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WaterBridge Earnings Presentation Third 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 SEC. 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 otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section to reflect events or circumstances after the date of this presentation. Financial and Operating Data In certain instances, we present financial and operating data on a pro forma basis. As used herein, “pro forma” with respect to financial data refers to the combined financial data of WaterBridge Equity Finance LLC (“WBEF”), WaterBridge NDB Operating LLC (“NDB Operating”), Desert Environmental LLC (“Desert Environmental”), and their respective subsidiaries, as adjusted to give effect to consummation of a series of transactions (such transactions, the “WaterBridge Combination”) pursuant to which all of the equity interests in WBEF, NDB Midstream LLC, a subsidiary of NDB Operating, and Desert Environmental were contributed to WBI Operating LLC. 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 Operating Margin, Adjusted Operating Margin per Barrel, Covenant EBITDA, Net Debt, and Net Leverage. Adjusted EBITDA, Adjusted EBITDA Margin, pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Covenant EBITDA, Net Debt, and Net Leverage 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 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. Produced water handling volumes of 2.8 million barrels per day, an increase of 9% year-over-year and 6% quarter-over-quarter Revenue of $240.2 million, an increase of 17% year-over-year and 10% quarter-over-quarter Net income of $13.3 million, with net income margin of 6% Adjusted EBITDA(1) of $124.2 million, an increase of 7% quarter- over-quarter, with Adjusted EBITDA Margin(1) of 52% Announced quarterly cash dividend of $0.05 per share Third Quarter Financial Results Speedway Phase I outperforming expectations, supporting capital-efficient growth and demonstrating continued demand for long-haul, out-of-basin produced water handling solutions Accretive Environmental Waste Management transactions yielding strong results, with synergies playing out as expected, record throughput reached on the acquired NDB Landfill, and high- quality customer base continuing to expand Increased liquidity through a $250 million revolving credit facility upsize and a $150 million tack-on debt offering Increased full year 2026 produced water handling volume and Adjusted EBITDA guidance ranges due to volume outperformance across the footprint. Decreased full year 2026 capex guidance due to project phasing and capital expectations shifting from 2026 into 2027: Increasing Adjusted EBITDA expectations to $465 – $485 million Increasing produced water handling volume expectations to 2.65 – 2.75 million barrels per day Decreasing capex expectations to $530 – $560 million Recent Highlights
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4 Note: Map representation as of November 2026; assumes upcoming construction of Stateline Landfill; LandBridge acreage as of J uly 2026. 1) Share price as of October 30, 2026. 2) As of November 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) $3.8 Billion Q3 2026 Produced Water Handling Volumes 2,752 MBbl/d 2021 – 2025 Combined Volume CAGR >22% Miles of Pipeline(2,3) 2,879 Miles Produced Water Handling Facilities(2,4) 236 Produced Water Handling Capacity(2) ~5.9 Million Bbl/d Acreage Dedications(2) ~2.5 Million Acres Delaware Basin Arkoma Basin Eagle Ford Basin Water Pipelines WBI Water Handling Facilities LandBridge Acreage WBI Environmental Facility Planned New Devon Project Texas Pacific Land Corp. AMI
