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WaterBridge Earnings Presentation 3Q 2025
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2 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, financial position, estimated revenues and losses, projected costs, commercial opportunities, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to: our customers’ demand for and use of our services; the domestic and foreign supply of, and demand for, energy sources, including the impact of actions relating to oil price and production controls by OPEC+ with respect to oil production levels and announcements of potential changes to such levels; our reliance on a limited number of customers, as well as our operations in the Delaware Basin, for a substantial majority of our revenues; our ability to enter into favorable contracts with our customers, including the prices we are able to charge and the margins we are able to realize; commodity price volatility and trends related to changes in commodity prices, and our customers’ ability to manage through such volatility; the availability of additional pore space for future capacity expansion; the level of competition from other water management companies; changes in the prices charged to our customers and availability of services necessary for our customers to conduct their businesses, as a result of oversupply, government regulations or other factors; any planned or future expansion projects by us or our customers; our ability to initiate and continue the payment of dividends; the development of advances or changes in energy technologies or practices; our ability to successfully implement our growth plans, including through organic growth projects, future acquisitions or otherwise; the potential deterioration of our customers’ financial condition and their ability to access capital to fund their development programs; the degree to which consolidation among our customers may affect spending on U.S. drilling and completions in the near term; our customers’ ability to obtain necessary supplies, raw materials and other critical components on a timely basis, or at all; our and our customers’ ability to obtain necessary supplies, raw materials and other critical components on a timely basis, or at all, including any impacts presented by imposed or potential tariffs and any reactions thereto in international trade; the effects of a prolonged U.S. federal government shutdown; our and our customers’ ability to obtain government approvals or acquire or maintain necessary permits, including those related to the development and operation of produced water handling facilities; operational disruptions and liability related thereto associated with our customers, including those due to environmental hazards, fires, explosions, chemical mishandling or other industrial accidents; our liquidity and our ability to access the capital markets on favorable terms, or at all, which depends on general market conditions, including the impact of inflation, elevated interest rates and Federal Reserve policies and potential economic recession; uncertainty of estimates of oil, natural gas and NGL reserves and production; the effects of political instability or armed conflict in oil and natural gas producing regions, including the global economic distress resulting from the Russia-Ukraine war, as well as increased tensions in the Middle East, and potential energy insecurity in Europe, which may decrease demand for oil and natural gas or contribute to volatility in the prices for oil and natural gas, which could decrease demand for our services; our level of indebtedness and our ability to service our indebtedness; our ability to integrate future acquisitions and manage related growth; our ability to recruit and retain key management and employees; actions taken by the federal or state governments, such as executive orders or new or expanded regulations, that may impact future energy production in the U.S. and any acceleration of the domestic and/or international transition to a low carbon economy as a result of the IRA or otherwise; changes in laws and regulations (or the interpretation thereof), such as the One Big Beautiful Bill Act, including those related to hydraulic fracturing, accessing water, disposing of wastewater, transferring produced water, interstate brackish water transfer, carbon pricing, pipeline construction, taxation or emissions, leasing, permitting or drilling and various other environmental matters; changes in effective tax rates, or adverse outcomes resulting from other tax increases or an examination of our income or other tax returns and tax inefficiencies; the severity and duration of world health events, natural disasters or inclement or hazardous weather conditions, including cold weather, hurricanes, droughts, earthquakes, flooding and tornadoes; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insider or others with authorized access, cyber or phishing attacks, ransomware, social engineering, physical breaches or other action; and the other risk factors discussed in our quarterly report on Form 10-Q for the three months ended September 30, 2025. