Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 346

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 346
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 the periods presented. Earnings 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 income before income taxes                        |     | $                              |     | $                            |
| Pro forma, as adjusted income tax expense                                |     |                                |     |                              |
| Pro forma, as adjusted net income attributable to members’ equity        |     |                                |     |                              |
| Net income attributable to noncontrolling interests                      |     |                                |     |                              |
| Pro forma, as adjusted income available to Class A members               |     | $                              |     | $                            |
| Weighted average number of Class A shares outstanding                    |     |                                |     |                              |
| Pro forma, as adjusted net income available to Class A members per share |     | $                              |     | $                            |

<div align='center'>F-17</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, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of