Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 340

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 340
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 Notes to Consolidated Financial Statements                                                           | F-114 |

| Unaudited Condensed Consolidated Financial Statements                                                                     
 Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024                                 
 Unaudited Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2025 and 2024                 | F-124 
 F-125 |
|:--------------------------------------------------------------------------------------------------------------------------|:------|
| Unaudited Condensed Consolidated Statements of Changes in Member’s Equity for the Six Months Ended June 30, 2025 and 2024 | F-126 |
| Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024                 | F-127 |
| Notes to the Unaudited Condensed Consolidated Financial Statements                                                        | F-128 |

<div align='center'>F-2</div>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Managers of NDB Holdings LLC

Opinion on the Financial Statement

We have audited the accompanying balance sheet of WaterBridge Infrastructure LLC (the “Company”) as of April 11, 2025, and the related notes (collectively referred to as the “financial statement”). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of April 11, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statement based on our audit. 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 the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion