National Energy Services Reunited (NESR) Lytham Partners Spring 2026 Investor Conference summary

Company overview and market positioning

• Operates in 16 countries across the Middle East and North Africa with over 20 product and service lines.

• Only publicly listed pure-play Middle East oilfield services company, listed on Nasdaq.

• Focuses on local hiring and investment, positioning as a national champion in each country.

• Diversified business with production services (2/3 of revenue) and drilling/evaluation (1/3).

• Outperformed peers during downturns, including COVID and recent regional conflicts.

Growth, financial performance, and shareholder returns

• Revenue grew from $450 million in 2018 to $1.34 billion in 2025, with visibility to $2 billion run rate soon.

• Targets $3 billion revenue within 2–3 years, depending on project timing.

• Healthy free cash flow and margins, with compounding growth and strong balance sheet.

• Announced inaugural shareholder return program: $50 million buyback and $0.40/share annual dividend (1.6% yield), starting Q4.

• Anticipates 40% growth in 2026 and 25% in 2027, maintaining outperformance.

Market dynamics and strategic advantages

• Middle East market offers lowest-cost oil and gas, strong value chain, and multi-year contracts (average five years).

• Contracts range from three to nine years, providing cost optimization and durable cash flow.

• Growth supported by large-scale projects like Saudi Arabia’s Jafurah unconventional gas field.

• Won the largest oilfield services tender globally, securing the entire committed scope for Jafurah.

• Positioned to benefit from AI investment trends and regional geopolitical realignment.