Nabors Industries Ltd. · NYSE:NBR
Nabors Industries — Q1 2026 Earnings Presentation
30 slides from Nabors Industries's earnings presentation, Apr 29, 2026
Slide 1: 1Q 2026 Earnings Presentation
1Q 2026 Earnings Presentation NABORS INDUSTRIES LTD April 2026
Slide 2: Forward-Looking Statements
NABORS INDUSTRIES Forward-Looking Statements We often discuss expectations regarding our future markets, demand for our products and services, and our • our ability to retain skilled employees; performance in our annual, quarterly, and current reports, press releases, and other written and oral stat
Slide 3: The Industry's Most Innovative Technology
NABORS INDUSTRIES The Industry’s Most Innovative Technology Vertically Integrated 1Q 2026 Revenue by Segment Drilling and Technology Solutions 4% 13% Drilling 30% Solutions Drilling Operations U.S. & INTERNATIONAL Rig Technologies 53% Aligned to drive advanced U.S. Drilling International Drilling dr
Slide 4: Vertical Integration Drives Significant Value
NABORS INDUSTRIES Vertical Integration Drives Significant Value International U.S. Drilling Rig Drilling Drilling Solutions (NDS) Technologies Deploying fit-for-purpose rigs in Operating a fleet of high-spec Using the rig as an integrated Rig equipment & major markets rigs across key U.S. basins pla
Slide 5: Recent Highlights
NABORS INDUSTRIES Recent Highlights Lower 48 average rig count increased by 5.5 rigs to 65.3, exceeding our guidance range, driven by strong commercial and operational execution. Total of 8 rigs deployed since November 2025 Redeemed the remaining $379M of 2028 notes; extended maturity runway to 2029
Slide 6: Key Value Drivers
Key Value Drivers These drivers support value creation through operational performance, disciplined capital allocation, and technology-enabled differentiation. 1 2 3 4 Selective Operational Technology-led Disciplined focus international excellence in the innovation with on improving growth aligned U
Slide 7: Improving International Rig Economics
1 Selective International Growth Aligned with Customer Demand and Returns Improving International Rig Economics NABORS INTERNATIONAL RIG COUNT 16% growth International Drilling International Drilling since year-end 2023 Average Rig Count Daily Metrics The rig count in markets where we operate was es
Slide 8: Improving International Rig Economics
1 Selective International Growth Aligned with Customer Demand and Returns Improving International Rig Economics NABORS INTERNATIONAL RIG COUNT 16% growth International Drilling International Drilling since year-end 2023 Average Rig Count Daily Rig Revenue The rig count in markets where we operate wa
Slide 9: Strategic Growth in International Markets
1 Selective International Growth Aligned with Customer Demand and Returns Strategic Growth in International Markets International Drilling Rig Count Awarded/ Restart 110 Operating End of contract 105 1 101 1 100 1 1 1 1 4 1 1 Actively pursuing 95 8 94 -3 93 Rig Count -1 -1 multiple 90 incremental 85
Slide 10: Efficiency and Performance Support Stabilizing Margins in a Challenging Market
2 Operational Excellence in the U.S. Lower 48 Efficiency and Performance Support Stabilizing Margins in a Challenging Market L48 Drilling Average L48 Drilling Rig Count Daily Metrics 100 $40,000 90 80 $30,000 70 Operational efficiency, 60 performance, pricing 50 $20,000 and cost discipline enabled b
Slide 11: Efficiency and Performance Support Stabilizing Margins in a Challenging Market
2 Operational Excellence in the U.S. Lower 48 Efficiency and Performance Support Stabilizing Margins in a Challenging Market Lower 48 Drilling Lower 48 Drilling Average Rig Count Daily Metrics 100 $40,000 90 80 $32,000 70 Operational efficiency, 60 $24,000 performance, pricing and cost discipline 50
Slide 12: ~20% Decline in Lower-48 Marketed Rigs
2 Operational Excellence in the U.S. Lower 48 ~20% Decline in Lower-48 Marketed Rigs Total L48 Marketed Rigs: -34% -13% -26% -23% -14% 760 600 (~20% decline) Higher utilization will support 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 2025 2025 2025 2025 2025 progressive pricing power NBR Peer
Slide 13: Nabors Drilling Solutions Leveraging 'Rig as a Platform'
3 Technology-Led Innovation with Demonstrated Results Data Integration / Performance Software Nabors Drilling Solutions Automated Casing Running Leveraging ‘Rig as a Platform’ Managed Pressure Drilling BOP Rentals Wellbore Placement N A B O R S . C O M 13
Slide 14: NDS – Technology that Enhances Performance
3 Technology-Led Innovation with Demonstrated Results NDS – Technology that Enhances Performance Our Portfolio: Solution Function Benefit Performance Software Performance Software Performance Software Rockit® and REVit® Automated drilling optimization Faster, more consistent ROP, reduced human error
Slide 15: A Framework to Analyze NDS
3 Technology-Led Innovation with Demonstrated Results A Framework to Analyze NDS Growth Drivers Addressable Market Automation and remote Content ▲ INDUSTRY RIG COUNT operations $ / RIGS U.S. and international NDS Enables Penetration Efficiency, consistency markets ▲ and safety Smart • Number of serv
Slide 16: NDS – Global Market Reach
3 Technology-Led Innovation with Demonstrated Results NDS – Global Market Reach L48 – Offshore – Alaska >15 Countries U.S. International ($ millions) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 ($ millions) 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 NDS U.S. Rev. $41.6 $39.4 $40.6 $42.2 $41.1 $39.6 NDS Int’l Rev.
