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WATERBRIDGE مونها WaterBridge Earnings Presentation Second Quarter 2026
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2 Disclaimers Forward-Looking Statements The information in this presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, commercial opportunities, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to: our customers’ demand for and use of our services; the domestic and foreign supply of, and demand for, energy sources, including the impact of 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 a substantial majority of our revenues, including the potential consolidation of such customers within such region; our ability to enter into favorable contracts with our customers, including the prices we are able to charge and the margins we are able to realize; commodity price volatility and trends related to changes in commodity prices, and our customers’ ability to successfully navigate such volatility; the availability of additional pore space for future capacity expansion; the level of competition from other water management companies; changes in the prices charged to our customers and availability of services necessary for our customers to conduct their businesses, as a result of scarcity, government regulations or other factors; ours and our customers’ ability to obtain necessary supplies, raw materials and other critical components on a timely basis, or at all, including any impacts presented by imposed or potential tariffs, shortages, price increases and any reactions thereto in international trade; any planned or future expansion projects by us or our customers; our ability to continue the payment of dividends; the development of advances or changes in energy technologies or practices; our ability to successfully implement our growth plans, including through organic growth projects, future acquisitions or otherwise; the potential deterioration of our customers’ financial condition and their ability to access capital to fund their development programs; the degree to which consolidation among our customers may affect spending on U.S. drilling and completions in the near term; our and our customers’ ability to obtain government approvals or acquire or maintain necessary permits, including those related to the development and operation of produced water handling facilities; operational disruptions and liability related thereto associated with our customers, including those due to environmental hazards, fires, explosions, chemical mishandling or other industrial accidents; our liquidity and our customers’ liquidity and our ability to access the capital markets on favorable terms, or at all, which depends on general market conditions, including the impact of inflation, tariffs and international trade, interest rates and related governmental policies; 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; 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; and our level of indebtedness and our ability to service our indebtedness; our ability to integrate future acquisitions and manage related growth; our ability to recruit and retain, or secure the services of, key management and other personnel and the allocation of resources between WaterBridge and Landbridge; actions taken by the federal or state governments, such as executive orders or new or expanded regulations, that may impact future energy production in the U.S.; 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, in particular, those intended to address seismic activity or overpressurization; 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 WaterBridge, are also more fully discussed in WaterBridge’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 WaterBridge’s filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, WaterBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made. Financial and Operating Data In certain instances, we present financial and operating data on a pro forma basis. As used herein, “pro forma” with respect to financial data refers to the combined financial data of WaterBridge Equity Finance LLC (“WBEF”), WaterBridge NDB Operating LLC (“NDB Operating”), Desert Environmental LLC (“Desert Environmental”), and their respective subsidiaries, as adjusted to give effect to consummation of a series of transactions (such transactions, the “WaterBridge Combination”) pursuant to which all of the equity interests in WBEF, NDB Midstream LLC, a subsidiary of NDB Operating, and Desert Environmental were contributed to WBI Operating LLC. Unless otherwise indicated, pro forma financial data for full year 2025 and all quarters prior to fourth quarter 2025 gives effect to the WaterBridge Combination as if the WaterBridge Combination had been consummated on January 1, 2024. The pro forma financial data has been prepared to reflect transaction accounting adjustments to our historical financial information that management believes is factually supportable and that is expected to have a continuing impact on results of operations, with the exception of certain nonrecurring items incurred in connection with the WaterBridge Combination. In addition, future results may vary significantly from the results reflected in the pro forma data and should not be relied on as an indication of the future results of the combined company. The pro forma financial and combined operating data are presented for illustrative purposes only and should not be relied upon as an indication of the financial condition or the operating results that would have been achieved if the WaterBridge Combination had taken place as of the specified dates. Industry and Market Data Market and industry data and forecasts used in this presentation have been obtained from independent industry sources as well as from research reports prepared for other purposes. We also cite certain information from media and other third-party sources. Although we believe these third-party sources to be reliable, we have not independently verified the data obtained from these sources and we cannot assure you of the accuracy or completeness of the data. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Statements as to our market position are based on market data currently available to us, as well as management’s estimates and assumptions regarding the size of our markets within our industry. While we are not aware of any misstatements regarding our industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. As a result, we cannot guarantee the accuracy or completeness of such information contained in this presentation. In addition, any reference within this presentation or made in connection with this presentation to our support of, work with, or collaboration with a third-party entity or organization does not constitute or imply an endorsement of any or all of the positions or activities of such entity or organization. Use of Non-GAAP Financial Measures We supplement our financial results that are determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") with non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, Adjusted Capex WBEF and Adjusted Capex WBI. Adjusted EBITDA, Adjusted EBITDA Margin, pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, Adjusted Capex WBEF and Adjusted Capex WBI are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income or any other measures presented under GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies. Please refer to the Appendix for a reconciliation of such Non-GAAP financial measures to their most comparable GAAP measures, as well as a discussion of how each such non-GAAP measure is calculated and why we believe such non-GAAP measure is useful in evaluating our financial and operating results.
