Slide 1: Q1'25 Earnings Presentation
Q1’25 Earnings Presentation April 30, 2025 1
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 assumpt
Slide 3: Stockholder Rights Plan in place to preserve substantial NOL's
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: Q1'25 impacted by higher natural gas costs
Q1’25 impacted by higher natural gas costs AN & Nitric Acid Sales Volumes 160 150 ▪ Increased sales volumes by 4% compared with Q1’24 Short Tons - 000’s 140 130 ▪ Solid year-over-year increases in AN and UAN production and sales 120 volumes offset by higher natural gas costs; natural gas costs trend
Slide 5: Tariff impacts have been limited to-date
Tariff impacts have been limited to-date • Increased prices on imported nitrogen products lifting domestic selling prices U.S. Corn Exports – 2024(1) China • <10% of LSB sales come from outside the country; 2% ROW 12% limited to Mexico and Canada Taiwan 3% Mexico EU 40% • Only ~2% of U.S. corn expor
Slide 6: Demand for our industrial products remains robust
Demand for our industrial products remains robust (1) Industrial Production: Mining: Copper, Nickel, Lead and Zinc (Index 2017=100) 110 100 90 80 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 ▪ Demand for ammonium nitrate (AN) bolstered by U.S. mining of metals, including copper for data centers and tec
Slide 7: Strong fertilizer pricing coupled with cost-advantaged natural gas
Strong fertilizer pricing coupled with cost-advantaged natural gas(1) UAN NOLA Prices Urea NOLA Prices $350 ($/short ton) $450 ($/short ton) $300 $400 $250 $350 $200 $300 Jan-25 Jan-25 Feb-25 Feb-25 Nov-24 Nov-24 Nov-24 Mar-25 Mar-25 Apr-25 Apr-25 Dec-24 Dec-24 Oct-24 Oct-24 Nov-24 Jan-25 Jan-25 Feb
Slide 8: Corn futures prices are supportive of strong fertilizer demand
Corn futures prices are supportive of strong fertilizer demand(1) Corn Price v. Stocks-to-Use (USD/bushel) 20% $6.00 $5.50 18% $5.00 16% $4.50 14% $4.00 $3.50 12% $3.00 10% $2.50 8% $2.00 2023/24 2023/24 2023/24 2023/24 2024/25 2024/25 2024/25 July November March June September December March Stocks
Slide 9: Q1'25 financial results benefited from sales volume improvements
Q1’25 financial results benefited from sales volume improvements $ in millions except EPS Q1’25 Q1’24 Net Sales $143 M $138 M ▪ Net sales up year-over-year due to sales volume improvements for AN and UAN Adjusted EBITDA1 $29 M $33 M along with higher ammonia and AN selling prices Adjusted EBITDA Mar
Slide 10: Q1'25 adjusted EBITDA – stronger selling prices and volumes offset by higher natural gas costs
Q1’25 adjusted EBITDA – stronger selling prices and volumes offset by higher natural gas costs $ in millions $40 $2 $35 $33 $2 $30 $29 -$1 -$7 $25 $20 $15 $10 $5 $0 (2) (1) (1) (1) Q1'24 Selling Variable Volume/ Other Q1'25 Adj. EBITDA Prices Costs Mix Adj. EBITDA (1) Adjusted EBITDA is a non-GAAP f
Slide 11: Reducing exposure to natural gas price volatility by increasing pass-through sales volumes
We are reducing our exposure to natural gas price volatility by increasing our sales volumes where we pass through our gas costs 2021 Pricing as % of Q1’25 - Pricing as % of Projected Year-End 2025 - Pricing as Total Sales Volume Total Sales Volume % of Total Sales Volume(1) Spot Spot 70% Spot 81% 6
Slide 12: Solid balance sheet with returns-focused capital allocation
Solid balance sheet with returns-focused capital allocation $ in millions 3/31/25 3/31/24 ▪ Increased capex reflects investments in Cash & ST Inv. $164 M $265 M expansion of ANS loading and storage to support growing demand Total Debt $486 M $550 M ▪ Net debt/TTM Adjusted EBITDA of 2.6X, in-line wit
Slide 13: El Dorado achieves pre-certification status for low carbon ammonia
El Dorado achieves pre-certification status for low carbon ammonia • The Fertilizer Institute’s Verified Ammonia Carbon Intensity program has awarded pre-certification status to El Dorado ammonia plant • The program is a voluntary certification of the carbon footprint of ammonia production at a spec
Slide 14: El Dorado low carbon ammonia project on track for late '26 startup
El Dorado low carbon ammonia project on track for late ‘26 startup 2022 2023 2024 2025 2026 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H Expect Expect Drilling Class VI Class VI stratigraphic Permit to Permit to wells Construct Inject CO2 El Dorado 305-380K MT/y NH3 Signed Filed Signed 150K Commence Begin 400-500K
Slide 15: Appendix
Appendix 15
Slide 16: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation LSB Consolidated ($ In Thousands) Three Months Ended March 31, 2025 2024 Net (loss) income $ (1,640) $ 5,623 Plus: Interest expense and interest income, net 6,332 6,135 Gain on extinguishment of debt — (1,134) Depreciation and amortization 20,151 17,148 (Ben
Slide 17: Trailing Twelve Month EBITDA and Adjusted EBITDA
Trailing Twelve Month EBITDA and Adjusted EBITDA* TTM 3/31/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Net income (loss) (26.5) (1.6) (9.1) (25.4) 9.6 Plus: Interest expense and interest income, net 23.3 6.3 6.1 5.4 5.4 Gain on extinguishment of debt (1.9) - - - (1.9) Depreciation and amortization