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LandBridge Earnings Presentation 3Q 2025
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2 Forward-Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 ability to realize the anticipated benefits and synergies from acquisitions, including the 1918 Ranch acquisition; our ability to effectively integrate and/or commercially develop acquired lands and assets; costs associated with acquisitions, including the 1918 Ranch acquisition; our customers’ demand for and use of our land and resources; the success of WaterBridge in executing its business strategies; our customers’ willingness and ability to develop our land or any potential acquired acreage to accommodate any future surface use developments, including a site subject to a data center lease development agreement; our ability to continue the payment of dividends, including at current levels; commodity price volatility; our ability to execute on prospective development opportunities outside of oil and gas; our reliance on a limited number of customers and a particular region for substantially all of our revenues; and other factors and the other risks described in our filings with the Securities and Exchange Commission. 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. 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 This presentation includes non-GAAP financial 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, gross margin or any other measures presented under GAAP. Please refer to the Appendix for a reconciliation of all non-GAAP financial measures to the most comparable GAAP measure. Use of Forecasted Non-GAAP Financial Measures We do not provide guidance on the items used to reconcile pro forma net leverage due to the uncertainty regarding timing and estimates of certain items. Therefore, we cannot reconcile forecasted pro forma net leverage without unreasonable effort. Due to the forward-looking nature of these non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures without unreasonable effort, due to the inherent difficulty in quantifying certain amounts due to a variety of factors, including the unpredictability of commodity price movements and future charges or reversals outside the normal course of business which may be significant. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Disclaimers
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3 Positioned for Sustained Growth and Value Creation Continuing significant growth with 6th consecutive public quarter of revenue and EBITDA growth: – Revenue up 78% year-over-year – Adjusted EBITDA up 79%(1) year-over-year Acquired approximately 37,500 total acres across Loving, Reeves, Winkler and Ward counties, Texas from 1918 Ranch & Royalty, LLC – Provides additional largely contiguous pore space and premier surface for digital and power infrastructure Finalized the sale of a 3,000-acre solar energy generation project in Reeves County, Texas to a leading, publicly-traded energy infrastructure developer Entered into a long-term lease for a natural gas processing facility in Loving County, Texas with a subsidiary of ONEOK Inc. Dual listed on NYSE Texas as a founding member Recent Highlights 1) Represents a non-GAAP financial measure; see a reconciliation for the most directly comparable GAAP measure of LandBridge in the Appendix.
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4 LandBridge Company Overview Note: Map representation as of November 2025. 1) As of November 7, 2025. 2) LTV is defined as total debt divided by enterprise value and is pro forma for share consideration used in the 1918 Ranch acquisition. 3) Represents a non-GAAP financial measure year-to-date through 9/30/2025; see a reconciliation for the most directly comparable GAAP measure of LandBridge in the Appendix through Q3 2025. Net Surface Acres ~300,000 2025 Adj. EBITDA Guidance $165 - $175 million Market Cap(1) / LTV(2) ~$5.4 billion / 10% Enterprise Value(1) ~$5.9 billion YTD Free Cash Flow Margin(3) ~60% Adj. EBITDA CAGR (2022 – YTD 2025 Annualized)(3) ~60% We own and actively manage ~300,000 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 represents a paradigm shift compared to the typical landowner dynamic – we strive to maximize commercial activity on our surface by actively seeking opportunities to collaborate with operating companies and developers Access to expansive surface acreage is critical for oil and gas development, data centers, solar power generation, power storage, non-hazardous oilfield reclamation and solid waste facilities and more Our symbiotic relationship with WaterBridge (NYSE: WBI), one of the largest produced water handling infrastructure companies in the United States, serves as an anchor for our business by fostering mutual growth as WaterBridge expands its water infrastructure across our acreage LandBridge Overview and Strategy Key Stats LandBridge Assets
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5 1918 Ranch Acquisition Highlights 1918 Ranch Acquisition Overview Transaction & Asset Overview Comprises approximately 37,500 acres across Loving, Reeves, Winkler and Ward counties in Texas – ~22,000 fee simple acres, ~3,500 acres held pursuant to a long-term management agreement, and ~12,000 leasehold surface acres Strategic Rationale Contiguous acreage in Loving County provides access to high-quality pore space for future produced water handling facility development – Future potential for 25+ produced water handling facility locations on low pore pressure acreage Supports anticipated water handling infrastructure build-out by WaterBridge and other third party produced water midstream operators Contiguous acreage in Reeves County is well-positioned for alternative energy due to its proximity to industry demand and current and planned transmission infrastructure Acquisition Financing $250 million purchase price was funded with $208 million in cash and $42 million in LB equity Cash consideration financed with an increased $200 million delayed draw term loan, $5 million draw on the revolving credit facility, and cash on the balance sheet Value Creation We expect this asset to contribute approximately $20 million to 2026 EBITDA, with incremental growth anticipated in later years Eastern acreage offers additional premier pore space Western acreage offers additional premier surface for digital infrastructure E W WBI Pipelines In Service Announced Projects(1) WaterBridge Handling Facilities LandBridge Acreage 1918 Ranch Texas Pacific Land Corp. AMI DB Pore Pressure (psi)(2) High: 870 Low: 0 Note: Map representations as of Nov-2025 1) Includes Speedway Pipeline Project and anticipated WaterBridge infrastructure buildout to support Devon pore space reservation agreement. 2) Center for Injection and Seismicity Research.
