National Energy Services Reunited (NESR) Company Report

For Q3 2025, NESR reported revenue of $295.3 million, a 9.8% sequential and 12.2% year-over-year decline primarily due to a contract transition in Saudi Arabia, while Adjusted EBITDA remained steady at $64 million (21.7% margin) and Adjusted EPS was $0.16.
The company projects full year 2025 revenues to be broadly in line with 2024 levels, with Q4 2025 expected to be a record performance. Full year 2025 free cash flow is projected at $70 million-$80 million, with CapEx anticipated to be $140-$150 million.
NESR forecasts ending full year 2026 with a revenue run rate of approximately $2 billion, with a 99% confidence level in achieving this target due to awarded and signed contracts. The EBITDA margin for 2026 is expected to be similar to 2025, between 21%-22%.
The company's net debt was $263.3 million as of September 30, 2025, with a net debt-to-adjusted EBITDA ratio of 0.93. NESR plans to deploy all excess cash flow towards debt reduction through the first half of 2026 and is on track to refinance its debt facility by year-end 2025 or early January 2026.

Nov 13, 2025, 1:00 PM

Transcript

NESR Reports Q3 2025 Results and Secures Major Jafurah Contract

NESR

Earnings

Guidance Update

New Projects/Investments

NESR reported Q3 2025 revenue of $295.3 million, a 9.8% sequential and 12.2% year-over-year decrease, with Adjusted EBITDA of $64 million (21.7% margin) and Adjusted EPS of $0.16.
The company secured the multi-year, multi-billion dollar Jafurah frac tender, which is the largest single-service contract in sector history and is expected to drive significant future growth.
NESR forecasts full year 2025 revenues to be in line with 2024, with a record Q4 2025 revenue performance and an anticipated $2 billion revenue run rate by the end of 2026.
Management expects EBITDA margins for 2025 and 2026 to be between 21%-22% and plans to deploy all excess cash flow towards debt reduction through the first half of 2026 while refinancing its debt facility.

Nov 13, 2025, 1:00 PM

Transcript

NESR Reports Q3 2025 Results and Provides Strong 2026 Revenue Outlook

NESR

Earnings

Guidance Update

New Projects/Investments

NESR reported Q3 2025 revenue of $295.3 million, a decrease of 9.8% sequentially and 12.2% year-over-year, with Adjusted EBITDA of $64 million (21.7% margin) and Adjusted EPS of $0.16.
The company secured a multi-year, multi-billion dollar frac tender in Jafurah, which commenced on November 1st, 2025, and is expected to be a cornerstone for future growth.
Management forecasts full year 2025 revenue to be broadly in line with full year 2024 levels, implying a record Q4 2025 performance, and anticipates achieving a $2 billion revenue run rate by the end of 2026.
NESR plans to deploy all excess cash flow towards debt reduction through the first half of 2026, maintaining a net debt-to-Adjusted EBITDA ratio of 0.93 as of September 30, 2025.

Nov 13, 2025, 1:00 PM

Transcript

National Energy Services Reunited Corp. Reports Q3 2025 Financial Results

NESR

Earnings

Demand Weakening

New Projects/Investments

National Energy Services Reunited Corp. (NESR) reported a decrease in revenue and net income for both the three-month and nine-month periods ended September 30, 2025, compared to the same periods in the prior year.
For the three months ended September 30, 2025, revenue was $295.3 million, down from $336.2 million in the prior year, and net income was $17.7 million, compared to $20.6 million in the prior year.
Diluted earnings per share for Q3 2025 was $0.18, a decrease from $0.22 in Q3 2024.
Cash flows provided by operating activities for the nine-month period ended September 30, 2025, significantly decreased to $125.7 million from $183.1 million in the prior year, primarily due to growth in accounts receivable.
The company recorded an income tax benefit of $5.5 million for Q3 2025, primarily reflecting non-recurring adjustments to uncertain tax positions and unrecognized tax benefits.

Nov 13, 2025, 11:15 AM

6-K

NESR Reports Third Quarter 2025 Financial Results

NESR

Earnings

New Projects/Investments

Demand Weakening

National Energy Services Reunited Corp. reported revenue of $295.3 million for the third quarter ended September 30, 2025.
Net income for Q3 2025 was $17.7 million, an increase of 16.7% on a sequential quarter basis, with diluted EPS of $0.18, up 15.6% sequentially.
Adjusted EBITDA for the quarter ended September 30, 2025, was $64.0 million.
For the nine months ended September 30, 2025, operating cash flow was $125.7 million and free cash flow was $25.0 million.
As of September 30, 2025, the company held $69.7 million in cash and cash equivalents, with total debt of $332.9 million, resulting in Net Debt of $263.3 million.

