WaterBridge Infrastructure (WBI) investor relations material

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 197 facilities as of August 2025.

• Provides water management solutions (gathering, transporting, recycling, handling) to E&P companies under long-term, fixed-fee contracts with acreage dedications or MVCs.

• Contracts have a weighted average remaining term of 11 years and cover 2.3 million acres; 77% of revenues are from long-term, fixed-fee contracts.

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

• Also operates energy waste management facilities and has strategic partnerships for access to underutilized pore space.

Financial performance and metrics

• For the six months ended June 30, 2025 (pro forma): $374.9M in revenue, $184.9M adjusted EBITDA (49% margin), and $29.2M net loss.

• For the year ended December 31, 2024 (pro forma): $662.2M in revenue, $340.3M adjusted EBITDA (51% margin), and $90.4M net loss.

• Daily produced water handling volumes averaged 2.3 million barrels for the six months ended June 30, 2025.

• Net debt as of June 30, 2025: $1.8B; pro forma leverage ratio expected to be 3.8x LTM consolidated EBITDA post-offering.

• Top five customers accounted for 51% of water-related revenues; 73% of revenues from customers rated BB- or higher.

Use of proceeds and capital allocation

• Expected net proceeds of $461.1M (at $18.50/share midpoint); $228.2M to purchase OpCo interests from Elda River, $129M to repay debt, and $104M for general purposes and growth projects.

• Additional proceeds from underwriters’ option to be used for working capital and growth.

• Post-offering, $170.6M cash on hand and $200M available under revolving credit facilities.