# EDGAR Filing Document

**Accession Number:** 0000763532
**File Stem:** 0001437749-26-001688
**Filing Date:** 2026-1
**Character Count:** 33961
**Document Hash:** 54852b8b36308c1b82f7e305199c85a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-001688.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001437749-26-001688

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260122

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LSI INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000763532
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC LIGHTING & WIRING EQUIPMENT [3640]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 310888951
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-13375
- **FILM NUMBER:** 26549760

**BUSINESS ADDRESS:**
- **STREET 1:** 10000 ALLIANCE RD
- **STREET 2:** P O BOX 42728
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45242
- **BUSINESS PHONE:** 5135796411

**MAIL ADDRESS:**
- **STREET 1:** 10000 ALLIANCE RD
- **STREET 2:** P O BOX 42728
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45242

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LSI LIGHTING SYSTEMS INC
- **DATE OF NAME CHANGE:** 19891121

?xml version='1.0' encoding='ASCII'? lyts20260121_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) January 22, 2026

![a01.jpg](a01.jpg)

**LSI INDUSTRIES INC.**

(Exact name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Ohio** | **01-13375** | **31-0888951** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | |
|:---|:---|
| **10000 Alliance Road, Cincinnati, Ohio**  | **45242** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code **<u>(513) 793-3200</u>**

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(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):<br>

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, no par value | LYTS | NASDAQ |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

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**<u>Item 2.02 Results of Operation and Financial Condition.</u>**

On January 22, 2026, LSI Industries Inc. ("LSI" or the "Company") issued a press release announcing operating results for the fiscal quarter ended December 31, 2025. A copy of the press release is furnished with this Form 8-K as Exhibit 99.1 and is incorporated by reference herein.

**<u>Item7.01.Regulation FD Disclosure</u>.**

On January 22, 2026, LSI is hosting a conference call for the benefit of its investors to discuss the results set forth in the press release described in Item 2.02 above. A copy of the presentation, which is available at www.lsicorp.com, related to this conference call is attached as Exhibit 99.2 to this report and is incorporated by reference herein.

LSI's presentation discloses certain financial results both in accordance with generally accepted accounting principles ("GAAP") and on a non-GAAP basis with adjustments for certain items. LSI's management believes that presentation of these non-GAAP financial measures and their related reconciliations are useful to investors because the non-GAAP financial measures provide investors with a basis for comparing the results to financial results from prior periods.

Information in the presentation contains forward-looking statements regarding future events and performance of LSI. All such forward-looking statements are based largely on LSI's experience and perception of current conditions, trends, expected future developments and other factors, and on management's expectations, and are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, those factors described in the presentation and in LSI's filings with the Securities and Exchange Commission. LSI disclaims any intention or obligation to update or revise any financial or other projections or other forward-looking statements, whether because of new information, future events or otherwise.

The information in each of Item 2.02 and Item 7.01 of this Form 8-K and in the press release attached as Exhibit 99.1 and the presentation attached as Exhibit 99.2 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in each of Item 2.02 and Item 7.01 of this Form 8-K and each of Exhibit 99.1 and Exhibit 99.2 shall not be incorporated by reference in any filing (whether made before or after the date hereof) or any other document under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing, except as shall be expressly set forth by specific reference in any such filing or document.

**<u>Item</u><u>9.01 Financial Statements and Exhibits.</u>**

(d) Exhibits

---

| | |
|:---|:---|
| <u>Exhibit</u><u>No</u>. | <u>Description</u> |
| 99.1 | [LSI Press Release dated January 22, 2026](ex_910065.htm) |
| 99.2 | [Conference Call Presentation](ex_910167.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| |
|:---|
| LSI INDUSTRIES INC. |
| BY:<u>/s/ James E. Galeese</u> |
| James E. Galeese |
| Executive Vice President, Chief<br> Financial Officer |

---

Dated: January 22, 2026

## Exhibit 99.1

**Exhibit 99.1**

![a01.jpg](a01.jpg)

**LSI INDUSTRIES REPORTS FISCAL 2026 SECOND QUARTER RESULTS** 

**AND DECLARES QUARTERLY CASH DIVIDEND**

**CINCINNATI, January 22, 2026** – LSI Industries Inc. (Nasdaq: LYTS, "LSI" or the "Company") a leading U.S. based manufacturer of commercial lighting and display solutions, today reported financial results for the fiscal 2026 second quarter ended December 31, 2025.

