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LandBridge Earnings Presentation 4Q and Full Year 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 customers’ demand for and use of our land and resources; the success of our affiliates, including WaterBridge, in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on our land; our customers’ ability to develop our land or any potential acquired acreage to accommodate any future surface use developments; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the effects of geopolitical conflicts, domestic uncertainties or armed conflict in oil and natural gas producing regions and the impact of actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries, Russia and other allied producing countries, such as announcements of potential changes to oil production levels; our reliance on a limited number of customers and a particular region for substantially all of our revenues; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; our business strategies and our ability to execute thereon, including our ability to attract non-traditional energy customers to use our land and resources; our level of indebtedness and our ability to service our indebtedness; our ability to successfully implement our growth plans, including through future acquisitions of acreage and/or introduction of new revenue streams; and any changes in general economic, regulatory and/or industry specific conditions; 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 net leverage ratio 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 Continued quarterly growth performance in 4Q25, with Revenue and Adjusted EBITDA(1) increasing 12% and 14% quarter-over-quarter, respectively Delivered strong growth in 2025, with Revenue increasing by 81% and Adjusted EBITDA(1) increasing by 83% compared to 2024 Announced 2026 Adjusted EBITDA(1) guidance of $205 - $225 million, representing >20% projected year-over-year growth at the midpoint of the range Acquired ~42,000 acres in 2025, bringing total surface acreage owned or managed to >315,000 acres(2) Advanced active land management strategy via commercial agreements with high-quality counterparties on LandBridge acreage, including a 10-year pore space reservation, agreements to facilitate power generation for potential data center projects, the sale of a solar energy project, and BESS facility agreements Delivered Surface Use Economic Efficiency(3) (“SUEE”) improvements across acquired acreage: Legacy acreage(4) revenue per acre in 2025 increased 14% compared to 2024 and 149% compared to 2022 145% year-over-year increase on acreage acquired in 2024 from $204/acre in 2024 to $499/acre in 2025 Enhanced balance sheet: lowered cost of capital and increased liquidity via new RCF & inaugural $500 million senior notes offering in November 2025 Increased quarterly cash dividend by 20% to $0.12 per share in 1Q26 Obtained authorization from Board of Directors to repurchase up to $50 million in shares through 2027, increasing the Company's flexibility to return capital to shareholders opportunistically, while continuing to prioritize M&A in its capital allocation framework Fiscal Year 2025 and Recent Highlights 1) Represents a non-GAAP financial measure; see a reconciliation to the most directly comparable GAAP measure of LandBridge in the Appendix. 2) The 1918 Ranch Acquisition consisted of approximately 22,400 fee simple acres, approximately 12,000 leasehold acres and approximately 3,600 acres subject to a long-term management agreement. 3) Surface use economic efficiency is calculated as “Total revenues” less “Oil and gas royalties” from our consolidated statements of operations divided by the weighted average surface acres owned during the period. 4) Legacy acreage refers to LandBridge’s initial approximately 72,000 owned surface acres in Loving and Reeves County, Texas and Eddy County, New Mexico.
