Waterbridge Infrastructure Llc · NYSE:WBI
Waterbridge Infrastructure — WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests — Q2 2026 Earnings Presentation
23 slides from Waterbridge Infrastructure's earnings presentation, Aug 6, 2026
Slide 1: WaterBridge Earnings Presentation Second Quarter 2026
WaterBridge 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: Strong Results Position WaterBridge for Continued Success
Strong Results Position WaterBridge for Continued Success Second Quarter Financial Results & Announcements Recent RecentHighlights Highlights Produced water handling volumes of 2.6 million barrels per Closed acquisition of Ranger Water Midstream, adding ~70 MBbl/d of capacity, ~30 day, an increa
Slide 4: WaterBridge Company Overview
WaterBridge Company Overview Company Overview Asset Map Leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, as well as the Eagle Ford and Arkoma Basins Provides full-cycle wa
Slide 5: Second Quarter Financial and Operating Results
Second Quarter Financial and Operating Results Produced Water Handling Volumes(1) Revenue(2) ($MM) Key Financial and Operating Results (MBbl/d) Quarter Ended ($ in millions) June 30, 2026 Total Water Volumes (MBbl/d) 2,959 Produced Water Handling Volumes (MBbl/d) 2,598 Water Solutions Volumes (MBbl/
Slide 6: WaterBridge Provides Critical Infrastructure to Oil & Gas Producers
WaterBridge Provides Critical Infrastructure to Oil & Gas Producers 1 Waste Management In-Field Gathering: Facility WaterBridge gathers water produced alongside Desalination Plant hydrocarbons from central gathering stations typically Data Center constructed & operated by E&P customer Frac Site Fed
Slide 7: Acquisition of Ranger Water Midstream Adds Strategic New Mexico Capacity
Acquisition of Ranger Water Midstream Adds Strategic New Mexico Capacity On June 22, 2026, WaterBridge acquired Ranger Water Midstream and Ranger Asset Map associated produced water gathering infrastructure in Lea County, NM Acquired Ranger Pipelines Acquired Ranger Facilities Announced Pipelines St
Slide 8: Environmental Waste Management Growth Enhances Portfolio
Environmental Waste Management Growth Enhances Portfolio WaterBridge’s synergistic environmental waste management business is a leading provider of integrated solutions in the Delaware Basin WBI Environmental Facilities Acquisition of NDB Landfill • In August 2026, WaterBridge entered into an agreem
Slide 9: Incremental 2026 Capital Projects Accelerate High-Return Growth
Incremental 2026 Capital Projects Accelerate High-Return Growth 2H 2026 Capital Projects Map Strategic Growth Projects Underpin Additional $100MM of Expected 2026 Capex 3 1 New Devon Project Capital Acceleration • Capex to be spent in 2H represents an acceleration of previously planned 2027 capex, s
Slide 10: Digital Infrastructure-Related Water Demand Provides Unique Opportunity for Growth
Digital Infrastructure-Related Water Demand Provides Unique Opportunity for Growth WaterBridge is well-positioned to provide scaled water solutions beyond traditional oil & gas development, with potential to serve as a full-cycle utility partner for hyperscalers Core capabilities and partnerships ar
Slide 11: Strong Balance Sheet Supports High-Return Capital Projects
Strong Balance Sheet Supports High-Return Capital Projects Debt Structure Provides Ample Liquidity with No Near-Term Maturities Capitalization Table • On August 4, 2026, increased liquidity by increasing total revolving credit Capitalization(1) ($ MM) 6/30/2026 facility by $250 million to $750 milli
Slide 12: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Allocation Waterfall Criteria for Capital Projects Net Cash Provided by Resilient cash flow supported by long-term, fixed-fee Operating Activities contracts Long-term contracts (10+ years) Credit-worthy counterparties Evaluate low-risk, high-return water
Slide 13: Updated 2026 WaterBridge Guidance
Updated 2026 WaterBridge Guidance Metric Updated 2026 Guidance Range Updated Commentary Increased produced water handling volume Produced Water 2.55 – 2.75 Million Bbl/d guidance due to anticipated second half volume Handling Volumes impact of Ranger infrastructure acquisition Increased Adjusted
Slide 14: WaterBridge Represents a Differentiated Value Opportunity
WaterBridge Represents a Differentiated Value Opportunity 1 Largest operating produced water infrastructure network in the United States 2 Expansive footprint in the Delaware Basin, the most prolific and water-intensive North American basin 3 Well-positioned to capitalize on growth through access to
Slide 15: Appendix
@) WATERBRIDGE Appendix
Slide 16: WaterBridge Provides a Solution for the Vast Majority of Delaware Water Volumes
WaterBridge Provides a Solution for the Vast Majority of Delaware Water Volumes Projected Produced Water in Lower 48 Oil and Gas Producing Basins (1) 2Q26 Revenue by Source Delaware produced water volumes A non-recycling solution for produced water volumes is WaterBridge has invested in long-term pr
Slide 17: Operational Excellence Driven by Advanced, Proprietary Technology
Operational Excellence Driven by Advanced, Proprietary Technology Optimized Forecasting Intervention-Focused Automation Highly Accurate Monitoring GATHER PLAN OPTIMIZE Give your field team Create scenarios Optimize across the Google Maps of and maximize scenarios using ML Oil and Gas operational & a
Slide 18: Relationship with LandBridge Supports Long-Term Asset Position
Relationship with LandBridge Supports Long-Term Asset Position Operating Company Provides: Land Company Provides: Royalties for each barrel of Access to large positions of produced water handled on contiguous, underutilized pore LandBridge surface space Leading water Surface rights to develop Active
Slide 19: Robust Corporate Governance and Related Party Transactions Review Process
Robust Corporate Governance and Related Party Transactions Review Process WaterBridge Ownership(1) Audit Committee 13% 3 independent directors Five Point Related Transactions Policy delegates review and approval of all related party 44% transactions involving WaterBridge and any affiliate to the
Slide 20: Our Contract Structures Support Stable and Predictable Cash Flow
Our Contract Structures Support Stable and Predictable Cash Flow Key Contract Structure Features Remaining Contract Tenor(1) Initial term of 15 years for the majority of our long-term, fixed fee contracts ~10.4 Years ● Long-Term ● As of year-end 2025, weighted-average remaining contract term of appr
Slide 21: WaterBridge's Integrated Network was Built Through Targeted M&A and Organic Development
WaterBridge’s Integrated Network was Built Through Targeted M&A and Organic Development Water Handling Facilities Water Pipelines LandBridge Acreage Planned and In Progress Pipelines WBI Environmental Facility Texas Pacific Land Corp. AMI Mid–2017 End of 2019 End of 2022 Current(1) New Mexico New Me
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Figure Definition Adjusted EBITDA and Adjusted EBITDA Margin are used by WaterBridge management and by external users of WaterBridge financial statements, such as investors, research analysts and others, to assess the financial performance of WaterBridge’s assets over the
Slide 23: Reconciliation of Non-GAAP and Pro Forma Non-GAAP Financial Measures
Reconciliation of Non-GAAP and Pro Forma Non-GAAP Financial Measures Net Income to Adjusted EBITDA and Adjusted EBITDA Margin & Pro Forma Net Income to Pro Net Cash Used in Investing Activities to Adjusted Capital Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin Expenditures Pro Forma - Qu