Lsb Industries, Inc. · NYSE:LXU
Lsb Industries — Q4 2025 Earnings Presentation
16 slides from Lsb Industries's earnings presentation, Feb 26, 2026
Slide 1: Q4/FY’25 Earnings Presentation
Q4/FY’25 Earnings Presentation February 26, 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: 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: 2025 Highlights
2025 Highlights Strong 2025 Led by Operational Excellence / Strong End Market Outlook Continues • Continued safety improvement with record low TRIR of .40 and 3 of 4 sites operating injury free operations in 2025 • Operational progress achieved during the year enabled us to fully capitalize on favor
Slide 5: Industrial Market
Industrial Market Our Industrial Products Remains Consistent(1) • Demand for Ammonium Nitrate (AN) for explosives in mining is strong across all commodities, but particularly with copper and gold miners who are maximizing production volumes to take advantage of record prices • AN demand for explosiv
Slide 6: Agricultural Market
Agricultural Market Strong Fertilizer Pricing with Positive Outlook (1) • 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 pri
Slide 7: Q4’25 Financial Results
Q4’25 Financial Results Improved Production Performance / Enhanced Profitability $ in millions except EPS Q4’25 Q4’24 12/31/25 12/31/24 • Significant YOY growth in net sales, adjusted $165 M $135 M $615 M $522M EBITDA and EPS, in both Q4 and FY’25 Net Sales • Improved production performance, discipl
Slide 8: Q4’25 Adjusted EBITDA
Q4’25 Adjusted EBITDA Strong Market Pricing and Volumes Offset by Higher Natural Gas Costs $ in millions $80 $70 $5 $25 $60 ($9) $54 ($5) $50 $40 $38 $30 $20 $10 $0 (1) 2024 Q4 Price Sales Volume & Product Mix Variable Cost (2) Other Costs (3) 2025 Q4 (1) Adj. EBITDA Adj. EBITDA (1) Adjusted EBITDA
Slide 9: Balance Sheet
Balance Sheet Liquidity Remains Robust Providing Flexibility to Create Value $ in millions 12/31/25 12/31/24 • Continue to opportunistically reduce debt $149 M $184 M • $39.9 MM of debt repurchased for $39.5 MM Cash & ST Inv. • Net debt/TTM Adjusted EBITDA less than 2.0X Total Debt $441 M $485 M •
Slide 10: 2026 Outlook
2026 Outlook A Year of Continued Reliability Improvement Production & Sales Volume (1) 2026E Costs and Expenses 2026E 2025 Fixed Costs: Ammonia Production (tons): 780,000 – 810,000 826,000 Fixed Plant Expenses (ex-depreciation) $140M - $145M Ammonia Turnaround Impact (1) ~60,000 Depreciation Expense
Slide 11: Continued Progress on Ammonia Upgrading to Higher Value Products
Continued Progress on Ammonia Upgrading to Higher Value Products Improving margins by maximizing downstream production and sales volumes AN and Nitric Acid Sales Volume (Thousand ST) UAN Sales Volume (Thousand ST) Ammonia Sales Volume (Thousand ST) Marked increase in UAN sales volume positively down
Slide 12: $70 Million of Identified Annual EBITDA Improvements
$70 Million of Identified Annual EBITDA Improvements $20 million in run rate EBITDA captured to date – Initiatives underway on $50 million of EBITDA ~$20 MILLION FROM PRODUCTION TARGETS CAPTURED TO-DATE ~$35 MILLION OF REMAINING PRODUCTION AND COST IMPROVEMENT • Program to increase production thro
Slide 13: El Dorado CCS
El Dorado CCS Low Carbon Ammonia Project On Track For End of Year ‘26 Startup 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Expect Completion of Expect Permit to Expect Class Technical Review of Commence Construction VI Permit to Class VI Permit of CCS facility Inject CO2 El Dorado 305-380K M
Slide 14: Appendix
Appendix 14
Slide 15: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation Three Months Ended Year Ended LSB Consolidated ($ In Thousands) December 31, December 31, 2025 2024 2025 2024 Net income (loss) $ 16,132 $ (9,149) $ 24,613 $ (19,353) Plus: Interest expense and interest income, net 5,924 6,106 24,539 23,087 Gain on extinguis
Slide 16: Trailing Twelve Month EBITDA and Adjusted EBITDA
Trailing Twelve Month EBITDA and Adjusted EBITDA* TTM 12/31/25 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net income (loss) $24.6 $16.1 $7.1 $3.0 ($1.6) Plus: Interest expense and interest income, net 24.5 5.9 6.0 6.3 6.3 Loss on extinguishment of debt 0.1 (0.0) - 0.1 - Depreciation and amortization 8