# EDGAR Filing Document

**Accession Number:** 0000798081
**File Stem:** 0001193125-25-312749
**Filing Date:** 2025-12
**Character Count:** 61632
**Document Hash:** ce2b17b2a8143107824f1d6dc697e5e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-312749.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001193125-25-312749

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251204

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

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAKELAND INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000798081
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 133115216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-15535
- **FILM NUMBER:** 251559177

**BUSINESS ADDRESS:**
- **STREET 1:** 1525 PERIMETER PARKWAY, SUITE 325
- **CITY:** HUNTSVILLE
- **STATE:** AL
- **ZIP:** 35806
- **BUSINESS PHONE:** 800-645-9291

**MAIL ADDRESS:**
- **STREET 1:** 1525 PERIMETER PARKWAY, SUITE 325
- **CITY:** HUNTSVILLE
- **STATE:** AL
- **ZIP:** 35806

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** December 04, 2025<br>

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Lakeland Industries Inc

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Delaware | 000-15535 | 13-3115216 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 1525 Perimeter Parkway, Suite 325 |  |  |
| Huntsville**,** Alabama |  | 35806 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 256 350-3873<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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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:

☐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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| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.01 Par Value<br> LAKE | The Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 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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## Item 2.02 Results of Operations and Financial Condition.
On December 9, 2025, Lakeland Industries, Inc. (the "Company") issued a press release announcing its financial results for the third quarter ended October 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On December 4, 2025, the Company and Roger D. Shannon, the Company's Chief Financial Officer, mutually agreed that Mr. Shannon's employment will terminate effective December 31, 2025.

In addition, on December 4, 2025, the Board of Directors (the "Board") appointed J. Calven Swinea, the Company's Vice President, Finance, as Interim Chief Financial Officer, effective January 1, 2026. As Interim Chief Financial Officer, Mr. Swinea will serve as the Company's principal financial officer and principal accounting officer effective January 1, 2026.

Mr. Swinea has served as the Company's Vice President, Finance, since September 2020. Mr. Swinea was Global Corporate Controller of Elliott Group, a manufacturer of turbomachinery, from September 2019 to September 2020. Before consulting for various public companies from October 2015 to September 2019, he was the Vice President of Administration/Vice President of Internal Audit for Walter Energy, Inc., a metallurgical coal producer, from August 2010 to October 2015. Mr. Swinea also served in various finance positions for Avocent Corporation, Sanmina Corporation and was a senior manager at EY LLP. Mr. Swinea does not have any family relationship with any member of the Board or executive officer of the Company, and Mr. Swinea is not a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Swinea and any other person pursuant to which he was appointed as Interim Chief Financial Officer. Mr. Swinea's compensation terms have not been determined as of the date of this filing, and the Company will file an amendment to this Current Report on Form 8-K to disclose such information within four business days after the information is determined.

The Company will conduct a comprehensive search process to identify a successor Chief Financial Officer.

## Item 7.01 Regulation FD Disclosure.
The information set forth in Item 2.02, above, is incorporated by reference into this Item 7.01.

In addition, a copy of the supplemental slides which will be discussed during the Company's earnings call at 4:30 p.m. ET on Tuesday, December 9, 2025 is attached to this report as Exhibit 99.2 and incorporated herein by reference.

**Item 8.01 Other Events.**

On December 9, 2025, the Company announced that the Board is suspending the Company's quarterly cash dividend on its common stock. The payment of any future dividends will be at the discretion of the Board and will depend on the Company's financial condition, results of operations, capital requirements, and any other factors deemed relevant by the Board.

## Item 9.01 Financial Statements and Exhibits.
(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | [<u>Press Release, dated December 9, 2025</u>](lake-ex99_1.htm) |
| 99.2 | [<u>Supplemental slides provided in connection with the Q3 FY2026 earnings call of the Company.</u>](lake-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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The information included in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 hereto) is being "furnished" in accordance with Item 2.02 and Item 7.01 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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**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.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **LAKELAND INDUSTRIES, INC.** |
| Date: | December 9, 2025 | By:  | /*s/ James M. Jenkins* |
|  |  |  | James M. Jenkins<br>Chief Executive Officer, President and Executive Chairman |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img33608822_0.jpg](img33608822_0.jpg)

**Lakeland Fire + Safety Reports Fiscal Third Quarter 2026 Financial Results** 

Q3'26 Net Sales Increased 4% to $47.6 Million Led by 31% Increase in Fire Services Products, Representing 53% of Total Revenue

Completes Strategic Acquisitions with New Operational Facility to Expand Global Fire Footprint into the Western U.S. Personal Protective Equipment Decontamination, Repair and Rental Markets

Management to Host Conference Call Today at 4:30 p.m. Eastern Time

HUNTSVILLE, AL – December 9, 2025 - Lakeland Industries, Inc. ("Lakeland Fire + Safety" or "Lakeland") (NASDAQ: LAKE), a leading global manufacturer of protective clothing and apparel for industry, healthcare and first responders, has reported its financial and operational results for its fiscal third quarter ended October 31, 2025.

