National Energy Services Reunited Corp.

Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources and financial flexibility to fund the requirements of our business. We had cash and cash equivalents of $93.0 million as of March 31, 2026, and $124.8 million as of December 31, 2025. Our outstanding borrowings were $287.4 million as of March 31, 2026, and $310.1 million as of December 31, 2025. Current available borrowing capacity totaled $21.7 million and $146.9 million, as of March 31, 2026, and December 31, 2025, respectively. Borrowing capacity decreased in the quarter ended March 31, 2026, reflecting the Company’s decision not to extend its $59.2 million Secured Revolving Credit Facility beyond February 4, 2026, given sufficient operating cash flow and liquidity, as well as a $66.0 million reduction in the working capital facility following the scheduled expiration of one tranche of availability within the lender syndicate. The Company is currently working with its lenders to refinance and extend the 2021 Secured Facilities Agreement. We believe that our cash on hand, cash flows generated from operations, and liquidity available through our credit facilities will provide sufficient liquidity to manage our global cash needs. See “Capital Requirements” below.

Cash Flows

Cash flows provided by (used in) each type of activity were as follows for the periods presented (in US$ thousands):

Operating Activities

Cash flows provided by operating activities were $30.7 million for the three-month period ended March 31, 2026, compared to cash flows provided by operating activities of $20.5 million for the three-month period ended March 31, 2025. The difference between periods was primarily driven by improved net income, and partially offset by increases in working capital to fund higher activity levels in the business.

Investing Activities

Cash flows used in investing activities were $36.4 million for the three-month period ended March 31, 2026, compared to cash flows used in investing activities of $31.5 million for the three-month period ended March 31, 2025. The difference between periods was primarily due to higher cash paid for capital expenditures period-over-period. Our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations.

Financing Activities

Cash flows used in financing activities were $25.3 million for the three-month period ended March 31, 2026, compared to cash flows used in financing activities of $18.3 million for the three-month period ended March 31, 2025. The difference between periods was primarily attributable to lower short-term borrowings, as seasonal working capital requirements were funded internally.

Credit Facilities

Our principal credit facilities and instruments outstanding or available as of March 31, 2026, are discussed in Note 6,Debt, to the consolidated financial statements included in Item 1, “Financial Statements,” of this Quarterly Report.

Capital Requirements

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to our capital requirements. See the section entitled “Capital Requirements” in Part II, Item 7 of our 2025 Annual Report for more information.

Off-Balance Sheet Arrangements

Our off-balance sheet arrangements, including letters of credit and guarantees, are discussed in Note 8,Commitments and Contingencies, to the consolidated financial statements included in Item 1, “Financial Statements,” of this Quarterly Report.

Contractual Obligations and Commitments

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to our contractual obligations. See the section entitled “Contractual Obligations and Commitments” in Part II, Item 7 of our 2025 Annual Report for more information.

Other Factors Affecting Liquidity

Shelf registration statement. The Company does not have any effective shelf registration statements as of March 31, 2026.

Capital expenditure commitments. The Company was committed to incur capital expenditures of $75.8 million and $45.6 million at March 31, 2026, and December 31, 2025, respectively. Substantially all of the commitments outstanding as of December 31, 2025, are expected to be settled during 2026.

Capital return program. In May 2026, the Company approved a capital return program consisting of (i) a quarterly cash dividend, anticipated to commence in the fourth quarter of 2026, at an expected rate of $0.10 per Ordinary Share, and (ii) authorization for the repurchase of up to $50.0 million of the Company’s Ordinary Shares from time to time through open market transactions, privately negotiated transactions, or otherwise, at prevailing market prices and subject to market conditions, applicable legal requirements, and liquidity considerations.

As of the end of the three-month period covered by this Quarterly Report, there have been no material changes to other factors affecting our liquidity except as described above. See the section entitled “Other Factors Affecting Liquidity” in Part II, Item 7 of our 2025 Annual Report for more information.