Delivers Q4 revenue growth of 56% year-over-year and 12% quarter-over-quarter and full year 2025 year-over-year revenue growth of 81%

Announces full year 2026 EBITDA outlook of $205 million to $225 million

Declares quarterly cash dividend of $0.12 per share, representing a 20% increase

Announces $50 million share repurchase authorization

HOUSTON--(BUSINESS WIRE)--February 25, 2026-- 

LandBridge Company LLC $(LB)$ (the "Company," or "LandBridge") today announced its financial and operating results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

   --  Revenues of $56.8 million, up 56% year-over-year and 12% 
      quarter-over-quarter 
 
   --  Net income(1) of $18.2 million 
 
   --  Net income margin(1) of 32% 
 
   --  Adjusted EBITDA(2) of $51.1 million, up 61% year-over-year and 14% 
      quarter-over-quarter 
 
   --  Adjusted EBITDA Margin(2) of 90% 
 
   --  Cash flows from operating activities of $38.1 million 
 
   --  Free Cash Flow(2) of $36.4 million 
 
   --  Operating cash flow margin of 67% 
 
   --  Free Cash Flow Margin(2) of 64% 

Fiscal Year 2025 Financial Highlights

   --  Revenues of $199.1 million, up 81% year-over-year 
 
   --  Net income of $72.4 million 
 
   --  Net income margin of 36% 
 
   --  Adjusted EBITDA(2) of $177.2 million, up 83% year-over-year 
 
   --  Adjusted EBITDA Margin(2) of 89% 
 
   --  Cash flows from operating activities of $126.3 million 
 
   --  Free Cash Flow(2) of $122.0 million 
 
   --  Operating cash flow margin of 63% 
 
   --  Free Cash Flow Margin(2) of 61% 

Recent Milestones

   --  Delivered Surface Use Economic Efficiency(3) ("SUEE") improvements 
      across acquired acreage: 
 
          --  Legacy acreage increased to $1,159/acre in 2025, representing a 
             14% increase from $1,018/acre in 2024 and a 149% increase from 
             $465/acre in 2022 
 
          --  145% increase on acreage acquired in 2024 from $204/acre in 2024 
             to $499/acre in 2025 
 
 
 
   --  Closed inaugural $500 million senior notes offering and new revolving 
      credit facility in November 2025, enhancing balance sheet through 
      improved cost of capital and increased liquidity 
 
   --  In December of 2025, announced that LandBridge entered into development 
      agreements with subsidiaries of Samsung C&T Renewables, LLC providing the 
      option to lease acreage for two potential Battery Energy Storage System 
      projects in Pecos and Loving counties, Texas with an aggregate capacity 
      of 350 MW 
 
   --  Increased quarterly cash dividend by 20% to $0.12 per share in the 
      first quarter of 2026 
 
   --  Obtained authorization from Board of Directors to opportunistically 
      repurchase up to $50 million in Class A shares through year-end 2027 
 
   --  Announced 2026 Adjusted EBITDA(2) guidance range of $205 million to 225 
      million, representing projected year-over-year growth of over 20% at the 
      midpoint of the range 

Jason Long, Chief Executive Officer of LandBridge, stated, "We entered 2026 with strong momentum, and continue to shift the paradigm of active land management. With over 315,000 optimally-located and largely contiguous surface acres, LandBridge continues to support and encourage energy, power, digital infrastructure and broader industrial development. We have a strong balance sheet and a proven platform for organic and acquisition-driven expansion, and we are well positioned to deliver differentiated value to shareholders and a diverse customer base in the years ahead."

Scott McNeely, Chief Financial Officer of LandBridge, said, "LandBridge delivered its seventh consecutive public quarter of strong growth, driven by increases across key revenue streams. As always, our business is underpinned by a high-margin, highly capital-efficient and asset-light model, with predominately fee-based revenue that we anticipate yielding high Adjusted EBITDA and Free Cash Flow. 2025 saw approximately 450 new easements and agreements executed on our acreage, with many compelling opportunities before us across all industrial uses, and an optimized balance sheet to accelerate our growth trajectory. We look forward to executing on our disciplined strategy and anticipate delivering within our Adjusted EBITDA guidance range, representing greater than 20% projected year-over-year growth at the midpoint of the range."

