Table of Contents As filed with the U.S. Securities and Exchange Commission on March 27, 2026 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 WaterBridge Infrastructure LLC Copies to: David P. Oelman Michael S. Telle Vinson & Elkins L.L.P. 845 Texas Avenue, Suite 4700 Houston, Texas 77002 (713) 758-2222 Approximate date of commencement of proposed sale to the public: From time to time on or after t ...

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved record revenue of $208.9 million, a 2% increase compared to the pro forma Q3 revenue [14] - Full year 2025 pro forma revenues reached $790 million, representing a 19% year-over-year increase compared to pro forma 2024 revenues [5][14] - Full-year adjusted EBITDA was $402.8 million, a 16% year-over-year increase [15] - The company reported a full-year net loss of $58.1 million [15] Business Line Data and Key Metrics Changes - Produced water volumes in Q4 2025 reached 2.6 million barrels per day (MMbpd), with full year combined volumes averaging 2.4 MMbpd, reflecting a 15% year-over-year growth [5][14] - The company achieved a single-day record of 2.9 MMbpd of water handled in Q4 2025 [9] - The Kraken project was brought online, contributing an initial capacity of approximately 450,000 barrels per day [10] Market Data and Key Metrics Changes - The company is well-positioned in the Delaware Basin, which is the most prolific oil and natural gas basin in North America, with a produced water handling capacity of over 5 MMbpd [6] - The demand for produced water handling continues to grow, with water-to-oil ratios in the Delaware Basin among the highest in the U.S. [7] Company Strategy and Development Direction - The company aims to continue its operational and commercial momentum in 2026, focusing on high-return organic growth projects and expanding its water infrastructure network [6][17] - The Speedway Phase II pipeline project is expected to drive further growth, with demand already outperforming expectations [11][12] - The company is committed to maintaining a conservative balance sheet while pursuing growth opportunities [16][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, citing strong commercial momentum and opportunities for growth [14][18] - The current macro environment is seen as more favorable than when the 2026 guidance was set, suggesting potential upside in produced water handling volumes [25][44] Other Important Information - The company declared an inaugural quarterly dividend of $0.05 per share [16] - Total liquidity at the end of the year was $527 million, including $52 million in cash and cash equivalents [15] Q&A Session Summary Question: 2026 produced water handling volumes guidance - Management acknowledged that the guidance reflects a conservative approach based on previous producer feedback when oil prices were lower, but they see potential for upside in the latter half of 2026 [24][26] Question: Opportunities from the Devon and Coterra merger - Management expressed excitement about the merger and the potential for growth opportunities, particularly with the Devon team [27][28] Question: Acceleration of growth project opportunities - Management confirmed that they are in a strong position with several commercial discussions ongoing, which could lead to accelerated growth in 2026 [34][35] Question: Capital allocation philosophy post-growth projects - Management emphasized the priority of high-return organic growth projects while remaining open to M&A opportunities, with a focus on maintaining a healthy balance sheet [37][38] Question: Expectations for Speedway Phase II - Management indicated that the CapEx for Phase II is already incorporated into the budget, with expectations for attractive returns [46][47] Question: Evolution of rates for water takeaway - Management noted that rates are increasing due to higher demand and capital needs for projects, with new rates significantly higher than previous averages [56][57]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved record revenue of $208.9 million, a 2% increase compared to the pro forma Q3 revenue [14] - Full year 2025 pro forma revenues reached $790 million, representing a 19% year-over-year increase compared to pro forma 2024 revenues [5][14] - Full-year adjusted EBITDA was $402.8 million, a 16% year-over-year increase [15] - The company reported a full-year net loss of $58.1 million and a Q4 net loss of $13.6 million [14][15] Business Line Data and Key Metrics Changes - Produced water volumes in Q4 reached 2.6 million barrels per day, with full year combined volumes averaging 2.4 million barrels per day, marking a 15% year-over-year growth [5] - The Kraken project was brought online, contributing an initial capacity of approximately 450,000 barrels per day [10] - The Speedway Phase 1 project was oversubscribed, with expectations for significant volume growth in 2026 and beyond [11] Market Data and Key Metrics Changes - The company operates in the Delaware Basin, which is experiencing high demand for produced water handling solutions due to evolving industry needs [6][7] - The water-to-oil ratios in the Delaware Basin are among the highest in the U.S., driving continued growth in produced water volumes [7] Company Strategy and Development Direction - The company aims to continue its operational and commercial momentum in 2026, focusing on high-return organic growth projects and expanding its water infrastructure network [6][8] - There is a strategic emphasis on maintaining a conservative balance sheet while pursuing growth opportunities, including potential M&A [16][38] - The company plans to initiate construction on the New Devon Project in Q4 2026, further expanding its infrastructure [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, citing strong commercial momentum and the potential for upside in produced water handling volumes [14][18] - The current macro environment is seen as more favorable than when the 2026 guidance was set, suggesting potential for higher activity levels [25][46] Other Important Information - The company declared an inaugural quarterly dividend of $0.05 per share [16] - Total liquidity at year-end was $527 million, including $52 million in cash and $475 million undrawn under a new credit facility [15] Q&A Session Summary Question: 2026 produced water handling volumes guidance - Management acknowledged that the guidance reflects a conservative approach based on previous market conditions, but noted potential for upside if the current macro environment holds [25][26] Question: Opportunities from the Devon and Coterra merger - Management expressed excitement about the merger and the potential for growth opportunities, particularly with the Devon team [27][28] Question: Acceleration of growth project opportunities - Management confirmed that several commercial projects are firming up, which will support the foundation for Speedway Phase Two [34] Question: Capital allocation philosophy post-growth project spend - Management emphasized prioritizing high-return organic growth projects while remaining open to M&A opportunities [38] Question: Expectations for Speedway Phase Two - Management indicated that CapEx for Phase Two is included in the budget and is based on firm commercial projects [48] Question: Evolution of rates for water takeaway - Management noted that rates are increasing due to higher demand and capital needs for projects, with new rates significantly higher than previous averages [56] Question: Capacity to handle more produced water volumes - Management stated that the company could exceed the peak of 2.9 million barrels per day, highlighting the importance of having infrastructure in place [63]

