Landbridge Company Llc · NYSE:LB

Landbridge — Investor Day (March 2026)

67 slides from Landbridge's investor day presentation, Mar 19, 2026

1. Slide 1: LandBridge 2026 Investor Day

   LandBridge 2026 Investor Day March 19, 2026

2. Slide 2: Disclaimer

   Disclaimer Forward-Looking Statements This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “presentation.” The information in this presentation inc

3. Slide 3: Investor Day Agenda

   Investor Day Agenda 1:00 – 1:20 Introductory Video and Opening Remarks 20 Minutes 1:20 – 2:20 Macro Backdrop and Strategic Overview 60 Minutes 1:20 – 1:40 1. Oil and Gas 20 Minutes 1:40 – 2:10 2. Power and Digital Infrastructure 30 Minutes 2:10 – 2:20 3. Broader Industrial Complex and Serviceable Ad

4. Slide 4: Introductory Video and Opening Remarks

   Introductory Video and Opening Remarks 4 1) The University of Texas Jackson School of Geoscience’s Bureau of Economic Geology; Center for Injection and Seismicity Research, 2025.

5. Slide 5: Today's Presenters

   Today’s Presenters David Capobianco Jason Long Isaac Ramirez Alex Hernandez Scott McNeely Chairman, LandBridge VP, Digital Infrastructure Founder and CEO, PowerBridge President, Director and CEO EVP and CFO CEO and Managing Partner, Five and Sustainability at Landbridge Point Infrastructure at LandB

6. Slide 6: Overview of Five Point Infrastructure

   Overview of Five Point Infrastructure(1) Five Point Overview  Founded in 2012, Five Point is an infrastructure investment firm focused on building businesses within the midstream and energy infrastructure sectors. Five Point is led by former industry executives who have had successful careers inves

7. Slide 7: Strategic Surface Portfolio Overview

   Strategic Surface Portfolio Overview LandBridge Desert Environmental Facilities Waha Hub Potential Sequestration Well WBI Pipelines In Service Announced Projects San Mateo Pipelines Fiber Connections Fiber Ring Planned Gas Header System Interstate Major Road/Hwy 7

8. Slide 8: Pore Space Overview

   Pore Space Overview LandBridge Sour Gas Window WBI SWDs Active Approved WBI Pipelines In Service Announced Projects DB Pore Pressure (psi)(1) High: 1,049.29 Low: 0 Note: Figures include active, permitted and potential future capacity under development. Certain figures include estimates and are subje

9. Slide 9: Investor Day 2026 | Today's Topics

   Investor Day 2026 | Today’s Topics The Foundation for Continued Growth Premier Assets Commercial Acumen Industry Leading Growth Strategic, contiguous footprint provides Active commercial edge to capture Differentiated free cash flow growth and perpetual call option on growing West demand from growin

10. Slide 10: Broader Industrial Activity Continues to Accelerate in West Texas

    Broader Industrial Activity Continues to Accelerate in West Texas Industrial Growth in the Delaware Basin as Measured in Light Pollution Over Time(1) 2014 2025 LandBridge Acreage Light Pollution(1) High: 1002.55 Low: 0 10 1) NASA VIIRS Land Science Investigator-led Processing System. Accessed March

11. Slide 11: Strategic Vision | Acreage Position and Commercial Validation Over Time

    Strategic Vision | Acreage Position and Commercial Validation Over Time End of 2019 2020 – 2022 2023 – 2024 2025 – Current(1) LandBridge ~72,000 acres ~220,000 acres >315,000 acres(2) Surface Stateline AMI WBI Pipelines In Service Announced WBI Facilities Handling Facilities Increased demand for cri

12. Slide 12: Differentiated Growth & Cash Flow Margin Profile with Low Commodity Exposure

    Differentiated Growth & Cash Flow Margin Profile with Low Commodity Exposure Texas Pacific Other Land Industrial REIT Gold Streamer Timber Trust Land REIT Peers Midstream Minerals Land Mgmt Peers Peers Peers Peers 44.0x 28.8x 22.9x 19.9x 20.2x 2026E EV/EBITDA(1) 18.1x 16.2x 13.3x 10.9x 77% 69% 61% 6

