Waterbridge Infrastructure Llc · NYSE:WBI
Waterbridge Infrastructure — WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests — Q4 2025 Earnings Presentation
23 slides from Waterbridge Infrastructure's earnings presentation, Mar 16, 2026
Slide 1: WaterBridge Earnings Presentation Fourth Quarter and Fiscal Year 2025
WaterBridge Earnings Presentation Fourth Quarter and Fiscal Year 2025
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of U.S. Federal securities laws. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, fin
Slide 3: Strong Results Position WaterBridge for Success
Strong Results Position WaterBridge for Success Full Year 2025 and Recent Highlights Completed upsized and highly successful IPO in September 2026, establishing a publicly-traded pure-play water infrastructure company with a current market capitalization of ~$3.1 billion(1) Delivered strong annu
Slide 4: WaterBridge Company Overview
WaterBridge Company Overview Company Overview Asset Map Leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, as well as the Eagle Ford and the Arkoma Basins Provides full-cycl
Slide 5: Fourth Quarter and Full Year 2025 Financial and Operating Results
Fourth Quarter and Full Year 2025 Financial and Operating Results Produced Water Handling Volumes(1) Key Financial and Operating Results Revenue (2) ($MM) (MBbl/d) Quarter Ended Year Ended ($ in millions) December 31, 2025 Total Water Volumes (MBbl/d) 2,880 2,787(1) Produced Water Handling Volumes (
Slide 6: WaterBridge Provides Critical Infrastructure to Oil & Gas Producers
WaterBridge Provides Critical Infrastructure to Oil & Gas Producers 1 Desalination Plant In-Field Gathering: Beneficial Reuse WaterBridge gathers water produced alongside Data Center hydrocarbons from central gathering stations typically Frac Site Fed by Pond Produced Water constructed & operated by
Slide 7: Revenue is Driven by Predictable Produced Water Volumes
Revenue is Driven by Predictable Produced Water Volumes Core Business: Produced Water Handling 2025 Revenue by Source Upside Revenue: Water Solutions Other 5% Water Solutions 6% Produced Water Handling 89% Fixed fee charged for produced water Fixed fee charged for water sold to E&Ps for whether
Slide 8: 2026 WaterBridge Guidance
2026 WaterBridge Guidance Metric 2026 Guidance Range Commentary Represents ~7% annual volume growth, driven Produced Water by mid-year bpx Kraken project MVC increase 2,500 – 2,700 MBbl/d and Speedway Pipeline project expected online Handling Volumes mid-year No change to 1H26 capex expectation,
Slide 9: Scaling Speedway Pipeline Project as Demand Remains Strong
Scaling Speedway Pipeline Project as Demand Remains Strong Speedway Phase 1 Under Construction, On-Track Speedway Pipeline Project Map ~500,000 barrels per day (bpd) Strong commercial demand from anticipated throughput capacity high-quality customers • Subject to final commissioning, with first volu
Slide 10: Contractually Backed Growth Projects Support High-Quality Assets
Contractually Backed Growth Projects Support High-Quality Assets Growth Impact / Ramp Contracted Volumes Delaware Region Served WaterBridge Capital Project Map 1 100% MVC-underwritten Reeves, Culberson bpx Kraken Project Mid 2025 – Mid 2027 through single operator Counties 2 ~2/3 MVC-underwritten Ma
Slide 11: Strong Balance Sheet Supports High-Return Capital Projects
Strong Balance Sheet Supports High-Return Capital Projects Debt Structure Provides Ample Liquidity with No Near-Term Maturities Capitalization Table WaterBridge maintains a conservative balance sheet and prudent capital structure, Capitalization(1) ($ MM) 12/31/2025 with long-term leverage goal of <
Slide 12: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Allocation Waterfall Criteria for Capital Projects Net Cash Provided by Resilient cash flow supported by long-term, fixed-fee Operating Activities contracts Long-term contracts (10+ years) Credit-worthy counterparties Evaluate low-risk, high-return water
Slide 13: Operational Excellence Driven by Advanced, Proprietary Technology
Operational Excellence Driven by Advanced, Proprietary Technology Optimized Forecasting Intervention-Focused Automation Highly Accurate Monitoring GATHER PLAN OPTIMIZE Give your field team Create scenarios and Optimize across the Google Maps of maximize scenarios using ML & Oil and Gas operational p
Slide 14: WaterBridge Represents a Differentiated Value Opportunity
WaterBridge Represents a Differentiated Value Opportunity 1 Largest produced water infrastructure network in the United States 2 Expansive footprint in the Delaware Basin, the most prolific and water-intensive North American basin 3 Well-positioned to capitalize on growth through access to underutil
Slide 15: Appendix
@) WATERBRIDGE Appendix
Slide 16: Relationship with LandBridge Supports Long-Term Asset Position
Relationship with LandBridge Supports Long-Term Asset Position Operating Company Provides: Land Company Provides: Royalties for each barrel of Access to large positions of produced water handled on contiguous, underutilized pore LandBridge surface space Leading water Surface rights to develop Active
Slide 17: Robust Corporate Governance and Related Party Transactions Review Process
Robust Corporate Governance and Related Party Transactions Review Process WaterBridge Ownership(1) Audit Committee Anticipated to include 3 independent directors following applicable phase-in Five Point period(2) 36% Devon Related Transactions Policy delegates review and approval of all related
Slide 18: Our Contract Structures Support Stable and Predictable Cash Flow
Our Contract Structures Support Stable and Predictable Cash Flow Key Contract Structure Features Remaining Contract Tenor(1) ● Initial term of 15 years for the majority of our contracts Long-Term ● As of December 31, 2025, weighted-average remaining contract term of approximately ~10.4 years(1) ~10.
Slide 19: Desert Environmental | Complementary Environmental Waste Solutions Business
Desert Environmental | Complementary Environmental Waste Solutions Business Desert Environmental Overview Delaware Basin Facilities WaterBridge’s environmental waste solutions business, branded Desert Environmental, is a leading provider of energy waste management solutions in the Delaware Basin
Slide 20: WaterBridge's Integrated Network was Built Through Targeted M&A and Organic Development
WaterBridge’s Integrated Network was Built Through Targeted M&A and Organic Development Water Handling Facilities Water Pipelines LandBridge Acreage Planned and In Progress Pipelines Environmental Facility Texas Pacific Land Corp. AMI Mid–2017 End of 2019 End of 2022 Current(1) New Mexico New Mexico
Slide 21: Increasing Regulatory Scrutiny Puts a Premium on Access to Available Pore Space
Increasing Regulatory Scrutiny Puts a Premium on Access to Available Pore Space Delaware Basin Pore Pressure New Mexico vs. Texas Regulatory Comparison Disposing of water underground can lead to changes in pore pressure below the surface, prompting produced water handling companies to explore area
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Figure Definition Adjusted EBITDA and Adjusted EBITDA Margin are used by WaterBridge management and by external users of WaterBridge financial statements, such as investors, research analysts and others, to assess the financial performance of WaterBridge’s assets over the
Slide 23: Reconciliation of Non-GAAP and Pro Forma Non-GAAP Financial Measures
Reconciliation of Non-GAAP and Pro Forma Non-GAAP Financial Measures Net Income to Adjusted EBITDA and Adjusted EBITDA Margin & Pro Forma Net Income to Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin Net Cash Used in Investing Activities to Adjusted Capital Expenditures Pro Forma - Qu