Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 361

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 361
---
     | $                       |   2,992 |   |     | $ |  14,667 |   |

See accompanying notes to the consolidated financial statements

<div align='center'>F-21</div>

WaterBridge NDB Operating LLC and Subsidiaries Consolidated Statements of Changes in Member’s Equity (in thousands)

|                                               |     | Total Member’s Equity |         |   |
|:----------------------------------------------|:----|:----------------------|--------:|:--|
| Balance at January 1, 2023                    |     | $                     | 411,403 |   |
| Contribution from member                      |     |                       |   9,817 |   |
| Non-cash contributions related to acquisition |     |                       | 215,000 |   |
| Deemed non-cash capital distributions         |     |                       |    (359 | ) |
| Net income                                    |     |                       |  14,667 |   |
| Balance at December 31, 2023                  |     | $                     | 650,528 |   |
| Deemed non-cash capital contributions         |     |                       |   9,529 |   |
| Net income                                    |     |                       |   2,992 |   |
| Balance at December 31, 2024                  |     | $                     | 663,049 |   |

See accompanying notes to the consolidated financial statements

<div align='center'>F-22</div>

WaterBridge NDB Operating LLC and Subsidiaries Consolidated Statemen ts of Cash Flows (in thousands)

|                                                                                   |     | Year Ended December 31, |     2024 |   |     |   |     2023 |   |
|:----------------------------------------------------------------------------------|:----|:------------------------|---------:|:--|:----|:--|---------:|:--|
| Operating activities                                                              |     |                         |          |   |     |   |          |   |
| Net income                                                                        |     | $                       |    2,992 |   |     | $ |   14,667 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |     |                         |          |   |     |   |          |   |
| Depreciation, amortization and accretion                                          |     |                         |   78,315 |   |     |   |   48,436 |   |