LandBridge Earnings Presentation 4Q and Full Year 2025
Positioned for Sustained Growth and Value Creation Fiscal Year 2025 and Recent Highlights Continued quarterly growth performance in 4Q25, with Revenue and Adjusted EBITDA(1) increasing 12% and 14% quarter-over-quarter,…
LandBridge Company Overview LandBridge Overview and Strategy LandBridge Assets We own or manage over 315,000 surface acres in the heart of the Delaware Basin. We continue to pursue development opportunities both within and beyond the…
Quarterly and Full Year Financial Results Revenue (mm) Adjusted EBITDA(1) (mm) Quarter Full Ended Year % Non-O&G Adj. Royalty 92% 94% 93% 94% EBITDA 88% 89% 88% 90% ( in thousands, except unit metrics) Dec-25 2025 Revenue: Margin(1)…
LandBridge is Critical to Energy, Power, Digital Infrastructure and Broader Industrial Development Diversified Revenue Streams Driving Long-Term Value With Substantial Free Cash Flow Growth LandBridge Strategy 1 1 Our strategy…
Diversified Revenue Streams 2025 % of Revenue Surface Use Royalties and Revenues(2) Royalties include produced water transportation and handling 39.3 Surface Use operations, skim oil recovery and waste reclamation 34.2 35.0 Royalties…
LandBridges Active Land Management Drives Surface Use Economic Efficiency Surface Use Economic Efficiency 2024 to 2025 Surface Use Economic Efficiency Growth ( / acre) SUEE represents the average revenue per acre generated by our…
LandBridges Proven Approach to Active Land Management The effectiveness of LandBridges active land management strategy is demonstrated through the per acre revenue growth across our Legacy Surface Position Legacy Acreage Map Legacy…
LandBridges Advantaged Value Proposition of High Margins and Growth LandBridges High-Margin Asset-Light Business Model 100% LandBridge High margin, highly capital-efficient and 10% 60% asset-light business model is 5%…
Disciplined Capital Allocation We intend to use our significant and growing Free Cash Flow in a balanced, sustainable manner to create long-term shareholder value: Maintain Appropriate Opportunistically Pursue Return Capital to…
Improved Balance Sheet Strength from Fourth Quarter 2025 Refinancings Summary Capitalization Table(1) Lowered cost of capital, increased liquidity, and extended debt maturities all in millions 12/31/2025 through inaugural senior…
LandBridge Corporate Structure LandBridge Management and Five Point Sponsors are Meaningfully Aligned with LandBridge Public Shareholders Incentive Units provide meaningful alignment between Management and Class A shareholders by…
Upcoming LandBridge Investor Day March 19, 2026 Agenda Senior leadership presentations: Thursday, March 19, 2026 1:00pm 4:00pm Strategic overview of key revenue-driving industries New York, NY Short, medium, and long-term growth…
Appendix 15
LandBridge Position Strategic Timeline End of 2019 End of 2022 Mid 2024 - IPO Current(1) 72,000 acres 220,000 acres 315,000 acres New Mexico New Mexico New Mexico New Mexico Texas Texas Texas Texas WBI Pipelines In…
LandBridge Has a Strong Track Record of Value Creation Share Price Performance Historical LandBridge Revenue vs. Crude Prices ( / share) (mm) LandBridge has consistently grown revenues despite (/bbl) 90.00 commodity price volatility…
Over-Pressurization Expected to Limit Future Disposal Capacity in the Delaware LandBridge Competitive Position Stateline AOI Expected to See Significant Reduction in Disposal Capacity(1) The Stateline AOI remains a high-demand area of…
LandBridge Corporate Governance Processes 1 2 3 Board of Directors Audit Committee Conflicts Committee 7 insiders, including CEO + 4 3 independent directors Consists of 3 independent, Independent directors disinterested…
Non-GAAP Financial Measures Figure Definition Adjusted EBITDA / We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based Adjusted EBITDA Margin /…
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin Qu ar ter E n ded Decem ber 31, 2025 Septem ber 30, 2025 Ju n e 30, 2025 M ar ch 31, 2025 Decem ber 31, 2024 (in th ou s an ds ) (u n au dited) Net income 18,174…
Non-GAAP Financial Measures Contd Adjusted EBITDA and Adjusted EBITDA Margin Y ear E n ded Decem ber 31, 2025 2024 2023 2022 (in th ou s an ds ) (u n au dited) Net income (loss) 72,399 (41,479) 63,172 (6,361) Adjustments:…
Non-GAAP Financial Measures Contd Adjusted EBITDA to Covenant EBITDA Total Debt to Net Debt; Net Leverage Ratios Y ear E n ded Y ear E n ded Decem ber 31, 2025 Decem ber 31, 2025 (in th ou s an ds ) (u n au dited) (in th ou s an ds )…
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