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NABORS INDUSTRIES LTDFebruary 20264Q 2025 Earnings Presentation
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N A B O R S . C O M We often discuss expectations regarding our future markets, demand for our products and services, and ourperformance in our annual, quarterly, and current reports, press releases, and other written and oral statements.Such statements, including statements in this document that relate to matters that are not historical facts, are“forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the U.S. SecuritiesAct of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These “forward-looking statements” arebased on our analysis of currently available competitive, financial and economic data and our operating plans. Theyare inherently uncertain, and investors should recognize that events and actual results could turn out to besignificantly different from our expectations.Factors to consider when evaluating these forward-looking statements include, but are not limited to:•geopolitical events, pandemics and other macro-events and their respective and collective impact on our operations as well as oil and gas markets and prices; •fluctuations and volatility in worldwide prices of and demand for oil and natural gas;•fluctuations in levels of oil and natural gas exploration and development activities;•fluctuations in the demand for our services;•competitive and technological changes and other developments in the oil and gas and oilfield services industries;•our ability to renew customer contracts in order to maintain competitiveness;•the existence of operating risks inherent in the oil and gas and oilfield services industries;•the possibility of the loss of one or a number of our large customers;•the amount and nature of our future capital expenditures and how we expect to fund our capital expenditures;•the occurrence of cybersecurity incidents, attacks and other breaches to our information technology systems;•the impact of long-term indebtedness and other financial commitments on our financial and operating flexibility;•our access to and the cost of capital, including the impact of a further downgrade in our credit rating, covenant restrictions, availability under our revolving credit facility, and future issuances of debt or equity securities and the global interest rate environment;•our dependence on our operating subsidiaries and investments to meet our financial obligations;Forward-Looking StatementsNABORS INDUSTRIES 2 •our ability to retain skilled employees;•our ability to realize the expected benefits of strategic transactions we may undertake;•changes in tax laws and the possibility of changes in other laws and regulation;•global views on and the regulatory environment related to energy transition and our ability to implement our energy transition initiatives; •potential long-lived asset impairments •the possibility of changes to U.S. trade policies and regulations including the imposition of trade embargoes, sanctions or tariffs, by either the U.S. or any other country in which we operate or have supply lines; •general economic conditions, including the capital and credit markets;•Our ability to utilize NOLs.Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration,development and production activities. Therefore, sustained lower oil or natural gas prices that have a materialimpact on exploration, development or production activities could also materially affect our financial position, resultsof operations and cash flows.The above description of risks and uncertainties is by no means all-inclusive but is designed to highlight what webelieve are important factors to consider. For a discussion of these factors and other risks and uncertainties, pleaserefer to our filings with the Securities and Exchange Commission ("SEC"), including those contained in our AnnualReports on Form 10-K and Quarterly Reports on Form 10-Q, which are available at the SEC's website atwww.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result ofnew information, future events or otherwise, except as otherwise required by law.Non-GAAP Financial MeasuresThis presentation refers to certain “non-GAAP” financial measures, such as adjusted EBITDA, net debt, adjusted grossmargin and adjusted free cash flow. The components of these non-GAAP measures are computed by using amountsthat are determined in accordance with accounting principles generally accepted in the United States of America(“GAAP”). Other companies in our industry may compute these metrics differently. These measures have limitationsand should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP.