**Key Fiscal 2026 Third Quarter and Subsequent Financial and Operational Highlights**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q3 Comparison** | **Q3 Comparison** | **Q3 Comparison** | **Q3 Comparison** | **9M Comparison** | **9M Comparison** | **9M Comparison** | **9M Comparison** |
| ($ in millions) | **FY** | **FY** | ***$ Change YoY*** | ***% Change YoY*** | **9M FY2026** | **9M FY2025** | ***$ Change YoY*** | ***% Change YoY*** |
|  | **Q3'26** | **Q3'25** |  |  |  |  |  |  |
| Net Sales | $47.6 | $45.8 | $*1.8* | *4.0%* | $146.8 | $120.6 | $*26.2* | *21.8%* |
| Gross Profit | $14.1 | $18.6 | $*(4.5*<br>*)* | *-23.9%* | $*48.6* | $*50.0* | $*(1.4*<br>*)* | *-2.8%* |
| Gross Margin | 29.7% | 40.6% |  | *(1086)BPS* | *33.1%* | *41.5%* |  | *(835)BPS* |
| Net (Loss) Income | $(16.0) | $0.1 | $*(16.0*<br>*)* | *-18652.0%* | $*(19.1*<br>*)* | $*0.4* | $*(19.5*<br>*)* | *-5362.0%* |
| Adjusted EBITDA | $(0.7) | $4.3 | $*(4.9*<br>*)* | *-116.0%* | $*4.2* | $*9.9* | $*5.8* | *-58.0%* |
| Adjusted EBITDA ex. FX | $0.2 | $4.7 | $*(4.5*<br>*)* | *-95.0%* | $*5.9* | $*11.2* | $*5.4* | *-48.0%* |

---

**Management Commentary** 

"The third quarter was underscored by the acquisitions of Arizona PPE Recon and California PPE Recon, with 4% net sales revenue growth to $47.6 million as we continue to adapt to the global tariff and inflation effects coupled with certification delays in the U.S. and global tender delays," said Jim Jenkins, President, Chief Executive Officer and Executive Chairman. "Revenue during the quarter was led by a 31% increase in Fire Services to $25.3 million. A large $5.6 million three-year contract to provide advanced decontamination, managed care and maintenance services for the Hong Kong Fire Services Department also contributed materially to the quarter. The strategic acquisitions of California PPE and Arizona PPE expanded our global fire footprint into the U.S. personal protective equipment decontamination, repair and rental markets, and added approximately $5 million of annual recurring revenue. In response to evolving market conditions, we are focused on implementing operating and manufacturing efficiencies to achieve higher margins and improved free cash flow as we look toward calendar 2026 where we see global opportunities to expand sales.

"Several macroeconomics factors, which are also affecting our peers, contributed to the quarter's results, including tariffs, freight, raw material inflation and rising supply-chain costs that drove both revenue and gross margin shortfalls. For Lakeland, revenue softness was visible across our portfolio in the U.S., Canada, Latin America, and parts of EMEA. North America faced challenges with revenue down quarter over quarter and Latin America came in below our plan due to macro-economic conditions impacted by political uncertainty. Our acquired businesses also came in below our plan due to timing, certification delays, and material flow issues, rather than underlying demand. The revenue misses directly reduced gross profit dollars, removing the operating leverage we depend on to convert volume into earnings. While revenue has grown, margin pressure has driven a decline in adjusted EBITDA as freight, mix and tariffs weighed on results. Throughput and mix inefficiencies affected costs and labor, and our mix shifted away from higher-margin categories. In total, we believe that these are all correctable issues, not structural demand problems, and we are proactively working to address our challenges. However, these challenges have affected our forecasting ability and, as a result, we are withdrawing our previously issued financial guidance for FY2026 and will not be providing financial guidance going forward.

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"Looking ahead, we are focused on navigating the continued challenges from tariff uncertainties and certification and tender delays while growing top-line revenue in our fire services and industrial verticals and implementing operating and manufacturing efficiencies to achieve higher margins and improved free cash flow. We are driving a substantial inventory reduction which will release working capital and reduce carrying costs, and prioritizing liquidity and debt reduction. We believe that our proactive approach to inventory management, combined with the upcoming tender cycle, will position us for stronger execution heading into FY27. Renewed tender activity is expected to increase demand for fire services in the U.S. and contribute to improved performance at Eagle and LHD Germany, which are well-positioned to participate in upcoming meaningful tenders. We have approximately $178 million of global tender opportunities in FY27, including $38 million over $100,000 in value with high probabilities of success. We remain confident that Lakeland is well-positioned to capitalize on long-term industry and structural shifts in global safety standards. We see a clear path to scaling our business profitably, achieving record levels of revenue, margin, and free cash flow, while deepening our role as a mission-critical partner for safety professionals worldwide. We look forward to sharing additional information on our quarterly conference call," concluded Mr. Jenkins.

***<u>Fiscal 2026 Third Quarter Financial Highlights</u>*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net sales were $47.6 million for the third quarter of fiscal 2026, an increase of $1.8 million or 4.0% compared to $45.8 million for the third quarter of fiscal 2025, driven by a 31% increase in Fire Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Organic revenue<sup>(1)</sup> decreased 3% to $37.5 million for the third quarter of fiscal 2026, compared to $38.6 million for the third quarter of fiscal 2025. This decline was driven by delays in the U.S. Industrials oil-and-gas turnaround season, slower conversion of Fire tenders due to National Fire Protection Association (NFPA) certification standard delays and extended tender timing globally, particularly in Europe and Latin America, impacting both Industrials and Fire with Argentina experiencing significant inflation and currency pressure tied to uncertainty surrounding the October elections. Canada was also affected by tariff-related headwinds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Organic gross margin<sup>(1)</sup> decreased by 10.6 margin points to 32.3% for the third quarter of fiscal 2026, compared to 42.9% for the third quarter of fiscal 2025. Gross margin was pressured by a higher mix of lower-margin Jolly sales, lower sales and lower margins in Latin America, and unfavorable purchase variance resulting from higher raw material costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sales of the Fire Services product line were $25.3 million for the third quarter of fiscal 2026, an increase of $6.0 million or 31% compared to $19.3 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fire segment as a percentage of revenue grew to 53%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. sales were $19.2 million for the third quarter of fiscal 2026, an increase of $3.8 million or 25% compared to $15.4 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Europe sales, including Eagle, Jolly and LHD, were $15.2 million for the third quarter of fiscal 2026, an increase of $0.8 million or 6% compared to $14.4 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•LATAM sales were $4.2 million for the third quarter of fiscal 2026, a decrease of $0.8 million or 16% compared to $5.0 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Asia sales were $2.9 million for the third quarter of fiscal 2026, a decrease of $0.7 million or 19% compared to $3.6 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit for the third quarter of fiscal 2026 was $14.1 million, a decrease of $4.5 million, or 24%, compared to $18.6 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA excluding FX<sup>(2)</sup> for the third quarter of fiscal year 2026 was $0.2 million, a decrease of $4.5 million, or 95%, compared with $4.7 million for the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA excluding FX margin in the third quarter of fiscal year 2026 was 0.5%, a decrease of 988 basis points from 10.3% in the third quarter of fiscal 2025 and a decrease of 918 basis points from 9.6% in the second quarter of fiscal 2026.