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6 Quarter Ended ($ in thousands, except unit metrics) Dec-24 Mar-25 Jun-25 Sep-25 LandBridge Revenue Drivers Produced Water Royalty Volumes (BPD) 831,187 1,433,272 1,380,426 1,500,891 Brackish Water Sales & Royalty Volumes (BPD) 100,366 279,256 197,691 198,266 Sand Royalty Volumes (T/Day) 8,201 9,000 9,162 8,640 Oil and Gas Royalty Volumes (BOE/D) 1,199 923 814 912 LandBridge Revenue Streams Surface Use Royalties & Revenues 25,462$ 26,209$ 34,214$ 35,034$ Resource Sales & Royalties 6,573$ 14,356$ 10,585$ 10,765$ Oil and Gas Royalties 4,464$ 3,386$ 2,734$ 3,332$ Other -$ -$ -$ 1,700$ Consolidated Revenue 36,499$ 43,951$ 47,533$ 50,831$ Adjusted EBITDA(1) 31,739$ 38,778$ 42,453$ 44,850$ Adjusted EBITDA Margin (1) 87% 88% 89% 88% Free Cash Flow(1) 26,704$ 15,844$ 36,092$ 33,725$ Free Cash Flow Margin (1) 73% 36% 76% 66% Credit Metrics Total Debt / Covenant EBITDA (1)(3) 2.7x 2.6x 2.4x 2.3x Net Debt / Covenant EBITDA (1)(3) 2.6x 2.5x 2.4x 2.2x Cash 37,032$ 14,935$ 20,345$ 28,316$ Debt 385,496$ 379,599$ 374,450$ 370,223$ Net Debt(1) 348,464$ 364,664$ 354,105$ 341,907$ $0.2 $0.1 $1.2 $1.2 $27 $16 $36 $34 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $4 $3 $3 $3 $32 $41 $45 $47 $36 $44 $48 $51 88% 92% 94% 93% Q4 2024 Q1 2025 Q2 2025 Q3 2025 O&G Royalty Revenue Non-O&G Royalty Revenue Revenue ($mm) Adjusted EBITDA(1) ($mm) 3Q 2025 Financial Results % Non-O&G Royalty Revenue: Adj. EBITDA Margin1 (%): Growth Capex: Free Cash Flow(1) ($mm) Free Cash Flow Margin(1) (%) 73% 36% 76% 66% Q4 2024 Q1 2025 Q2 2025 Q3 2025 (2) (2) Note: Numbers may not sum due to rounding. 1) Represents a non-GAAP financial measure; see a reconciliation for the most directly comparable GAAP measure of LandBridge in the Appendix. 2) 1Q25 Free Cash Flow was compressed due to higher accounts receivable working capital balances which are directly attributable to increased surface use royalties, resource sales and resource royalties revenues. Timing of collection of those revenues resulted in a near-term impact to Free Cash Flow and Free Cash Flow Margin. 3) Credit metrics displayed as calculated according to the credit agreement. (2) $32 $39 $42 $45 87% 88% 89% 88% Q4 2024 Q1 2025 Q2 2025 Q3 2025 (2)
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7 LandBridge is Critical to Energy, Power, Digital Infrastructure and Broader Industrial Development Pad, Road, & Pipeline Easements Processing Plant Supply Water Pond Drilling Rig Location Produced Water Handling Facility Caliche (Well Pads and Roads) Sand Mine Utility Easements 3-Stream & Water Logistics Oil Natural Gas NGL Water Data Center Solar Power Generation Gathering Station Pipelines Multi-Well Pad Solid Waste Management Desalination Mineral Royalties Diversified Revenue Streams Driving Long-Term Value With Substantial Free Cash Flow Growth Diversified Revenue Streams • Surface Use Royalties and Revenues: Fees from customers for surface acreage use needed for their business operations • Resource Sales and Royalties: Fees from the sale of resources from our land • Oil and Gas Royalties: Royalties from production on net mineral royalty acres 3 1 2 Long-term, Fee-Based Royalties LandBridge Strategy Our strategy represents a paradigm shift compared to the typical landowner dynamic – we strive to maximize commercial activity on our surface by actively seeking opportunities to collaborate with operating companies and developers Access to expansive surface acreage is critical for oil and gas development, data centers, solar power generation, power storage, non-hazardous oilfield reclamation and solid waste facilities and more Customers pay LandBridge royalties for access to critical operational infrastructure