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4 LandBridge Company Overview Note: Map representation as of February 2026. 1) Share price as of February 20, 2026. 2) Represents a non-GAAP financial measure; see a reconciliation to the most directly comparable GAAP measure of LandBridge in the Appendix. Total Surface Acres >315,000 2026 Adj. EBITDA Guidance $205 – $225 million Market Capitalization(1) ~$5.3 billion Enterprise Value(1) ~$5.8 billion 2025 Free Cash Flow Margin(2) 61% Adj. EBITDA CAGR (2022 – 2025)(2) 63% We own or manage over 315,000 surface acres in the heart of the Delaware Basin. We continue to pursue development opportunities both within and beyond the oil and gas sector Our active land management strategy represents a paradigm shift compared to the typical landowner dynamic – we strive to maximize commercial activity on our surface by actively seeking opportunities to collaborate with operating companies and developers Access to expansive surface acreage is critical for oil and gas development, data centers, power generation and storage, non-hazardous oilfield reclamation and solid waste facilities and more Our synergistic relationship with WaterBridge Infrastructure LLC (NYSE: WBI), one of the largest produced water handling infrastructure companies in the United States, strengthens our business by fostering mutual growth as WaterBridge expands its water infrastructure across our acreage LandBridge Overview and Strategy Key Stats LandBridge Assets
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5 Quarter Full Ended Year ($ in thousands, except unit metrics) Dec-25 2025 LandBridge Revenue Drivers Produced Water Royalty Volumes (BPD) 1,664,045 1,495,308 Brackish Water Sales & Royalty Volumes (BPD) 217,717 222,996 Sand Royalty Volumes (T/Day) 9,755 9,140 Oil and Gas Royalty Volumes (BOE/D) 979 907 LandBridge Revenue Streams Surface Use Royalties & Revenues 39,317$ 134,774$ Resource Sales & Royalties 12,044$ 47,750$ Oil and Gas Royalties 3,137$ 12,589$ Other 2,280$ 3,980$ Consolidated Revenue 56,778$ 199,093$ Adjusted EBITDA(1) 51,089$ 177,171$ Adjusted EBITDA Margin(1) 90% 89% Free Cash Flow(1) 36,376$ 122,037$ Free Cash Flow Margin(1) 64% 61% Credit Metrics Total Debt / Covenant EBITDA (1)(3) 3.0x 3.0x Net Debt / Covenant EBITDA (1)(3) 2.8x 2.8x Cash 30,741$ 30,741$ Debt 570,726$ 570,726$ Net Debt(1) 539,985$ 539,985$ $0.1 $1.2 $1.2 $1.7 $16 $36 $34 $36 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $39 $42 $45 $51 88% 89% 88% 90% Q1 2025 Q2 2025 Q3 2025 Q4 2025 $3 $3 $3 $3 $41 $45 $47 $54 $44 $48 $51 $57 92% 94% 93% 94% Q1 2025 Q2 2025 Q3 2025 Q4 2025 O&G Royalty Revenue Non-O&G Royalty Revenue Revenue ($mm) Adjusted EBITDA(1) ($mm) Quarterly and Full Year Financial Results % Non-O&G Royalty Revenue: Adj. EBITDA Margin(1) (%): Growth Capex: Free Cash Flow(1) ($mm) Free Cash Flow Margin(1) (%) 36% 76% 66% 64% Q1 2025 Q2 2025 Q3 2025 Q4 2025 (2)(2) Note: Numbers may not sum due to rounding. 1) Represents a non-GAAP measure; see a reconciliation to 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 short-term impact to Free Cash Flow and Free Cash Flow Margin. 3) Credit metrics displayed as calculated according to the credit agreement. The first covenant test period begins in Q1 2026; accordingly, Q4 2025 credit metrics are illustrative and were not subject to formal covenant testing.
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LandBridge is Critical to Energy, Power, Digital Infrastructure and Broader Industrial Development 6 Road, & Pipeline Easements Processing Plant Supply Water Pond for Frac Drilling Rig Location Produced Water Handling Facility Caliche (Well Pads and Roads) Sand Mine Natural Gas Power Generation 3-Stream & Water Logistics Oil Natural Gas NGL Water Data Center Gathering Station Pipelines Multi-Well Pad Solid Waste Management Desalination Mineral Royalties Wind Power Generation Nuclear Power Generation Solar & Battery Storage Bitcoin Mining Pad Easements Diversified Revenue Streams Driving Long-Term Value With Substantial Free Cash Flow Growth Diversified Revenue Streams 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 Customers pay LandBridge royalties for access to critical operational infrastructure 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 1 2 3 Long-term, Fee-Based Royalties 2 1 1 1 1 1 1 1 1 1 1 111 1 1 1 1 2 3 2 1 2 2 1 22
