National Energy Services Reunited Corp

Welcome to the NASA Reports Third Quarter 2025 Financial Results Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Blake Gendron. You may begin.

Thank you, Kate. Hello and welcome to NESRR's third quarter 2025 earnings call. With me today are Sharif Foda, Chairman and Chief Executive Officer of NESRR, and Stephan Angeli, Chief Financial Officer. On today's call, we will comment on our third quarter results and overall performance. After our prepared remarks, we will open up the call to questions. Before we begin, I'd like to remind our participants that some of the statements we'll be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to our latest earnings release filed earlier today and other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details on reconciliations to the most directly comparable GAAP financial measures can be found in our press release, which is on our website. Finally, feel free to contact us after the call with any additional questions you may have. Our investor relations contact information is available on our website. Now, I'll hand the call over to Sharif.

Thanks, Blake. Ladies and gentlemen, good morning, and thank you for participating in this conference call. Today's call comes at a pivotal moment in the history of our firm, as our crews mobilized to deliver one of the largest projects in sector history, and company growth hits a new gear. Despite the transition of key contracts in the third quarter, I'm proud of the Nest team for strong execution and cost control, with an unwavering focus on safety. As recently announced, Ness has secured the winning position for the massive PRAC tender in Jafura. This multi-year, multi-billion dollar award is a cornerstone achievement for the company, upon which we will continue to build beyond our revenue target we set ourselves. At the same time, we are also seeing a positive activity inflection beyond Jafura, with continued growth in Kuwait, return of additional rigs in Saudi, and increase activities in the majority of our countries. Our countercyclical investment strategy is allowing NASA to capitalize on global weakness and boosting the company into a position of strength and operational readiness. While others are cutting, we are playing offense. I will dig into both Jafura and our broader strategy later in the call, but first, want to take a slightly different angle and discuss two what I call mega themes that have emerged from the recent FII event in Riyadh, followed by ADDIPEC in Abu Dhabi. FII, or Future Investment Initiative, known as Davos of the Desert, is one of the largest macro conference and leadership gatherings in the world. And ADDIPEC is the largest oil and gas conference globally. Our participation was both timely with the Jafura Award and also crucial with the GCC at the epicenter of these two mega themes. From these events, the message was clear and crisp. Theme one, energy demand and GCC leadership in the AI revolution. Traditional energy is here to stay. and demand growth will be supercharged by the huge power demand of AI, data centers, and cybersecurity. The AI power demand commentary was nothing new, but the signals from both Saudi and UAE during this event suggest that the Middle East AI race is on and significant investment is coming. Both countries presented a vision of becoming number three globally for AI after the US and China. What this means is that the region has moved beyond the concept of energy transition and is now focused on energy addition in all forms, including more oil, more renewables, and in particular, more natural gas and solar. For NESS, this means that established leadership and unconventional align completely with the upcoming AI race in the region. In fact, our largest customer formally increased its sales gas growth target from 60% to 80% by 2030. This gas capacity for internal consumption will be critical to support AI ambition in the country, a strategy that is being discussed across MENA. Theme two, the Gulf region geopolitically. The relationship between the U.S. and Gulf states is clearly very strong. This has positive implications for both energy markets, as OPEC expands production with an eye on materially higher demand in the 2030 time horizon, and also foreign investment, as multiple IOCs make moves across the MENA region. Knowledge is power, and now power is knowledge. Cross-border cooperation on AI is all-time high between the U.S. and the Gulf, with bilateral investment deals already announced. As the national champion of the Middle East, but also U.S. NASDAQ listed, Nestle is a company made for the current political moment. We have a role to play in the bridge building between the U.S. energy sector and the MENA national oil companies. We can point to Jafura as a case study of how we can help U.S. expertise navigate the region, leveraging technology and efficiency while empowering local content and human capital. We've talked about how this benefits our NOC partners, but it's worth noting that this also helps our IOC partners feel right at home in MENA, which is a good segue to discuss our newfound position as the largest FRAC company in the Middle East. The Jafura tender represents the single largest single service contract in sector history. And as the outright winner of the committed scope, our Nest team has clearly earned its reputation for pushing the envelope on efficiency. It is a remarkable achievement, and we thank our dearest customer for their trust. having started from zero in FRAC just five years ago. Jafura is now as efficient as any leading Permian operation, a world-class case of science and data-driven shell development, orchestrated by Aramco. In the early days of NAS involvement, this included our open technology platform approach. More recently, this has involved huge investment in infrastructure, logistics, best-in-class supply chain across sand, water, chemicals, maintenance, and other dimensions across multiple product lines within this integrated project. We've driven substantial costs out of the system, initially on integration, efficiency gains, and agnostically the use of leading technology from around the world. We challenged the status quo and brought fit for purpose and sometimes made in the kingdom technology to have the best locally made that includes site preparation, local sand, chemicals, cold tubing, perforation, well testing, flow back. Now we are on a path to fully embed AI into our operation, predicting failures, and ensure flawless delivery and another level of efficiency, breaking world records. But cracking the code on unconventional does not stop at Saudi. The service delivery model that we've developed alongside our partners at Aramco is a blueprint that we can take across the MENA region to unlock additional unconventional development, particularly for natural gas. There are huge ambition and potential for unconventional in several countries that we operate in. And all of our top customers are coming to NETS to fully understand how we can unlock their resources. Which brings me back to our broader growth strategy, because NETS success in Jafura and across the region would not be possible without our aggressive counter-cyclical investment playbook. For decades, the oil service industry has matched investment, hiring an R&D with the activity cycle. But now that the global cycle has accelerated and shortened, the traditional waiting out the storm strategy no longer works. By the time the cycle turns, many companies are left behind, which is why we've taken a different approach, invest during the downturn. It's been easier said than done, but that's the only public MENA pure play. we benefit from the relative stability of activity in the region and agility of decision-making. Rig activity is largely decoupled from commodity price. On oil, because of focus on capacity building, and in gas, because of domestic needs. If any company is well-positioned to break from the pack and establish a counter-cyclical investment market position, it's Nasr. And our customers value our board approach, particularly since our NOC partners themselves are taking a longer-term view of oil fundamentals. As a company, NETR is small enough to be agile, but large enough to scale. That is our window. While downturns expose weakness in our industry, they also reveal who's actually planning for the future. Our operation readiness is unmatched among our peers. And it's only possible because we are growing and investing while others are shrinking. To be honest, it's no walk in the park trying to convince some shareholders, board members of the strategy. Public companies in our sector often suffer from short-term pressure. Everyone wants results, cash, dividends, and they want them now. It is understandable, particularly in a lower oil price environment and with tight risk mandates in public markets. We spent the last seven years since the founding of the company trying to convince the market that MENA upstream fundamentals are inherently de-risked. And our financial results over the past few years have borne this out. Even in the current lower oil environment, the NET's outlook only continues to improve. To be sure, we aren't growing for growth's sake. Our counter-cyclical investment strategy speaks to the fact that there is ample return accretive expansion still out there for Ness. This strategy perhaps isn't available for others with a more established and mature market position. And with that, I'll pass the call to Stephan to discuss the financials in detail.