Landbridge Company Llc · NYSE:LB
Landbridge — Q4 2025 Earnings Presentation
23 slides from Landbridge's earnings presentation, Feb 26, 2026
Slide 1: LandBridge Earnings Presentation 4Q and Full Year 2025
LandBridge Earnings Presentation 4Q and Full Year 2025
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of
Slide 3: Positioned for Sustained Growth and Value Creation
Positioned for Sustained Growth and Value Creation Fiscal Year 2025 and Recent Highlights Continued quarterly growth performance in 4Q25, with Revenue and Adjusted EBITDA(1) increasing 12% and 14% quarter-over-quarter, respectively Delivered strong growth in 2025, with Revenue increasing by 81%
Slide 4: LandBridge Company Overview
LandBridge Company Overview LandBridge Overview and Strategy LandBridge Assets We own or manage over 315,000 surface acres in the heart of the Delaware Basin. We continue to pursue development opportunities both within and beyond the oil and gas sector Our active land management strategy represe
Slide 5: Quarterly and Full Year Financial Results
Quarterly and Full Year Financial Results Revenue ($mm) Adjusted EBITDA(1) ($mm) Quarter Full Ended Year % Non-O&G Adj. Royalty 92% 94% 93% 94% EBITDA 88% 89% 88% 90% ($ in thousands, except unit metrics) Dec-25 2025 Revenue: Margin(1) (%): LandBridge Revenue Drivers $57 Produced Water Royalty Volum
Slide 6: LandBridge is Critical to Energy, Power, Digital Infrastructure and Broader Industrial Development
LandBridge is Critical to Energy, Power, Digital Infrastructure and Broader Industrial Development Diversified Revenue Streams Driving Long-Term Value With Substantial Free Cash Flow Growth LandBridge Strategy 1 1 Our strategy represents a paradigm 1 Data Center Desalination Nuclear Power Generation
Slide 7: Diversified Revenue Streams
Diversified Revenue Streams 2025 % of Revenue Surface Use Royalties and Revenues(2) Royalties include produced water transportation and handling $39.3 Surface Use operations, skim oil recovery and waste reclamation $34.2 $35.0 Royalties Based on a percentage of gross revenues from the use of our
Slide 8: LandBridge's Active Land Management Drives Surface Use Economic Efficiency
LandBridge’s Active Land Management Drives Surface Use Economic Efficiency Surface Use Economic Efficiency 2024 to 2025 Surface Use Economic Efficiency Growth ($ / acre) SUEE represents the average revenue per acre generated by our Legacy Acreage (72,000 acres(2)) acreage portfolio, less oil and g
Slide 9: LandBridge's Proven Approach to Active Land Management
LandBridge’s Proven Approach to Active Land Management The effectiveness of LandBridge’s active land management strategy is demonstrated through the per acre revenue growth across our Legacy Surface Position Legacy Acreage Map Legacy Acreage-Specific Commercial Drivers and SUEE over Time Legacy acre
Slide 10: LandBridge's Advantaged Value Proposition of High Margins and Growth
LandBridge’s Advantaged Value Proposition of High Margins and Growth LandBridge’s High-Margin Asset-Light Business Model 100% LandBridge High margin, highly capital-efficient and 10% 60% asset-light business model is 5% differentiated from conventional peers: 9% 15% 29% 80% 2% Stable, predominatel
Slide 11: Disciplined Capital Allocation
Disciplined Capital Allocation We intend to use our significant and growing Free Cash Flow in a balanced, sustainable manner to create long-term shareholder value: Maintain Appropriate Opportunistically Pursue Return Capital to Capital Structure Value-Enhancing M&A Shareholders Enhanced balance sh
Slide 12: Improved Balance Sheet Strength from Fourth Quarter 2025 Refinancings
Improved Balance Sheet Strength from Fourth Quarter 2025 Refinancings Summary Capitalization Table(1) Lowered cost of capital, increased liquidity, and extended debt maturities all $ in millions 12/31/2025 through inaugural senior notes offering and new RCF closing Revolving Credit Facility Due 20
Slide 13: LandBridge Corporate Structure
LandBridge Corporate Structure LandBridge Management and Five Point Sponsors are Meaningfully Aligned with LandBridge Public Shareholders Incentive Units provide meaningful alignment between Management and Class A shareholders by offering Management an indirect economic interest in LandBridge that i
Slide 14: Upcoming LandBridge Investor Day March 19, 2026
Upcoming LandBridge Investor Day March 19, 2026 Agenda Senior leadership presentations: Thursday, March 19, 2026 1:00pm – 4:00pm • Strategic overview of key revenue-driving industries New York, NY • Short, medium, and long-term growth opportunities The meeting will feature presentations by: • Value
Slide 15: Appendix
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Slide 16: LandBridge Position Strategic Timeline
LandBridge Position Strategic Timeline End of 2019 End of 2022 Mid 2024 - IPO Current(1) ~72,000 acres ~220,000 acres >315,000 acres New Mexico New Mexico New Mexico New Mexico Texas Texas Texas Texas WBI Pipelines In Service Announced Projects WBI Facilities Handling Facilities LandBridge Surface S
Slide 17: LandBridge Has a Strong Track Record of Value Creation
LandBridge Has a Strong Track Record of Value Creation Share Price Performance Historical LandBridge Revenue vs. Crude Prices ($ / share) ($mm) LandBridge has consistently grown revenues despite ($/bbl) $90.00 commodity price volatility $60 Over past 2 years, crude prices decreased by >20% $100 $75.
Slide 18: Over-Pressurization Expected to Limit Future Disposal Capacity in the Delaware
Over-Pressurization Expected to Limit Future Disposal Capacity in the Delaware LandBridge Competitive Position Stateline AOI Expected to See Significant Reduction in Disposal Capacity(1) The Stateline AOI remains a high-demand area of the Delaware Basin based Total Delaware Delaware Stateline AOI
Slide 19: LandBridge Corporate Governance Processes
LandBridge Corporate Governance Processes 1 2 3 Board of Directors Audit Committee Conflicts Committee 7 insiders, including CEO + 4 3 independent directors Consists of 3 independent, Independent directors disinterested directors when formed Related Persons Transactions Policy delegates review
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Figure Definition Adjusted EBITDA / We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based Adjusted EBITDA Margin / compensation; non-recurring transaction-related expenses and other non-cash
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Qu ar ter E n ded Decem ber 31, 2025 Septem ber 30, 2025 Ju n e 30, 2025 M ar ch 31, 2025 Decem ber 31, 2024 (in th ou s an ds ) (u n au dited) Net income $ 18,174 $ 20,291 $ 18,475 $ 15,459 $ 8,154 Adjustments: Depreciation, dep
Slide 22: Non-GAAP Financial Measures Cont'd
Non-GAAP Financial Measures Cont’d Adjusted EBITDA and Adjusted EBITDA Margin Y ear E n ded Decem ber 31, 2025 2024 2023 2022 (in th ou s an ds ) (u n au dited) Net income (loss) $ 72,399 $ (41,479) $ 63,172 $ (6,361) Adjustments: Depreciation, depletion, amortization and accretion 11,470 8,875 8,76
Slide 23: Non-GAAP Financial Measures Cont'd
Non-GAAP Financial Measures Cont’d Adjusted EBITDA to Covenant EBITDA Total Debt to Net Debt; Net Leverage Ratios Y ear E n ded Y ear E n ded Decem ber 31, 2025 Decem ber 31, 2025 (in th ou s an ds ) (u n au dited) (in th ou s an ds ) (u n au dited) LTM Adjusted EBITDA $ 177,171 Balance Sheet data (