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Financial and Operating Data In certain instances, we present financial and operating data on a pro forma basis. As used herein, “pro forma” with respect to financial data refers to the combined financial data of WaterBridge Equity Finance LLC (“WBEF”), WaterBridge NDB Operating LLC (“NDB Operating”), Desert Environmental LLC (“Desert Environmental”), and their respective subsidiaries, as adjusted to give effect to consummation of a series of transactions (such transactions, the “WaterBridge Combination”) pursuant to which all of the equity interests in WBEF, NDB Midstream LLC, a subsidiary of NDB Operating, and Desert Environmental were contributed to WBI Operating LLC (the “WaterBridge Combination”). Unless otherwise indicated, pro forma financial data for the three months ended March 31, 2025, June 30, 2025 and/or September 30, 2025 gives effect to the WaterBridge Combination as if the WaterBridge Combination had been consummated on January 1, 2024, The pro forma financial data has been prepared to reflect transaction accounting adjustments to our historical financial information that management believes is factually supportable and that is expected to have a continuing impact on results of operations, with the exception of certain nonrecurring items incurred in connection with the WaterBridge Combination. In addition, future results may vary significantly from the results reflected in the pro forma data and should not be relied on as an indication of the future results of the combined company. The pro forma financial and combined operating data are presented for illustrative purposes only and should not be relied upon as an indication of the financial condition or the operating results that would have been achieved if the WaterBridge Combination had taken place as of the specified dates. Industry and Market Data Market and industry data and forecasts used in this presentation have been obtained from independent industry sources as well as from research reports prepared for other purposes. We also cite certain information from media and other third-party sources. Although we believe these third-party sources to be reliable, we have not independently verified the data obtained from these sources and we cannot assure you of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Statements as to our market position are based on market data currently available to us, as well as management’s estimates and assumptions regarding the size of our markets within our industry. While we are not aware of any misstatements regarding our industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. As a result, we cannot guarantee the accuracy or completeness of such information contained in this presentation. In addition, any reference within this presentation or made in connection with this presentation to our support of, work with, or collaboration with a third-party entity or organization does not constitute or imply an endorsement of any or all of the positions or activities of such entity or organization. Use of Non-GAAP Financial Measures We supplement our financial results that are determined in accordance with accounting principles generally accepted in the United Sates of America ("GAAP") with non-GAAP financial measures, such as pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, Adjusted Capex WBEF and Adjusted Capex WBI. Pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, Adjusted Capex WBEF and Adjusted Capex WBI are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income or any other measures presented under GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Please refer to the Appendix for a reconciliation of such Non-GAAP financial measures to their most comparable GAAP measures, as well as a discussion of how each such non-GAAP measure is calculated and and why we believe such non-GAAP measure is useful is evaluating our financial and operating results.
