WaterBridge Infrastructure LLC

B usiness WaterBridge was formed on April 11, 2025 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on September 18, 2025 (the IPO ). WaterBridge is a holding company, the principal asset of which is units representing limited liability company interests ( OpCo Units ) in OpCo. WaterBridge is also the sole managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Annual Report to WaterBridge, us, we, our or the Company are to (i) WaterBridge NDB Operating LLC ( NDB Operating ), one of our predecessors for SEC reporting purposes, and its subsidiaries, for periods prior to the completion of the combination and reorganization transactions in connection with the IPO and (ii) WaterBridge and its subsidiaries for periods following the completion such transactions. For more information on the IPO and the combination and reorganization transactions, please see WaterBridge Combination in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations . Company Overview We are a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America. We believe that our strategically located network, substantial scale and built-in operational redundancies provide a competitive advantage in attracting customers and allow us to achieve significant operating and capital efficiencies.