Financial Data and Key Metrics Changes - In 2025, the company achieved revenue growth of 81% year-over-year, with total revenue for Q4 reaching $56.8 million, up 12% sequentially and 56% year-over-year [4][13] - Adjusted EBITDA increased by 83% year-over-year, with Q4 Adjusted EBITDA of $51.1 million, representing a 90% margin [4][15] - Free cash flow for Q4 was $36.4 million, with a margin of 64%, and for the full year, free cash flow totaled $122 million, representing a 61% margin [15][16] Business Line Data and Key Metrics Changes - Surface use royalties and revenues increased by 12% in Q4, primarily driven by increased royalties from WaterBridge's bpx Kraken development and new project easement payments [13] - Resource sales and royalties revenues also rose by 12%, attributed to water and sand sales [13] - Oil and gas royalties represented less than 10% of total revenues, indicating limited direct exposure to commodity prices [14][15] Market Data and Key Metrics Changes - The company executed two Battery Energy Storage Systems (BESS) facility development agreements with Samsung C&T Renewables, granting exclusive rights to develop facilities with a capacity of 350 MW [8][9] - The company finalized the sale of a 3,000-acre solar energy project with a proposed generation capacity of up to 250 MW [9] - The agreements with Samsung, ONEOK, and NRG Energy reflect the company's commitment to securing development across conventional and renewable energy [10] Company Strategy and Development Direction - The company focuses on acquiring strategic, high-quality land positions for development across key industries such as energy, power, and digital infrastructure [5][6] - The active land management strategy aims to maximize revenue potential from existing acreage and drive long-term value across diversified revenue streams [6][11] - The company is prioritizing value-enhancing M&A and maintaining a strong balance sheet while returning capital to shareholders through dividends and share repurchases [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business strategy and the potential for continued growth, particularly in the West Texas region [12][11] - The company anticipates significant opportunities in the market for acquiring underutilized land and expects to see increased volumes from WaterBridge's projects in 2026 [28][33] - Management highlighted the favorable regulatory environment in Texas for data centers, enhancing West Texas' appeal for such developments [41][42] Other Important Information - The company declared a 20% increase in its quarterly dividend to $0.12 per share and authorized a share repurchase program of up to $50 million [18] - The upcoming Investor Day is scheduled for March 19th, where the company will present its strategy and growth opportunities [19] Q&A Session Summary Question: What drove the strong sequential growth in produced water? - Management noted that the bpx Kraken project and increased activity on the East Stateline Ranch were major contributors to the growth, with expectations for continued increases in 2026 [22][23] Question: How is the current M&A landscape in West Texas? - Management indicated that the opportunity pipeline for M&A remains robust, with no slowdown observed, and they are actively exploring opportunities both within and outside the Delaware Basin [27][28] Question: What are the key drivers for the 2026 EBITDA guidance? - Management highlighted the expected contributions from the Speedway and bpx Kraken projects, with potential upside from additional commercialization efforts [32][33] Question: How has the competition changed for acquiring new assets? - Management acknowledged increased interest in their strategy but emphasized the unique advantages of their land positions and partnerships that make replication difficult for competitors [60][61]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue growth of 81% year-over-year, with total revenue of $199.1 million, and Adjusted EBITDA growth of 83%, reaching $177 million, resulting in an Adjusted EBITDA margin of 89% [4][13] - For Q4 2025, total revenue was $56.8 million, up 12% sequentially and 56% year-over-year, with Adjusted EBITDA of $51.1 million, reflecting a 90% margin [13][15] - Free cash flow for Q4 was $36.4 million, representing a 64% margin, and for the full year, free cash flow totaled $122 million, with a 61% margin [15][16] Business Line Data and Key Metrics Changes - Surface use royalties and revenues increased by 12% in Q4, primarily due to increased royalties from WaterBridge's bpx Kraken development and new project easement payments [13] - Resource sales and royalties revenues also rose by 12%, driven by water and sand sales [13] - Oil and gas royalties represented less than 10% of total revenues, indicating limited direct exposure to commodity prices [14] Market Data and Key Metrics Changes - The company executed two battery energy storage systems (BESS) facility development agreements with Samsung C&T Renewables, with an aggregate capacity of 350 megawatts [8] - A 3,000-acre solar energy project was finalized, with a proposed generation capacity of up to 250 megawatts [9] - The company entered into a strategic agreement with NRG Energy for a potential 1.1 gigawatt natural gas power generation facility [10] Company Strategy and Development Direction - The company focuses on acquiring strategic, high-quality land positions for development across key industries such as energy, power, and digital infrastructure [5] - The active land management strategy aims to maximize revenue potential from existing acreage and diversify revenue streams [6][11] - The company is committed to maintaining a strong balance sheet while prioritizing value-enhancing M&A opportunities [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West Texas value proposition