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N A B O R S . C O M 30%49%16%5%2025Revenue by Segment U.S. Drilling International Drilling Drilling Solutions Rig Technologies3 The Industry’s Most Innovative TechnologyNABORS INDUSTRIES Vertically Integrated Drilling and Technology Solutions Drilling OperationsRig TechnologiesDrilling Solutions Aligned to drive advanced drilling performance U.S. & INTERNATIONAL
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Vertical Integration Drives Significant Value Rig TechnologiesDrilling rig equipment & technology designed to enable automation Drilling Solutions (NDS)Utilizing the rig as a platformto deliver differentiatedservicesU.S. DrillingA leading provider of high-specification rigs NABORS INDUSTRIES 4N A B O R S . C O M International DrillingDeploying best fit-for-purpose rigs in key markets
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N A B O R S . C O M Several High-Impact Transactions over the Past YearNABORS INDUSTRIES 5 Acquisition of Parker Wellbore $274MTotal considerationConsisting of:•4.8MNBR shares•$93M net debt assumed1.4x EV/EBITDA with estimated synergies*Divestiture of Quail Tools $625MNet proceedsConsisting of:•$375M in cash at closing, including a working capital adjustment•$250M seller note, fully prepaid in October 20254.2x EV/EBITDACapital Markets Activity$700MEffectively refinanced the notes due in 2027, extending maturity to 2032$390M Of 2028 debt extinguished**$178MPaydown Nabors RCF drawn to refi Parker term loan** Includes the amount redeemed on 1/15/26* Total consideration divided by $190M estimated 2025 adjusted EBITDA including synergies of $40 million, at time of transaction
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N A B O R S . C O M Recent HighlightsNABORS INDUSTRIES 6 International continues its robust growth trajectory - In 4Q, deployed 1 newbuild in Saudi Arabia, reactivated 2 rigs in Argentina; in 1Q expecting 2 startups in Saudi Arabia (1 newbuild and 1 reactivation) and 1 reactivation in Argentina Adjusted free cash flow generation of $132M during 4Q Full-year net debt reduction of $554M with a resulting net debt leverage of 1.7x, the lowest since 2008 Parker Wellbore - Synergies delivered as planned and expecting to deliver >$70M adjusted EBITDA in 2026 Nabors In 4Q, Drilling Solutions adj. gross margin of ~48%; contributed 15% of total adjusted EBITDA from operationsNDS delivered 87% free cashflow conversion*, the highest on recordNote: For the reconciliation of adjusted free cashflow and gross margin to the most comparable non-GAAP measures see non-GAAP reconciliations in Appendix Issued $700M notes due in 2032 and redeemed the $546M remaining outstanding of notes due in 2027In January 2026, redeemed the $379M of the notes due in 2028 * Adjusted EBITDA less capex divided by adjusted EBITDA; calculation excludes Quail Tools
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N A B O R S . C O M Performance excellence in the Lower 487 Expanding & enhancing our International businessKey Value Drivers 1 Advancing technology & innovation with demonstrated results Focused on our commitment to de-lever2 3 Leading in Sustainability and the Energy Transition 4 5
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N A B O R S . C O M $- $4,000 $8,000 $12,000 $16,000 $20,000International Drilling Daily Adjusted Gross Margin $- $10,000 $20,000 $30,000 $40,000 $50,000International Drilling Daily Rig Revenue1ExpandingInternational margins as we grow our fleet Improving International Rig EconomicsResilience Leading to Growth in Our International Segment 8Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions
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N A B O R S . C O M $0$5,000$10,000$15,000$20,0001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2022 2023 2024 2025International Drilling Adjusted Daily Gross Margin$0$10,000$20,000$30,000$40,000$50,0001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2022 2023 2024 2025International Drilling Daily Revenue1Enhancing both the top and bottom line Improving International Rig EconomicsResilience Leading to Growth in Our International Segment 9Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions
