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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

National Energy Services Reuni / Equity Bottom-Up

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<li>At this point, we expect the business impact of the Iran conflict to have minimal adverse effects on NESR’s near-term results. </li>
<li>The most significant impacts could be felt on certain supply chain and logistics areas causing some upward cost pressure.</li>
<li>We suspect that NESR’s path toward a 2026 exit-rate revenue is intact. Cost pressures could affect margins during the first half of 2026. </li>
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At this point, we expect the business impact of the Iran conflict to have minimal adverse effects on NESR’s near-term results. 
The most significant impacts could be felt on certain supply chain and logistics areas causing some upward cost pressure.
We suspect that NESR’s path toward a 2026 exit-rate revenue is intact. Cost pressures could affect margins during the first half of 2026. 



<div><ul><li>NESR’s creativity and nimbleness help it compete against much larger multi-national companies and build strong customer strategic relationships.</li><li> It offers fit-for-purpose solutions to help customers develop resources in a safe and cost-efficient manner. </li><li>The focus on MENA markets contributes to the company’s ability to understand the local ecosystem and be recognized by its customers as a trusted advisor.</li></ul></div>

NESR’s creativity and nimbleness help it compete against much larger multi-national companies and build strong customer strategic relationships. It offers fit-for-purpose solutions to help customers develop resources in a safe and cost-efficient manner. The focus on MENA markets contributes to the company’s ability to understand the local ecosystem and be recognized by its customers as a trusted advisor.

NESR: Tender Awards Coupled with Robust Pipeline Drive Differentiated Growth Potential

<div><ul><li>NESR won a multi-billion-dollar award of 100% of the committed volume in the integrated frac contract at the Jafurah unconventional gas field in Saudi Arabia.</li><li> The field is a key component of Saudi Arabia’s updated goal of increasing natural gas output by 80% (previous target 60%) from 2021 levels (~9.2 Bcf/d) by 2030. </li><li>Expected natural gas demand growth in Saudi Arabia is expected to be driven by internal market forces, including power generation, to position the country as a Middle East technology hub.</li></ul></div>

NESR won a multi-billion-dollar award of 100% of the committed volume in the integrated frac contract at the Jafurah unconventional gas field in Saudi Arabia. The field is a key component of Saudi Arabia’s updated goal of increasing natural gas output by 80% (previous target 60%) from 2021 levels (~9.2 Bcf/d) by 2030. Expected natural gas demand growth in Saudi Arabia is expected to be driven by internal market forces, including power generation, to position the country as a Middle East technology hub.

NESR: Jafurah Tender Win Puts Company on Path to $2 Billion Annual Revenue Run Rate in Late 2026

<ul><li>Tender tailwinds are beginning to push NESR toward its goal of reaching an annual revenue threshold of $2 billion.</li><li>The tailwinds include recent awards and a backlog of new business opportunities. For reference, our current FY25 revenue estimate is ~$1.3 billion.</li><li>Since April 2025, NESR has announced contract awards totaling more than $600 million.</li></ul>

Tender tailwinds are beginning to push NESR toward its goal of reaching an annual revenue threshold of $2 billion.The tailwinds include recent awards and a backlog of new business opportunities. For reference, our current FY25 revenue estimate is ~$1.3 billion.Since April 2025, NESR has announced contract awards totaling more than $600 million.

National Energy Services Reunited Corp: Tender Tailwinds Set Up Growth in 2026

<ul><li>NESR’s revenue growth is expected to gain momentum in 2H25 based on the expectation of seasonal activity increases in core markets and the potential award of additional pressure pumping business in Saudi Arabia.</li><li>Saudi Arabia is engaged in a tender process for multi-year pressure pumping awards to support the company’s ambition to significantly increase unconventional natural gas production in the Kingdom.</li><li>NESR currently has one frac fleet deployed in the field and hopes to be awarded additional business that could build a several-year backlog.</li></ul>

NESR’s revenue growth is expected to gain momentum in 2H25 based on the expectation of seasonal activity increases in core markets and the potential award of additional pressure pumping business in Saudi Arabia.Saudi Arabia is engaged in a tender process for multi-year pressure pumping awards to support the company’s ambition to significantly increase unconventional natural gas production in the Kingdom.NESR currently has one frac fleet deployed in the field and hopes to be awarded additional business that could build a several-year backlog.

National Energy Services Reunited Corp: FY25 Revenue Growth Expected to Be Second-Half Weighted

United States

National Energy Services Reunited Corp. provides oilfield services. The Company offers cementing, coiled tubing, filtration, stimulation, fracturing, directional drilling, testing, wireline logging, and rig services. National Energy Services Reunited serves serves customers worldwide.

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National Energy Services Reuni (NESR US)

NESR: Long-Term Growth Trend Intact

We suspect that NESR’s path toward a 2026 exit-rate revenue is intact. Cost pressures could affect margins during the first half of 2026.

Water Tower Research

NESR: Tender Awards Coupled with Robust Pipeline Drive Differentiated Growth Potential

NESR’s creativity and nimbleness help it compete against much larger multi-national companies and build strong customer strategic relationships.

Water Tower Research

NESR: Jafurah Tender Win Puts Company on Path to $2 Billion Annual Revenue Run Rate in Late 2026

NESR won a multi-billion-dollar award of 100% of the committed volume in the integrated frac contract at the Jafurah unconventional gas field in...

Water Tower Research

National Energy Services Reunited Corp: Tender Tailwinds Set Up Growth in 2026

The tailwinds include recent awards and a backlog of new business opportunities. For reference, our current FY25 revenue estimate is ~$1.3 billion.

Water Tower Research

National Energy Services Reunited Corp: FY25 Revenue Growth Expected to Be Second-Half Weighted

NESR currently has one frac fleet deployed in the field and hopes to be awarded additional business that could build a several-year backlog.

Water Tower Research

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