Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 21

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 21
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 |     |                     $0.47 |     |     $0.48 |     |                   $0.49 |     |      $0.48 |     |                       $0.36 |     |    $0.38 |     |                     $0.38 |     |    $0.39 |     |                   $0.39 |     |    $0.36 |     |            $0.44 |     |        $0.45 |     |                  $0.44 |     |        $0.45 |
| Net Debt (1)                                    |     |                  $1,145,105 |     |           |     |                $1,145,105 |     |           |     |              $1,114,354 |     | $1,104,631 |     |                    $628,833 |     |          |     |                  $628,833 |     |          |     |                $596,090 |     | $325,268 |     |       $1,785,035 |     |              |     |              1,550,477 |     |              |
| 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 |     |              |     |                  4.03x |     |              |

(1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, and Net Debt are Non-GAAP financial measures. See “—Summary Historical and Pro Forma Financial Data—Non-GAAP Financial Measures” below for more information regarding these non-GAAP measures and reconciliations to the most comparable GAAP measures.

8

The underlying industry of our customer base is the upstream oil and natural gas sector in the United States, which includes major producing regions across the country. Our operations are centered in the Delaware Basin, a sub-basin of the Permian Basin, the most active oil and natural gas producing region in the United States. With 38% of current on