Nabors Industries Ltd. · NYSE:NBR
Nabors Industries — Q3 2025 Earnings Presentation
31 slides from Nabors Industries's earnings presentation, Oct 29, 2025
Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 Earnings Presentation NABORS INDUSTRIES October 29, 2025
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 performance in our annual, • global views on and the regulatory environment related to energy transition and our ability to implement our energy tran
Slide 3: The Industry's Most Innovative Technology
NABORS INDUSTRIES The Industry’s Most Innovative Technology YTD 9/30/25 Vertically Integrated Revenue by Segment Drilling and Technology Solutions 5% Drilling 17% 30% Solutions Drilling Operations U.S. & INTERNATIONAL Rig Technologies 48% Aligned to drive advanced U.S. Drilling International Drillin
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 best fit-for-purpose A leading provider of high- Utilizing the rig as a platform Drilling rig equipment & rigs in key markets specification rigs to
Slide 5: Two High-Impact Transactions Completed in 2025
NABORS INDUSTRIES Two High-Impact Transactions Completed in 2025 1 2 Acquisition of Parker Divestiture of Quail Additional upside Total consideration: Net proceeds: Nabors retains the balance of Parker Wellbore business $274 million $625 million • Tubular running services • Drilling rigs • O&M servi
Slide 6: Recent Highlights
NABORS INDUSTRIES Recent Highlights Acquired Parker Wellbore in late 1Q; integration on track; expected to deliver run-rate adj. EBITDA of >$70 million by 4Q’25 In 3Q, Sold Quail Tools for consideration of $625 million, including a working capital adjustment Nabors In 3Q, repaid $178 million outstan
Slide 7: Key Value Drivers
Key Value Drivers 1 2 3 4 5 Expanding & Performance Advancing Focused on our Leading in enhancing our excellence in the technology & commitment to Sustainability International Lower 48 innovation with de-lever and the Energy business demonstrated Transition results N A B O R S . C O M 7
Slide 8: Focus on Improving International Rig Economics
1 Resilience Leading to Growth in Our International Segment Focus on Improving International Rig Economics International Drilling International Drilling Daily Rig Revenue Daily Adjusted Gross Margin $50,000 $20,000 $40,000 $16,000 Expanding $30,000 $12,000 International margins as we grow our fleet
Slide 9: Focus on Improving International Rig Economics
1 Resilience Leading to Growth in Our International Segment Focus on Improving International Rig Economics International Drilling International Drilling Daily Revenue Adjusted Daily Gross Margin $50,000 $20,000 $40,000 $15,000 Enhancing both the top and $30,000 bottom line $10,000 $20,000 $5,000 $10
Slide 10: Middle East Fueling International Growth in 2025
1 Resilience Leading to Growth in Our International Segment Middle East Fueling International Growth in 2025 International Drilling Opportunity Set Rig Count Between Operating Contracts 110 Awarded/ Wind- Restart 105 down End of Potential contract Suspensions Actively pursuing 100 3 multiple 95 3 1
Slide 11: Efficiency and Performance Support Margins in a Challenging Market
2 Performance Excellence In The Lower-48 Efficiency and Performance Support Margins in a Challenging Market Lower 48 Drilling Lower 48 Drilling Daily Rig Revenue Adjusted Daily Gross Margin $40,000 $20,000 $32,000 $16,000 $24,000 $12,000 Resilient daily revenue and margins leading to $16,000 $8,000
Slide 12: Delivering Strong Results in a Challenging Market
2 Performance Excellence In The Lower-48 Delivering Strong Results in a Challenging Market L48 Drilling L48 Drilling Adjusted Daily Revenue Daily Gross Margin $40,000 $20,000 $30,000 $15,000 Navigating market $20,000 $10,000 volatility with pricing discipline $10,000 $5,000 $0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 13: Nabors Drilling Solutions Leveraging 'Rig as a Platform'
3 Improving Outlook For Our Technology & Innovation Data Integration / Performance Software Nabors Drilling Solutions Automated Casing Running Leveraging ‘Rig as a Platform’ Managed Pressure Drilling Drill Pipe and BOP Rentals Wellbore Placement N A B O R S . C O M 13
Slide 14: NDS – Technology that Enhances Performance
3 Improving Outlook For Our Technology & Innovation 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 S