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8 $4.5 $3.4 $2.7 $3.3 Q4'24 Q1'25 Q2'25 Q3'25 $6.6 $14.4 $10.6 $10.8 Q4'24 Q1'25 Q2'25 Q3'25 $25.5 $26.2 $34.2 $35.0 Q4'24 Q1'25 Q2'25 Q3'25 Diversified Revenue Streams 67% 25% 7% 1% Surface Use Royalties and Revenues Resource Sales and Royalties O&G Royalties Other YTD 2025 % of Revenue(1) Surface Use Royalties and Revenues(2) Resource Sales and Royalties Oil and Gas Royalties Royalties include produced water transportation and handling operations, skim oil recovery and waste reclamation Based on a percentage of gross revenues from the use of our land and/or volumetric use of infrastructure on our land Fees for development and use of drilling sites, new and existing roads, pipeline easements and electric transmission easements Fees typically received when the contract is executed, as monthly or annual payments and at the start of each renewal period Lease option payments for the development, operation, and construction of potential future power and digital infrastructure along with subsequent long term lease payments Resource sales include brackish water (used in well completions) and caliche (used in construction of access roads and well pads) Brackish water is sold for a negotiated fee per barrel and caliche for a fixed-fee per cubic yard Royalties received for the extraction of sand and water usage in sand mining operations Fixed royalty per ton of sand extracted, and a fixed -fee per barrel of water Royalties related to oil and natural gas production on our land and bonus fees at inception and extension of royalty lease agreements Royalties are received on a per-unit-produced basis at a market rate, and net of certain costs Surface Use Royalties Resource Sales Easements and Other Surface- Related Revenues Resource Royalties Oil and Gas Royalties Represents YTD revenue through 9/30/2025. 1) Other revenue related to deficiencies recognized under minimum revenue contracts. 2) Excludes other revenues in Q3 2025. 3) Skim oil revenue, ~2% of total YTD revenue, is not included as a fixed fee revenue source. 91% Fixed Fee Revenue(3)
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9 Source: Public company disclosure, FactSet as of 10/14/2025 Notes: Free cash flow for peer group calculated as cash flow from operations less capex. | Comparable groups include the following companies: Land Management: TPL, JOE, TRC; Land REITs: FPI, LAND; Industrial REITs: PLD, REXR, FR; Gold Streamers: FNV, WPM, OR, RGLD; Timber Trusts: RYN, WY, PCH. 1) Represents YTD revenue through 9/30/2025. 2) Other revenue related to deficiencies recognized under minimum revenue contracts. 