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 2,500 miles of pipelines and 197 facilities as of August 2025.

• Provides water management solutions (gathering, transporting, recycling, handling) to E&P companies under long-term, fixed-fee contracts with acreage dedications or minimum volume commitments.

• Contracts have a weighted average remaining term of 11 years and cover 2.3 million dedicated acres.

• Business model emphasizes flow assurance, operational redundancy, and proprietary technology (WAVE platform) for real-time monitoring and forecasting.

• Also operates energy waste management facilities and has strategic partnerships for access to underutilized pore space.

Financial performance and metrics

• Pro forma total revenues for the six months ended June 30, 2025: $374.9 million; for the year ended December 31, 2024: $662.2 million.

• Pro forma net loss for the six months ended June 30, 2025: $(38.0) million; for the year ended December 31, 2024: $(112.3) million.

• Adjusted EBITDA margin: 51% for the six months ended June 30, 2025; 52% for the year ended December 31, 2024.

• Net debt as of June 30, 2025 (pro forma): $1.68 billion; ratio of net debt to annualized adjusted EBITDA: 4.03x.

• Daily produced water handling volumes: 2.32 million barrels for the six months ended June 30, 2025.

Use of proceeds and capital allocation

• Expected net proceeds of $461.1 million from the IPO at $18.50/share.

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

• Post-offering, aims for long-term leverage below 3.0x LTM consolidated EBITDA.