Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 20

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 20
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490,379 |     |      862,268 |     |                490,379 |     |      862,268 |
| Adjusted Operating Margin/Barrel (1)            |     |                       $0.48 |     |     $0.49 |     |                     $0.47 |     |     $0.48 |     |                   $0.49 |     |      $0.48 |     |                       $0.36 |     |    $0.38 |     |                     $0.38 |     |    $0.39 |     |                   $0.39 |     |    $0.36 |     |            $0.44 |     |        $0.45 |     |                  $0.44 |     |        $0.45 |
| Net Debt (1)                                    |     |                  $1,145,105 |     |           |     |                $1,145,105 |     |           |     |              $1,114,354 |     | $1,104,631 |     |                    $628,833 |     |          |     |                  $628,833 |     |          |     |                $596,090 |     | $325,268 |     |       $1,785,035 |     |              |     |              1,556,990 |     |              |
| Ratio of Net Debt to Annualized Adjusted EBITDA |     |                       5.80x |     |           |     |                     6.16x |     |           |     |                   5.83x |     |      5.06x |     |                       3.88x |     |          |     |                     3.47x |     |          |     |                   3.98x |     |    3.42x |     |            4.64x |     |              |     |                  4.05x |     |              |

(1) Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, and Net Debt are Non-GAAP financial measures. See “—Summary Historical and Pro Forma Financial Data—Non-GAAP Financial Measures” below for more information regarding these non-GAAP measures and reconciliations to the most comparable GAAP measures.

8

The underlying industry of our customer base is the upstream oil and natural