13. Slide 13: 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

14. Slide 14: LandBridge Provides Critical Surface to Enable Energy, Power, Digital Infrastructure and Broader Industrial Development

    LandBridge Provides Critical Surface to Enable Energy, Power, Digital Infrastructure and Broader Industrial Development 2 Nuclear Power 2 2 Generation Desalination Data Center 3-Stream & Water Logistics Pad Easements Oil Bitcoin Mining Natural Gas NGL 2 Water Supply Water Pond for Frac Wind Power Ge

15. Slide 15: Active Land Management Drives Surface Use Economic Efficiency

    Active Land Management Drives Surface Use Economic Efficiency Surface Use Economic Efficiency (“SUEE”) 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 gas r

16. Slide 16: Significant Incentive Alignment with LB Management Ownership

    Significant Incentive Alignment with LB Management Ownership Management Invested in LandBridge’s Success LandBridge  LandBridge’s >13% management ownership(1) shows clear alignment with Management Ownership >13% shareholders  Reinforces management’s confidence in LandBridge’s value trajectory – Su

17. Slide 17: Synergistic Partnership with WaterBridge

    Synergistic Partnership with WaterBridge Relationship with WaterBridge offers substantial line-of-sight to growth & cash flow predictability for LandBridge Access to large positions of contiguous, Royalties for each barrel of produced underutilized pore space water handled on LandBridge surface Surf

18. Slide 18: Macro Backdrop and Strategic Overview

    Macro Backdrop and Strategic Overview 18

19. Slide 19: Growth Drivers Defined by Time Period

    Growth Drivers Defined by Time Period Short Term Growth Drivers Medium Term Growth Drivers Long Term Growth Drivers POWERED LAND & INDUSTRIAL NEXT-GEN GROWING CORE BUSINESS 1 – 4 Yr 4+ Yr Current Revenue Base with Near-Term Revenue Engine Emerging Growth Layer High Growth Highest Upside Potential Lo

20. Slide 20: 1. Oil & Gas

    +b- LANDBRIDGE a ia 1. Oil & Gas

21. Slide 21: Delaware Basin Breakevens and Inventory Depth are Best-in-Class

    1 Delaware Basin Breakevens and Inventory Depth are Best-in-Class Delaware Basin Growth & Economic Inventory Estimated Average Breakevens by Lower 48 Basin(1)  The Delaware Basin remains the most active basin within the U.S. ~$59 $60 ~$53 ~$54 ~$54 ~$47 ~$49  As of the beginning of 2026, the Delaw

22. Slide 22: Growing Quantity of Water Volumes with Steadily Increasing WORs

    1 Growing Quantity of Water Volumes with Steadily Increasing WORs Delaware Basin Oil and Water Production (mmbpd) New Mexico Delaware Basin Production and Water-Oil-Ratio New Mexico Oil vs Water Water Production (mmbpd) Water-Oil-Ratio 16 ~8% YoY Oil growth vs. 8.0 3.5x ~11% YoY Water growth 14 12 6

23. Slide 23: E&P's Derisking Deeper Benches with Higher Water Cuts in Delaware

    1 E&P’s Derisking Deeper Benches with Higher Water Cuts in Delaware Delaware Basin Inventory & 1st 36-Month Water-Oil-Ratio (WOR) by Bench(1) (2) Undeveloped Locations 40,000 Upstream operators have derisked close to Shallowest 3,000 new locations in the last ~16 months, 35,322 35,000 mostly concent

24. Slide 24: The Problem of Produced Water is Unsolvable Through Recycling Alone

    1 The Problem of Produced Water is Unsolvable Through Recycling Alone Executive Insights on Produced Water Projected Produced Water in Lower 48 Oil and Gas Producing Basins(1) Management Challenges in the Permian Basin “Sometime over the next five years, do you expect 10 23 challenges related to pro

25. Slide 25: Over-Pressurization Expected to Limit Future Disposal Capacity in the Delaware

    1 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 is expected to remain the highest demand area of the Total Delaware Delaware Stateline AOI

26. Slide 26: LandBridge Offers the Industry a Differentiated Pore Space Solution

    1 LandBridge Offers the Industry a Differentiated Pore Space Solution LandBridge Offers a Responsible Development Solution that Maintains Long-Term Pore Space Integrity  LandBridge offers ideally located contiguous pore space that is not burdened with the higher pore pressures prevalent in other ar

