WBI · WaterBridge Infrastructure LLC

WaterBridge Infrastructure LLC reported first quarter 2026 results that showed a sequential decline in revenue and volumes due to seasonal activity, but net income swung to a profit of $9.5 million from a loss in Q4 2025. Adjusted EBITDA remained relatively stable at $102.9 million, with margins improving to 51%. The company raised its full-year 2026 guidance for produced water handling volumes to 2.525-2.725 million barrels per day and Adjusted EBITDA to $425-$465 million, citing increased commercial demand and a supportive macroeconomic backdrop. Management highlighted progress on key projects: Speedway Phase I is on track for a mid-year start, the Kraken MVC ramp is proceeding, and the Speedway Phase II open season closed with strong demand from new and existing customers. The company declared a $0.05 per share dividend. Balance sheet liquidity stood at $500.7 million, with $1.486 billion in borrowings. Capital expenditures for the quarter were $110.9 million, primarily for Speedway and Stateline projects. The guidance raise reflects management's confidence in volume growth of approximately 8% year-over-year and Adjusted EBITDA growth of about 10% annually.