First Quarter 2026
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 2.525 million barrels per day to 2.725 million barrels per day, representing approximately 8% year-over-year volume growth
Increased Adjusted EBITDA guidance range to $425 million to $465 million, representing approximately 10% annual EBITDA growth
Produced water handling volumes of 2.5 million barrels per day
Revenue of $201.0 million
Net income of $9.5 million, with net income margin of 5%
Adjusted EBITDA of $102.9 million, with Adjusted EBITDA Margin of 51%(1)
Gross margin of $48.2 million and Adjusted Operating Margin of $111.3 million(1)
Conducted the formal Speedway Phase II Open Season from February 23, 2026, through April 20, 2026. As a result of the strong demand demonstrated throughout the process, WaterBridge is progressing commercial discussions with high-quality counterparts, representing both new and existing customers
Announced quarterly cash dividend of $0.05 per share
1) Represents a Non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 3
WaterBridge Company Overview
Company Overview
New Mexico | |
Planned Speedway Phase 1 Pipeline Planned New Devon Project Water Pipelines Texas Pacific Land Corp. AMI WBI Water Handling Facilities LandBridge AcreageWBI Environmental Facility | |
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-cycle water infrastructure to oil and gas E&P companies under longterm, fixed-fee contracts, with majority of revenue from produced water handling
Strategic partnership with LandBridge (NYSE: LB), a surface land management company in the Delaware Basin, provides confidence in ability to execute future growth projects via access to LandBridge's large, contiguous pore space position
$3.7 Billion
Market Capitalization(1)
Key Statistics
1Q26 Produced Water Handling Volumes ~2.5 Million Bbl/d
2021 - 2025 Combined Volume CAGR >22%
Miles of Pipeline(2,3) 2,651 Miles
Produced Water Handling Facilities(2,4) 212
Produced Water Handling Capacity(2) ~5.1 Million Bbl/d
Acreage Dedications(2) ~2.4 Million Acres
Note: Map representation as of May 2026.
Share price as of May 1, 2026.
As of December 31, 2025; includes assets under construction that are expected to be in service in 2026.
Excludes gas transportation pipelines.
Includes produced water disposal wells and other recycling and reuse facilities.
4
Asset Map
First Quarter Financial and Operating Results
Key Financial and Operating Results
Quarter Ended
Revenue(2) ($MM)
Produced Water Handling Volumes(1) (MBbl/d)
Total Water Volumes (MBbl/d) | 2,731 |
Produced Water Handling Volumes (MBbl/d) | 2,460 |
Water Solutions Volumes (MBbl/d) | 271 |
Revenue | $201.0 |
Net Income | $9.5 |
Net Income Margin | 5% |
Adjusted EBITDA(3) | $102.9 |
Adjusted EBITDA Margin(3) | 51% |
Capital Expenditures | $110.9 |
Credit Metrics | |
Total Debt / Covenant EBITDA(3,5) | 3.4x |
Net Debt / Covenant EBITDA(3,5) | 3.3x |
Cash | $50.7 |
Debt | $1,486.3 |
Net Debt(3) | $1,435.6 |
($ in millions)
March 31, 2026
2,535
2,552
2,460
2,375
$205.5
$201.0
$190.2
$208.9
Adjusted EBITDA(2,3)
Adjusted EBITDA Margin(2,3)
WBI WBEF
Capital Expenditures(4) ($MM)
Adjusted EBITDA(2,3) ($MM)
$105.7
$103.8
$102.9
$93.6
Q2 2025 Q3 2025 Q4 2025 Q1 2026
49%
51%
50%
51%
Q2 2025 Q3 2025 Q4 2025 Q1 2026
Q2 2025 Q3 2025 Q4 2025 Q1 2026
$110.9
$89.2
$84.5
$59.4
$29.0
$32.6
Q2 2025 Q3 2025 Q4 2025 Q1 2026
Produced water handling volumes for Q2 2025 and Q3 2025 are presented on a combined basis. Q4 2025 and Q1 2026 produced water handling volumes are presented as reported (non-combined).
Revenue, Adjusted EBITDA and Adjusted EBITDA Margin for Q2 2025 and Q3 2025 are presented on a pro forma basis. Q4 2025 and Q1 2026 Revenue, Adjusted EBITDA and Adjusted EBITDA Margin are presented as reported (non-pro forma).
5
Represents a Non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation.
Capital Expenditures for Q2 2025 and Q3 2025 were presented separately for WBI and WBEF; combination methodology for Q2 2025 and Q3 2025 is presented in the appendix to this presentation. Capital Expenditures for Q4 2025 and Q1 2026 are presented as reported.
Credit metrics displayed as calculated according to the credit agreement. Reconciliation of Adjusted EBITDA to Covenant EBITDA can be found in the appendix to this presentation.
