Landbridge Company Llc · NYSE:LB
Landbridge — Q3 2025 Earnings Presentation
22 slides from Landbridge's earnings presentation, Nov 13, 2025
Slide 1: LandBridge Earnings Presentation 3Q 2025
LandBridge Earnings Presentation 3Q 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 Recent Highlights Continuing significant growth with 6th consecutive public quarter of revenue and EBITDA growth: – Revenue up 78% year-over-year – Adjusted EBITDA up 79%(1) year-over-year Acquired approximately 37,500 total acres across Loving,
Slide 4: Company Overview
LandBridge Company Overview LandBridge Overview and Strategy LandBridge Assets We own and actively manage ~300,000 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 r
Slide 5: 1918 Ranch Acquisition Overview
1918 Ranch Acquisition Overview 1918 Ranch Acquisition Highlights Transaction & Asset Overview Comprises approximately 37,500 acres across Loving, Reeves, Winkler and Ward counties in Texas – ~22,000 fee simple acres, ~3,500 acres held pursuant to a long-term management agreement, and ~12,000 leas
Slide 6: 3Q 2025 Financial Results
3Q 2025 Financial Results Revenue ($mm) Adjusted EBITDA(1) ($mm) Quarter Ended ($ in thousands, except unit metrics) Dec-24 Mar-25 Jun-25 Sep-25 % Non-O&G Adj. Royalty EBITDA LandBridge Revenue Drivers Revenue: 88% 92% 94% 93% Margin1 87% 88% 89% 88% Produced Water Royalty Volumes (BPD) 831,187 1,43
Slide 7: 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 LandBridge Strategy Flow Growth Our strategy represents a paradigm shift compared to the typical landowner dynamic – we
Slide 8: Diversified Revenue Streams
Diversified Revenue Streams YTD 2025 % of Revenue(1) Surface Use Royalties and Revenues(2) Royalties include produced water transportation and handling Surface Use operations, skim oil recovery and waste reclamation $34.2 $35.0 Royalties Based on a percentage of gross revenues from the use of ou
Slide 9: LandBridge's Advantaged Combination of High Margins and Growth
LandBridge’s Advantaged Combination of High Margins and Growth LandBridge Business Model Highlights 100% Royalty business generates stable revenue from produced water and scales without capex as LandBridge LandBridge production grows 62% 12% 3% 0% Growing diversification through power and digita
Slide 10: LandBridge Has a Strong Track Record of Value Creation
LandBridge Has a Strong Track Record of Value Creation Share Price Performance Historical LandBridge Revenue vs. Crude Prices ($ / 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 11: Disciplined Capital Allocation
Disciplined Capital Allocation We intend to use our significant and growing Free Cash Flow base in a balanced and sustainable manner to create value for our shareholders over the long term. Our Free Cash Flow will generally be employed to: Maintain an Appropriate Opportunistically Pursue Return Capi
Slide 12: 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 13: Appendix
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Slide 14: 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 ~300,000 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 1
Slide 15: Over-Pressurization Will Limit Future Disposal Capacity in the Delaware Basin
Over-Pressurization Will Limit Future Disposal Capacity in the Delaware Basin With over 2MMbbl/d of permitted disposal capacity in adjacent, low pore pressure areas, LandBridge is strategically positioned to provide a critical solution to declining disposal capacity in the Delaware Stateline Area of
Slide 16: LandBridge Offers the Industry a Differentiated Pore Space Solution
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 area
Slide 17: Active Land Management Drives Diversified Revenue Growth
Active Land Management Drives Diversified Revenue Growth Land Use Opportunities Activity Drivers Active & High Potential Areas Oil and Gas Activities Produced Water Handling O&G production Across all acreage Drilling and completions activity Fresh/Brackish Water Sand mining Across all acreage Crypto
Slide 18: 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 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 Cont'd
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Qu ar ter E n ded Qu ar ter E n ded Qu ar ter E n ded Qu ar ter E n ded Qu ar ter E n ded Septem ber 30, Ju n e 30, M ar ch 31, Decem ber 31, Septem ber 30, 2025 2025 2025 2024 2024 (in th ou s an ds ) (u n au dited) Net income (
Slide 21: Non-GAAP Financial Measures Cont'd
Non-GAAP Financial Measures Cont’d Adjusted EBITDA and Adjusted EBITDA Margin Nine M ont hs End ed S e p t e m b e r 30, Ye ar End e d De ce m b e r 31, 2025 2024 2023 2022 ( in t housand s) ( unaud it ed ) Net income (loss) $ 54,225 $ (41,479) $ 63,172 $ (6,361) Adjustments: Depreciation, depletion
Slide 22: Non-GAAP Financial Measures Cont'd
Non-GAAP Financial Measures Cont’d Adjusted EBITDA to Covenant EBITDA P r o For m a 1918 Ran ch Actu als L TM as of L TM as of L TM as of L TM as of L TM as of Septem ber 30, Septem ber 30, Ju n e 30, M ar ch 31, Decem ber 31, 2025 2025 2025 2025 2024 (in th ou s an ds ) (u n au dited) LTM Adjusted