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Land Bridge Earnings Presentation Second Quarter 2026 له B LANDBRIDGE
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2 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 land and resources; the success of WaterBridge in executing its business strategies, including its ability to construct and operate water infrastructure assets, attract customers and operate successfully on our land; our customers’ ability to develop our land or potential changes to our customers’ development plans, or any potential acquired acreage to accommodate any future surface use developments; our ability to continue the payment of dividends; our ability to enforce our SUAs and other agreements with our customers; the domestic and foreign supply of, and demand for, energy sources, including the impact of political instability or armed conflict in oil and natural gas producing regions, including increased hostilities in the Middle East, including Iran, and other sustained military campaigns, the Russia-Ukraine war, as well as the conditions in South America, Central America, China and Russia and acts of terrorism or sabotage, 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 and on a particular region for substantially all of our revenues, including the potential consolidation of such customers within such region and the degree to which such consolidation may affect spending on U.S. drilling and completions in the near term; 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 and to successfully implement our growth plans and manage any resultant growth; our ability to successfully implement our growth plans, including through future acquisitions of acreage and/or the introduction of new revenue streams, the costs associated with such acquisitions and revenue streams, and the risk that we may not be able to integrate and/or realize the anticipated benefits therefrom; the effects of changes in general economic, business or industry conditions and market volatility, including as a result of slowing growth, a potential economic recession, an elevated inflation rate, high interest rates, changes in U.S. and international trade policies and relations, and central bank policy, as well as associated liquidity risks; condemnation proceedings affecting our land or our customers’ ability to access our lands; our customers’ ability to obtain rights from neighboring landowners on economic terms, or at all, to gain access to our land or transport resources such as sand and brackish water, away from our land, to their point of end use; uncertainty surrounding potential foreign, federal, state or local legal, regulatory and policy changes, including with respect to energy production, taxes, imposed or proposed tariffs and foreign trade policies, safety and surface uses, as well as the potential for general market volatility and regulatory uncertainty; title defects in the acreage that we acquire; the markets for surface acreage in the areas in which we operate and own or plan to own surface acreage, including pricing estimates, availability of land and our ability to acquire such land on favorable terms, or at all; our ability to recruit and retain, or secure the services of, key management and other personnel and the allocation of resources between LandBridge and WaterBridge; changes in laws and regulations (or the interpretation thereof), including those related to hydraulic fracturing, accessing water, disposing of wastewater, transferring produced water, interstate brackish water transfer, carbon pricing, pipeline construction, data privacy, taxation or emissions, leasing, permitting or drilling and various other environmental matters; our ability to maintain leases and permits, including our ability to renew leases on state and federal leased land; changes in state and federal land use policies that change or restrict our right to use state and federal leased land or increase the cost of such leases; 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, fires, droughts, earthquakes, flooding and tornadoes; evolving cybersecurity risks, such as those involving unauthorized access, third- party provider defects and service failures, denial-of-service attacks, malicious software, data privacy breaches by employees or other service providers, insiders or others with authorized access, cyber or phishing attacks, ransomware, social engineering, physical breaches or other actions; and other factors and risks described in our filings with the Securities and Exchange Commission. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's filings with the SEC, including its most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You can access LandBridge’s filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made. 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. Disclaimers