27. Slide 27: LandBridge's Pore Space Drives Large Scale Water Handling Projects on Our Land

    1 LandBridge’s Pore Space Drives Large Scale Water Handling Projects on Our Land ANNOUNCED AUGUST 2025 – STATELINE & CONSTRUCTION COMMENCED Q4 2025 – NORTHERN DELAWARE BASIN NORTHERN DELAWARE BASIN DVN Pore Space Reservation Agreement WaterBridge Speedway Pipeline Project 300 mbpd 10-Year Dual 30" M

28. Slide 28: Strategically Positioned to Capture Delaware Basin O&G Growth

    1 Strategically Positioned to Capture Delaware Basin O&G Growth Key Oil & Gas Attributes and LandBridge Surface LandBridge Assets Are Strategically Placed to Support Oil & Gas Development 1 Strategically acquired surface provides access to low pore pressure areas of key disposal zones in Texas for a

29. Slide 29: Delaware Oil & Gas Thesis Remains Unchanged

    Delaware Oil & Gas Thesis Remains Unchanged E&P Access to Underutilized Pore Space is Critical for Flow Assurance THE PROBLEM OUR ADVANTAGE COMMERCIAL PROOF Interstate Surface Dynamics Infrastructure Gravitating The LandBridge Solution Created a Structural Bottleneck Toward LandBridge Acreage Regula

30. Slide 30: 2. Power and Digital Infrastructure

    2. Power and Digital Infrastructure 30

31. Slide 31: Macro Backdrop: Digital Infrastructure Fundamentals and Macro Drivers

    2 Digital Infrastructure Fundamentals and Macro Drivers 200 GW, up ~2x 14% CAGR $600B Macro Backdrop Expected 2030 DC Capacity(1) DC capacity growth through 2030(1) Capital Investment in 2026E(3) Digital Infrastructure Fundamentals Hyperscaler Historical Capex & Consensus Capex Forecasts(3) ($Bn) $8

32. Slide 32: Opposition Grows as Historical Markets Reach Resource Saturation and Rising Costs

    2 Opposition Grows as Historical Markets Reach Resource Saturation and Rising Costs Data center announcements in new US markets have risen following challenges Historical concentration and locations of data centers in historical growth geographies(1) have generated public hostility to growth Total n

33. Slide 33: Historical Lower 48 Data Center Density Shifts

    2 Historical Lower 48 Data Center Density Shifts Grid Power Limitations Have Driven Growth in New Data Center Markets Data Center development is gravitating towards areas of the country where there is more abundant power and grid stability potential Key Takeaways Historical Concentration Clustered i

34. Slide 34: Recent Data Center Announcements Confirm West Texas Value Proposition

    2 Recent Data Center Announcements Confirm West Texas Value Proposition West Texas is Primed to Accommodate Growing Data Center Demand as a Leader in Power Availability (1) F E R M I 11GW June 2025 G O O G L E $40B Nov 2025 Behind-the-meter nuclear + gas AI campus Major investment Carson County, TX

35. Slide 35: Where the Future Gets Built: LandBridge Data Center Suitability

    2 Where the Future Gets Built: LandBridge Data Center Suitability LandBridge Acreage Proximity to Power Contiguous Acreage Of the Permian Basin’s 36 million acres, only ~60% is comprised of large, contiguous assemblages; however, not all of these are capable of supporting hyperscale industrial or di

36. Slide 36: LandBridge Can Satisfy Significant Water Demand Across Its Footprint

    2 LandBridge Can Satisfy Significant Water Demand Across Its Footprint LandBridge has unparalleled access to water resources that can meet ~13.4 million intense water demand from data center, energy, and industrial Acre-Feet of Water Access(1) development ~6.6 million Equivalent to Olympic swimming

37. Slide 37: Digital Infrastructure Revenue Streams Defined

    2 Digital Infrastructure Revenue Streams Defined LandBridge Brings a Comprehensive Approach to Facilitating Data Center Projects  Integrated data center projects require multiple supporting parties including Utility Easements operators, power providers, fiber optic installation, water providers, la