WaterBridge Provides Critical Infrastructure to Oil & Gas Producers1
In-Field Gathering:
WaterBridge gathers water produced alongside hydrocarbons from central gathering stations typically constructed & operated by E&P customer
Produced Water Handling
Transportation:
Primarily transported via integrated pipeline networks, then distributed throughout network to handling facilities or can be reused for well completions directly from our pipeline network
S
Gas Plant/Sales
Frac Site Fed by Pond d
upply Water Pon
4
Desalination Plant
4
4
Beneficial Reuse
Data Center
Produced Water Handling Facility
3
4
Water Handling Facilities:
Water is processed by removing skim oil and solids, and the majority of all produced water is handled via underground sequestration
Water Solutions:
il Sales Termina
Co-located recycling infrastructure with produced
water handling facilities optimizes costs and O l
availability for our customers
Risers approximately every mile provide ease of
2 4
1
E&P Drilling Rig Location
Frac Site Fed by WBI Pipeline
ntral Gathering
E&P customer responsibility
access to our water for E&P customers
Future reuse opportunities could include desalination, data center water cooling, etc.
E&P Multi-Well Pad E&P Ce
Station
WaterBridge responsibility
6
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
68
248
47
62
Midland Basin
Delaware produced water volumes are ~4x larger than water required for hydraulic fracturing
A non-recycling solution for produced water volumes is necessary for long-term flow assurance
Delaware Basin
WaterBridge has invested in long-term produced water handling solutions for Delaware E&Ps
10 23
Bakken
33 14
Marcellus
Produced Water Handling
91%
Other 5%
Water Solutions 4%
WaterBridge's growth priority is flow assurance for the large volumes of water that cannot be recycled
Our Water Solutions business provides additional revenue upside
Over the life of the oil play:
20 7
Eagle Ford
Projected water produced (billion barrels)
Projected water needs for hydraulic fracturing (billion barrels)
Studies led by The University of Texas at Austin, Jackson School of Geosciences, published in Environmental Science and Technology on February 16, 2020, and Science of the Total Environment on February 3, 2020; The projected life of each oil play varies but is 7
measured in decades.
WaterBridge Prioritizes Infrastructure to Support the High-Growth Delaware Basin
13%
Expected CAGR growth
through 2035 for Delaware oil production(1)
Delaware Basin Growth & Economic Inventory
Most active basin in the US with: 144 active rigs, representing 27% of total US rig count(3)
~27,600
Remaining economic locations, the most of any basin in the US(2)
+20% CAGR
Total Delaware Basin production for the past 12 years
Delaware Basin: Current Production and Projected Oil Growth (mmbpd)
Average Breakevens and Remaining Inventory by Lower 48 Basin (2)
Historical Oil Production Delaware Oil Base Delaware Oil Growth5
4
3
2
1
Average Breakeven
~27,600 | ~27,250 | ||||
~$59 | |||||
~$53 | ~$54 | ~$54 | |||
~$47 | ~$49 | ||||
~10,000 | |||||
~3,100 | ~2,900 | ||||
~1,000 | |||||
Delaware | |||||
$70
$60
$50
$40
$30
$20
$10
Average Breakeven Remaining InventoryRemaining Inventory
30,000
25,000
20,000
15,000
10,000
5,000
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
$- 0
Midland DJ Eagle Ford Bakken Powder
River
Enverus, data and analytics derived from Enverus PRISM® April 2026.
Enverus, data and analytics derived from Enverus PRISM® April 2026; breakeven data represents 2024 and 2025 vintage wells; remaining inventory represents count of sub-$50/bbl economically viable gross operated locations normalized to 10,000 ft laterals. 8
Baker Hughes North America Rig Count Report, April 17, 2026; data reflects land rigs.
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)
16
Water Production (mmbpd) Water-Oil-Ratio
New Mexico Oil vs Water
~8% YoY Oil growth vs.
