Overview

• MENA oilfield services firm's Q1 revenue up 33.5% yr/yr, beating analyst expectations

• Adjusted EPS for Q1 beat consensus, rising 85.7% yr/yr

• Company approved quarterly dividend and $50 mln share buyback program

Outlook

• Company expects continued activity across core MENA markets and increasing contributions from hydraulic fracturing

• Recent multi-year contract awards in Kuwait and North Africa reinforce long-term growth visibility

• Company plans to initiate a quarterly dividend in Q4 2026 and authorize up to $50 mln in share repurchases

Result Drivers

• HYDRAULIC FRACTURING GROWTH - Increased contributions from hydraulic fracturing, especially in Saudi Arabia's Jafurah field, supported revenue and earnings growth

• RESILIENT OPERATIONS - Uninterrupted activity at scale, secure supply chains, and localized capabilities helped maintain performance amid regional conflict and logistics challenges

• SERVICE LINE ACTIVITY - Higher activity in hydraulic fracturing and well testing service lines drove net income growth

Company press release: ID:nACSQqBy4a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$404.60 mln	$361.14 mln (8 Analysts)
Q1 Adjusted EPS	Beat	$0.26	$0.21 (6 Analysts)
Q1 EPS		$0.23
Q1 Adjusted Net Income	Beat	$26.70 mln	$21.23 mln (5 Analysts)
Q1 Net Income		$23.80 mln
Q1 Adjusted EBITDA	Beat	$76.70 mln	$73.69 mln (8 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil related services and equipment peer group is "buy"

• Wall Street's median 12-month price target for National Energy Services Reunited Corp is $30.00, about 29.9% above its May 8 closing price of $23.10

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.