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3 WaterBridge Momentum and Growth Continues after IPO 1) Represents market capitalization as of November 7, 2025. 2) Pro forma Adjusted EBITDA is a Non-GAAP financial measures. For a reconciliation to the most directly comparable GAAP measure, s ee the appendix to this presentation. Completed the largest energy-sector IPO since 2019, establishing a publicly-traded pure-play water infrastructure company with a current market capitalization of ~$3.0 billion(1) Reported strong third quarter combined produced water handling volumes of 2.5 million barrels per day, representing a quarterly increase of 7% Increased volumes drove third quarter pro forma revenue of $205.5 million, pro forma net loss of $18.7 million, and pro forma Adjusted EBITDA(2) of $105.7 million Brought bpx Kraken pipeline project online, representing initial capacity of ~400 MBbls/d Reached final investment decision and commenced construction on the first phase of the Speedway pipeline project Streamlined and optimized the Company's balance sheet by closing inaugural $1.425 billion senior notes offering in October 2025 Credit Ratings of BB- / BB- / Ba3 assigned by S&P Global, Fitch, and Moody’s ratings agencies, respectively Recent Highlights
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4 Note: Map representation as of November 2025. 1) As of November 7, 2025. 2) As of September 30, 2025. 3) Excludes gas transportation pipelines. 4) Includes produced water disposal wells and other recycling and reuse facilities. Largest pure-play water infrastructure company in the United States with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, and in the Eagle Ford and the Arkoma Basins Provides full-cycle water infrastructure to oil and gas E&P companies under long- term, 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 its large, contiguous pore space position Company Overview Asset Map Key Statistics Market Capitalization(1) $3.0 Billion 3Q25 Combined Produced Water Handling Volumes ~2.5 Million Bbl/d 2014 – 2024 Combined Volume CAGR >20% Miles of Pipeline(2,3) ~2,500 Miles Produced Water Handling Facilities(2,4) 197 Produced Water Handling Capacity(2) >4.5 Million Bbl/d Acreage Dedications(2) ~2.5 Million Acres WaterBridge Company Overview Delaware Basin Arkoma Basin Eagle Ford Basin Water Pipelines Water Handling Facilities LandBridge Acreage Planned Speedway Pipeline Environmental Facility Planned New Devon Project Completed bpx energy Project Texas Pacific Land Corp. AMI
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5 Key Q3’25 Pro Forma Financial and Operating Results 3Q 2025 Financial and Operating Results 1) Pro forma Adjusted EBITDA and pro forma Adjusted EBITDA Margin are Non- GAAP financial measures. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 2) Adjusted capex is a Non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. ($ in millions) Quarter Ended September 30, 2025 Total Combined Water Volumes 2.8 MMBbl / day Combined Produced Water Handling Volumes 2.5 MMBbl / day Combined Water Solutions Volumes 311 MBbl / day Pro Forma Revenue $205.5 Pro Forma Net Income (Loss) ($18.7) Pro Forma Net Income (Loss) Margin (9%) Pro Forma Adjusted EBITDA(1) $105.7 Pro Forma Adjusted EBITDA Margin(1) 51% Combined Produced Water Handling Volumes (MBbl/d) 2,269 2,375 2,535 Q1 2025 Q2 2025 Q3 2025 Pro Forma Revenue ($MM) $185.4 $190.2 $205.5 Q1 2025 Q2 2025 Q3 2025 $99.6 $93.6 $105.7 Q1 2025 Q2 2025 Q3 2025 Pro Forma Adjusted EBITDA(1) ($MM) Pro forma Adjusted EBITDA Margin(1) Pro forma Adjusted EBITDA(1) 54% 49% 51% Adjusted Capex(2) ($MM) $45.5 $84.5 $59.4 $14.7 $32.6 $29.0$60.2 $117.1 $88.4 Q1 2025 Q2 2025 Q3 2025 WBI WBEF
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6 Balance Sheet Strengthened by Upsized Senior Notes Offering 1) Senior unsecured notes reflect the aggregate principal amount and are not adjusted for unamortized debt issuance costs and di scounts. 2) Pro forma for recent senior notes offering and updated revolving credit facility. 