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3 Recent Highlights Strong Results Position WaterBridge for Continued Success 1) Represents a Non - GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 2) Total initial consideration of $189 million at the time of the transaction was offset by the subsequent agreement to sell ass oci ated land to LandBridge for anticipated proceeds of $20 million; the sale is expected to close simultaneously with the facili ty acquisition, subject to customary closing conditions and receipt of all required consents and approvals. Produced water handling volumes of 2.6 million barrels per day, an increase of 6% quarter-over-quarter Revenue of $217.8 million, an increase of 8% quarter-over- quarter Net income of $14.6 million, with net income margin of 7% Adjusted EBITDA of $115.8 million, with Adjusted EBITDA Margin of 53%(1) Updated full year 2026 guidance ranges based on anticipated impacts of the Ranger Water Midstream acquisition, NDB Landfill acquisition, Stateline landfill construction, and incremental capital projects, including increasing Adjusted EBITDA expectations to $435 – $475 million Announced quarterly cash dividend of $0.05 per share Second Quarter Financial Results & Announcements Closed acquisition of Ranger Water Midstream, adding ~70 MBbl/d of capacity, ~30 miles of produced water pipelines, and ~1.2 MMbbls of produced water storage in Lea County, NM Doubled the assets of Company's environmental waste management business through two recent investments: Agreed to acquire the 560-acre Northern Delaware Basin Landfill in Lea County, NM, for net consideration of $169 million(2), expanding the Company’s environmental waste management footprint into a desirable and growing market Invested in the near-term organic construction of a fourth environmental waste management facility in the Stateline region WaterBridge’s two existing facilities set a daily processing record subsequent to quarter end, further bolstering our conviction in our waste management business growth prospects First operational volumes online in July for the Speedway Phase 1 Pipeline project Announced that the committee of independent directors formed to evaluate the potential conversion from a Delaware limited liability company to a Texas corporation acknowledges the long-term benefits of conversion and will re-visit the decision when full index eligibility requirements are met Recent Highlights
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4 Note: Map representation as of August 2026; assumes closing of NDB Landfill acquisition. 1) Share price as of July 31, 2026. 2) As of June 30, 2026; includes assets under active development. 3) Excludes gas transportation pipelines. 4) Includes produced water disposal wells and other recycling and reuse facilities. Leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, as well as the Eagle Ford and Arkoma Basins Provides full-cycle water infrastructure to oil and gas E&P companies under long- term, fixed-fee contracts, with majority of revenue from produced water handling Strategic partnership with LandBridge (NYSE: LB; NYSE TX: LB), a surface land management company in the Delaware Basin, provides confidence in ability to execute future growth projects via access to LandBridge’s large, contiguous pore space position Company Overview Asset Map Key Statistics WaterBridge Company Overview Market Capitalization(1) $4.2 Billion Q2 2026 Produced Water Handling Volumes 2,598 MBbl/d 2021 – 2025 Combined Volume CAGR >22% Miles of Pipeline(2,3) 2,814 Miles Produced Water Handling Facilities(2,4) 225 Produced Water Handling Capacity(2) ~5.5 Million Bbl/d Acreage Dedications(2) ~2.5 Million Acres Water Pipelines WBI Water Handling Facilities LandBridge Acreage WBI Environmental Facility Planned New Devon Project Texas Pacific Land Corp. AMI Acquired Ranger Pipelines Acquired Ranger Facilities Announced Pipelines