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3 Positioned for Sustained Growth and Value Creation Second Quarter 2026 Financial Results 1) Represents a non-GAAP financial measure; see a reconciliation to the most directly comparable GAAP measure of LandBridge in the Appendix. Revenues of $66.8 million, representing an increase of 41% year-over-year and 31% quarter-over-quarter Net income of $31.0 million, representing an increase of 68% year-over- year and 74% quarter-over-quarter, and net income margin of 46% Adjusted EBITDA(1) of $59.8 million, representing an increase of 41% year- over-year and 33% quarter-over-quarter, and Adjusted EBITDA Margin(1) of 89% Cash flows from operating activities of $41.4 million, representing an increase of 11% year-over-year and 1% quarter-over-quarter Free Cash Flow(1) of $40.2 million, representing an increase of 11% year- over-year Operating cash flow margin of 62% Free Cash Flow Margin(1) of 60% Announced quarterly cash dividend of $0.12 per share Recent Highlights LandBridge continues to see growing and accelerated momentum in its West Texas digital infrastructure thesis: LandBridge is currently under LOI, option, or late-stage negotiations with 7 power and digital infrastructure counterparties, representing over 10 GW of power generation potential Entered into agreement to acquire 560 acres of fee surface underlying the Northern Delaware Basin Landfill in Lea County, New Mexico for total consideration of $20 million. The transaction is expected to close in the third quarter of 2026 Announced the Board has unanimously approved the Company’s conversion and redomicile from a Delaware limited liability company to a Texas corporation following the positive recommendation of the previously announced special committee of independent directors
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4 LandBridge Company Overview Note: Map representation as of July 2026. 1) Acreage count excludes acreage leased from the BLM and the State of New Mexico. 2) Share price as of July 31, 2026. 3) Represents a non-GAAP financial measure; see a reconciliation to the most directly comparable GAAP measure of LandBridge in the Appendix. Total Surface Acres >325,000(1) 2026 Adj. EBITDA Guidance $210 – $230 million Market Capitalization(2) ~$6.0 billion Enterprise Value(2) ~$6.5 billion 2Q26 Free Cash Flow Margin(3) 60% Adj. EBITDA CAGR (2022 – 2025)(3) 63% We own or manage over 325,000 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; NYSE TX: 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 $1.2 $1.7 $0.2 $1.1 $34 $36 $41 $40 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $45 $51 $45 $60 88% 90% 88% 89% Q3 2025 Q4 2025 Q1 2026 Q2 2026 $3 $3 $3 $4 $47 $54 $48 $63 $51 $57 $51 $67 93% 94% 94% 95% Q3 2025 Q4 2025 Q1 2026 Q2 2026 O&G Royalty Revenue Non-O&G Royalty Revenue Revenue ($mm) Adjusted EBITDA(1) ($mm) Quarterly Financial Results % Non-O&G Royalty Revenue: Adj. EBITDA Margin(1) (%): Growth Capex: Free Cash Flow(1) ($mm) Free Cash Flow Margin(1) (%) 66% 64% 80% 60% Q3 2025 Q4 2025 Q1 2026 Q2 2026 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) Credit metrics displayed as calculated according to the credit agreement. Quarter Ended ($ in thousands, except unit metrics) Jun-26 LandBridge Revenue Drivers Produced Water Royalty Volumes (BPD) 2,002,506 Brackish Water Sales & Royalty Volumes (BPD) 170,770 Sand Royalty Volumes (T/Day) 6,940 Oil and Gas Royalty Volumes (BOE/D) 773 LandBridge Revenue Streams Surface Use Royalties & Revenues $52,169 Resource Sales & Royalties 11,097 Oil and Gas Royalties 3,574 Other 0 Consolidated Revenue $66,840 Adjusted EBITDA(1) $59,755 Adjusted EBITDA Margin(1) 89% Free Cash Flow(1) $40,240 Free Cash Flow Margin(1) 60% Credit Metrics Total Debt / Covenant EBITDA (1)(2) 2.6x Net Debt / Covenant EBITDA (1)(2) 2.5x Cash $39,797 Debt 545,219 Net Debt(1) $505,422