Fourth Quarter 2025 Consolidated Financial Information

Revenue for the fourth quarter of 2025 was $56.8 million as compared to $50.8 million in the third quarter of 2025 and $36.5 million in the fourth quarter of 2024. The sequential increase was attributable to increases of $4.3 million in surface use royalties and revenues, $1.3 million in resource sales and royalties and $0.6 million in other revenue, offset by a decrease of $0.2 million in oil and gas royalties. Net income for the fourth quarter of 2025 was $18.2 million as compared to $20.3 million in the third quarter of 2025 and $8.2 million in the fourth quarter of 2024.(1)

Adjusted EBITDA was $51.1 million in the fourth quarter of 2025 as compared to $44.9 million in the third quarter of 2025 and $31.7 million in the fourth quarter of 2024.(2) Adjusted EBITDA during the fourth quarter of 2025 reflects $9.4 million of non-cash charges related to LandBridge Holdings LLC incentive units, $2.3 million of non-cash charges related to LandBridge's restricted share units, and $5.8 million of transaction-related expenses.

Net income margin was 32% in the fourth quarter of 2025 as compared to 40% in the third quarter of 2025 and 22% in the fourth quarter of 2024.(1) Adjusted EBITDA margin was 90% in the fourth quarter of 2025 as compared to 88% in the third quarter of 2025 and 87% in the fourth quarter of 2024.(2)

Diversified Revenue Streams

Surface Use Royalties and Revenue: Generated revenues of $39.3 million in the fourth quarter of 2025 as compared to $35.0 million in the third quarter of 2025 and $25.5 million in the fourth quarter of 2024. Surface Use Royalties and Revenue increased 12% sequentially, primarily driven by a continued increase in produced water handling royalties and new easement payments received in the quarter.

Resources Sales and Royalties: Generated revenues of $12.0 million in the fourth quarter of 2025 as compared to $10.8 million in the third quarter of 2025 and $6.6 million in the fourth quarter of 2024. Revenue from Resource Sales and Royalties increased 12% sequentially, primarily driven by increases in supply water royalty volumes and sand sales in the quarter.

Oil and Gas Royalties: Generated revenues of $3.1 million in the fourth quarter of 2025 as compared to $3.3 million in the third quarter of 2025 and $4.5 million in the fourth quarter of 2024. Revenue from Oil and Gas Royalties decreased 6% sequentially, primarily driven by activity levels in the quarter.

Free Cash Flow Generation

Cash flow from operations for the fourth quarter of 2025 was $38.1 million as compared to $34.9 million in the third quarter of 2025 and $26.9 million in the fourth quarter of 2024. Free Cash Flow for the fourth quarter of 2025 was $36.4 million as compared to $33.7 million in the third quarter of 2025 and $26.7 million in the fourth quarter of 2024.(2)

Capital expenditures for the fourth quarter of 2025 were $1.7 million and net cash used in investing activities during the fourth quarter of 2025 was $212.0 million.

Net cash provided by financing activities during the fourth quarter of 2025 was $176.3 million, which included approximately $10.9 million of dividends and distributions paid and $187.3 million of net debt proceeds.

Strong Balance Sheet with Ample Liquidity

Total liquidity was $235.7 million as of December 31, 2025.

On November 25, 2025, the Company refinanced all of its existing debt through an inaugural $500.0 million offering of 6.25% senior unsecured notes due 2030 and a new $275.0 million senior secured revolving credit facility maturing in June 2030.

As of December 31, 2025, the Company had approximately $205.0 million of available borrowing capacity under its new revolving credit facility.

Total cash and cash equivalents were $30.7 million as of December 31, 2025, as compared to $28.3 million as of September 30, 2025. The Company had $570.0 million of borrowings outstanding under its senior notes and new revolving credit facility as of December 31, 2025, versus $369.3 million of borrowings outstanding under its previous term loan and revolving credit facility as of September 30, 2025.

Return of Capital

Our Board of Directors declared a dividend on our Class A shares of $0.12 per share, a 20% increase compared to prior quarters, payable on March 19, 2026 to shareholders of record as of March 5, 2026, and a corresponding required cash distribution to DBR Land Holdings LLC unitholders.

Additionally, our Board of Directors has approved a two-year share repurchase authorization under which the Company may opportunistically repurchase up to $50 million of Class A shares. The repurchase authorization is expected to provide the Company with opportunities to acquire shares at levels that we believe do not reflect the fundamental earnings power of the Company and enable incremental capital return to shareholders. While the share repurchase authorization provides increased flexibility to deploy capital, the Company's primary capital allocation priority will continue to be investing appropriately in the long-term, sustainable growth of the business through disciplined M&A.

2026 Outlook

For the full year 2026, the Company expects Adjusted EBITDA to be between $205 million and $225 million.

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