LandBridge Co LLC

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

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Total revenues. Total revenues increased by $19.3 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Please see our discussion below regarding comparative period variances in revenue sources.

Surface use royalties. Surface use royalties increased by $8.9 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was attributable to increased produced water handling and associated skim oil royalties on our surface. The increase associated with produced water handling royalties is primarily driven by a significant increase in produced water handling volume of approximately 622 MBbl/d. The volume and associated revenue increase was primarily attributable to the Wolf Bone Ranch Acquisition and the 1918 Acquisition coupled with organic growth on our overall Stateline surface acreage.

Easements and other surface-related revenues. Easements and other surface-related revenues increased by $9.1 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to oil and natural gas gathering and transportation pipelines and produced water handling infrastructure of $10.8 million and $0.9 million in other surface easements partially offset by $2.6 million related to the expansion of an existing industrial waste facility surface use agreement during the three months ended June 30, 2025.

Resource sales. Resource sales increased by $0.6 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to caliche sales of $1.1 million due to construction of infrastructure assets in the areas surrounding our surface acreage partially offset by lower brackish water sales of $0.5 million. Brackish water sales volume decreased by 1.9 million barrels, or 17%, to 9.5 million barrels for the three months ended June 30, 2026, as compared to 11.4 million barrels for the three months ended June 30, 2025, partially offset by a per unit sales price increase of approximately 8%, primarily driven by the customer contract mix for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.

Oil and gas royalties. Oil and gas royalties increased by $0.8 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to higher realized commodity prices of $1.0 million due to higher oil and condensate prices partially offset by $0.2 million due to lower net royalty volumes resulting from natural production decline.

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General and administrative expense. General and administrative expense, excluding share-based compensation expense, increased by $1.1 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to increased corporate shared services allocation from WaterBridge of $0.4 million to support underlying growth of the business, increased professional services fees of $0.4 million primarily related to commercial opportunities, and personnel-related expenses of $0.2 million due to incremental personnel headcount.

Depreciation, depletion and amortization. Depreciation, depletion and amortization increased by $1.8 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to amortization of intangible assets acquired in the 1918 Acquisition during 2025.

Interest expense. Interest expense increased by $1.3 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to a higher weighted average debt balance during the three months ended June 30, 2026 partially offset by lower interest on the Notes and 2025 Revolving Credit Facility.

Income tax expense. Income tax expense increased by $1.8 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. The increase was primarily attributable to higher taxable income, while the effective tax rate remained relatively consistent.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

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Total revenues. Total revenues increased by $26.4 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Please see our discussion below regarding comparative period variances in revenue sources.

Surface use royalties. Surface use royalties increased by $13.7 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was attributable to increased produced water handling and associated skim oil royalties of $13.6 million and solid waste disposal and reclamation royalties of $0.1 million on our surface. The increase associated with produced water handling royalties is primarily driven by a significant increase in produced water handling volume of approximately 468 MBbl/d. The volume and associated revenue increase was primarily attributable to the Wolf Bone Ranch Acquisition and 1918 Acquisition.

Easements and other surface-related revenues. Easements and other surface-related revenues increased by $15.1 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was primarily attributable to oil and natural gas gathering and transportation pipelines and produced water handling infrastructure of $13.9 million and road easements of $1.1 million.

Resource royalties. Resource royalties decreased by $1.6 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The decrease was primarily attributable to lower brackish water royalties of $0.8 million and sand mine royalties of $0.8 million primarily related to lower throughput volumes. Brackish water royalty volume decreased by 3.7 million barrels, or 19%, to 15.8 million barrels for the six months ended June 30, 2026, as compared to 19.5 million barrels for the six months ended June 30, 2025, partially offset by a per unit royalty price increase of approximately 10%, primarily driven by the customer contract mix and minimum royalty payments for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

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General and administrative expense. General and administrative expense, excluding share-based compensation expense, increased by $2.1 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was primarily attributable to increased professional services fees of $0.9 million primarily related to commercial opportunities, increased corporate shared services allocation from WaterBridge of $0.5 million to support underlying growth of the business, personnel-related expenses of $0.4 million due to incremental personnel headcount and $0.3 million due to insurance and other corporate expenses.

