Nabors Industries Ltd. · NYSE:NBR
Nabors Industries — Q2 2026 Earnings Presentation
32 slides from Nabors Industries's earnings presentation, July 2026
Slide 1: 2Q 2026 Earnings Presentation
2Q 2026 Earnings Presentation NABORS INDUSTRIES LTD July 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 2Q 2026 Revenue by Segment Drilling and Technology 5% Solutions 13% Drilling 30% Solutions Drilling Operations U.S. & INTERNATIONAL Rig Technologies 52% 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 – Momentum Accelerates
NABORS INDUSTRIES Recent Highlights – Momentum Accelerates BROAD-BASED IMPROVEMENT ABOVE EXPECTATIONS RESILIENT PERFORMANCE Sequential EBITDA growth across Results exceeded implied guidance Middle East disruption impact was limited every operating segment due to global supply chain footprint INTERNA
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 >17% growth International Drilling International International Drilling Drilling since year-end 2023 Average Rig Count Daily Daily Metrics Metrics The rig co
Slide 8: Improving International Rig Economics
1 Selective International Growth Aligned with Customer Demand and Returns Improving International Rig Economics NABORS INTERNATIONAL RIG COUNT >17% growth International Drilling International Drilling since year-end 2023 Average Rig Count Daily Metrics The rig count in markets where we operate was e
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 End of Awarded/ Operating contract Restart 110 105 1 100 1 2 1 98 1 2 3 Actively pursuing 95 9 94 -3 -1 -1 93 Rig Count -1 -1 multiple 90 incremental 8
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 Industry Marketed Rigs
2 Operational Excellence in the U.S. Lower 48 ~20% Decline in Lower-48 Industry Marketed Rigs Total L48 Marketed Rigs: -34% -13% -26% -23% -14% 760 600 (~20% decline) Higher utilization supporting 2024 2024 2024 2024 2024 2023 2023 2023 2023 2023 2025 2025 2025 2025 2025 progressive pricing power NB
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) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 ($ millions) 1Q’25 2Q’25 3Q’25 4Q’25 1Q’26 2Q’26 NDS U.S. Rev. $39.4 $40.6 $42.2 $41.1 $39.6 $44.0 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% Software services $400 80% driving strong free $300 60% cash flow conversion** $200 40% 92% $100 20% 1H 2026
Slide 18: NDS Growth Driven by Increased Product Penetration
3 Technology-Led Innovation with Demonstrated Results NDS Growth Driven by Increased Product Penetration Lower 48 – Nabors Rigs Lower 48 – Third Party NDS L48 L48 Nabors NDS L48 L48 Third-party Market Nabors Rig Revenue Average Rigs Working Third Party Rig Revenue Average Rigs Working $35 100 $16 60
Slide 19: 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 20: A New Standard for Rig Floor Performance
3 Technology-Led Innovation with Demonstrated Results A New Standard for Rig Floor Performance INTRODUCING THE Canrig Titan AUTOMATED WRENCH Now in commercial service Exceptional early field results Superior torque accuracy Faster connection time with consistent make-up in one bite Improved safety -
Slide 21: Quaise Energy Moves From Venture Investment to Field Deployment
3 Technology-Led Innovation with Demonstrated Results Quaise Energy Moves From Venture Investment to Field Deployment A Nabors rig is now operating at Project Obsidian in Central Oregon – turning our geothermal investment thesis into an active commercial relationship. INITIAL PHASE 50 MW 300-500ºC P
Slide 22: 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 Debt and Gross Leverage $5.0 8.0x $4.5 7.0x $4.0 6.0x $3.5 Gross Leverage 5.0x $3.0 Billion $2.5 4.0x $2.0 3.0x $1.5 2.0x $1.0 1.0x $0.5 $- 0.0x 2008 2009 2010 2011 2012 2013
Slide 23: 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 $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 2016 2017 2018
Slide 24: Actively Managing Maturity Profile
4 Disciplined Focus on Improving Capital Structure and Reducing Debt Actively Managing Maturity Profile $800 ($ millions) As of As of As of 12/31/24 12/31/25 6/30/26 Gross Debt $2,505 $2,495 $2,120 $600 Cash* $397 $941 $510 Net Debt $2,108 $1,554 $1,610 Million $400 700 650 550 $200 Clear runway to
Slide 25: Appendix
(i) NABORS Appendix
Slide 26: 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 bargain purchase, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure an
Slide 27: 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 28: 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 29: Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment
Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment Three Months E nded June 30, 2026 (In thousands) Other U.S. International Drilling Rig reconciling Total Drilling Drilling Solutions Technologies items Adjusted operating income (loss) $ 30,961 $ 45,860 $ 32,
Slide 30: Reconciliation of Drilling Solutions Revenue by Geography
Reconciliation of Drilling Solutions Revenue by Geography For the three months ended (In thousands) Mar. 31, Jun. 30, Sep. 30, Dec. 31, Mar. 31, Jun. 30, 2025 2025 2025 2025 2026 2026 Drilling Solutions - U.S. $ 52,832 $ 103,193 $ 76,361 $ 41,140 $ 39,647 $ 43,972 Drilling Solutions - International
Slide 31: 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 32: 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,