Slide 15: A Framework to Analyze NDS
3 Improving Outlook For Our Technology & Innovation A Framework to Analyze NDS Growth Drivers Addressable Market Automation and remote Content ▲ INDUSTRY RIG COUNT operations $ / RIGS U.S. and international Penetration NDS Enables Efficiency, consistency • Number of services per rig markets ▲ and sa
Slide 16: NDS – Global Market Reach
3 Improving Outlook For Our Technology & Innovation NDS – Global Market Reach L48 – Offshore – Alaska >15 Countries U.S. International ($ millions) 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 ($ millions) 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 NDS U.S. Rev. $50.7 $44.6 $41.6 $39.4 $40.6 $42.2 NDS Int’l Rev. $3
Slide 17: NDS Margin Gains Fueled by Increasing Penetration and Improving Service-line Mix
3 Improving Outlook For Our Technology & Innovation NDS Margin Gains Fueled by Increasing Penetration and Improving Service-line Mix NDS Revenue, Adjusted EBITDA & Adjusted Gross Margin % $500 60% $400 45% Adjusted gross $300 margin of 30% 48% $200 15% YTD 9/30/25 $100 $- 0% Revenue Adjusted EBITDA
Slide 18: PACE-X Ultra: The Next-Generation, High-Spec Rig
3 Improving Outlook For Our Technology & Innovation PACE-X Ultra : The Next-Generation, High-Spec Rig PACE®-X PACE-X Ultra Mast Rating 800,000 lbs. 1,000,000 lbs. Racking Capacity 25,000 ft 35,000 ft of 5-7/8” drill pipe 500 Ton AC C500 High-Torque or Sigma Canrig Top Drive 51,400 ft/lbs. 65,000+ ft
Slide 19: Significant Headway toward Financial Goals
4 Progress on Our Commitment to De-lever Significant Headway toward Financial Goals 3Q’25 PF* includes receipt of $250 million cash from seller note Net Debt and Net Leverage $4.50 8.0x $4.00 7.0x $3.50 6.0x $3.00 5.0x $2.50 Billion 4.0x $2.00 3.0x $1.50 2.0x $1.00 $0.50 1.0x $- 0.0x 3Q'25 2011 2012
Slide 20: Executing on Leverage Optimization
4 Focused on our Commitment to De-lever Executing on Leverage Optimization At closing in March, Parker had $178 million of gross debt and $85 million in cash Post-close, transitioned the Parker debt to Nabors’ revolving credit facility, resulting in immediate savings by eliminating a high-intere
Slide 21: Actively Bringing Down Debt
4 Focused on our Commitment to De-lever Actively Bringing Down Debt ($ millions) As of As of 6/30/25 9/30/25 3Q PF* After receipt of $375 million in cash at closing: Cash and Short-term $387.4 $428.1 $678.1 Investments Focusing on the Gross Debt $2,673 $2,348 $2,348 maturities due in 2027 Net Debt $
Slide 22: Our Energy Transition and Sustainability Strategy
5 Leading in Sustainability and the Energy Transition Our Energy Transition and Sustainability Strategy Improve Collaborate Partner in Invest in Nabors’ with peers to adjacent companies environmental reduce carbon markets that developing footprint output in our leverage our green industry talent and
Slide 23: Nabors Initiatives to Lower Emissions
5 Leading in Sustainability and the Energy Transition Nabors Initiatives to Lower Emissions Electrification Engine Optimization Pursuing Energy Efficient Rig Lighting Multiple Decarbonization Pathways Emissions Monitoring Energy Storage* Green Fuels* *Note: Energy Storage and Green Fuels are under d
Slide 24: Appendix
(i) NABORS Appendix
Slide 25: 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 26: Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to Adjusted Operating Income
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 27: 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 28: Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss)
Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment Adjusted EBITDA by segment represents adjusted income (loss) plus depreciation and amortization. Three Months Ended September 30, 2025 (In thousands) Other U.S. International Drilling Rig reconciling Total Dr
Slide 29: Reconciliation of Drilling Solutions Revenue by Geography
Reconciliation of Drilling Solutions Revenue by Geography Adjusted EBITDA by segment represents adjusted income (loss) plus depreciation and amortization. (In thousands) Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, 2024 2024 2024 2025 2025 2025 Drilling Solutions - U.S. $ 50,710 $ 44,631 $
Slide 30: 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 31: Contact Us
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,