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 196 facilities as of July 31, 2025.

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

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

• Strategic partnerships with LandBridge and Devon provide access to underutilized pore space and additional infrastructure assets.

• Diversified customer base includes major oil and gas producers, with top five customers accounting for 51% of water-related revenues in H1 2025.

Financial performance and metrics

• Pro forma total revenues for H1 2025: $374.9M; adjusted EBITDA: $192.4M (51% margin); net loss: $34.3M.

• Pro forma total revenues for FY 2024: $662.2M; adjusted EBITDA: $347.1M (52% margin); net loss: $92.9M.

• Daily produced water handling volumes averaged 2.3 million barrels in H1 2025.

• Net debt as of June 30, 2025: $1.79B; net debt to annualized adjusted EBITDA: 4.64x.

• Revenue mix: 89% from produced water handling, 8% from water solutions, 3% from other sources.

Use of proceeds and capital allocation

• IPO proceeds will be used to purchase OpCo equity from Elda River and repay outstanding indebtedness.

• Remaining proceeds will be contributed to OpCo for general corporate purposes and future growth.

• No formal dividend policy; future dividends at board discretion, dependent on OpCo distributions and financial performance.