Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 358

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 358
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 2025 reflects the vesting of RSUs associated with initial IPO grants, assuming the IPO had occurred on January 1, 2024, which would result in an initial vesting date of January 1, 2025. Net loss per share on a pro forma basis is computed as follows:

|                                                                          |     |   | Six Months Ended June 30, 2025 |   |     |   | Year Ended December 31, 2024 |   |
|:-------------------------------------------------------------------------|:----|:--|-------------------------------:|:--|:----|:--|-----------------------------:|:--|
| Pro forma, as adjusted loss before income taxes                          |     | $ |                        (30,932 | ) |     | $ |                      (95,530 | ) |
| Pro forma, as adjusted income tax benefit                                |     |   |                          1,762 |   |     |   |                        5,139 |   |
| Pro forma, as adjusted net loss attributable to members’ equity          |     |   |                        (29,170 | ) |     |   |                      (90,391 | ) |
| Pro forma, as adjusted net loss attributable to noncontrolling interests |     |   |                         22,268 |   |     |   |                       70,305 |   |
| Pro forma, as adjusted net loss available to Class A members             |     | $ |                         (6,902 | ) |     | $ |                      (20,086 | ) |
| Weighted average number of Class A shares outstanding                    |     |   |                     34,096,279 |   |     |   |                   33,784,979 |   |
| Pro forma, as adjusted net loss available to Class A members per share   |     | $ |                          (0.20 | ) |     | $ |                        (0.59 | ) |

<div align='center'>F-18</div>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Managers of NDB Midstream LLC

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of WaterBridge NDB Operating LLC and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in the member’s equity, and cash flows, for each of the two years in the period ended December 31, 202