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7 68% 24% 6% 2% Surface Use Royalties and Revenues Resource Sales and Royalties O&G Royalties Other Diversified Revenue Streams $26.2 $34.2 $35.0 $39.3 Q1'25 Q2'25 Q3'25 Q4'25 $14.4 $10.6 $10.8 $12.0 Q1'25 Q2'25 Q3'25 Q4'25 $3.4 $2.7 $3.3 $3.1 Q1'25 Q2'25 Q3'25 Q4'25 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 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 2025 % of Revenue Surface Use Royalties Resource Sales Easements and Other Surface- Related Revenues Resource Royalties Oil and Gas Royalties 1) Other revenue represents deficiencies recognized under 5-year minimum revenue commitment. 2) Excludes other revenues in Q3’25 and Q4’25. Surface Use Royalties and Revenues(2) (1)
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8 LandBridge’s Active Land Management Drives Surface Use Economic Efficiency SUEE represents the average revenue per acre generated by our acreage portfolio, less oil and gas royalties – SUEE is disclosed annually for acreage positions by acquisition vintage(1) As economic potential of surface acreage is unlocked, revenues increase and acquisition multiples blend down with minimal incremental capex required LandBridge leverages an active commercial team to drive multi- industry development to acquired surface, capturing: Growth driven by increasing oil & gas activity and volumes Growth via active pursuit of incremental commercial agreements on our acreage position – Includes non-oil & gas industries such as alternative energy, power and digital infrastructure, and broader industrial 1) In the year of acquisition, weighted average surface acreage is calculated for the period of ownership during the year of acquisition to align with the revenues earned during the period of ownership in that year. 2) Total acreage is rounded and reflects fee surface acres, together with leasehold acres and acreage subject to a long-term management agreement. Surface Use Economic Efficiency 2024 to 2025 Surface Use Economic Efficiency Growth ($ / acre) Legacy Acreage (72,000 acres(2)) 2024 Acquisitions (203,000 acres(2)) 2024: $543/acre(1) 2025: $658/acre(1) ~450 New easements and agreements executed on LandBridge acreage in 2025 2025 Acquisitions (42,000 acres(2)) $1,018 $204 $1,159 $499 $208
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9 • Established 65,000- acre Area of Mutual Interest (AMI) with TPL, unlocking potential of checkerboarded acreage • Executed ~170 new easements and other agreements • Multiple new sand lease agreements • Established oilfield waste / reclamation operations • 72% annual increase in Surface Use Royalty Revenue • Executed >140 new easements and other agreements • New SWD and water throughput agreements • New sand mine agreement • 139% annual increase in Surface Use Royalty Revenue • Executed >160 new easements and other agreements • New gas plant lease • Multiple new sand lease agreements • 130% annual increase in Surface Use Royalty Revenue • Executed >135 new easements and other agreements • Solar project sale • ONEOK gas plant lease • Samsung BESS development agreement LandBridge’s Proven Approach to Active Land Management Legacy acreage represents 2021 transaction of ~72,000 acres in Loving and Reeves counties, Texas $465/acre $724/acre $1,018/acre $1,159/acre FY 2022 FY 2023 FY 2024 FY 2025 Legacy Acreage-Specific Commercial Drivers and SUEE over TimeLegacy Acreage Map In Service WBI Pipelines Legacy Acreage LB Acreage (1) Stateline AMI The effectiveness of LandBridge’s active land management strategy is demonstrated through the per acre revenue growth across our Legacy Surface Position Map excludes nominal acreage position in Eddy County. 1) As of February 2026.
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10 60% 29% 20% 20% 15% 11% 10% 9% 5% 2% (8%)(15%) (20%) (21%) (26%) (31%) 0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100% YTD Adjusted EBITDA Margin(1) YTD Free Cash Flow Margin(1) LandBridge Source: Public company disclosure, FactSet as of 11/7/2025. Notes: YTD as of 9/30/25 public disclosures. 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 a non-GAAP financial measure; see a reconciliation to the most directly comparable GAAP measure of LandBridge in the Appendix. LandBridge’s Advantaged Value Proposition of High Margins and Growth LandBridge’s High-Margin Asset-Light Business Model High margin, highly capital-efficient and asset-light business model is differentiated from conventional peers: Stable, predominately fee-based revenue High Adjusted EBITDA and Free Cash Flow Margins(1) Significant growth potential without additional capital investment Growing customer & industry diversification • Oil & gas • Power & digital infrastructure • Alternative energy • Broader industrial development Low direct revenue exposure to commodities (<10% of revenue in 2025) Land Management Land REITs Industrial REITs Gold Streamers Timber Trusts 2022 – YTD 9/30/25 Annualized Adj. EBITDA CAGR (1)
