National Energy Services Reunited Corp · NASDAQ:NESR
National Energy Services Reunited — J.P. Morgan Energy, Power, Renewables & Mining Conference (June 2025)
20 slides from National Energy Services Reunited's conference presentation, June 2025
Slide 1: National Energy Services Reunited Corp.
National Energy Services Reunited Corp. National Champion of MENA Sherif Foda - Chairman & Chief Executive Officer J.P. Morgan Energy, Power, Renewables & Mining Conference (June 2025)
Slide 2: Company Snapshot
C O M PA N Y SN A P SH O T
Slide 3: Who We Are – 1st & Only MENA Pure Play in OFS
Who We Are – 1st & Only MENA Pure Play in OFS 03 ALGERIA BAHRAIN CHAD EGYPT 16 6,500+ COUNTRIES EMPLOYEES INDIA INDONESIA IRAQ JORDAN KUWAIT 30+ 20+ CUSTOMERS PRODUCT LINES LIBYA OMAN QATAR SAUDI ARABIA Diversified Energy Services Focused in UAE Middle East/North Africa (MENA) Region YEMEN USA (HQ O
Slide 4: What We Do – Fully Diversified Energy Services
What We Do – Fully Diversified Energy Services 04 PRODUCTION Construct Intervene Produce & Protect SERVICES CEMENTING COILED TUBING ARTIFICIAL LIFT Advanced Solutions Integrated Solutions for Complex Optimized Performance, ~70% for Zonal Isolation Well Interventions Reduced Downtime FILTRATION STIMU
Slide 5: Our Growing “Anchor Country” Footprint
Our Growing “Anchor Country” Footprint 05 Rev ~ $450mm Rev ~ $1.3B NESR ~20% CAGR vs. MENA ~5% CAGR 2018 (SPAC) 2024 (Today) Entry-Level Country Anchor Country Source: NESR Company Data – Shading based on annual revenue contribution by country “Anchor Country” defined as $75+mm/yr revenue, underpinn
Slide 6: Segment “Pull Through” to Establish Leading Share
Segment “Pull Through” to Establish Leading Share 06 2018 PAST NEXT FUTURE BUSINESS LINE (SPAC) 5 YEARS 2024 5 YEARS VISION 2024 MENA RANK Cementing* Top 3 Coil/Stim/Pump* Top 3 Hydraulic Fracturing* Top 3 N2 & Filtration* Top 3 Well Testing* Top 3 Slickline* Top 3 Fishing & Remedial Top 3 Thru Tubi
Slide 7: NESR Oilfield Research & Innovation (NORI)
NESR Oilfield Research & Innovation (NORI) 07 PORTFOLIO EXPANSION TO ENHANCE CORE OFFERING & EXPAND TO NEW FRONTIERS… DRILLING & EVALUATION (D&E) W.D. Von Gonten lab domiciled in Saudi Dhahran Techno Valley (DTV), bringing world-class reservoir characterization lab capabilities to NESR locally. PROD
Slide 8: Investments & Partnerships
Company History- OPEN TECH PLATFORM & PORTFOLIO INVESTMENTS 10 20182018 (SPAC) 2019 2020 2021 2022 2023 2024 2025+ INVESTMENTS & PARTNERSHIPS (NORI R&D Center Inauguration) (Early-Stage Investment) (Partnership) (Successful Field Deployment) (Commercialization) (Acquisitions) (Drilling Partnerships)
Slide 9: Investment Thesis
I N V E ST M E N T T H E SI S
Slide 10: Investment Thesis #1 - MENA Most Resilient Upstream Globally
Investment Thesis #1 - MENA MOST RESILIENT UPSTREAM GLOBALLY 10 Lowest-Cost Resource Sustained Country Growth (2024-2025E %) Source: Rystad Energy (2024) Source: Barclays Research (March 2025) Saudi Aramco (5%) Abu Dhabi National Oil Co. (ADNOC) 6% Cost curve Petroleum Development of Oman (PDO) 2% 1
