Aris Water Solutions, Inc. (NYSE:ARIS) ("Aris," "Aris Water," or the "Company") today announced financial and operating results for the second quarter ended June 30, 2025.

SECOND QUARTER 2025 HIGHLIGHTS

Achieved record volumes for Produced Water Handling for a second consecutive quarter
Produced Water Handling volumes grew 4% sequentially and 13% year-over-year
Recycled water volumes grew 35% year-over-year
Achieved second quarter 2025 net income of $14.1 million
Generated Adjusted EBITDA¹ of $54.6 million for the second quarter of 2025, up 9% year-over year
As announced August 6, 2025, Western Midstream Partners, LP ("WES") and Aris have entered into a definitive agreement pursuant to which WES will acquire all of the outstanding shares of Aris in an equity-and-cash transaction valued at approximately $1.5 billion

OPERATIONS UPDATE

	Three Months Ended							Three Months Ended
	June 30,		March 31		% Change			June 30,		% Change
	2025		2025					2024
(thousands of barrels of water per day)
Total Volumes	1,757		1,750		—		%	1,455		21	%
Produced Water Handling Volumes	1,234		1,191		4		%	1,093		13	%
Water Solutions Volumes
Recycled Produced Water Volumes Sold	425		475		(11	)	%	314		35	%
Groundwater Volumes Sold	98		84		17		%	48		104	%
Total Water Solutions Volumes	523		559		(6	)	%	362		44	%

Skim oil recoveries (barrels of oil per day)	2,845		1,962		45		%	1,490		91	%
Skim oil recoveries (as a % of produced water volumes)	0.23	%	0.16	%	44		%	0.14	%	64	%

	Six Months Ended June 30,				% Change
	2025		2024
(thousands of barrels of water per day)
Total Volumes	1,754		1,489		18	%
Produced Water Handling Volumes	1,213		1,126		8	%
Water Solutions Volumes
Recycled Produced Water Volumes Sold	450		325		38	%
Groundwater Volumes Sold	91		38		139	%
Total Water Solutions Volumes	541		363		49	%

Skim oil recoveries (barrels of oil per day)	2,406		1,610		49	%
Skim oil recoveries (as a % of produced water volumes)	0.20	%	0.14	%	43	%

FINANCIAL UPDATE

		Three Months Ended						Three Months Ended
(in thousands)		June 30,		March 31	% Change			June 30,	% Change
		2025		2025				2024
Net Income	$	14,084	$	16,000	(12)	%	$	13,112	7	%
Adjusted Net Income		20,479		21,415	(4)	%		17,310	18	%
Adjusted EBITDA		54,564		56,539	(3)	%		49,995	9	%

Gross Margin/Barrel⁽¹⁾	$	0.29	$	0.32	(9)	%	$	0.32	(9)	%
Adjusted Operating Margin/Barrel ⁽¹⁾	$	0.41	$	0.44	(7)	%	$	0.46	(11)	%

Capital Expenditures	$	22,078	$	21,162	4	%	$	37,346	(41)	%
This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix.

⁽¹⁾ Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment.

(in thousands)		Six Months Ended June 30,			% Change
		2025		2024
Net Income	$	30,084	$	29,942	—		%
Adjusted Net Income		41,893		37,433	12		%
Adjusted EBITDA		111,103		103,103	8		%

Gross Margin/Barrel⁽¹⁾	$	0.31	$	0.32	(3	)	%
Adjusted Operating Margin/Barrel ⁽¹⁾	$	0.43	$	0.46	(7	)	%

Capital Expenditures	$	43,240	$	75,062	(42	)	%
This table includes reference to non-GAAP measures. See definition and a reconciliation to the most directly comparable GAAP measure in the Appendix.

⁽¹⁾ Gross Margin/Barrel and Adjusted Operating Margin/Barrel relate to our Water Gathering and Processing segment

STRONG BALANCE SHEET AND LIQUIDITY

As of June 30, 2025, the Company had net debt of approximately $445 million with $57 million in cash and $347 million available under its revolving credit facility. The Company's leverage ratio³ at the end of the second quarter of 2025 was 2.0X, below the Company's target leverage of 2.5X – 3.5X.