***<u>Fiscal 2026 Third Quarter and Subsequent Operational Highlights</u>*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received an order from the Fire and Rescue Department of Malaysia for firefighter personal protective equipment, solidifying foothold in southeast Asia and highlighting compelling global cross-selling opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advanced growth strategy through California PPE Recon, Inc. ("California PPE") expansion with new 8,000 square-foot facility in Fresno, California to enable enhanced services and position business for future offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed acquisitions of U.S.-based Arizona PPE Recon, Inc. ("Arizona PPE") and California PPE via a combination of

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cash and stock valued at approximately $9.8 million, subject to post-closing adjustments and customary holdback provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Lakeland LHD awarded an approximately $5.6 million three-year contract to provide advanced decontamination, managed care and maintenance services for the Hong Kong Fire Services Department's (HKFSD) firefighter protective gear, one of the largest emergency response organizations in Asia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Completed a $6.1 million sale and partial leaseback of its Decatur, Alabama, warehouse property to an unrelated party, in connection with capital reallocation initiatives, strengthening the balance sheet and providing financial flexibility for future growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Continued expense reduction in the run rate of operational expenses driving a now anticipated $5 million annualized operating expense reduction.

<sup>(1)</sup> Organic revenue and organic gross margin are non-GAAP financial measures representing total revenue and total gross margin, each excluding the effects of recent acquisitions, which management uses to assess the growth of its legacy business. Reconciliations are provided in the tables of this press release.

<sup>(2)</sup> Adjusted EBITDA and Adjusted EBITDA excluding FX are non-GAAP financial measures. Reconciliations are provided in the tables of this press release.

**Fiscal 2026 Third Quarter Financial Results** 

**Net sales** were $47.6 million for the third quarter of fiscal 2026, an increase of $1.8 million or 4.0% compared to $45.8 million for the third quarter of fiscal 2025. Sales from our recent acquisitions accounted for $4.1 million of the increase, while organic sales decreased $2.3 million, or 5%, over the prior year. Sales of the Fire Services product line increased by $6.0 million year-over-year, driven primarily by $4.1 million in sales from the Arizona PPE, California PPE and Veridian acquisitions.

On a consolidated basis, for the third quarter of fiscal year 2026, domestic sales were $19.2 million, or 40% of total revenues, and international sales were $28.4 million, or 60% of total revenues. This compares with domestic sales of $15.4 million, or 34% of the total, and international sales of $30.4 million, or 66%, in the third quarter of fiscal year 2025, as our recent Veridian acquisition contributed to increased U.S. revenue in the current quarter.

**Gross profit** for the third quarter of fiscal 2026 was $14.1 million, a decrease of $4.4 million, or 24%, compared to $18.6 million for the third quarter of fiscal 2025. Gross profit as a percentage of net sales decreased to 29.7% for the third quarter of fiscal 2026 from 40.6% for the third quarter of fiscal 2025. The gross profit percentage decreased in the third quarter of fiscal year 2026 primarily due to higher manufacturing costs, increased tariff, labor, and freight costs and amortization of the step-up in basis of acquired inventory. Margins in the acquired businesses were impacted by increased material costs and amortization of the write-up in inventory as part of purchase accounting. Organic gross margin percentage decreased to 32.3% from 42.9% for the third quarter of fiscal 2026, primarily due to increased sales in lower-margin regions, increased freight and the impact of tariffs.

**Operating expenses** increased by $2.3 million, or 13%, from $17.8 million for the third quarter of fiscal 2025 to $20.1 million for the third quarter of fiscal 2026. Operating expenses increased due to the acquisitions of Arizona PPE and California PPE in September 2025 and Veridian in December 2024, which resulted in an increase of $1.1 million in operating expenses, as well as higher equity compensation and depreciation and amortization expenses. These increases were offset by reductions in restructuring costs, PFAS litigation, and professional fees. Adjusted operating expenses excluding FX increased by $0.3 million, primarily due to acquired companies' operating expenses. Operating loss was $1.6 million for the third quarter of fiscal 2026, compared to an operating income of $0.8 million for the third quarter of fiscal 2025, primarily due to the aforementioned impacts offset by the gain on the sale of the Decatur, Alabama property. Operating margins were (3.4%) for the third quarter of fiscal 2026, as compared to 1.8% for the second quarter of fiscal 2025.

