Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 145

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 145
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. Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt, Ratio of Net Debt to Annualized Adjusted EBITDA, Adjusted Operating Margin and Adjusted Operating Margin per Barrel should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP.

The following table sets forth a reconciliation of (a) net income (loss) and net income (loss) margin as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin, respectively, (b) gross margin as

<div align='center'>87</div>

determined in accordance with GAAP to Adjusted Operating Margin and Adjusted Operating Margin per Barrel for the periods indicated and (c) total debt as determined in accordance with GAAP to Net Debt.

<div align='center'>88</div>

|                                                 |     |               WBEF 
 Three Months Ended 
           June 30, 
               2025 |     |      2024 |     | Six Months Ended 
         June 30, 
             2025 |     |      2024 |     |   Year Ended 
 December 31, 
         2024 |     |       2023 |     |      NDB Operating 
 Three Months Ended 
           June 30, 
               2025 |     |     2024 |     | Six Months Ended 
         June 30, 
             2025 |     |     2024 |     |   Year Ended 
 December 31, 
         2024 |     |     2023 |     |        Pro Forma 
 Six Months Ended 
         June 30, 
             2025 |     |   Year Ended 
 December 31, 
         2024 |     | Pro Forma, as adjusted 
       Six Months Ended 
               June 30, 
                   2025 |     |   Year Ended 
 December 31, 
         2024 |
|:------------------------------------------------|:----|-------------------:|:----|----------:|:----|-----------------:|:----|----------:|:----|-------------:|:----|-----------:|:----|-------------------:|:----|---------:|:----|-----------------:|:----|---------:|:----|-------------:|:----|---------:|:----|-----------------:|:----|-------------:|:----|-----------------------:|:----|-------------