Landbridge Company Llc · NYSE:LB
Landbridge — Q1 2026 Earnings Presentation
22 slides from Landbridge's earnings presentation, May 7, 2026
Slide 1: LandBridge Earnings Presentation First Quarter 2026
LandBridge Earnings Presentation First 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 First Quarter and Other Recent Highlights Increased 2026 Adjusted EBITDA guidance range to $210 million to $230 million, representing projected year-over-year growth of ~24% at the midpoint of the range Revenues of $51.0 million, representing an
Slide 4: LandBridge Company Overview
LandBridge Company Overview LandBridge Overview and Strategy LandBridge Assets We own or manage over 320,000 surface acres in the heart of the Delaware Basin. We continue to pursue development opportunities both within and beyond the oil and gas sector Our active land management strategy represe
Slide 5: Quarterly Financial Results
Quarterly Financial Results Revenue ($mm) Adjusted EBITDA(1) ($mm) Quarter Ended % Non-O&G Adj. Royalty EBITDA 89% 88% 90% 88% ($ in thousands, except unit metrics) Mar-26 Revenue: 94% 93% 94% 94% Margin(1) LandBridge Revenue Drivers (%): $57 Produced Water Royalty Volumes (BPD) 1,744,480 $51 $51 $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 Our strategy represents a paradigm 1 Data Center Desalination Nuclear Power Generation
Slide 7: Diversified Revenue Streams
Diversified Revenue Streams Q1 2026 % of Revenue(1) Surface Use Royalties and Revenues(1) Royalties include produced water transportation and handling operations, skim oil recovery and waste reclamation $39.3 Surface Use $35.0 $37.0 $34.2 Royalties Based on a percentage of gross revenues from th
Slide 8: West Texas Data Center Thesis Progresses with PowerBridge Partnership
West Texas Data Center Thesis Progresses with PowerBridge Partnership LandBridge Announces Agreement with PowerBridge for the Development of a 2GW Powered Data Center Campus ~3,400 Up to 2 GW 2027 Reeves County, Expected Initial co-located Acre campus Texas First Power date generation PowerBridge Al
Slide 9: Strategically Positioned to Support Power and Digital Infrastructure Growth
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 al
Slide 10: Recent Data Center Announcements Confirm West Texas Value Proposition
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 Ha
Slide 11: 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 12: 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 to Enhanced balance sheet, improved cost of capi
Slide 13: Current Debt Maturities and Capitalization Table
Current Debt Maturities and Capitalization Table Summary Capitalization Table(1) Long-term net leverage ratio target remains at 2.0 – 2.5x all $ in millions 3/31/2026 Revolving Credit Facility Due 2030 $45 Debt Maturity Schedule 6.25% Senior Unsecured Notes Due 2030 $500 Other(2) $0.5 New Senior U
Slide 14: 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
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 >320,000 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: LandBridge Corporate Governance Processes
LandBridge Corporate Governance Processes 1 2 3 Board of Directors Audit Committee Conflicts Committee 7 insiders, including CEO 3 independent directors Consists of 2-3 independent, + disinterested directors when formed 4 Independent directors Related Persons Transactions Policy delegates revi
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 M ar ch 31, 2026 Decem ber 31, 2025 Septem ber 30, 2025 Ju n e 30, 2025 M ar ch 31, 2025 (in th ou s an ds ) (u n au dited) Net income $ 17,868 $ 18,174 $ 20,291 $ 18,475 $ 15,459 Adjustments: Depreciation, depl
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, and amortization 11,470 8,875 8,762 6,720 In
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 M ar ch 31, 2026 M ar ch 31, 2026 (in th ou s an ds ) (u n au dited) (in th ou s an ds ) (u n au dited) LTM Adjusted EBITDA $ 183,249 Balance Sheet da