Ramping Activity, Uninterrupted by Conflict, Supports New Shareholder Returns Program. Increasing PT to $32 (from $28)

Research evidence excerpt

Ramping Activity, Uninterrupted by Conflict, Supports New Shareholder Returns Program. Increasing PT to $32 (from $28)

Investment Thesis

NESR is a MENA-concentrated oilfield service provider. We view the company as a leveraged play on Middle East oilfield activity

(>85% of revenues), offering investors exposure to one of the most resilient oil producing regions thanks to some of the lowestENERGY production costs in the world, which is poised to accelerate spending in 2026+ on the back of rising regional NOC activity. The

company's local presence and strong relationships with NOCs (often mandated to promote local employment) put the company

in a strong position to win new contracts and continue expanding share. The company is also increasing its ESG footprint throughAND water processing, methane leak monitoring, and geothermal tech.

Upcoming Catalysts Price Performance

■ Ramping up on recent new market wins. $30

■ Uncommitted awards under Jafurah contract in Saudi Arabia.

$25 ■ Unlocking additional markets in MENA as well as Asia.

■ Technology partnerships and bolt-on acquisitions. $20

■ Incremental unconventional work in the Middle East.

■ Industry consolidation. $15INFRASTRUCTURE $10

Base Case Assumptions: $32 Price Target

$5

■ Middle East oil services spending recovering in the high single to low double digits Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 in coming years.

NESREQUITY ■ Share gains driven by cross-selling its offering, qualifying for new product lines in S&P 500 (rebased)

new markets, meeting local content requirements. Source: FactSet

■ ESG segment driving incremental revenues over the long term.

■ EBITDA margins remain stable in the mid-20% range. Company Description

National Energy Services Reunited