National Energy Services Reunited Corp · NASDAQ:NESR
National Energy Services Reunited — Barclays Energy Conference September 2026
25 slides from National Energy Services Reunited's conference presentation, September 2026
Slide 1: National Energy Services Reunited Corp.
National Energy Services Reunited Corp. National Champion of MENA: $3B3 Growth Strategy Initiated Sherif Foda - Chairman & Chief Executive Officer Barclays Energy Conference September 2026
Slide 2: Safe Harbor and Other Disclaimers
Safe Harbor and Other Disclaimers 2 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 Ene
Slide 3: Company Snapshot
C O M PA N Y SN A P SH O T
Slide 4: Who We Are
Who We Are 4 1st & Only Pure Play MENA... ...Diversified Energy Services... ...Publicly Listed on NASDAQ ✓ National Champion of MENA ✓ Fully integrated with 20+ service lines ✓ Global capital, leading governance ✓ Leading regional footprint & localization ✓ Open technology platform ✓ Scalable vehicl
Slide 5: What We Do
What We Do 5 FULLY DIVERSIDIED ENERGY SERVICES & TECHNOLOGY PRODUCTION Construct Intervene Produce & Protect SERVICES CEMENTING COILED TUBING ARTIFICIAL LIFT Advanced Solutions Integrated Solutions for Complex Optimized Performance, ~62% for Zonal Isolation Well Interventions Reduced Downtime FILTRA
Slide 6: Where We Are
Where We Are 6 SUBSTANTIAL GROWTH & ANCHOR COUNTRY FOOTPRINT EXPANSION Rev ~ $450mm Rev ~ $1.34B NESR ~15% CAGR vs. MENA ~3-5% CAGR 2018 (Founding) 2025A (Today) Entry-Level Country Anchor Country Source: NESR Company Data – Shading based on annual revenue contribution by country “Anchor Country” de
Slide 7: Investment Case
7 INVESTMENT CASE
Slide 8: Simple Investment Case
Simple Investment Case 8 OFS… MENA Upstream NESR ✓ ✓ ✓ Secular oil capacity expansion Domestic Has historically outgrown MENA “is a mature sector with gas development Clear visibility to double revenue limited growth potential” Global oil demand & power (AI) growth $3B target within next several yea
Slide 9: A Rare Growth Story in OFS
A Rare Growth Story in OFS 9 ONE OF FEW GROWTH & FCF COMPOUNDER IN OFS Regional Conflict NESR Revenue ME/Equivalent Peer Avg Brent Crude Avg NESR +47% vs. 2025 Peers −10% 700 MENA Expansion Cycle 600 NESR +73% vs. 2021 Peers +60% 500 COVID Pandemic NESR +22% vs. 2019 Indexed (2018 = 100) Peers −13%
Slide 10: Proven Track Record & Greater Outperformance Ahead
Proven Track Record & Greater Outperformance Ahead 10 2026 GROWTH OUTLOOK RUNWAY FOR ACCRETIVE RETURNS (TTM ROCE %) MAINTAIN BELOW LEVERAGE TARGET (<1.0X) (vs. estimated +1% 2026 MENA activity growth y/y) +>45% 2.2x 13% 11% 9% 1.3x 5% 0.6x +2% 0.3x MENA NTM +1% +1% NESR Int’l Rig USL Peer NESR Int’l
Slide 11: Valuation Upside – Investor Focus Shift to Out-Years
Valuation Upside – Investor Focus Shift to Out-Years 11 EV/EBITDA (2027E) EV/EBITDA (2028E) YoY Rev +7% +6% +7% +23% +9% +7% Growth +6% +5% +5% +18% +7% +3% Outsized Substantial 11.7x Growth & Growth Outlook Valuation 9.9x & Significant 8.9x Upside Valuation 5.9x Upside 8.4x 7.7x 7.7x 7.1x 5.9x 5.2x
Slide 12: Initiating a Sustainable, Compounding Return Program
Initiating a Sustainable, Compounding Return Program 12 Capital Return Program Peer Benchmarking SHARE REPURCHASE INAUGURAL QUARTERLY FCF Payout Ratio — Sustainable & Growable AUTHORIZATION (12-month) DIVIDEND NESR (announced) 37% Starting in 4Q26 $50M $0.40/sh OFS Peer Avg Energy Peer Avg 50% 80% A
Slide 13: Why MENA?
W H Y M E N A?
