Slide 1: Q3'25 Earnings Presentation
Q3’25 Earnings Presentation October 30, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this release 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 assumptions
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: Q3'25 Highlights
Q3’25 Highlights Solid Results / Free Cash Flow Generation / Strong End Market Outlook • Delivered solid results in Q3’25, against a strong market backdrop • Outlook for fertilizer and industrial end markets forecasted to remain strong into 2026 • Solid free cash flow generation through Q3’25 • Well
Slide 5: Industrial Market
Industrial Market Demand for Our Industrial Products Remains Robust(1) • Demand for ammonium nitrate (AN) bolstered by sustained strength in gold and copper prices, which has boosted mining activity worldwide. • Robust demand for nitric acid supported by domestic manufacturing policies – e.g. MDI an
Slide 6: Agricultural Market
Agricultural Market Strong Fertilizer Pricing with Positive Outlook (1) • Ammonia supply disruptions are driving stronger 2H 2025 pricing, prices supported through Q4. • UAN prices strengthened on low inventories and strong demand. • Resumption of Chinese urea exports in 2H 2025 caused prices to mod
Slide 7: Q3'25 Financial Results
Q3’25 Financial Results Solid Results Against a Strong Market Backdrop $ in millions except EPS Q3’25 Q3’24 Net Sales $155 M $109 M Sales volumes reflect improved nitric acid and AN reliability Adjusted EBITDA1 $40 M $17 M Higher pricing for UAN improved operating Adjusted income in the third qu
Slide 8: Q3'25 Adjusted EBITDA
Q3’25 Adjusted EBITDA Stronger Selling Prices and Volumes Offset by Higher Natural Gas Costs $ in millions $60 $17 $50 ($9) $40 $40 ($4) $19 $30 $20 $17 $10 $0 (1) 2024 Q3 Price Volume Variable Cost (2) Other Costs (3) 2025 Q3 (1) Adj. EBITDA Adj. EBITDA (1) Adjusted EBITDA is a non-GAAP financial m
Slide 9: Balance Sheet
Balance Sheet Liquidity Remains Robust Providing the Ability to Create Value $ in millions 9/30/25 9/30/24 Cash & ST Inv. $152 M $199 M • Capex reflective of continued safety and reliability investments Total Debt $448 M $487 M • Continue to opportunistically reduce debt • Focus on free cash flow g
Slide 10: El Dorado CCS
El Dorado CCS Low Carbon Ammonia Project On Track For Late ‘26 Startup 2022 2023 2024 2025 2026 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Commence Expect Drilled construction Class VI stratigraphic of CCS Permit to well facility Inject CO2 El Dorado 305-380K MT/y NH3 Signed Filed Signed 150K Begin 400-500K MT/y
Slide 11: Appendix
Appendix 11
Slide 12: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation LSB Consolidated Three Months Ended September 30, 2025 2024 ($ In Thous a nds ) Net (loss) income $ 7,115 $ (25,382) Plus: Interest expense and interest income, net 5,977 5,401 Depreciation and amortization 19,423 16,693 Provision for income taxes 2,536 (4,4
Slide 13: Trailing Twelve Month EBITDA and Adjusted EBITDA
Trailing Twelve Month EBITDA and Adjusted EBITDA* TTM 9/30/25 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Net income (loss) (0.7) 7.1 3.0 (1.6) (9.1) Plus: Interest expense and interest income, net 24.7 6.0 6.3 6.3 6.1 Loss on extinguishment of debt 0.1 - 0.1 - - Depreciation and amortization 82.1 19.4