Lsi Industries Inc. · NASDAQ:LYTS
Lsi Industries — Merger or Acquisition (February 2026)
22 slides from Lsi Industries's merger presentation, February 2026
Slide 1: LSI Industries Acquisition of Royston Group
N AS D AQ: L Y TS LSI Industries Acquisition of Royston Group FEBRUARY 2026 © 2026 LSI INDUSTRIES
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements”—that is, statements related to future events within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forwa
Slide 3: We Deliver Integrated Retail Branding Solutions
Scaling our platform We Deliver Integrated Retail Branding Solutions © 2026 LSI INDUSTRIES 3
Slide 4: Leading provider of lighting and display solutions to diverse retail environments
LSI OVERVIEW Leading provider of lighting BUILDING A BRANDED RETAIL SOLUTIONS LONG-TENURED CUSTOMER BRANDS and display solutions to PLATFORM OF SCALE diverse retail environments REFUELING & C-STORE GROCERY & RETAIL Vertically-integrated design, manufacturing, and installation of one-stop lighting an
Slide 5: Solutions Portfolio
BUSINESS INVESTMENT Solutions Portfolio Lighting INDOOR LIGHTING OUTDOOR LIGHTING Displays, Signage & Graphics REFRIGERATED & MILLWORK DISPLAYS CHECKOUT COUNTERS DIGITAL SIGNAGE FOOD & BEVERAGE COUNTERTOPS PRINT: BRAND IMAGING METAL FOOD PREP PRODUCTS PROFESSIONAL SERVICES © 2026 LSI INDUSTRIES CORP
Slide 6: Our Vertical Market Focus
Our Vertical We believe LSI is a significant provider in core markets where predictable replacement-and- LSI serves growth sectors supported by long-term macro Market Focus refresh (R&R) cycles and new construction tailwinds, driving a robust activity drive sustained, long-horizon demand pipeline of
Slide 7: LSI is an Earnings Compounder
LSI is an Earnings Compounder SALES GROWTH ($M) ADJ. EBITDA GROWTH ($M) ADJ. DILUTED EPS GROWTH ($ Actual) $267.8M $39.4M $0.81 Revenue Increase Adj. EBITDA Increase Adj. Diluted EPS Increase $1.07 $573.4 $55.1 $305.6 (4) $15.6 $0.26 2020 2025 2020 2025 2020 2025 5-YEAR SALES REVENUE GROWTH VS. NON-
Slide 8: Our Revenue Growth Algorithm
Our Revenue Growth Algorithm Systematic Customer Investment Development of Higher Cycles Value Capabilities Recurring Project Revenue and 13.4% Expansion of Growing High Customer Retention Revenue CAGR Market Verticals FY20 - FY25 Solutions Based Approach Cross Selling Synergies Provides One-Stop So
Slide 9: Building a Retail Branding Solutions Platform of Scale Through M&A
TRACK RECORD OF ACCRETIVE INORGANIC GROWTH Building a Retail Branding Solutions Platform of Scale Through M&A LSI Products and Services PROFESSIONAL SERVICES COMMERCIAL LIGHTING DISPLAY FIXTURES EXTERIOR & DIGITAL GRAPHIC SOLUTIONS SIGNAGE Project management creative Commercial lighting Our array of
Slide 10: Royston Group Acquisition
Advancing Our Fast Forward Strategy Royston Group Acquisition © 2026 LSI INDUSTRIES CONFIDENTIAL 10
Slide 11: Transaction Overview
Transaction Overview Royston Acquisition Demonstrates Further Execution of Vertical Market Strategy TRANSACTION HIGHLIGHTS STRATEGIC HIGHLIGHTS On February 20, 2026, LSI signed an agreement to acquire Royston The bolt-on acquisition of Royston is a Group (“Royston”) for an aggregate purchase price o
Slide 12: About Royston
About Royston Royston sales are concentrated within specialty retail markets, highly weighted NET SALE BREAKDOWN toward recurring remodel cycles 12% BY BUSINESS UNIT VERTICALLY INTEGRATED HIGH VALUE PORTFOLIO Royston 29% U.S.-Based Retail & Refrigeration Solutions Differentiated Interior & Exterior
Slide 13: With Royston, We Believe LSI Will Accelerate Expansion Within Its Targeted Vertical Markets
With Royston, We PRO-FORMA ENTITY – FY25(1) Broadens exposure to Believe LSI Will favorable Refueling / C- Store end-market Accelerate 15% Expansion Within 12% 39% Provides further penetration in Grocery Its Targeted vertical Vertical Markets 9% Diversifies customer base 9% within existing markets 1
Slide 14: Highly Complementary Solutions Offering
Highly Complementary Solutions Offering CABINETRY Customizable cabinetry built for simple installation, easy maintenance and durable performance Traditional, self-check, or convertible REPRESENTATIVE CHECKSTANDS checkstands tailored to complement COMBINED SOLUTIONS any stores interior style ROYSTON
Slide 15: Cross-Sell Opportunity with Long-Term Customer Base
Cross-Sell Opportunity with Long-Term Customer Base OVERVIEW SIGNIFICANT OPPORTUNITY TO EXPAND HIGHLIGHTS ROYSTON’S PROJECT CONTENT (Count of Customers; as of LTM June 2025A) Royston’s expanded solution portfolio through recent acquisitions created strong cross-sell Royston has focused its cross- po
Slide 16: 100% U.S. Manufacturing Footprint With Significant Optimization Potential
100% U.S. Manufacturing Footprint With Significant Optimization Potential FACILITY ~ SQ FT EMPLOYEES Five U.S. facilities drive efficient custom production and market-leading speed ROYSTON • JASPER, GA 219,000 ~305 Manufacturing: Sheet Metal Fabrication, Powder Coating, CNC Routing Select Products:
Slide 17: Multi-Year Synergy Potential
Multi-Year Synergy Potential Revenue Synergies Cost Synergies REVENUE CROSS SELL MANUFACTURING PROCUREMENT SG&A ENHANCEMENT OPPORTUNITY Optimization of capacity, Significant opportunity to Eliminate redundant costs, Re-expanding our single- Given minimal overlap improved process increase raw materia
Slide 18: Combined Business Overview
Combined Business Overview LSI – TTM Sep-25A Royston – TTM Sep-25A Revenue $592.5 million $271.9 million $864.4 million Adj. EBITDA(1) $57.3 million $38.0 million $95.3 million Adj. EBITDA Margin(1) 9.7% 14.0% 11.0% Manufacturing Locations 18 5 23 Employees 2,000+ 899 2,899 Manufacturing Sq. Ft. 1.9
Slide 19: Royston Transaction Rationale
Royston Transaction Rationale Royston strengthens our “one-stop-shop” solutions strategy Leverage the combined strength of respected industry-leading Single source partner that can provide all lighting, display and sign solutions brands LSI and Royston are well recognized industry leaders Royston br
Slide 20: Appendix
Appendix © 2026 LSI INDUSTRIES 20
Slide 21: Statement on Non-GAAP Financial Measures
STATEMENT ON NON-GAAP FINANCIAL MEASURES This presentation includes adjustments to GAAP gross margin, operating income, net income, and earnings per share for the periods ending FY 2018A, and TTM Sep-25A. Gross Margin, operating income, net income, and earnings per share, which exclude the impact of
Slide 22: For Additional Questions, Please Contact
For Additional Questions, Please Contact 720 778 2415 Thank you, LSI Investor Relations © 2026 LSI INDUSTRIES 22
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