38. Slide 38: Illustrative Integrated Data Center Project Timeline

    2 Illustrative Integrated Data Center Project Timeline Data Center Projects require high levels of due diligence in the pre-development and development phase, but provide a long tail of revenue potential for LandBridge Development Design – Permitting – Procurement – Construction Phases Future Year 1

39. Slide 39: Strategically Positioned to Support Power and Digital Infrastructure Growth

    2 Strategically Positioned to Support Power and Digital Infrastructure Growth Key Power and Digital Infrastructure Attributes LandBridge Assets Are Strategically Located to Support Power and Digital on LandBridge Surface Infrastructure Development 1 Southern acreage position’s proximity to Waha Hub

40. Slide 40: Power & Digital Infrastructure Activity Continues to Accelerate

    Power & Digital Infrastructure Activity Continues to Accelerate West Texas is emerging as key market for power and digital infrastructure projects THE PROBLEM OUR ADVANTAGE COMMERCIAL PROOF Availability of grid connected sites is Industry Adoption Trends Validate the The LandBridge Solution increasi

41. Slide 41: 3. Broader Industrial Complex and Serviceable Adjacencies

    3. Broader Industrial Complex and Serviceable Adjacencies 41

42. Slide 42: Broader Industrial Activity Provides Meaningful Upside Potential

    3 Broader Industrial Activity Provides Meaningful Upside Potential LandBridge facilitates development for a large and growing number of high-quality counterparties Current Customers Resource Extraction Broader Industrial Workforce Housing, Transmission & More Current and Future Industries  Sand min

43. Slide 43: Beneficial Reuse Growth Potential

    3 Beneficial Reuse Growth Potential LandBridge is uniquely positioned to benefit from both near- and long-term data center growth through its substantial brackish and produced water resources and strong partnerships with leading industry players Fresh / Brackish Water Treated Produced Water 13.4 MM

44. Slide 44: Strategically Positioned to Benefit from Broader Industrial Growth

    3 Strategically Positioned to Benefit from Broader Industrial Growth Key Broader Industrial Attributes vs. LandBridge LandBridge Assets Are Strategically Placed to Benefit from Broader Industrial Assets Development 1 Caliche and sand sales support broader construction needs in West Texas 3 5 2 LandB

45. Slide 45: Broader Industrial Complex Gravitates Toward West Texas

    Broader Industrial Complex Gravitates Toward West Texas Serviceable Adjacencies from Core Growth Industries are Enabled by LandBridge Acreage INDUSTRIAL CONTEXT OUR ADVANTAGE COMMERCIAL PROOF Recurring Revenue Streams Beyond Core Current Customer Operations & The LandBridge Solution Focal Points Dev

46. Slide 46: PowerBridge: Perspective on LandBridge Competitive Advantages; Fireside Chat

    PowerBridge: Perspective on LandBridge Competitive Advantages Fireside Chat: Energy and Digital Infrastructure Convergence in Growth Markets 46

47. Slide 47: Deep Dive on Business Model and Strategic Goals

    Deep Dive on Business Model and Strategic Goals 47

48. Slide 48: By the Numbers | Perpetual Call Option on West Texas & New Mexico Growth

    by the Numbers | Perpetual Call Option on West Texas & New Mexico Growth >315,000 Acres ~$5.8 billion Market Cap(1) Significant underutilized pore space • ~$6.3 billion enterprise value, as of 3/13/2026 • As underutilized pore space continues to become scarcer, LandBridge stands out as a premier Per

49. Slide 49: Strong Track Record of Growth Across Commodity Price Cycles

    Strong Track Record of Growth Across Commodity Price Cycles Historical LandBridge Revenue vs. Crude Prices ($mm) ($/bbl)  LandBridge has consistently grown revenues despite commodity price volatility Over past 2 years, crude prices decreased by >20% $60 $100 while LandBridge revenues increased by ~

50. Slide 50: Potential Paths to Maximum Value Creation on Surface

    Potential Paths to Maximum Value Creation on Surface Illustrative 640 acre use cases Distributed Power Processing Plant ~$3,250 per acre ~$3,750 per acre Pipeline Easements Road Easements PWH Facility + Solar Mixed Industrial Produced Water Grazing Land Handling Facility Road & Pipeline Easements Ga