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11 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 land management strategy anticipated to create value above underwriting targets over time We only pursue opportunities within balance sheet standards Maintain Appropriate Capital Structure Return Capital to Shareholders Disciplined Capital Allocation We intend to use our significant and growing Free Cash Flow in a balanced, sustainable manner to create long-term shareholder value: Enhanced balance sheet, improving cost of capital and increasing liquidity through inaugural $500 million senior notes offering and RCF refinancing in 4Q25 Target long-term 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 Increased quarterly cash dividend by 20%, with $0.12 / share dividend to be paid in 1Q26 Obtained authorization from Board of Directors to repurchase up to $50 million in shares by December 2027 Allows additional flexibility to return capital to shareholders over time Maintain ability to repurchase shares alongside future sponsor secondary offerings, providing investors with an accretive transaction that enhances trading liquidity
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12 Improved Balance Sheet Strength from Fourth Quarter 2025 Refinancings Debt Maturity Schedule $547 $500 $100 $275 2025 2026 2027 2028 2029 2030 Refinanced Revolving Credit Facility Refinanced Term Loan Facilities New Senior Unsecured Notes New Credit Facility $70 Capitalization Table(1) Summary Lowered cost of capital, increased liquidity, and extended debt maturities through inaugural senior notes offering and new RCF closing – New $500 million aggregate principal amount of 6.25% senior unsecured notes due 2030 at par – New $275 million revolving credit facility (matures June 2030) Credit ratings of BB- and BB were assigned by S&P Global and Fitch ratings agencies, respectively, in connection to the notes offering Long-term net leverage ratio target remains at 2.0 – 2.5x all $ in millions 12/31/2025 Revolving Credit Facility Due 2030 $70 6.25% Senior Unsecured Notes Due 2030 $500 Other(2) $1 Total Debt $571 (-) Cash and Cash Equivalents $31 Net Debt(3) $540 Shares Outstanding (MM) 77 Market Capitalization(4) $5,281 Enterprise Value(4) $5,821 Net Debt / 2025 Covenant EBITDA(3) 2.8x Revolving Credit Facility Borrowing Base $275 (-) Revolving Credit Facility Borrowings $70 Cash and Cash Equivalents $31 Liquidity $236 1) Senior unsecured notes reflect the aggregate principal amount and are not adjusted for unamortized debt issuance costs and discounts. 2) Includes insurance and asset financing notes. 3) Net Debt and Covenant EBITDA are Non-GAAP financial measures; for a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 4) Share Price as of February 20, 2026. $15
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13 LandBridge Corporate Structure Share counts as of December 31, 2025. 1) Includes impact of fully vested management incentive units, calculated using LB stock price as of February 20, 2026; 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 ~48.6 MM Class B Shares ~63% Voting Power ~27.8 MM Class A Shares ~36% Voting Power ~27.8 MM OpCo Units ~36% of OpCo Units Funds affiliated with Five Point LandBridge Management ~48.6 MM OpCo Units ~63% 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 ~78% economic interest(1) ~22% 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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14 Thursday, March 19, 2026 1:00pm – 4:00pm New York, NY The meeting will feature presentations by: David Capobianco Chairman of the Board at LandBridge; Chief Executive Officer and Managing Partner at Five Point Infrastructure Jason Long President, Director and Chief Executive Officer Scott McNeely Executive Vice President and Chief Financial Officer Upcoming LandBridge Investor Day March 19, 2026 Please contact ir@landbridgeco.com for details on in- person attendance Agenda Senior leadership presentations: • Strategic overview of key revenue-driving industries • Short, medium, and long-term growth opportunities • Value proposition of LandBridge’s unique business model Fireside Chat – Data Center Deep Dive Live Q&A session with management
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15 Appendix
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16 LandBridge Position Strategic Timeline 1) As of February 2026. 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 Stateline AMI ~72,000 acres ~220,000 acres >315,000 acres New Mexico Texas New Mexico Texas New Mexico Texas