**Income tax expense** was $13.7 million for the third quarter of fiscal 2026, compared to an expense of $0.1 million for the third quarter of fiscal 2025. The increase in income tax expense was due to the establishment of a valuation allowance against our U.S. deferred tax assets and from the mix of jurisdictional income at differing statutory rates.

**Net loss** was ($16.0) million, or ($1.64) per diluted earnings per share, for the third quarter of fiscal 2026, compared to net income of $0.1 million, or $0.01 per diluted earnings per share, for the third quarter of fiscal 2025.

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**Adjusted EBITDA excluding FX** for the third quarter of fiscal year 2026 was $0.2 million, a decrease of $4.5 million, or 95%, compared with $4.7 million for the third quarter of fiscal year 2025. The decline was driven primarily by significant revenue shortfalls in Latin America, our highest margin region, and lower than expected sales in the U.S. Fire and Industrials. Veridian, LHD and Eagle were also impacted by NFPA certification delays and slower tender conversion globally. These factors more than offset the reductions achieved in operating expenses. We are currently implementing an additional $1.3 million of cost reductions for the fourth quarter of fiscal 2026.

**Adjusted EBITDA excluding FX margin** in the third quarter of fiscal year 2026 was 0.5%, a decrease of 988 basis points from 10.3% in the third quarter of fiscal 2025.

**Cash and cash equivalents** totaled $17.2 million as of October 31, 2025, and working capital was approximately $105.9 million. Cash and cash equivalents decreased by $0.3 million and working capital increased by $4.2 million from January 31, 2025, due primarily to increases in accounts receivable and inventories.

As of October 31, 2025, we had borrowings of $33.2 million outstanding under the revolving credit facility, with an additional $6.8 million of available credit under the Loan Agreement. We sold our Decatur, Alabama, property for $6.1 million, less customary commissions and closing fees, and applied 100% of the net proceeds to repay our revolving credit facility.

**Net cash used in operating activities** was $17.6 million in the nine months ended October 31, 2025, compared to $12.5 million in the nine months ended October 31, 2024. The increase was driven the net loss of $19.1 million, an increase in working capital of $7.9 million and non-cash charges of $9.4 million primarily due to inventory costs, ERP implementation costs and disposals of property and equipment.

The Company's quarterly dividend of $0.03 per share was paid on November 24, 2025, to stockholders of record as of November 17, 2025. On December 9, 2025, the Company announced that the Board is suspending the Company's quarterly cash dividend on its common stock.

**Fiscal Third Quarter 2026 Financial Results Conference Call** 

Lakeland management will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company's website here.

To access the call, please use the following information:

**Date:** Tuesday, December 9, 2025

**Time:** 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)

**Dial-in:** 1-877-407-9208

**International Dial-in:** 1-201-493-6784

**Conference Code:** 13756485

**Webcast:** Fiscal Q3 2026 Financial Results Conference Call

A telephone replay will be available commencing approximately three hours after the call and will remain available through March 9, 2026, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13756485. The replay can also be viewed through the webcast link above, and the presentation utilized during the call will be available via the investor relations section of the Company's website <u>here</u>.

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**LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES**

**Operating Results ($000) (Unaudited)**

**Reconciliation of GAAP Results to Non-GAAP Results**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | October 31, | October 31, | October 31, | October 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| <u>Net (loss) income to EBITDA</u> |  |  |  |  |
| Net (loss) income | $(15955) | $86 | $(19102) | $363 |
| Interest expense | 502 | 490 | 1530 | 1032 |
| Income tax expense | 13669 | 148 | 7256 | 116 |
| Depreciation and amortization | 1210 | 1227 | 3615 | 3019 |
| **EBITDA** | $**(574)** | $**1950** | $**(6701)** | $**4529** |
| <u>EBITDA to Adjusted EBITDA</u> |  |  |  |  |
| EBITDA | $(574) | $1950 | $(6701) | $4529 |
| Equity compensation <sup>(1)</sup> | 1282 | 455 | 3022 | 1081 |
| Other income (expense) <sup>(2)</sup> | 162 | 84 | 18 | (93) |
| Acquisition expenses <sup>(3)</sup> | 1371 | 497 | 2842 | 2182 |
| Earnout revaluation <sup>(4)</sup> |  |  |  | (689) |
| Severance and restructuring <sup>(5)</sup> | 334 | 654 | 1359 | 1399 |
| New Monterrey, Mexico facility start-up costs <sup>(6)</sup> | 526 | 447 | 1651 | 906 |
| PFAS litigation <sup>(7)</sup> | (223) | 177 | 148 | 617 |
| ERP project <sup>(8)</sup> | 462 |  | 1406 |  |
| Amortization of step-up in inventory basis <sup>(9)</sup> | 325 |  | 1179 |  |
| Impairment - Leases <sup>(10)</sup> |  |  | 3577 |  |
| Gain on sale-leaseback transaction <sup>(11)</sup> | (4333) |  | (4333) |  |
| **Adjusted EBITDA** | $**(668)** | $**4264** | $**4168** | $**9933** |
| <u>Adjusted EBITDA Margin</u> |  |  |  |  |
| Adjusted EBITDA | $(668) | $4264 | $4168 | $9933 |
| Divided by net sales | 47586 | 45761 | 146828 | 120583 |
| **Adjusted EBITDA Margin** | **-1.4%** | **9.3%** | **2.8%** | **8.2%** |
| <u>Adjusted EBITDA to Adjusted EBITDA excluding FX</u> |  |  |  |  |
| Adjusted EBITDA | $(668) | $4264 | $4168 | $9933 |
| Currency Fluctuation | 884 | 462 | 1705 | 1312 |
| **Adjusted EBITDA excluding FX** | $**216** | $**4726** | $**5873** | $**11245** |
| <u>Adjusted EBITDA Margin to Adjusted EBITDA excluding FX Margin</u> |  |  |  |  |
| Adjusted EBITDA excluding FX | $216 | $4726 | $5873 | $11245 |
| Divided by net sales | 47586 | 45761 | 146828 | 120583 |
| **Adjusted EBITDA excluding FX Margin** | **0.5%** | **10.3%** | **4.0%** | **9.3%** |
| <u>Operating Expenses to Adjusted Operating Expenses excluding FX</u> |  |  |  |  |
| Operating expenses | $20087 | $17753 | $59648 | $48562 |
| Depreciation and amortization | (858) | (722) | (2637) | (1730) |
| Equity compensation <sup>(1)</sup> | (1282) | (455) | (3022) | (1081) |
| Acquisition expenses <sup>(3)</sup> | (1371) | (497) | (2842) | (2182) |
| Earnout revaluation <sup>(4)</sup> |  |  |  | 689 |
| Severance and restructuring <sup>(5)</sup> | (334) | (654) | (1359) | (1399) |
| New Monterrey, Mexico facility start-up costs <sup>(6)</sup> | (526) | (447) | (1651) | (906) |
| PFAS litigation <sup>(7)</sup> | 223 | (177) | (148) | (617) |
| ERP project <sup>(8)</sup> | (389) |  | (1184) |  |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| FX | (884) | (462) | (1705) | (1312) |
| **Adjusted Operating Expenses excluding FX** | $**14667** | $**14339** | $**45100** | $**40024** |
| <u>Organic Revenue</u> |  |  |  |  |
| Net Sales | $47586 | $45761 | $146828 | $120583 |
| Revenue from previous year acquisitions | (10130) | (7139) | (30736) | (8679) |
| **Organic Revenue** | $**37456** | $**38622** | $**116092** | $**111905** |
| <u>Organic Gross Margin</u> |  |  |  |  |
| Gross Profit | $14132 | $18560 | $48594 | $49980 |
| Gross Profit from previous year acquisitions | 2050 | 1978 | 6166 | 2602 |
| Organic Gross Profit | 12082 | 16582 | 42428 | 47378 |
| Divided by Organic Revenue | 37456 | 38622 | 116092 | 111905 |
| **Organic Gross Margin** | **32.3%** | **42.9%** | **36.5%** | **42.3%** |