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6 LandBridge is Critical to Energy, Power, Digital Infrastructure and Broader Industrial Development Roads & 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 for access to land for 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 Diversified Revenue Streams 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 Q2 2026 % of Revenue Surface Use Royalties Resource Sales Easements and Other Surface- Related Revenues Resource Royalties Oil and Gas Royalties Surface Use Royalties and Revenues $35.0 $39.3 $37.0 $52.2 Q3'25 Q4'25 Q1'26 Q2'26 $10.8 $12.0 $11.0 $11.1 Q3'25 Q4'25 Q1'26 Q2'26 $3.3 $3.1 $3.0 $3.6 Q3'25 Q4'25 Q1'26 Q2'26 78% 17% 5% Surface Use Royalties and Revenues Resource Sales and Royalties O&G Royalties
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8 Gathering & Separation Fiber Optic Supply Water Pond for Cooling Multi-Well Pad Oil Natural Gas NGL Water Electricity Processing Plant Gas Power Plant Solar Power Generation Utility Easements Data Center LandBridge’s Comprehensive Approach to Facilitating Data Center Projects Is Gaining Significant Commercial Traction LandBridge aggregates what hyperscale projects need: 1. Large, contiguous sites with favorable permitting 2. Durable access to non-potable water 3. Multi-GW grid and BTM connected power optionality As momentum and demand for West Texas digital infrastructure projects increases, LandBridge continues to work through due diligence with existing and new high-quality counterparties: Resource Sales and Royalties: Fees from the sale of supply water from LandBridge land and power royalty agreements Surface Use Royalties and Revenues: Fees for surface acreage use needed for operations, including lease option payments, construction and damages revenue, and lease revenue 2 1 Revenue Streams to LB: Power & Digital Infrastructure counterparties under LOI, option, or late- stage negotiations(1) Power generation potential under LOI, option, or late- stage negotiations(1) 7 10+ GW LandBridge Offering Continues to Drive Digital Infrastructure Interest and Progress 1) Options, non-binding LOIs and in-progress negotiations are subject to a number of risks and uncertainties. We can offer no assurance that the counterparty will lease our acreage in part or in full, nor can there be any assurance that the counterparty will be successful in its efforts to develop the data center or any power generation facilities.
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9 Extraordinary Water Resource Access Provides Incremental Growth Potential 1) INTERA, estimates reflect independently verified recoverable volumes using conservative depletion assumptions. Actual available supply water may exceed stated figures. LB access is not representative of cumulative aquifer capacity. 2) Assumes a 1GW data center that uses ~100,000 barrels of water supply per day, per the Environmental and Energy Study Institute. 1 acre-foot equals 325,851 U.S. gallons, or approximately 7,758 barrels (based on 42 gallons per barrel). LandBridge is uniquely positioned to support evolving data center needs both on and off our footprint, backed by substantial access to brackish and treated produced water resources, waste disposal capabilities, and long-standing basin expertise LandBridge has access to ~13.4 million acre-feet of brackish water due to its surface portfolio(1)Beneficial Reuse Comparison Brackish Water Treated Produced Water Availability Readily accessible Abundant & accessible Minimal to low, depending on salinity & dissolved solids Straightforward tie-in to existing wells High, desalination required Requires specialized collection, treatment & blending systems Near-term reliability; enables immediate development Long-term stewardship & differentiation advantage Permitting & Regulation Established TCEQ framework Favorable legislation (SB-7, HB- 49) Treatment Requirements Infrastructure Integration Strategic Value Industrial, hydraulic fracturing Waste product: recycle / disposalAlternative Uses Represents ~118,000 acre-feet of brackish water accessible via LandBridge surface portfolio Amount of water needed to support a 1 GW data center for 25 years(2) Growth Potential Access to aquifer volumes grows in concert with acreage portfolio Strong produced water growth outlook
