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LSI Industries Acquisition of Royston Group FEBRUARY 2026 NASDAQ: LYTS © 2026 LSI INDUSTRIES
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Disclaimer Forward-Looking Statements This presentation contains “forward-looking statements”—that is, statements related to future events within the meaning of the Private Securities Litigation Reform Act of 1995. The PrivateSecurities Litigation Reform Act of 1995 provides a safe harbor forforward- looking statements. Forward-looking statements often address our expected future business, financialperformance, financial condition and results of operations, often contain words such as “estimates,” “targets,” “anticipates,” “hopes,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,”“may,” “will,” “see,” “should” and similar expressions and the negative versions of those words,and may be identified by the context in which they are used. Such statements, whether expressedor implied, are based upon current expectations of LSI and speak only as of the date made. Reliance should not be placed on forward-looking statements because they involve known andunknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statementsinclude statements that address activities, events or developments that LSI expects, believes or anticipates will or may occur in the future, such as earnings estimates (including projections andguidance) and other predictions of financial performance. Forward-looking statements are based on LSI’s experience and perception of current conditions, trends, expected future developments and other factors it believes are appropriate under the circumstances and are subject to numerous risks and uncertainties, many of which are beyond LSI’s control. These risks and uncertaintiesinclude, but are not limited, to the following: the impact of competitive products and services; product and pricing demands, and market acceptance risks; LSI’s reliance on third-party manufacturers and suppliers; substantial changes to the refueling and convenience store and grocery markets;LSI’s stock price volatility; potential costs associated with litigation, other proceedings and regulatory compliance; LSI’s ability to develop, produce and market qualityproducts that meet customers’ needs; LSI’s ability to adequately protect intellectual property; information technology security threats and computer crime;reliance on customers and partner relationships; financial difficulties experienced by customers; the cyclical andseasonal nature of our business; the adequacy of reserves and allowances for doubtful accounts; the failure of investments, acquisitions or acquiredcompanies to achieve their plans or objectives generally;unexpected difficulties in integrating acquired businesses; the inability to effectively execute our business strategies; the ability to retain key employees, including key employees of acquired businesses; labor shortages or an increase in labor costs; changes in product mix; unfavorable economic, political, and market conditions,including interest rate fluctuations and inflation; changes in U.S. trade policy; theresults of asset impairment assessments; risks related to disruptions or reductions in business operations or prospects due to international conflicts and wars, pandemics, epidemics, widespread health emergencies, or outbreaksof infectious diseases; price increases of materials; significant shortages of materials; shortages in transportation; increases in fuel prices; sudden or unexpected changes in customer creditworthiness; not recognizing all revenue or not receiving all customer payments; write-offs or impairment of capitalized costs or intangible assets in the future or restructuring costs; and the other risk factors LSI describes from time to time in U.S. Securities and Exchange Commission (“SEC”) filings. