National Energy Services Reunited Corp.

Investor Presentation • Sep 30, 2025

National Energy Services Reunited Corp.

National Champion of MENA

Sherif Foda - Chairman & Chief Executive Officer

September 2025

Safe Harbor and Other Disclaimers ¹⁹

Non-Solicitation:This presentation (the "Presentation")is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchaseany equity, debt or other financial instruments of NationalEnergy Services Reunited Corp. and its group companies ("NESR" or "the Company"), or its respective affiliates' securities (as suchterm is defined underthe U.S.Federal securities laws). ThisPresentationdoes not purport to containall of the information that may be required to evaluate a potential investment in the Company, and you should seek your own legal, accounting and other relevant professional advice. All information herein speaksonly as of the date hereof, unless stated otherwise. Neither NESRnor its affiliates undertake any obligation to update or otherwise revise any information contained in this Presentation.

Use of Projections:ThisPresentation contains certain financial forecasts with respect to the Company. Thesefinancial projections have been provided by the Company's managementteam, and their independent auditors have not audited,reviewed, compiled, or performed any procedures with respect thereto for the purposeof theirinclusion in this Presentation, and accordingly, do not expressan opinion or provide any other form of assurancewith respect thereto for the purposeof this Presentation.Thesefinancial projections should not be relied upon as being necessarily indicative of future results. Theinclusionof suchinformation is not an admissionor representation by them that suchinformation is material. In this Presentation, certain of the above-mentioned financial projections (in eachcase,with an indication that the information is an estimate and is subject to the qualifications presented herein) have been prepared for purposes of providing comparisonswith historical data. Theassumptionsand estimates underlying the projections are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could causeactualresults to differ materially from those contained in the projections. Accordingly, there canbe no assurancethat the prospective results are indicative of the future performanceof NESRor that actualresultswill not differ materially from those presented. Inclusion of the financial projections in this Presentationshould not be regardedas a representation by any personthat the results contained in the projections will be achieved. Theinformation contained herein is not a guarantee of future performance.

Forward-LookingStatements:This communicationcontains forward-looking statements (as suchterm is defined in Section 27Aof the SecuritiesAct of 1933, as amended,andSection 21Eof the SecuritiesExchangeAct of 1934, as amended).Any and all statements contained in this communication that are not statements of historical fact, may be deemed forward-looking statements.Terms suchas "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similarimport (including the negative of any of these terms)may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, the plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, completion and integration of acquisitions, and the assumptionsunderlying or relating to any suchstatement. The forward-looking statements are not meant to predict or guarantee actualresults, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptionsand are subject to a number of risks and uncertainties and other influences, many of which the Company hasno control over. Actualresults and the timing of certain events and circumstancesmay differ materially from those described by the forwardlooking statements as a result of these risks and uncertainties.Factors that may influence or contribute to the accuracy of the forward-looking statements or causeactualresults to differ materially from expected or desired results may include, without limitation: estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; successin retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, particularly during extended periods of low oil and gas prices, political disturbances, war, terrorist acts, public health crises and threats, ongoing actions taken by businessesand governments and resulting significant disruption in international economies, international financial and oil markets; international currency fluctuations, businessand/or competitive factors; and other risks and uncertainties set forth in the Company's mostrecentAnnualReport on Form 20-Ffiled with the Securities andExchangeCommission (the "SEC").

You are cautioned not to place undue reliance on forward-looking statements becauseof the risks and uncertainties related to them and to the risk factors. TheCompany disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstancesor otherwise, except as required by law. You should read this communicationin conjunction with other documentswhich the Company may file or furnish from time to time with the SEC.

Any estimate of financial results for the Company included in this presentation represent the most current information available to management. The Company's actualresults when disclosed in its subsequent periodic reports may differ from these preliminary results as a result of the completion of the Company's financial statement closing procedures, final adjustments, completion of the independentregistered public accounting firm's review procedures, and other developments that may arise between now and the disclosure of the final results.