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5 Key Financial and Operating Results Third Quarter Financial and Operating Results 1) Represents a Non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 2) Credit metrics displayed as calculated according to the credit agreement. Reconciliation of Adjusted EBITDA to Covenant EBITD A can be found in the appendix to this presentation. ($ in millions) Quarter Ended September 30, 2026 Total Water Volumes (MBbl/d) 3,086 Produced Water Handling Volumes (MBbl/d) 2,752 Water Solutions Volumes (MBbl/d) 334 Revenue $240.2 Net Income $13.3 Net Income Margin 6% Adjusted EBITDA(1) $124.2 Adjusted EBITDA Margin(1) 52% Capital Expenditures $123.9 Credit Metrics Total Debt / Covenant EBITDA(1,2) 3.6x Net Debt / Covenant EBITDA(1,2) 3.5x Cash $34.7 Debt $1,837.3 Net Debt(1) $1,802.6 Produced Water Handling Volumes (MBbl/d) Revenue ($MM) Adjusted EBITDA(1) ($MM) Adjusted EBITDA Margin(1)Adjusted EBITDA(1) Capital Expenditures ($MM) 2,552 2,460 2,598 2,752 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $208.9 $201.0 $217.8 $240.2 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $103.8 $102.9 $115.8 $124.2 Q4 2025 Q1 2026 Q2 2026 Q3 2026 50% 51% 53% $89.2 $110.9 $123.3 $123.9 Q4 2025 Q1 2026 Q2 2026 Q3 2026 52%
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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 4
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7 Produced Water Handling Revenue and Adjusted Operating Margin(3) per barrel figures have increased year-over-year, demonstrating the impact of the strength and scalability of WaterBridge’s infrastructure platform Produced Water Handling Unit Revenue and Margins Continue to Improve 1) Excludes impact of skim revenues. 2) Third quarter 2025 figures reflect produced water handling volumes that are shown on a combined basis and produced water handlin g revenues and Adjusted Operating Margin per barrel figures that are shown on a pro forma basis. 3) Represents a Non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. $0.42 $0.46 Q3 2025 Q3 2026 $0.72 $0.77 Q3 2025 Q3 2026 Produced Water Handling Revenue per barrel(1) ($/bbl) Adjusted Operating Margin(3) per barrel ($/bbl) +7% +10% Higher long-term contracted rates on long-haul organic pipeline projects like Speedway Higher short-term interruptible rates due to high demand in pressure-stressed geographies like Stateline Contract rates continue to improve Converting to more cost- effective fuel sources across key, highly utilized pump stations High diameter Speedway pipeline to decrease required OpEx for existing New Mexico infrastructure Organizational focus on optimizing operational expenses (2) (2)
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8 Strong Environmental Waste Management Performance WBI Environmental Facilities Note: Map representation as of November 2026; assumes upcoming construction of Stateline Landfill; LandBridge acreage as of July 2026. WaterBridge’s environmental waste management (EWM) business continues to see positive momentum, with recent acquisitions generating attractive returns and expanding commercial reach throughout the Delaware Basin Water Pipelines WBI Water Handling Facilities LandBridge Acreage WBI Environmental Facility Planned New Devon Project Texas Pacific Land Corp. AMI 4 Competitive Returns <5x Blended NDB Landfill acquisition multiple expected within 24 months ~3x Stateline Landfill build multiple once fully online Growing Customer Base • Every major E&P company in the Delaware Basin is a WaterBridge EWM customer • Deeper customer relationships create potential for integrated infrastructure offerings Operational Synergies 3 1 2 +13% avg. throughput increase since NDB Landfill operational handover High-Return Capital Investments at NDB Landfill ~$3MM investment in skim recovery ~$2.3MM in annual revenue
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9 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 ~5.3 MM 2 3 4 05 206 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 ~5.3 MM Bbl/d total capacity(1) in the Delaware Basin and ~2.8 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 2,146 miles of pipeline(1,4) and 206 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) ~13.4M 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 November 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 planned construction of a landfill facility in the Stateline region.