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. You are cautioned to not place undue reliance on theseforward-looking statements. LSI does not guarantee any forward-looking statement, and actual results may differ materially from those projected. LSI undertakes no obligation to publicly updateany forward- looking statement, whether as a result of new information, future events, circumstances or otherwise. Additional descriptionsof risks, uncertainties and other matters can be found inour annual reports on Form 10-K and quarterly reports on Form 10-Q that we file with the SEC and are incorporated herein by reference.Our public communications and other reports maycontain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including earnings per share (which excludes the impact of long-term performance-based compensation expense, the amortization expense of acquired intangible assets, commercial growth opportunity expense, acquisition costs, the lease expense on the step-up basis of acquired leases, and restructuring and severance costs), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA), and Free Cash Flow. We believe that these are useful as supplemental measures in assessing the operating performance of our business. These measures are used by our management, including our chief operating decision maker, to evaluate business results, and are frequently referenced by those who follow the Company. These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, the non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations, in that they do not reflect all amounts associated with our results as determined in accordance with U.S. GAAP. Therefore, these measures should be used only to evaluate our results in conjunction with corresponding GAAP measures. Please refer to our Appendix for reconciliation of these non-GAAP measures. 2 © 2026 LSI INDUSTRIES
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3 Scaling our platform We Deliver Integrated Retail Branding Solutions © 2026 LSI INDUSTRIES
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Leading provider of lighting and display solutions to diverse retail environments LSI OVERVIEW 4CORPORATE OVERVIEW 1976 Founded 2,000+ Employees 18 Locations BUILDING A BRANDED RETAIL SOLUTIONS PLATFORM OF SCALE LONG-TENURED CUSTOMER BRANDS Vertically-integrated design, manufacturing, and installation of one-stop lighting and display solutions Marketing, technical and program management expertise provide customers with a one-stop solution Customer contracts range from 100s to 1,000s of locations often spanning multi-year periods Building leading positions across growing, high-value vertical markets FY25 SEGMENT REVENUE 57% 43% LightingDisplay PARKING, C&I, RETAIL & OTHER REFUELING & C-STORE GROCERY & RETAIL QSRs 5% 95% FY25 REVENUE (1) InternationalU.S. (1) Current estimates. (FYE JUNE 30, 2025) © 2026 LSI INDUSTRIES
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Solutions Portfolio BUSINESS INVESTMENT 5CORPORATE OVERVIEW INDOOR LIGHTING OUTDOOR LIGHTING REFRIGERATED & MILLWORK DISPLAYS CHECKOUT COUNTERS DIGITAL SIGNAGE FOOD & BEVERAGE COUNTERTOPS PRINT: BRAND IMAGING METAL FOOD PREP PRODUCTS PROFESSIONAL SERVICES Lighting Displays, Signage & Graphics © 2026 LSI INDUSTRIES
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Our Vertical Market Focus 6CORPORATE OVERVIEW We believe LSI is a significant provider in core markets where predictable replacement-and- refresh (R&R) cycles and new construction activity drive sustained, long-horizon demand LSI serves growth sectors supported by long-term macro tailwinds, driving a robust pipeline of high-value projects Total Revenue Growth 2021-2025 75.8% Total 2025 Revenue 12.2% Select Customers Quick-Service Restaurants (“QSRs”) Total Revenue Growth 2021-2025 72.4% Total 2025 Revenue 32.5% Select Customers Refueling & C-Store Total Revenue Growth 2021-2025 503.0% Total 2025 Revenue 19.2% Select Customers Grocery Total Revenue Growth 2021-2025 22.8% Total 2025 Revenue 13.5% Select Customers Auto & Parking Total Revenue Growth 2021-2025 43.2% Total 2025 Revenue 15.6% Select Customers Commercial & Industrial (“C&I”) / Retail Total Revenue Growth 2021-2025 67.3% Total 2025 Revenue 6.9% Select Customers Other ‘ 25 REVENUE‘ 25 REVENUE ‘ 25 REVENUE ‘ 25 REVENUE‘ 25 REVENUE‘ 25 REVENUE © 2026 LSI INDUSTRIES
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LSI is an Earnings Compounder 7CORPORATE OVERVIEW ADJ. DILUTED EPS GROWTH ($ Actual) ADJ. EBITDA GROWTH ($M) SALES GROWTH ($M) $573.4 $305.6 20252020 $267.8M Revenue Increase $55.1 $15.6 20252020 $39.4M Adj. EBITDA Increase $1.07 $0.26 20252020 AVERAGE ANNUAL CAPEX $3.3M HISTORICAL ADJ. OFCF CONVERSION(3) ~60% AVERAGE ADJ. OFCF(2) $32.4 REVENUE GROWTH VS. NON- RESIDENTIAL CONSTRUCTION(1) 1.7x 5-YEAR SALES CAGR 13.4% ADJ. EPS GROWTH 4.1x $0.81 Adj. Diluted EPS Increase (1) FMI. Total U.S. Non-Residential Construction CAGR FY20 – 2025 7.8%. (2) Adj. Operating Free Cash Flow (OFCF) calculated as Adj. EBITDA less capex. (3) Calculated as Adj. OFCF divided by Adj. EBITDA. (4) FY 2020 adjusted diluted EPS restated based on FY 2025 methodology. Removes impact of $2.7M amortization expense. (5) Assumes reported Adj. EPS. (4) © 2026 LSI INDUSTRIES