Non-GAAP Financial Measures:ThisPresentation includes certain financial measures not presented in accordance with generally accepted accounting principles ("GAAP") including, but not limited to, EBITDA, adjustedEBITDA, Free CashFlow and certain ratios and other metrics derived there from. NESRbelieves that these non-GAAPmeasures of financialresults provide useful information to managementand investors regarding certain financial and business trends relating to NESR's financial condition and results of operations. NESR'smanagement uses these non-GAAP measures to compareits performance to that of prior periods for, amongother reasons, trend analysis and for budgeting and planning purposes. NESRbelieves that the useof these non-GAAPmeasures provides an additional tool for investors to usein evaluating ongoing operating results and trends and in comparing NESR's financial measures with other peer companies,many of which present similar non-GAAPmeasures to investors. Management of NESRdoes not consider these non-GAAPmeasures in isolation or as an alternative to financial measures determined in accordance with GAAP.Theprincipal limitation of these non-GAAPmeasures is that they exclude significant expenses that are required by GAAPto be recorded in the Company's financial statements. In addition, these measures are subject to inherent limitations as they reflect the exercise of judgment by managementabout which expenses and income are excluded or included in determining these non-GAAP measures.You should not place undue reliance on these non-GAAPmeasures.Weurge you to review NESR's financial statements, which are included in NESR'sSECfilings. Certain non-GAAPfinancial information included in this investor presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes.As such, potential investors are cautioned not to rely on suchinformation, as audited results may differ materially from the information provided herein.

C O M PA N Y SN A PSH O T

Who We Are – 1 st & Only MENA Pure Play in Oilfield Services ⁰³

Only MENA National Champion Working for NOCs & IOCs in Multiple Countries

16 6,500+ 30+ 20+

COUNTRIES EMPLOYEES

CUSTOMERS PRODUCT LINES

Diversified Energy Services Focused in Middle East/North Africa (MENA) Region

Reporting Segments: Drillings & Evaluation (D&E) | Production Services (PS)

Unique, decentralized structure with multiple HQ (Houston, Saudi Arabia, Oman, UAE) and regional offices to support across MENA

What We Do – Fully Diversified Energy Services ⁰⁴

TTM REV

PRODUCTION SERVICES

~70%

DRILLING & EVALUATION SERVICES ~30%

Construct

• CEMENTING Advanced Solutions for Zonal Isolation
• FILTRATION High Performance Separation Solutions for Drilling & Workover

COMPLETIONS Intelligent Solutions for Maximizing Recovery

Intervene

Integrated Solutions for Complex

STIMULATION, PUMPING & NITROGEN

• COILED TUBING Well Interventions
• Enhanced Well Production & Reservoir Recovery
• HYDRAULIC FRACTURING productivity and enhance EOR

Engineering solutions to increase

Produce & Protect

ARTIFICIAL LIFT Optimized Performance, Reduced Downtime

• PRODUCTION ASSURANCE Effective Chemical Solutions
• PIPELINE & INDUSTRIAL SERVICES Reliable Services to Mid/Downstream

Drill

• DIRECTIONAL DRILLING Next-Generation Drilling Technologies
• PRESSURE CONTROL Safety Assurance for Wellheads, Flow & Pump
• RIGS & INTEGRATED SERVICES Modern Integrated Rig Solutions

DRILLING FLUIDS Tailored Drilling Fluid & Waste Management

Reach

THRU-TUBING INTERVENTION

Innovative Solutions & Expert Machining

• Effective Solutions for Restoring Productivity
• FISHING & DOWNHOLE TOOLS for Drilling & Workover
• Running Services

TUBULAR RUNNING SERVICES Conventional & Automated Tubular

Evaluate & Measure

• SLICKLINE Advanced Services for Accurate Downhole Measurements
• WIRELINE LOGGING Comprehensive Logging Solutions for Optimal Results

WELL TESTING Safe, Reliable & Automated Solutions for all Reservoirs

Our Growing "Anchor Country" Footprint

Source: NESR Company Data – Shading based on annual revenue contribution by country "Anchor Country" defined as \$75+mm/yr revenue, underpinned by long-term contracts

Entry-Level Country Anchor Country

Segment "Pull Through" ⁰⁶to Establish Leading Share

* Denotes top-3 market share segment in MENA Source: NESR Company Data – Shading based on annualized segment revenue vs. total addressable segment market in MEA (NESR estimates)