3) Includes Insurance and asset financing notes. Debt Maturity Schedule Post-Closing of Senior Notes Offering Recent Balance Sheet Highlights $569 $825 $600 $100 $100 $1,139 $500 2025 2026 2027 2028 2029 2030 2031 2032 2033 Approximately $434 million of IPO proceeds were used to repay legacy indebtedness Streamlined and optimized balance sheet through inaugural $1.425 billion senior notes offering on October 6th, 2025, increasing liquidity and decreasing annual interest expense by ~$59 million while supporting long-term leverage goal of <3.0x $825 million aggregate principal amount of 6.25% senior unsecured noted due 2030 at par $600 million aggregate principal amount of 6.50% senior unsecured notes due 2033 at par New $500 million revolving credit agreement put in place, maturing in September 2030 Credit ratings of BB- / BB- / Ba3 were assigned by S&P Global, Fitch, and Moody’s ratings agencies, respectively, in connection to the offering Illustrative Capitalization Table Capitalization(1) ($ MM) As of 9/30/2025 Adjustments Pro Forma(2) 9/30/2025 NDB Revolving Credit Facility Due 2027 $0 -- SDB Revolving Credit Facility Due 2028 $0 -- New Revolving Credit Facility Due 2030 -- $0 NDB Term Loan Due 2029 $569 ($569) -- SDB Term Loan Due 2029 $1,139 ($1,139) -- 6.25% Senior Unsecured Notes Due 2030 -- +$825 $825 6.50% Senior Unsecured Notes Due 2033 -- +$600 $600 Other(3) $19 $19 Total Debt $1,727 $1,444 (-) Cash and Cash Equivalents $347 ($283) $64 Net Debt $1,380 $1,380 Revolving Credit Facility Borrowing Base $200 +$300 $500 Revolving Credit Facility Borrowings $0 $0 Cash and Cash Equivalents $347 ($283) $64 Liquidity $547 $564 Refinanced Legacy Revolving Credit Facilities Refinanced Legacy Term Loans New Senior Unsecured Notes Undrawn New Credit Facility
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7 Speedway Project Overview Speedway Project Map The Speedway Pipeline provides a unique long-haul, out-of-basin disposal solution for oil and gas operators in the northern Delaware Basin Supports New Mexico oil & gas development by providing access to low- pressure, high-quality pore space in Andrews County, TX away from vertical production interference and seismicity concerns Comprises over 70 miles of 30” pipeline with 24/7 leak detection and control room monitoring expected to provide long-term flow assurance for operators Allows WBI to manage peak swings of water production and provide integrated water handling solutions throughout the northern Delaware Basin The first phase of the Speedway Project is now under construction, continuing WaterBridge’s track record of organic infrastructure expansion Provides multi-year runway for WaterBridge to multiply its produced water handling volumes in the northern Delaware Basin Expands WaterBridge customer base, with contracted volumes from both new and existing customers Speedway Pipeline Reaches Project Milestone Phase 1 Open Season Announced April 2025 Phase 1 Final Investment Decision September 2025 Phase 1 Construction Commenced October 2025 Targeted Phase 2 Open Season Announcement Early 2026 Phase 1 expected online Mid-2026 Water Pipelines Water Handling Facilities LandBridge Acreage Planned Speedway Pipeline Environmental Facility Planned New Devon Project Completed bpx energy Project Texas Pacific Land Corp. AMI Water Handling Facility Permits
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8 The WaterBridge Infrastructure Network Enhances and Streamlines the Oil and Gas Production Process Gas Plant/Sales Oil Sales Terminal E&P Multi-Well Pad E&P Central Gathering Station E&P Drilling Rig Location Produced Water Handling Facility Frac Site Fed by Pond Desalination Plant Supply Water Pond Frac Site Fed by WBI Pipeline Beneficial Reuse In-Field Gathering: Water is produced alongside hydrocarbons throughout a well’s lifecycle WaterBridge gathers produced water from central gathering stations typically constructed & operated by E&P customer 1 Transportation: Primarily transported via integrated pipeline networks Raw water is then distributed throughout network to handling facilities or can be reused for well completions directly from our pipeline network Water Handling Facilities: Water is processed by removing skim oil and solids Majority of all produced water is handled via underground sequestration In Delaware Basin, amount of water needed to drill & frac entire basin is a fraction of the water that will ultimately be produced from oil & gas wells(1) Water Solutions: To meet significant and growing demand for water recycling, we’ve co-located recycling infrastructure with produced water handling facilities to optimize costs and availability for our customers With risers approximately every mile, our infrastructure network allows E&P customers ease of access to our water Primary water solutions today are for drilling & completion operations, but future opportunities could include desalination, beneficial reuse, etc. 2 3 4 2 1 4 3 4 4 4 4 Produced Water Handling WaterBridge Provides Critical Infrastructure to its E&P Customers which Enables Existing Production and New Development E&P customer responsibility WaterBridge responsibility 1) Study led by The University of Texas at Austin, Jackson School of Geosciences, published in Environmental Science and Technology on February 16, 2020.