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5 Key Financial and Operating Results Second Quarter Financial and Operating Results 1) Produced water handling volumes for Q3 2025 are presented on a combined basis. Q4 2025, Q1 2026, and Q2 2026 produced water handling volumes are presented as reported (non- combined). 2) Revenue, Adjusted EBITDA and Adjusted EBITDA Margin for Q3 2025 are presented on a pro forma basis. Q4 2025, Q1 2026, and Q2 2026 Revenue, Adjusted EBITDA and Adjusted EBITDA Margin are presented as reported (non- pro forma). 3) Represents a Non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 4) Capital Expenditures for Q3 2025 were presented separately for WBI and WBEF; combination methodology for Q3 2025 is presented in the appendix to this presentation. Capital Expenditures for Q4 2025, Q1 2026, and Q2 2026 are presented as reported. 5) Credit metrics displayed as calculated according to the credit agreement. Reconciliation of Adjusted EBITDA to Covenant EBITD A can be found in the appendix to this presentation. ($ in millions) Quarter Ended June 30, 2026 Total Water Volumes (MBbl/d) 2,959 Produced Water Handling Volumes (MBbl/d) 2,598 Water Solutions Volumes (MBbl/d) 361 Revenue $217.8 Net Income $14.6 Net Income Margin 7% Adjusted EBITDA(3) $115.8 Adjusted EBITDA Margin(3) 53% Capital Expenditures $123.3 Credit Metrics Total Debt / Covenant EBITDA(3,5) 3.4x Net Debt / Covenant EBITDA(3,5) 3.3x Cash $47.6 Debt $1,635.6 Net Debt(3) $1,588.0 Produced Water Handling Volumes(1) (MBbl/d) Revenue(2) ($MM) Adjusted EBITDA(2,3) ($MM) Adjusted EBITDA Margin(2,3)Adjusted EBITDA(2,3) Capital Expenditures(4) ($MM) 2,535 2,552 2,460 2,598 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $205.5 $208.9 $201.0 $217.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $105.7 $103.8 $102.9 $115.8 Q3 2025 Q4 2025 Q1 2026 Q2 2026 51% 50% 51% 53% $59.4 $89.2 $110.9 $123.3 $29.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 WBI WBEF
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6 Data Center Water Handling Facilities: Water is processed by removing skim oil and solids, and the majority of all produced water is handled via underground sequestration WaterBridge Provides Critical Infrastructure to Oil & Gas Producers Gas Plant/Sales Oil Sales Terminal E&P Multi-Well Pad E&P Central Gathering Station E&P Drilling Rig Location Produced Water Handling Facility Frac Site Fed by Pond Desalination Plant Supply Water Pond Frac Site Fed by WBI Pipeline Waste Management Facility In-Field Gathering: WaterBridge gathers water produced alongside hydrocarbons from central gathering stations typically constructed & operated by E&P customer 1 Transportation: Primarily transported via integrated pipeline networks, then distributed throughout network to handling facilities or can be reused for well completions directly from our pipeline network Water Solutions: • Co-located recycling infrastructure with produced water handling facilities optimizes costs and availability for our customers • Future reuse opportunities could include desalination, data center water cooling, etc. 2 3 4 2 1 4 3 4 4 5 4 Produced Water Handling E&P customer responsibility WaterBridge responsibility 4 Beneficial Reuse Environmental Waste Management: Strategically positioned facilities designed to handle solid and liquid waste streams for diverse customer base across Delaware Basin 5
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7 Acquisition of Ranger Water Midstream Adds Strategic New Mexico Capacity Ranger Asset Map Strategic Rationale On June 22, 2026, WaterBridge acquired Ranger Water Midstream and associated produced water gathering infrastructure in Lea County, NM Transaction further strengthens WaterBridge's position as a leading integrated, pure-play water infrastructure operator in the Northern Delaware Basin Extends service footprint into central northern Lea County, where key Speedway operators continue to prioritize oil and gas development Established contracts + acreage dedications with high-quality producers expands throughput capacity for produced water handling and supply water Proximity to Speedway Pipeline infrastructure enhances operational flexibility and allows for increased throughput as it comes online Provides WaterBridge with access to gathering and supply volume streams in a competitive recycling environment Existing contracts and surface use agreements allow WaterBridge to utilize dedicated Speedway volumes for treated supply, improving margins Expected to be immediately accretive to all financial metrics prior to any synergies Key Transaction Statistics Water Pipelines WBI Water Handling Facilities LandBridge Acreage Acquired Ranger Pipelines Acquired Ranger Facilities Announced Pipelines Total Consideration ~$80 Million Total Permitted Capacity 70,000 Bbl/d Produced Water Handling Pipeline ~30 miles Supply Water Pipeline ~50 miles Produced Water Storage Capacity ~1.2 MMBbls Water Treatment Capacity ~100,000 Bbl/d Note: Map representation as of August 2026.
