LandBridge Company (LB) Investor Day 2026 summary

Strategic vision and growth drivers

• Focus on monetizing over 315,000 acres in the Delaware/Permian Basin through a unique ecosystem integrating land, water, power, digital infrastructure, and broader industrial development.

• Layered growth model: near-term revenue from core infrastructure, medium-term from powered land and industrial, and long-term from next-gen uses like data centers and battery storage.

• Key revenue streams include pore space for water disposal, data center campus development, and ancillary industrial uses, leveraging synergies between portfolio companies with LandBridge as the central value driver.

• Active land management and targeted M&A have rapidly increased revenue per acre and positioned for scalable, capital-light growth, with SUEE rising from $465/acre to $1,159/acre on legacy acreage in three years.

• Management and sponsor alignment with over 13% ownership, disciplined capital allocation, dividend growth, and share buybacks.

Financial performance and guidance

• Achieved approximately 63% adjusted EBITDA CAGR from FY22 to FY25, with free cash flow CAGR near 100% and total shareholder return of ~344% since IPO.

• Projected $300 million free cash flow from pore space utilization over the next five years, with upside from price escalation as scarcity increases.

• Data center campuses expected to generate $150–$300 million in free cash flow before water, with water royalties potentially doubling that figure.

• 2025 adjusted EBITDA reached $177M and free cash flow $122M; targeting 15% organic EBITDA CAGR and 20% with M&A through 2035.

• Long-term guidance suggests EBITDA could reach $750M–$1.2B and free cash flow $500M–$800M by 2035, driven by organic and M&A growth.

Oil, gas, water, and infrastructure

• Delaware Basin remains the most active U.S. basin, with 13% oil production CAGR projected through 2035 and increasing water-oil ratios driving water management demand.

• LandBridge owns over 2MM bbl/d of low-pressure pore space, offering a long-term alternative as Stateline AOI disposal capacity is expected to decline ~51% by 2035.

• Executed major agreements: 10-year, 300mbpd pore space reservation with Devon Energy and 450mbpd produced water pipeline with bpx energy.

• WaterBridge and LandBridge control vast water resources, enabling both open and closed loop cooling for data centers and supporting industrial, municipal, and agricultural uses.

• Produced water treatment technologies are advancing, with potential for data center cooling and beneficial reuse.