THIRD QUARTER 2025 DIVIDEND

Aris's Board of Directors declared a dividend on its Class A common stock for the third quarter of 2025 of $0.14 per share. In conjunction with the dividend payment, a distribution of $0.14 per unit will be paid to unit holders of Aris Water Holdings, LLC. The dividend will be paid on September 18, 2025, to holders of record of the Company's Class A common stock as of the close of business on September 4, 2025. The distribution to unit holders of Aris Water Holdings, LLC will be subject to the same payment and record dates.

CONFERENCE CALL

Given the previously announced transaction with WES, Aris will not host an earnings conference call for the Second Quarter of 2025.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin.

¹ Adjusted Net Income, Adjusted EBITDA, and Diluted Adjusted Net Income per Share are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted Net Income, Adjusted EBITDA, and Diluted Adjusted Net Income per Share and a reconciliation thereof to net income, the most directly comparable GAAP measure.

² The Adjusted Operating Margin and Adjusted Operating Margin per Barrel measures are related to our Water Gathering and Processing segment. Adjusted Operating Margin and Adjusted Operating Margin per Barrel are non-GAAP financial measures. See the supplementary schedules in this press release for a discussion of how we define and calculate Adjusted Operating Margin per Barrel and a reconciliation thereof to gross margin, the most directly comparable GAAP measure.

³ Represents a non-GAAP financial measure. Defined as net debt as of June 30, 2025, divided by trailing twelve months Adjusted EBITDA. Net debt is calculated as total debt less cash and cash equivalents. See the supplementary schedules in this press release for a reconciliation to the most directly comparable GAAP measure.

⁴ Capital Expenditures is a non-GAAP financial measure. See the supplementary schedules in this press release for a discussion of how we define and calculate Capital Expenditures and a reconciliation thereof to cash paid for property, plant, and equipment, the most directly comparable GAAP measure.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, statements, information, opinions or beliefs regarding our business strategy, our industry, our future profitability, business and financial performance, including our guidance for 2025, current and potential future long-term contracts, legal and regulatory developments, our ability to identify strategic acquisitions and realize expected benefits therefrom, the development of technologies for the beneficial reuse of produced water and related strategies, plans, objectives and strategic pursuits and other statements that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "guidance," "preliminary," "project," "estimate," "expect," "anticipate," "continue," "sustain," "will," "intend," "strive," "plan," "goal," "target," "believe," "forecast," "outlook," "future," "potential," "opportunity," "predict," "may," "visibility," "possible," "should," "could" and variations of such words or similar expressions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated or implied by the forward-looking statements including our guidance for 2025. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to, energy prices, trade policy of domestic and foreign governments (including the imposition of tariffs), the Russia-Ukraine and Middle Eastern conflicts, macroeconomic conditions (such as inflation) and market uncertainty related thereto, legislative and regulatory developments, customer plans and preferences, adverse results from litigation and the use of financial resources for litigation defense, technological innovations and developments, and other events discussed or referenced in our filings made from time to time with the Securities and Exchange Commission ("SEC"), including such factors discussed under "Risk Factors" in our most recent Annual Report on Form 10-K, and if applicable, our subsequent SEC filings, which are available on our Investor Relations website at https://ir.ariswater.com/sec-filings or on the SEC's website at www.sec.gov/edgar. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. All forward-looking statements, expressed or implied, included in this press release and any oral statements made in connection with this press release are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Table 1
Aris Water Solutions, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

(in thousands, except for share and	Three Months Ended						Six Months Ended
per share amounts)	June 30,						June 30,
	2025			2024			2025		2024
Revenue
Produced Water Handling	$	62,243		$	54,815		$	119,549	$	113,921
Produced Water Handling — Affiliate		35,964			28,614			70,836		55,441
Water Solutions		19,397			13,795			40,053		25,497
Water Solutions — Affiliate		5,762			3,453			12,521		8,695
Other Revenue		726			440			1,624		969
Total Revenue		124,092			101,117			244,583		204,523
Cost of Revenue
Direct Operating Costs		58,227			40,194			108,415		79,840
Cost of Goods Sold		127			—			127		—
Depreciation, Amortization and Accretion		19,972			19,707			39,728		39,128
Total Cost of Revenue		78,326			59,901			148,270		118,968
Operating Costs and Expenses
Abandoned Well Costs		998			(25	)		1,460		310
General and Administrative		17,699			16,037			37,709		30,538
Research and Development Expense		946			1,128			2,074		2,193
Other Operating (Income) Expense, Net		(208	)		157			904		737
Total Operating Expenses		19,435			17,297			42,147		33,778
Operating Income		26,331			23,919			54,166		51,777
Other Expense
Interest Expense, Net		9,567			8,813			18,797		17,251
Other		—			—			2,535		1
Total Other Expense		9,567			8,813			21,332		17,252
Income Before Income Taxes		16,764			15,106			32,834		34,525
Income Tax Expense		2,680			1,994			2,750		4,583
Net Income		14,084			13,112			30,084		29,942
Net Income Attributable to Noncontrolling Interest		7,433			7,147			14,822		16,354
Net Income Attributable to Aris Water Solutions, Inc.	$	6,651		$	5,965		$	15,262	$	13,588

