Presentation (LXU Q4'25 Earnings Presentation FINAL)

February 26, 2026

• 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.

  3

  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 favorable pricing

    Combined LSB & Contractor TRIR

    1.6

    TRIR

    Linear (TRIR)

    0.9

    0.6

    0.4

    
    
    

    2022 2023 2024 2025

    180

    160

    $ Millions

    140

    120

    100

    80

    60

    40

    Adjusted EBITDA(1)

    2024 2025
    
    

    700

    Short Tons - 000's

    600

    500

    400

    300

    200

    100

    Downstream Sales Volumes

    AN & Nitric Acid UAN

    2024 2025
    
    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 explosives for quarrying/aggregate production for infrastructure upgrade and expansion remains steady

• Robust demand for nitric acid domestically supported by tariffs and preliminary anti-dumping duties on imports of methylene diphenyl diisocyanate (MDI)

  $5,500			Gold Price	s ($/t oz)		$7.00
  $5,000
  $4,500						$6.00
  $4,000						$5.00
  $3,500
  $3,000						$4.00
  $2,500						$3.00
  $2,000
  $1,500						$2.00
  $1,000						$1.00

  Copper Prices ($/lb)

  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 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 recently projected 94 million planted acres for corn for the 2027 season, and we anticipate nitrogen demand to track closely with recent years

  $400

  $350

  $300

  $250

  $200

  $150

  UAN NOLA Prices ($/short ton)

  $700

  $650

  $600

  $550

  $500

  $450

  $400

  $350

  $300

  $250

  $200

  Tampa Nh3 ($/MT)

  Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26

  Q4'25 Financial Results Improved Production Performance / Enhanced Profitability

  $ in millions except EPS

  Net Sales Adjusted EBITDA1

  Adjusted EBITDA Margin2

  Diluted EPS

  • Significant YOY growth in net sales, adjusted EBITDA and EPS, in both Q4 and FY'25

    Q4'25	Q4'24
    $165 M	$135 M
    $54 M	$38 M
    33%	28%
    $0.22	$(0.13)

    12/31/25	12/31/24
    $615 M	$522M
    $162 M	$130 M
    26%	25%
    $0.34	$(0.27)

  • Improved production performance, disciplined commercial execution reinforced ability to convert market conditions into enhanced profitability

  • No planned turnarounds during Q4 2025

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

    Q4'25 Adjusted EBITDA Strong Market Pricing and Volumes Offset by Higher Natural Gas Costs

    $ in millions

    $80

    $70

    $60

    $50

    $25

    $5

    ($9)

    ($5)

    $54

    $40

    $38

    $30

    $20

    $10

    $0

    2024 Q4 (1)

    Adj. EBITDA

    Price Sales Volume & Product Mix Variable Cost (2)

    Other Costs (3)

    2025 Q4 (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.

    Balance Sheet Liquidity Remains Robust Providing Flexibility to Create Value

• Continue to opportunistically reduce debt

  • $39.9 MM of debt repurchased for $39.5 MM

• Net debt/TTM Adjusted EBITDA less than 2.0X

• Return value to shareholders

  • Repurchased 0.3 MM shares of LXU stock at average cost of $9.15/share

• Focus on free cash flow generation

• Capex reflective of continued safety and reliability investments

$ 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 twelve months ended December 31, 2025.

4. For twelve months ended December 31, 2024. G

1. 2026 reflects planned turnaround activity that will lower ammonia and UAN production by ~60k tons and ~50k tons, respectively.

2. The majority of freight costs are passed through to customers and are included in gross revenue.

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

Decrease in sales volume as ammonia is upgraded to higher value downstream

impacted by both

downstream reliability efforts and increased urea production capacity

580 - 610

544

550

483

products

downstream product

sales as improved reliability continues to enable upgrades

654

640 - 670

538

554

641

375

349

316

280 - 310

2023 2024 2025 2026E

2023 2024 2025 2026E

2023 2024 2025 2026E

(1) The impact of turnaround activity varies from period to period depending on the timing and scope of turnarounds. We present adjusted sales volume figures to (i) illustrate the

~$20 Million from Production Targets

Captured To-Date

✓

• Program to increase production through

  operational excellence already underway

• 22% uplift in Nitric Acid and AN sales volumes

  since 2023

• 14% uplift in UAN sales volume since 2023

$70+

Million of EBITDA

Note: Ranges depicted above based on average pricing of $500 Tampa Ammonia, $260 NOLA UAN, and $4.00 NYMEX Henry Hub

Expect Permit to

Commence Construction of CCS facility

Begin

operations

Expect Class

VI Permit to Inject CO2

Expect Completion of

Technical Review of Class VI Permit

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

El Dorado

305-380K MT/y NH3

400-500K MT/y CO2

2026

EBITDA and Adjusted EBITDA Reconciliation

LSB Consolidated ($ In Thousands)

Three Months Ended December 31,

Year Ended December 31,

2025 2024 2025 2024

Plus:

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 16