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N A B O R S . C O M 523131-3-1-1-152211-3-18594101 Rig Count7075808590951001051101Strategic Growth in International Markets 10Actively pursuing multiple opportunities with attractive returnsNote: These estimates are based on current market conditions and expectations are based on information received from third parties, which are subject to change. The estimates do not represent guidance or projections. Resilience Leading to Growth in Our International SegmentAwarded/RestartInternational Drilling Opportunity Set Rig CountOperatingEnd of contractWind-downEnd of contract
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N A B O R S . C O M $- $4,000 $8,000 $12,000 $16,000 $20,000Lower 48 DrillingAdjusted Daily Gross Margin(1)2Efficiency and Performance Support Margins in a Challenging MarketPerformance Excellence In The Lower-48 11Resilient daily revenue and margins leading to free cash flow Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions $- $8,000 $16,000 $24,000 $32,000 $40,000Lower 48 DrillingDaily Rig Revenue(1)
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N A B O R S . C O M $0$10,000$20,000$30,000$40,0001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2022 2023 2024 2025L48 Drilling Daily Revenue$0$5,000$10,000$15,000$20,0001Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2022 2023 2024 2025L48 Drilling Adjusted Daily Gross Margin2Delivering Strong Results in a Challenging MarketPerformance Excellence In The Lower-48 12Navigating market volatility with pricing discipline Note: Daily rig revenue and adjusted daily gross margin for drilling rigs only, does not include Nabors Drilling Solutions
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N A B O R S . C O M 13 Nabors Drilling SolutionsLeveraging ‘Rig as a Platform’Managed Pressure Drilling Performance Software Wellbore Placement Automated Casing Running Data Integration / Improving Outlook For Our Technology & Innovation3 Drill Pipe and BOP Rentals
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N A B O R S . C O M 14NDS – Technology that Enhances PerformanceOur Portfolio: SolutionPerformance SoftwareRockit® and REVit®SmartSuiteTM*RigCLOUD®Integrated ServicesCasing RunningManaged Pressure Drilling Surface ToolsWellbore PlacementFunctionPerformance SoftwareAutomated drilling optimizationRig-based automation software Real-time and analytics platformIntegrated ServicesAutomated sequencing; mechanized pipe handlingFine-tuning formation pressureDrill pipe and BOP rentalsReal-time formation and directional dataBenefitPerformance SoftwareFaster, more consistent ROP, reduced human errorPrecision control; improved consistency and efficiencyInformed decision-making; lower invisible flat timeIntegrated ServicesSafer, consistent casing operations; reduced manual laborCommercializes complex wells; improves drilling efficiencyA turnkey solution for drilling equipmentBetter well placement, higher reservoir contact*A suite of over 50 apps including SmartNAV® and SmartSLIDE® – directional guidance steering and automated slide drilling controls Improving Outlook For Our Technology & Innovation3
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N A B O R S . C O M 15A Framework to Analyze NDS NDS Enables Smart Operations with Data-Driven SolutionsImproving Outlook For Our Technology & Innovation3 Efficiency, consistency and safetyAutomation and remote operationsWell complexityLateral lengthsAddressable MarketGrowth DriversContentPenetration•Number of services per rig•Mix of performance solutions and integrated services per rigValue-based pricing$ / RIGSU.S. and international marketsNabors and third-party rigsINDUSTRY RIG COUNT▲▲▲▲
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N A B O R S . C O M 02004006008001000 $- $20 $40 $60 $80 $100 $1201Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q3Q 4Q 1Q 2Q 3Q4Q2020 2021 2022 2023 2024 2025U.S BKR Rig Count$ millionsNDS - U.S.NDS U.S. RevenueBKR Rig Count01252503755006257508751000 $- $10 $20 $30 $40 $50 $60 $70 $801Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q2020 2021 2022 2023 2024 2025Select country BKR rig count$ millionsNDS - InternationalNDS International RevenueBKR Rig CountU.S.16 NDS – Global Market ReachInternationalL48 – Offshore – Alaska(1) Select country rig count per Baker Hughes - countries in which NDS currently operates or has operations forecasted (1)>15 Countries4Q’253Q’252Q’251Q’254Q’243Q’24($ millions)$41.1$42.2$40.6$39.4$41.6$44.6NDS U.S. Rev.548540571588586586Avg. rig count4Q’253Q’252Q’251Q’254Q’243Q’24($ millions)$66.7$65.6$67.1$40.3$34.4$34.9NDS Int’l Rev.942935721816807833Avg. rig countImproving Outlook For Our Technology & Innovation3 NOTE: NDS-U.S. graphic and table adjusted to exclude Quail ToolsNote: On 8/3/25 Baker Hughes updated it’s worldwide rig count to reflect more than 230 rigs operating in Saudi Arabia
