National Energy Services Reunited Corp: 2Q26 Earnings Preview - Jafurah Hitting Its Stride

研报英文原文证据摘录

National Energy Services Reunited Corp: 2Q26 Earnings Preview - Jafurah Hitting Its Stride

Global Research

29 June 2026ab

National Energy Services Reunited Corp Equities

United States2Q26 Earnings Preview - Jafurah Hitting Its

Stride Oil Drilling, Equipment & Services

12-month rating Buy *

12m price target US$36.00Accelerating Jafurah Drives 2Q26 EBITDA 4% Above Street

Prior : US$32.00

We expect another strong quarterly update from NESR, and forecast both 2Q26 revenue

and EBITDA 4% above Street estimates. Accelerating activity at Jafurah is the key driver, Price (29 Jun 2026) US$28.23

supporting NESR reaching its $500mm/QTR revenue rate in 3Q26. Q/Q improvements in RIC: NESR.O BBG: NESR US

freight/logistics costs should also support margins. Looking ahead, we see ~$3Bn of

regional tender awards over the next 2 months as key catalysts to drive positive Trading data and key metrics

estimates revisions and the stock higher. If NESR were to win an outsized portion of 52-wk range US$28.24-5.96

these tenders, we see potential further upside to our $579mm FY27 Adj. EBITDA Market cap. US$2.85b

forecast, which is already 17% above Street. We reiterate our Buy Rating, and increase Shares o/s 101m (COM)

our PT multiple 0.5x and our PT to $36. Free float 85%

Avg. daily volume ('000) 2,086

Key Highlights for NESR's 2Q26 Update Avg. daily value (m) US$51.8

2Q26 Results. We forecast 2Q26 revenue of $453mm vs Street $435mm. We Common s/h equity (12/26E) US$1.11b

forecast 2Q26 Adj. EBITDA of $91mm vs Street $87.5mm. P/BV (12/26E) 2.5x

Net debt to EBITDA (12/26E) 0.2x

Jafurah. Operations at Jafurah continue to accelerate, with the 4th crew active

during 2Q and the 5th likely starting in 3Q. This positions NESR to capture the full EPS (UBS, diluted) (USD)

scope of the committed work.