Core Viewpoint - WaterBridge Infrastructure LLC will release its financial results for Q4 and the fiscal year ended December 31, 2025 on March 16, 2026, prior to market opening [1] Financial Results Announcement - The financial results will be announced before the market opens on March 16, 2026 [1] - A webcast and conference call will be held on the same day at 11:00 a.m. Central Time / 12:00 p.m. Eastern Time to discuss the results [1]

Group 1 - WaterBridge Infrastructure LLC (NYSE:WBI) experienced a significant share price increase of 18.76% from January 7 to January 14, 2026, making it one of the top-performing energy stocks for that week [1] - The company is recognized as the largest pure-play integrated water infrastructure provider in the U.S., offering essential services such as supply, recycling, and disposal to oil and gas producers across key shale basins [2] - Analyst Justin Jenkins from Raymond James upgraded WaterBridge Infrastructure from 'Outperform' to 'Strong Buy' on January 5, maintaining a price target of $30, indicating a positive outlook for the midstream supplier sector as it enters 2026 [3] Group 2 - The company's stock received additional support after CEO Jason Thomas Long purchased 5,000 Class A shares valued at $99,200 on January 5, alongside other insider investments, reflecting strong leadership confidence in the company's future [4]

Group 1 - WaterBridge Infrastructure (NYSE:WBI) has been upgraded to Strong Buy from Outperform by Raymond James analyst Justin Jenkins, maintaining a price target of $30 as the firm adjusts ratings in the midstream supplier group ahead of 2026 [1][3] - The company's revenue for Q3 2025 reached $205.5 million, reflecting an 8% sequential increase, driven by a 7% rise in produced water handling volumes averaging 2.5 million barrels per day [2] - WaterBridge reported a net loss of $18.7 million for the quarter, with growth largely supported by the commencement of the BPX Kraken project, which includes a 10-year minimum volume commitment from BPX Energy and an initial handling capacity of 400,000 bpd, scalable to 600,000 bpd [2][3] Group 2 - WaterBridge announced its final investment decision for the first phase of the Speedway Pipeline project, which will connect the northern Delaware Basin to out-of-basin pore space, expected to be operational by mid-2026 [3] - WaterBridge Infrastructure specializes in providing water management solutions through integrated pipeline and water handling networks in the US [4]

Core Insights - Ave Maria Value Fund reported a return of 0.43% in Q3 2025, significantly underperforming the S&P 500 Index which returned 8.12% and the S&P MidCap 400® Index which gained 5.55% [1] Company Overview - WaterBridge Infrastructure LLC (NYSE:WBI) is highlighted as a new position in the Ave Maria Value Fund's portfolio, specializing in water infrastructure [2][3] - The company is the largest pure-play integrated water infrastructure firm in the U.S., primarily operating in the Permian Basin, a key area for oil and natural gas production [3] Stock Performance - As of January 6, 2026, WaterBridge Infrastructure LLC's stock closed at $18.99 per share, with a one-month return of -12.97% and a 52-week loss of 5.10% [2] - The market capitalization of WaterBridge Infrastructure LLC is reported at $821.6 million [2] Investment Strategy - The Ave Maria Value Fund maintained a stable portfolio with no liquidations and established only one new position in WaterBridge during Q3 2025 [3] - The fund aims to provide reliable and cost-effective water management solutions to meet the evolving needs of the exploration and production industry [3] Hedge Fund Interest - WaterBridge Infrastructure LLC was held by 44 hedge fund portfolios at the end of Q3 2025, indicating some level of interest among institutional investors [4] - Despite this interest, the analysis suggests that certain AI stocks may offer greater upside potential and lower downside risk compared to WaterBridge [4]

Group 1 - WaterBridge Infrastructure (WBI) has seen a rise in stock price and is approaching its first buy point after its September initial public offering [1] - The company is recognized as Investor's Business Daily's IPO Stock Of The Week and is included in IBD's IPO Leaders screen [1] - WaterBridge operates primarily in the Delaware Basin and focuses on integrated water infrastructure [1]