	2018	PAST		NEXT	FUTURE
BUSINESS LINE	(SPAC)	5 YEARS	2024	5 YEARS	VISION	2024 MENA RANK
Cementing*						Top 3
Coil/Stim/Pump*						Top 3
Hydraulic Fracturing*						Top 3
N2 & Filtration*						Top 3
Well Testing*						Top 3
Slickline*						Top 3
Fishing & Remedial						Top 3
Thru Tubing						Top 3
Downhole Tool/ Svcs						Top 3
Pipeline & Industrial						Top 5
Dir/MWD/L WD/RSS						Top 5
Decarbonization NEDA						Top 5
Tubular Running						Top 5
Logging						Top 10
Drilling Fluids						Top 10
Specialty Chems						Top 10
Drilling & Workover						Top 10
Integrated Services						Top 10

NESR Oilfield Research & Innovation (NORI) Inauguration

March 2023 – Saudi Arabia Dhahran Techno Valley (base for WD Von Gonten Reservoir Characterization in MENA)

PORTFOLIO EXPANSION TO ENHANCE CORE OFFERING & EXPAND TO NEW FRONTIERS…

DRILLING & EVALUATION (D&E)

W.D. Von Gonten lab domiciled in Saudi Dhahran Techno Valley (DTV), bringing world-class reservoir characterization lab capabilities to NESR locally.

PRODUCTION SERVICES (PS)

Completion fluids chemistry lab. Specialized facility designed for shaped charges testing.

DECARBONIZATION

Company History ¹⁰- OPEN TECH PLATFORM & PORTFOLIO INVESTMENTS

I N V EST M E N T T H ESI S

¹⁰Investment Thesis #1 - MENA MOST RESILIENT UPSTREAM GLOBALLY

Lowest-Cost Resource

Source: Rystad Energy (2024)

Source: Barclays Research (March 2025) Saudi Aramco	(5%)
Abu Dhabi National Oil Co. (ADNOC)	6%
Petroleum Development of Oman (PDO)	2%
Kuwait Oil Company (KOC)	25%
Libya/Egypt	15%
Qatar Petroleum Company	1%
Basra Oil Company (Iraq)	5%
Others	4%

Middle East E&P Spending +2%

Record-Level Regional Spending & Activity (2025>2014) Source: Barclays (March 2025)

Country-Specific Upstream Activity Drivers

Calibrating oil activity to maintain 12mmbpd MSC

Saudi Arabia

CALIBRATING FOR LOWER OIL, RECORD GAS GROWTH VISION 2030

Multi-year growth guide unchanged until "middle of the decade" (call on Mar '25)

Stable activity supported by diverse NOC & IOC clientele

New energy (hydrogen) and decarbonization commitments

Oman

STABLE, AT ALL-TIME HIGH

ACTIVITY Unconventional gas mega-investment to 2Bscfd of sales gas, grow overall KSA gas 60% by 2030

Double-digit spending CAGR in 2023 & 2024

UAE

GROWTH, BEYOND ALL-TIME HIGH ACTIVITY

Sustained growth in 2025 beyond all-time high levels

Oil capacity expansion to 5mmbpd by 2027 (\$150B in '22-'27)

Strong leadership with ambitious plans to drill more than 6,000 wells through 2030

Kuwait

GROWTH, BEYOND ALL-TIME HIGH ACTIVITY

Recent offshore discovery and solid plans for capacity increase

Rig tender ramping in 2023 & 2024 to meet oil growth aims

Modest growth despite certain political & fiscal crosswinds

Iraq & North Africa

MODEST GROWTH

Robust gas export ambition from North Africa to Europe

Activity materializing in certain locations such as Libya

Thesis #2 ¹²- CONTINUED CORE BUSINESS GROWTH OUTPERFORMANCE

Source: FactSet, Consensus Estimates as of 30 June 2025, NESR Estimates

Thesis #3 ¹³- FRONTIER GROWTH WITH D&E TECH & NEDA SOLUTIONS

Source: FactSet, NESR Estimates

WATER ZERO FLARE & HEAT EMISSIONS

CCUS/NEW ENERGIES

FAST-STREAM YOUR DATA

CORE GROWTH + FRONTIER GROWTH = OUTLOOK FRAMEWORK

Future TAM ~\$5+ B/yr (2030)