Net Income Per Share of Class A Common Stock
Basic	$	0.19		$	0.18		$	0.45	$	0.41
Diluted	$	0.19		$	0.18		$	0.44	$	0.41
Weighted Average Shares of Class A Common Stock Outstanding
Basic		32,702,834			30,549,092			32,048,183		30,451,553
Diluted		33,494,725			30,589,997			32,880,189		30,472,005

Table 2
Aris Water Solutions, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

(in thousands, except for share and per share amounts)	June 30,			December 31,
	2025			2024
Assets
Cash	$	57,359		$	28,673
Accounts Receivable, Net		66,878			63,016
Accounts Receivable from Affiliate		24,418			12,016
Other Receivables		13,222			13,829
Other Current Assets		8,728			10,418
Total Current Assets		170,605			127,952
Fixed Assets
Property, Plant and Equipment		1,245,013			1,188,781
Accumulated Depreciation		(180,435	)		(160,176	)
Total Property, Plant and Equipment, Net		1,064,578			1,028,605
Intangible Assets, Net		180,709			195,223
Goodwill		34,585			34,585
Deferred Income Tax Assets, Net		7,199			1,735
Operating Lease Right-of-Use Assets, Net		15,714			15,016
Other Assets		3,485			5,284
Total Assets	$	1,476,875		$	1,408,400
Liabilities and Stockholders' Equity
Accounts Payable	$	22,627		$	20,182
Payables to Affiliate		3,567			941
Insurance Premium Financing Liability		2,281			6,725
Accrued and Other Current Liabilities		70,386			77,339
Total Current Liabilities		98,861			105,187
Long-Term Debt, Net of Debt Issuance Costs		490,522			441,662
Asset Retirement Obligations		22,930			21,865
Tax Receivable Agreement Liability		58,700			49,844
Other Long-Term Liabilities		18,200			17,335
Total Liabilities		689,213			635,893
Preferred Stock $0.01 par value, 50,000,000 authorized. None issued or outstanding as of June 30, 2025 and December 31, 2024		—			—
Class A Common Stock $0.01 par value, 600,000,000 authorized, 33,636,716 issued and 32,650,610 outstanding as of June 30, 2025; 31,516,468 issued and 30,857,526 outstanding as of December 31, 2024		335			314
Class B Common Stock $0.01 par value, 180,000,000 authorized, 26,493,565 issued and outstanding as of June 30, 2025; 27,493,565 issued and outstanding as of December 31, 2024		264			274
Treasury Stock (at Cost), 986,106 shares as of June 30, 2025; 658,492 shares as of December 31, 2024		(19,037	)		(8,988	)
Additional Paid-in-Capital		411,779			380,565
Retained Earnings		19,522			13,676
Total Stockholders' Equity Attributable to Aris Water Solutions, Inc.		412,863			385,841
Noncontrolling Interest		374,799			386,666
Total Stockholders' Equity		787,662			772,507
Total Liabilities and Stockholders' Equity	$	1,476,875		$	1,408,400

Table 3
Aris Water Solutions, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)

