LandBridge Company (LB) Status update summary

Strategic Expansion and Acquisitions

• Added 53,080 new acres, expanding total surface acreage to 272,000 acres and enhancing presence in the Delaware Basin.

• Closed acquisitions in Lee (5,800 acres for ~$27 million) and Winkler Counties (1,280 acres for ~$20 million), and announced Wolf Bone Ranch (46,000 acres for $245 million), all expected to deliver significant value.

• Acquisitions executed at a blended 2024/2025 EBITDA multiple of 7.6x, with over 20% free cash flow per share accretion projected for next year.

• Wolf Bone Ranch includes a five-year, $25 million per year minimum revenue commitment from VTX Energy Partners.

• Pro forma last quarter annualized net leverage estimated at 2.7x.

Financial Guidance and Liquidity Update

• Increased 2025 Adjusted EBITDA guidance to a midpoint of $180 million, up from $150 million, with a new range of $170–$190 million, reflecting Wolf Bone Ranch's contribution.

• Wolf Bone Ranch expected to generate $30+ million of Adjusted EBITDA in 2025, based on current run rate earnings.

• $350 million raised via private placement of ~5.8 million Class A Shares; $200 million allocated to Wolf Bone, $150 million to redeem OpCo Units.

• Debt facilities amended: revolving credit facility increased to $100 million, term loan to $300 million, with $75 million delayed draw option.

• Pro forma liquidity stands at $113 million, with $92 million total debt funding for recent acquisitions.

Commercial and Operational Opportunities

• Wolf Bone Ranch offers near-term revenue and royalty opportunities from oil and gas operators and water infrastructure.

• Proximity to Waha Natural Gas Hub enables potential for gas-fired power and digital infrastructure projects.

• Lee County acquisition adds 5,800 acres and 30,000 leased acres, with cash flows from water handling royalties and resource sales.

• Winkler County acquisition provides 1,280 contiguous acres, existing contracts for resource revenues, and access to a high-quality aquifer with minimum volume commitment through 2031.

• Significant future revenue expected from surface and infrastructure projects across new assets.