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Our Revenue Growth Algorithm 8CORPORATE OVERVIEW SystematicCustomer Investment Cycles Recurring Project Revenueand High Customer Retention Solutions Based Approach Provides One-Stop Solution Development of Higher Value Capabilities Expansion of Growing Market Verticals Cross Selling Synergies 13.4% Revenue CAGR FY20 - FY25 © 2026 LSI INDUSTRIES
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Building a Retail Branding Solutions Platform of Scale Through M&A TRACK RECORD OF ACCRETIVE INORGANIC GROWTH 9CORPORATE OVERVIEW Acquisition Track Record JSI Store Fixtures is a designer and manufacturer of high-quality refrigerated and non-refrigerated merchandising displays for the grocery and convenience store industry. MAY 2021 Sales: $72M EMI is a metal and millwork manufacturer of standard and customized fixtures, displays, and food equipment for the convenience store, grocery, and restaurant industries. APRIL 2024 Sales: $87M Canada’s Best Holdings is a leading provider of retail fixtures and custom store design solutions for grocery, quick service restaurants, c-store, banking and specialty retail environments. MARCH 2025 Sales: $25M Proposed Platform Acquisition to strengthen leadership position in growing sector FEBRUARY 2026 LSI Products and Services Project management creative services, site survey content management, post- implementation, technical design, construction & installation rebrands PROFESSIONAL SERVICES Commercial lighting dedicated to elevating the visual impact of our customers brands, blending artistry with innovation in every solution COMMERCIAL LIGHTING Signage printed graphics, architectural signs, vehicle wraps, outdoor signs and displays, point-of-sale displays, banner displays, wayfinding signs GRAPHIC SOLUTIONS Our array of fixtures, from refrigerator units to custom displays, is designed to elevate product presentation and enhance shopping experiences across various markets DISPLAY FIXTURES Signage ranging from pylons and monuments to awnings and LED channel letters, as well as drive thru menu systems, digital signs, video walls and wayfinders EXTERIOR & DIGITAL SIGNAGE © 2026 LSI INDUSTRIES CONFIDENTIAL
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10 © 2026 LSI INDUSTRIES CONFIDENTIAL Advancing Our Fast Forward Strategy Royston Group Acquisition
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Transaction Overview 11ROYSTON GROUP ACQUISITION TRANSACTION HIGHLIGHTS On February 20, 2026, LSI signed an agreement to acquire Royston Group (“Royston”) for an aggregate purchase price of $325 million, including $320 million payable in cash at closing and the remaining $5 million payable in Company’s common stock (1) Transaction to be funded through fully committed bridge facility, with permanent financing to include a mix of debt and equity Transaction is immediately accretive to LSI’s margin rate and earnings per share on a pre-synergy basis Royston to become part of LSI’s Display Solutions Segment Pro-forma for the follow-on offering, LSI expects net leverage of 3.0x Royston generated TTM Sep-25A revenue and adjusted EBITDA of $272 million and approximately $38 million, respectively Royston leadership team expected to remain with the combined organization The bolt-on acquisition of Royston is a “strategic sequel” to past acquisitions that is both highly complementary and has a common Company culture Significantly expands our presence in the C- Store, Grocery, and Refueling verticals where we have a strong, established position Provides significant cross-selling opportunities, which we believe increases our importance, value, and relationships with key customers. Execution of Fast Forward Strategy – Royston puts LSI on track for Fast Forward financial targets STRATEGIC HIGHLIGHTS Royston Acquisition Demonstrates Further Execution of Vertical Market Strategy © 2026 LSI INDUSTRIES (1) Aggregate purchase price subject to a working capital adjustment. $5 million of Company common stock will be valued as of theclosing price of the Company’s common stock on February 19, 2026.
