Presentation (LXU Q1'26 Earnings Presentation FINAL)

Q1'26 Earnings Presentation

April 30, 2026

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, efficiency and output at our facilities, as well as product mix optimization

Adjusted EBITDA(1)

60

$ Millions

50

40

30

20

10

0

Q1'25 Q1'26

200

Short Tons - 000's

150

100

50

0

Downstream Sales Volumes

AN & Nitric Acid UAN

Q1'25 Q1'26

(1) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and reconciliation in the appendix. 3

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 to grow, driven by public construction activity and private non-residential (data centers, semiconductor, etc.), which offsets weakness in residential construction.

• US Chemical Market outlook is positive with advantaged feedstock cost position relative to international peers, trade measures including finalization of anti-dumping duties for Methylene diphenyl diisocyanate (MDI).

  Projected Copper Supply-Demand Gap(1)

  45

  40

  Millions of Metric Tonnes

  35

  30

  25

  20

  15

  10

  5

  0

  2025 2030 2035 2040

  Recycled (Secondary Supply)

  Mined (Primary Supply)

  Total Demand

  $5,500

  $5,000

  $4,500

  $4,000

  $3,500

  $3,000

  $2,500

  $2,000

  $1,500

  
  
  
  
  

  $1,000

  Gold Prices ($/oz)(2)

  1. Source: S&P Global

  2. Source: Investing.com 4

  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 have recently improved, reflecting continued low levels of domestic inventory, constrained supply and a strengthening in Urea prices.

• USDA projecting 95+ million planted acres for corn for the 2026/27 crop season and we anticipate robust nitrogen demand through the full fertilizer application season.

  $500

  $450

  $400

  $350

  $300

  $250

  $200

  $150

  
  
  

  UAN NOLA Prices(1) ($/short ton)

  
  
  

  (1) Sources: Green Markets® A Bloomberg Company

  $850

  $750

  $650

  $550

  $450

  $350

  $250

  $150

  
  
  

  Tampa Ammonia(1) ($/MT)

  
  
  

  5

  Q1'26 Financial Results Improved Production Performance / Enhanced Profitability

  Q1'26	Q1'25
  $169 M	$143 M
  $52 M	$29 M
  31%	20%
  $0.27	$(0.02)

  $ in millions except EPS

  Net Sales Adjusted EBITDA1

  Adjusted EBITDA Margin2

  Diluted EPS

  • Significant YOY growth in net sales, adjusted EBITDA and EPS

  • Continued focus on upgrading product and optimized product mix

  • Improved production performance and disciplined commercial execution enhanced our ability to convert market conditions into enhanced profitability

    6

    1. Adjusted EBITDA is a non-GAAP financial measure. See the discussion and reconciliation in the appendix.

    2. Adjusted EBITDA margin is a non-GAAP financial measure and is calculated as adjusted EBITDA divided by net sales. See the discussion and reconciliation in the appendix.

       Q1'26 Adjusted EBITDA Strong Market Pricing and Volumes Offset by Higher Natural Gas Costs

       $ in millions

       $70

       $60

       $4

       $29

       $50

       ($12)

       $2 $52

       $40

       $30

       $29

       $20

       $10

       $0

       2025 Q1 (1)

       Adj. EBITDA

       Selling Prices Sales Volume & Product Mix Variable Cost(2)

       Other Costs(3)

       2026 Q1(1) Adj. EBITDA

       1. Adjusted EBITDA is a non-GAAP financial measure. See the discussion and reconciliation in the appendix.

       2. Variable Cost includes realized natural gas cost, sulfur and other variable costs.

       3. Other costs include plant fixed costs, SG&A, and other items. 7

       Balance Sheet Liquidity Remains Robust Providing Flexibility to Create Value

• Strong operating cash flow and free cash flow in the quarter

• Net debt/TTM Adjusted EBITDA improves to 1.4X, driven by solid EBITDA growth

• Capital allocation focused on the following

  • Internal growth initiatives

  • Safety and reliability investments

• Strengthened balance sheet, positioning the company for organic and inorganic growth opportunities

$ in millions

Cash & ST Inv.

