National Energy Services Reunited (NESR) Barclays Energy Conference September 2026 presentation summary

Growth strategy and positioning

• MENA-focused energy services platform with 20+ service lines, operations in 16+ countries, 7,000+ employees and 30+ NOC and IOC customers.

• Revenue reached $1.324B in 2025, versus $311M in 2018; 1H26 revenue was $925M, or $1.851B annualized.

• The $2B annualized run rate was reached in 2Q26; the $3B3 strategy targets $3B revenue within three years.

• Growth priorities include commercializing the ROYA directional drilling platform, scaling NEDA projects beyond pilots and expanding core services.

MENA market and operating opportunity

• 2026 Middle East E&P spending is projected to rise 1%, with regional activity expected to reach an all-time high.

• Saudi plans include oil capacity expansion to 5mmbpd by 2027 and gas growth of 80% by 2030; Jafurah targets 2.0 bscfd of sales gas.

• The Jafurah award made the business MENA’s largest frac company; operations, supply chain and committed Jafurah scope are 100% Saudi.

• Contract visibility includes a multi-billion-dollar, five-year unconventional frac platform contract in Saudi Arabia and a pipeline of multi-billion-dollar tenders across multiple countries.

Financial profile and shareholder returns

• 2025 adjusted EBITDA was $281.5M, with a 21.3% adjusted EBITDA margin, down 250 bps YoY; adjusted free cash flow was $121M and conversion was 43%.

• 1H26 revenue increased 47% YoY and net income increased 165% YoY.

• 2026 growth outlook is above 45%, versus estimated MENA activity growth of 1%; TTM ROCE was 13% and June 2026 net debt/TTM EBITDA was 0.3x.

• Announced a $50M, 12-month buyback and a $0.40/share quarterly dividend starting 4Q26; combined capital return is $90M, with a stated 3.6% yield.