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The financial data above includes non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA Margin, adjusted EBITDA excluding FX, adjusted EBITDA excluding FX Margin, Adjusted Operating Expenses, Adjusted Operating Expenses excluding FX, organic revenue, and organic gross margin. Management excludes from EBITDA and adjusted EBITDA all expenses for interest, taxes, depreciation and amortization, and Other Income which is comprised of interest income and gains (losses) from equity method investments. For adjusted EBITDA management also excludes equity compensation, acquisition-related expenses, severance and restructuring costs, start-up costs for our Mexican operations, PFAS litigation expenses, ERP Project related costs, amortization of the step-up in basis for inventory acquired related to the Company's acquisitions, lease impairments, gain on sale-leaseback transaction and earnout revaluation. This press release also discusses (i) Adjusted EBITDA margin, which is calculated by dividing Adjusted EBITDA by GAAP net sales; (ii) Adjusted EBITDA excluding FX, which is calculated by subtracting foreign currency losses from Adjusted EBITDA and (iii) Adjusted EBITDA excluding FX margin, which is calculated by dividing Adjusted EBITDA excluding FX by GAAP net sales. Management excludes from organic revenue and organic gross margin the revenues and expenses associated with acquisitions completed within the previous fiscal year.

Management excludes these items principally because such charges or benefits are not directly related to the Company's ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company's operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of the Company's strategic plan, and (3) provide investors with a better understanding of how management plans and measures the business. For organic revenue and organic gross margin, management excludes the effects of acquisitions completed within the prior twelve months to understand the trends in growth and profitability in the ongoing business without such effects. The material limitations to management's approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company's liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company's performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures.

Additional information regarding the adjustments is provided below.

<sup>(1)</sup> Adjustments for equity compensation, which consist of non-cash expenses for the grant of equity awards.

<sup>(2)</sup> Adjustments for other expense (income), which consists of interest income and gains/(losses) from Investments accounted for under the equity method of accounting.

<sup>(3)</sup> Adjustments for acquisition-related expenses included advisory fees, due diligence expenses and legal fees related to the Company's acquisitions.

<sup>(4)</sup> Adjustments for the reduction of the estimated earnout payment related to the Eagle acquisition. Reduction to the accrued earnout payment reflected in operating expenses.

<sup>(5)</sup> Adjustments for accrued employee severance and restructuring costs.

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<sup>(6)</sup> Adjustments for costs for our Mexican operations consist of external services and legal fees associated with a property-related dispute with the landlord of our manufacturing site in Monterrey, Mexico.

<sup>(7)</sup> Adjustment for PFAS Litigation.

<sup>(8)</sup> Adjustments for the implementation of new ERP consisted of external services and employee related expenses.

<sup>(9)</sup> Adjustments for amortization of the step-up in basis for inventory acquired related to the Company's acquisitions.

<sup>(10)</sup> The Company recorded an impairment primarily related to the right of use asset for the Monterrey, Mexico facility.

<sup>(11)</sup> The Company recorded a gain on sale-leaseback for the sale of the Decatur, Alabama warehouse facility.