	Six Months Ended
(in thousands)	June 30,
	2025			2024
Cash Flow from Operating Activities
Net Income	$	30,084		$	29,942
Adjustments to reconcile Net Income to Net Cash Provided by Operating Activities:
Deferred Income Tax Expense		4,397			3,770
Depreciation, Amortization and Accretion		39,728			39,128
Stock-Based Compensation		11,937			8,214
Abandoned Well Costs		1,460			310
Loss on Disposal of Assets, Net		219			114
Abandoned Projects		237			745
Amortization of Debt Issuance Costs, Net		1,306			1,436
Loss on Debt Extinguishment		2,535			—
Other		177			735
Changes in Operating Assets and Liabilities:
Accounts Receivable		(3,862	)		(5,524	)
Accounts Receivable from Affiliate		(12,402	)		(6,169	)
Other Receivables		1,482			(665	)
Other Current Assets		2,355			2,975
Accounts Payable		2,686			1,818
Payables to Affiliate		(1,024	)		(215	)
Accrued Liabilities and Other		(15,158	)		(18,467	)
Net Cash Provided by Operating Activities		66,157			58,147

Cash Flow from Investing Activities
Property, Plant and Equipment Expenditures		(40,814	)		(56,879	)
Cash Paid for Acquisitions		(15,231	)		—
Proceeds from the Sale of Property, Plant and Equipment		4,629			94
Net Cash Used in Investing Activities		(51,416	)		(56,785	)

Cash Flow from Financing Activities
Dividends and Distributions Paid		(17,108	)		(11,817	)
Repurchase of Shares for the Payment of Withholding Taxes		(10,049	)		(1,326	)
Repayment of Credit Facility		(89,000	)		(15,000	)
Proceeds from Credit Facility		45,000			37,000
Proceeds from 2030 Notes		500,000			—
Satisfaction and Discharge of 2026 Notes		(400,000	)		—
Payment of Debt Issuance Costs Related to 2030 Notes		(9,914	)		—
Payment of Insurance Premium Financing		(4,615	)		(3,756	)
Payment of Finance Leases		(369	)		—
Net Cash Provided by Financing Activities		13,945			5,101

Net Increase in Cash		28,686			6,463
Cash, Beginning of Period		28,673			5,063
Cash, End of Period	$	57,359		$	11,526

Use of Non-GAAP Financial Information

The Company uses financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), including Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Adjusted Net Income, net debt and leverage ratio and Capital Expenditures. Although these Non-GAAP financial measures are important factors in assessing the Company's operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin, net cash flows provided from operating activities or any other measures prepared under GAAP.

The Company calculates Adjusted EBITDA as net income (loss) plus: interest expense; income taxes; depreciation, amortization and accretion expense; abandoned well costs, asset impairment and abandoned project charges; losses on the sale of assets; transaction costs; research and development expense; change in payables related to the Tax Receivable Agreement liability as a result of state tax rate changes; loss on debt extinguishment; stock-based compensation expense; and other non-recurring or unusual expenses or charges (such as litigation expenses, severance costs and amortization expense related to the implementation costs of our new enterprise resource planning system), less any gains on the sale of assets.

The Adjusted Operating Margin and Adjusted Operating Margin per Barrel measures are related to our Water Gathering and Processing segment, as they are dependent upon the volume of produced water we gather and handle, the volume of recycled water and groundwater we sell, the fees we charge for such services and the recurring operating expenses we incur to perform such services. The Company calculates Adjusted Operating Margin as Gross Margin (Total Revenue less Total Cost of Revenue) plus depreciation, amortization and accretion. The Company defines Adjusted Operating Margin per Barrel as Adjusted Operating Margin divided by total volumes handled or sold.

The Company calculates Adjusted Net Income as Net Income (Loss) plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically non-cash and/or non-recurring items. The Company calculates Diluted Adjusted Net Income Per Share as (i) Net Income (Loss) plus the after-tax impacts of stock-based compensation and plus or minus the after-tax impacts of certain items affecting comparability, which are typically non-cash and/or non-recurring items, divided by (ii) the diluted weighted-average shares of Class A common stock outstanding, assuming the full exchange of all outstanding LLC interests, adjusted for the dilutive effect of outstanding equity-based awards.

The Company calculates its leverage ratio as net debt as of June 30, 2025, divided by Adjusted EBITDA for the trailing twelve months. Net debt is calculated as the principal amount of total debt outstanding as of June 30, 2025, less cash and cash equivalents as of June 30, 2025.

The Company calculates Capital Expenditures as cash capital expenditures for property, plant, and equipment additions less changes in accrued capital costs.