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N A B O R S . C O M -10%12%34%56%78%100% $- $100 $200 $300 $400 $500NDS Revenue, Adjusted EBITDA & Free Cashflow Conversion*RevenueAdjusted EBITDAFCF ConversionNDS Margin Gains Fueled by Increasing Penetration and Improving Service-line MixImproving Outlook For Our Technology & Innovation 17 3 Free Cashflow Conversion* of87%2025 NOTE: All values on this slide have been adjusted to exclude Quail Tools* Adjusted EBITDA less capex of divided by adjusted EBITDA*
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N A B O R S . C O M 18 Improving Outlook For Our Technology & Innovation3 — Eric Kolstad, EVP of Wells of Caturus EnergyThe integration of this leading-edge technology represents the highest standard of power and performance in the industry and, just as importantly, demonstrates our continued commitment to safe and sustainable operations while improving drilling cycle time. PACE-X Ultra : The Next-Generation, High-Spec Rig PACE-X Ultra PACE®-X1,000,000 lbs.800,000 lbs.Mast Rating35,000 ft of 5-7/8” drill pipe25,000 ftRacking CapacityC500 High-Torque or Sigma65,000+ ft/lbs. 500 Ton AC51,400 ft/lbs.Canrig Top Drive6 x CAT 3512C with Smart EMS and DGB24 x CAT 3512CEngines/Generators3 x 2,000 HP 10,000 PSI Mud Pressure 3 x 1,600 HP7,500 PSI Mud Pressure Mud Pumps
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N A B O R S . C O M 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Net Leverage (x)1.7x 2.3x 2.6x 2.3x 1.8x 2.1x 2.2x 3.0x 5.3x 6.7x 4.1x 3.6x 4.4x 4.7x 2.9x 2.3x 2.4x 1.7xNet Debt ($ billion)$3.2 $2.8 $3.6 $4.1 $3.6 $3.4 $3.8 $3.4 $3.3 $3.7 $3.1 $2.9 $2.5 $2.3 $2.1 $2.1 $2.1 $1.60.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x9.0x $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 $4.5BillionNet Debt and Net LeverageNet Leverage (x)Net Debt ($ billion)Significant Headway toward Financial GoalsProgress on Our Commitment to De-lever 19 4 * Net Leverage is year end net debt divided by TTM Adjusted EBITDA*
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N A B O R S . C O M At closing in 1Q 2025, Parker had $178M gross debt and $85M in cashPost-close, transitioned higher-cost Parker debt to Nabors’ revolving credit facilityIn 3Q 2025, sold Quail Tools (acquired with Parker) for $625M; collected cash of $375M and seller-financing note of $250MAdditional liquidity enabled repayment of $178M outstanding borrowings on the RCF, redeemed the notes due in 2027 and 2028, and issued new notes with a maturity in 2032Executing on Leverage OptimizationFocused on our Commitment to De-lever 20 4 A series of transactions delivered $554M reduction in net debt and extended the maturity runway to 2029
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N A B O R S . C O M - -250 650 550 700 700390$0$200$400$600$8002026 2027 2028 2029 2030 2031 2032Million21 Actively Managing Maturity Profile Since YE 2024NotesGross Debt Management After redemption of 2028 notes announced in 1Q 2026: After redemption of 2028 notes announced in 1Q 2026:Focused on our Commitment to De-lever4Extinguished the 2028 NotesExtinguished the 2028 Notes1Q PF*As of 12/31/25As of 12/31/24($ millions)$2,116$2,495$2,505Gross Debt$548$941$397Cash**$1,568$1,554$2,108Net Debt* 1Q PF is amounts as of 12/31/25 adjusted for redemption of the 2028 notes completed on 1/15/26Extended maturity by 5 yearsExtended maturity by 5 years** Cash includes short-term investments
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N A B O R S . C O M Our Energy Transition and Sustainability StrategyLeading in Sustainability and the Energy Transition 22 Improve Nabors’ environmental footprint Collaborate with peers to reduce carbon output in our industry Partner in adjacent markets that leverage our talent and technologies Invest in companies developing green technologies 5
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N A B O R S . C O M Electrification Pursuing MultipleDecarbonization Pathways Green Fuels*Energy Storage*Leading in Sustainability and the Energy TransitionNabors Initiatives to Lower EmissionsLeading in Sustainability and the Energy Transition 23Emissions MonitoringEngine Optimization5 Energy Efficient Rig Lighting *Note: Energy Storage and Green Fuels are under development.