3) Adjusted EBITDA margin and Free Cash Flow Margin represent non-GAAP financial measures.; see a reconciliation for the most directly comparable GAAP measures of LandBridge in the Appendix through Q3 2025. LandBridge’s Advantaged Combination of High Margins and Growth LandBridge Business Model Highlights Royalty business generates stable revenue from produced water and scales without capex as production grows Growing diversification through power and digital infrastructure related easements and surface use fees Predominately fee-based revenue streams Limited opex and minimal capital expenditures Results in high margin, highly capital-efficient and asset-light business model YTD Diversified Streams(1,2) LandBridge Surface Use Royalties and Revenues 67% Resource Sales and Royalties 25% O&G Royalties 7% Other 1% 62% 26% 22% 15% 14% 12% 11% 3% 0% (0%) (3%) (5%)(16%) (21%) (33%) (36%) - 20% 40% 60% 80% 100% - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% LTM Adjusted EBITDA Margin(3) LTM Free Cash Flow Margin(3) LandBridge Land Management Land REITs Industrial REITs Gold Streamers Timber Trusts 2022 – LTM 6/30/2025 Adj. EBITDA (3) CAGR LandBridge realized 62% Adjusted EBITDA CAGR from 2022 through 6/30/2025(3)
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10 LB $69.16 LandBridge Has a Strong Track Record of Value Creation $0.00 $15.00 $30.00 $45.00 $60.00 $75.00 $90.00 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Aug-25 Nov-25 ($ / share) Share Price Performance Total Shareholder Returns 0% 100% 200% 300% 400% Jun-24 Sep-24 Dec-24 Mar-25 May-25 Aug-25 Nov-25 Historical LandBridge Revenue vs. Crude Prices $6 $8 $9 $14 $16 $25 $26 $34 $35 $6 $4 $5 $7 $9 $7 $14 $11 $11 $6 $6 $4 $4 $3 $4 $3 $3 $3 $2 $18 $17 $19 $26 $28 $36 $44 $48 $51 $0 $20 $40 $60 $80 $100 $- $10 $20 $30 $40 $50 $60 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 ($/bbl)($mm) Surface Use Royalties & Revenues Resource Sales & Royalties Oil and Gas Royalties Other Daily WTI LandBridge has consistently grown revenues despite commodity price volatility Over past 2 years, crude prices decreased by >20% while LandBridge revenues increased by >180% LB 309% Source: Company filings and FactSet as of 11/7/2025.
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11 Disciplined Capital Allocation We intend to use our significant and growing Free Cash Flow base in a balanced and sustainable manner to create value for our shareholders over the long term. Our Free Cash Flow will generally be employed to: Maintain an Appropriate Capital Structure Net leverage ratio(1) of ~2.2x as of 3Q25 Following the 1918 Acquisition, we expect our pro forma net leverage ratio (1) to be ~3.1x – Target net leverage ratio between 2.0 – 2.5x Support financial flexibility and ability to pursue enhanced return of capital and value-accretive acquisitions over time Return Capital to Shareholders Opportunistically return value to shareholders through various strategic initiatives $0.10 per share quarterly cash dividend paid in 3Q25 Ability to repurchase shares alongside future sponsor secondary offerings, providing investors with an accretive transaction that enhances trading liquidity Opportunistically Pursue Value-Enhancing M&A Significant opportunity to acquire under-utilized and under- commercialized land in a fragmented market Disciplined underwriting standards Proven active management strategy anticipated to create value above underwriting targets over time Only pursue opportunities within balance sheet standards 1) Represents a non-GAAP financial measure; see a reconciliation for the most directly comparable GAAP measure of LandBridge in the Appendix.