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10 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 October 30, 2026. Debt Structure Provides Ample Liquidity with No Near-Term Maturities $825 $750$750 2026 2027 2028 2029 2030 2031 2032 2033 • Enhanced 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 • Issued an additional $150 million tack-on to existing 6.50% senior notes due 2033, using proceeds to repay revolving credit facility borrowings • WaterBridge maintains a conservative balance sheet and prudent capital structure, with long-term leverage goal of <3.0x Capitalization Table Capitalization(1) ($ MM) 9/30/2026 Revolving Credit Facility Due 2030 $245 6.25% Senior Unsecured Notes Due 2030 $825 6.50% Senior Unsecured Notes Due 2033 $750 Other(2) $17 Total Debt $1,837 (-) Cash and Cash Equivalents $35 Net Debt(3) $1,803 Shares Outstanding (MM) 123.7 Market Capitalization(4) $3,806 Enterprise Value(4) $5,609 Net Debt / Covenant EBITDA(3) 3.5x Revolving Credit Facility Borrowing Base $750 (-) Revolving Credit Facility Borrowings $245 Cash and Cash Equivalents $35 Liquidity $540 Senior Unsecured Notes Revolving Credit Facility $245
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11 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 Q4 2026
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12 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 outperformance driven by high utilization of new and existing infrastructure Lowered high end of CapEx guidance to reflect expected capital spend shift into 2027 Increased Adjusted EBITDA guidance to reflect impact of continued volume outperformance Previous 2026 Guidance Range Updated Commentary 2.65 – 2.75 Million Bbl/d $530 – $560 Million $465 – $485 Million Updated 2026 Guidance Range
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13 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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15 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 3Q26 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 90% Other 6%
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16 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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17 Over Pressurization Expected to Limit Future Disposal Capacity 0 5 10 15 20 25 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 WaterBridge 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 WaterBridge’s vast infrastructure network is strategically positioned to provide alternative disposal solutions outside of high-pressure injection zones, creating durable commercial tailwinds 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) Note: Map representation as of November 2026; LandBridge acreage as of July 2026. 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 Resear ch, 2026.
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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 Consisting of 2-3 independent, disinterested directors - the 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 Committees Robust Corporate Governance and Related Party Transactions Review Process 1) Represents approximate ownership as of November 2026, rounded to the nearest whole number. 3 independent directors Related Persons 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) 43% 44% 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 November 2026; includes assets under active development and assumes upcoming construction of Stateline Landfill; LandBridge acreage as of July 2026. 2) Excludes gas transportation pipelines. 3) Includes produced water disposal wells and other recycling and reuse facilities. 2,879 miles of pipeline(1,2) 236 water handling facilities(1,3) 1,076 miles of pipeline 103 water handling facilities 748 miles of pipeline 62 water handling facilities 25 miles of pipeline 7 water handling facilities End of 2019 End of 2022 Current Formative transaction; Initial EnWater Acquisition 150,000 bpd of handling capacity Acquisitions from Concho (now COP), PDC (now CVX), Primexx (now APA) and Others Initial NDB Build Out Devon JV, Kraken Project, East Stateline Platform, Speedway Pipeline, Ranger Acquisition Water PipelinesWater Handling Facilities Announced 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 / Adjusted EBITDA Margin / Covenant EBITDA 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 defines 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. WaterBridge 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 WaterBridge’s industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Adjusted Operating Margin / Adjusted Operating Margin per Barrel WaterBridge management believes Adjusted Operating Margin and Adjusted Operating Margin per Barrel are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. Adjusted Operating Margin and Adjusted Operating Margin per Barrel are dependent upon the volume of produced water we gather and handle, the volume of recycled water and brackish water we sell and transfer, the fees we charge for such services and the recurring operating expenses we incur to perform such services. We define Adjusted Operating Margin as gross margin plus depreciation, depletion, amortization and accretion excluding other revenues and cost of other revenues not associated with our produced water handling and water solution revenue streams. We define Adjusted Operating Margin per Barrel as Adjusted Operating Margin divided by total volumes handled, sold or transferred. 