Presentation (LXU Q3'25 Earnings Presentation FINAL2)

October 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 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.

  Q3'25 Highlights Solid Results / Free Cash Flow Generation / Strong End Market Outlook

• Delivered solid results in Q3'25, against a strong market backdrop

• Outlook for fertilizer and industrial end markets forecasted to remain strong into 2026

• Solid free cash flow generation through Q3'25

• Well positioned to continue investing in the business, strengthening balance sheet, and creating long-term shareholder value

  170

  160

  Short Tons - 000's

  150

  140

  130

  120

  110

  100

  AN & Nitric Acid Sales Volumes

  Q3'24
  Q3'25
  
  

  150

  140

  Short Tons - 000's

  130

  120

  110

  100

  90

  80

  70

  UAN Sales Volumes

  Q3'24
  Q3'25
  
  Industrial Market Demand for Our Industrial Products Remains Robust(1)

• Demand for ammonium nitrate (AN) bolstered by sustained strength in gold and copper prices, which has boosted mining activity worldwide.

• Robust demand for nitric acid supported by domestic manufacturing policies - e.g. MDI antidumping, tariffs on imports, etc.

  $4,500

  $4,000

  $3,500

  Gold Prices ($/t oz)

  $5.50

  $5.00

  $4.50

  $4.00

  Copper Prices ($/lb)

  $3,000						$3.50
  $2,500						$3.00
  $2,000						$2.50 $2.00
  $1,500						$1.50
  $1,000						$1.00
  9/1/2020	9/1/2021	9/1/2022	9/1/2023	9/1/2024	9/1/2025	9/1/2020	9/1/2021	9/1/2022	9/1/2023	9/1/2024	9/1/2025

  Agricultural Market Strong Fertilizer Pricing with Positive Outlook (1)

• Ammonia supply disruptions are driving stronger 2H 2025 pricing, prices supported through Q4.

• UAN prices strengthened on low inventories and strong demand.

• Resumption of Chinese urea exports in 2H 2025 caused prices to moderate in late Q3 despite strong demand, but China is once again limiting its urea exports, which should provide a tailwind to prices.

  $400

  $350

  $300

  $250

  $200

  $150

  UAN NOLA Prices ($/short ton)

  $650

  $600

  $550

  $500

  $450

  $400

  $350

  $300

  $250

  $200

  Tampa Nh3 ($/MT)

  Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25

  Q3'25 Financial Results Solid Results Against a Strong Market Backdrop

  $ in millions except EPS

  Net Sales

  Adjusted EBITDA1

  Adjusted EBITDA Margin2

  Diluted EPS

  • Sales volumes reflect improved nitric acid and AN reliability

    Q3'25	Q3'24
    $155 M	$109 M
    $40 M	$17 M
    26%	16%
    $0.10	$(0.35)

  • Higher pricing for UAN improved operating income in the third quarter of 2025

  • No planned turnarounds during third quarter of 2025

    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.

       Q3'25 Adjusted EBITDA Stronger Selling Prices and Volumes Offset by Higher Natural Gas Costs

       $ in millions

       $60

       $17

       $50

       $40

       $19

       ($9)

       ($4)

       $40

       $30

       $20

       $17

       $10

       $0

       2024 Q3 (1)

       Adj. EBITDA

       Price Volume Variable Cost (2)

       Other Costs (3)

       2025 Q3 (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 increased costs related to HDAN transition to ANS and added operating costs as no plants were shut down for turnaround in 2025.

       Balance Sheet Liquidity Remains Robust Providing the Ability to Create Value

       9/30/25	9/30/24
       $152 M	$199 M
       $448 M	$487 M
       2.0X	2.5X
       $78 M(3)	$83 M(4)
       $56 M(3)	$64 M(4)
       $21 M(3)	$19 M(4)

       $ in millions

• Capex reflective of continued safety and reliability investments

• Continue to opportunistically reduce debt

• Focus on free cash flow generation

• Net debt/TTM Adjusted EBITDA of 2.0X

Cash & ST Inv.

Total Debt

Net Debt(1)/ TTM

Adj. EBITDA(2)

Operating Cash Flow

CAPEX

Free Cash Flow

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 Nine months ended September 30, 2025.

4. For Nine months ended September 30, 2024. G

Signed 150K

ton/y off-take with Freeport Minerals

Filed

application for Class VI permit with EPA

of CCS

facility

Drilled

stratigraphic well

1H

2H

1H

2H

1H

2H

1H

2H

1H

2H

Commence Expect

construction Class VI

Permit to

Inject CO2

Signed

agreement with Lapis Energy

Begin

operations

El Dorado

305-380K MT/y NH3

400-500K MT/y CO2

2022

2023

2024

2025

2026

LSB Consolidated

Three Months Ended September 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