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12 LandBridge Corporate Structure Share counts as of November 12, 2025. 1) Includes impact of fully vested management incentive units, calculated using LB stock price as of July 31, 2025; LBH management incentive unit holders include WaterBridge employees who provide services to LandBridge and former management members. LandBridge Management and Five Point Sponsors are Meaningfully Aligned with LandBridge Public Shareholders DBR Land Holdings LLC “OpCo” LandBridge Holdings LLC LB Public Shareholders ~51 MM Class B Shares ~66% Voting Power ~25 MM Class A Shares ~33% Voting Power ~25 MM OpCo Units ~33% of OpCo Units Funds affiliated with Five Point LandBridge Management ~51 MM OpCo Units ~66% of OpCo Units Incentive Units provide meaningful alignment between Management and Class A shareholders by offering Management an indirect economic interest in LandBridge that is neither dilutive to Class A shareholders nor a cash burden to the Company LBH Incentive Units ~77% economic interest(1) ~23% economic interest(1) 1918 Ranch Sellers LandBridge Company LLC (NYSE: LB) Restricted Share Units (RSUs) ~0.7 MM OpCo Units ~1% of OpCo Units ~0.7 MM Class B Shares ~1% Voting Power
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13 Appendix
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14 LandBridge Position Strategic Timeline 1) As of November 2025. Regulators focus on limiting injection capacity as seismicity and stateline pore pressure increases; Permian enters conversation as solution for digital infrastructure Increased E&P activity in New Mexico alongside scrutiny from Regulators start to foreshadow criticality of pore space along the stateline Highly fragmented surface ownership in Delaware Basin creates meaningful capital inefficiencies and growing commercial burdens Industry Context End of 2019 End of 2022 Mid 2024 - IPO LandBridge Strategy Begin searching for surface position to acquire along the stateline to enable scaling of WaterBridge while mitigating current landowner inefficiencies Increased demand for critical pore space to maintain and grow disposal capacity and increasing interest in Delaware Basin land use from alternative energy and digital infrastructure industries Current(1) Formative transaction completed in late- 2021 with subsequent AMI with TPL to unlock the checkerboard and enable efficient water handling in the region Pursue alternative pore space solutions to traditional stateline, begin commercializing land for alternative energy and other industries such as power generation and digital infrastructure Continued focus on contiguous, high quality pore space; Increasing emphasis on longer-lead commercial surface opportunities (digital infrastructure, power generation, etc.) New Mexico Texas WBI Pipelines In Service Announced Projects WBI Facilities Handling Facilities LandBridge Surface 1918 Ranch Stateline AMI ~72,000 acres ~220,000 acres ~300,000 acres New Mexico Texas New Mexico Texas New Mexico Texas
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15 Over-Pressurization Will Limit Future Disposal Capacity in the Delaware Basin With over 2MMbbl/d of permitted disposal capacity in adjacent, low pore pressure areas, LandBridge is strategically positioned to provide a critical solution to declining disposal capacity in the Delaware Stateline Area of Interest (AOI) LandBridge Competitive Position The Stateline AOI is expected to remain the highest demand area of the Delaware Basin based on its proximity to New Mexico development Operational capacity in the Stateline AOI is expected to decline ~70% faster(1) vs the broader Delaware Basin as regulatory constraints continue due to asset overconcentration and reservoir over-pressuring LandBridge owns significant underutilized pore space and will work with WaterBridge and third-party operators to act as a solution for customers with upcoming produced water handling needs 1918 Ranch acquisition provides significant additional pore space 0 5 10 15 20 25 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Delaware Basin Water Handling Capacity(2) MMBbl/d Produced Water Injection Volumes Recycled Frac Water Volumes Delaware Disposal Capacity Shortfall Total Delaware Disposal Capacity Growing shortfall between projected produced water disposal capacity and produced water volumes Forecast 1 9 MMBbl/d of incremental produced water handling capacity needed by 2035 2 Stateline AOI Will See Significant Reduction in Disposal Capacity(1) Total Delaware Operational Capacity Delaware Stateline AOI Operational Capacity Delaware Outside AOI Operational Capacity Loss by 2028 (MMBbl/d) 2.2 1.1 1.1 Decline by 2028 (14.7%) (27.8%) (10.0%) Loss by 2035 (MMBbl/d) 5.4 2.0 3.4 Decline by 2035 (35.6%) (51.0%) (30.1%) DB Pore Pressure (psi)(1) High: 870 Low: 0 WBI Water Pipelines WBI Water Handling Facilities LandBridge Acreage Texas Pacific Land Corp. AMI WBI bpx energy Project 3rd Party Produced Water Handling Facilities WBI Produced Water Handling Facility Permits WBI Planned Projects Stateline AOI(2) Source: Enverus, data and analytics derived from Enverus PRISM® June 2025. 1) B3 Insight Pressure and Capacity Forecast, Permian Basin, 2025 2) B3 Insights, Pickering Energy Partners analysis 1918 Ranch