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8 Waste management investments demonstrate competitive returns, providing a compelling capital allocation opportunity that supports the economics of existing WaterBridge assets and expands WaterBridge’s customer and industrial base Environmental Waste Management Growth Enhances Portfolio WBI Environmental Facilities WaterBridge’s synergistic environmental waste management business is a leading provider of integrated solutions in the Delaware Basin • WaterBridge is investing in the opportunity to organically construct its fourth environmental waste management facility in the Stateline region • Facility construction expected to begin in the third quarter, with completion expected mid-2027 • Once constructed, facility is expected to expand the Company’s integrated service capabilities and generate direct operational efficiencies for WaterBridge’s produced water handling business via reduced waste hauling costs • In August 2026, WaterBridge entered into an agreement to acquire the NDB Landfill • NDB Landfill has ~44 million cubic yards of permitted capacity, with open capacity representing 40+ years of future solid waste handling capacity • Expands waste management footprint into New Mexico markets, where high E&P activity levels support predictable and recurring waste volumes • Transaction provides the Company another large, scalable platform in the basin for future growth in its environmental waste management business • Transaction is expected to close in the third quarter of 2026 (1) Acquisition of NDB Landfill Organic Development of 4th Landfill Facility $169 million Net consideration(2) 40+ years Solid waste handling capacity 560 acres With existing infrastructure Lea County New NM market access ~24-month Expected capital payback period Mid-2027 Expected facility completion ~280 acres +high-value disposal permits Water Pipelines WBI Water Handling Facilities LandBridge Acreage WBI Environmental Facility Planned New Devon Project Texas Pacific Land Corp. AMI Acquired Ranger Pipelines Acquired Ranger Facilities Announced Pipelines Note: Map representation as of August 2026; assumes closing of NDB Landfill acquisition. 1) Transaction is subject to customary closing conditions, including receipt of all required consents and approvals. 2) Total initial consideration of $189 million at the time of the transaction was offset by the subsequent agreement to sell ass ociated land to LandBridge for anticipated proceeds of $20 million; the sale is expected to close simultaneously with the facili ty acquisition.
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9 New Devon Project Capital Acceleration • Capex to be spent in 2H represents an acceleration of previously planned 2027 capex, shifting the anticipated in-service date of the project and associated growth forward to early 2027 New Commercial Capital Projects • Capex to be spent in 2H represents numerous commercially-driven new build and bolt-on infrastructure projects across our footprint to serve growing demand for access to our network Ranger Midstream Infrastructure Integration • Capex to be spent in 2H represents integration projects including a connecting pipeline to WaterBridge’s Speedway Pipeline assets in the area to unlock incremental growth potential of the acquired assets Stateline Landfill Construction • Capex to be spent in 2H represents initial construction of the Stateline landfill facility • Expected to be fully in service by mid-2027 Note: Map representation as of August 2026; assumes closing of NDB Landfill acquisition; locations of capital projects are not e xact. 2H 2026 Capital Projects Map Incremental 2026 Capital Projects Accelerate High-Return Growth Long-term contracts (10+ years) Credit-worthy counterparties Fixed fees with CPI escalators Build multiple < 5.0x Ability to fund while maintaining balance sheet strength 3 1 2 3 4 Strategic Growth Projects Underpin Additional $100MM of Expected 2026 Capex 2 Water Pipelines WBI Water Handling Facilities LandBridge Acreage WBI Environmental Facility Texas Pacific Land Corp. AMI Acquired Ranger Pipelines Acquired Ranger Facilities Announced Pipelines 2 2 1 4 All Projects Meet or Exceed Capital Allocation Criteria
