next National Energy Services Reunited earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
National Energy Services Reunited Corp. provides oilfield services to oil and gas companies in the Middle East, North Africa, and the Asia Pacific regions. It offers drilling services from land rigs and platform support vessels; drilling project offshore management services; mud engineering services, such as mud testing and treatment at the rig site; and tool rental services, such as shock tools, cementing equipment and packers, fishing tools, casing equipment, completions products and other auxiliary equipment rentals.
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