Financial Data and Key Metrics Changes - Pro forma revenue for Q3 2025 increased to $205.5 million, up 8% compared to the previous quarter, driven mainly by increased volumes and rates [16] - Combined produced water handling volumes for the quarter were 2.5 million barrels per day, representing quarter-over-quarter growth of 7% [16] - Pro forma net loss was $18.7 million for the third quarter, with pro forma adjusted EBITDA of $105.7 million and an adjusted EBITDA margin of 51% [16][18] Business Line Data and Key Metrics Changes - Produced water handling comprises approximately 90% of the company's revenue, derived from fixed-fee contracts for transportation, treatment, handling, and disposal [8] - The water solutions business, including fees from sales of brackish water and waste management, contributes the remainder of the revenue [9] Market Data and Key Metrics Changes - The company operates primarily in the Delaware Basin, the most prolific oil and natural gas basin in North America, with a network of approximately 2,500 miles of pipeline and nearly 200 produced water handling facilities [6][8] - The demand for water handling services is expected to grow significantly, particularly in New Mexico, as recycling capacity declines and produced water volumes increase [25] Company Strategy and Development Direction - WaterBridge aims to capitalize on its strong balance sheet and proven business strategy to meet the growing needs of customers in the water infrastructure sector [5] - The company is focused on expanding its infrastructure network and commercial relationships while maintaining a conservative balance sheet [18] - WaterBridge is exploring opportunities to serve a wider range of industries, including data center cooling and beneficial reuse of produced water [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver growth despite macroeconomic volatility, citing long-term contracts and minimum volume commitments as key factors [24] - The company anticipates providing 2026 guidance during the fourth quarter and full year 2025 earnings call [18] Other Important Information - The company completed a successful IPO in September 2025, raising approximately $673 million to strengthen its balance sheet [16] - WaterBridge has secured significant access to pore space through partnerships with LandBridge and Texas Pacific Land, which supports future growth in produced water handling capacity [10] Q&A Session Summary Question: Demand for Speedway Pipeline project - Management noted strong demand for the Speedway Pipeline project, with the potential to add an additional 500,000 barrels per day capacity [21][22] Question: Macro backdrop and growth expectations - Management indicated that the company is well-insulated from broader market volatility, with growth underpinned by minimum volume commitments [24] Question: Competitive landscape and customer discussions - Management highlighted strong traction with producers, emphasizing the importance of partnerships with experienced operators and access to differentiated pore space [30] Question: Contract rate outlook - Management reported meaningful increases in rates for recent deals, reflecting the value of premium flow assurance [31] Question: Regulatory reforms in Texas - Management expressed confidence in their relationship with the Railroad Commission and noted that recent regulatory changes have not negatively impacted the company [40][41] Question: Data center opportunity - Management acknowledged the potential for significant demand from data centers and the company's advantageous position due to its infrastructure and expertise [45][46]

Financial Performance - WaterBridge reported strong third quarter combined produced water handling volumes of approximately 2.5 million barrels per day, a 7% quarterly increase[8] - The company's third quarter pro forma revenue reached $205.5 million, accompanied by a pro forma net loss of $18.7 million, and a pro forma Adjusted EBITDA of $105.7 million[8] - Pro Forma Adjusted EBITDA Margin was 51%[18] Capital Structure and Investments - WaterBridge completed the largest energy-sector IPO since 2019, establishing a publicly-traded pure-play water infrastructure company with a market capitalization of approximately $3.0 billion[8] - The company streamlined its balance sheet by closing an inaugural $1.425 billion senior notes offering in October 2025[8] - WaterBridge commenced construction on the first phase of the Speedway pipeline project[8] Assets and Operations - WaterBridge possesses approximately 2,500 miles of pipeline and 197 produced water handling facilities[10] - The company's produced water handling capacity exceeds 4.5 million barrels per day[10] - WaterBridge has acreage dedications of approximately 2.5 million acres[10] Future Growth and Strategy - The Speedway Pipeline project is expected to be online by mid-2026[30] - By 2035, approximately 9 million barrels per day of incremental produced water handling capacity will be needed[42]