The Company believes these presentations are used by investors and professional research analysts to assess the ability of our assets to generate sufficient cash to meet our business needs and return capital to equity holders, as well as for the valuation, comparison, rating and investment recommendations of companies within its industry. Similarly, the Company's management uses this information for comparative purposes as well. Adjusted EBITDA, Adjusted Operating Margin, Adjusted Operating Margin per Barrel, Adjusted Net Income and Capital Expenditures are not measures of financial performance under GAAP and should not be considered as measures of liquidity or as alternatives to net income (loss), gross margin, cash paid for property, plant and equipment or net cash flows provided from operating activities. Additionally, these presentations as defined by the Company may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as gross margin, operating income, net income, cash paid for property, plant, and equipment or net cash flows from operating activities.

Although we provide forecasts for the non-GAAP measures Adjusted EBITDA, Adjusted Operating Margin per Barrel and Capital Expenditures, we are not able to forecast their most directly comparable measures (net income, gross margin, cash paid for property, plant, and equipment and net cash flows from operating activities) calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of forward-looking GAAP metrics are not predictable, making it impractical for us to forecast. Such elements include but are not limited to non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue, which could have a significant impact on the GAAP measures. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. As a result, no reconciliation of forecasted non-GAAP measures is provided.

Table 4
Aris Water Solutions, Inc.
Operating Metrics
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,				March 31,		June 30,
	2025		2024		2025		2025		2024
(thousands of barrels of water per day)
Produced Water Handling Volumes		1,234		1,093		1,191		1,213		1,126
Water Solutions Volumes
Recycled Produced Water Volumes Sold		425		314		475		450		325
Groundwater Volumes Sold		98		48		84		91		38
Total Water Solutions Volumes		523		362		559		541		363
Total Volumes		1,757		1,455		1,750		1,754		1,489

Per Barrel Operating Metrics ⁽¹⁾
Produced Water Handling Revenue/Barrel	$	0.87	$	0.84	$	0.86	$	0.87	$	0.83
Water Solutions Revenue/Barrel	$	0.53	$	0.52	$	0.55	$	0.54	$	0.52
Revenue/Barrel of Total Volumes⁽²⁾	$	0.77	$	0.76	$	0.76	$	0.77	$	0.75
Direct Operating Costs/Barrel	$	0.36	$	0.30	$	0.32	$	0.34	$	0.29
Gross Margin/Barrel	$	0.29	$	0.32	$	0.32	$	0.31	$	0.32
Adjusted Operating Margin/Barrel	$	0.41	$	0.46	$	0.44	$	0.43	$	0.46
This table includes information related to our Water Gathering and Processing segment.

⁽¹⁾Per Barrel operating metrics are calculated independently. Therefore, the sum of individual amounts may not equal the total presented.
⁽²⁾ Does not include Other Revenue.

Table 5
Aris Water Solutions, Inc.
Reconciliation of Net Income to Non-GAAP Adjusted EBITDA
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	June 30,						June 30,
	2025			2024			2025		2024
Net Income	$	14,084		$	13,112		$	30,084	$	29,942
Interest Expense, Net		9,567			8,813			18,797		17,251
Income Tax Expense		2,680			1,994			2,750		4,583
Depreciation, Amortization and Accretion		19,972			19,707			39,728		39,128
Abandoned Well Costs		998			(25	)		1,460		310
Stock-Based Compensation		6,247			4,693			11,937		8,214
Abandoned Projects		—			16			237		745
Loss on Disposal of Assets, Net		128			168			219		114
Loss on Debt Extinguishment		—			—			2,535		—
Transaction Costs		42			89			926		96
Research and Development Expense		946			1,128			2,074		2,193
Other		(100	)		300			356		527
Adjusted EBITDA	$	54,564		$	49,995		$	111,103	$	103,103

Table 6
Aris Water Solutions, Inc.
Reconciliation of Gross Margin to Adjusted Operating Margin and
Adjusted Operating Margin per Barrel
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	June 30,						June 30,
	2025			2024			2025			2024
Total Revenue	$	123,748		$	101,117		$	243,999		$	204,523
Cost of Revenue		(77,634	)		(59,285	)		(146,947	)		(117,729	)
Gross Margin		46,114			41,832			97,052			86,794
Depreciation, Amortization and Accretion		19,410			19,091			38,538			37,889
Adjusted Operating Margin	$	65,524		$	60,923		$	135,590		$	124,683
Total Volumes (thousands of barrels)		159,890			132,372			317,382			270,974
Gross Margin/Barrel	$	0.29		$	0.32		$	0.31		$	0.32
Adjusted Operating Margin/Barrel	$	0.41		$	0.46		$	0.43		$	0.46
This table includes information related to our Water Gathering and Processing segment.