Nov 13, 2025, 11:10 AM

6-K

NESR Outlines Growth Strategy and Financial Targets in MENA Region

NESR

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

NESR, a US-listed, NASDAQ-listed oilfield services (OFS) company, is positioned as the largest national OFS company in the Middle East after the "big three" international players.
The Middle East and North Africa (MENA) region is projected to experience 7-10% year-on-year growth in oilfield services activity for at least the next decade, driven by increased oil and gas production capacity targets.
The company's recent multi-billion dollar Jafurah contract is expected to drive 30-40% year-on-year growth for NESR, pushing its revenue run rate from approximately $1.3 billion towards $2 billion.
NESR aims to maintain its 20-22% margin range despite this growth, with capital expenditures increasing modestly from $120 million to potentially $150 million.
The company anticipates achieving approximately 40% conversion of EBITDA to cash and has an ambition to reach $3 billion in revenue, which would make it the third-largest OFS company in the Middle East.

Nov 12, 2025, 9:00 PM

Transcript

NESR Discusses Strong Growth Outlook and Strategic Investments at Bank of America Global Energy Conference

NESR

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

NESR, a NASDAQ-listed oilfield services company, is positioned as the largest national OFS company in the Middle East, benefiting from the region's projected 7-10% year-on-year growth for at least the next decade.
The company expects 30-40% year-on-year growth, primarily driven by its multi-billion dollar, five-year Jafurah unconventional project contract, which is anticipated to help NESR reach a $2 billion revenue target and potentially $3 billion.
NESR aims to maintain 20-22% margins despite this growth, with CapEx projected to be between $120 million and $150 million. The company also expects to achieve approximately 40% EBITDA cash conversion and reduce its debt to 0.7-0.6 times soon.
NESR is investing in local R&D facilities like Nori and Ahmadi Innovation Valley, and developing its own advanced drilling technology (RSS, MWD, LWD) to enhance its competitive position and capitalize on in-country value-add programs.

Nov 12, 2025, 9:00 PM

Transcript

NESR Discusses Strong Growth Trajectory and Jafurah Project Impact

NESR

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

NESR anticipates 30%-40% year-on-year growth, primarily driven by a multi-billion dollar tender for the Jafurah unconventional gas project in Saudi Arabia, with a clear path to $2 billion and an ambition to reach $3 billion in revenue.
The company expects to maintain its margins in the 20%-22% range despite this significant growth.
Capital expenditure is projected to increase modestly to $150 million, with NESR leveraging the U.S. market to acquire equipment cost-effectively.
NESR expects strong cash flow, averaging 40% conversion in EBITDA cash, and plans to decide on M&A, dividends, or stock buybacks in the second half of 2026 once debt is reduced to 0.7-0.6 times.

Nov 12, 2025, 9:00 PM

Transcript

National Energy Services Reunited Corp. Highlights Middle East Market Position and Growth Trajectory

NESR

Revenue Acceleration/Inflection

Financial Restatement

Delisting/Listing Issues

National Energy Services Reunited Corp. (NESR) is presented as the sole pure play Middle East energy services company listed on NASDAQ, generating 75% of its revenue from GCC countries like Saudi Arabia, UAE, Oman, and Kuwait.
The company has grown its pro forma revenue from $450 million in 2018 to $1.3 billion today, with a projected increase to $2 billion within 18 months.
NESR reports a leading free cash margin of approximately 10% and a double-digit free cash flow yield, benefiting from the stable Middle East market's multi-year contracts and low oil break-even prices.
The company successfully addressed past financial issues, completing a restatement for 2018-2020 in December 2023, filing its 20F in April 2024, and relisting on NASDAQ in October 2024 after being delisted in early 2023. All material weaknesses were remediated by August 2025.
NESR's stock is noted to trade at a valuation similar to U.S.-centric small/mid-cap oilfield services companies, which the company believes undervalues its stable Middle East market exposure and strong financial performance.

Sep 30, 2025, 7:30 PM

Transcript

National Energy Services Reunited Corp. Reports Q2 2025 Financial Results

NESR

Earnings

Board Change

Management Change

National Energy Services Reunited Corp. reported revenues of $630,470 thousand and net income of $25,592 thousand for the six-month period ended June 30, 2025, with diluted EPS of $0.26.
As of June 30, 2025, the company had $131,802 thousand in cash and cash equivalents and $138,400 thousand in current available borrowing capacity, and was in compliance with all financial and non-financial covenants under its 2021 Secured Facilities Agreement.
For the three-month period ended June 30, 2025, the Drilling and Evaluation Services segment's operating income was $20,714 thousand, while the Production Services segment's operating income was $22,696 thousand.
The company successfully remediated its previously reported material weakness related to tone at the top, and new independent directors joined the Board in June 2024 and May 2025.

Aug 20, 2025, 12:00 AM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for National Energy Services Reunited.

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