**<u>FISCAL 2026 SECOND QUARTER RESULTS</u>**

● Net Sales of $147.0 million

● Net Income $6.3 million; Adjusted Net Income $8.4 million

● Diluted EPS of $0.20; Adjusted Diluted EPS of $0.26

● EBITDA of $12.1 million; Adjusted EBITDA of $13.4 million

● Free Cash Flow of $23.3 million

● Ratio of net debt to TTM Adjusted EBITDA of 0.4x

LSI reported sales of $147.0 million, even with the prior year period, successfully offsetting the impact of fiscal 2025 results which included elevated, event driven sales related to disruption in the grocery vertical. Demand in the grocery vertical returned to seasonal levels in the second quarter of fiscal 2026, which supports higher seasonal activity quarters moving forward.

The Company reported net income of $6.3 million, or $0.20 per diluted share in the second quarter, while adjusted net income was $8.4 million or $0.26 per adjusted diluted share. Fiscal second quarter adjusted EBITDA was $13.4 million or 9.1% of net sales, an increase versus the prior-year period, as improved productivity, price optimization, and disciplined expense management combined to offset raw materials cost inflation.

The Company generated strong free cash flow of $23.3 million in the fiscal second quarter, driven by profitability and sustained working capital discipline. LSI reduced its total debt outstanding by $22.7 million in the fiscal second quarter, resulting in a ratio of net debt to trailing twelve-month adjusted EBITDA of 0.4x as of December 31, 2025. LSI exits the second quarter with cash and availability on its credit facility totaling $103.4 million

The Company declared a regular cash dividend of $0.05 per share payable on February 10, 2026, to shareholders of record on February 2, 2026.

------

LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

**<u>MANAGEMENT COMMENTARY</u>**

"The strength of our diversified, solutions-based model was evident in the second quarter, enabling LSI to deliver solid performance despite a challenging prior-year comparison", stated James A. Clark, President and Chief Executive Officer of LSI. "Double-digit sales growth within our Lighting segment, continued execution of large project activity in Display Solutions, sustained profitability, and strong free cash generation, underscore the durability and resiliency of our operating model," continued Clark.

"We exit the fiscal second quarter with an extremely healthy balance sheet. Free cash flow for the quarter was $23.3 million, reducing our leverage ratio to 0.4x. Our strong balance sheet provides the financial support required to achieve our 2028 *Fast Forward* strategic plan, supporting critical planned investments in organic growth, while also providing the ability to evaluate future acquisition opportunities.

"Margin management remains a priority for us, with a strong focus on project pricing, productivity, and cost discipline. These actions combined to offset cost inflation in the quarter, resulting in modest improvement in net income and diluted earnings per share, while positioning us to maintain EBITDA margin in what is seasonally one of slowest quarters of the year.

"Within our Lighting segment, our team delivered a strong quarter, with sales growth of 15%, together with seventy basis points of adjusted EBITDA margin expansion, when compared to the prior-year period. The 15% second quarter sales growth follows 18% growth in the first quarter, with several factors contributing to our improving momentum, including the increased number of large project shipments, which doubled from the second quarter last year. Furthermore, our increased emphasis on national account opportunities continues to generate new customers and sustainable business. One specific account conversion resulted in a multi-million-dollar initial order to be fulfilled in the fiscal third quarter.

"Within the Display Solutions segment, we continue to maintain a high level of project execution across large, multi-year customer programs in the refueling/c-store and QSR verticals. Market activity in Mexico, which has been soft for several quarters, improved considerably in the second quarter, and is expected to remain at elevated levels into fiscal 2027.

"In the refueling/c-store vertical we recently onboarded multiple mid-sized projects with new customers, as we expand our service radius beyond larger programs, an approach we expect will contribute to more stable growth over time. Progress around new customer acquisitions is the result of recent investments we've made within targeted sales and marketing initiatives, actions that we anticipate will result in further market penetration.

"Importantly, our grocery vertical continues to stabilize, with demand patterns returning to seasonal levels after two years of significant disruption, "continued Clark. We continue to collaborate with customers on programs in the planning phase, to be released throughout the next eighteen months, the scope including both refrigerated and non-refrigerated product requirements.