Financial Data and Key Metrics Changes - In Q4 2025, WaterBridge achieved record revenue of $208.9 million, a 2% increase compared to the pro forma Q3 revenue [14] - Full year 2025 pro forma revenues reached $790 million, representing a 19% annual increase compared to pro forma 2024 revenues [5][14] - Full-year adjusted EBITDA was $402.8 million, a 16% year-over-year increase [15] - The company reported a full-year net loss of $58.1 million [15] Business Line Data and Key Metrics Changes - Produced water volumes in Q4 2025 increased to 2.6 million barrels per day, with full year combined volumes averaging 2.4 million barrels per day, reflecting a 15% year-over-year growth [5][10] - The Kraken project was brought online, contributing an initial capacity of approximately 450,000 barrels per day [11] - The Speedway Phase 1 project was oversubscribed, with expectations for significant volume growth in 2026 and beyond [12] Market Data and Key Metrics Changes - WaterBridge's produced water handling capacity exceeds 5 million barrels per day across over 2,600 miles of integrated pipeline [6] - The company has experienced a compound annual growth rate (CAGR) of over 22% in produced water handling volumes since 2022 [7] - Rates for produced water takeaway are increasing due to rising demand, with new contracts expected to drive higher unit-level revenue [58] Company Strategy and Development Direction - WaterBridge aims to continue its operational and commercial momentum in 2026, focusing on high-return organic growth projects and expanding its water infrastructure network [8][16] - The company is committed to maintaining a conservative balance sheet while exploring selective strategic acquisitions [16][39] - Future growth is anticipated from the Speedway Phase II project and potential Phase III developments, driven by increasing demand for water solutions [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position entering 2026, highlighting strong commercial momentum and opportunities for growth [14][18] - The current macro environment is viewed as more favorable than when the 2026 guidance was set, suggesting potential upside in produced water handling volumes [25][46] - Management noted that the merger between Devon and Coterra could present incremental growth opportunities for WaterBridge [27][29] Other Important Information - The company ended 2025 with total liquidity of $527 million, including $52 million in cash and cash equivalents [15] - Capital expenditures in Q4 2025 were $89.2 million, primarily for the development of Speedway Phase 1 [16] - An inaugural quarterly dividend of $0.05 per share was declared [16] Q&A Session Summary Question: 2026 produced water handling volumes guidance - Management acknowledged that the guidance reflects a conservative approach based on previous producer feedback when oil prices were lower, but noted potential for upside in the latter half of 2026 [25][26] Question: Opportunities from the Devon and Coterra merger - Management expressed excitement about the merger and the potential for growth opportunities, particularly with the Devon team [27][29] Question: Acceleration of growth project opportunities - Management confirmed that several commercial projects are firmed up and will serve as the foundation for Speedway Phase II, with additional capital allocated for these projects [35][36] Question: Capital allocation philosophy post-growth project spend - Management emphasized prioritizing high-return organic growth projects while remaining open to M&A opportunities, maintaining a healthy balance sheet, and considering dividends and buybacks in the future [39][40] Question: Capacity to handle more produced water volumes - Management indicated that the company could exceed the peak of 2.9 million barrels per day, highlighting the importance of having infrastructure in place to accommodate larger multi-well pads [65][66]

