LSB INDUSTRIES, INC.

The Company maintains disclosure controls and procedures as defined in Rule 13a-15 under the Exchange Act designed to provide reasonable assurance that the information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. These include controls and procedures designed to ensure that this information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company's disclosure controls and procedures as of March 31, 2025. Based on this evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures were effective as of March 31, 2025, at the reasonable assurance level. There were no changes to our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained within this report may be deemed “Forward-Looking Statements” within the meaning of U.S. federal securities laws. All statements in this report other than statements of historical fact are Forward-Looking Statements that are subject to known and unknown risks, uncertainties and other factors, many of which are difficult to predict or outside of the Company’s control, which could cause actual results and performance of the Company to differ materially from those expressed in, or implied or projected by, such statements. Any such Forward-Looking Statements are not guarantees of future performance. The words “believe,” “expect,” “anticipate,” “intend,” “plan,” “may,” “could,” and similar expressions identify Forward-Looking Statements. All Forward-Looking Statements speak only as of the date on which they are made. Forward-Looking Statements contained herein include, but are not limited to:

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our ability to invest in projects that will generate the best returns for our stockholders;

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our future liquidity outlook;

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the outlook of our chemical products and related markets;

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our ability to successfully leverage our existing business platform and portfolio of assets to produce low carbon products and execute our advanced low carbon ammonia initiatives, including our strategy to become a leader in the energy transition in the chemical industry;

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the amount, timing and effect on the nitrogen market from current nitrogen expansion projects;

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the effect from the lack of non-seasonal volume;

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our belief that competition is based upon service, price, location of production and distribution sites, and product quality and performance;

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the outlook for the industrial end markets;

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the availability of raw materials;

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our ability to broaden the distribution of our products, including our ability to leverage our nitric acid production capacity at our El Dorado Facility;

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our expectations regarding future ammonia pricing;

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the result of our product and market diversification strategy;

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changes in domestic fertilizer production;

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the increasing output, capacity and production volumes of our existing production facilities;

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our ability to moderate risk inherent in agricultural markets;

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the sources to fund our cash needs and how this cash will be used;

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the ability to enter into the additional borrowings;

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the anticipated cost and timing of our capital projects;

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certain costs covered under warranty provisions;

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our ability to pass to our customers cost increases in the form of higher prices;

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our belief as to whether we have sufficient sources for materials and components;

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annual natural gas requirements;

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the development of the market and demand for low carbon ammonia;

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compliance by our facilities with the terms of our permits;

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the costs of compliance with environmental laws, health laws, security regulations and transportation regulations;

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our belief as to when Turnarounds will be performed and completed;

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expenses in connection with environmental projects;

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the effect of litigation, legal actions and other contingencies on our business, financial condition, results of operations or cash flows, including the potential financial penalties associated with the NOV from ADEQ regarding wastewater discharges from our El Dorado Facility;

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our ability to comply with debt servicing and covenants, including our beliefs as to whether we can meet all required covenant tests for the next twelve months;

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our ability to meet debt maturities or redemption obligations when due; and

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the impact of our repurchase program on our stock price and cash reserves.

While we believe, the expectations reflected in such Forward-Looking Statements are reasonable, we can give no assurance such expectations will prove to have been correct. There are a variety of factors which could cause future outcomes to differ materially from those described in this report, including, but not limited to, the following:

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changes in general economic conditions, both domestic and foreign;

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material reductions in revenues;

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material changes in interest rates;

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our ability to collect in a timely manner a material amount of receivables;

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increased competitive pressures;

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changes in federal, state and local laws and regulations, or in the interpretation of such laws and regulations;

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changes in laws, regulations or other issues related to climate change;

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releases of pollutants into the environment exceeding our permitted limits;

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material increases in equipment, maintenance, operating or labor costs not presently anticipated by us;

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the requirement to use internally generated funds for purposes not presently anticipated;

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the inability to secure additional financing for planned capital expenditures or financing obligations due in the near future;

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our substantial existing indebtedness;

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material changes in the cost of natural gas and certain precious metals;

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limitations due to financial covenants;

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changes in competition;

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the loss of any significant customer;

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increases in cost to maintain internal control over financial reporting;

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changes in operating strategy or development plans;

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an inability to fund the working capital and expansion of our businesses;

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changes in the production efficiency of our facilities;

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adverse results in our contingencies including pending litigation;

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unplanned downtime at one or more of our facilities;

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changes in production rates at any of our facilities;

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an inability to obtain necessary raw materials and purchased components;

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material increases in cost of raw materials;

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material changes in our accounting estimates;

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significant problems within our production equipment;

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fire or natural disasters;

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an inability to obtain or retain our insurance coverage;

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difficulty obtaining necessary permits;

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difficulty obtaining third-party financing;

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risks associated with proxy contests initiated by dissident stockholders;

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changes in fertilizer production;

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reduction in acres planted for crops requiring fertilizer;

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decreases in duties for products we sell resulting in an increase in imported products into the United States;

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adverse effects from regulatory policies, including tariffs;

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geopolitical concerns;

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volatility of natural gas prices;

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price increases resulting from increased inflation;

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weather conditions, including the effects of climate change;

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increases in imported agricultural products;

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global supply chain disruptions;

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other factors described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report; and

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other factors described in Item 1A. Risk Factors in our Form 10-K for the year ended December 31, 2024.

Given these uncertainties, all parties are cautioned not to place undue reliance on such Forward-Looking Statements. Except to the extent required by law, we disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the Forward-Looking Statements contained herein to reflect future events or developments.

PART II

OTHER INFORMATION