Slide 11: Investment Thesis #1 - MENA Most Resilient Upstream Globally
Investment Thesis #1 - MENA MOST RESILIENT UPSTREAM GLOBALLY 11 Country-Specific Upstream Activity Drivers Saudi Arabia Oman Kuwait CALIBRATING FOR LOWER OIL, STABLE, AT GROWTH, BEYOND ALL-TIME RECORD GAS GROWTH VISION 2030 ALL-TIME HIGH HIGH ACTIVITY ACTIVITY Calibrating Multi-year Unconventional S
Slide 12: Thesis #2 - Continued Core Business Growth Outperformance
Thesis #2 - CONTINUED CORE BUSINESS GROWTH OUTPERFORMANCE 12 2024 GROWTH OUTPERFORMANCE RUNWAY FOR ACCRETIVE RETURNS (TTM ROCE %) ACHIEVED LEVERAGE TARGET (<1.0X) IN 2024 (vs. estimated high single digit % 2024 MENA activity growth) 2.4x 14% 13% 12% 10% 7% 8% 6% 1.1x 0.9x 0.7x 2% NESR Int’l Peer Int
Slide 13: Thesis #3 - Frontier Growth with D&E Tech & NEDA Solutions
Thesis #3 - FRONTIER GROWTH WITH D&E TECH & NEDA SOLUTIONS 13 PIN-POINT ULTRA-SEEK FAST-STREAM TAM YOUR STEERING YOUR RESERVOIR YOUR DATA ~$2.5 B/yr CORE GROWTH + FRONTIER GROWTH = OUTLOOK FRAMEWORK WATER ZERO FLARE & HEAT CCUS/NEW EMISSIONS ENERGIES Future TAM ~$5+ B/yr (2030) Source: FactSet, NESR
Slide 14: Valuation Upside Potential
Valuation Upside Potential 14 EV/EBITDA (2024A) EV/EBITDA (2025E) YoY Rev +19% +10% (2%) +5% (11%) +14% Growth (3%) (1%) +2% (2%) (1%) +5% 7.8x Outsized Outsized 7.6x Growth & Growth & 7.3x Significant Significant 7.1x Valuation Valuation 7.0x Upside Upside 6.6x 3.9x 3.9x 3.6x 3.1x 3.1x 2.9x Offshor
Slide 15: Recent Organizational Highlights & Milestones
Recent Organizational Highlights & Milestones 15 RECENT LOOKING DEVELOPMENTS AHEAD Completed the MENA upstream restatement & 2022 outlook remains solid audit with 20-F filing in (best region globally) December 2023 Completed the 2023 Ample runway for audit with 20-F filing NESR share and in April 20
Slide 16: Appendix
A PPEN D I X H I ST O RI C A L F I N A N C I A L S & B O A RD O F D I RE C T O RS
Slide 17: Historical Financial Summary – Non-GAAP Reconciliation
Historical Financial Summary – Non-GAAP Reconciliation 17 FY24 NESR ($million) 2023 1Q24 2Q24 3Q24 4Q24 2024 vs. 1Q25 Y/Y FY23 Revenue $1,146 $297 $325 $336 $344 $1,302 +14% $303 +2% Net Income (Loss) $12.6 $10.0 $18.9 $20.6 $26.8 $76.3 +506% $10.4 +4% Depreciation & 149.0 35.0 35.9 35.9 42.1 148.9
Slide 18: Appendix – Diverse & Experience-Rich Board
Appendix – Diverse & Experience-Rich Board 18 Sherif Antonio Yousef Andrew Anthony Lisa Foda Mejia Al Nowais Waite Chase Pollina CHAIRMAN OF LEAD INDEPENDENT INDEPENDENT INDEPENDENT INDEPENDENT INDEPENDENT THE BOARD & CEO DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR Sherif Foda has served as the Cha
Slide 19: Safe Harbor and Other Disclaimers
Safe Harbor and Other Disclaimers 19 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 En
Slide 20: Thank You
TH A N K YO U