National Energy Services Reunited Corp · NASDAQ:NESR
National Energy Services Reunited — Goldman Sachs Energy, CleanTech & Utilities Conference 2025
20 slides from National Energy Services Reunited's conference presentation, January 2025
Slide 1: National Energy Services Reunited Corp. – National Champion of MENA
National Energy Services Reunited Corp. National Champion of MENA Goldman Sachs Energy, CleanTech & Utilities Conference January 2025 Sherif Foda – Chairman & Chief Executive Officer |1
Slide 2: Safe Harbor and Other Disclaimers
Safe Harbor and Other Disclaimers Non-Solicitation: This presentation (the “Presentation”) is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of National Energ
Slide 3: Company Snapshot
Company Snapshot |3 Confidential– Do not reproduce or distribute Strictly confidential Copyright NESR Corp.
Slide 4: Who We Are
Who We Are ▪ Diversified Energy Services Focused in Middle East/North Africa (MENA) Region ▪ Reporting Segments: Drillings & Evaluation (D&E) | Production Services (PS) ▪ Unique, decentralized structure with multiple HQ (Houston, Saudi Arabia, Oman, UAE) and regional offices to support across MENA ▪
Slide 5: What We Do
What We Do Construct Intervene Produce & Protect Cementing Coiled Tubing Artificial Lift Production Advanced Solutions for Zonal Isolation Integrated Solutions for Complex Well Interventions Optimized Performance, Reduced Downtime Filtration Production Assurance Stimulation, Pumping & Nitrogen Servi
Slide 6: Our Growing “Anchor Country” Footprint
Our Growing “Anchor Country” Footprint 2018 (SPAC) 2024E ** Shading based on annual revenue run rate Entry-Level Country Anchor Country Source: NESR Company Data – Shading based on annual revenue contribution by country Copyright NESR Corp. |6
Slide 7: Segment “Pull Through” to Establish Leading Share
Segment “Pull Through” to Establish Leading Share Business Line 2018 (SPAC) 2023 Future Vision 1H24 MENA Rank Cementing Top 5 Coil/Stim/Pump Top 5 Hydraulic Fracturing Top 5 N2 & Filtration Top 5 Well Testing Top 5 Slickline Top 5 Fishing & Remedial Top 5 Thru Tubing Past 5 Years Next 5 Years Top 5
Slide 8: Timeline – Open Tech Platform & Investment Approach
Timeline – Open Tech Platform & Investment Approach 2018 2018 (SPAC) 2019 2020 2021 2022 2023 2024+ (NORI R&D Center Inauguration) (Partnership) (Early-Stage Investment) (Acquisitions) (Commercialization) (Drilling Partnerships) (Early-Stage Investments) (Early-Stage Investment) (HIROX Plant Iraq, S
Slide 9: NESR Oilfield Research & Innovation (NORI)
NESR Oilfield Research & Innovation (NORI) Portfolio expansion to enhance core offering & expand to new frontiers… Surface & Downhole Technologies ▪ Drilling & Evaluation (D&E) – W.D. Von Gonten lab domiciled in Saudi Dhahran Techno Drilling Performance Manufacturing Valley (DTV), bringing world-cla
Slide 10: NESR Oilfield Research & Innovation (NORI)
NESR Oilfield Research & Innovation (NORI) “NESR’s commitment to building a collaborative, open technology platform is a powerful W.D. Von Gonten Lab – Unconventional & Innovative Chemistry to Support Core testament to its alignment with Saudi Vision 2030 and IKTVA. Thanks to this milestone, I Conve
Slide 11: Investment Thesis
Investment Thesis | 11 Confidential– Do not reproduce or distribute Strictly confidential Copyright NESR Corp.
Slide 12: Investment Thesis #1 – MENA Growth Outlook (Still) Remains Solid
Investment Thesis #1 – MENA Growth Outlook (Still) Remains Solid Consensus Supports Multi-Year Middle East Upstream Growth Outlook Country-Specific Upstream Activity Drivers ➢ Underpinned by 1 Lowest-Cost Resource, 2 Sustained Country Growth, and 3 Record-Level Regional Spending & Activity (2025>201
Slide 13: Thesis #2 – Continued Core Business Growth Outperformance
Thesis #2 – Continued Core Business Growth Outperformance Recent Growth Outperformance Runway for Accretive Returns (ROCE %) Achieved Leverage Target (1.0x) in 2H24 (vs. estimated high-teens % 2023 Middle East activity growth) Historical Outperformance (5yr CAGR) Advantaged Margins & Cash Conversion
Slide 14: Thesis #3 – Frontier Growth with D&E Tech & NEDA Solutions
Thesis #3 – Frontier Growth with D&E Tech & NEDA Solutions Pin-point your Steering Ultra-Seek your Reservoir Fast-Stream your Data TAM ~$2.5B/yr ✓ Outperform MENA Market Growth Core Growth + Frontier Growth = Outlook Framework ✓ Maintain (or Improve) Current Margins ✓ 40-50% FCF Conversion Long-Term
Slide 15: Valuation Upside Potential
Valuation Upside Potential TEV/EBITDA 2024E TEV/EBITDA 2025E +3% +6% +3% -12% -4% +14% YOY Rev Growth* +3% +2% flat +8% +3% +9% 9.5x 8.5x Significant 7.7x valuation 7.3x Significant upside valuation potential upside potential 5.2x 4.5x 4.6x 4.5x 4.4x 4.0x 3.8x 3.5x International European NAM NAM NAM
Slide 16: Recent Organizational Highlights & Milestones
Recent Organizational Highlights & Milestones Recent Developments Looking Ahead Completed the restatement MENA upstream & 2022 audit with 20-F filing activity outlook in December 2023 remains solid Completed the 2023 audit Ample runway for NESR share with 20-F filing in April 2024 and portfolio expa
Slide 17: Appendix: Historical Financials & Board of Directors
Appendix Historical Financials & Board of Directors | 17
Slide 18: Historical Financial Summary – Non-GAAP Reconciliation
Historical Financial Summary – Non-GAAP Reconciliation NESR ($million) 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 9M24 vs. 9M23 Revenue $909 $258 $280 $300 $308 $1,146 $297 $325 $336 +14% Net Income (Loss) ($36.4) ($6.4) $1.9 $14.7 $2.4 $12.6 $10.0 $18.9 $20.6 +385% Depreciation & Amortization 125
Slide 19: Appendix – Diverse & Experience-Rich Board
Appendix – Diverse & Experience-Rich Board BoD Member Years Bio & NESR Board of Directors Responsibilities Chairman & CEO – Sherif Foda has served as the Chairman and Chief Executive Officer of NESR since inception. He founded the company in 2017 as a SPAC to create the first and largest energy serv
Slide 20: Thank you
Thank you | 20