Waterbridge Infrastructure Llc · NYSE:WBI
Waterbridge Infrastructure — WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests — Q1 2026 Earnings Presentation
25 slides from Waterbridge Infrastructure's earnings presentation, May 7, 2026
Slide 1: WaterBridge Earnings Presentation First Quarter 2026
WaterBridge 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: Strong Results Position WaterBridge for Continued Success
Strong Results Position WaterBridge for Continued Success First Quarter and Other Recent Highlights Increased 2026 guidance ranges based on increased confidence in commercial demand, supported by a strengthening macroeconomic backdrop: Increased produced water handling volumes guidance range to
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 the Arkoma Basins Provides full-cycl
Slide 5: First Quarter Financial and Operating Results
First Quarter Financial and Operating Results Produced Water Handling Volumes(1) Key Financial and Operating Results Revenue(2) ($MM) (MBbl/d) Quarter Ended ($ in millions) March 31, 2026 Total Water Volumes (MBbl/d) 2,731 Produced Water Handling Volumes (MBbl/d) 2,460 Water Solutions Volumes (MBbl/
Slide 6: WaterBridge Provides Critical Infrastructure to Oil & Gas Producers
WaterBridge Provides Critical Infrastructure to Oil & Gas Producers 1 Desalination Plant In-Field Gathering: Beneficial Reuse WaterBridge gathers water produced alongside Data Center hydrocarbons from central gathering stations typically Frac Site Fed by Pond Produced Water constructed & operated by
Slide 7: 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) 1Q26 Revenue by Source Delaware produced water volumes A non-recycling solution for produced water volumes is WaterBridge has invested in long-term pr
Slide 8: WaterBridge Prioritizes Infrastructure to Support the High-Growth Delaware Basin
WaterBridge Prioritizes Infrastructure to Support the High-Growth Delaware Basin Delaware Basin Growth & Economic Inventory ~27,600 Most active basin in the US with: +20% CAGR 13% Expected CAGR growth Total Delaware Basin production through 2035 for Remaining economic locations, the 144 active rigs,
Slide 9: New Mexico’s Outsized Water Growth is Driven by High and Increasing Water-Oil-Ratios
New Mexico’s Outsized Water Growth is Driven by High and Increasing Water-Oil-Ratios Delaware Basin Oil and Water Production New Mexico Delaware Basin Production and Water-Oil-Ratio Oil and Water Production (mmbpd) New Mexico Oil vs Water Water Production (mmbpd) Water-Oil-Ratio 16 ~8% YoY Oil growt
Slide 10: Future Delaware Water Growth Driven by E&Ps Derisking Deeper, Higher WOR Benches
Future Delaware Water Growth Driven by E&Ps Derisking Deeper, Higher WOR Benches Delaware Basin Inventory & 1st 36-Month Water-Oil-Ratio (WOR) by Bench (1,2) Undeveloped Locations 40,000 Upstream operators have derisked close to 4,500 Shallowest 36,804 new locations in the last ~18 months, including
Slide 11: Speedway Phase Open Season Concludes Amid High Demand
Speedway Phase 2 Open Season Concludes Amid High Demand Speedway Phase 1 On-Track Speedway Phase 2 Open Season Announced Success2026 February Maximizing operational utilization / efficiency through interruptible volumes for 2H26 to serve incremental near- • Formal Open Season for Phase 2 closed in A
Slide 12: WaterBridge’s Water Handling Approach and Access to Pore Space
WaterBridge’s Water Handling Approach and Access to Pore Space Mitigates Regulatory Bottlenecks Delaware Basin’s Unique Regulatory Landscape Supports Water Permits by State Over Time(1) WaterBridge’s Infrastructure Strategy Texas New Mexico WaterBridge Permits Approved % of Total Texas has traditi
Slide 13: 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 WaterBridge maintains a conservative balance sheet and prudent capital structure, Capitalization(1) ($ MM) 3/31/2026 with long-term leverage goal of <3
Slide 14: 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 15: Updated 2026 WaterBridge Guidance
Updated 2026 WaterBridge Guidance Metric Updated 2026 Guidance Range Updated Commentary Represents ~8% annual volume growth Produced Water Increase to previously provided guidance 2,525 – 2,725 MBbl/d driven by increased confidence in Handling Volumes commercial demand, supported by a strengthen
Slide 16: WaterBridge Represents a Differentiated Value Opportunity
WaterBridge Represents a Differentiated Value Opportunity 1 Largest integrated 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 t
Slide 17: Appendix
@) WATERBRIDGE Appendix
Slide 18: 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 19: 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 20: Robust Corporate Governance and Related Party Transactions Review Process
Robust Corporate Governance and Related Party Transactions Review Process WaterBridge Ownership(1) Audit Committee 3 independent directors Five Point 35% Related Transactions Policy delegates review and approval of all related party Devon 50% transactions involving WBI and any affiliate to the A
Slide 21: 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 Long-Term ● As of year-end 2025, weighted-average remaining contract term of approximately ~1
Slide 22: Desert Environmental | Complementary Environmental Waste Solutions Business
Desert Environmental | Complementary Environmental Waste Solutions Business Desert Environmental Overview Delaware Basin Facilities WaterBridge’s environmental waste solutions business, branded Desert Environmental, is a leading provider of energy waste management solutions in the Delaware Basin
Slide 23: 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 Environmental Facility Texas Pacific Land Corp. AMI Mid–2017 End of 2019 End of 2022 Current(1) New Mexico New Mexico
Slide 24: 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 25: 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 Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin Net Cash Used in Investing Activities to Adjusted Capital Expenditures Pro Forma - Qu