ZAWYA: NESR reports record Q1 2026 revenue of $404.6mln, up 33.5% year-on-year

National Energy Services Reunited Corp. (“NESR” or the “Company”) NESR, an international, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, today announced its financial results for the first quarter ended March 31, 2026.

Q1 2026 Financial Highlights

• Revenue reached a record $404.6 million, increasing 33.5% year-over-year and 1.6% sequentially
• Net income totalled $23.8 million, improving 129.3% year-over-year and 205.4% sequentially
• Diluted Earnings per Share (“EPS”) increased to $0.23, up 109.1% year-over-year
• Adjusted EBITDA reached $76.7 million, reflecting 22.7% year-over-year growth
• Operating cash flow totalled $30.7 million, increasing 50.1% year-over-year

Stefan Angeli, Chief Financial Officer of NESR, said:

“First Quarter 2026 delivered outstanding results despite the geopolitical conflict, with strong operational execution driving continued growth and profitability. Revenue reached an all-time high of $404.6 million, supported by sustained activity across our core markets and increasing contributions from our hydraulic fracturing operations, particularly in our Saudi Arabia’s Jafurah unconventional field.”

“Net income increased to $23.8 million, underscoring the growing earnings power of the business as we scale. Adjusted EBITDA of $76.7 million demonstrates the resilience of our operating model and disciplined execution despite a significantly more complex operating environment.”

Sherif Foda, Chairman and Chief Executive Officer of NESR, commented:

“Amid an escalation in regional security tensions driven by recent conflict in the Middle East, NESR delivered a strong start to 2026, underpinned by resilient operations and continued client trust across our core markets. We maintained uninterrupted activity at scale, supported by secure supply chains, localized capabilities, and proven operational agility.”

“Recent multi-year contract awards in Kuwait and North Africa further reinforce our competitive positioning and long-term growth visibility. We reiterate our commitment to the clients by being physically by their side, and I visited the majority of our operating units across the region as we see accelerated investment potential to diversify and increase both Oil and Gas capacity in the region.”

Operational and Financial Performance

Net income for the quarter increased to $23.8 million, driven primarily by higher activity levels across the Company’s hydraulic fracturing and well testing service lines.

Adjusted net income for Q1 2026 reached $26.7 million, while Adjusted Diluted EPS increased to $0.26.

Cash and cash equivalents totalled $93.0 million as of March 31, 2026. Total debt decreased to $287.4 million from $310.1 million at year-end 2025.

Free cash flow for the quarter improved to negative $5.3 million compared to negative $9.6 million in the prior-year period, primarily due to stronger earnings performance.

Capital Return Program

In May 2026, the Company approved a shareholder capital return program consisting of:

• A quarterly cash dividend anticipated to commence in Q4 2026 at an expected rate of $0.10 per Ordinary Share
• Authorization for the repurchase of up to $50 million of the Company’s Ordinary Shares

The share repurchase program may be executed through open market transactions, privately negotiated transactions, or other means, subject to market conditions and applicable legal requirements.

About NESR

Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With more than 7,000 employees representing over 60 nationalities across 16 countries, NESR provides integrated energy services spanning Production Services and Drilling & Evaluation Services to support customers in unlocking reservoir potential efficiently and sustainably.

Media Contact

Lubna Hamdan

National Energy Services Reunited Corp.

lubna@nesr.com

Investor Relations

Blake Gendron

National Energy Services Reunited Corp.

investors@nesr.com

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