National Energy Services Reunited posted Q4 revenue of $398.3 million, up 34.9% sequentially and 15.9% year-over-year, with adjusted EBITDA of $84.4 million (21.2% margin). Growth was led by the mobilization of the Jafurah contract on November 1 and increased activity in North Africa. The quarter included $24.1 million of one-time charges and credits, such as credit loss provisions in Oman, impairment on two legacy technology investments, contract mobilization restructuring costs in Oman, and other write-offs.

Full-year 2025 free cash flow reached $120.8 million, with net debt at $185.3 million (net debt/EBITDA 0.66x) and gross debt of $310 million. Cash flow from operations was $264.2 million, capex totaled $150.9 million, and interest expense declined to $32.5 million. Return on capital employed stood at 10.2%, and management plans to outline a formal capital allocation and shareholder return strategy next quarter.

Management forecasts exiting 2026 at an annualized revenue run rate of approximately $2 billion, with full-year EBITDA margins similar to 2025 and capex of around $165 million. First-quarter 2026 seasonality is expected to be muted, with interest expense of about $7.5 million and an effective tax rate near 22.5%. The Jafurah frac project, touted as the largest unconventional frack program in sector history, should reach steady-state by Q2 with potential fleet expansion in H2 and clear stage run-rate visibility by Q3.