National Energy Services Reunited Corp.

nesr.com

What Do They Do?

Provides oil-well completion and production services, including hydraulic fracturing, cementing and artificial lift, to oil and natural gas companies; also provides well-construction services.

How Do They Make Money?

Customers order work at specific sites, and NESR charges contract rates for services and equipment rentals. Most service work is billed as performed, with payment due after invoicing; integrated production-management work is paid from cash generated by customers’ wells.

revenue

Segment	Share	Revenue	How money arrives
Production Services Recurring	62% FY2022: 62%		Recurring
Drilling and Evaluation Services Recurring	38% FY2022: 38%		Recurring

Who Are Their Customers?

National oil companies, large integrated oil companies and independent operators buy its services, mainly through NESR’s local direct-sales teams; the company also uses indirect channels.

Customers above 10% of revenue, FY2025

of revenue from four customers (49%, 9%, 8%, 7%)

FY2023: 64% from four customers

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 9 cents into free cash flow.

Operating income, FY2025

7% of revenue

▼ −29% vs FY2024 ($137.7M, 11%)

Net income, FY2025

4% of revenue

▼ −33% vs FY2024 ($76.3M, 6%)

Free cash flow, FY2025

9% of revenue

▼ −3% vs FY2024 ($124.2M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +59%; vs $327.4M in Q2 FY2025
Net income: ▲ +190%; vs $15.2M in Q2 FY2025

Aug 10, 2026 NESR selected PwC and will end Grant Thornton’s engagement Grant Thornton remains engaged for the 2026 audit; PwC’s appointment applies to the 2027 audit.

Growing. Revenue grew 51% in 4 years, from $876.7M in FY2021 to $1.3B in FY2025, about 11% a year.

Revenue over time

Production Services Drilling and Evaluation Services

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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