Depreciation, depletion and amortization. Depreciation, depletion and amortization increased by $3.7 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was primarily attributable to amortization of intangibles acquired in the 1918 Acquisition during 2025.

Interest expense. Interest expense increased by $2.8 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was primarily attributable to higher interest of $6.8 million due to a higher weighted average debt balance of $173.9 million, partially offset by lower interest of $4.3 million due to a lower weighted average interest rate on the Notes and 2025 Revolving Credit Facility.

Income tax expense. Income tax expense increased by $1.9 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was primarily attributable to higher taxable income, while the effective tax rate remained relatively consistent.

Non-GAAP Financial Measures

We use certain non-GAAP performance measures to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with GAAP. Although these non-GAAP financial and liquidity measures are important factors in assessing our operating results, profitability and performance they should not be considered in isolation or as a substitute for net income or gross margin or any other measures presented under GAAP.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA and Adjusted EBITDA Margin are used by our management and by external users of our financial statements, such as investors, research analysts and others, to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, depletion and amortization; share-based compensation; non-recurring transaction-related expenses; litigation settlements and expenses incurred outside of the ordinary course of business; debt modification and extinguishment costs; gains or losses on disposal of assets; and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues.

We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired.

The following table sets forth a reconciliation of net income and net income margin as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated.

Free Cash Flow and Free Cash Flow Margin

Free Cash Flow and Free Cash Flow Margin are used by our management and by external users of our financial statements, such as investors, research analysts and others, to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures.

The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated.

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Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are cash flows from operating activities and, if required, proceeds from borrowings under the 2025 Revolving Credit Facility. Our primary liquidity and capital requirements will be for our operating expenses, servicing of our debt, the payment of dividends to our shareholders, general company needs and investing in our business, including the potential acquisition of additional surface acreage. Although we believe that we will be able to partially or fully fund our short-term and long-term capital expenditures, working capital requirements and other capital needs with cash on hand and cash flows from operating activities, we may elect to use borrowings under the 2025 Revolving Credit Facility to finance our operating and investing activities. Refer to Note 7 — Debt within the notes to our unaudited condensed consolidated financial statements for more information.

We strive to maintain financial flexibility and proactively monitor potential capital sources, including equity and debt financing, to meet our target liquidity and capital requirements. If market conditions were to change and our revenues were to decline significantly or operating costs were to increase, our cash flows and liquidity could be reduced and we could be required to seek alternative financing sources.

As of June 30, 2026, the Company had $500.0 million of principal debt related to our 6.25% fixed-rate senior unsecured notes due 2030 and $45.0 million of outstanding borrowings under the 2025 Revolving Credit Facility. As of June 30, 2026, the Company had $269.8 million of liquidity comprised of the $230.0 million of available borrowing capacity under the 2025 Revolving Credit Facility and $39.8 million of cash and cash equivalents.

Dividends and Distributions

On August 4, 2026, our board of directors declared a dividend on our Class A shares of $0.12 per share, payable on September 10, 2026 to shareholders of record as of August 27, 2026, and a corresponding required cash distribution to OpCo unitholders.

On August 4, 2026, our board of directors approved a payment for tax distributions from OpCo to OpCo unitholders (other than the Company) in the amount of $8.1 million. This amount is inclusive of OpCo unitholders’ (other than the Company) pro rata share of estimated federal income tax and an additional tax distribution in excess of the Company’s then-current income tax obligation as provided for under the OpCo LLC Agreement. This amount is expected to be paid during the third quarter of 2026.

Cash Flows

The following table summarizes our cash flow for the six months ended June 30, 2026 and 2025:

Net Cash Provided by Operating Activities. Net cash provided by operating activities increased $29.2 million. The increase was attributable to cash flow related to higher net income, net of adjustment items, of $19.4 million and an increase attributable to working capital accounts of $9.9 million. The increase in net income, net of adjustment items, is primarily attributable to revenue growth related to continued commercialization of acreage, partially offset by higher adjustment items primarily related to intangible asset amortization related to the 1918 Acquisition in 2025. The increase in cash flow attributable to working capital accounts was primarily attributable to the timing of collections.