"Customers continue to recognize the value of our broad service capabilities. For example, at one of our refueling/c-store customers, we are currently active at a record 140 sites, effectively positioning us as an extension of their organization. By bringing an integrated solutions offering to our customers, LSI is embedding its products – and technical service capabilities – which strengthens long-term customer relationships and accelerates the potential for cross-selling synergies.

Page 2 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

"Entering the second half of fiscal 2026, we anticipate continued year-over-year revenue growth in our Lighting segment, together with resumption of growth within our Display Solutions segment. Exiting the fiscal second quarter, Lighting segment orders were 10% above prior year, resulting in a book-to-bill ratio above 1.0x. For Display Solutions, total orders increased 8%, supporting an improved backlog entering the fiscal third quarter. Specifically, grocery orders increased double-digits in the second quarter versus the prior year quarter reflecting a more normalized release of planned programs.

Clark concluded, "We remain confident in the secular growth outlook for our key vertical markets, while continuing to position LSI for above-market growth through a differentiated, solutions-based value proposition. During periods of fluctuating industry demand, we've demonstrated an ability to drive improved margin realization and remain committed to that focus. Moreover, we continue to retain significant balance sheet flexibility in support of our profitable growth objectives outlined within our *Fast Forward* plan, utilizing a return-centric approach to capital deployment."

**FISCAL 2026 SECOND QUARTER CONFERENCE CALL**

A conference call will be held today at 11:00 A.M. ET to review the Company's financial results and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of LSI Industries' website at <u>www.lsicorp.com</u>. Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register, download and install any necessary audio software.

Details of the conference call are as follows:

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| | |
|:---|:---|
| **Domestic Live:** | 877-407-4018 |
| **International Live:** | 201-689-8471 |

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To listen to a replay of the teleconference, which subsequently will be available through February 5, 2026:

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| | |
|:---|:---|
| **Domestic Replay:** | 844-512-2921 |
| **International Replay:** | 412-317-6671 |
| **Conference ID:** | 13758040 |

---

**ABOUT LSI INDUSTRIES**

Headquartered in Cincinnati, LSI is a publicly held company traded over the NASDAQ Stock Exchange under the symbol LYTS. The company manufactures advanced lighting, graphics, and display solutions across strategic vertical markets. The company's American-made products, which include non-residential indoor and outdoor lighting, print graphics, digital graphics, refrigerated and custom displays, help create value for customer brands and enhance the consumer experience. LSI also provides comprehensive project management services in support of large-scale product rollouts. The company employs approximately 2,000 people at 19 manufacturing plants in the U.S. and Canada. Additional information about LSI is available at <u>www.lsicorp.com</u>.

Page 3 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

**FORWARD-LOOKING STATEMENTS**

For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit <u>https://investors.lsicorp.com</u> as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.

**INVESTOR & MEDIA CONTACT**

Noel Ryan or Bill Seymour

720.778.2415 <u>LYTS@vallumadvisors.com</u>

Page 4 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three Months Ended<br> December 31** | **Three Months Ended<br> December 31** | <u>***(Unaudited)***</u> | **Six Months Ended<br> December 31**  | **Six Months Ended<br> December 31**  |
| **2025** | **2024** | ***(In thousands, except per share data)*** | **2025** | **2024** |
| $**147002** | $**147734** | **Net sales** | $**304251** | $**285829** |
| **109495** | **112804** | **Cost of products sold** | **226534** | **217147** |
| **68** | **69** | **Expense on step-up basis of acquired lease** | **136** | **136** |
| **5** | **-** | **Severance costs and restructuring costs** | **(130)** | **38** |
| **37434** | **34861** | **Gross profit** | **77711** | **68508** |
| **1002** | **1669** | **Long-term performance based compensation** | **2284** | **2853** |
| **(5)** | **-** | **Severance costs and restructuring costs** | **59** | **22** |
| **1558** | **1408** | **Amortization expense of acquired intangible assets** | **3112** | **2816** |
| **200** | **-** | **Acquisition costs** | **420** | **48** |
| **-** | **81** | **Consulting expense: commercial growth initiatives** | **-** | **81** |
| **25814** | **23244** | **Selling and administrative costs** | **51999** | **45098** |
| **8865** | **8459** | **Operating Income** | **19837** | **17590** |
| **(103)** | **382** | **Other (income) expense** | **427** | **322** |
| **573** | **728** | **Interest expense, net** | **1320** | **1603** |
| **8395** | **7349** | **Income before taxes** | **18090** | **15665** |
| **2047** | **1702** | **Income tax** | **4478** | **3336** |
| $**6348** | $**5647** | **Net income** | $**13612** | $**12329** |
|  |  | **<u>Weighted Average Common Shares Outstanding</u>**<u> </u> |  |  |
| **31157** | **29930** | **Basic** | **30803** | **29761** |
| **32004** | **30876** | **Diluted** | **31685** | **30709** |
|  |  | **<u>Earnings Per Share</u>**<u> </u> |  |  |
| $**0.20** | $**0.19** | **Basic** | $**0.44** | $**0.41** |
| $**0.20** | $**0.18** | **Diluted** | $**0.43** | $**0.40** |