WaterBridge Earnings Presentation Fourth Quarter and Fiscal Year 2025 Disclaimers Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of U.S. Federal securities laws. 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, commercial opportunities, plans and objectives of management are forward-look ...

INVESTOR PRESENTATION www.nwpx.com February 2026 JULY 2024 INVESTOR PRESENTATION | 2 INVESTOR PRESENTATION | 3 ABOUT NWPX 1966 Founded in Headquartered in Vancouver, WA Widely-recognized reputation for quality, service, and manufacturing capabilities FORWARD LOOKING STATEMENTS LEGAL STATEMENTS Statements in this presentation contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, that ...

Financial Data and Key Metrics Changes - In 2025, the company generated $1.4 billion in consolidated revenue, with a record adjusted EBITDA of $260 million, despite a challenging macro environment [17][25] - The company improved consolidated margins and achieved a gross profit margin of 54% in Q4 2025 [18][22] - Adjusted EBITDA for Q4 2025 was $64.2 million, exceeding guidance [25] Business Line Data and Key Metrics Changes - The Water Infrastructure segment saw revenue growth of over 800% over five years, becoming the largest segment by profitability [8] - The Chemical Technology segment achieved 19% year-over-year revenue growth and 45% growth in gross profit before depreciation and amortization [13][24] - The Water Services segment maintained market-leading positions and achieved 7% revenue growth in Q4 2025 [20][23] Market Data and Key Metrics Changes - The company anticipates a steady commodity price environment in 2026, with oil prices expected to remain between $55-$65 [17] - The company expects 20%-25% year-over-year growth in the Water Infrastructure segment for 2026 [9][21] Company Strategy and Development Direction - The company is focusing on expanding its water infrastructure in the Northern Delaware Basin, which is characterized by productive geology and low breakevens [9][10] - Strategic investments are being made in long-term diversification efforts, including beneficial reuse and mineral extraction [7][12] - The company aims to grow its water infrastructure to account for over 60% of consolidated gross profit in the next 24 months [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory for 2026, supported by ongoing infrastructure projects and market demand [16][30] - The company is well-positioned to generate healthy and durable free cash flows over the long term, with a focus on capital allocation for growth and shareholder returns [30] Other Important Information - The company is exploring additional opportunities in lithium extraction and other high-margin revenue streams [44][45] - The Peak Rentals business is under strategic evaluation to maximize value for shareholders while supporting core water infrastructure growth [15][50] Q&A Session Summary Question: Expansion opportunities in Northern Delaware - Management noted a mix of smaller opportunities and some larger projects in the Northern Delaware, with a focus on leveraging the existing system for attractive returns [32][34] Question: Future growth for infrastructure business - Management indicated ongoing expansion in Lea and Eddy County, with potential for growth into other basins [37] Question: Lithium extraction partnerships - Management confirmed ongoing evaluations for additional high-margin opportunities, including iodine and strontium extraction [44][45] Question: Update on Peak Rentals business - Management is strategically engaging around Peak Rentals to ensure positive outcomes for both Peak and Select [46][50] Question: Beneficial reuse pilots - Management highlighted successful pilots in collaboration with operators and universities, focusing on treated produced water for agricultural applications [53][56]

Core Viewpoint - Xylem Inc. (XYL) shares experienced a significant decline of up to 10% following the company's 2026 revenue guidance, which did not meet Wall Street expectations [3]. Company Summary - Xylem forecasts its 2026 revenue to be approximately $9.1 billion to $9.2 billion, indicating a shortfall compared to market expectations [3].