Valuation Upside Potential

Recent Organizational Highlights & Milestones ¹⁵

RECENT DEVELOPMENTS

Completed the restatement & 2022 audit with 20-F filing in December 2023

Completed the 2023 audit with 20-F filing in April 2024

Successfully closed the SEC inquiry and relisted on Nasdaq in October 2024

Completed remediation of all material weaknesses as of August 2025 (2Q25 earnings call)

LOOKING AHEAD

MENA upstream outlook remains solid (best region globally)

Ample runway for NESR share and portfolio expansion to outgrow MENA market

Net leverage target achieved, annual run rate free cash flow at record levels

Capital allocation flexibility depending on growth opportunities and TSR

October 2024 – Nasdaq Bell Ringing Ceremony & Investor Technology Expo

A PPE N D I X H I STO RI C A L FI N A N C I A LS & B O A RD O F D I REC TO RS

NESR (\$million)	2023	1Q24	2Q24	3Q24	4Q24	2024	FY24 vs. FY23	1Q25	2Q25	1H25/1H24
Revenue	\$1,146	\$297	\$325	\$336	\$344	\$1,302	+14%	\$303	\$327	+1%
Net Income (Loss)	\$12.6	\$10.0	\$18.9	\$20.6	\$26.8	\$76.3	+506%	\$10.4	\$15.2	-11%
Depreciation & Amortization	149.0	35.0	35.9	35.9	42.1	148.9	NM	37.9	37.6	+6%
Interest	45.8	10.6	9.4	9.9	9.9	39.9	-13%	8.3	8.6	-16%
Tax	17.3	4.6	6.0	5.3	3.3	19.2	+11%	3.3	4.3	-28%
Charges & Credits	37.6	4.1	8.5	8.3	5.1	26.0	-31%	2.6	4.9	-40%
Adjusted EBITDA	\$262.3	\$64.3	\$78.7	\$80.0	\$87.2	\$310.2	+18%	\$62.5	\$70.6	-7%
Adjusted EBITDA Margin*	22.9%	21.6%	24.2%	23.8%	25.3%	23.8%	+94bps	20.6%	21.6%	-190bps

*For definitions of non-GAAP financials and reconciliations to the most directly comparable GAAP financial figures can be found in our most recent earnings filing, including in our full year 2024 filing 20-F available on our website: LINK

Appendix – Diverse & Experience ¹⁸-Rich Board

Sherif Foda CHAIRMAN OF THE BOARD & CEO

Sherif Foda has served as the Chairman and Chief Executive Officer of NESR since inception. He founded the company in 2017 as a SPAC to create the first and largest energy services company from the MENA region publicly listed on the Nasdaq Stock Market. He has more than three decades of professional experience in the energy industry working primarily in his earlier career for Schlumberger Limited (NYSE: SLB), around the world, particularly in the Middle East, Europe and the US. He served as Senior Advisor to the Chairman of SLB, officer and President of the Production Group, the President of Europe and Africa, VP & MD of the Arabian market, President of well intervention worldwide, among other roles. He started his career in 1993 with SLB(Red Sea). He sits on multiple private boards, serves as the Chairman of WD Von Gonten in Houston, GLC Energy in London, and is a board member for Al Fanar Venture philanthropy in London.

Antonio Mejia LEAD INDEPENDENT DIRECTOR

Antonio J. Campo Mejia has been an Independent Director of NESRsince inception in May 2017, and is the Lead Independent Director of the board. He is also a non-executive director of the Supervisory Board of Fugro N.V., a company providing geosciences services. From 2009 to 2012, Antonio served as CEO of Integra Group, an oilfield services company predominantly in Russia (and simultaneously served on the boards of Basin Supply LP,Basin Tools LP,and Basin Energy Services LP).Prior to 2009, he spent 28 years of his professional career at Schlumberger, in a multitude of senior management positions in different parts of the world. Mr. Campo served as the President of Latin America for Oilfield Services and President of Europe & Africa and was the President of Schlumberger's Integrated Project Management business responsible for worldwide operations in this service line. He graduated with a Bachelors in Electronic Engineering from Pontificia Universidad Javeriana in 1980 and began his career in SLBwireline.

