Landbridge Company Llc · NYSE:LB
Landbridge — Q2 2026 Earnings Presentation
22 slides from Landbridge's earnings presentation, Aug 6, 2026
Slide 1: LandBridge Earnings Presentation Second Quarter 2026
LandBridge Earnings Presentation Second Quarter 2026
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: Positioned for Sustained Growth and Value Creation
Positioned for Sustained Growth and Value Creation Second Quarter 2026 Financial Results Recent Highlights Revenues of $66.8 million, representing an increase of 41% year-over-year LandBridge continues to see growing and accelerated momentum in its and 31% quarter-over-quarter West Texas digital
Slide 4: LandBridge Company Overview
LandBridge Company Overview LandBridge Overview and Strategy LandBridge Assets We own or manage over 325,000 surface acres in the heart of the Delaware Basin. We continue to pursue development opportunities both within and beyond the oil and gas sector Our active land management strategy represe
Slide 5: Quarterly Financial Results
Quarterly Financial Results Revenue ($mm) Adjusted EBITDA(1) ($mm) Quarter Ended % Non-O&G Adj. Royalty 93% 94% 94% 95% EBITDA 88% 90% 88% 89% ($ in thousands, except unit metrics) Jun-26 Revenue: Margin(1) (%): LandBridge Revenue Drivers $67 $60 Produced Water Royalty Volumes (BPD) 2,002,506 $57 $5
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 1 Our strategy represents a paradigm Data Center Desalination Nuclear Power Generation
Slide 7: Diversified Revenue Streams
Diversified Revenue Streams Q2 2026 % of Revenue Surface Use Royalties and Revenues Royalties include produced water transportation and handling $52.2 Surface Use operations, skim oil recovery and waste reclamation Royalties Based on a percentage of gross revenues from the use of our $39.3 $37.0
Slide 8: LandBridge Offering Continues to Drive Digital Infrastructure Interest and Progress
LandBridge Offering Continues to Drive Digital Infrastructure Interest and Progress Oil LandBridge’s Comprehensive Approach to Facilitating Data Center Natural Gas NGL Projects Is Gaining Significant Commercial Traction Utility Easements Solar Power Water Electricity Generation Gas Power Plant Lan
Slide 9: Extraordinary Water Resource Access Provides Incremental Growth Potential
Extraordinary Water Resource Access Provides Incremental Growth Potential LandBridge is uniquely positioned to support evolving data center needs both on and off our footprint, backed by substantial access to brackish and treated produced water resources, waste disposal capabilities, and long-standi
Slide 10: LandBridge's Advantaged Combination of High Margins and Growth
LandBridge’s Advantaged Combination of High Margins and Growth High Margin, High Growth Business Model Texas Pacific Land Indicates 2022 – 2025 Other Land Management Adj. EBITDA CAGR(1) Land REITs YTD 2022 – 2025 FCF Growth(1) Industrial REITs Gold Streamers 120% Timber Trusts Minerals 100% LandBrid
Slide 11: Disciplined Capital Allocation
Disciplined Capital Allocation Opportunistically Pursue Return Capital to Maintain Appropriate Value-Enhancing M&A Shareholders Capital Structure Opportunity to acquire under-utilized and under- Announced quarterly cash dividend of $0.12 / share Target long-term net leverage ratio between 2.0
Slide 12: Current Debt Maturities and Capitalization Table
Current Debt Maturities and Capitalization Table Summary Capitalization Table(1) On August 4, 2026, increased liquidity by increasing total revolving credit all $ in millions 6/30/2026 facility by $100 million to $375 million and reducing applicable margins by 25 basis points across the pricing gr
Slide 13: Synergistic Partnership with WaterBridge Supports LandBridge Growth
Synergistic Partnership with WaterBridge Supports LandBridge Growth Mutually beneficial relationship with WaterBridge offers line-of-sight to growth & cash flow predictability for LandBridge Active surface manager that promotes efficient Pore Space Access + Surface Rights A leading water management
Slide 14: Significant Incentive Alignment with LandBridge Management Ownership
Significant Incentive Alignment with LandBridge Management Ownership Management Invested in LandBridge’s Success LandBridge’s >13% management ownership(1) shows clear Equivalent LBH Units(2) LB RSUs(3) Total Holdings alignment with shareholders Vested Unvested Vested Unvested # / % of SOS Reinforc
Slide 15: Appendix
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Slide 16: LandBridge Position Strategic Timeline
LandBridge Position Strategic Timeline End of 2019 End of 2022 End of 2024 Current(1) ~72,000 acres ~220,000 acres >325,000 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 Stat
Slide 17: 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 18: Corporate Governance and Related Party Transactions Review Process
Corporate Governance and Related Party Transactions Review Process 1 2 3 Board of Directors Audit Committee Conflicts Committee 3 independent directors 7 insiders, including CEO Related Persons Transactions Policy + delegates review and approval of all related Consists of 2-3 independent, disi
Slide 19: 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 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Qu ar ter E n ded Ju n e 30, 2026 M ar ch 31, 2026 Decem ber 31, 2025 Septem ber 30, 2025 Ju n e 30, 2025 (in th ou s an ds ) (u n au dited) Net income $ 31,049 $ 17,868 $ 18,174 $ 20,291 $ 18,475 Adjustments: Depreciation, deple
Slide 21: 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 11,470 8,875 8,762 6,720 Inter
Slide 22: 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 Qu ar ter E n ded Qu ar ter E n ded Ju n e 30, 2026 Ju n e 30, 2026 (in th ou s an ds ) (u n au dited) (in th ou s an ds ) (u n au dited) LTM Adjusted EBITDA $ 200,551 Balance Sheet data