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Appendix24
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N A B O R S . C O M Reconciliation of Non-GAAP Financial Measures to Net Income (Loss) 25 Adjusted EBITDA represents net income (loss) before, income taxes, investment income (loss), interest expense, gain on disposition of Quail Tools, gain on bargain purchase, other, net and depreciation and amortization. Adjusted EBITDA is a non-GAAP financial measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. In addition, adjusted EBITDA excludes certain cash expenses that the Company is obligated to make. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because it believes that these financial measures accurately reflect the Company’s ongoing profitability and performance. Securities analysts and investors use this measure as one of the metrics on which they analyze the Company’s performance. Other companies in this industry may compute these measures differently. A reconciliation of this non-GAAP measure to net income (loss), which is the most closely comparable GAAP measure, is provided in the table below.(In thousands)December 31 September 30 December 312024 2025 2025Net income (loss) (32,869)$ 302,466$ 16,993$ Income tax expense (benefit) 15,231 117,571 7,440 Income (loss) before income taxes (17,638) 420,037 24,433 Investment (income) loss (8,828) (7,323) (7,600) Interest Expense 53,642 54,334 50,625 Gain on disposition of Quail Tools - (415,557) 1,595 Gain on bargain purchase - - 2,846 Other, net37,021 24,470 (9,532) Adjusted Operating Income (loss) 64,197 75,961 62,367 Depreciation and Amortization 156,348 160,347 159,188 Adjusted EBITDA220,545$ 236,308$ 221,555$ Three Months Ended
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N A B O R S . C O M Reconciliation of U.S. Drilling Segment Adjusted Gross Margin to U.S. Drilling Segment Adjusted Operating Income 26 Adjusted gross margin by segment represents adjusted operating income (loss) plus general and administrative costs, research and engineering costs and depreciation and amortization. December 31, September 30, December 31,2024 2025 2025Lower 48 - U.S. - DrillingAdjusted operating income 27,354$ 13,689$ 13,015$ Plus: General and administrative costs 5,156 4,745 4,874 Plus: Research and engineering1,002 1,121 1,199 GAAP Gross Margin 33,512 19,555 19,088 Plus: Depreciation and amortization57,019 52,120 54,123 Adjusted gross margin90,531$ 71,675$ 73,211$ Other - U.S. - DrillingAdjusted operating income 11,619$ 17,740$ 15,541$ Plus: General and administrative costs 305 568 416 Plus: Research and engineering72 85 90 GAAP Gross Margin 11,996 18,393 16,047 Plus: Depreciation and amortization9,765 10,612 10,534 Adjusted gross margin21,761$ 29,005$ 26,581$ U.S. - DrillingAdjusted operating income 38,973$ 31,429$ 28,556$ Plus: General and administrative costs 5,461 5,313 5,290 Plus: Research and engineering1,074 1,206 1,289 GAAP Gross Margin 45,508 37,948 35,135 Plus: Depreciation and amortization66,784 62,732 64,657 Adjusted gross margin112,292$ 100,680$ 99,792$ (In thousands)Three Months Ended
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N A B O R S . C O M Reconciliation of Net Debt to Total Debt 27 Net debt is computed by subtracting the sum of cash, cash equivalents and short-term investments from total debt. This non-GAAP measure has limitations and therefore should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of its operating segments and the consolidated Company based on several criteria, including net debt, because it believes that this financial measure accurately measures the Company’s liquidity. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze the company’s performance. Other companies in this industry may compute this measure differently. A reconciliation of net debt to total debt, which is the nearest comparable GAAP financial measure, is provided in the table below.December 31, September 30, December 31,2024 2025 2025Current Debt -$ -$ 377,492$ Long-Term Debt2,505,217 2,347,984 2,117,187 Total Debt 2,505,217 2,347,984 2,494,679 Cash & Short-term Investments397,299 428,079 940,738 Net Debt2,107,918 1,919,905 1,553,941 (In thousands)
