Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 145

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 145
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 |              |
| Annualized Adjusted EBITDA(6)                   |     |           $197,388 |     |           |     |         $185,762 |     |           |     |     $191,225 |     |   $218,296 |     |           $162,272 |     |          |     |         $181,362 |     |          |     |     $149,740 |     |  $95,160 |     |         $369,955 |     |              |     |               $384,749 |     |              |
| Ratio of Net Debt to Annualized Adjusted EBITDA |     |              5.80x |     |           |     |            6.16x |     |           |     |        5.83x |     |      5.06x |     |              3.88x |     |          |     |            3.47x |     |          |     |        3.98x |     |    3.42x |     |            4.83x |     |              |     |                  3.70x |     |              |

(1) Share-based compensation, for both periods for WBEF and, prior to July 1, 2024, for NDB Operating, represents the non-cash charge for the periodic fair market value changes associated with liability awards for which the cumulative vested amount is recognized ratably over the applicable vesting period. Incentive units were issued to certain members of management, and changes to the incentive units’ fair values are driven by changes in period end valuations, the issuance of new incentive units, and the vesting of previously issued incentive units. Subsequent to July 1, 2024, NDB Operating incentive units are reclassified as equity awards and are no longer required to be remeasured at fair value. (2) Litigation settlements and expenses consist of non-recurring costs incurred not in the ordinary course of business. Routine litigation has not been adjusted. (3) Non-recurring tax gain represents the release of a liability associated with transaction taxes recorded in conjunction with a historical acquisition. (4) Transaction related-expenses consist of non-capitalizable transaction costs associated with both completed and attempted acquisitions. (5) Other consists of abandoned well costs, abandoned project costs and other non-cash or non-recurring items. (6) Quarterly Adjusted EBITDA is annualized