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About Royston 12ROYSTON GROUP ACQUISITION VERTICALLY INTEGRATED U.S.-Based Retail & Refrigeration Solutions HIGH VALUE PORTFOLIO Differentiated Interior & Exterior Offerings COLLABORATIVE DESIGN SMART ENGINEERING DESIGN COMPREHENSIVE FABRICATION INTEGRATED PAINT LINES SEAMLESS ASSEMBLY COMPLETE DELIVERY PRODUCTION Royston sales are concentrated within specialty retail markets, highly weighted toward recurring remodel cycles NET SALE BREAKDOWN BY BUSINESS UNIT Royston SignResource Southern CaseArts 59%29% 12% BY SOLUTION Cabinets & Store Fixtures Signage Services Refrigerated & Heated Cases 51% 23% 15% 12% BY END MARKET Convenience Grocery Gas Station Other 52% 23% 16% 9% BY DEMAND TYPE Remodels New Stores71% 29% CHECKSTANDS SHELVING CABINETRY EXTERIOR SIGNAGE INTERIOR SIGNAGE OTHER SIGNAGE FOCUS: Scaled national/regional customers, majority of whom also purchase Royston’s interior solutions, vs. local mom & pops 29% of REVENUE REFRIGERATED MULTIDECK ISLAND MERCHANDISER REFRIGERATED PRODUCE MERCHANDISER HEATED ISLAND MERCHANDISER FOCUS: Customized cabinetry and store fixtures for the store perimeter versus standardized shelving for center aisles 59% of REVENUE FOCUS: Grab-and-go cases for the store perimeter 12% of REVENUE © 2026 LSI INDUSTRIES
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With Royston, We Believe LSI Will Accelerate Expansion Within Its Targeted Vertical Markets 13ROYSTON GROUP ACQUISITION PRO-FORMA ENTITY – FY25(1) Refueling / C-Store Grocery QSR Auto / Parking C&I / Retail Other 39% 16% 9% 9% 12% 15% Broadens exposure to favorable Refueling / C- Store end-market Provides further penetration in Grocery vertical Diversifies customer base within existing markets Provides complementary exposure in other market adjacencies (1) Does not sum to 100% due to rounding.© 2026 LSI INDUSTRIES
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Highly Complementary Solutions Offering 14ROYSTON GROUP ACQUISITION CABINETRY Customizable cabinetry built for simple installation, easy maintenance and durable performance CHECKSTANDS Traditional, self-check, or convertible checkstands tailored to complement any stores interior style SHELVING Flexible, modular shelving systems designed to fit more SKUs in less floor space and maximize product exposure EXTERIOR SIGNAGE Highly customizable suite of exterior signage products REFRIGERATED CASES Versatile cases with different SKUs and specs to perfectly fill any floor plan HEATED CASES Seamlessly designed with any store’s décor, they have a compact footprint that guarantees optimal use of space SERVICES Full interior installation & buildouts; Turnkey project management for install; On-site construction oversight SOURCED PRODUCTS Sourcing strategy to find key partners that offer products and services that complement current offerings REPRESENTATIVE COMBINED SOLUTIONS ROYSTON LSI COMBINED OTHER © 2026 LSI INDUSTRIES
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Cross-Sell Opportunity with Long-Term Customer Base 15ROYSTON GROUP ACQUISITION OVERVIEW Royston’s expanded solution portfolio through recent acquisitions created strong cross-sell potential within the existing, overlapping customer base Key mutual customers strategically targeted with complementary products and services to drive incremental wallet share gains New customers targeted with a blend of products and services to provide a one- stop-shop solution Significant whitespace remains across untapped accounts, offering room for future growth and expansion SIGNIFICANT OPPORTUNITY TO EXPAND ROYSTON’S PROJECT CONTENT HIGHLIGHTS 5% 5% 43% 47% # OF SOLUTIONS SOLD: 4 3 2 1 Royston has focused its cross- selling efforts with top customers to yield the most material sales gains 90% of customers are sold only one or two solutions, representing significant cross-sell opportunity Approximately 90% of Royston projects were 1 or 2 solutions © 2026 LSI INDUSTRIES (Count of Customers; as of LTM June 2025A)
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HQ 100% U.S. Manufacturing Footprint With Significant Optimization Potential 16ROYSTON GROUP ACQUISITION FACILITY ~ SQ FT EMPLOYEES ROYSTON • JASPER, GA 219,000 ~305 Manufacturing: Sheet Metal Fabrication, Powder Coating, CNC Routing Select Products: Metal Cabinetry, Surface Tops, Laboratory Equipment ROYSTON • ROYSTON, GA 198,000 ~250 Manufacturing: Sheet Metal Fabrication, Powder Coating, CNC Routing Select Products: Cabinetry, Metal Checkstands, Shelving SIGNRESOURCE • BELL GARDENS, CA 92,500 ~165 Manufacturing: Silk Screening, Painting (Metal & Plastic) Select Products: Exterior Signage, Vacuum & Metal Forming SOUTHERN CASEARTS • BESSEMER, AL 190,000 ~165 Manufacturing: Sheet Metal Fabrication, Thermoforming, Powder Coating, CNC Routing Select Products: Refrigerated Display Cases, Heated Display Cases SIGNRESOURCE • JACKSBORO, TN 83,200 ~125 Manufacturing: Silk Screening, Painting (Metal & Plastic) Select Products: Exterior Signage, Vacuum & Metal Forming Five U.S. facilities drive efficient custom production andmarket-leading speed © 2026 LSI INDUSTRIES
