LandBridge Co LLC 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements (Unaudited) LandBridge Company LLC and Subsidiaries Condensed Con s olidat ed Balance Sheets (in thousands) (unaudited) June 30, December 31, 2026 2025 Current assets: Cash and cash equivalents $ 39,797 $ 30,741 Accounts receivable, net 17,618 19,363 Related party accounts receivable 9,878 4,945 Prepaid expenses and other current assets 3,487 4,766 Total current assets 70,780 59,815 Non-current assets: Property, plant and equipment, net 1,092,750 1,084,450 Intangible assets, net 131,444 136,962 Deferred tax assets 79,059 80,973 Other assets 3,233 3,856 Total non-current assets 1,306,486 1,306,241 Total assets $ 1,377,266 $ 1,366,056 Liabilities and equity Current liabilities: Accounts payable $ 742 $ 562 Taxes payable 966 1,200 Related party accounts payable 1,062 781 Accrued liabilities 5,946 7,781 Current portion of long-term debt 194 692 Contract liabilities 818 1,263 Other current liabilities 7 7 Total current liabilities 9,735 12,286 Non-current liabilities: Long-term debt, net of debt issuance costs 535,529 559,593 Other long-term liabilities 195 192 Total non-current liabilities 535,724 559,785 Total liabilities 545,459 572,071 Commitments and contingencies Class A shares, unlimited shares authorized and 28,233,217 shares issued and outstanding as of June 30, 2026. Unlimited shares authorized and 27,838,199 shares issued and outstanding as of December 31, 2025. 318,073 317,069 Class B shares, unlimited shares authorized and 48,680,928 shares issued and outstanding as of June 30, 2026. Unlimited shares authorized and 49,250,916 shares issued and outstanding as of December 31, 2025. - - Retained earnings 37,459 23,233 Total shareholders’ equity attributable to LandBridge Company LLC 355,532 340,302 Noncontrolling interest 476,275 453,683 Total shareholders’ equity 831,807 793,985 Total liabilities and equity $ 1,377,266 $ 1,366,056 See accompanying notes to the condensed consolidated financial statements 7 LandBridge Company LLC and Subsidiaries Condensed Consolidated Sta tements of Operations (in thousands, except share and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Surface use royalties $ 12,527 $ 9,019 $ 23,718 $ 19,540 Surface use royalties - related party 13,039 7,676 24,080 14,591 Easements and other surface-related revenues 19,948 14,271 31,548 20