**About Lakeland Fire + Safety** 

Lakeland Fire + Safety manufactures and sells a comprehensive line of fire services and industrial protective clothing and accessories for the industrial and first responder markets. In addition, we provide decontamination, repair and rental services that complement our fire services portfolio. Our products are sold globally by our in-house sales teams, our customer service group, and authorized independent sales representatives to a strategic global network of selective fire and industrial distributors and wholesale partners. Our authorized distributors supply end users across various industries, including integrated oil, chemical/petrochemical, automobile, transportation, steel, glass, construction, smelting, cleanroom, janitorial, pharmaceutical, and high-tech electronics manufacturers, as well as scientific, medical laboratories, and the utilities industry. In addition, we supply federal, state and local governmental agencies and departments, including fire and law enforcement, airport crash rescue units, the Department of Defense, the Department of Homeland Security and the Centers for Disease Control. Internationally, we sell to a mix of end-users directly and to industrial distributors, depending on the particular country and market. In addition to the United States, sales are made into more than 50 foreign countries, the majority of which were into China, the European Economic Community ("EEC"), Canada, Chile, Argentina, Commonwealth of Independent States ("CIS") Region, Colombia, Mexico, Ecuador, India, Uruguay, Middle East, Southeast Asia, Australia, Hong Kong and New Zealand.

For more information concerning Lakeland, please visit the Company online at www.lakeland.com.

**"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995**

This press release contains estimates, predictions, opinions, goals and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's expectations for earnings, revenues, expenses, inventory levels, capital levels, liquidity levels, or other future financial or business performance, strategies or expectations, including without limitation our M&A strategy and tariff mitigation plans. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital, or which express the Company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in press releases and Forms 8-K, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "can," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law.

**Investor Relations**

Chris Tyson<br>Executive Vice President<br>MZ Group - MZ North America<br>949-491-8235<br> <u>LAKE@mzgroup.us</u> <br> <u>www.mzgroup.us</u> 

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**LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OFOPERATIONS** 

**(UNAUDITED)**

**($000's except for share and per share information)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended<br>October 31, | Three Months Ended<br>October 31, | Nine Months Ended<br>October 31, | Nine Months Ended<br>October 31, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net sales | $47586 | $45761 | $146828 | $120583 |
| Cost of goods sold | 33454 | 27201 | 98234 | 70603 |
| Gross profit | 14132 | 18560 | 48594 | 49980 |
| Operating expenses | 20087 | 17753 | 59648 | 48562 |
| Gain on sale-leaseback transaction | (4333) |  | (4333) |  |
| Lease impairments |  |  | 3577 |  |
| Operating (loss) income | (1622) | 807 | (10298) | 1418 |
| Other (expense) income, net | (162) | (84) | (18) | 93 |
| Interest expense | (502) | (490) | (1530) | (1032) |
| (Loss) income before taxes | (2286) | 233 | (11846) | 479 |
| Income tax expense | 13669 | 147 | 7256 | 116 |
| Net (loss) income | $(15955) | $86 | $(19102) | $363 |
| Net (loss) income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(1.64) | $0.01 | $(2.00) | $0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(1.64) | $0.01 | $(2.00) | $0.05 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 9752582 | 7428451 | 9566513 | 7379835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 9752582 | 7664532 | 9566513 | 7636346 |

---

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**LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES** 

**CONDENSED CONSOLIDATED BALANCE SHEETS** 

**(UNAUDITED)** 

**(000's except for share information)** 

---

| | | |
|:---|:---|:---|
|  | October 31, | January 31, |
| **<u>ASSETS</u>** | 2025 | 2025 |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $17194 | $17476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $997 and $1,237<br> at October 31, 2025 and January 31, 2025, respectively | 30280 | 27607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 87891 | 82739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid VAT and other taxes | 3096 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable and other current assets | 4859 | 6111 |
| Total current assets | 143320 | 136531 |
| Property and equipment, net | 12186 | 13948 |
| Operating leases right-of-use assets | 10737 | 13917 |
| Deferred tax assets | 800 | 6270 |
| Other assets | 3963 | 122 |
| Goodwill | 17584 | 16240 |
| Intangible assets, net | 32127 | 25503 |
| Total assets | $220717 | $212531 |
| **<u>LIABILITIES AND STOCKHOLDERS' EQUITY</u>** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $14534 | $15742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 5177 | 4501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 9990 | 8130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 2701 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of loans payable | 497 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 4554 | 3602 |
| Total current liabilities | 37453 | 34907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 1619 | 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable – long term | 37093 | 16426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term portion of operating lease liabilities | 10068 | 10681 |
| Total liabilities | 86233 | 65905 |
| Commitments and contingencies (Note 12) |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par; authorized 20,000,000 shares; issued 11,157,456<br> and 10,856,812; outstanding 9,798,346 and 9,498,604 at<br> October 31, 2025 and January 31, 2025, respectively | 112 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost; 1,358,208 shares at October 31, 2025 and<br> January 31, 2025, respectively | (19979) | (19979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 129090 | 123136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 30360 | 50320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (5099) | (6960) |
| Total stockholders' equity | 134484 | 146626 |
| Total liabilities and stockholders' equity | $220717 | $212531 |

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**LAKELAND INDUSTRIES, INC. AND SUBSIDIARIES** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(UNAUDITED)** 