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17 0% 100% 200% 300% 400% 500% Jun-24 Sep-24 Dec-24 Mar-25 May-25 Aug-25 Nov-25 Jan-26 $0.00 $15.00 $30.00 $45.00 $60.00 $75.00 $90.00 Jun-24 Sep-24 Dec-24 Mar-25 May-25 Aug-25 Nov-25 Jan-26 ($ / share) $9 $14 $16 $25 $26 $34 $35 $39 $5 $7 $9 $7 $14 $11 $11 $12 $4 $4 $3 $4 $3 $3 $3 $3 $2 $2 $19 $26 $28 $36 $44 $48 $51 $57 $0 $20 $40 $60 $80 $100 $- $10 $20 $30 $40 $50 $60 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 ($/bbl)($mm) Surface Use Royalties & Revenues Resource Sales & Royalties Oil and Gas Royalties Other Daily WTI LB $68.52 LandBridge Has a Strong Track Record of Value Creation Share Price Performance Total Shareholder Returns Historical LandBridge Revenue vs. Crude Prices LB 306% Source: Company filings and FactSet as of February 20, 2026. LandBridge has consistently grown revenues despite commodity price volatility Over past 2 years, crude prices decreased by >20% while LandBridge revenues increased by ~200%
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18 0 5 10 15 20 25 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Over-Pressurization Expected to Limit Future Disposal Capacity in the Delaware Source: Enverus, data and analytics derived from Enverus PRISM®. 1) B3 Insights, Pickering Energy Partners analysis. 2) B3 Insight Pressure and Capacity Forecast, Permian Basin, 2025. LandBridge Competitive Position The Stateline AOI remains a high-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 due to asset overconcentration and reservoir over-pressuring LandBridge owns >2 MMbbl/d of permitted, low pressure disposal capacity that provides a long-term alternative to Stateline AOI disposal capacity Total Delaware Basin Water Handling Capacity 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 8 MMBbl/d of incremental capacity needed by 2035 Stateline AOI Expected to See Significant Reduction in Disposal Capacity(1) Total Delaware Operational Capacity Delaware Stateline AOI Operational Capacity Loss by 2028 (MMBbl/d) 2.2 1.1 Decline by 2028 (14.7%) (27.8%) Loss by 2035 (MMBbl/d) 5.4 2.0 Decline by 2035 (35.6%) (51.0%) DB Pore Pressure (psi)(2) High: 870 Low: 0 WBI Water Pipelines WBI Produced Water Handling Facilities LandBridge Acreage Texas Pacific Land Corp. AMI 3rd Party Produced Water Handling Facilities WBI Produced Water Handling Facility Permits Announced WBI Projects Stateline Area of Interest (AOI)
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19 LandBridge Corporate Governance Processes Board of Directors Audit Committee Conflicts Committee LandBridge Ownership(1) 63% 37% 1% Five Point Public 1918 Sellers 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 other Five Point portfolio companies LandBridge Utilizes an Established, Well-Tested Corporate Governance Process for Related Party Transactions 1) Represents approximate ownership as of December 31, 2025.
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20 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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21 Quarter Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income 18,174$ 20,291$ 18,475$ 15,459$ 8,154$ Adjustments: Depreciation, depletion, amortization and accretion 3,740 2,584 2,545 2,601 2,581 Interest expense, net 8,961 7,889 7,879 7,977 7,100 Income tax expense 2,611 2,705 2,148 1,601 2,765 EBITDA 33,486 33,469 31,047 27,638 20,600 Adjustments: Share-based compensation - Incentive Units(1) 9,375 9,144 9,044 8,945 8,905 Share-based compensation - RSUs 2,308 2,081 2,227 2,195 2,234 Transaction-related expenses(2) 5,820 - 135 - - Other 100 156 - - - Adjusted EBITDA 51,089$ 44,850$ 42,453$ 38,778$ 31,739$ Net income margin 32% 40% 39% 35% 22% Adjusted EBITDA Margin 90% 88% 89% 88% 87% (in thousands) (unaudited) Quarter Ended December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net cash provided by operating activities 38,116$ 34,912$ 37,332$ 15,913$ 26,928$ Net cash used in investing activities (212,021) (1,107) (2,079) (17,867) (292,331) Cash (used in) provided by operating and investing activities (173,905) 33,805 35,253 (1,954) (265,403) Adjustments: Acquisitions 210,281 5 944 17,818 292,107 Proceeds from disposal of assets - (85) (105) (20) - Free Cash Flow 36,376$ 33,725$ 36,092$ 15,844$ 26,704$ Operating cash flow margin (3) 67% 69% 79% 36% 74% Free Cash Flow Margin 64% 66% 76% 36% 73% (in thousands) (unaudited) Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow and Free Cash Flow Margin 1) Share-based compensation – Incentive Units 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 costs associated with completed or attempted acquisitions, debt amendments and extinguishments, equity or ownership structure transactions and other transaction-related costs. 3) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue.