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10 Indicates 2022 – 2025 Adj. EBITDA CAGR(1) 63% 29% 21% 21% 20% 17% 15% 11% 11% 10% 10% 6% 5% 3% 3% 2% (5%) (8%) (8%) (10%) (35%) (11%) (11%) (50%) (16%) (20%) (80%) (60%) (40%) (20%) 0% 20% 40% 60% 80% 100% 120% (10%) 10% 30% 50% 70% 90% 2025 Free Cash Flow Margin(1) LandBridge’s Advantaged Combination of High Margins and Growth Source: Public company disclosure, FactSet as of 3/13/2026. Note: For the period ended 12/31/2025. Free cash flow calculated as cash flow from operations less capex. Comparable groups include the following companies: Other Land Management: JOE, TRC; Land REITs: FPI, LAND; Industrial REITs: PLD, REXR, FR; Gold Streamers: FNV, WPM, OR, RGLD; Timber Trusts: RYN, WY, PCH; Minerals: VNOM, BSM; Midstream: DTM, KNTK, WBI; Exploration & Production: DVN, PR, MTDR, CTRA, OXY, COP. 1) Represents a non-GAAP financial measure; see a reconciliation to the most directly comparable GAAP measures of LandBridge in the Appendix. Texas Pacific Land Other Land Management Land REITs Industrial REITs Gold Streamers Timber Trusts Minerals Midstream Exploration & Production LandBridge High Margin, High Growth Business Model YTD 2022 – 2025 FCF Growth(1)
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11 0% 100% 200% 300% 400% 500% Jun-24Sep-24Dec-24Mar-25May-25Aug-25Nov-25Jan-26 Apr-26 Jul-26 Opportunistically Pursue Value-Enhancing M&A Return Capital to Shareholders 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 Pursue opportunities within balance sheet standards Disciplined Capital Allocation Announced quarterly cash dividend of $0.12 / share $50 million share buyback program currently active Maintain ability to repurchase shares alongside future sponsor secondary offerings, providing investors with an accretive transaction that enhances trading liquidity Target long-term net leverage ratio between 2.0 – 2.5x Support financial flexibility and ability to pursue enhanced return of capital and value-accretive acquisitions over time Debt Maturity Schedule ($ in millions) $500 $375 2025 2026 2027 2028 2029 2030 Total Shareholder Return(2)Legacy Acreage Surface Use Economic Efficiency ($ revenue / acre)(1) Senior Unsecured Notes Upsized Revolving Credit Facility $45 $465/acre $724/acre $1,018/acre $1,159/acre FY 2022 FY 2023 FY 2024 FY 2025 1) 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. Legacy acreage refers to LandBridge’s initial approximately 72,000 owned surface acres in Loving and Reeves Counties, Texas and Eddy County, New Mexico. 2) FactSet as of July 31, 2026. Maintain Appropriate Capital Structure LB 360%
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12 $500 $375 2025 2026 2027 2028 2029 2030 Capitalization Table(1) Summary On August 4, 2026, increased liquidity by increasing total revolving credit facility by $100 million to $375 million and reducing applicable margins by 25 basis points across the pricing grid Long-term net leverage ratio target remains at 2.0 – 2.5x all $ in millions 6/30/2026 Revolving Credit Facility Due 2030 $45 6.25% Senior Unsecured Notes Due 2030 $500 Other(2) $0.2 Total Debt $545 (-) Cash and Cash Equivalents $40 Net Debt(3) $505 Shares Outstanding (MM) 77 Market Capitalization(4) $5,976 Enterprise Value(4) $6,481 Net Debt / Covenant EBITDA(3) 2.5x Revolving Credit Facility Borrowing Base(5) $375 (-) Revolving Credit Facility Borrowings $45 Cash and Cash Equivalents $40 Liquidity(5) $370 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 July 31, 2026. 5) Reflects upsized borrowing base from $275 million to $375 million on August 4, 2026. Current Debt Maturities and Capitalization Table Debt Maturity Schedule Senior Unsecured Notes Upsized Revolving Credit Facility $45