Table 7
Aris Water Solutions, Inc.
Reconciliation of Net Income to Non-GAAP Adjusted Net Income
(Unaudited)

	Three Months Ended						Six Months Ended
(in thousands)	June 30,						June 30,
	2025			2024			2025			2024
Net Income	$	14,084		$	13,112		$	30,084		$	29,942
Adjusted items:
Abandoned Well Costs		998			(25	)		1,460			310
Loss on Disposal of Assets, Net		128			168			219			114
Stock-Based Compensation		6,247			4,693			11,937			8,214
Tax Effect of Adjusting Items ⁽¹⁾		(978	)		(638	)		(1,807	)		(1,147	)
Adjusted Net Income	$	20,479		$	17,310		$	41,893		$	37,433

⁽¹⁾Estimated tax effect of adjusted items allocated to Aris based on statutory rates.

Table 8
Aris Water Solutions, Inc.
Reconciliation of Diluted Net Income Per Share to Non-GAAP Diluted Adjusted Net Income Per Share
(Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Diluted Net Income Per Share of Class A Common Stock	$	0.19		$	0.18		$	0.44		$	0.41
Adjusted items:
Reallocation of Net Income Attributable to Noncontrolling Interests From the Assumed Exchange of LLC Interests		0.04			0.04			0.05			0.08
Abandoned Well Costs		0.02			—			0.02			0.01
Stock-Based Compensation		0.10			0.08			0.20			0.14
Tax Effect of Adjusting Items ⁽¹⁾		(0.02	)		(0.01	)		(0.03	)		(0.02	)
Diluted Adjusted Net Income Per Share	$	0.33		$	0.29		$	0.68		$	0.62

⁽¹⁾ Estimated tax effect of adjusted items allocated to Aris based on statutory rates.


Basic Weighted Average Shares of Class A Common Stock Outstanding		32,702,834			30,549,092			32,048,183			30,451,553
Adjusted Items:
Assumed Redemption of LLC Interests		26,493,565			27,543,565			26,921,343			27,543,565
Dilutive Performance-Based Stock Units ⁽²⁾		791,891			40,905			832,006			20,452
Diluted Adjusted Fully Weighted Average Shares of Class A Common Stock Outstanding		59,988,290			58,133,562			59,801,532			58,015,570

⁽²⁾ Dilutive impact of Performance-Based Stock Units already included for the three and six months ended June 30, 2025 and 2024.

Table 9
Aris Water Solutions, Inc.
Computation of Leverage Ratio
(Unaudited)

	As of
(in thousands)	June 30, 2025
Principal Amount of Debt at June 30, 2025	$	502,281
Less: Cash at June 30, 2025		(57,359	)
Net Debt	$	444,922

Net Debt	$	444,922
÷ Trailing Twelve Months Adjusted EBITDA		219,885
Leverage Ratio		2.02

Table 10
Aris Water Solutions, Inc.
Reconciliation of Capital Expenditures
(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2025		2024		2025		2024
Cash Paid for Property, Plant and Equipment	$	20,424	$	37,297	$	40,814	$	56,879
Change in Capital Related Accruals		1,654		49		2,426		18,183
Capital Expenditures	$	22,078	$	37,346	$	43,240	$	75,062

Table 11
Aris Water Solutions, Inc.
Segment Information
(Unaudited)

(in thousands)	Three Months Ended June 30, 2025
	Water Gathering and Processing		Corporate and Other			Consolidated
Revenue	$	123,748	$	344		$	124,092
Cost of Revenue
Direct Operating Costs		58,224		3			58,227
Cost of Goods Sold		—		127			127
Depreciation, Amortization and Accretion		19,410		562			19,972
Total Cost of Revenue		77,634		692			78,326
Operating Costs and Expenses
Abandoned Well Costs		998		—			998
General and Administrative		—		17,699			17,699
Research and Development Expense		—		946			946
Other Operating Income, Net		—		(208	)		(208	)
Total Operating Expenses		998		18,437			19,435
Operating Income (Expense)		45,116		(18,785	)		26,331
Other Expense
Interest Expense, Net		—		9,567			9,567
Income (Loss) Before Income Taxes		45,116		(28,352	)		16,764
Income Tax Expense		—		2,680			2,680
Net Income (Loss)		45,116		(31,032	)		14,084
Net Income Attributable to Noncontrolling Interest		—		7,433			7,433
Net Income (Loss) Attributable to Aris Water Solutions, Inc.	$	45,116	$	(38,465	)	$	6,651