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10 Digital Infrastructure-Related Water Demand Provides Unique Opportunity for Growth WaterBridge is well-positioned to provide scaled water solutions beyond traditional oil & gas development, with potential to ser ve as a full-cycle utility partner for hyperscalers Core capabilities and partnerships are directly applicable to data center needs: 1 ~5 MM 2 3 4 05 195 produced water facilities in the Delaware Basin(1,5) Ownership of Large and Growing Produced Water Volumes Unparalleled Brackish Water Supply & Delivery Capacity Industry-Leading Integrated Produced Water Infrastructure Environmental Waste Management & Produced Water Disposal WaterBridge owns and controls growing produced water volumes, including ~5 MM Bbl/d total capacity(1) in the Delaware Basin and ~2.6 MM Bbl/d of total active volumes LandBridge partnership provides access to ~13.4 M acre-feet of brackish water(2) – enough to supply a 1 GW data center’s ~100,000 bpd demand for 2,850+ years(3) With 2,086 miles of pipeline(1,4) and 195 produced water handling facilities(1,5) in the Delaware Basin, WaterBridge’s network strategically connects high demand growth centers and broader industrial corridors Disposal expertise and facilities in areas of scarce infrastructure allow WaterBridge to provide dynamic solutions throughout the entire water lifecycle Bbl/d Produced Water Handling Capacity(1) ~13.4 M Acre-feet LandBridge Estimated Groundwater(2) WaterBridge Supports Full-Cycle Data Center Cooling Produced Water Owned Active & Previously Injected Volumes Accessible through LandBridge Partnership WaterBridge Water Management Infrastructure Data Center Cooling Infrastructure Hyperscaler / End user Recycle & DisposalSupply Brackish Water 4 environmental waste facilities(6) 10+ years of disposal expertise 1) Delaware Basin assets as of June 30, 2026; includes Delaware Basin assets under active development. 2) INTERA, estimates reflect independently verified recoverable volumes using conservative depletion assumptions. Actual available supply water may exceed stated figures. 1 acre-foot = 325,851 U.S. gallons, or ~7,758 barrels (based on 42 gallons per barrel). 3) Assumes a 1GW data center that uses ~100,000 barrels of water supply per day, per the Environmental and Energy Study Institut e. 4) Excludes gas transportation pipelines. 5) Includes produced water disposal wells and other recycling and reuse facilities. 6) Includes announced acquisition of the NDB Landfill facility and planned construction of a landfill facility in the Stateline region.
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11 Strong Balance Sheet Supports High-Return Capital Projects 1) Senior unsecured notes reflect the aggregate principal amount and are not adjusted for unamortized debt issuance costs and di scounts. 2) Includes insurance and asset financing notes. 3) Represents a Non-GAAP financial measure. 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 $500 million to $750 million on August 4, 2026. Debt Structure Provides Ample Liquidity with No Near-Term Maturities $825 $600 $750 2026 2027 2028 2029 2030 2031 2032 2033 • On August 4, 2026, increased liquidity by increasing total revolving credit facility by $250 million to $750 million and reducing applicable margins by 25 basis points across the pricing grid • WaterBridge maintains a conservative balance sheet and prudent capital structure, with long-term leverage goal of <3.0x Capitalization Table Capitalization(1) ($ MM) 6/30/2026 Revolving Credit Facility Due 2030 $200 6.25% Senior Unsecured Notes Due 2030 $825 6.50% Senior Unsecured Notes Due 2033 $600 Other(2) $11 Total Debt $1,636 (-) Cash and Cash Equivalents $48 Net Debt(3) $1,588 Shares Outstanding (MM) 123.5 Market Capitalization(4) $4,225 Enterprise Value(4) $5,813 Net Debt / Covenant EBITDA(3) 3.3x Revolving Credit Facility Borrowing Base(5) $750 (-) Revolving Credit Facility Borrowings $200 Cash and Cash Equivalents $48 Liquidity(5) $598 Senior Unsecured Notes Upsized Revolving Credit Facility $200
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12 Debt Paydown Maintain conservative balance sheet and prudent capital structure Long-term leverage target of < 3.0x Disciplined Capital Allocation Framework Net Cash Provided by Operating Activities Resilient cash flow supported by long-term, fixed-fee contracts Free Cash Flow Growth Capital Expenditures Evaluate low-risk, high-return water infrastructure opportunities to enhance WaterBridge assets and commercial relationships Selective and disciplined pursuit of strategic inorganic growth opportunities (-) Dividends Share Repurchases Potential for opportunistic share repurchases Long-term contracts (10+ years) Credit-worthy counterparties Fixed fees with CPI escalators Build multiple < 5.0x Ability to fund while maintaining balance sheet strength Criteria for Capital Projects Allocation Waterfall Dividend of $0.05 / share Announced for Q3 2026