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13 Synergistic Partnership with WaterBridge Supports LandBridge Growth Mutually beneficial relationship with WaterBridge offers line-of-sight to growth & cash flow predictability for LandBridge Pore Space Access + Surface Rights Royalties + Surface Use Payments Active surface manager that promotes efficient industrial development of our land and resources • Shared management team dynamic allows WaterBridge growth plan and industry knowledge to support LandBridge land acquisition underwriting A leading water management solutions provider to the energy industry Responsible for all costs related to construction, maintenance and operations Plans to continue expanding and constructing infrastructure on LandBridge surface $0.11 / bbl $0.13 / bbl $0.15 / bbl $0.14 / bbl $0.11 / bbl $0.12 / bbl $0.12 / bbl $0.12 / bbl Q3'25 Q4'25 Q1'26 Q2'26 Other WaterBridge LandBridge’s formal related party transactions process and meaningful non-related counterparty revenue exposure preserves arms-length market terms with WaterBridge Historical LandBridge Royalty Rates by Counterparty FY 2025 LandBridge Revenue by Counterparty 25% 75% WaterBridge Other WBI (early customer) receives benefit of legacy royalty rates Prevailing rate for new contracts is ~$0.15/bbl
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14 LandBridge’s >13% management ownership(1) shows clear alignment with shareholders Reinforces management’s confidence in LandBridge’s value trajectory Supports disciplined capital allocation and long-duration approach to value creation Equivalent LBH Units(2) LB RSUs(3) Total Holdings Vested Unvested Vested Unvested # / % of SOS Total NEO Ownership 3,452,456 1,116,606 206,297 165,509 4,940,867 / 6.4% Significant Incentive Alignment with LandBridge Management Ownership Source: Company proxy filings (DEF 14A), FactSet, management estimates. Data subject to verification. 1) Represents NEOs and other current members of LandBridge mgmt. Ownership percentages may not sum to public filings due to SEC requirements regarding the calculation of beneficial ownership; excludes unvested restricted share units. 2) Equivalent LBH Units represent NEO ownership through LBH Management Units as if fully converted to LB Class B shares. 3) Vested shares are shown net of taxes as of 7/21/2026; unvested shares are subject to customary forfeiture terms and net tax on shares at vesting. LandBridge Management and Five Point Sponsors are Meaningfully Aligned with LandBridge Public Shareholders Management Invested in LandBridge’s Success DBR Land Holdings LLC “OpCo” LandBridge Holdings LLC ~48.4 MM Class B Shares ~63% Voting Power ~28.4 MM OpCo Units ~37% of OpCo Units Funds affiliated with Five Point LandBridge Management ~48.4 MM OpCo Units ~63% of OpCo Units LBH Management Units ~77% interest(1) ~23% interest(1) LandBridge Company LLC (NYSE: LB; NYSE TX: LB) Restricted Share Units (RSUs) 1918 Ranch Sellers ~0.3 MM Class B Shares ~0.3% Voting Power ~0.3 MM OpCo Units ~0.3% of OpCo Units
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15 Appendix
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16 1) As of August 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 starts 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 End of 2024 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 >325,000 acres New Mexico Texas New Mexico Texas New Mexico Texas LandBridge Position Strategic Timeline
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17 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 1) B3 Insights, Pickering Energy Partners analysis, 2026. 2) The University of Texas Jackson School of Geoscience’s Bureau of Economic Geology; Center for Injection and Seismicity Research, 2026. 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 (1) 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: 1,373 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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18 Corporate Governance and Related Party Transactions Review Process Board of Directors Audit Committee Conflicts Committee LandBridge Ownership(1) 63% 37% Five Point Public 3 independent directors Related Persons Transactions Policy delegates review and approval of all related party transactions involving LandBridge and any affiliate to the Audit Committee or, if the Board determines, to a Conflicts Committee comprised of independent, disinterested directors Any director that serves on both the LandBridge and WaterBridge boards will be recused from participating in deliberations of transactions between the two entities 7 insiders, including CEO + 4 Independent directors 1 2 3 Consists of 2-3 independent, disinterested directors when formed Ad hoc committee formed by the Board on an as-needed basis to review significant related party transactions between LandBridge 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 August 2026, rounded to the nearest whole number.