Financial Performance - Pro forma revenue for the third quarter was $205.5 million, reflecting an 8% increase compared to the second quarter of 2025[12]. - Total revenues for the three months ended September 30, 2025, were $205,468,000, representing an increase from the previous period[26]. - Pro forma net loss for the third quarter was $18.7 million, with a pro forma Adjusted EBITDA of $105.7 million, resulting in a 51% Adjusted EBITDA margin[12]. - Pro forma net loss for the same period was $(18,683,000), with a pro forma net loss margin of (9%)[36]. - Pro forma Adjusted EBITDA for the three months ended September 30, 2025, was $105,688,000, with a pro forma Adjusted EBITDA margin of 51%[36]. - The pro forma Adjusted Operating Margin for the nine months ended September 30, 2025, was also 51%[36]. - Pro forma produced water handling and water solutions total revenues for the three months ended September 30, 2025, were $199,549,000, and for the nine months ended, they were $559,306,000[43]. - Pro forma produced water handling and water solutions gross margin for the three months ended September 30, 2025, was $58,348,000, resulting in a gross margin per barrel of $0.22[43]. - Pro forma Adjusted Operating Margin for the three months ended September 30, 2025, was $130,865,000, with an Adjusted Operating Margin per barrel of $0.50[43]. - The cost of revenues for produced water handling and water solutions for the three months ended September 30, 2025, was $141,201,000, leading to an adjusted gross margin of $55,355,000[43]. Operational Highlights - Third quarter produced water handling volumes reached 2.5 million barrels per day, a 7% increase quarter-over-quarter[5]. - The company operates a network of nearly 200 produced water facilities and over 2,500 miles of pipeline, with a total handling capacity of more than 4.5 million barrels per day[7]. - The combined total volumes handled for produced water and water solutions for the three months ended September 30, 2025, were 261,862 MBbls[43]. - Pro forma depreciation, depletion, amortization, and accretion for the three months ended September 30, 2025, amounted to $75,510,000[43]. Capital and Liquidity - Total liquidity as of September 30, 2025, was $547 million, including $347 million in cash and cash equivalents[13]. - Following the quarter, WaterBridge closed a $1.425 billion senior notes offering to enhance liquidity and reduce annual interest expenses[15]. - Long-term debt, net of debt issuance costs, increased to $1,682,211,000 as of September 30, 2025, compared to $586,417,000 at the end of 2024[30]. - Cash and cash equivalents increased significantly to $346,649,000 as of September 30, 2025, compared to $13,284,000 at the end of 2024[30]. - Total assets reached $3,939,207,000 as of September 30, 2025, up from $1,350,587,000 at the end of 2024[30]. Projects and Developments - WaterBridge completed the largest energy-sector IPO since 2019, achieving a market capitalization of $3.0 billion as of November 7, 2025[5]. - The bpx Kraken pipeline project commenced operations with an initial capacity of approximately 400,000 barrels per day and a 10-year minimum volume commitment[9]. - The Speedway Pipeline project has begun construction with an expected capital expenditure of approximately $290 million[11]. Expenses and Cost Management - General and administrative expenses for the three months ended September 30, 2025, were $17,411,000, reflecting a significant adjustment from previous periods[26]. - The company reported a total cost of revenues of $162,705,000 for the three months ended September 30, 2025[26]. - WaterBridge aims to enhance its pro forma Adjusted Operating Margin by reducing variable operating expenses, which include landowner royalties and power expenses[40]. - Increased sales of recycled water contribute to cost savings, impacting the pro forma Adjusted Operating Margin positively[41]. - WaterBridge's operating expenses are largely variable and fluctuate in correlation with throughput volumes, impacting overall profitability[40]. Credit Ratings - Credit ratings of BB- / BB- / Ba3 were assigned by S&P Global, Fitch, and Moody's, indicating positive leverage and growth developments[6].

