Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 291

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 291
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Co. As a result, we will consolidate the financial results of OpCo and will report a non-controlling interest on our condensed combined 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 March 31, 2025              |     | $ | 614,253 |   |
| Gross proceeds from Offering                                |     |   | 400,000 |   |
| Underwriting discounts and Offering costs                   |     |   | (29,698 | ) |
| Pro forma, As Adjusted members' equity as of March 31, 2025 |     | $ | 984,555 |   |
| 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 $1.8 million for the three months ended March 31, 2025, and $7.3 million for the year ended December 31, 2024 associated with the pay down of the Term Loan B issued by WBEF and the revolving credit facility issued by NDB Operating. (g) Reflects estimated incremental income tax expense of $ million for the three months ended March 31, 2025 and $ 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,

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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