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13 Updated 2026 WaterBridge Guidance 2.55 – 2.75 Million Bbl/d $530 – $590 Million $435 – $475 Million Produced Water Handling Volumes Capital Expenditures Adjusted EBITDA Increased produced water handling volume guidance due to anticipated second half volume impact of Ranger infrastructure acquisition Increased FY capex guidance by $100 million, driven by high-return projects, including: - Integration-related capex for Ranger infrastructure assets - Construction of new Stateline landfill facility - Acceleration of New Devon Project construction - Incremental strategic capital projects across footprint Increased Adjusted EBITDA guidance due to anticipated second half EBITDA impacts from the Ranger infrastructure acquisition and NDB Landfill acquisition Metric Updated 2026 Guidance Range Updated Commentary
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14 WaterBridge Represents a Differentiated Value Opportunity Highly experienced management team with proven track record 7 Strong financial profile with significant growth potential and a conservative capital structure 6 Well-positioned to capitalize on growth through access to underutilized LandBridge pore space 3 Sophisticated operations with advanced, fit-for-purpose technology solutions 4 Fee-based contracts with large, creditworthy and diversified customer base 5 Expansive footprint in the Delaware Basin, the most prolific and water-intensive North American basin 2 Largest operating produced water infrastructure network in the United States 1
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Appendix
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16 Delaware produced water volumes are ~4x larger than water required for hydraulic fracturing 1) Studies led by The University of Texas at Austin, Jackson School of Geosciences, published in Environmental Science and Technology on February 16, 2020, and Science of the Total Environment on February 3, 2020; the projected life of each oil play varies but is measured in decades. WaterBridge Provides a Solution for the Vast Majority of Delaware Water Volumes 2Q26 Revenue by Source WaterBridge’s growth priority is flow assurance for the large volumes of water that cannot be recycled Our Water Solutions business provides additional revenue upside 2310 6247 33 14 20 7 Bakken Midland Basin Eagle Ford Marcellus Over the life of the oil play: Projected water produced (billion barrels) Projected water needs for hydraulic fracturing (billion barrels) A non-recycling solution for produced water volumes is necessary for long-term flow assurance Projected Produced Water in Lower 48 Oil and Gas Producing Basins (1) WaterBridge has invested in long-term produced water handling solutions for Delaware E&Ps 24868 Delaware Basin Water Solutions 4% Produced Water Handling 91% Other 5%
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17 Operational Excellence Driven by Advanced, Proprietary Technology Integrated water infrastructure network supported by field personnel and automated in-field equipment, including pumps, valves, cameras, and on-site computers Proprietary WAVE Forecasting Software Platform used to optimize capital deployment by aligning future capacity and utilization with modeled growth trends GATHER PLAN OPTIMIZE Give your field team the Google Maps of Oil and Gas Create scenarios and maximize operational potential Optimize across scenarios using ML & advanced analytics 24/7 asset monitoring and safety management supported by >800 live camera feeds and >10,000 direct control inputs per month with goal of <2% error rate in volume measurement Optimized Forecasting Intervention-Focused Automation Highly Accurate Monitoring
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18 Leading water management solutions provider to the energy industry Relationship with LandBridge Supports Long-Term Asset Position Royalties for each barrel of produced water handled on LandBridge surface Access to large positions of contiguous, underutilized pore space Operating Company Provides: Land Company Provides: Active surface manager that promotes efficient industrial development of land and resources Surface use payments for infrastructure Surface rights to develop produced water handling facilities Insight into planned WBI growth to underwrite surface acquisitions Dedicated acreage and pore space to de-risk future developments Synergistic relationship with LandBridge offers increased confidence in ability to execute future growth projects and to responsibly develop large, contiguous pore space position