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 Handling revenues. 2) Share-based compensation represents the non-cash charges related to the NDB Incentive Units and the net impact of eliminating WBEF liability-classified incentive unit expense and recognition of RSU expense for IPO grants amortized over a three- year vesting period. 3) Sales tax liability release represents the release of a liability associated with transaction taxes recorded in conjunction w ith a historical acquisition. 4) Transaction-related expenses consist of non-capitalizable transaction costs associated with the Ranger Water Midstream acquisiti on and NDB Landfill acquisition for the three months ended September 30, 2026, non- capitalizable transaction costs associated with the Ranger Water Midstream acquisition for the three months ended June 30, 2026, and corporate reorganization and non- capitalizable IPO-related charges for the three months ended September 30, 2025. 5) Other consists of costs associated with potential corporate conversion, abandoned wells and projects, mark -to-market derivatives and non-recurring items. 6) Material Acquisition or Disposition, Material Project / Applicable Waste Disposal Contract adjustments provided for in credit agreement and approved by agent. Net Income to Adjusted EBITDA and Adjusted EBITDA Margin & Pro Forma Net Income to Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin Adjusted EBITDA to Covenant EBITDA Quarter Ended LTM EBITDA In $000s, unless stated otherwise 12/31/2025 3/31/2026 6/30/2026 9/30/2026 9/30/2026 Adjusted EBITDA $103,840 $102,944 $115,766 $124,246 $446,796 (+) Pro Forma EBITDA from Material Acquisition or Disposition(6) $6,768 $7,892 $9,740 $4,726 $29,126 (+) Material Project / Applicable Contract EBITDA Adjustments(6) $11,313 $11,313 $11,313 $7,768 $41,707 Covenant EBITDA $121,921 $122,149 $136,819 $136,740 $517,629 Total Debt to Net Debt; Net Leverage Ratios Quarter Ended In $000s, unless stated otherwise 9/30/2026 Balance Sheet Data (at end of period) Total Debt $1,837,248 Less: Unrestricted Cash Balance $34,669 Net Debt $1,802,579 Credit Metrics Using Covenant EBITDA Total Debt / Covenant EBITDA 3.6x Net Debt / Covenant EBITDA 3.5x Pro Forma - Quarter Ended Quarter Ended In $000s, unless stated otherwise 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Net Income (Loss) ($13,583) $9,521 $14,555 $13,328 Depreciation, depletion, amortization, and accretion(1) 68,997 68,947 72,100 77,132 Interest expense, net 25,380 19,992 22,708 26,329 Income tax expense (benefit) (788) 1,055 2,211 1,584 TRA remeasurement loss - - 3,236 - Share-based compensation(2) 2,745 2,584 2,583 2,904 Temporary power costs 273 352 - - Sales tax liability release(3) (237) - (298) - (Gain) loss on disposal of assets, net 148 (74) 8 (31) Debt modification costs 11,545 - - - Transaction-related expenses(4) 9,133 223 211 2,230 Other(5) 227 344 (1,548) 770 Adjusted EBITDA $103,840 $102,944 $115,766 $124,246 Revenue $208,881 $200,977 $217,772 $240,163 Adjusted EBITDA Margin 49.7% 51.2% 53.2% 51.7%
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24 Reconciliation of Non-GAAP and Pro Forma Non-GAAP Financial Measures 1) Revenue, cost of revenue, gross margin, and Adjusted Operating Margin for the three months ended September 30, 2025, are pres ented on a pro forma basis. 2) Cost of other revenues includes direct operating costs associated with our environmental waste management, gas transportation and divested crude transportation services. 3) Total volumes exclude skim oil volumes. Gross Margin to Adjusted Operating Margin and Adjusted Operating Margin per Barrel Pro Forma – Quarter Ended Quarter Ended In $000s, unless stated otherwise 9/30/2025(1) 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Total revenues 199,549 208,881 200,977 217,772 240,163 Cost of revenues (141,201) (162,051) (152,785) (159,649) (177,494) Gross margin 58,348 46,830 48,192 58,123 62,669 Less: Other revenues (2,993) (10,786) (10,026) (10,823) (14,046) Less: Cost of other revenues(2) - 3,906 4,236 4,705 5,999 Depreciation, depletion, amortization, and accretion 55,690 68,997 68,947 72,100 77,132 Adjusted Operating Margin $111,045 $108,947 $111,349 $124,105 $131,754 Total Volumes(3) (MBbls) 261,862 264,995 245,749 269,311 283,946 Gross Margin ($/Bbl) $0.22 $0.18 $0.20 $0.22 $0.22 Adjusted Operating Margin ($/Bbl) $0.42 $0.41 $0.45 $0.46 $0.46