Slide 1: Q2'26 Earnings Presentation
Q2’26 Earnings Presentation July 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assump
Slide 3: Q2'26 Highlights
Q2’26 Highlights Continued Improved Operational Performance • Delivered ~40% year-over-year growth in adjusted EBITDA, supported by higher pricing, disciplined commercial execution and increased AN and nitric acid sales volumes • Completed the El Dorado turnaround on time, on budget and injury free;
Slide 4: Industrial Market
Industrial Market Positive Outlook on Industrial Markets • Demand for Ammonium Nitrate (AN) for explosives in mining is strong. Mining is undergoing a multi-decade structural expansion particularly in copper, gold, and other critical minerals • AN demand for quarrying/aggregate production continues
Slide 5: Agricultural Market
Agricultural Market Strong Fertilizer Pricing with Positive Outlook • Ammonia prices currently reflect reduced ammonia supply from the Middle East and Trinidad, higher costs of production in Europe, and reduced demand from phosphate producers due to curtailed rates • UAN prices have reset in line wi
Slide 6: Q2'26 Financial Results
Q2’26 Financial Results Reduced Production due to Turnarounds, Offset by Higher Product Pricing Results in ~40% Increase YOY in EBITDA $ in millions except EPS Q2’26 Q2’25 • Improved production performance and disciplined $168 M $151 M Net Sales commercial execution enhanced our ability to optimize
Slide 7: Resilient Earnings Performance
Resilient Earnings Performance Illustrative Adjusted EBITDA After Adjusting for Estimated Turnaround Impacts ~$90 Million $ in millions $100 $35-40 $36 ~$90 $89 $90 Turnaround impact by facility El Dorado ~55% $80 Pryor ~45% Pryor impact partially carries into Q3 ’26 $70 $30 $60 ($9) $53 $50 ($5) $4
Slide 8: Liquidity Remains Robust Providing Financial Flexibility to Drive Value
Liquidity Remains Robust Providing Financial Flexibility to Drive Value $ in millions 06/30/26 06/30/25 • Strong operating cash flow and free cash flow in the quarter $218 M $125 M Cash & ST Inv. • Net debt/TTM Adjusted EBITDA improves to 1.1X, driven by solid EBITDA growth Total Debt $441 M $453 M
Slide 9: El Dorado CCS
El Dorado CCS Low-carbon ammonia project adds strategic and financial upside at El Dorado Project Overview Financial / Strategic Value Project Structure • Carbon capture and sequestration project at • Expected to qualify for $85/MT federal 45Q tax • LSB has assumed 100% ownership and control LSB’s E
Slide 10: Appendix
Appendix 10
Slide 11: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Three Months Ended Six Months Ended LSB Consolidated ($ In Thousands) June 30, June 30, 2026 2025 2026 2025 Net (loss) income $ (6,189 ) $ 3,006 $ 13,496 $ 1,366 Plus: Interest expense and interest income, net 5,319 6,307 10,904 12,639 Loss on extinguishment
Slide 12: Trailing Twelve Month EBITDA and Adjusted EBITDA
Trailing Twelve Month EBITDA and Adjusted EBITDA* TTM 6/30/26 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Net income (loss) $36.7 ($6.2) $19.7 $16.1 $7.1 Plus: Interest expense and interest income, net 22.8 5.3 5.6 5.9 6.0 Loss on extinguishment of debt (0.0) - - (0.0) - Depreciation and amortization 8
Slide 13: Stockholder Rights Plan
Stockholder Rights Plan In Place to Preserve Substantial NOL’s • Our Section 382 Stockholder Rights Plan as amended and restated (the “Rights Plan”), is intended to protect our substantial net operating losses (“NOLs”), carryforwards and other tax attributes. • We can generally use our NOLs and othe