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19 Anticipated to include 2-3 independent, disinterested directors when formed Ad hoc committee formed on an as-needed basis to review and approve significant related party transactions between WaterBridge and an affiliate, including material amendments to existing related party agreements Any transaction that receives Special Approval by the WaterBridge Conflicts Committee will be permitted and presumed to be approved in good faith under the WaterBridge LLCA WaterBridge Ownership(1) Audit Committee Board of Directors Conflicts Committee Robust Corporate Governance and Related Party Transactions Review Process 1) Represents approximate ownership as of August 5, 2026, rounded to the nearest whole number. 3 independent directors Related Transactions Policy delegates review and approval of all related party transactions involving WaterBridge and any affiliate to the Audit Committee or, if the Board determines, to a Conflicts Committee (described below) WaterBridge Audit Committee Charter to be updated to recuse any director from deliberating on transactions between LandBridge and WaterBridge if such director serves on both boards 44% 43% 13% Five Point Public Devon 9 Insiders, including CEO + 4 Independent directors
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20 Our Contract Structures Support Stable and Predictable Cash Flow 1) Based on FY2025 water-related revenues on a combined basis, excluding skim oil customers. Long-Term ● Initial term of 15 years for the majority of our long-term, fixed fee contracts ● As of year-end 2025, weighted-average remaining contract term of approximately 10.4 years(1) Fixed Fee ● Per-barrel fixed fee charged to transport and handle produced water volumes Acreage Dedications and AMIs ● Dedications of large acreage positions in which, other than diverted volumes, all produced water is required to be handled by our integrated network ● For certain of our contracts, AMIs designate areas in which producers will dedicate subsequently acquired or leased acreage and oil and natural gas wells to us MVCs ● Require our customers to deliver, or pay for the delivery of, certain minimum volumes of produced water over specific time periods Fee Escalators ● Annual fee escalation tied to the CPI or similar inflation index for substantially all of our long-term contracts Fees for Diverted Volumes ● A per-barrel fixed fee for produced water volumes diverted by customers prior to delivery to us, or redelivered by us, or for use in drilling and completion operations Key Contract Structure Features Remaining Contract Tenor(1) ~10.4 Years Weighted-average remaining contract tenor Diversified Customer Base(1) Customer A BB+ / Ba1 16% Customer B BBB / Baa2 12% Customer C BB- / Ba3 5% Customer D BBB- / Baa3 5%Customer E A- / A1 5% Other 57% Diverse customer base anchored by active, well-capitalized Delaware operators
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21 Mid–2017 WaterBridge’s Integrated Network was Built Through Targeted M&A and Organic Development 1) As of August 2026; assumes closing of NDB Landfill acquisition. 2) As of June 30, 2026; includes assets under active development. 3) Excludes gas transportation pipelines. 4) Includes produced water disposal wells and other recycling and reuse facilities. 2,814 miles of pipeline(2,3) 225 water handling facilities(2,4) 1,076 miles of pipeline 103 water handling facilities 748 miles of pipeline 62 water handling facilities 25 miles of pipeline 7 water handling facilities End of 2019 End of 2022 Current(1) Formative transaction; Initial EnWater Acquisition 150,000 bpd of handling capacity Acquisitions from Concho (now COP), PDC (now CVX), Primexx (now APA) and Others Initial NDB Build Out Devon JV, Kraken Project, East Stateline Platform, Speedway Project Water PipelinesWater Handling Facilities Planned and In Progress Pipelines New Mexico Texas New Mexico Texas LandBridge Acreage WBI Environmental Facility Texas Pacific Land Corp. AMI New Mexico Texas New Mexico Texas
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22 Non-GAAP Financial Measures Figure Definition Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA and Adjusted EBITDA Margin are used by WaterBridge management and by external users of WaterBridge financial statements, such as investors, research analysts and others, to assess the financial performance of WaterBridge’s assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. WaterBridge defines Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; transaction-related expenses; non-recurring litigation settlements and expenses; debt modification costs; gains or losses on disposal of assets; and other non-cash or non-recurring expenses. WaterBridge defines Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. WaterBridge excludes the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within