Slide 1: Q1'26 Earnings Presentation
Q1’26 Earnings Presentation April 30, 2026
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: Q1'26 Highlights
Q1’26 Highlights Continued Improved Operational Performance • Significant year-over-year growth in net sales and adjusted EBITDA • Production performance improvement and disciplined commercial execution year enables us to fully capitalize on favorable market conditions • Focus on reliability, effici
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 delays in new production capacity, which are constraining global supply availability. • UAN prices
Slide 6: Q1'26 Financial Results
Q1’26 Financial Results Improved Production Performance / Enhanced Profitability $ in millions except EPS Q1’26 Q1’25 • Significant YOY growth in net sales, adjusted EBITDA $169 M $143 M Net Sales and EPS Adjusted EBITDA1 $52 M $29 M • Continued focus on upgrading product and optimized product mix A
Slide 7: Q1'26 Adjusted EBITDA
Q1’26 Adjusted EBITDA Strong Market Pricing and Volumes Offset by Higher Natural Gas Costs $ in millions $70 $4 $60 $29 $2 $52 $50 ($12) $40 $30 $29 $20 $10 $0 2025 Q1 (1) Selling Prices Sales Volume & Product Mix Variable Cost (2) Other Costs (3) 2026 Q1(1) Adj. EBITDA Adj. EBITDA (1) Adjusted EBIT
Slide 8: Balance Sheet
Balance Sheet Liquidity Remains Robust Providing Flexibility to Create Value $ in millions 03/31/26 03/31/25 • Strong operating cash flow and free cash flow in the $182 M $164 M quarter Cash & ST Inv. • Net debt/TTM Adjusted EBITDA improves to 1.4X, Total Debt $441 M $486 M driven by solid EBITDA g
Slide 9: El Dorado CCS
El Dorado CCS Carbon Capture & Sequestration Project On Track 2026 2027 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Expect Class VI Permit to Inject CO2 and Begin operations During Q4 ’26 or 1Q ‘27 El Dorado 305-380K MT/y NH3 400-500K MT/y CO2 9
Slide 10: Appendix
Appendix 10
Slide 11: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Three Months Ended LSB Consolidated ($ In Thousands) March 31, 2026 2025 Net income (loss) $ 19,685 $ (1,640) Plus: Interest expense and interest income, net 5,585 6,332 Depreciation and amortization 20,919 20,151 Benefit for income taxes (2,130) (283) EBITD
Slide 12: Trailing Twelve Month EBITDA and Adjusted EBITDA
Trailing Twelve Month EBITDA and Adjusted EBITDA* TTM 3/31/26 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Net income (loss) $45.9 $19.7 $16.1 $7.1 $3.0 Plus: Interest expense and interest income, net 23.8 5.6 5.9 6.0 6.3 Loss on extinguishment of debt 0.1 - (0.0) - 0.1 Depreciation and amortization 82.
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