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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; share-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 project 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 project 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 divestiture. 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 Flow Margin as Free Cash Flow divided by total revenues. Free Cash Flow and Free Cash Flow Margin are utilized to assess our ability to repay 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 effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition 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 Net 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 Covenant EBITDA 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. 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 Non-GAAP Financial Measures 1) Time-based profits interests previously referred to as "LBH Incentive Units" are now termed "LBH Management Units," reflecting a 2026 recapitalization of LandBridge Holdings' equity into a single unit class. The terms, vesting, and value of these awards were unchanged. 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. Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow and Free Cash Flow Margin Quarter Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income 31,049$ 17,868$ 18,174$ 20,291$ 18,475$ Adjustments: Depreciation, depletion, and amortization 4,374 4,425 3,740 2,584 2,545 Interest expense, net 9,190 9,511 8,961 7,889 7,879 Income tax expense 3,902 1,789 2,611 2,705 2,148 EBITDA 48,515 33,593 33,486 33,469 31,047 Adjustments: Share-based compensation - LBH Management Units(1) 8,964 9,002 9,375 9,144 9,044 Share-based compensation - RSUs 2,276 2,262 2,308 2,081 2,227 Transaction-related expenses(2) - - 5,820 - 135 Other - - 100 156 - Adjusted EBITDA 59,755$ 44,857$ 51,089$ 44,850$ 42,453$ Net income margin 46% 35% 32% 40% 39% Adjusted EBITDA Margin 89% 88% 90% 88% 89% (in thousands) (unaudited) Quarter Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net cash provided by operating activities 41,371$ 41,120$ 38,116$ 34,912$ 37,332$ Net cash used in investing activities (11,274) (2,148) (212,021) (1,107) (2,079) Cash provided (used in) by operating and investing activities 30,097 38,972 (173,905) 33,805 35,253 Adjustments: Acquisitions 10,171 1,995 210,281 5 944 Proceeds from disposal of assets (28) (27) - (85) (105) Free Cash Flow 40,240$ 40,940$ 36,376$ 33,725$ 36,092$ Operating cash flow margin (3) 62% 81% 67% 69% 79% Free Cash Flow Margin 60% 80% 64% 66% 76% (in thousands) (unaudited)
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21 Non-GAAP Financial Measures Cont’d Adjusted EBITDA and Adjusted EBITDA Margin Free Cash Flow and Free Cash Flow Margin 1) Time-based profits interests previously referred to as "LBH Incentive Units" are now termed "LBH Management Units," reflecting a 2026 recapitalization of LandBridge Holdings' equity into a single unit class. The terms, vesting, and value of these awards were unchanged. 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 $2.6 million related to a contract termination payment. 4) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue. Year Ended December 31, 2025 2024 2023 2022 Net income (loss) 72,399$ (41,479)$ 63,172$ (6,361)$ Adjustments: Depreciation, depletion & amortization 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 - LBH Management 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)
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22 Non-GAAP Financial Measures Cont’d Adjusted EBITDA to Covenant EBITDA Total Debt to Net Debt; Net Leverage Ratios 1) Covenant addbacks, material project adjustments, or pro forma adjustments included in our credit facility covenant calculations: Pro Forma adjustments are attributable to the 1918 Ranch acquisition for the portion of the LTM period prior to its close in Q4 2025. 2) Cash offset is limited to $50mm under our current credit agreement. Quarter Ended June 30, 2026 (in thousands) (unaudited) LTM Adjusted EBITDA 200,551$ Covenant EBITDA Adjustments:(1) Plus: Covenant Addbacks 11$ Plus: Pro Forma Adjustments 5,205 Covenant EBITDA, Including Material Project and Pro Forma Adjustments 205,767$ Quarter Ended June 30, 2026 (in thousands) (unaudited) Balance Sheet data (at end of period): Total Debt 545,219$ Less: Cash & Cash equivalents (39,797) Net Debt 505,422$ Net Covenant Debt (Cash Offset Cap)(2) 505,422 (/) Covenant EBITDA 205,767$ Credit Metrics Using Covenant EBITDA: Total Debt / Covenant EBITDA 2.6x Net Debt / Covenant EBITDA 2.5x Net Covenant Debt / Covenant EBITDA 2.5x