Slide 17: NDS Expansion from Greater Adoption and Improving Service-line Mix
3 Technology-Led Innovation with Demonstrated Results NDS Expansion from Greater Adoption and Improving Service-line Mix NDS Revenue, Adjusted EBITDA* and Free Cashflow Conversion** $500 100% $400 80% Software services driving strong free $300 60% cash flow $200 conversion** 40% 94% $100 20% 1Q 2026
Slide 18: PACE-X Ultra: The Next-Generation, High-Spec Rig
3 Technology-Led Innovation with Demonstrated Results The Most Capable Drilling System in PACE-X Ultra : The Next-Generation, the Lower 48 Expanding Next- High-Spec Rig >$40k Gen Fleet Built for Longer, All-In Daily Deeper, More Revenue Complex Wells PACE®-X PACE-X Ultra (Including ancillary a
Slide 19: Gross Leverage Reduced to Lowest Level Since 2013
4 Disciplined Focus on Improving Capital Structure and Reducing Debt Gross Leverage Reduced to Lowest Level Since 2013 Gross Net Debt and Net Gross Leverage Leverage $4.5 $5.0 8.0x $4.5 $4.0 7.0x $4.0 $3.5 6.0x $3.5 $3.0 Leverage 5.0x Net Leverage $3.0 $2.5 Billion $2.5 4.0x $2.0 Gross $2.0 3.0x $1.
Slide 20: Significant Headway toward ~1x Net Leverage Goal
4 Disciplined Focus on Improving Capital Structure and Reducing Debt Significant Headway toward ~1x Net Leverage Goal Net Debt and Net Leverage $4.5 8.0x $4.0 7.0x $3.5 6.0x $3.0 5.0x Net Leverage $2.5 Billion 4.0x $2.0 3.0x $1.5 2.0x $1.0 $0.5 1.0x $- 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 20
Slide 21: Actively Managing Maturity Profile
4 Disciplined Focus on Improving Capital Structure and Reducing Debt Actively Managing Maturity Profile ($ millions) As of As of As of 12/31/24 12/31/25 3/31/26 Gross Debt $2,505 $2,495 $2,119 After redemption of 2028 notes completed in 1Q 2026: Cash* $397 $941 $501 Net Debt $2,108 $1,554 $1,618 Ext
Slide 22: Nabors Free Cash Flow Accruing to the Benefit of Nabors Shareholders
4 Disciplined Focus on Improving Capital Structure and Reducing Debt Nabors Free Cash Flow Accruing to the Benefit of Nabors Shareholders SANAD JV fully self-funding and does not constrain Nabors’ Free Cash Flow and deleveraging Nabors Adjusted Free Cash Flow excluding SANAD JV partner's portion • N
Slide 23: Appendix
(i) NABORS Appendix
Slide 24: Reconciliation of Non-GAAP Financial Measures to Net Income (Loss)
Reconciliation of Non-GAAP Financial Measures to Net Income (Loss) Adjusted EBITDA represents net income (loss) before, income taxes, investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase, other, net and depreciation and amortization. Adjusted EBITD
Slide 25: Reconciliation of U.S. Drilling Segment Adjusted Gross Margin
Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to U.S. Drilling Segment Adjusted Operating Income Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. Three
Slide 26: Reconciliation of Net Debt to Total Debt
Reconciliation of Net Debt to Total Debt Net debt is computed by subtracting the sum of cash, cash equivalents and short-term investments from total debt. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance wit
Slide 27: Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss)
Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment Three Months Ended March 31, 2026 (In thousands) Other U.S. International Drilling Rig reconciling Total Drilling Drilling Solutions Technologies items Adjusted operating income (loss) $ 24,624 $ 40,757 $ 31,
Slide 28: Reconciliation of Drilling Solutions Revenue by Geography
Reconciliation of Drilling Solutions Revenue by Geography For the three months ended (In thousands) Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, 2024 2025 2025 2025 2025 2026 Drilling Solutions - U.S. $ 41,640 $ 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 Drilling Solutions - International
Slide 29: Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities
Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition related costs. Manag
Slide 30: NABORS.COM
NABORS INDUSTRIES LTD. Contact Us: William C. Conroy, CFA VP - Corporate Development and Investor Relations William.Conroy@nabors.com Kara K. Peak Director - Corporate Development and Investor Relations Kara.Peak@nabors.com NABORS.COM NABORS CORPORATE SERVICES 515 W. Greens Road Suite 1200 Houston,