51. Slide 51: Organic Growth: LandBridge's Proven Approach to Active Land Management

    Organic Growth: LandBridge’s Proven Approach to Active Land Management The effectiveness of our active land management strategy is demonstrated through SUEE growth across our Legacy Surface Position Legacy Acreage Map Legacy Acreage-Specific Commercial Drivers and SUEE over Time Legacy acreage repre

52. Slide 52: Acquisition Competitive Advantages and Due Diligence Strengths

    Acquisition Competitive Advantages and Due Diligence Strengths  Deep Roots in West Texas – LandBridge management have lived and worked in West Texas for many decades and are well connected with landowner families and local communities Trust & Stewardship  Trusted Operator and Good Land Steward – T

53. Slide 53: Inorganic Growth: 1918 Case Study Highlighting LandBridge M&A Framework

    Inorganic Growth: 1918 Case Study Highlighting LandBridge M&A Framework 1918 Ranch Acquisition Criteria & Underwriting 1. Relationships – Critical to evaluate existing and forge new relationships with landowners  Deep respect and tenured relationships with sellers enabled ‘off-market’ process and a

54. Slide 54: 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-  Increased quarterly cash dividend by 20%, with a $0.12  Enhanced balance sheet, improved cost of cap

55. Slide 55: What Could the Potential Impact of Compounding Growth Look Like?

    What Could the Potential Impact of Compounding Growth Look Like? Organic Growth (~15%) Potential for 15 – 20% CAGR Organic + M&A Growth (~20%) ~$750M $2,500+ ~$1.2B ~$800M 2035 Illustrative 2035 Illustrative 2035 Illustrative 2035 Illustrative Free Adjusted EBITDA Surface Use Economic Adjusted EBITD

56. Slide 56: Closing Remarks

    +b- LANDBRIDGE <i = “a —— Ry : =~ — _ — ee ——— Closing Remarks

57. Slide 57: LandBridge's Long-Term Value Creation Framework

    LandBridge’s Long-Term Value Creation Framework Continued Execution on Fundamental Thesis and Strategic Vision High Margin, High Growth Balanced Capital Allocation Value Creation Disciplined underwriting of accretive M&A opportunities provides an engine for Targeting 15% Organic EBITDA continued gro

58. Slide 58: Question & Answer Session

    Question & Answer Session 58 1) The University of Texas Jackson School of Geoscience’s Bureau of Economic Geology; Center for Injection and Seismicity Research, 2025.

59. Slide 59: Appendix

    | +te- LANDBRIDGE

60. Slide 60: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Figure Definition Adj. EBITDA / We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based Adj. EBITDA Margin / compensation; non-recurring transaction-related expenses and other non-cash or non-

61. Slide 61: 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

62. Slide 62: 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 (

63. Slide 63: Current Debt Maturities and Capitalization Table

    Current Debt Maturities and Capitalization Table 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 2030 $70 – New $500 mil

64. Slide 64: 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 Independent directors  Consists of 2-3 independent directors  Related Persons Transactions Policy delegates review and approval of all  Ad

65. Slide 65: Data Center Growth is Inextricably Linked to Power Generation Potential

    Data Center Growth is Inextricably Linked to Power Generation Potential Developers Require Alternative Power to Solely Grid Power DATA CENTER As data center development continues and power consumption requirements increase, grid power supply has become the primary bottleneck:  The US Department of

66. Slide 66: West Texas Market Enablers Driving Competition with Historical Markets

    West Texas Market Enablers Driving Competition with Historical Markets Texas Compares Favorably Across Two Key Factors Data Center Competitiveness by State(1) Driving Data Center Location Decisions Time to Client (z-score) Power Availability (z-score) Virginia Texas Texas Missouri West Texas leads i

67. Slide 67: LandBridge: A Premier Platform for Large-Scale Renewable Power Generation

    LandBridge: A Premier Platform for Large-Scale Renewable Power Generation Texas Solar Irradiance & Generation Potential Texas Wind Resource & Generation Potential Prime Solar Development Zone Optimal Wind Energy Corridor Solar generation potential exceeding Average annual wind speeds of 6-7 commerci

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