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N A B O R S . C O M Three Months Ended December 31, 2025U.S. DrillingInternational DrillingDrilling SolutionsRig TechnologiesOther reconciling itemsTotalAdjusted operating income (loss) 28,556$ 49,638$ 34,022$ 1,341$ (51,190)$ 62,367$ Depreciation and amortization64,657 81,624 7,280 3,605 2,022 159,188 Adjusted EBITDA93,213$ 131,262$ 41,302$ 4,946$ (49,168)$ 221,555$ Three Months Ended September 30, 2025U.S. DrillingInternational DrillingDrilling SolutionsRig TechnologiesOther reconciling itemsTotalAdjusted operating income (loss) 31,429$ 45,476$ 49,982$ 877$ (51,803)$ 75,961$ Depreciation and amortization62,732 82,075 10,684 2,893 1,963 160,347 Adjusted EBITDA94,161$ 127,551$ 60,666$ 3,770$ (49,840)$ 236,308$ (In thousands) Three Months Ended December 31, 2024U.S. DrillingInternational DrillingDrilling SolutionsRig TechnologiesOther reconciling itemsTotalAdjusted operating income (loss) 38,973$ 29,528$ 28,944$ 8,413$ (41,661)$ 64,197$ Depreciation and amortization66,784 82,434 4,865 795 1,470 156,348 Adjusted EBITDA105,757$ 111,962$ 33,809$ 9,208$ (40,191)$ 220,545$ Reconciliation of Adjusted EBITDA by Segment to Adjusted Operating Income (Loss) by Segment 28 (In thousands)
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N A B O R S . C O M Sep. 30, 2024Dec. 31, 2024Mar. 31, 2025Jun. 30, 2025Sep. 30, 2025Dec. 31, 2025Drilling Solutions - U.S. 44,631$ 41,640$ 52,832$ 103,193$ 76,361$ 41,140$ Drilling Solutions - International34,913 34,352 40,347 67,090 65,581 66,739 Total Drilling Solutions - operating revenues79,544$ 75,992$ 93,179$ 170,283$ 141,942$ 107,879$ Drilling Solutions - U.S. 44,631$ 41,640$ 52,832$ 103,193$ 76,361$ 41,140$ Quail Tools- - (13,429) (62,582) (34,198) - Total Drilling Solutions - operating revenues excluding Quail Tools44,631$ 41,640$ 39,403$ 40,611$ 42,163$ 41,140$ Reconciliation of Drilling Solutions Revenue by Geography 29 (In thousands)
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N A B O R S . C O M Reconciliation of Adjusted Free Cash Flow to Net Cash Provided by Operating Activities 30 Adjusted free cash flow represents net cash provided by operating activities less cash used for capital expenditures, net of proceeds from sales of assets, and before cash paid for acquisition related costs. Management believes that adjusted free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of the company’s ability to generate cash flow, after reinvesting in the company for future growth, that could be available for paying down debt or other financing cash flows, such as dividends to shareholders. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures. Adjusted free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations reported in accordance with GAAP.Three Months Ended(In thousands)September 30 December 312025 2025Net cash provided by operating activities 207,880$ 245,841$ Add: Capital expenditures, net of proceeds from sales of assets (202,267) (114,043) Adjusted free cash flow5,613$ 131,798$
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NABORS INDUSTRIES LTD. NABORS.COMNABORS CORPORATE SERVICES515 W. Greens RoadSuite 1200Houston, TX 77067-4525 @ n a b o r s g l o b a lContact Us: William C. Conroy, CFAVP - Corporate Development and Investor RelationsWilliam.Conroy@nabors.comKara K. PeakDirector - Corporate Development and Investor RelationsKara.Peak@nabors.com