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16 LandBridge Offers the Industry a Differentiated Pore Space Solution Source: Enverus, data and analytics derived from Enverus PRISM® June 2025. Note: Map representations as of Nov-2025 1) Includes Speedway Pipeline Project and anticipated WaterBridge infrastructure buildout to support Devon pore space reservation agreement. 2) Center for Injection and Seismicity Research. Pressure gradient Pressure gradient LandBridge offers ideally located contiguous pore space that is not burdened with the higher pore pressures prevalent in other areas of the stateline area Relationship with WaterBridge and other midstream operators enables strategic transportation of produced water away from areas with high pore pressure or regulatory constraints to underutilized pore space on our acreage LandBridge development approach aligns with recently released Texas Railroad Commission regulatory guidance focused on preventing irresponsible pore space development: Excessive water injection through densely spaced wells can raise reservoir pressure beyond permitted limits LandBridge is focused on not over-concentrating water disposal assets, maintaining pore space integrity over time LandBridge Offers a Responsible Development Solution that Maintains Long-Term Pore Space Integrity Competitor Approach (Illustrative – 4 wells per section) LandBridge Approach (Illustrative – 1 wells per section) WBI Pipelines In Service Announced Projects(1) WaterBridge Handling Facilities LandBridge Acreage 1918 Ranch Texas Pacific Land Corp. AMI DB Pore Pressure (psi)(2) High: 870 Low: 0
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17 Source: Enverus. Note: Map representation as of Nov-2025. Land Use Opportunities Activity Drivers Active & High Potential Areas Oil and Gas Activities Produced Water Handling O&G production Across all acreage Fresh/Brackish Water Drilling and completions activity Sand mining Cryptocurrency mining (LandBridge as supplier) Across all acreage Mineral Royalties New drilling and production Stateline + Southern Sand Royalties Completions activity in TX & NM Stateline Waste Reclamation and Disposal Waste from O&G Across all acreage Caliche Sales Well pad and pond development Access road construction Highway projects Across all acreage Power and Digital Infrastructure Activities Solar Farms, Wind Farms Power demand Across all acreage Data Centers AI and computing power demand Across all acreage Cryptocurrency Mining Access to low-cost energy supply Across all acreage Highway Frontage Leasing Vehicle traffic and commercial activity Across all acreage Commercial Fuel Stations Future Opportunities H2S Treating and Storage Gas production and emissions reduction Stateline + Northern Battery Storage & Microgrids Power demand Across all acreage Desalination Growing demand coupled with shrinking supply of water Across all acreage CO2 Sequestration Decarbonization Stateline + Northern Active Land Management Drives Diversified Revenue Growth
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18 LandBridge Corporate Governance Processes Board of Directors Audit Committee Conflicts Committee LandBridge Ownership(1) 66% 34% Five Point Public 3 independent directors Related Persons Transactions Policy delegates review and approval of all related party transactions involving LB and any affiliate to the Audit Committee or, if the Board determines, to a Conflicts Committee comprised of independent, disinterested directors 7 insiders, including CEO + 4 Independent directors 1 2 3 Consists of 3 independent, disinterested directors when formed Ad hoc committee formed by the Board on an as-needed basis to review significant related party transactions between LB and an affiliate, including WaterBridge and any Five Point portfolio companies LandBridge Utilizes an Established, Well-Tested Corporate Governance Process for Related Party Transactions 1) Represents approximate current ownership as of November 12, 2025.
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19 Non-GAAP Financial Measures Figure Definition Adjusted EBITDA / Adjusted EBITDA Margin / Covenant EBITDA We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; s hare-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. We define Covenant EBITDA as Adjusted EBITDA plus or minus material proj ect adjustments or pro forma adjustments included in our covenant calculations. Material project adjustments allow a percentage ( based on the then-current completion percentage of such material project) of an amount determined by the Company and approved by the administrative agent under the revolving credit facility as the projected consolidated EBITDA attributable to such material p roject for the first 12-month period following the scheduled commercial operation date of such material project. Pro forma adjustments are adjustments with respect to any inclusion of impact to EBITDA from an asset acquisition or exclusion of impact to EBITDA from an asset di vestiture. LandBridge excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA, Adjusted EBITDA Margin and Covenant EBITDA because these amounts can vary substantially from company to company within LandBridge’s industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Free Cash Flow / Free Cash Flow Margin We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flo w Margin as Free Cash Flow divided by total revenues. Free Cash Flow and Free Cash Flow Margin are utilized to assess our ability to r epay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We believe Free Cash Flow and Free Cash Flow Margin are useful metrics for investors because they allow for an eff ective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequentl y the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisit ion activities. Net Debt We define Net Debt as total debt less available cash. Net Debt is an important component in the calculation of the Ratio of N et Debt to Covenant EBITDA. We believe that Net Debt is a meaningful non-GAAP financial measure useful to investors because it is used to assess our overall financial flexibility, capital structure and leverage. Furthermore, we believe that the Ratio of Net Debt to Cove nant EBITDA is a useful metric for investors as it monitors the sustainability of our debt levels and our ability to take on additional debt a gainst Covenant EBITDA, which is used as an operating performance measure. Net Leverage We define Net Leverage as Net Debt divided by Covenant EBITDA. We believe that Net Leverage is a useful metric for investors as it monitors the sustainability of our debt levels and our ability to take on additional debt against Covenant EBITDA, which is used as an operating performance measure.
