WaterBridge Infrastructure LLC Q4 FY2025 earnings call

• 2025 was transformative with successful IPO. Produced water volumes grew, with fourth quarter at 2,600,000 bpd and full year 2,400,000 bpd. - Prioritize delivering critical flow assurance, achieved 99.7% operational uptime in 2025. - Brought Kraken project online with initial capacity ~450,000 bpd. - Speedway Project Phase One oversubscribed, expected to be in service mid - year with key contracts and MVCs in third quarter. - Speedway Phase Two open season launched in Feb 2026 with demand outperforming expectations. - Expect to begin construction on Devon project in 2026 and execute incremental high - return capital projects.

Fourth quarter produced water volumes were up to 2,600,000 barrels per day, with full year combined volumes averaging 2,400,000 barrels per day, representing 15% year-over-year growth. Full year 2025 pro forma revenues were $790,000,000, a 19% annual increase. Fourth quarter revenue was $208.9 million, up 2% compared to pro forma third quarter revenue. Fourth quarter net loss was $13.6 million and adjusted EBITDA was $103.8 million with a 50% adjusted EBITDA margin. Full year pro forma net loss was $58.1 million and full year adjusted EBITDA was $402.8 million, a 16% year-over-year increase.

• For full year 2026, expect produced water handling volumes of 2,500,000 to 2,700,000 bpd. - CapEx expected to be between $430,000,000 and $490,000,000. - 2026 adjusted EBITDA expected between $420,000,000 and $460,000,000, representing 9% annual adjusted EBITDA growth, weighted towards second half of 2026. - Expectations for 2027 are meaningfully higher than previously contemplated due to ongoing commercial success and Speedway Phase Two.

Q: Derrick Whitfield asked about 2026 produced water handling volumes guidance, price forecast assumption, and timing for upper side of forecast.

A: Scott McNeely said guidance was informed by producer feedback when oil was mid - to high - fifties, current macro environment is different with more upside, especially in back half if macro backdrop holds.

Q: Derrick Whitfield followed up on Devon and Caterra merger.

A: Scott McNeely said excited for Devon and Caterra teams, have good relationships with Devon and Caterra, combined company will be strong in Delaware Basin.

Q: Elias Jossen asked about acceleration of growth project opportunities, magnitude, and 2027 framing.

A: Scott McNeely said received inbound inquiries and working on commercial discussions, added $100,000,000 to capital expectations for 2026 related to new projects, accelerating Devon project construction.

Q: Elias Jossen asked about capital allocation philosophy post - growth project spend.

A: Scott McNeely said will prioritize higher return organic growth projects, explore M&A, manage balance sheet and return capital, initiate dividend with potential for growth.

Q: John McKay asked about 2026 guide conservatism, rates evolution.

A: Scott McNeely said conservatism was based on high $50 oil environment, current conservatism is greater, rates are increasing. Michael Reitz added rates are increasing with demand.

Q: Theresa Chen asked about possibility of Speedway Phase III, rates evolution.

A: Scott McNeely said yes to possibility of Phase III, rates are higher than legacy $0.60 per barrel - ish. Michael Reitz added rates increasing with demand.

Q: Kevin MacCurdy asked about margins in 2026 and capacity to handle more volumes.

A: Scott McNeely said margins expected to be higher with higher unit - level revenue from new contracts. Scott McNeely also said capacity to handle more volumes is there with existing assets and Speedway coming online mid - year