WaterBridge Infrastructure (WBI) Registration Filing summary

Company overview and business model

• Operates the largest integrated produced water infrastructure network in the U.S., focused on the Delaware Basin, with additional assets in the Eagle Ford and Arkoma basins.

• Provides water management solutions to E&P companies under long-term, fixed-fee contracts, including gathering, transporting, recycling, and handling produced water.

• As of August 31, 2025, network includes ~2,500 miles of pipelines, 197 water handling facilities, and >4.5 million bpd of handling capacity.

• Business model centers on long-term customer relationships, with 69% of contracts having initial terms of at least 15 years and a weighted average remaining term of 11 years as of June 30, 2025.

• Strategic partnerships with LandBridge and Devon provide access to underutilized pore space and significant acreage dedications.

Financial performance and metrics

• For the six months ended June 30, 2025, pro forma revenues were $374.9 million, with an adjusted EBITDA margin of 49%.

• Daily produced water handling volumes averaged 2.3 million barrels for the six months ended June 30, 2025.

• Net loss for the six months ended June 30, 2025, was $38.0 million on a pro forma, as adjusted basis.

• Net debt as of June 30, 2025, was $1.7 billion, with a pro forma leverage ratio of 3.8x LTM consolidated EBITDA post-offering.

• Top five customers accounted for 51% of water-related revenues for the six months ended June 30, 2025; largest customer represented 18%.

Use of proceeds and capital allocation

• Expected to receive $461.1 million in net proceeds from the IPO at $18.50 per share.

• $228.2 million will be used to purchase OpCo interests from Elda River; $129.0 million to repay outstanding indebtedness; $104.0 million for general corporate purposes, including working capital and growth projects.

• Post-offering, $170.6 million cash on hand and $200 million available under revolving credit facilities.