National Energy Services Reunited Q4 Earnings Call Highlights

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MarketBeat

Tue, February 17, 2026 astatine 9:42 AM CST 7 min read

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Q4 grounds revenue: NESR reported fourth-quarter gross of $398.3 million, up 34.9% sequentially, driven by the Jafurah declaration ramp and stronger North Africa activity, with adjusted EBITDA of $84.4 cardinal (21.2% margin).
Ambitious 2026 outlook: Management expects 2026 to beryllium “our champion maturation twelvemonth ever” and aims to exit 2026 astatine an annualized gross tally complaint of astir $2 billion, with full-year EBITDA margins broadly akin to 2025 and ~ $165 cardinal successful capex.
Strong currency procreation and deleveraging: Full-year escaped currency travel was $120.8 cardinal and nett indebtedness stood astatine $185.3 cardinal (net debt/EBITDA 0.66), and absorption volition supply a ceremonial superior allocation/shareholder instrumentality program adjacent 4th with dividends and buybacks “on the table.”
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National Energy Services Reunited (NASDAQ:NESR) closed retired 2025 with what absorption described arsenic “even stronger than expected” fourth-quarter results, supported by a large declaration ramp successful Saudi Arabia and rising enactment crossed North Africa. On the company’s fourth-quarter 2025 net call, executives besides pointed to a multi-year tender rhythm crossed the Middle East and North Africa (MENA) and said they spot a way to exiting 2026 astatine an annualized gross tally complaint of astir $2 billion.

Chief Financial Officer Stefan Angeli said fourth-quarter gross roseate to an all-time precocious of $398.3 million, up 34.9% sequentially and 15.9% year-over-year. Angeli attributed sequential maturation chiefly to the mobilization of the Jafurah declaration opening November 1, on with a “strong enactment summation successful North Africa.” Year-over-year maturation was driven by higher enactment successful Saudi Arabia, Kuwait, Iraq, Egypt, and Libya.

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Adjusted EBITDA for the 4th was $84.4 million, representing a 21.2% margin, which Angeli said was broadly successful enactment with third-quarter levels contempt higher gross from “competitively priced declaration wins.” He said unchangeable margins reflected outgo discipline, stronger operational execution, and the company’s “lean overhead structure.”

Angeli besides elaborate $24.1 cardinal of charges and credits impacting adjusted EBITDA, including expected recognition nonaccomplishment provisions chiefly successful Oman, impairment charges tied to 2 bequest exertion investments, declaration mobilization-related restructuring costs successful Oman, and different write-offs including a proviso for a construction-in-process prepayment successful Saudi Arabia pursuing a vendor bankruptcy. He said the adjustments were “predominantly one-time items” and that the institution does not expect worldly declaration mobilization-related restructuring costs successful 2026.

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