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20 Quarter Ended September 30, Quarter Ended June 30, Quarter Ended March 31, Quarter Ended December 31, Quarter Ended September 30, 2025 2025 2025 2024 2024 Net income (loss) 20,291$ 18,475$ 15,459$ 8,154$ (2,756)$ Adjustments: Depreciation, depletion, amortization and accretion 2,584 2,545 2,601 2,581 2,038 Interest expense, net 7,889 7,879 7,977 7,100 7,071 Income tax expense (benefit) 2,705 2,148 1,601 2,765 (1,128) EBITDA 33,469 31,047 27,638 20,600 5,225 Adjustments: Share-based compensation - Incentive Units(1) 9,144 9,044 8,945 8,905 9,830 Share-based compensation - RSUs 2,081 2,227 2,195 2,234 1,794 Transaction-related expenses(2) - 135 - - 351 Non-recurring expenses(3) - - - - 7,825 Other 156 - - - (13) Adjusted EBITDA 44,850$ 42,453$ 38,778$ 31,739$ 25,012$ Net income (loss) margin 40% 39% 35% 22% (10%) Adjusted EBITDA Margin 88% 89% 88% 87% 88% (in thousands) (unaudited) Non-GAAP Financial Measures 1) Share-based compensation – Incentive Units for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024, and September 30, 2024, consist of time-based awards of profits interests in LandBridge Holdings LLC. Distributions attributable to Incentive Units subsequent to July 1, 2024, are based on returns received by investors of LandBridge Holdings LLC once certain return thresholds have been met and are neither an obligation of LandBridge Company LLC nor taken into consideration for distributions to investors of LandBridge Company LLC. 2) Transaction-related expenses consist of non-capitalizable transaction costs associated with both completed or attempted acquisitions, debt amendments and entity structuring charges. 3) Non-recurring expenses consist primarily of $5.0 million in IPO-related employee bonuses and $2.6 million related to a contract termination payment. 4) Operating cash flow data is calculated by dividing net cash provided by operating activities by total revenue. Quarter Ended September 30, Quarter Ended June 30, Quarter Ended March 31, Quarter Ended December 31, Quarter Ended September 30, 2025 2025 2025 2024 2024 Net cash provided by operating activities 34,912$ 37,332$ 15,913$ 26,928$ 7,450$ Net cash used in investing activities (1,107) (2,079) (17,867) (292,331) (1,053) Cash provided by (used in) operating and investing activities 33,805 35,253 (1,954) (265,403) 6,397 Adjustments: Acquisitions 5 944 17,818 292,107 750 Proceeds from disposal of assets (85) (105) (20) - - Free Cash Flow 33,725$ 36,092$ 15,844$ 26,704$ 7,147$ Operating cash flow margin (4) 69% 79% 36% 74% 26% Free Cash Flow Margin 66% 76% 36% 73% 25% (in thousands) (unaudited) Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow and Free Cash Flow Margin
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21 Nine Months Ended September 30, Year Ended December 31, 2025 2024 2023 2022 Net cash provided by operating activities 88,157$ 67,636$ 53,042$ 20,500$ Net cash used in investing activities (21,053) (724,352) (2,772) (11,672) Cash (used in) provided by operating and investing activities 67,104 (656,716) 50,270 8,828 Adjustments: Acquisitions 18,767 723,367 - 8,381 Proceeds from disposal of assets (210) - (11) - Free Cash Flow 85,661$ 66,651$ 50,259$ 17,209$ Operating cash flow margin (4) 62% 62% 73% 40% Free Cash Flow Margin 60% 61% 69% 33% (in thousands) (unaudited) Non-GAAP Financial Measures Cont’d 1) Share-based compensation - Incentive Units for the nine months ended September 30, 2025, consist of time-based awards of profits interests in LandBridge Holdings LLC. Incentive Units for the year ended December31, 2024, consists of $18.7 million of time-based awards of profits interests in LandBridge Holdings LLC, and $72.6 million of time-based awards of profits interests in WaterBridge NDB LLC. Share-based compensation - Incentive Units for the years ended December 31, 2023, and December 31, 2022, consists only of time-based awards of profits interests in WaterBridge NDB LLC. 2) Transaction-related expenses consist of non-capitalizable transaction costs associated with both completed or attempted acquisitions, debt amendments and entity structuring charges. 