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9 WaterBridge Revenue is Supported by Predictable Produced Water Volumes Produced Water Handling Fixed fee charged for produced water whether handled by our network or recycled Separate or combined fees for multiple services Skim oil is recovered from produced water and sold separately Often contractually designated to include acreage dedications and minimum volume commitments (MVCs) Water Solutions Fixed fee charged for recycled and brackish water sold to E&Ps for drilling & completion operations Provides upside to our water handling business by allowing us to leverage recycle and reuse volumes for incremental revenue and produced water gathering capacity Often contractually designated to include supply volume dedications Water Solutions 6% Produced Water Handling 90% Other 4% Q3 2025 Revenue by Source Highly predictable, contract-based volumes More exposure to industry activity trends and WTI volatility
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10 WaterBridge Provides Flow Assurance via Access to Pore Space Source: Enverus, data and analytics derived from Enverus PRISM® June 2025. 1) B3 Insights, Pickering Energy Partners analysis. 2) Center for Injection and Seismicity Research. Delaware Produced Water Volumes Continue to Increase into Declining Capacity Environment WaterBridge Assets are Strategically Designed to Provide Water Handling Solutions in Low Pore Pressure Areas 0 5 10 15 20 25 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 MMBbl/d Produced Water Injection Volumes Recycled Frac Water Volumes Delaware Disposal Capacity Shortfall Total Delaware Disposal Capacity Forecast Delaware Basin Water Handling Capacity(1) Growing shortfall projected between produced water volumes and produced water handling capacity, with ~9 MMBbl/d of incremental produced water handling capacity needed by 2035 Forecasted capacity decline driven by increasing regulatory scrutiny on water disposal facilities and declining capacity in Stateline area due to increasing pore pressure In anticipation of this capacity shortfall, WaterBridge has secured alternative solutions for operators via ~2.3 MMBbl/d of approved permits acquired across the low pore pressure Stateline area adjacent to the LOI Line of sight to an additional 2 MMBbl/d in prospective WaterBridge capacity High: 870 Low: 0 Water Pipelines Water Handling Facilities LandBridge Acreage Texas Pacific Land Corp. AMI Completed bpx energy Project 3rd Party Produced Water Handling Facilities WaterBridge Produced Water Handling Facility Permits Environmental Facility Planned Speedway Pipeline DB Pore Pressure (psi)(2) Planned New Devon Project
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11 Leading water management solutions provider to the energy industry Relationship with LandBridge Supports Long-Term Asset Position Royalties for each barrel of produced water handled on LandBridge surface Access to large positions of contiguous, underutilized pore space Operating Company Provides: Land Company Provides: Active surface manager that promotes efficient industrial development of land and resources Surface use payments for infrastructure Surface rights to develop produced water handling facilities 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
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12 Our Contract Structures Support Stable and Predictable Cash Flow 1) Based on YTD Q3 2025 water-related revenues on a combined basis, excluding skim oil customers. Long-Term ● Initial term of 15 years for the majority of our contracts ● As of September 30, 2025, weighted-average remaining contract term of approximately ~11 years(1) Fixed Fee ● Per-barrel fixed fee charged to transport and handle produced water volumes Acreage Dedications and AMIs ● Dedications of large acreage positions in which, other than diverted volumes, all produced water is required to be handled by our integrated network ● For certain of our contracts, AMIs designate areas in which producers will dedicate subsequently acquired or leased acreage and oil and natural gas wells to us MVCs ● Require our customers to deliver, or pay for the delivery of, certain minimum volumes of produced water over specific time periods Fee Escalators ● Annual fee escalation tied to the CPI or similar inflation index for substantially all of our long-term contracts Fees for Diverted Volumes ● A per-barrel fixed fee for produced water volumes diverted by customers prior to delivery to us, or redelivered by us, or for use in drilling and completion operations Key Contract Structure Features Remaining Contract Tenor(1) ~11 Years Weighted-average remaining contract tenor Diversified Customer Base(1) Customer A BB+ / Ba1 16% Customer B BBB / Baa2 12% Customer C B / B1 6% Customer D BBB- / Baa3 5%Customer E A- / Baa1 4% Other 57% Diverse customer base anchored by active, well-capitalized Delaware operators