Net Cash Used in Investing Activities. Net cash used in investing activities decreased $6.5 million. The decrease was primarily attributable to lower acquisition and acquisition-related expenditures for the six months ended June 30, 2026 of $12.2 million as compared to $18.8 million for the six months ended June 30, 2025. See Note 4 —Asset Acquisitions within the notes to our Financial Statements.

Net Cash Used In Financing Activities. Net cash used in financing activities increased $10.0 million. Net cash used in financing activities for the six months ended June 30, 2026 primarily consisted of $33.3 million of dividends, dividend equivalents and distributions paid to shareholders and $26.7 million of debt repayments and debt issuance cost. Net cash used in financing activities for six months ended

June 30, 2025 primarily consisted of $37.9 million of dividends, dividend equivalents and distributions paid to shareholders, $11.0 million of debt repayments, net of proceeds, and $1.0 million of offering costs paid related to the December 2024 private placement.

Capital Requirements

We focus our business model on entering into agreements under which our customers bear substantially all of the operating and capital expenditures related to their operations on our land, while minimizing our capital requirements for both current and future commercial opportunities, resulting in the ability to create significant Free Cash Flows. Our contracts generally include inflation escalators, which, when combined with our relatively low operating and capital expenditures, may assist in mitigating our exposure to broader inflationary pressures. As a landowner, we incur the initial cost to acquire our acreage, but thereafter we incur modest development capital expenditures and operating expenses as it relates to operations on our land or our mineral and royalty interests, as such expenses are borne primarily by our customers. As a result, we expect that additional significant capital expenditures would be related to our acquisition of additional surface acreage, should we elect to do so.

The amount and allocation of future acquisition-related capital expenditures will depend upon a number of factors, including the size of the acquisition opportunity, our cash flows from operating activities and our investing and financing activities. For the three and six months ended June 30, 2026, we incurred $10.2 million and $12.2 million in acquisition-related capital expenditures, respectively.

We periodically assess changes in current and projected cash flows, acquisition and divestiture activities and other factors to determine the effects on our liquidity. We believe that our cash on hand and cash flow from operating activities will provide us with sufficient liquidity to execute our current strategy. However, our ability to generate cash is subject to a number of factors that may directly or indirectly affect us, many of which are beyond our control, including commodity prices and general economic, financial, competitive, legislative, regulatory and other factors. If we require additional capital for acquisitions or other reasons, we may seek such capital through traditional borrowings under our debt instruments, offerings of debt and equity securities or other means. If we are unable to obtain funds when needed or on acceptable terms, we may not be able to complete acquisitions that may be favorable to us.

As our board of directors declares cash dividends to our Class A shareholders, we expect the dividend to be paid from Free Cash Flow. We do not currently expect to borrow funds or to adjust planned capital expenditures to finance dividends on our Class A shares. The timing, amount and financing of dividends, if any, will be subject to the discretion of our board of directors from time to time.

Share Repurchase Program

On February 24, 2026, our board of directors approved a share repurchase program. The program permits the repurchase of up to $50 million of the Company’s Class A shares through December 2027. The shares may be repurchased from time to time in open market transactions, block trades, accelerated share repurchases, or privately negotiated transactions or by any combination of such methods. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s Class A shares, the market price of the Company’s Class A shares, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The Company is not obligated to purchase any shares under the share repurchase program, and the program may be suspended, modified or discontinued at any time without prior notice.

Critical Accounting Estimates

The preparation of our Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Financial Statements and the accompanying notes. There have been no significant changes to our critical accounting estimates from those disclosed in the 2025 Form 10-K.

Recently Issued Accounting Pronouncements Not Yet Adopted

For a summary of recently issued accounting pronouncements, refer to Note 2 —Summary of Significant Accounting Policies within the notes to our unaudited condensed consolidated financial statements.

Off Balance Sheet Arrangements

We currently have no material off-balance sheet arrangements.