~10% YoY Water growth
14
12
10
8
6
4
2
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
TX Oil NM Oil TX Water NM WaterWith ~21% Delaware water CAGR since 2014, New Mexico's water volumes are currently growing faster than oil volumes…
8
3.5x
7
6
3.3x
5
4
3.0x
3
2
2.8x
1
0
2018
2.5x
2019
2020
2021
2022
2023
2024
2025
NM Delaware Water Volumes
NM Delaware WOR
…due to its average Water-Oil-Ratio increasing over time
Source: Enverus, data and analytics derived from Enverus PRISM® April 2026. 9
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
35,000
32,328
Shallowest
Upstream operators have derisked close to 4,500 new locations in the last ~18 months, including deeper intervals with higher WOR characteristics
36,804
WCB, 6.7x WOR, 5,549
WCA, 4.1x WOR, 4,201
WCXY, 4.0x WOR, 1,922
BS3, 3.4x WOR, 7,057
BS2, 2.8x WOR, 5,199
BS1, 2.9x WOR, 3,902
AVA, 2.3x WOR, 3,115
WCA, 4.1x WOR, 6,945
WCXY, 4.0x WOR, 2,165
BS3, 3.4x WOR, 6,055
BS2, 2.8x WOR, 4,578
BS1, 2.9x WOR, 2,541
AVA, 2.3x WOR, 2,523
30,000
25,000
20,000
~67% of Delaware inventory is located within intervals that have >3x WOR, which will drive high Delaware water volumes as development continues
15,000
10,000
WCC, 7.3x WOR, 3,270
WCB, 6.7x WOR, 4,605
5,000
BRNT, 8.9x WOR, 710
0
1st 36 Mo. Production WOR
Deepest
WDFD, 18.2x WOR, 968
WDFD, 18.2x WOR, 1,879
WCC, 7.3x WOR, 1,948
July 2024 April 2026
>2.0x to 3.0x >3.0x to 6.0x >6.0x
Source: Enverus, data and analytics derived from Enverus PRISM® April 2026.
10
Historical WOR data based on Delaware Basin wells drilled since 2017.
Based on $70/bbl oil / $3.50/mmbtu gas pricing. Economic locations defined as IRR >10%.
Formal Open Season for Phase 2 closed in April 2026
Robust demand from high-quality group of new and existing customers seeking long-term flow assurance solutions
Demand supports up to 500,000 bpd anticipated throughput capacity
Expect to sequence capex in a way that maximizes operational leverage from existing Phase 1 infrastructure
Optimize returns for incremental capital deployed for Phase 2
Initial development underway with previously announced capex spend in 2H for early Phase 2 projects
Speedway Phase 2 Open Season Concludes Amid High DemandSpeedway Phase 1 On-Track
Maximizing operational utilization / efficiency through interruptible volumes for 2H26 to serve incremental near-term demand
Speedway Phase 2 Open Season Success
Speedway Pipeline Project Map
Phase 2 Open Season Announced
February 2026
Initial Phase 2 project construction
2H 2026
Phase 1 expected online
Mid-year 2026
Expected continued Phase 2 development
2027
WBI PWH Facilities
WBI PWH Facility Permits
WBI Pipelines
In-Service WBI Pipelines
Speedway Phase 1 Pipeline -Under Development
Planned New Devon Project
Target Speedway Phase 2 Service Area
LandBridge Acreage
11
WaterBridge's Water Handling Approach and Access to Pore Space Mitigates Regulatory Bottlenecks
Delaware Basin's Unique Regulatory Landscape Supports WaterBridge's Infrastructure Strategy
Water Permits by State Over Time(1)
Texas has traditionally offered a more opportunistic regulatory environment for produced water handling (PWH) compared to New Mexico
As a result, pore space on the Texas side of the stateline provides significant value to operators prioritizing flow assurance for oil and gas
Disposing of water underground can lead to changes in subsurface pore pressure, especially in areas with high asset concentration like Texas' stateline
The Railroad Commission of Texas updated PWH facility permitting guidelines as of June 2025, encouraging less geographic concentration of PWH facilities to mitigate and avoid pore pressure-related issues
WaterBridge has always prioritized the design and spacing of PWH assets
to prevent over-concentration and maximize asset longevity
Synergistic relationship with LandBridge provides access to both underutilized and out-of-basin pore space such as the 1918 and Speed Ranches
Large-scale infrastructure system is well-positioned to move volumes away from areas with high pore pressure
8% 6% 23% 20% 5% 22% 36%
141
9
9 WaterBridge permits approved to-date in 2026 represent
93
18
114
12
36% of total approved permits
86
13
91
95
10
7
25
WaterBridge's geological due diligence, access to out-of-basin Texas pore space, and conservative approach to Produced Water Handling aligns with regulatory guidelines
2020 2021 2022 2023 2024 2025 YTD 2026
New Mexico Oil Conservation Division, Railroad Commission of Texas and B3 Insights analysis. Data as of April 2026. 12
Strong Balance Sheet Supports High-Return Capital Projects
Debt Structure Provides Ample Liquidity with No Near-Term Maturities
WaterBridge maintains a conservative balance sheet and prudent capital structure, with long-term leverage goal of<3.0x
Credit Facility
$600
$500
$50
Senior Unsecured Notes$825
2026 2027 2028 2029 2030 2031 2032 2033
Capitalization Table
Capitalization(1) ($ MM) | 3/31/2026 |
Revolving Credit Facility Due 2030 6.25% Senior Unsecured Notes Due 2030 6.50% Senior Unsecured Notes Due 2033 Other(2) | $50 $825 $600 $11 |
Total Debt | $1,486 |
(-) Cash and Cash Equivalents | $51 |
Net Debt(3) | $1,436 |
Shares Outstanding (MM) Market Capitalization(4) | 123.5 $3,670 |
Enterprise Value(4) | $5,106 |
Net Debt / Covenant EBITDA(3) | 3.3x |
Revolving Credit Facility Borrowing Base (-) Revolving Credit Facility Borrowings Cash and Cash Equivalents | $500 $50 $51 |
Liquidity | $501 |
Senior unsecured notes reflect the aggregate principal amount and are not adjusted for unamortized debt issuance costs and discounts.