(in thousands)	Three Months Ended June 30, 2024
	Water Gathering and Processing			Corporate and Other			Consolidated
Revenue	$	101,117		$	—		$	101,117
Cost of Revenue
Direct Operating Costs		40,194			—			40,194
Depreciation, Amortization and Accretion		19,091			616			19,707
Total Cost of Revenue		59,285			616			59,901
Operating Costs and Expenses
Abandoned Well Costs		(25	)		—			(25	)
General and Administrative		—			16,037			16,037
Research and Development Expense		—			1,128			1,128
Other Operating Expense, Net		16			141			157
Total Operating (Income) Expenses		(9	)		17,306			17,297
Operating Income (Expense)		41,841			(17,922	)		23,919
Other Expense
Interest Expense, Net		—			8,813			8,813
Income (Loss) Before Income Taxes		41,841			(26,735	)		15,106
Income Tax Expense		—			1,994			1,994
Net Income (Loss)		41,841			(28,729	)		13,112
Net Income Attributable to Noncontrolling Interest		—			7,147			7,147
Net Income (Loss) Attributable to Aris Water Solutions, Inc.	$	41,841		$	(35,876	)	$	5,965

(in thousands)	Six Months Ended June 30, 2025
	Water Gathering and Processing		Corporate and Other			Total
Revenue	$	243,999	$	584		$	244,583
Cost of Revenue
Direct Operating Costs		108,409		6			108,415
Cost of Goods Sold		—		127			127
Depreciation, Amortization and Accretion		38,538		1,190			39,728
Total Cost of Revenue		146,947		1,323			148,270
Operating Costs and Expenses
Abandoned Well Costs		1,460		—			1,460
General and Administrative		—		37,709			37,709
Research and Development Expense		—		2,074			2,074
Other Operating Expense, Net		237		667			904
Total Operating Expenses		1,697		40,450			42,147
Operating Income (Expense)		95,355		(41,189	)		54,166
Other Expense
Interest Expense, Net		—		18,797			18,797
Other		—		2,535			2,535
Total Other Expense		—		21,332			21,332
Income (Loss) Before Income Taxes		95,355		(62,521	)		32,834
Income Tax Expense		—		2,750			2,750
Net Income (Loss)		95,355		(65,271	)		30,084
Net Income Attributable to Noncontrolling Interest		—		14,822			14,822
Net Income (Loss) Attributable to Aris Water Solutions, Inc.	$	95,355	$	(80,093	)	$	15,262


(in thousands)	Six Months Ended June 30, 2024
	Water Gathering and Processing		Corporate and Other			Total
Revenue	$	204,523	$	—		$	204,523
Cost of Revenue
Direct Operating Costs		79,840		—			79,840
Depreciation, Amortization and Accretion		37,889		1,239			39,128
Total Cost of Revenue		117,729		1,239			118,968
Operating Costs and Expenses
Abandoned Well Costs		310		—			310
General and Administrative		—		30,538			30,538
Research and Development Expense		—		2,193			2,193
Other Operating Expense (Income), Net		745		(8	)		737
Total Operating Expenses		1,055		32,723			33,778
Operating Income (Expense)		85,739		(33,962	)		51,777
Other Expense
Interest Expense, Net		—		17,251			17,251
Other		—		1			1
Total Other Expense		—		17,252			17,252
Income (Loss) Before Income Taxes		85,739		(51,214	)		34,525
Income Tax Expense		—		4,583			4,583
Net Income (Loss)		85,739		(55,797	)		29,942
Net Income Attributable to Noncontrolling Interest		—		16,354			16,354
Net Income (Loss) Attributable to Aris Water Solutions, Inc.	$	85,739	$	(72,151	)	$	13,588

View source version on businesswire.com: https://www.businesswire.com/news/home/20250811625304/en/

David Tuerff

Senior Vice President, Finance and Investor Relations

(281) 501-3070

IR@ariswater.com

Aris Water Solutions, Inc. Reports Second Quarter 2025 Results