Total Debt Net Debt(1)/ TTM

Adj. EBITDA(2)

Operating Cash Flow

Sustaining CAPEX Free Cash Flow Investment CAPEX

Net Cash After All CAPEX

1. Net debt calculated as total long-term debt including current maturities minus cash and cash equivalents and short-term investments.

2. Adjusted EBITDA is a non-GAAP financial measure. See the discussion and reconciliation in the appendix.

3. For three months ended March 31, 2026.

4. For three months ended March 31, 2025. 8

El Dorado CCS Carbon Capture & Sequestration Project On Track 2026

El Dorado

305-380K MT/y NH3

400-500K MT/y CO2

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

G

Appendix

10

EBITDA and Adjusted EBITDA Reconciliation

LSB Consolidated ($ In Thousands)

Three Months Ended March 31,

1. EBITDA is defined as net income (loss) plus interest expense and interest income net, plus loss (or less gain) on extinguishment of debt, plus depreciation and amortization (DCA) (which includes DCA of property, plant and equipment and amortization of intangible and other assets), plus provision (or less benefit) for income taxes. We believe that certain investors consider EBITDA a useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance. EBITDA has limitations and should not be considered in isolation or as a substitute for net income (loss), operating income (loss), cash flow from operations or other consolidated income or cash flow data prepared in accordance with GAAP. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to a similarly titled measure of other companies. The above table provides a reconciliation of net income (loss) to EBITDA for the periods indicated. We have not provided a reconciliation between forecasted incremental EBITDA and net income (loss), the most directly comparable GAAP measure, because applicable information for future periods, on which this reconciliation would be based, is not available without unreasonable effort due to the unavailability of reliable estimates for selling prices and natural gas costs, among other items. These items may vary greatly between periods and could significantly impact future financial results.

2. Adjusted EBITDA is reported to show the impact of non-cash stock-based compensation, one time/non-cash or non-operating items-such as, one-time income or fees, loss (gain) on sale of a business and/or other property and equipment, certain fair market value (FMV) adjustments, and consulting costs associated with reliability and purchasing initiatives (Initiatives). We historically have performed Turnaround activities on an annual basis, however we are moving towards extending Turnarounds to a two or three-year cycle. Rather than being capitalized and amortized over the period of benefit, our accounting policy is to recognize the costs as incurred. Given these Turnarounds are essentially investments that provide benefits over multiple years, they are not reflective of our operating performance in a given year. As a result, we believe it is more meaningful for investors to exclude them from our calculation of adjusted EBITDA used to assess our performance. We believe that the inclusion of supplementary adjustments to EBITDA is appropriate to provide additional information to investors about certain items. The above table provides reconciliations of EBITDA excluding the impact of the supplementary adjustments.

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Trailing Twelve Month EBITDA and Adjusted EBITDA*

12

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 other tax attributes to reduce federal and state income tax that would be paid in the future.

• Our ability to use our NOLs could be substantially limited if we experience an "ownership change," as defined under Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"), and the Rights Plan has been designed to help prevent such an "ownership change."

• The Rights Plan provides that if any person becomes the beneficial owner (as defined in the Code) of 4.9% or more of our common stock, stockholders other than the triggering stockholder will be entitled to acquire shares of common stock at a 50% discount or LSB may exchange each right held by such holders for one share of common stock.

• Under the Rights Plan, any person who currently owns 4.9% or more of LSB's common stock may continue to own its shares of common stock but may not acquire any additional shares without triggering the Rights Plan.

• Our Board of Directors has the discretion to exempt any person or group from the provisions of the Rights Plan.

• The Rights Plan is in effect until August 22, 2026, unless terminated earlier in accordance with its terms.

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