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22 Year Ended December 31, 2025 2024 2023 2022 Net income (loss) 72,399$ (41,479)$ 63,172$ (6,361)$ Adjustments: Depreciation, depletion, amortization and accretion 11,470 8,875 8,762 6,720 Interest expense, net 32,706 23,335 7,016 3,108 Income tax expense 9,066 1,875 370 164 EBITDA 125,641 (7,394) 79,320 3,631 Adjustments: Share-based compensation - Incentive Units(1) 36,508 91,307 (17,230) 36,360 Share-based compensation - RSUs 8,811 4,028 - - Transaction-related expenses(2) 5,955 1,266 598 1,175 Non-recurring (3) - 7,825 - - Other 256 37 116 46 Adjusted EBITDA 177,171$ 97,069$ 62,804$ 41,212$ Net income (loss) margin 36% (38%) 87% (12%) Adjusted EBITDA Margin 89% 88% 86% 80% (in thousands) (unaudited) Year Ended December 31, 2025 2024 2023 2022 Net cash provided by operating activities 126,273$ 67,636$ 53,042$ 20,500$ Net cash used in investing activities (233,074) (724,352) (2,772) (11,672) Cash (used in) provided by operating and investing activities (106,801) (656,716) 50,270 8,828 Adjustments: Acquisitions 229,048 723,367 - 8,381 Proceeds from disposal of assets (210) - (11) - Free Cash Flow 122,037$ 66,651$ 50,259$ 17,209$ Operating cash flow margin (4) 63% 62% 73% 40% Free Cash Flow Margin 61% 61% 69% 33% (in thousands) (unaudited) Non-GAAP Financial Measures Cont’d Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow and Free Cash Flow Margin 1) Share-based compensation – Incentive Units for the year ended December 31, 2025, consist of time-based awards of profits interests in LandBridge Holdings LLC. Share-based compensation – Incentive Units for the year ended December 31, 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 costs associated with completed or attempted acquisitions, debt amendments and extinguishments, equity or ownership structure transactions, IPO-related charges and other transaction-related costs. 3) Non-recurring expenses consist primarily of $5.0 million in IPO-related employee bonuses and $2.6 million related to a contract termination payment. 4) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue.
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23 (in thousands) (unaudited) Net income 54,225$ Adjustments: Depreciation, depletion, amortization and accretion 7,730$ Interest expense, net 23,745 Income tax expense 6,455 EBITDA 92,155$ Adjustments: Share-based compensation - Incentive Units(2) 27,133$ Share-based compensation - RSUs 6,503 Transaction-related expenses(3) 135 Other 156 Adjusted EBITDA 126,082$ Annualized Adjusted EBITDA 168,109$ Net income margin 38% Adjusted EBITDA Margin 89% Nine Months Ended September 30, 2025 Non-GAAP Financial Measures Cont’d 1) Covenant addbacks, material project adjustments, or pro forma adjustments included in our credit facility covenant calculations: Material Project Adjustments related to the 1918 Ranch acquisition prior to acquisition close in Q4 2025, our Q4 2024 acquisitions prior to each acquisitions close date, and 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) 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. 3) Transaction-related expenses consist of non-capitalizable transaction costs associated with attempted acquisitions. 4) Cash offset increased from $10mm under the prior credit agreement (terminated Nov-2025) to $50mm under the current agreement effective Nov-2025. Adjusted EBITDA to Covenant EBITDA Total Debt to Net Debt; Net Leverage Ratios Year Ended December 31, 2025 (in thousands) (unaudited) LTM Adjusted EBITDA 177,171$ Covenant EBITDA Adjustments:(1) Plus: Covenant Addbacks 81$ Plus: Material Project EBITDA Adjustments 12,352 Covenant EBITDA, Including Material Project and Pro Forma Adjustments 189,604$ Annualized YTD 9/30/2025 Adjusted EBITDA Year Ended December 31, 2025 (in thousands) (unaudited) Balance Sheet data (at end of period): Total Debt 570,726$ Less: Cash & Cash equivalents (30,741) Net Debt 539,985$ Net Covenant Debt (Cash Offset Cap)(4) 539,985 (/) Covenant EBITDA 189,604$ Credit Metrics Using Covenant EBITDA: Total Debt / Covenant EBITDA 3.0x Net Debt / Covenant EBITDA 2.8x Net Covenant Debt / Covenant EBITDA 2.8x