**($000's)** 

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended<br>October 31, | Nine Months Ended<br>October 31, |
|  | 2025 | 2024 |
| Cash flows from operating activities: |  |  |
| Net (loss) income | $(19102) | $363 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 2280 | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3615 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease impairments | 3577 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of step-up in inventory basis | 1179 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock based and restricted stock compensation | 3022 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 23 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale-leaseback transaction | (4333) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of equity investment |  | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout consideration |  | (711) |
| Change in operating assets and liabilities, net of effect of business acquisitions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (1178) | (3219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (4169) | (12587) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid VAT and other taxes | (497) | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (2058) | (2019) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1878) | 7197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 1993 | (4147) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (64) | (1902) |
| Net cash used in operating activities | (17590) | (12494) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (784) | (1485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (6165) | (22950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of fixed assets | 5652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in convertible debt instruments |  | (952) |
| Net cash used in investing activities: | (1297) | (25387) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan borrowings | 2086 | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on debt facilities | (18835) | (3418) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit line borrowings | 36364 | 29900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (858) | (664) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares returned to pay employee taxes under restricted stock program | (362) | (447) |
| Net cash provided by financing activities | 18395 | 28251 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 210 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (282) | (9383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period | 17476 | 25222 |
| Cash and cash equivalents at end of period | $17194 | $15839 |
| <u>Supplemental disclosure of cash flow information:</u> |  |  |
| Cash paid for interest | $1525 | $1032 |
| Cash paid for taxes | $2550 | $2631 |
| Stock issued for acquisition | $3295 | $— |

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## Exhibit 99.2

![Slide 1](lake-ex99_2s1.jpg)

Fiscal Third Quarter 2026 Financial Results Conference Call December 9, 2025 NASDAQ: LAKE Exhibit 99.2

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![Slide 2](lake-ex99_2s2.jpg)

Safe Harbor & Non-GAAP Statements "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995 This presentation contains estimates, predictions, opinions, goals and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, references to the Company's predictions or expectations of future business or financial performance as well as its goals and objectives for future operations, financial and business trends, business prospects, and management's expectations for earnings, revenues, expenses, inventory levels, capital levels, liquidity levels, or other future financial or business performance, strategies or expectations, including without limitation our M&A strategy, tariff mitigation plans and our goals for revenue growth and Adjusted EBITDA margin growth. All statements, other than statements of historical facts, which address Lakeland's expectations of sources or uses for capital, or which express the Company's expectation for the future with respect to financial performance or operating strategies can be identified as forward-looking statements. Forward-looking statements involve risks, uncertainties and assumptions as described from time to time in press releases and Forms 8-K, presentations, registration statements, quarterly and annual reports and other reports and filings filed with the Securities and Exchange Commission or made by management. As a result, there can be no assurance that Lakeland's future results will not be materially different from those described herein as "believed," "projected," "planned," "intended," "anticipated," "can," "estimated" or "expected," or other words which reflect the current view of the Company with respect to future events. We caution readers that these forward-looking statements speak only as of the date hereof. The Company hereby expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which such statement is based, except as may be required by law. Non-GAAP Financial Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP), the Company uses the following non-GAAP financial measures in this presentation: Adjusted Gross Profit, Adjusted Gross Margin, Organic Adjusted Gross Profit, Organic Adjusted Gross Margin, Inorganic Adjusted Gross Profit, Inorganic Adjusted Gross Margin, Adjusted Operating Expenses, Organic Adjusted Operating Expenses, Inorganic Adjusted Operating Expenses, Adjusted EBITDA excluding FX, Adjusted EBITDA excluding FX margin, Organic Adjusted EBITDA excluding FX, Organic Adjusted EBITDA excluding FX margin, Inorganic Adjusted EBITDA excluding FX and Inorganic Adjusted EBITDA excluding FX margin. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making. The non-GAAP financial measures used by the Company in this presentation may be different from the methods used by other companies. For more information on the non-GAAP financial measures, please see the Reconciliation of GAAP to non-GAAP Financial Measures tables in this presentation. These accompanying tables include details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

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![Slide 3](lake-ex99_2s3.jpg)

Agenda: On the Call Today: COMPANY UPDATES CLOSING SUMMARY FINANCIAL RESULTS Q&A KEY TAKEAWAYS James M. Jenkins President, Chief Executive Officer & Executive Chairman Calven Swinea Vice President, Finance Cameron Stokes Chief Commercial Officer, Global Industrials Barry Phillips Chief Revenue Officer

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![Slide 4](lake-ex99_2s4.jpg)

Q3 2026 Operational & Business Updates Net sales increased $1.8 million, or 4%, to a $47.6 million, led by a 31% increase in Fire Services products U.S. sales increased 25% to $19.2 million due to acquisitions, and Europe sales increased 6% to $15.2 million Adjusted EBITDA excluding FX was $0.2 million, a decrease of $4.5 million, or 95%, compared with $4.7 million for the comparable year ago period; Sequential decrease of $4.8 million, or 96% Adjusted gross profit as a percentage of net sales decreased to 31.3% from 41.7% for the comparable year ago period; Sequential decrease of 612bps from 37.4% last quarter Completed acquisitions of U.S.-based Arizona PPE Recon, Inc. ("Arizona PPE") and California PPE via a combination of cash and stock valued at approximately $9.8 million, subject to post-closing adjustments and customary holdback provisions Lakeland LHD awarded an approximately USD $5.6 million three-year contract to provide advanced decontamination, managed care and maintenance services for the Hong Kong Fire Services Department Completed a $6.1 million sale and partial leaseback of the Decatur, Alabama, warehouse property Macro Environment Q3'26 reflected the continued impact of tariff uncertainty and inflation effects Tariffs, freight, raw material inflation and rising supply-chain costs impacted both revenue and gross margin North America and Latin America impacted by political uncertainty Acquired businesses impacted by timing, certification delays, and material flow issues rather than underlying demand Inventories on October 31, 2025, totaled $88.6 million. Looking Ahead Pipeline of ~$178M, including ~$38M of near-term, high probability opportunities Positioned for expanded operating leverage with expense reductions and expanded margins as tenders deliver margins above normalized profile Starting to see tender wins for calendar Q1 2026 across entire product portfolio Removing financial guidance due to uncertain environment Realigned Finance Team – Calven Swinea appointed as Interim CFO effective January 1, 2026