Financial Performance - Total revenues for the three months ended September 30, 2025, were $123,250 thousand, up 37% from $89,803 thousand in the same period of 2024[49] - Net income for the three months ended September 30, 2025, was $4,756 thousand, compared to $3,305 thousand for the same period in 2024, reflecting a year-over-year increase of 44%[49] - For the nine months ended September 30, 2025, net income increased to $13,592,000 from $2,463,000 in the same period of 2024, representing a significant growth[54] - The company reported a net income of $4.756 million for the period from September 18, 2025, to September 30, 2025[182] - The net income for the three months ended September 30, 2025, was $2.3 million, a significant improvement from a net loss of $21.9 million in the same period of 2024[115] - The Company experienced a net loss of $16.862 million for the nine months ended September 16, 2025, compared to a net loss of $56.517 million for the same period in 2024, showing a reduction in losses by 70%[206] Assets and Liabilities - Total assets increased to $3,939,207 thousand as of September 30, 2025, compared to $1,350,587 thousand on December 31, 2024, representing a growth of 191%[47] - Current assets rose significantly to $555,090 thousand as of September 30, 2025, compared to $120,338 thousand at the end of 2024, marking an increase of 362%[47] - Total liabilities increased to $2,079,143 thousand as of September 30, 2025, compared to $687,538 thousand at the end of 2024, representing a growth of 203%[47] - Long-term debt increased to $1,682,211 thousand as of September 30, 2025, from $586,417 thousand on December 31, 2024, indicating a rise of 187%[47] - As of September 30, 2025, total debt was recorded at $1.727 billion, an increase from $609.4 million as of December 31, 2024[126] Cash Flow and Investments - Net cash provided by operating activities for the nine months was $71,515,000, compared to $64,618,000 in the prior year, indicating a 10.5% increase[54] - The company reported a net cash used in investing activities of $(129,529,000), a decrease from $(291,392,000) in the previous year, showing improved cash management[54] - Proceeds from the issuance of Class A shares generated $685,354,000, contributing to a net increase in cash and cash equivalents of $333,365,000[54] - The total cash and cash equivalents at the end of the period stood at $346,649,000, a substantial increase from $14,076,000 at the beginning of the period[54] Revenue Streams - Total produced water handling revenues for the three months ended September 30, 2025, were $111.375 million, a 38.5% increase from $80.395 million in the same period of 2024[102] - For the nine months ended September 30, 2025, total produced water handling revenues reached $285.596 million, up 41.2% from $202.183 million in 2024[102] - Revenues from WBEF for the period from September 17, 2025, to September 30, 2025, amounted to approximately $12.0 million, with an operating loss before taxes of $3.5 million[113] - Revenues from Desert Environmental for the same period were approximately $1.2 million, with an operating income before taxes of $0.4 million[113] Capital Expenditures and Investments - Capital expenditures for the nine months totaled $(189,360,000), compared to $(128,049,000) in the prior year, reflecting increased investment in infrastructure[54] - The company recorded an equity contribution related to acquisitions amounting to $784.513 million for the nine months ended September 30, 2025[102] Debt and Financing - WaterBridge Midstream entered into a $1.15 billion SDB Term Loan with a maturity date of June 27, 2029, secured by a first-priority lien on substantially all assets[136] - The SDB Term Loan bears interest at a variable rate of Term SOFR plus a margin of 4.75% or a Base Rate plus a margin of 3.75%[137] - The NDB Revolving Credit Facility has a total facility size of $100 million, with an outstanding balance of $0 and available commitment of $100 million as of September 30, 2025[143] - The NDB Revolving Credit Facility was amended to decrease the total aggregate commitment from $380 million to $100 million and extend the maturity date to June 8, 2027[144] - On October 6, 2025, the Company issued $825.0 million of 6.25% senior unsecured notes due 2030 and $600.0 million of 6.50% senior unsecured notes due 2033[165] Shareholder Equity - The total shareholders' equity attributable to WaterBridge Infrastructure LLC was $607,701 thousand as of September 30, 2025, with no prior equity reported as of December 31, 2024[47] - The company’s non-controlling interest was $1,252,363 thousand as of September 30, 2025, reflecting the significant equity structure post-IPO[47] Related Party Transactions - Related party revenues for the three months ended September 30, 2025, were $28,523 thousand, a decrease of 3.8% from $29,664 thousand in 2024[184] - Direct operating costs from related party supplier agreements increased to $12,458 thousand for the three months ended September 30, 2025, up 57.5% from $7,932 thousand in 2024[184] - Accounts receivable from related parties totaled $35,884 thousand as of September 30, 2025, down from $50,025 thousand in 2024, representing a decrease of 28.5%[184] Accounting and Compliance - The Company’s significant accounting policies remained consistent with those discussed in the previous year’s financial statements, with no significant updates during the three and nine months ended September 30, 2025[79] - The Company accounts for share-based compensation expense for incentive units, with a total of 10,000 Incentive Units authorized under each of the WBR and WB II plans[227] - The Company evaluates mezzanine equity instruments at each reporting period to determine if reclassification to permanent equity or liability treatment is required[243]

Core Insights - WaterBridge Infrastructure LLC reported strong financial and operational growth in its first public quarter, with pro forma revenue increasing by 8% quarter-over-quarter and key infrastructure projects progressing on schedule [1][10][13]. Financial Highlights - Total pro forma revenue for Q3 2025 was $205.5 million, an 8% increase compared to Q2 2025, driven by volume growth and higher prices for produced water [10][13]. - Pro forma net loss for Q3 2025 was $18.7 million, with pro forma Adjusted EBITDA at $105.7 million [10][11][13]. - Pro forma gross margin was $55.4 million, with a gross margin per barrel of $0.22 [7][10]. - Total liquidity as of September 30, 2025, was $547 million, with cash and cash equivalents at $347 million [12][14]. Operational Highlights - Combined produced water handling volumes reached 2.5 million barrels per day, a 7% increase from Q2 2025, supported by the development of East Stateline infrastructure and the bpx Kraken pipeline project [6][10][13]. - The bpx Kraken pipeline project, which began service on July 1, 2025, has an initial capacity of approximately 400,000 barrels per day, expandable to 600,000 barrels per day [8][10]. - Construction of the Speedway Pipeline project commenced in October 2025, with an expected capital expenditure of approximately $290 million [9][10]. Strategic Developments - The company successfully completed its IPO on September 18, 2025, raising significant capital and establishing a market capitalization of $3.0 billion as of November 7, 2025 [13][21]. - Following the IPO, WaterBridge closed a $1.425 billion senior notes offering to enhance liquidity and reduce annual interest expenses [16][17][13]. - Credit ratings of BB- / BB- / Ba3 were assigned by S&P Global, Fitch, and Moody's, reflecting positive leverage and growth developments [15][13].