WaterBridge’s industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Adjusted Capital Expenditures Adjusted capital expenditures is used by WaterBridge management and by external users of WaterBridge financial statements, such as investors, research analysts and others, to assess the company's cash investment in organic capital projects and infrastructure network, excluding the cash impact from acquisitions and dispositions. WaterBridge defines Adjusted Capital Expenditures as Net cash used in investing activities, adjusted for proceeds from disposal assets and Acquisitions, net of cash acquired. WaterBridge includes Adjusted Capital Expenditures in this presentation because our management believes that adjusted capital expenditures provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of operating results on a comparable basis with historical results. Our senior leadership team uses this non-GAAP financial measure in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. Our measure of adjusted capital expenditures is not necessarily comparable to other similarly titled measures for other companies due to different methods of calculation. 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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23 Reconciliation of Non-GAAP and Pro Forma Non-GAAP Financial Measures 1) Includes the amortization expense associated with WaterBridge’s produced water handling contract as reported in Produced Water H andling revenues. 2) Share-based compensation represents the non-cash charges related to the NDB Incentive Units and the net impact of eliminating WB EF liability-classified incentive unit expense and recognition of RSU expense for IPO grants amortized over a three- year vesting period. 3) Transaction-related expenses consist of non-capitalizable transaction costs associated with corporate reorganization and non- capitalizable IPO-related charges. 4) Other consists of abandoned well costs, abandoned project costs, mark -to-market derivatives and non- recurring items. 5) Cash offset is limited to $50 million under our current credit agreement. 6) Arithmetic sum. 7) Material Project / Applicable Waste Disposal Contract adjustments provided for in credit agreement and approved by agent. Pro Forma - Quarter Ended Quarter Ended In $000s, unless stated otherwise 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Net Income (Loss) ($18,683) ($13,583) $9,521 $14,555 Depreciation, depletion, amortization, and accretion(1) 75,510 68,997 68,947 72,100 Interest expense, net 41,039 25,380 19,992 22,708 Income tax expense (benefit) (1,758) (788) 1,055 2,211 TRA remeasurement loss - - - 3,236 Share-based compensation(2) 2,811 2,745 2,584 2,583 Temporary power costs 580 273 352 0 Sales tax liability release 0 (237) 0 (298) (Gain) loss on disposal of assets, net 377 148 (74) 8 Debt modification costs 258 11,545 0 0 Transaction-related expenses(3) 4,552 9,133 223 211 Other(4) 1,002 227 344 (1,548) Adjusted EBITDA $105,688 $103,840 $102,944 $115,766 Revenue $208,881 $200,977 $217,772 Adjusted EBITDA Margin 49.7% 51.2% 53.2% Net Income to Adjusted EBITDA and Adjusted EBITDA Margin & Pro Forma Net Income to Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin Net Cash Used in Investing Activities to Adjusted Capital Expenditures Quarter Ended In $000s, unless stated otherwise 9/30/2025 WBI Net cash used in investing activities ($19,242) Proceeds from disposal assets (163) Acquisitions, net of cash acquired (39,972) Adjusted Capital Expenditures ($59,377) WBEF Net cash used in investing activities ($28,250) Proceeds from disposal assets (700) Acquisitions, net of cash acquired 0 Adjusted Capital Expenditures ($28,950) WBI and WBEF Combined(6) Net cash used in investing activities ($47,492) Proceeds from disposal assets (863) Acquisitions, net of cash acquired (39,972) Adjusted Capital Expenditures ($88,327) Adjusted EBITDA to Covenant EBITDA Quarter Ended Annualized In $000s, unless stated otherwise 12/31/2025 3/31/2026 6/30/2026 6/30/26 Adjusted EBITDA $103,840 $102,944 $115,766 $430,037 (+) Pro Forma EBITDA from Material Acquisition or Disposition $1,222 $1,222 $1,222 $4,887 (+) Material Project / Applicable Contract EBITDA Adjustments(7) $10,342 $10,342 $10,342 $41,368 Covenant EBITDA $115,404 $114,508 $127,330 $476,292 Total Debt to Net Debt; Net Leverage Ratios Quarter Ended In $000s, unless stated otherwise 6/30/2026 Balance Sheet Data (at end of period) Total Debt $1,635,581 Less: Unrestricted Cash Balance(5) $47,624 Net Covenant Debt (Cash Offset Cap) $1,587,957 Credit Metrics Using Covenant EBITDA Total Debt / Covenant EBITDA 3.4x Net Covenant Debt / Covenant EBITDA 3.3x