NESR · National Energy Services Reunited Corp.

National Energy Services Reunited Corp. delivered record Q1 2026 revenue of $404.6 million, driven by higher activity in hydraulic fracturing and well testing service lines, particularly in Saudi Arabia’s Jafurah unconventional field, alongside sustained demand across MENA core markets. Despite geopolitical tensions and Ramadan-related working capital build, net income surged to $23.8 million, reflecting strong operational execution and flow-through from incremental revenues. Adjusted EBITDA of $76.7 million highlighted margin resilience amid logistics challenges and cost increases, with management emphasizing secure supply chains and localized capabilities. Operating cash flow reached $30.7 million, supporting stable net debt at $194.4 million. CFO Stefan Angeli noted the results as outstanding, with earnings power scaling effectively. CEO Sherif Foda underscored client trust and recent multi-year contract awards in Kuwait and North Africa, reinforcing long-term growth visibility. The initiation of a capital return program—$0.10 quarterly dividend per share from Q4 2026 and $50 million share repurchase authorization—signals confidence in cash generation and shareholder returns. Non-GAAP reconciliations in Exhibit 99.1 detail adjustments like foreign currency losses and lease provisions. A conference call was held on May 11, 2026, at 8:00 AM ET.