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13 Sophisticated Operations with Advanced, Proprietary Technology 1) For the year ended December 31, 2024. In-Field Equipment Integrated water infrastructure network supported by field personnel and automated in-field equipment, including pumps, valves, cameras, and on-site computers Automation capabilities include ability to remotely control facilities, operate valves, and optimize electrical power usage 24/7 Operations Center WAVE Forecasting Software Platform Proprietary software suite that addresses operational and planning needs for WaterBridge and our customers Outputs are used to optimize capital deployment by aligning future capacity and utilization with modeled growth trends GATHER PLAN OPTIMIZE Give your field team the Google Maps of Oil and Gas Create scenarios and maximize operational potential Optimize across scenarios using ML & Advanced analytics 24/7 asset monitoring and safety management supported by >800 live camera feeds and >10,000 direct control inputs per month <2% error rate in volume monitoring(1) supports control, optimization, and coordination functions Compliance and alarm management provided via internally developed AI leak detection Optimized Forecasting Intervention-Focused Automation Highly Accurate Monitoring
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14 Debt Paydown Maintain conservative balance sheet and prudent capital structure Long-term leverage target of < 3.0x(1) Disciplined Capital Allocation Framework Supports High-Return Capital Projects Net Cash Provided by Operating Activities Resilient cash flow supported by long-term, fixed-fee contracts Free Cash Flow 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 (-) Dividends Share Repurchases Potential for opportunistic share repurchases bpx energy Kraken Project | Underwriting Case Study 10-year MVC supports project economics Project demonstrates WaterBridge’s ability to pursue accretive, highly economic, contracted growth projects Key features of capital projects that are pursued: 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 Kraken Project Summary Criteria for Capital Projects Capital Allocation Framework May pay dividends from time to time at the discretion of our board(2) 1) On an LTM Consolidated EBITDA basis. 2) Dividend payments are not guaranteed and are within the absolute discretion of our board of directors, who will take into acc ount general economic and business conditions, our financial condition and results of operations, our cash flows from operations and current and anticipated cash needs, our capital requirements, legal, tax, regulatory and contractual restrictions, and implications of such other factors as our board of directors may deem relevant in determining whether, and in what amounts, to pay any such dividends in the future, to the extent our board of directors determines to pay a dividend. Texas Water Pipelines Water Handling Facilities LandBridge Acreage Completed bpx energy Project Texas Pacific Land Corp. AMI
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15 WaterBridge Represents a Differentiated Value Opportunity Highly experienced management team with proven track record 7 Strong financial profile with significant growth potential and a conservative capital structure 6 Well-positioned to capitalize on growth through access to underutilized pore space via LandBridge relationship and increasing WORs over time 3 Sophisticated operations with advanced, fit-for-purpose technology solutions 4 Fee-based contracts with large, creditworthy, and diversified customer base 5 Expansive footprint across the core of the Delaware Basin, the most prolific oil and natural gas basin in North America 2 Largest pure-play water infrastructure company in the United States 1
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Appendix