for data centers, citing favorable conditions such as low-cost energy and a business-friendly regulatory environment [10][41] - The company anticipates continued growth in produced water royalties and surface use revenues, driven by ongoing projects and increased activity levels [11][23] - For 2026, the company provided Adjusted EBITDA guidance of $205 million to $225 million, representing over 20% year-over-year growth at the midpoint [18] Other Important Information - The company declared a 20% increase in its quarterly dividend to $0.12 per share and authorized a share repurchase program of up to $50 million [18] - The upcoming Investor Day is scheduled for March 19th, where the company will present its strategy and growth opportunities [19] Q&A Session Summary Question: What drove the strong sequential growth in produced water? - Management attributed the growth to the bpx Kraken project and increased activity on the East State Line ranch, with expectations for continued growth in 2026 [22][23] Question: How is the current M&A landscape? - Management indicated a robust opportunity pipeline for M&A, actively pursuing various opportunities while remaining focused on West Texas [27][28] Question: What are the key drivers for the 2026 EBITDA guidance? - Key drivers include the Speedway and bpx Kraken projects, with potential upside from additional commercialization opportunities [32][33] Question: How has the regulatory environment for data centers changed? - Management noted that Texas remains business-friendly, contrasting with challenges faced in other states, enhancing West Texas' appeal for data centers [41][42] Question: What is the potential for revenue per acre growth? - Management expressed confidence that achieving $1,000+ per acre is actionable in the near term, with long-term targets of $2,500-$3,500 per acre [51][54]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue growth of 81% year-over-year, with total revenue of $199.1 million, and Adjusted EBITDA growth of 83%, reaching $177 million, resulting in an Adjusted EBITDA margin of 89% [4][14] - For Q4 2025, total revenue was $56.8 million, up 12% sequentially and 56% year-over-year, with Adjusted EBITDA of $51.1 million, reflecting a 90% margin [13][14] - Free cash flow for Q4 was $36.4 million, representing a 64% margin, and for the full year, free cash flow totaled $122 million, with a 61% margin [14][15] Business Line Data and Key Metrics Changes - Surface use royalties and revenues increased by 12% in Q4, primarily due to increased royalties from WaterBridge's bpx Kraken development and new project easement payments [13] - Resource sales and royalties revenues also rose by 12%, attributed to water and sand sales [13] - Oil and gas royalties represented less than 10% of total revenues for the year, despite a 6% quarterly decline in this segment [14] Market Data and Key Metrics Changes - The company executed two battery energy storage systems (BESS) facility development agreements with Samsung C&T Renewables, with an aggregate capacity of 350 megawatts [8] - A 3,000-acre solar energy project was finalized, with a proposed generation capacity of up to 250 megawatts [9] - The company entered into a strategic agreement with NRG Energy for a potential 1.1 gigawatt natural gas power generation facility [10] Company Strategy and Development Direction - The company focuses on acquiring strategic, high-quality land positions for development across key industries such as energy, power, and digital infrastructure [5] - The active land management strategy aims to maximize revenue potential from existing acreage and diversify revenue streams [5][11] - The company is committed to maintaining a strong balance sheet while prioritizing value-enhancing M&A opportunities [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the West Texas value proposition for data centers, citing favorable conditions such as low-cost energy and a business-friendly regulatory environment [10][39] - The company anticipates continued growth in produced water royalties and surface use revenues, driven by ongoing projects and increased activity levels [21][22] - For 2026, the company provided Adjusted EBITDA guidance of $205 million to $225 million, representing over 20% year-over-year growth at the midpoint [17] Other Important Information - The company declared a 20% increase in its quarterly dividend to $0.12 per share and authorized a share repurchase program of up to $50 million [17] - An upcoming Investor Day is scheduled for March 19th, where the company will present its strategy and growth opportunities [18] Q&A Session Summary Question: What drove the strong sequential growth in produced water? - The growth was primarily driven by the bpx Kraken project and increased activity on the East State Line ranch, with expectations for continued growth in 2026 [21][22] Question: How is the current M&A landscape in West Texas? - The opportunity pipeline for M&A remains robust, with no slowdown observed, and the company is actively pursuing various opportunities [25][26] Question: What are the key drivers for the 2026 EBITDA guidance? - Key drivers include the Speedway pipeline and bpx Kraken project, with potential upside from additional commercialization opportunities [30][42] Question: How has the regulatory landscape for data centers changed? - The regulatory environment in Texas remains business-friendly, making it an attractive location for data centers compared to other states [38][39] Question: What is the potential for revenue per acre for recent acquisitions? - The company believes that achieving $1,000+ per acre is actionable in the near term, similar to past performance with legacy acreage [49][50]

LandBridge Earnings Presentation 4Q and Full Year 2025 Disclaimers Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, ...