Financial Data and Key Metrics Changes - Consolidated net sales increased by 4.6% to $318.2 million, driven primarily by higher pricing across most product lines, partially offset by slightly lower volumes [12][9] - Gross profit rose by 16.3% to $119.8 million, with gross margin expanding by 380 basis points to 37.6% [12][14] - Adjusted EBITDA reached a first-quarter record of $72.1 million, an increase of 13.5% compared to the prior year [14] - Adjusted net income per diluted share increased by 16% year-over-year to $0.29, setting another first-quarter record [14] Business Line Data and Key Metrics Changes - Water Flow Solutions (WFS) net sales decreased by 0.9% to $173 million, while adjusted operating income increased by 28% to $49.4 million [15] - Water Management Solutions (WMS) net sales increased by 12% to $145.2 million, but adjusted operating income decreased by 11.2% to $24.5 million due to increased tariffs and inflationary pressures [17] Market Data and Key Metrics Changes - The company anticipates healthy municipal repair and replacement activity and strong growth in project-related work using specialty valves, which will offset slower new residential construction activity [10][20] - A high single-digit decrease in the residential construction market is expected, while municipal repair and replacement growth is projected in the low to mid-single-digit range [55][57] Company Strategy and Development Direction - The company is focused on improving operational execution and strengthening relationships with stakeholders, aiming for sustained margin expansion and long-term value creation [11][22] - Strategic capital expenditures are expected to increase capacity and drive efficiencies, particularly in domestic capabilities related to iron foundries [46][47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and the resilience of end markets, despite challenges from tariffs and inflation [10][60] - The company raised its fiscal 2026 guidance for consolidated net sales and adjusted EBITDA, reflecting strong first-quarter results and expectations for end market demand [20][21] Other Important Information - The company generated $44 million of free cash flow and returned approximately $16 million to shareholders through dividends and share repurchases [9] - The balance sheet remains strong, with no debt maturities until June 2029 and ample liquidity to support strategic priorities [19] Q&A Session Summary Question: Can you quantify how much you guys have raised prices so far this year? - The majority of the increased growth in guidance is predominantly price-related, with annual price increases recently announced [26] Question: Can you break down the impacts from manufacturing efficiencies and pricing on margins? - The closure of the legacy brass foundry provided significant benefits, impacting margins positively [27] Question: Can you size for us the inflation pressures? - The company expects to be price positive for the full year, with approximately a 3% impact from tariffs factored into guidance [36][37] Question: What is the expectation for residential construction activity? - A high single-digit range of slowdown in residential construction is anticipated, but there is potential for increased activity if rates lower [38] Question: Can you provide more color on Mueller's transformation and growth prospects? - The company has improved commercial and operational investments, with further capital expenditures planned to drive capacity and efficiencies [43][44] Question: What are the priorities for capital deployment? - The company is focused on evaluating acquisition opportunities, particularly in drinking water and wastewater sectors [46] Question: Can you run through your exposures in repair and replace contributions? - The company expects resilient end markets, with growth in municipal repair and replacement offsetting declines in residential construction [55][57]

Core Thesis - Badger Meter, Inc. (BMI) is positioned as a leading provider of smart water infrastructure solutions, with a strong focus on recurring software and service revenue, which is growing faster than hardware sales [2][3] Company Overview - BMI serves over 50,000 local utilities in the U.S., providing a comprehensive portfolio of hardware, connectivity, and software under the BlueEdge platform, including advanced metering infrastructure (AMI) systems [2] - Approximately 88% of BMI's revenue is derived from its Utility Water segment, with a historical revenue growth of roughly 9% and earnings growth of 17% over the past decade [3] Competitive Advantages - The company benefits from integrated hardware-software systems, technical precision, long product lifecycles, and high switching costs, although it faces robust competition and limited pricing power [4] - Profitability is supported by efficient production, low capital intensity, and disciplined R&D, resulting in a free cash flow yield that funds dividends and growth initiatives [4] Financial Position - BMI maintains a net cash position with minimal debt, providing flexibility for future development [5] - The company has a 33-year record of dividend growth and predictable long-term demand driven by regulatory requirements and infrastructure renewal [5] Market Performance - As of January 30th, BMI's share price was $146.58, with trailing and forward P/E ratios of 30.15 and 27.78 respectively [1] - The stock price has depreciated by approximately 33.13% since previous coverage, attributed to broader market adjustments and high valuation [7]