Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 275

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 275
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. As described in “Corporate Reorganization,” the Company will become the managing member of OpCo. The Company will initially have a minority economic interest in OpCo, but will have exclusive control over the management of OpCo. As a result, we will consolidate the financial results of OpCo and will report a non-controlling interest on our consolidated balance sheet for the percentage of OpCo units not held by the Company. Upon completion of the contemplated transactions, the non-controlling interest is expected to own approximately % of OpCo.

| Pro forma members’ equity as of December 31, 2024              |     |   |
|:---------------------------------------------------------------|:----|:--|
| Gross proceeds from Offering                                   |     |   |
| Underwriting discounts and Offering costs                      |     |   |
| Net distribution to existing owners                            |     |   |
| Pro forma, As Adjusted member’s equity as of December 31, 2024 |     | $ |
| Estimated noncontrolling interest percentage                   |     |   |

The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma condensed combined statement of operations: (f) Reflects reduction in interest expense of $8.7 million for the year ended December 31, 2024 associated with the pay down of the Term Loan B issued by WBEF. (g) Reflects estimated incremental income tax expense of $ million for the year ended December 31, 2024 associated with the Company’s results of operations assuming the Company’s earnings had been subject to federal income tax as a subchapter Corporation using a statutory tax rate of approximately % and based on the Company’s ownership of approximately % ( % if the underwriters’ option to purchase additional Class A shares is exercised in full) of OpCo following completion of the contemplated transactions. This rate is inclusive of U.S. federal and state income taxes. (h) Reflects the reduction in consolidated net income attributable to non-controlling interest for OpCo’s historical results of operations. Upon completion of the Corporate Reorganization, the non-controlling interest will be approximately % ( % if the underwriters’ option to purchase additional Class A shares is exercised in full). (i) On a pro forma basis, basic earnings per share and diluted earnings per share are the same as there were no anti-dilutive securities during the periods presented. Earnings per share on a pro forma basis is computed as follows:

|                                                                          |     | Year Ended December 31, 2024