Waterbridge Infrastructure Llc · NYSE:WBI
Waterbridge Infrastructure — WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests — Q3 2025 Earnings Presentation
22 slides from Waterbridge Infrastructure's earnings presentation, Nov 13, 2025
Slide 1: WaterBridge Earnings Presentation 3Q 2025
WaterBridge Earnings Presentation 3Q 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: WaterBridge Momentum and Growth Continues after IPO
WaterBridge Momentum and Growth Continues after IPO Recent Highlights Completed the largest energy-sector IPO since 2019, establishing a publicly-traded pure-play water infrastructure company with a current market capitalization of ~$3.0 billion(1) Reported strong third quarter combined produced
Slide 4: WaterBridge Company Overview
WaterBridge Company Overview Company Overview Asset Map Largest pure-play water infrastructure company in the United States with Delaware Basin Arkoma Basin operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, and in the Eagle Ford and the A
Slide 5: 3Q 2025 Financial and Operating Results
3Q 2025 Financial and Operating Results Combined Produced Water Handling Key Q3’25 Pro Forma Financial and Operating Results Pro Forma Revenue ($MM) Volumes (MBbl/d) Quarter Ended ($ in millions) September 30, 2025 Total Combined Water Volumes 2.8 MMBbl / day 2,375 2,535 $205.5 2,269 $185.4 $190.2 C
Slide 6: Balance Sheet Strengthened by Upsized Senior Notes Offering
Balance Sheet Strengthened by Upsized Senior Notes Offering Recent Balance Sheet Highlights Illustrative Capitalization Table As of Pro Forma(2) Approximately $434 million of IPO proceeds were used to repay legacy indebtedness Capitalization(1) ($ MM) Adjustments 9/30/2025 9/30/2025 Streamlined
Slide 7: Speedway Pipeline Reaches Project Milestone
Speedway Pipeline Reaches Project Milestone Speedway Project Overview Speedway Project Map The Speedway Pipeline provides a unique long-haul, out-of-basin disposal Planned Speedway Pipeline Planned New Devon Project solution for oil and gas operators in the northern Delaware Basin Water Pipelines Co
Slide 8: Produced Water Handling
The WaterBridge Infrastructure Network Enhances and Streamlines the Oil and Gas Production Process 1 In-Field Gathering: Water is produced alongside hydrocarbons throughout a well’s lifecycle Beneficial Reuse WaterBridge gathers produced water from central gathering stations Desalination Plant t
Slide 9: WaterBridge Revenue is Supported by Predictable Produced Water Volumes
WaterBridge Revenue is Supported by Predictable Produced Water Volumes Produced Water Handling Q3 2025 Revenue by Source Water Solutions Other 4% Water Solutions 6% Produced Water Handling 90% Fixed fee charged for produced water whether Fixed fee charged for recycled and brackish water handled
Slide 10: WaterBridge Provides Flow Assurance via Access to Pore Space
WaterBridge Provides Flow Assurance via Access to Pore Space Delaware Produced Water Volumes Continue to Increase into WaterBridge Assets are Strategically Designed to Provide Water Declining Capacity Environment Handling Solutions in Low Pore Pressure Areas Delaware Basin Water Handling Capacity(1)
Slide 11: 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 12: 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 September 30, 2025, weighted-average remaining contract term of approximately ~11 years(1) ~11 Y
Slide 13: Sophisticated Operations with Advanced, Proprietary Technology
Sophisticated Operations with Advanced, Proprietary Technology WAVE Forecasting Software Platform In-Field Equipment 24/7 Operations Center GATHER PLAN OPTIMIZE Give your field team Create scenarios and Optimize across the Google Maps of maximize scenarios using ML & Oil and Gas operational potentia
Slide 14: Disciplined Capital Allocation Framework Supports High-Return Capital Projects
Disciplined Capital Allocation Framework Supports High-Return Capital Projects Capital Allocation Framework bpx energy Kraken Project | Underwriting Case Study Water Pipelines Water Handling Facilities Net Cash Provided by Resilient cash flow supported by long-term, LandBridge Acreage Operating Acti
Slide 15: WaterBridge Represents a Differentiated Value Opportunity
WaterBridge Represents a Differentiated Value Opportunity 1 Largest pure-play water infrastructure company in the United States Expansive footprint across the core of the Delaware Basin, the most prolific oil and natural gas basin in 2 North America Well-positioned to capitalize on growth through ac
Slide 16: Appendix
@) WATERBRIDGE Appendix
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: Desert Environmental | Complementary Environmental Waste Solutions Business
Desert Environmental | Complementary Environmental Waste Solutions Business Desert Environmental Overview Desert Environmental Delaware Basin Locations WaterBridge’s environmental waste solutions business, branded Desert Environmental, is a leading provider of energy waste NM management solutions
Slide 19: 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 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 Pipelines Water Handling Facilities Completed bpx energy Project Planned Speedway Pipeline LandBridge Acreage Planned New Devon Project Environmental Facility Texas Pacific Land Corp. AMI Mid–2017 End of 20
Slide 21: 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 22: Reconciliation of Pro Forma Non-GAAP Financial Measures
Reconciliation of Pro Forma Non-GAAP Financial Measures Pro Forma Net Income to Pro Forma Adjusted EBITDA and Pro Forma Net Cash Used in Investing Activities to Adjusted Capital Expenditures Adjusted EBITDA Margin Pro Forma - Quarter Ended Quarter Ended In $000s, unless stated otherwise 3/31/2025 6/