---

Page 5 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

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| | | |
|:---|:---|:---|
|  | *(amounts in thousands)* | *(amounts in thousands)* |
|  | **Decmber 31** | **June 30,** |
|  | **2025** | **2025** |
| **Current assets** | $**187259** | $**194166** |
| **Property, plant and equipment, net** | **30372** | **31154** |
| **Other assets** | **178675** | **171042** |
| **Total assets** | $**396306** | $**396362** |
| **Current maturities of long-term debt** | $**-** | $**3571** |
| **Other current liabilities** | **87175** | **93778** |
| **Long-term debt** | **27939** | **44986** |
| **Other long-term liabilities** | **33095** | **23305** |
| **Shareholders' equity** | **248097** | **230722** |
|  | $**396306** | $**396362** |

---

**<u>Three Months Ended December 31, 2025 Results</u>**

Net sales for the three months ended December 31, 2025, were $147.0 million compared to $147.7million the three months ended December 31, 2024. Lighting Segment net sales of $66.7 million increased 15% and Display Solutions Segment net sales of $80.3 million decreased 10% from last year's second quarter net sales. Net income for the three months ended December 31, 2025, was $6.3 million, or $0.20 per share, compared to $5.6 million or $0.18 per share for the three months ended December 31, 2024. Earnings per share represents diluted earnings per share.

**<u>Six Months Ended December 31, 2025 Results</u>**

Net sales for the six months ended December 31, 2025, were $304.3 million representing a 6% increase from the six months ended December 31, 2024, net sales of $285.8 million. Lighting Segment net sales of $135.7 million increased 16% and Display Solutions Segment net sales of $168.5 million decreased less than 1 percent from last year's net sales. Net income for the six months ended December 31, 2025, was $13.6 million, or $0.43 per share, compared to $12.3 million or $0.40 per share for the six months ended December 31, 2024. Earnings per share represents diluted earnings per share.

**<u>Balance Sheet</u>**

The balance sheet at December 31, 2025, included current assets of $187.3 million, current liabilities of $87.2 million and working capital of $100.1 million, which includes cash of $6.4 million. The current ratio was 2.2 to 1. The balance sheet also included shareholders' equity of $248.1 million and long-term debt of $27.9 million. It is the Company's priority to continuously generate sufficient cash flow, coupled with an approved credit facility, to adequately fund operations.

Page 6 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

**<u>Cash Dividend Actions</u>**

The Board of Directors declared a regular quarterly cash dividend of $0.05 per share in connection with the second quarter of fiscal 2026, payable February 10, 2026, to shareholders of record as of the close of business on February 2, 2026. The indicated annual cash dividend rate is $0.20 per share. The Board of Directors has adopted a policy regarding dividends which provides that dividends will be determined by the Board of Directors in its discretion based upon its evaluation of earnings both on a GAAP and non-GAAP basis, cash flow requirements, financial condition, debt levels, stock repurchases, future business developments and opportunities, and other factors deemed relevant by the Board.

**<u>Non-GAAP Financial Measures</u>**

This press release includes adjustments to GAAP operating income, net income, and earnings per share for the three and six months ended December 31, 2025, and 2024. Operating income, net income, and earnings per share, which exclude 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, are non-GAAP financial measures. We further note that while the amortization expense of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation. We exclude these items because we believe they are not representative of the ongoing results of the operations of the business. Also included in this press release are non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA and Adjusted EBITDA), Net Debt to Adjusted EBITDA, Free Cash Flow, and organic sales growth. 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. Below is a reconciliation of these non-GAAP measures to net income and earnings per share reported for the periods indicated along with the calculation of EBITDA, Adjusted EBITDA, Free Cash Flow, Net Debt to Adjusted EBITDA, and organic sales growth.

