LandBridge (LB): 2Q26 Preview: Watching Continued Per-Acre Revenue Upside

Research evidence excerpt

LandBridge (LB): 2Q26 Preview: Watching Continued Per-Acre Revenue Upside

Equity Research

14 July 2026 | 11:02PM EDT

LandBridge (LB): 2Q26 Preview: Watching Continued Per-Acre Revenue

Upside

Ahead of 2Q26 earnings, we refresh our estimates for LandBridge (LB, Buy). We John Mackay

+1(212)357-5379 |

expect $56m of 2Q26 EBITDA vs. consensus of $55m and our prior estimate of john.mackay@gs.com

Goldman Sachs & Co. LLC

$57m. Sequentially, we expect EBITDA up +27% QoQ on a normalization of

Jackie Koletas

commercial activity, seasonally stronger produced water volume growth, and higher +1(917)343-6953 |

commodity prices. For 2026, we estimate EBITDA of $221m, in line with consensus of jackie.koletas@gs.comGoldman Sachs & Co. LLC

$221m and guidance of $210-230m. We see ongoing produced water royalty growth Olivia Foster

and incremental commercial agreements to support upside for the remainder of the +1(801)212-7314Goldman Sachs & Co.| olivia.foster@gs.comLLC

year as LB executes on growing per-acre revenue across the footprint. We expect a Ben Lund

focus on 1) further commercial opportunities on its more recently acquired acreage, +1(801)884-1197 | ben.lund@gs.com Goldman Sachs & Co. LLC

2) Permian data center project momentum, and 3) potential increased liquidity from

a proposed C-corp conversion. We remain Buy-rated with an $84 PT.

Expectations and Key Focus Areas

Expectations

We expect 2Q26 EBITDA of $56m vs. 1Q26 of $45m and consensus of $55m.

Sequentially, we expect higher activity across all segments following a seasonally

lower 1Q26. We forecast the most growth for the Surface Use royalties and revenues

driven by higher produced volumes and commercial opportunities across the

footprint. For FY26, we expect $221m, consistent with consensus and guidance of