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Multi-Year Synergy Potential 17ROYSTON GROUP ACQUISITION REVENUE ENHANCEMENT Re-expanding our single- source capabilities provides opportunity to further apply strategic value-based pricing methodologies utilized within the Display Solutions segment CROSS SELL OPPORTUNITY Given minimal overlap between existing customer base, together with highly complementary product / solution offering, we see significant revenue synergies through cross selling MANUFACTURING Optimization of capacity, improved process and efficiency, additional mechanization, expand design for manufacturing principles PROCUREMENT Significant opportunity to increase raw materials procurement leverage and synergies, including lumber, steel, acrylic SG&A Eliminate redundant costs, improve operating leverage Revenue Synergies Cost Synergies © 2026 LSI INDUSTRIES
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Revenue $592.5 million $271.9 million $864.4 million Adj. EBITDA(1) $57.3 million $38.0 million $95.3 million Adj. EBITDA Margin(1) 9.7% 14.0% 11.0% Manufacturing Locations 18 5 23 Employees 2,000+ 899 2,899 Manufacturing Sq. Ft. 1.96 million 0.78 million 2.74 million Combined Business Overview 18ROYSTON GROUP ACQUISITION(1) Please refer to page 34 for definition of non-GAAP metrics. LSI – TTM Sep-25A Royston – TTM Sep-25A © 2026 LSI INDUSTRIES
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Royston strengthens our “one-stop-shop” solutions strategy Single source partner that can provide all lighting, display and sign solutions Leverage the combined strength of respected industry-leading brands LSI and Royston are well recognized industry leaders Minimal customer overlap with Royston’s top refueling / c-store & grocery customers, expanding market position & reach with large accounts No greater than ~40% revenue concentration for top 3 customers in major categories Royston brings a mix of complementary and unique products that broaden LSI’s overall solutions in both existing and greenfield categories Provides growth in underrepresented products include refrigerated, millwork and metal displays Expected to deliver cost synergies & commercial growth Expected margin improvement from increased revenue opportunities and cost synergies, post acquisition Transaction expected to enhance Adj. EBITDA margin PF adj. EBITDA Margin increase of 130 bps Deepens presence in core verticals, materially grows U.S. manufacturing capacity, and unlocks new opportunities in display cases, store fixtures, and digital signage 23 combined manufacturing facilities across the U.S. Retained Royston leadership team to drive beneficial complementary cultures and customer-centric focus 100% retention of Royston leadership Royston Transaction Rationale 19ROYSTON GROUP ACQUISITION © 2026 LSI INDUSTRIES
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20 Appendix © 2026 LSI INDUSTRIES
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STATEMENT ON NON-GAAP FINANCIAL MEASURES 21 This presentation includes adjustments to GAAP gross margin, operating income, net income, and earnings per share for the periods ending FY 2018A, and TTM Sep-25A. Gross Margin, operating income, net income, and earnings per share, which exclude the impact of long-term performance-based compensation, severance costs, restructuring costs, lease expense on the step-up basis of acquired leases, the amortization expense of acquired intangible assets, consulting expenses supporting commercial growth initiatives, and acquisition costs are non-GAAP financial measures. Also included in this presentation are non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA and Adjusted EBITDA), Free Cash Flow, Organic Sales Growth, and Net Debt. We use these non-GAAP financial measures, in addition to GAAP financial measures, as a measure of operating performance because the non-GAAP financial measures do not include the impact of items that we does not consider indicative of LSI’s core operating performance. These measures are used by our management, including our chief operating decision maker, to evaluate business results and are frequently referenced by those who follow the Company. These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, the non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all amounts associated with our results as determined in accordance with U.S. GAAP. Therefore, these measures should be used only to evaluate our results in conjunction with corresponding GAAP measures. Below is a reconciliation of these non-GAAP measures to the net income and earnings per share reported for the periods indicated, along with the calculation of EBITDA, Adjusted EBITDA, Free Cash Flow, Organic Sales Growth, and Net Debt. © 2026 LSI INDUSTRIES
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22 For Additional Questions, Please Contact 720 778 2415 Thank you, LSI Investor Relations © 2026 LSI INDUSTRIES