Slide 14: Last Drop of Oil Will Come from the Middle East
Last Drop of Oil Will Come from the Middle East 14 Lowest-Cost Resource Sustained Country Growth (2025-2026E %) Source: Rystad Energy (2025) Source: Barclays Research (December 2025) Saudi Aramco +2% Abu Dhabi National Oil Co. (ADNOC) +6% Cost curve Petroleum Development of Oman (PDO) Flat 120 Kuwai
Slide 15: Multi-Year Strategic Horizon Across All Countries
Multi-Year Strategic Horizon Across All Countries 15 Country-Specific Upstream Activity Drivers Saudi Arabia Oman Kuwait RESILIENT OIL ACTIVITY FOR CAPACITY STABLE, AT RESILIENT GROWTH ACCELERATING GAS VISION 2030 ALL-TIME HIGH ACTIVITY Resilient Multi-year capex Jafurah shale gas Strong leadership
Slide 16: Geopolitical & AI Megatrends Converging in the Gulf
Geopolitical & AI Megatrends Converging in the Gulf 16 Middle East Artificial Intelligence (AI) Story in Four “MEGATRENDS” A) National Priority B) Capital & Energy Advantage at Global Scale National Champion Awarded 100% of MENA Jafurah Committed Frac Scope FII 2025 Riyadh –Saudi & UAE declare ambit
Slide 17: Why NESR Within MENA?
WHY NESR WITHIN MENA?
Slide 18: 3B3 Target Initiated
3B3 Target Initiated 18 “3B3: $3B in three years — and we could get there even faster” 1400 ✓ $2B annualized achieved in 1H26 ✓ How do we get to $3B? “We’ve Other already 1200 - ROYA directional drilling platform fully commercialized established NEDA new, more - NEDA projects scale beyond pilots amb
Slide 19: Plenty of Growth & Share Runway
Plenty of Growth & Share Runway 7 2018 (Founding) YE 2025 3-Year Target to $3B Revenue BUSINESS LINE MARKET SHARE POSITION MENA RANK TODAY Hydraulic Fracturing** Largest Coil/Stim/Pump* Top 3 Cementing* Top 3 N2 & Filtration* Top 3 Well Testing* Top 3 Slickline* Top 3 Fishing & Remedial* Top 3 Thru
Slide 20: Strong Contract Foundation & Robust Pipeline
Strong Contract Foundation & Robust Pipeline 20 2018 (Founding) 2026+ 2019 2020 2021 2022 2023 2024 2025 ~$450mm Rev $3B by 3x Years Five-year $150mm $200mm Well Multiple Saudi Arabia Testing $100mm in Well IOC Saudi *To Be Awarded* $300mm Over (Multiple N. Africa Testing in Awards Platform $200mm M
Slide 21: Unique R&D Approach – VC Open Tech Platform
Unique R&D Approach – VC “Open Tech Platform” 21 2018 (Founding) 2019 2020 2021 2022 2023 2024 2025 2026+ M&A | CVC | Partnerships (Field Pilot Success) Frac Entry & Tier-1 Establish Water & D&E Portfolio Enhancement & Best-in-class Permian Directional Drilling Decarbonization Segment UR Reservoir A
Slide 22: Proven Blueprint for ME Unconventional Completions
Proven Blueprint for ME Unconventional Completions 22 Pre-2019 2019-2020 2021 Zero MENA Frac US (Permian) Frac Co 100% Saudi-Trained Footprint Partnership Crew MENA industry benchmark: 10–12 stages/day record Full localization of crews, <5 stages/day in set in MENA via tech & supply chain & ops unco
Slide 23: Appendix
A PPEN D I X H I ST O RI C A L F I N A N C I A L S & B O A RD O F D I RE C T O RS
Slide 24: Historical Financial Summary – Non-GAAP Reconciliation
Historical Financial Summary – Non-GAAP Reconciliation 24 Y/Y Trend NESR ($million) 2023 2024 1Q25 2Q25 3Q25 4Q25 2025 FY25 vs. FY24 1Q26 2Q26 (1H26) Revenue $1,146 $1,302 $303 $327 $295 $398 $1,324 +2% $405 $521 +47% Net Income (Loss) $12.6 $76.3 $10.4 $15.2 $17.7 $7.8 $51.1 -33% $23.8 $44.0 +165%
Slide 25: Appendix – Diverse & Experience-Rich Board
Appendix – Diverse & Experience-Rich Board 25 Sherif Antonio Yousef Al Anthony Lisa Maen Foda Campo Nowais Chase Pollina Razouqi CHAIRMAN & CEO LEAD INDEPENDENT INDEPENDENT INDEPENDENT INDEPENDENT INDEPENDENT DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR Mr. Foda has served as Chairman and Mr. Campo
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