Nabors Industries Ltd. · NYSE:NBR
Nabors Industries — Q4 2025 Earnings Presentation
31 slides from Nabors Industries's earnings presentation, Feb 12, 2026
Slide 1: 4Q 2025 Earnings Presentation
4Q 2025 Earnings Presentation NABORS INDUSTRIES LTD February 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 2025 Vertically Integrated Revenue by Segment Drilling and Technology Solutions 5% Drilling 16% 30% Solutions Drilling Operations U.S. & INTERNATIONAL Rig Technologies 49% Aligned to drive advanced U.S. Drilling International Drilling drill
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: Several High-Impact Transactions over the Past Year
NABORS INDUSTRIES Several High-Impact Transactions over the Past Year Acquisition of Parker Wellbore Divestiture of Quail Tools Capital Markets Activity $274M $625M $700M Total consideration Net proceeds Effectively refinanced the notes due in 2027, extending maturity Consisting of: Consisting of: t
Slide 6: Recent Highlights
NABORS INDUSTRIES Recent Highlights Adjusted free cash flow generation of $132M during 4Q Full-year net debt reduction of $554M with a resulting net debt leverage of 1.7x, the lowest since 2008 Issued $700M notes due in 2032 and redeemed the $546M remaining outstanding of notes due in 2027 In Januar
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: Improving International Rig Economics
1 Resilience Leading to Growth in Our International Segment 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 $20,000 $
Slide 9: Improving International Rig Economics
1 Resilience Leading to Growth in Our International Segment 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 $10,000 $0 $
Slide 10: Strategic Growth in International Markets
1 Resilience Leading to Growth in Our International Segment Strategic Growth in International Markets International Drilling Opportunity Set Rig Count Awarded/ Restart End of contract 110 Operating Wind- down End of contract 1 1 105 2 2 101 Actively 100 3 1 5 -3 -1 1 pursuing 95 3 -3 -1 94 Rig Count
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(1) Adjusted Daily Gross Margin(1) $40,000 $20,000 $32,000 $16,000 $24,000 $12,000 Resilient daily revenue and margins leading to $16,000 $
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 NDS Enables Penetration Efficiency, consistency markets ▲ and safety Smart • Number of servic
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) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 ($ millions) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 NDS U.S. Rev. $44.6 $41.6 $39.4 $40.6 $42.2 $41.1 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 & Free Cashflow Conversion* $500 100% $400 78% Free Cashflow Conversion* of $300 56% 87% $200 34% 2025 $100 12% $- -10% Revenue Adjusted E
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 Net Debt and Net Leverage $4.5 9.0x $4.0 8.0x $3.5 7.0x $3.0 6.0x $2.5 5.0x Billion $2.0 4.0x $1.5 3.0x $1.0 2.0x $0.5 1.0x $- 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 20: Executing on Leverage Optimization
4 Focused on our Commitment to De-lever Executing on Leverage Optimization A series of transactions delivered $554M reduction in net debt and extended the maturity runway to 2029 At closing in 1Q 2025, Parker had $178M gross debt and $85M in cash Post-close, transitioned higher-cost Parker debt
Slide 21: Actively Managing Maturity Profile Since YE 2024
4 Focused on our Commitment to De-lever Actively Managing Maturity Profile Since YE 2024 ($ millions) As of As of 12/31/24 12/31/25 1Q PF* Gross Debt $2,505 $2,495 $2,116 After redemption of 2028 notes announced in 1Q 2026: Cash** $397 $941 $548 Net Debt $2,108 $1,554 $1,568 Extended maturity by 5 y
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 by Segment
Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment Three Months Ended December 31, 2025 (In thousands) Other U.S. International Drilling Rig reconciling Total Drilling Drilling Solutions Technologies items Adjusted operating income (loss) $ 28,556 $ 49,638 $
Slide 29: Reconciliation of Drilling Solutions Revenue by Geography
Reconciliation of Drilling Solutions Revenue by Geography (In thousands) Sep. 30, Dec. 31, Mar. 31, Jun. 30, Sep. 30, Dec. 31, 2024 2024 2025 2025 2025 2025 Drilling Solutions - U.S. $ 44,631 $ 41,640 $ 52,832 $ 103,193 $ 76,361 $ 41,140 Drilling Solutions - International 34,913 34,352 40,347 67,090
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,