National Energy Services Reunited (NESR) Lytham Partners Fall 2025 Investor Conference summary

Company overview and market positioning

• Operates as the only pure play Middle East energy services provider, with 75%-80% of revenue from Saudi Arabia, U.A.E., Oman, and Kuwait.

• Formed via SPAC in 2017, combining Gulf Energy and NPS to create a diversified oilfield services company.

• Offers 20+ product and service lines, focusing on production services (70% of revenue) and drilling/evaluation (30%).

• Employs over 6,500 people across 16 countries, serving major national oil companies like Saudi Aramco.

• Aims to be top three in every service segment within three years, already leading in core production services.

Growth, financial performance, and stability

• Achieved 20% annual revenue growth since inception, reaching $1.3B, with visibility to $2B in 18 months.

• Outperformed regional growth (5% CAGR) and peers, with a 15% CAGR over five years.

• Maintains leading margins and free cash flow, with a 10% free cash margin and double-digit free cash flow yield.

• Deleveraged balance sheet after initial growth and acquisitions, now positioned for further expansion.

• Relisted on NASDAQ in October 2024 after financial restatement and remediation of material weaknesses.

Technology strategy and innovation

• Pursues an open technology platform, partnering globally to bring advanced solutions to the Middle East.

• Leverages local manufacturing, academic partnerships, and rapid technology adoption to serve national oil companies.

• Focuses on decarbonization (NEDA business), targeting a $5B+ TAM by 2030 in water, emissions, geothermal, and CCOS.

• Expanding into high-margin tier one directional drilling, a $2.5B TAM niche in the region.