Yousef Al Nowais INDEPENDENT DIRECTOR

Yousef Al Nowais has served as an independent director since November 2019. He also serves as the Chairman & Managing Director of Arab Development ("ARDECO"), a company he founded in his home city of Abu Dhabi, the United Arab Emirates. ARDECO is a large diversified business and a leading player in the O&G and petchem sectors. He also served as the co-Chairman of Al Nowais Investments LLC, a leading investment company in Abu Dhabi with local & int'l holdings. Prior to founding ARDECO, Mr. Al Nowais joined ADNOC after graduating from the University of Arizona in 1979 and held many senior positions including Finance Director and Managing Director of ADNOC's subsidiary FERTIL. From 2007-2013, Al Nowais served as Managing Director of Al Maabar International, a leading UAE organization investing in real estate.

Andrew Waite INDEPENDENT DIRECTOR

Andrew Waite was elected to the NESR board in June 2018 and is an independent director. He is the Managing Partner of SCF Partners, Inc, the ultimate general partner of SCF-VIII LP, and has been an officer at SCF Partners since 1995. He was previously Vice President of Simmons & Company Int'l, where he served from 1993 to 1995. From 1984 to 1991, Mr. Waite held several engineering and project management positions with Royal Dutch/Shell Group. He previously served on the boards of Nine Energy Service, Inc (NYSE: NINE), a position held from 2011 to 2025, Complete Production Services Inc (previously NYSE:CPX), Hornbeck Offshore Services, Inc (previously NYSE:HOS), Oil States International, Inc (NYSE:OIS), Atlantic Navigation Holdings (Singapore) Ltd (SGX:5UL), and Forum Energy Technologies, Inc (NYSE:FET). Mr. Waite received an MBA with high distinction from Harvard Business School, an MS degree in Environmental Engineering Science from California Institute of Technology, and a BSin Civil Engineering from Loughborough University.

Anthony Chase INDEPENDENT DIRECTOR

Anthony (Tony) Chase was elected to the NESR board in June 2024 and is an Independent Director. Mr. Chase is Chairman and CEO of ChaseSource, LP, a staffing, facilities management, and real estate development firm. Mr. Chase started and sold three ventures (Chase Radio Partners, Cricket Wireless and ChaseCom). Mr. Chase is also a principal owner of the Houston Airport Marriott at George Bush Intercontinental Airport and the Principal Auto Toyota dealership in greater Memphis, TN. Mr. Chase serves on several non-profit boards in Houston. Mr. Chase previously served as Deputy Chairman of the Federal Reserve Bank of Dallas and the Chairman of the Greater Houston Partnership. Mr. Chase serves on the boards of Cullen/Frost Bankers, Inc. (NYSE: CFR), LyondellBasell Industries N.V. (NYSE: LYB), and Nabors Industries Ltd. (NYSE: NBR). He is a Professor of Law Emeritus at the University of Houston Law Center.

Lisa Pollina INDEPENDENT DIRECTOR

Lisa A. Pollina was appointed to the Board effective May 16, 2025, and was elected at the Annual General Meeting. Ms. Pollina is a business executive who has negotiated over \$50 billion in corporate development deals throughout her career. She provides advisory work for Alvarez & Marsal and has provided private equity investment advisory for alternative asset manager Ares Management (NYSE: ARES) on both growth and special opportunities portfolio investments.

Prior to working with ARES, she worked for Royal Bank of Canada (NYSE: RY) from 2010 to 2015 having served as Vice Chairman of RBC Capital Markets, a division of RY, as well as senior advisor to multiple boards. Prior to RBC, Ms. Pollina served as the Global Financial Institution Executive at Bank of America Securities.

Ms. Pollina received a B.S. from Western Michigan University and an M.B.A from Yale University. She has also been an instructor of strategy at Yale University and corporate finance at the University of Chicago.