EagleRock Land (EROK) Investor presentation summary

IPO and financial highlights

• Listed on NYSE under EROK on May 14, 2026, at $18.50 per share, raising $368.1 million in gross proceeds with no debt post-IPO.

• Pro forma capitalization post-IPO includes $1.45 billion in total capitalization and 27.6 million Class A and 105.2 million Class B shares outstanding.

• Adjusted EBITDA margin for 2025 is 84%, with strong free cash flow conversion and a capital-light, high-margin model.

• All predecessor debt was repaid by June 3, 2026, resulting in a debt-free balance sheet.

• Capital allocation prioritizes balance sheet strength, selective reinvestment, and shareholder returns.

Business model and asset overview

• Operates a surface-focused land management platform in the Permian Basin, spanning ~194,000 acres in the Delaware and ~42,000 acres plus ~70,000 dedicated acres in the Midland.

• Revenue is diversified by land use (resource sales 46%, royalties 38%, surface use 15%), geography (Delaware 55%, Midland 45%), and customer type.

• No minerals exposure; business is driven by surface use, resource sales, and water infrastructure.

• Key customers include major and large-cap energy companies, with no single entity comprising over ~6% of revenue.

• Strategic partnerships and minimum royalty commitments provide revenue visibility.

Permian Basin and operational dynamics

• Permian Basin accounts for ~45% of U.S. crude output and ~58% of onshore rigs, making it a critical energy supply region.

• Increasing oil production drives higher water handling needs, with produced water volumes rising and regulatory constraints on disposal.

• EagleRock's assets are positioned at the nexus of water disposal and recycling, benefiting from regulatory shifts and growing demand for beneficial reuse.

• Partnerships in acid gas injection (AGI) and water handling generate recurring royalty revenue and support future growth.

• Midland Basin assets feature integrated water infrastructure and long-term agreements guaranteeing minimum royalties.