Page 7 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended<br> December 31** | **Three Months Ended<br> December 31** | **Three Months Ended<br> December 31** | <u>***(Unaudited)***</u> | **Six Months Ended<br> December 31** | **Six Months Ended<br> December 31** | **Six Months Ended<br> December 31** |
| **2025** | **2024** | **% Change** | ***(In thousands, except per share data)*** | **2025** | **2024** | **% Change** |
| $**147002** | $**147734** |  | **Net sales** | $**304251** | $**285829** | **6%** |
| **8865** | **8459** | **5%** | **Operating income as reported** | **19837** | **17590** | **13%** |
| **1002** | **1669** |  | **Long-term performance based compensation** | **2284** | **2853** |  |
| **-** | **81** |  | **Consulting expense: commercial growth initiatives** | **-** | **81** |  |
| **200** | **-** |  | **Acquisition costs** | **420** | **48** |  |
| **1558** | **1408** |  | **Amortization expense of acquired intangible assets** | **3112** | **2816** |  |
| **68** | **69** |  | **Expense on step-up basis of acquired lease** | **136** | **136** |  |
| **-** | **-** |  | **Severance costs and Restructuring costs** | **(71)** | **60** |  |
| $**11693** | $**11686** | **-** | **Operating income as adjusted** | $**25718** | $**23584** | **9%** |
| $**6348** | $**5647** | **12%** | **Net income as reported** | $**13612** | $**12329** | **10%** |
| $**8438** | $**7996** | **6%** | **Net income as adjusted** | $**18169** | $**15977** | **14%** |
| $**0.20** | $**0.18** | **8%** | **Earnings per share (diluted) as reported** | $**0.43** | $**0.40** | **7%** |
| $**0.26** | $**0.26** | **2%** | **Earnings per share (diluted) as adjusted** | $**0.57** | $**0.52** | **10%** |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **December 31** | **December 31** | **December 31** | **December 31** |  | **December 31** | **December 31** | **December 31** | **December 31** |
| **2025** |  | **2024** |  | ***(In thousands, except per share data)*** | **2025** |  | **2024** |  |
|  | **Diluted** <br> **EPS** |  | **Diluted** <br> **EPS** | **Reconciliation of net income to adjusted net income** |  | **Diluted** <br> **EPS** |  | **Diluted** <br> **EPS** |
| $**6348** | $**0.20** | $**5647** | $**0.18** | **Net income as reported** | $**13612** | $**0.43** | $**12329** | $**0.40** |
| **713** | **0.02** | **1294** | **0.04** | **Long-term performance based compensation** | **1667** | $**0.05** | **2161** | **0.07** |
| **1159** | **0.04** | **1090** | **0.04** | **Amortization expense of acquired intangible assets** | **2276** | $**0.07** | **2132** | **0.07** |
| **-** | **-** | **62** | **-** | **Consulting expense: commercial growth initiatives** | **-** | $**-** | **62** | **-** |
| **-** | **-** | **-** | **-** | **Severance costs and Restructuring costs** | **(53)** | $**-** | **45** | **-** |
| **142** | $**-** | **-** | **-** | **Acquisition costs** | **307** | $**0.01** | **50** | **-** |
| **48** | **-** | **53** | **-** | **Expense on step-up basis of acquired lease** | **99** | $**-** | **103** | **0.01** |
| **28** | **-** | **-** | **-** | **Foreign currency transaction loss on intercompany loan** | **354** | $**0.01** | **-** | **-** |
| **-** | $**-** | **(150)** | **-** | **Tax rate difference between reported and adjusted net income** | **(93)** | $**-** | **(905)** | **(0.03)** |
| $**8438** | $**0.26** | $**7996** | $**0.26** | **Net income adjusted** | $**18169** | $**0.57** | $**15977** | $**0.52** |

---

The foreign currency transaction loss on intercompany loan relates to an intercompany loan established as a result of the acquisition Canada's Best Holdings as a method to repatriate cash generated in Canada to the Unites States without being subject to a withholding penalty.