Includes insurance and asset financing notes. 13
Represents a Non-GAAP financial measures. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation.
Share price as of May 1, 2026.
Disciplined Capital Allocation Framework
(-) Growth Capital
Expenditures
Evaluate low-risk, high-return water infrastructure opportunities to enhance WaterBridge assets and commercial relationships
Selective and disciplined pursuit of strategic inorganic growth opportunities
Net Cash Provided by Operating Activities
Allocation Waterfall
Criteria for Capital Projects
Resilient cash flow supported by long-term, fixed-fee contracts
Long-term contracts (10+ years)
Credit-worthy counterparties
Fixed fees with CPI escalators
Build multiple < 5.0x
Ability to fund while maintaining balance sheet strength
Potential for opportunistic share repurchases
Share Repurchases
Dividend of $0.05 / share
Announced for 2Q 2026
Dividends
Maintain conservative balance sheet and prudent capital structure
Long-term leverage target of
< 3.0x(1)
Debt Paydown
Free Cash Flow
1) On an LTM Consolidated EBITDA basis. 14
Updated 2026 WaterBridge GuidanceMetric
Updated 2026 Guidance Range
Updated Commentary
Represents ~8% annual volume growth
Increase to previously provided guidance driven by increased confidence in commercial demand, supported by a strengthening macro backdrop
Produced Water Handling Volumes
Reaffirmed Guidance Range
Capital Expenditures
$430 - $490 Million
Represents ~10% annual EBITDA growth
Increase to previously provided guidance driven by increased confidence in commercial demand, supported by a strengthening macro backdrop
Adjusted EBITDA
15
WaterBridge Represents a Differentiated Value Opportunity
Largest integrated produced water infrastructure network in the United States
Expansive footprint in the Delaware Basin, the most prolific and water-intensive North American basin
Well-positioned to capitalize on growth through access to underutilized LandBridge pore space
Sophisticated operations with advanced, fit-for-purpose technology solutions
Fee-based contracts with large, creditworthy and diversified customer base
Strong financial profile with significant growth potential and a conservative capital structure
Highly experienced management team with proven track record
16
Appendix
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 & advanced
potential analytics
Proprietary WAVE Forecasting Software Platform used to optimize capital deployment by aligning future capacity and utilization with modeled growth trends
Integrated water infrastructure network supported by field personnel and automated in-field equipment, including pumps, valves, cameras, and on-site computers
24/7 asset monitoring and safety management supported by >800 live camera feeds and >10,000 direct control inputs per month with goal of <2% error rate in volume measurement
18
Relationship with LandBridge Supports Long-Term Asset Position
Operating Company Provides:
Royalties for each barrel of produced water handled on LandBridge surface
Land Company Provides:
Access to large positions of contiguous, underutilized pore space
Leading water
management solutions provider to the energy industry
Surface use payments for
infrastructure
Surface rights to develop
produced water handling facilities
Active surface manager
that promotes efficient industrial development of land and resources
Insight into planned WBI
growth to underwrite surface acquisitions
Dedicated acreage and pore
space to de-risk future developments
Synergistic relationship with LandBridge offers increased confidence in ability to execute future growth projects and to responsibly develop large, contiguous pore space position
19
Robust Corporate Governance and Related Party Transactions
Review ProcessWaterBridge Ownership(1)
35%
50%
Five Point
Devon Public
14%
Audit Committee
3 independent directors
Related Transactions Policy delegates review and approval of all related party transactions involving WBI and any affiliate to the Audit Committee or, if the Board determines, to a Conflicts Committee (described below)
Board of Directors
9 Insiders, including CEO
+
4 Independent directors
20
Conflicts Committee
Anticipated to include 2-3 independent, disinterested directors when formed
Ad hoc committee formed on an as-needed basis to review and approve significant related party transactions between WBI and an affiliate, including material amendments to existing related party agreements
Any transaction that receives Special Approval by the WBI Conflicts Committee will be permitted and presumed to be approved in good faith under the WBI LLCA
1) Represents approximate ownership as of May 6, 2026, rounded to the nearest whole number.
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Waterbridge Infrastructure LLC published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 23:01 UTC.
