Landbridge Company Llc · NYSE:LB
Landbridge — Q2 2025 Earnings Presentation
20 slides from Landbridge's earnings presentation, Aug 7, 2025
Slide 1: LandBridge Earnings Presentation 2Q 2025
LandBridge Earnings Presentation 2Q 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 year-over-year growth: – Revenue up 83% – Adjusted EBITDA up 81%1 Record $34.2 MM in Surface Use Royalties and Revenues driven by our recent acquisitions and strong organic growth Non-oil and gas royalt
Slide 4: Commercial Update: Devon Pore Space Reservation & CCGT Power Project
Commercial Update: Devon Pore Space Reservation & CCGT Power Project Devon Pore Space Reservation CCGT Power Project • Devon Energy and LandBridge entered into a 10-year pore space • LandBridge and a large public IPP executed an option agreement for reservation agreement for 300,000 bpd of pore spac
Slide 5: 2Q 2025 Financial Results
2Q 2025 Financial Results Revenue ($mm) Adjusted EBITDA1 ($mm) Quarter Ended ($ in thousands, except unit metrics) Sep-24 Dec-24 Mar-25 Jun-25 % Non-O&G Adj. Royalty EBITDA LandBridge Revenue Drivers Revenue: 90% 88% 92% 94% Margin1 88% 87% 88% 89% Produced Water Royalty Volumes (BPD) 775,065 831,18
Slide 6: Diversified Revenue Streams
Diversified Revenue Streams YTD 2025 % of Revenue Surface Use Royalties and Revenues • Royalties include produced water transportation and handling $34.2 Surface Use operations, skim oil recovery and waste reclamation Royalties • Based on a percentage of gross revenues from the use of our $25.5 $26.
Slide 7: LandBridge is Critical to Energy and Broader Industrial Development
LandBridge is Critical to Energy and Broader Industrial Development Diversified Revenue Streams Driving Long-Term Value With Substantial Free Cash LandBridge Overview and Strategy Flow Growth • We own and actively manage ~277,000 surface acres in the heart of the Permian Basin, and we continue to pu
Slide 8: 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 model for revenue generation LandBridge that scales with producer activity 90 % 53 % 2% • Demonstrated ability to add and further diversify (8)% revenue streams 11 % 80 % 4% •
Slide 9: 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 10: 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 11: Appendix
| +te- LANDBRIDGE
Slide 12: LandBridge's History and Disciplined Growth
LandBridge’s History and Disciplined Growth LandBridge has grown through disciplined acquisitions and attractive commercial agreements to become a leading actively managed land management business Strategic Acquisitions Oct Commercial Success 2021 Acquired initial ~72,000 Jan Entered into surface ac
Slide 13: Active Land Management
Active Land Management Activity Active & High Potential Land Use Opportunities Drivers Areas Oil and Gas Activities Drilling and completions activity Fresh/Brackish Water Sand mining Across all acreage Cryptocurrency mining (LandBridge as supplier) Sand Royalties Completions activity in TX & NM Stat
Slide 14: Strategically Positioned to Capture Data Center Buildout
Strategically Positioned to Capture Data Center Buildout In November 2024 we executed a lease development agreement for the Our contiguous acreage and abundant water resources strategically development of a data center and related facilities on approximately positions us to continue attracting data
Slide 15: LandBridge / WaterBridge Relationship
LandBridge / WaterBridge Relationship Active surface manager that promotes efficient A leading water management solutions provider industrial development of our land and to the energy industry resources LandCo / OpCo Land Company Operating Company Opex / Capex Light • Receives fees and royalty s
Slide 16: 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 17: LandBridge's Delaware Basin Footprint
LandBridge’s Delaware Basin Footprint The Northern and Stateline regions in which our land is located represent some of the most productive acreage in the Delaware Basin with a high concentration of hydrocarbons and growing drilling and completion activity Permian Basin Avg. Daily Oil Delaware Basin
Slide 18: LandBridge Corporate Structure
LandBridge Corporate Structure LandBridge Management and Five Point Sponsors are Meaningfully Aligned with LandBridge Public Shareholders Incentive Units provide LBH Incentive meaningful alignment Funds affiliated Units between Management and LB Public Shareholders with Five Point Class A Shareholde
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Qu ar ter E n ded Ju n e 30, M ar ch 31, Decem ber 31, Septem ber 30, Ju n e 30, 2025 2025 2024 2024 2024 (in th ou s an ds ) (u n au dited) Net income (loss) $ 18,475 $ 15,459 $ 8,154 $ (2,756) $ (57,653) Adjustments: Depreciati
Slide 20: Non-GAAP Financial Measures Cont'd
Non-GAAP Financial Measures Cont’d Adjusted EBITDA and Adjusted EBITDA Margin Year End ed Decem b er 31, 2024 2023 2022 ( in t housand s) Net (loss) income $ (41,479) $ 63,172 $ (6,361) Adjustments: Depreciation, depletion, amortization and accretion 8,875 8,762 6,720 Interest expense, net 23,335 7,