Page 8 of 10

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LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | ***(Unaudited; In thousands)*** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **December 31** | **December 31** | **December 31** | **Net Income to Adjusted EBITDA** | **December 31** | **December 31** | **December 31** |
| **2025** | **2024** | **% Change** | **Net Income to Adjusted EBITDA** | **2025** | **2024** | **% Change** |
| $**6348** | $**5647** |  | **Net income as reported** | $**13612** | $**12329** |  |
| **2047** | **1702** |  | **Income tax** | **4478** | **3336** |  |
| **573** | **728** |  | **Interest expense, net** | **1320** | **1603** |  |
| **(103)** | **382** |  | **Other (income) expense** | **427** | **322** |  |
| $**8865** | $**8459** | **5%** | **Operating Income as reported** | $**19837** | $**17590** | **13%** |
| **3227** | **3018** |  | **Depreciation and amortization** | **6427** | **5958** |  |
| $**12092** | $**11477** | **5%** | **EBITDA** | $**26264** | $**23548** | **12%** |
| **1002** | **1669** |  | **Long-term performance based compensation** | **2284** | **2853** |  |
| **-** | **81** |  | **Consulting expense: commercial growth initiatives** | **-** | **81** |  |
| **200** | **-** |  | **Acquisition costs** | **420** | **48** |  |
| **68** | **69** |  | **Expense on step-up basis of acquired lease** | **136** | **136** |  |
| **-** | **-** |  | **Severance costs and Restructuring costs** | **(71)** | **60** |  |
| $**13362** | $**13296** | **0%** | **Adjusted EBITDA** | $**29033** | $**26726** | **9%** |
| **9.1%** | **9.0%** |  | **Adjusted EBITDA as a percentage of sales** | **9.5%** | **9.4%** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | ***(Unaudited; In thousands)*** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **December 31** | **December 31** | **December 31** | **Free Cash Flow** | **December 31** | **December 31** | **December 31** |
| **2025** | **2024** | **% Change** | **Free Cash Flow** | **2025** | **2024** | **% Change** |
| $**24984** | $**9891** | **153%** | **Cash flow from operations** | $**25659** | $**21737** | **18%** |
| **(1684)** | **(1066)** |  | **Capital expenditures** | **(2651)** | **(1825)** |  |
| $**23300** | $**8825** | **164%** | **Free cash flow** | $**23008** | $**19912** | **16%** |

---

---

| | | |
|:---|:---|:---|
| **Net Debt to Adjusted EBITDA Ratio** | **December 31,** | **December 31,** |
| ***(amounts in thousands)*** | **2025** | **2024** |
| **Current maturity of debt** | $**-** | $**3571** |
| **Long-term debt** | **27939** | **34615** |
| **Total debt** | $**27939** | $**38186** |
| **Less: cash** | **(6407)** | **(4712)** |
| **Net debt** | $**21532** | $**33474** |
| **Adjusted EBITDA - trailing twelve months** | $**57286** | $**52006** |
| **Net debt to adjusted EBITDA ratio** | **0.4** | **0.6** |

---

Page 9 of 10

------

LSI Industries Fiscal 2026 Second Quarter Results

January 22, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Second Quarter** | **Second Quarter** |  |
| **Organic compared to Inorganic Sales** | **Q2 2026** | **Q2 2025** | **% Variance** |
| **Lighting Segment** | $**66673** | $**58210** | **15%** |
| **Display Solutions Segment** |  |  |  |
| **- Comparable Display Solutions Sales** | **74001** | **89524** | **-17%** |
| **- Canada's Best** | **6328** | **-** |  |
| **Total Display Solutions Sales** | $**80329** | $**89524** | **-10%** |
| **Total net sales** | $**147002** | $**147734** | **-** |
| **Less:** |  |  |  |
| **Canada's Best Holdings** | **6328** | **-** |  |
| **Total organic net sales** | $**140674** | $**147734** | **-5%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year-to-Date** | **Year-to-Date** |  |
| **Organic compared to Inorganic Sales** | **Q2 2026** | **Q2 2025** | **% Variance** |
| **Lighting Segment** | $**135726** | $**116646** | **16%** |
| **Display Solutions Segment** |  |  |  |
| **- Comparable Display Solutions Sales** | **153278** | **169183** | **-9%** |
| **- Canada's Best** | **15247** | **-** |  |
| **Total Display Solutions Sales** | $**168525** | $**169183** | **-** |
| **Total net sales** | $**304251** | $**285829** | **6%** |
| **Less:** |  |  |  |
| **Canada's Best Holdings** | **15247** | **-** |  |
| **Total organic net sales** | $**289004** | $**285829** | **1%** |

---

Page 10 of 10

## Exhibit 99.2

**Exhibit 99.2**

![slide01.jpg](slide01.jpg)

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