Q2 2026 WaterBridge Infrastructure LLC Earnings Call Transcript

Aug 6, 2026 / 04:00 PM GMT

Release Date Price: $32.72 (-2.47%)

Transcript 10-Q8-K

Key Points

Positve

Record revenue and adjusted EBITDA in Q2 2026, with 8% sequential revenue growth and 12% sequential adjusted EBITDA growth.
Adjusted EBITDA margin improved to 53%, reflecting higher throughput and operational scalability.
Closed accretive acquisition of Ranger Water Midstream, adding disposal capacity, pipelines, and treatment facilities in the Delaware Basin.
Expanding environmental waste management business with NDB landfill acquisition and organic construction of a new facility, doubling total facility count and more than doubling permitted waste handling capacity.
Raised full-year 2026 guidance for volumes and adjusted EBITDA for the second consecutive quarter, driven by strong demand and new projects.
Speedway Phase 1 launched on schedule, with volumes ramping and Phase 2 demand robust, potentially leading to near-term FID.
Increased liquidity by expanding revolving credit facility from $500 million to $750 million (with potential to $1 billion) and reduced borrowing costs by 25 basis points.
Strong positioning for digital infrastructure opportunities, leveraging produced water and brackish water resources for potential hyperscaler partnerships.
Disciplined capital allocation with all incremental projects meeting or exceeding return criteria, including build multiples below 5 times.
Declared a dividend of $0.05 per share, returning capital to shareholders.

Negative

Net leverage ratio at 3.3 times, above the long-term target of sub 3 times, indicating higher debt levels.
Capital expenditures guidance raised by $100 million to $530-$590 million, increasing financial commitments.
Speedway Phase 1 volumes are still ramping, with potential operational risks during the ramp-up period.
Speedway Phase 2 FID not yet finalized, with contracting taking time and no definitive timeline provided.
Lower end of volume guidance could be at risk if commodity prices decline sharply and drilling activity halts.
Acquisitions (Ranger, NDB landfill) may face integration risks and may not achieve expected returns if market conditions change.
Dependence on regulatory approvals for treated produced water use in data centers, which is not yet fully defined.
Increased competition and capacity constraints in the Delaware Basin could pressure pricing and margins.
The company's growth strategy relies heavily on continued high activity levels in the Permian Basin, which could be cyclical.
Potential for higher interest costs despite the revolver expansion, as debt levels remain elevated.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WBI.N - WaterBridge Infrastructure LLC
Q2 2026 WaterBridge Infrastructure LLC Earnings Call
Aug 06, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone.

Thank you for joining us and welcome to the Waterbridges second quarter 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Mae Harrington, director of investor relations. Please go ahead.

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Unidentified_2 [2]
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Good morning, and thank you for joining WaterBridge's second-quarter 2026 earnings call. I'm

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