Presentation (LXU Q2'25 Earnings Presentation FINAL)

July 30, 2025

• 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 which 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.

  Q2'25 Highlights Continued Improvement in Volumes with Outstanding Safety Performance

  AN & Nitric Acid Sales Volumes

  • Zero recordable injuries for Q2'25 and year-to-date 6/30/25

  170

  160

  Short Tons - 000's

  150

  • Increased total sales volumes by 6%, lead by UAN and AN sales, compared with Q2'24

  140

  130

  • Higher natural gas costs relative to multi-year low gas prices of Q2'24, offset by increased sales volumes

  120

  110

  100

  Q2'24
  Q2'25
  
  

  • UAN pricing and overall fertilizer and industrial products demand is strong

  UAN Sales Volumes

  160

  • Completed stratigraphic well for El Dorado low carbon ammonia project; progressing towards 2H'26 startup

  Short Tons - 000's

  150

  140

  • Reduced debt by $32 million

  130

  120

  110

  100

  Q2'24
  Q2'25
  
  Industrial Market Demand for Our Industrial Products Remains Robust(1)

• Demand for ammonium nitrate (AN) bolstered by U.S. mining of metals, including copper for data centers and technology infrastructure, as well as quarrying/aggregate production for infrastructure upgrade and expansion

• Steady demand for nitric acid supported by the strength of the U.S. economy

  and consumer spending levels

  110

  100

  90

  80

  Industrial Production: Mining: Copper, Nickel, Lead and Zinc (Index 2017=100)

  Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25

  Agricultural Market Strong Fertilizer Pricing Coupled With Cost-Advantaged Natural Gas(1)

  $350

  $300

  $250

  Oct-24

  Oct-24

  Oct-24

  Nov-24

  Nov-24

  Nov-24

  Dec-24

  Dec-24

  Jan-25

  Jan-25

  Feb-25

  Feb-25

  Mar-25

  Mar-25

  Apr-25

  Apr-25

  Jun-25

  Jun-25

  Jul-25

  $200

  UAN NOLA Prices

  ($/short ton)

  $500

  $450

  $400

  $350

  Jul-25

  $300

  Urea NOLA Prices

  ($/short ton)

  Oct-24

  Nov-24

  Nov-24

  Nov-24

  Dec-24

  Dec-24

  Jan-25

  Jan-25

  Feb-25

  Feb-25

  Mar-25

  Mar-25

  Apr-25

  Apr-25

  May-25

  May-25

  May-25

  Jun-25

  Jun-25

  May-25

  May-25

  May-25

  Nola UAN ($/st)

  Nola Urea ($/st)

  $16

  $14

  $12

  $10

  $8

  $6

  $4

  $2

  $0

  
  
  

  Natural Gas Costs

  (USD/MMBtu)

  
  
  

  Dutch TTF Henry Hub

  Q2'25 financial results benefited from sales volume improvements

  Solid y/y Topline Growth with Profits Impacted by Higher Gas Prices

  $ in millions except EPS

  Net Sales

  Adjusted EBITDA1

  Adjusted EBITDA Margin2

  Diluted EPS

  • Net sales up year-over-year due to sales volume improvements for UAN and AN along with higher UAN selling prices

    Q2'25	Q2'24
    $151 M	$140 M
    $38 M	$42 M
    25%	30%
    $0.04	$0.13

  • Adjusted EBITDA reflects higher selling prices and sales volumes, more than offset by higher natural gas costs

    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.

7

$ in millions

$60

$50 $8

$40

$30

$42

-$15

$2 $38

$1

$20

$10

$0

Ǫ2'24(1) Adj. EBITDA

(1)

Selling Prices

(2)

Variable

Costs

Volume/ Mix

Lower Plant Fixed Costs Ǫ1'25(1) Adj. EBITDA

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

• Repurchased $32 million of debt

• Capex declined for third consecutive quarter and reflects the conclusion of investments in expansion of ANS loading and storage

• Net debt/TTM Adjusted EBITDA of 2.7X

• Capital allocation focused on investing in facilities to increase profits coupled with prudent management of leverage

$ in millions

Cash & ST Inv.

Total Debt Net Debt(1)/ TTM

Adj. EBITDA(2)

Operating Cash Flow

CAPEX

6/30/25 6/30/24

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

1H

2H

1H

2H

1H

2H

1H

2H

1H

2H

Drilled

stratigraphic well

Expect

Class VI Permit to Construct

Expect

Class VI Permit to Inject CO2

Signed

agreement with Lapis Energy

Filed

application for Class VI permit with EPA

Signed 150K

ton/y off-take with Freeport Minerals

Commence

construction of CCS facility

Begin

operations

El Dorado

305-380K MT/y NH3

400-500K MT/y CO2

2022

2023

2024

2025

2026

LSB Consolidated

Three Months Ended June 30,

2025 2024

($ In Thousands)

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.

(1 ) See definition of EBITDA on previous page (2) See definition of adjusted EBITDA on previous page *Columns and rows may not foot due to rounding 13