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17 Anticipated to include 3 independent, disinterested directors(2) The WBI Conflicts Committee is expected to be an 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 WaterBridge Ownership(1) Audit Committee Board of Directors Conflicts Committee Robust Corporate Governance and Related Party Transactions Review Process 1) Represents Post IPO ownership, including greenshoe. 2) As of 9/30/25, WaterBridge Board of Directors comprises 2 independent directors, one of whom serves on the Audit Committee; r emaining independent directors to be appointed. Anticipated to include 3 independent directors following applicable phase-in period(2) 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) 50% 14% 36% Five Point Devon Public 9 Insiders, including CEO + 4 Independent directors following applicable phase-in period(2)
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18 WaterBridge’s environmental waste solutions business, branded Desert Environmental, is a leading provider of energy waste management solutions in the Delaware Basin Strategically positioned facilities in the heart of the northern and southern Delaware Basin to address the dynamic needs of customers in the region Vast majority of footprint remains undeveloped, which represents capacity to handle more than 20+ years of waste at current activity levels Newly constructed, state-of-the-art facilities designed to serve as the “one-stop-shop” for all energy waste streams Ability to run 24/7/365 operations with redundancies constructed to ensure operational uptime Co-location of R9 reclamation plants on site enables efficiencies leading to quick turnaround times for customers Desert Environmental | Complementary Environmental Waste Solutions Business Desert Environmental Delaware Basin Locations Desert Environmental Overview Differentiated ability to provide full-service for customers throughout the entire lifecycle of energy waste management Relationships with creditworthy customers solidified through design and service drive recognition as a preferred provider among basin disposal facilities Modernized equipment and specialized design focused around maximizing capacity and reducing customer turnaround time Environmental solution provider in the heart of the Delaware Basin surrounded by highly prolific acreage Key Business Highlights Significant potential growth opportunities with sustained production activity at well -invested facilities, clear commercial momentum and facility ramp-up capabilities Market position driven by high barriers including scarcity of suitable land, significant upfront capital, permitting process and environmental monitoring and reporting NEW MEXICO TEXAS 20 285 28562 62 TX NM 10 Water Pipelines Water Handling Facilities LandBridge Acreage Planned Speedway Pipeline Environmental Facility Planned New Devon Project Completed bpx energy Project Texas Pacific Land Corp. AMI
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19 Increasing Regulatory Scrutiny Puts a Premium on Access to Available Pore Space Source: Texas RRC, IPANM, New Mexico State Lands Office. 1) Based on Management experience. New Mexico New Mexico vs. Texas Regulatory Comparison Texas Average Disposal Well Permit Timing 1-2 years(1) ~45 days(1) Permit Denials Traditionally proactive in permit denials and mandatory disposal caps More stringent following 2024-2025 reforms Seismicity Approach Action triggered for seismic events M2.5 or higher; often severe and can include shut- ins for events M3.5 or higher Action triggered for events M3.5 or higher; priority on limiting deep disposal Texas' supportive regulatory environment enhances the value of pore space on the Texas side of the Delaware Basin Disposing of water underground can lead to changes in pore pressure below the surface, prompting produced water handling companies to explore areas with more stable pore pressure levels State conservation agencies have addressed areas with elevated pressure by adjusting injection volumes in permitted wells, optimizing the use of pore space Texas has traditionally offered a supportive regulatory environment for oil well and produced water disposal well development, with a more efficient permitting process compared to New Mexico As a result, it is beneficial for upstream operators to access available pore space on the Texas side of the Delaware Basin to ensure consistent flow Delaware Basin Pore Pressure
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20 Mid–2017 WaterBridge’s Integrated Network was Built Through Targeted M&A and Organic Development 1) As of September 30, 2025 2,500 miles of pipeline(1) 197 water handling facilities(1) 1,076 miles of pipeline 103 water handling facilities 748 miles of pipeline 62 water handling facilities 25 miles of pipeline 7 water handling facilities End of 2019 End of 2022 Current Formative transaction; Initial EnWater Acquisition 150,000 bpd of handling capacity Acquisitions from Concho (now COP), PDC (now CVX), Primexx (now APA) and Others Initial NDB Build Out Devon JV Formation, bpx energy Project, East Stateline Platform, Speedway Project Water Pipelines Water Handling Facilities Planned Speedway Pipeline Completed bpx energy Project New Mexico Texas New Mexico Texas New Mexico Texas LandBridge Acreage Environmental Facility New Mexico Texas Texas Pacific Land Corp. AMI Planned New Devon Project