3) Non-recurring expenses consist primarily of $5.0 million in IPO-related employee bonuses and $2.6 million related to a contract termination payment. 4) Operating cash flow data is calculated by dividing net cash provided by operating activities by total revenue. Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow and Free Cash Flow Margin Nine Months Ended September 30, Year Ended December 31, 2025 2024 2023 2022 Net income (loss) 54,225$ (41,479)$ 63,172$ (6,361)$ Adjustments: Depreciation, depletion, amortization and accretion 7,730 8,875 8,762 6,720 Interest expense, net 23,745 23,335 7,016 3,108 Income tax expense 6,455 1,875 370 164 EBITDA 92,155 (7,394) 79,320 3,631 Adjustments: Share-based compensation - Incentive Units(1) 27,133 91,307 (17,230) 36,360 Share-based compensation - RSUs 6,503 4,028 - - Transaction-related expenses(2) 135 1,266 598 1,175 Non-recurring (3) - 7,825 - - Other 156 37 116 46 Adjusted EBITDA 126,082$ 97,069$ 62,804$ 41,212$ Annualized Adjusted EBITDA 168,109$ 97,069$ 62,804$ 41,212$ Net income (loss) margin 38% (38%) 87% (12%) Adjusted EBITDA Margin 89% 88% 86% 80% (in thousands) (unaudited)
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22 Non-GAAP Financial Measures Cont’d Adjusted EBITDA to Covenant EBITDA Total Debt to Net Debt Pro Forma 1918 Ranch Actuals LTM as of September 30, LTM as of September 30, LTM as of June 30, LTM as of March 31, LTM as of December 31, 2025 2025 2025 2025 2024 (in thousands) (unaudited) LTM Adjusted EBITDA 157,820$ 157,820$ 137,982$ 118,940$ 97,069$ Covenant EBITDA Adjustments:(1) Plus: Covenant Addbacks 143$ 143$ 81$ 83$ 10$ Plus: Material Project EBITDA Adjustments 21,632 6,450 15,911 27,129 44,909 Covenant EBITDA, Including Material Project and Pro Forma Adjustments 179,595$ 164,413$ 153,974$ 146,152$ 141,988$ Pro Forma 1918 Ranch Actuals Quarter Ended September 30, Quarter Ended September 30, Quarter Ended June 30, Quarter Ended March 31, Quarter Ended December 31, 2025 2025 2025 2025 2024 (in thousands) (unaudited) Balance Sheet data (at end of period): Total Debt 570,223$ 370,223$ 374,450$ 379,599$ 385,496$ Less: Cash & Cash equivalents (25,316) (28,316) (20,345) (14,935) (37,032) Net Debt 544,907$ 341,907$ 354,105$ 364,664$ 348,464$ Net Covenant Debt ($10mm Cash Offset Cap)(2) 560,223 360,223 364,450 369,599 375,496 (/) Covenant EBITDA 179,595$ 164,413$ 153,974$ 146,152$ 141,988$ Credit Metrics: Total Debt / Covenant EBITDA 3.2x 2.3x 2.4x 2.6x 2.7x Net Covenant Debt / Covenant EBITDA 3.1x 2.2x 2.4x 2.5x 2.6x Net Debt / Covenant EBITDA 3.0x 2.1x 2.3x 2.5x 2.5x 1) Covenant addbacks, material project adjustments, or pro forma adjustments included in our credit facility covenant calculations: Material Project Adjustments related to our Q4 2024 acquisitions prior to each acquisitions close date and related to our East Stateline Ranch acquisition prior to acquisition close in Q2 2024. Covenant addbacks are related to various miscellaneous non-recurring or non-cash expenses that were not added back for SEC reporting purposes but are allowed under our credit agreement. 2) Cash offset is limited to $10mm under our current credit agreement.