Core Insights - WaterBridge Infrastructure LLC reported fourth quarter 2025 produced water handling volumes of 2.6 million barrels per day and revenue of $208.9 million, reflecting quarterly growth of 1% and 2% respectively [1][3] - For the full year 2025, the company achieved combined produced water handling and pro forma revenue growth of 15% and 19% year-over-year [1][9] - The company set a single-day volume record of approximately 2.9 million barrels per day in the fourth quarter of 2025 [1][9] Financial Highlights - Adjusted Operating Margin for the fourth quarter was $108.9 million, with a gross margin of $46.8 million and an Adjusted EBITDA of $103.8 million, resulting in an Adjusted EBITDA Margin of 50% [3][11] - The net loss for the fourth quarter was $13.6 million, with a net loss margin of 7% [11][12] - Total liquidity as of December 31, 2025, was $526.5 million, including $475.0 million of available borrowing capacity [11][12] Operational Results - Produced water handling volumes for the fourth quarter were 2.6 million barrels per day, a 1% increase compared to the third quarter [6][10] - Capital expenditures for the fourth quarter were $89.2 million, primarily for the Speedway Pipeline project [7][10] - The company achieved 99.7% operational uptime for the full year 2025, indicating efficient operations [9] Future Outlook - WaterBridge anticipates full year 2026 Adjusted EBITDA guidance of $420 to $460 million, representing approximately 9% annual growth [9][16] - The company plans to allocate $430 to $490 million for capital expenditures in 2026, focusing on the Speedway Pipeline project and other growth initiatives [14][16] - An inaugural quarterly cash dividend of $0.05 per share is expected to be paid in the first quarter of 2026 [12][16]

Financial Data and Key Metrics Changes - In Q3 2025, Select Water Solutions achieved cash flow from operating activities of $72 million, exceeding adjusted EBITDA for the second consecutive quarter [16][22] - Adjusted EBITDA for Q3 was just under $60 million, at the high end of previous guidance, with expectations for Q4 to grow to $60 million-$64 million [19][20] - SG&A expenses increased to $42 million in Q3, primarily due to severance and deal costs, but are expected to return to approximately $40 million in Q4 [19][22] Business Line Data and Key Metrics Changes - Water Infrastructure revenue decreased by 2.5% in Q3, with margins at 53%, slightly below prior quarter levels, primarily due to reduced skim oil sales and lower realized oil prices [16][17] - Water Services segment saw a revenue decrease of approximately 23% sequentially, heavily impacted by the divestment of legacy trucking operations, but gross margins before D&A improved to 19%-20% in Q4 [17][18] - Chemical Technologies achieved a sequential revenue increase of 13% in Q3, with gross margins before D&A at 19.9%, resulting in a gross profit before D&A of $15.2 million, a 29% sequential increase [18][19] Market Data and Key Metrics Changes - The Permian Basin remains the most active area in the industry, with Select Water Solutions recycling nearly 1 million barrels of water per day [7][8] - The company added nearly 800,000 acres under dedication in 2025, with expectations to continue adding dedications before year-end [9][10] - The company anticipates water infrastructure growth of 10% in Q4 and over 20% in 2026 [13][17] Company Strategy and Development Direction - The company is focused on enhancing long-term water infrastructure scale and cash flow generation, consolidating and divesting in Water Services for margin enhancement, and increasing market share in Chemical Technologies [5][6] - Select Water Solutions aims to provide comprehensive and flexible water midstream solutions, balancing produced water management with recycling and disposal capabilities [10][11] - The company is advancing mineral extraction efforts, including a lithium extraction facility in East Texas, which is expected to generate significant royalty payments [12][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver stable long-term earnings despite a lower commodity price environment, emphasizing the importance of unlocking incremental economics and efficiencies for customers [14][15] - The company expects strong growth into 2026, supported by a backlog of ongoing construction projects and new contract wins [17][24] - Management highlighted the importance of integrating water services with infrastructure to improve efficiency and margin profiles [61] Other Important Information - The company is committed to maintaining a low-leverage balance sheet while executing strategic initiatives to streamline operations and enhance shareholder value [23][24] - Select Water Solutions is actively pursuing beneficial reuse solutions and partnerships with regulators and universities to advance its mineral extraction and recycling capabilities [11][30] Q&A Session Summary Question: How does the company feel positioned regarding disposal capacity in the Permian? - The company emphasizes a recycling-first approach, with disposal capacity serving as a necessary backup to manage produced water volumes effectively [26] Question: What is the opportunity set for beneficial reuse and mineral extraction over the next five years? - The company is in the early stages of monetizing its mineral extraction capabilities and is optimistic about future revenue generation from these initiatives [30][39] Question: How does the integrated approach between infrastructure and services differentiate the company from peers? - The company highlighted its unique position as the largest water transfer provider, leveraging its infrastructure contracts to secure multi-year agreements for water transfer services [54][55]

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 ...