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21 Non-GAAP Financial Measures Figure Definition Adjusted EBITDA and Adjusted EBITDA Margin 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 long term to generate sufficient cash to return capital to equity holders or service indebtedness. WaterBridge defines Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; transaction-related expenses; non-recurring litigation settlements and expenses; debt modification costs; gains or losses on disposal of assets; and other non-cash or non-recurring expenses. WaterBridge defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. WaterBridge excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within WaterBridge’s industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Adjusted Capital Expenditures Adjusted capital expenditures is used by WaterBridge management and by external users of WaterBridge financial statements, such as investors, research analysts and others, to assess the company's cash investment in organic capital projects and infrastructure network, excluding the cash impact from acquisitions and dispositions. WaterBridge defines Adjusted Capital Expenditures as Net cash used in investing activities, adjusted for proceeds from disposal assets and Acquisitions, net of cash acquired. WaterBridge includes Adjusted Capital Expenditures in this presentation because our management believes that adjusted capital expenditures provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of operating results on a comparable basis with historical results. Our senior leadership team uses this non-GAAP financial measure in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. Our measure of adjusted capital expenditures is not necessarily comparable to other similarly titled measures for other companies due to different methods of calculation
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22 Reconciliation of Pro Forma Non-GAAP Financial Measures 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 1) Includes the amortization expense associated with the Company’s produced water handling contract as reported in Produced Water H andling revenues. 2) Share-based compensation represents the non-cash charges related to the NDB Incentive Units and the net impact of eliminating WB EF liability-classified incentive unit expense and recognition of RSU expense for IPO grants amortized over a three- year vesting period. 3) Transaction related-expenses consist of non-capitalizable transaction costs associated with corporate reorganization and non- capitalizable IPO-related charges. 4) Other consists of abandoned well costs, abandoned project costs and non- recurring items. 5) Arithmetic sum. Pro Forma - Quarter Ended In $000s, unless stated otherwise 3/31/2025 6/30/2025 9/30/2025 Pro Forma Net Income (Loss) ($17,734) ($8,095) ($18,683) Depreciation, depletion, amortization, and accretion(1) 64,496 64,606 75,510 Interest expense, net 39,285 32,765 41,039 Income tax expense (benefit) (1,669) (762) (1,758) Share-based compensation(2) 1,930 2,667 2,811 Temporary power costs 438 0 580 Gain (loss) on disposal of assets, net 11,636 93 377 Debt modification costs 0 0 258 Transaction related-expenses(3) 727 1,356 4,552 Other(4) 540 1,011 1,002 Pro Forma Adjusted EBITDA $99,649 $93,641 $105,688 Pro Forma Revenue $185,373 $190,236 $205,468 Pro Forma Adjusted EBITDA Margin 53.8% 49.2% 51.4% Quarter Ended In $000s, unless stated otherwise 3/31/2025 6/30/2025 9/30/2025 WBI Net cash used in investing activities ($26,066) ($84,221) ($19,242) Proceeds from disposal assets (19,442) (325) (163) Acquisitions, net of cash acquired 5 66 (39,972) Adjusted Capital Expenditures ($45,503) ($84,480) ($59,377) WBEF Net cash used in investing activities ($14,547) ($30,494) ($28,250) Proceeds from disposal assets (103) (2,092) (700) Acquisitions, net of cash acquired 0 0 0 Adjusted Capital Expenditures ($14,650) ($32,586) ($28,950) WBI and WBEF Combined(5) Net cash used in investing activities ($40,613) ($114,715) ($47,492) Proceeds from disposal assets (19,545) (2,417) (863) Acquisitions, net of cash acquired 5 66 (39,972) Adjusted Capital Expenditures ($60,153) ($117,066) ($88,327)