Slide 1: Q2'25 Earnings Presentation
Q2’25 Earnings Presentation July 30, 2025
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: 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
Slide 4: Q2'25 Highlights
Q2’25 Highlights Continued Improvement in Volumes with Outstanding Safety Performance AN & Nitric Acid Sales Volumes 170 Zero recordable injuries for Q2’25 and year-to-date 6/30/25 160 150 Short Tons - 000’s 140 Increased total sales volumes by 6%, lead by UAN and AN sales, compared 130 with Q2’
Slide 5: Industrial Market
Industrial Market Demand for Our Industrial Products Remains Robust(1) Industrial Production: Mining: Copper, Nickel, Lead and Zinc • Demand for ammonium nitrate (AN) (Index 2017=100) bolstered by U.S. mining of metals, 110 including copper for data centers and technology infrastructure, as well as
Slide 6: Agricultural Market
Agricultural Market Strong Fertilizer Pricing Coupled With Cost-Advantaged Natural Gas(1) UAN NOLA Prices Urea NOLA Prices ($/short ton) ($/short ton) $350 $500 $450 $300 $400 $250 $350 $200 $300 Jul-25 Jun-25 Jun-25 Nov-24 Nov-24 Nov-24 Apr-25 Apr-25 May-25 May-25 May-25 Dec-24 Dec-24 Jan-25 Jan-25
Slide 7: Q2'25 financial results benefited from sales volume improvements
Q2’25 financial results benefited from sales volume improvements Solid y/y Topline Growth with Profits Impacted by Higher Gas Prices $ in millions except EPS Q2’25 Q2’24 Net Sales $151 M $140 M Net sales up year-over-year due to sales volume improvements for UAN and AN along Adjusted EBITDA1 $38 M
Slide 8: Q2'25 adjusted EBITDA
Q2’25 adjusted EBITDA Stronger Selling Prices and Volumes Offset by Higher Natural Gas Costs $ in millions $60 $8 $50 $42 $40 $2 $38 $1 -$15 $30 $20 $10 $0 (2) (1) (1) (1) Q2'24 Selling Variable Volume/ Lower Plant Fixed Costs Q1'25 Adj. EBITDA Prices Costs Mix Adj. EBITDA (1) Adjusted EBITDA is a n
Slide 9: Balance Sheet
Balance Sheet Solid Balance Sheet With Returns-Focused Capital Allocation $ in millions 6/30/25 6/30/24 Cash & ST Inv. $125 M $216 M • Repurchased $32 million of debt • Capex declined for third consecutive quarter and reflects the conclusion of investments in Total Debt $453 M $486 M expansion of
Slide 10: El Dorado CCS
El Dorado CCS Low Carbon Ammonia Project On Track For Late ‘26 Startup 2022 2023 2024 2025 2026 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Expect Expect Drilled Class VI Class VI stratigraphic Permit to Permit to well Construct Inject CO2 El Dorado 305-380K MT/y NH3 Signed Filed Signed 150K Commence Begin 400-50
Slide 11: Appendix
Appendix 11
Slide 12: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation LSB Consolidated Three Months Ended June 30, 2025 2024 ($ In Thousands) Net (loss) income $ 3,006 $ 9,555 Plus: Interest expense and interest income, net 6,307 5,445 Loss (gain) on extinguishment of debt 59 (1,879) Depreciation and amortization 20,682 18,784
Slide 13: Trailing Twelve Month EBITDA and Adjusted EBITDA
Trailing Twelve Month EBITDA and Adjusted EBITDA* TTM 6/30/25 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Net income (loss) (33.1) 4.1 (1.6) (9.1) (25.4) Plus: Interest expense and interest income, net 24.1 6.3 6.3 6.1 5.4 Loss (gain) on extinguishment of debt 0.1 0.1 - - - Depreciation and amortizatio