Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 325

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 325
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OB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are 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 audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Houston, TX

April 17, 2025

We have served as the Company’s auditor since 2020.

<div align='center'>F-17</div>

WaterBridge NDB Operating LLC and Subsidiaries Consolidated Balance Sheets (in thousands)

| Current assets:                            |     | December 31, 
 2024         |           |     | 2023 |           |
|:-------------------------------------------|:----|:-------------|----------:|:----|:-----|----------:|
| Cash and cash equivalents                  |     | $            |    13,284 |     | $    |    12,869 |
| Accounts receivable, net                   |     |              |    49,472 |     |      |    41,159 |
| Other receivables                          |     |              |     1,549 |     |      |     2,338 |
| Related party receivables                  |     |              |    50,025 |     |      |    21,579 |
| Prepaid expenses and other current assets  |     |              |     6,008 |     |      |     5,798 |
| Total current assets                       |     |              |   120,338 |     |      |    83,743 |
| Non-current assets:                        |     |