LandBridge Company LLC

Ladies and gentlemen, thank you for joining us and welcome to the LandBridge fourth quarter 2025 results 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 1 again. I will now hand the conference over to Mae Harrington, Director of Investor Relations. Mae, please go ahead.

Good morning and thank you for joining Lambridge's fourth quarter and fiscal year 2025 earnings call. I'm joined today by our Chief Executive Officer, Jason Long, and our Chief Financial Officer, Scott McNeely. Before we begin, I'd like to remind you that in this call and the related presentation, we will make forward-looking statements regarding our current beliefs, plans, and expectations, which are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from results and events contemplated by such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Please refer to the risk factors and other cautionary statements included in our filings with the SEC. I would also like to point out that our investor presentation and today's conference call will contain discussions of non-GAAP financial measures, which we believe are useful in evaluating our performance. The supplemental measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Reconciliations to the most directly comparable GAAP measures are included in our earnings release and the appendix of today's accompanying presentation. I'll now turn the call over to our CEO, Jason Long.

Thank you, May, and good morning, everyone. 2025 was a year of a creative expansion for LandBridge, with Q4 marking our seventh consecutive quarter of revenue growth as a public company. While Scott will delve more deeply into our operational and financial results, I'll start by highlighting the proven growth potential of our business model. In 2025, we grew revenues by 81% and adjusted EBITDA by 83% year over year, and achieved an adjusted EBITDA margin of 89%. Fourth quarter results strongly contributed to that growth, with revenue and EBITDA increasing 12% and 14% quarter over quarter, respectively. We have many compelling organic growth opportunities before us, as well as accretive opportunities to expand our footprint, which now totals more than 315,000 mostly contiguous acres strategically located across the Delaware Basin. We often talk about LandBridge advancing the paradigm of active land management, and I want to spend a few minutes talking about what that means and how we're able to demonstrate those results. We are focused on acquiring strategic, high-quality land positions that are well-positioned for development across key industries, such as energy, power, digital infrastructure, and broader industrial development. In parallel, we work to drive capital-light growth on existing acreage through commercial efforts by leveraging our deep expertise in the Delaware Basin across multiple industries to attract and advance commercial opportunities on our acreage, maximizing each acre's revenue potential and creating compounding revenue across our positions. Our active land management strategy is delivering long-term value across diversified revenue streams and driving gains in surface use economic efficiency, or SUEE. This metric, which we disclose on an annual basis for acreage with similar acquisition vintages, represents the average revenue per acre generated by our acreage portfolio over time. For example, our legacy acreage position of approximately 72,000 acres generated less than $465 per acre when we acquired it. And last year, it averaged almost $1,160 per acre, representing nearly 150% growth since 2022. For 2024 vintage acreage, including the East State Line and Wolfbone ranches, we achieved year-over-year growth of 145% in 2025. Across our full acres portfolio of more than 315,000 acres, we delivered SUEE growth. of 21% year-over-year, representing a dollar-value growth of $543 per acre to $658 per acre on average. Over the past year, this significant growth was accompanied by increased diversification of our customer base across revenue categories, accelerating commercial growth with a record of approximately 450 new easements and agreements on our acreage, including large-scale agreements with Blue Chip partners. In the energy space, we executed two battery energy storage systems, or BESS, facility development agreements with Samsung CNT Renewables in December, granting exclusive rights to develop BESS facilities with an aggregate capacity of 350 megawatts. These BESS facilities, which could achieve commercial operation as soon as year-end 2028, are designed to enhance grid stability, support renewable energy integration, deliver clean power to the local grid, and unlock more potential opportunities with Samsung in the future. Additional energy developments in 2025, including finalizing the sale of a 3,000 acre solar energy project with the proposed generation capacity of up to 250 megawatts and entering into a long-term lease with a subsidiary of One Oak for a natural gas processing facility. We also entered into strategic agreement with NRG Energy for the potential construction of a 1.1 gigawatt grid connected natural gas power generation facility intended to power our data center. Our agreements with Samsung, One Oak, and NRG reflect and emphasize our commitment to securing development across conventional and renewable energy, while also positioning LandBridge as a key enabler of digital infrastructure development across West Texas, a geography that has all the necessary components for such development, in particular low-cost energy, abundant water volumes, proximity to fiber, and favorable regulatory environment. These data center projects represent large, long term, capital intensive investments, and we support any potential counterparties in their due diligence on West Texas opportunities. Our team has significant experience with data center project underwriting and extensive relationships with West Texas counterparties who provide power, water, and other key infrastructure to facilitate complex multi party agreements and shorten time to value for our customers. Overall, our conviction in the West Texas value proposition for data centers has never been stronger, and we look forward to the ultimate broader industrial impact of such important projects on West Texas and LandBridge specifically. Another key growth driver continues to be produced water royalties, where our ample high-quality pore space is an important differentiator. As forward-looking and capital-efficient EMPs increasingly value the flow assurance offered by large-scale out-of-basin solutions, we expect that our synergistic relationship with Waterbridge will continue to contribute to growth as Waterbridge expands its water infrastructure across our acreage through projects like their Speedway Pipeline, where they recently announced an open season for its second phase. As we look ahead to 2026, we look forward to advancing our critical role in multi-industry development throughout the region. We are confident in our proven business strategy and are well positioned to continue delivering differentiated value for our shareholders. And now I'll turn the call over to Scott, our Chief Financial Officer.