Core Insights - The company achieved 81% year-over-year revenue growth driven by an 'active land management' model focusing on maximizing per-acre revenue through multi-industry commercialization [5] - The company expanded Surface Use Economic Efficiency (SUEE) by 21% across its total portfolio, indicating strong revenue generation from existing acreage post-acquisition [5] - Diversification beyond traditional oil and gas has been successful, with energy, power, and digital infrastructure agreements becoming significant growth pillars [5] Financial Performance - The company maintained an industry-leading 89% adjusted EBITDA margin by employing a capital-light growth strategy that minimizes corporate reinvestment for incremental revenue [5] - Issued 2026 adjusted EBITDA guidance of $205 million to $225 million, based on conservative assumptions for commodity prices and project timing [5] - Executed a $500 million senior notes offering to optimize the balance sheet and provide scalable financing for future acquisitions [5] Strategic Initiatives - The company has prioritized value-enhancing M&A as the primary use of capital, targeting underutilized land for quick commercialization using in-house technical expertise [5] - A new $50 million share repurchase program has been authorized through 2027, alongside a 20% increase in the quarterly dividend [5] - Secured exclusive development rights for 350 megawatts of battery energy storage systems (BESS) with Samsung C&T, aiming for operations by year-end 2028 [5] Market Positioning - West Texas is positioned as a premier destination for data centers due to low-cost energy, abundant water, and a favorable regulatory environment compared to traditional hubs [5] - Oil and gas royalties now represent less than 10% of total revenue, significantly limiting the company's direct exposure to commodity price volatility [6]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $50.8 million, up 7% sequentially and 78% year-over-year [9] - Adjusted EBITDA for the quarter was $44.9 million, up 6% sequentially and 79% year-over-year, with a margin of 88% [9][10] - Cash flow from operations totaled $34.9 million, and free cash flow was $33.7 million [10] - Total liquidity stood at $108.3 million, including $28.3 million in cash and $80 million in available borrowing capacity [10] - Net leverage ratio improved to 2.1 times at the end of Q3 from 2.4 times in Q2 [10] Business Line Data and Key Metrics Changes - Surface use royalties and revenue increased by 2%, driven by higher commercial activity and new project easements [9] - Resource sales and royalties also rose by 2%, supported by a rebound in water sales [9] - Oil and gas royalties posted a 22% sequential increase, with net royalty production rising from 814 barrels of oil equivalent per day in Q2 to 912 in Q3 [9] Market Data and Key Metrics Changes - The company continues to unlock new opportunities across energy, infrastructure, and environmental sectors, creating diverse cash flow streams [5] - The acquisition of approximately 37,500 acres is expected to contribute approximately $20 million in EBITDA beginning in 2026 [6] Company Strategy and Development Direction - The growth strategy focuses on maximizing economic output from surface positions and delivering a differentiated value proposition through force-based offerings [4] - The company emphasizes responsible pore space management and avoids over-concentration of produced water handling assets [5] - The company is committed to maintaining a strong balance sheet and returning capital to shareholders through dividends and share repurchases [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential from the recent acquisition and ongoing commercial developments [14][56] - The company anticipates healthy growth in surface use royalties driven by increased produced water volumes from Waterbridge [56] - Management highlighted the critical need for pore space access and the expected shortfall in disposal capacity in the Delaware Basin, which positions the company favorably [50][66] Other Important Information - The company finalized the sale of a 3,000-acre solar energy project with a proposed generation capacity of up to 250 megawatts [5] - A quarterly dividend of $0.10 per share has been declared, payable on December 18, 2025 [11] Q&A Session Summary Question: Can you talk about the new acquisition and its expected EBITDA contribution? - Management conservatively expects $20 million of EBITDA from the acquisition in 2026, with potential for growth based on pore space capacity and infrastructure [14][17] Question: What visibility do you have on commercial agreements related to the acquisition? - Management indicated that discussions are already underway, with a three- to four-year timeline for significant growth in the southern portion of Loving County [26][27] Question: How do you see the power and data center projects evolving in West Texas? - Management noted that hyperscalers are now more engaged in package negotiations, indicating a shift from previous dynamics [36][38] Question: Can you provide details on the natural gas processing lease with One Oak? - Management explained that these deals typically involve upfront payments for long-term leases, with additional recurring revenue from associated infrastructure [42][43] Question: What are the drivers of growth in easement and surface-related revenues? - Management attributed growth to high demand for access to their surface and a healthy commercial backlog [65] Question: Is there a shift in royalty rates due to pore space constraints? - Management confirmed that while there hasn't been a significant shift in royalty rates recently, prudent operators are recognizing the importance of securing pore space [66][67]

Table of Contents As filed with the U.S. Securities and Exchange Commission on June 26, 2024 Registration No. 333-279893 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 5 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LandBridge Company LLC (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 6792 93-3636146 (Primary Standard Industrial Classification Code Number) (I.R.S. Empl ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on June 24, 2024 Registration No. 333-279893 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LandBridge Company LLC (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 6792 93-3636146 (Primary Standard Industrial Classification Code Number) (I.R.S. Empl ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on May 31, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LandBridge Company LLC (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction of incorporation or organization) Delaware 6792 93-3636146 (Primary Standard Industrial Classification Code Number) 5555 San Felipe Street, Suite 1200 Hou ...