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![Slide 5](lake-ex99_2s5.jpg)

Fire Services Update Revenue Fire revenue underperformed primarily because certification cycles and tender timelines extended longer than anticipated across multiple regions These are timing delays rather than structural demand issues Opportunities remain in the pipeline, and the majority have not been lost; they have simply shifted later than expected $38M (high probability) and global opportunity of $178M Tender Activity Activity remains strong globally Delays reflect regulatory timing and administrative bottlenecks, and competitors have cited similar issues Underlying demand environment for Fire services and protective gear remains intact Delays from major tenders currently in late stages have been driven by certification cycles and administrative timing, not competitive losses Feedback from end users and procurement teams remains positive Margin Outlook Margins remain structurally sound Temporary compression came from volume timing and lower absorption during the delays As volume normalizes and tenders convert, margins are expected to recover without requiring broad pricing actions Sales Strategy Expanding distributor engagement Tightening forecast accuracy Strengthening bid coverage across brands Accelerating new product commercialization Strategic Update Issues identified and solutions in place Fire strategy remains intact heading into next fiscal year Product portfolio is broader and stronger than at any time in the company's history Jolly NFPA launch is progressing, LHD Europe is stabilizing, and we are positioning the entire Fire platform for the upcoming global cycle

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![Slide 6](lake-ex99_2s6.jpg)

Industrial and Chemical/Critical Environment Revenue Demand softened across several Industrial channels faster than expected Distributors reduced inventory, certain customers deferred purchases, and competitive pricing tightened in pockets of the market Forecasting did not capture these shifts quickly enough, creating variance between expected and actual performance Cyclical adjustments in certain channels, not long-term erosion Several customer segments and geographies show stabilization signals, and we expect run-rate predictability to improve as customer inventories normalize Forecasting Upgraded leadership in key regions to ensure proactive response to dynamically changing economic environments Forecasting has been unified into a consistent process across all Industrial regions, with more rigorous mid-month accuracy checks and tighter reconciliation with distributor data Shifted to channel-level segmentation so forecasting reflects real behavior inside customer groups rather than broad regional assumptions Competition Share movement has been limited and localized Pricing pressure has increased in spots where certain competitors have short-term tariff or sourcing advantages Addressing with selective incentives aimed at volume stability while managing overall margin discipline Sales Strategy Rebuilding distributor run rates Re-engaging customers who deferred purchases Tightening CRM and channel discipline Stabilizing chemical and critical environment segments Optimistic Outlook Stabilization in political environment – Argentina Tariffs are now realized & accepted– Level playing field –Competitive environment Product Side – Supplier challenges now resolved New Leadership in Place – Mexico, U.S. and Australia – In place and resolved and on budget. New strategic partners in the U.S. Sentiment has changed to transactional and now positive

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![Slide 7](lake-ex99_2s7.jpg)

Q3 2026 FINANCIAL RESULTS Financial Highlights See reconciliation tables for non-GAAP in appendix Q3-FY26 Revenue by Product and Geography Financial Highlights Three Months Ended Oct. 31 $ in Million 2025 2024 Revenue $47.6 $45.8 Adjusted Gross Margin1 31.3% 41.7% Adjusted Operating Expenses1 14.7 14.3 Net Income (Loss) (16.0) 0.1 Adjusted EBITDA excluding FX1 0.2 4.7 Adjusted EBITDA excluding FX Margin1 0.5% 10.3% Oct. 31, 2025 Jan. 31, 2025 Cash & Cash Equivalents $17.2 $17.5

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![Slide 8](lake-ex99_2s8.jpg)

Q3 2026 Financial Highlights Adjusted EBITDA excl. FX $0.2M and Adjusted EBITDA excl. FX Margin 0.5% Lower performance in North and South America impacted Adjusted EBITDA Arizona and California PPE added $0.2M EBITDA at 33% EBITDA Margin Adjusted Operating Expenses $14.7M Adjusted OpEx remain stable both organic and inorganic Adjusted OpEx benefit from cost reductions initiatives Adjusted Gross Profit is $14.8M and Adjusted Gross Margin is 31.3% Lower sales, higher material costs and duties impacted Gross Profit Veridian profitability dropped despite significant decrease in manufacturing costs Sales revenue $47.6M North America facing challenges with revenue down quarter over quarter LATAM below plan due to macro economic conditions impacted by political uncertainty Adjusted excludes D&A, Stock Compensation, FX, Acquisition Expenses, Severance, Restructuring, Monterrey, PFAS, Step-up Inventory, and SAP Project

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![Slide 9](lake-ex99_2s9.jpg)

TTM Revenue and Adjusted EBITDA excluding FX REVENUE ADJUSTED EBITDA excluding FX

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![Slide 10](lake-ex99_2s10.jpg)

Gross Margin and EBITDA Bridge. Q3-FY26 vs Q3-FY25 ADJUSTED GROSS MARGIN % ADJUSTED EBITDA excluding FX

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![Slide 11](lake-ex99_2s11.jpg)

Revenue Mix – YTD FY26 and Historical Lakeland FY24 Lakeland Q3-FY26 YTD Lakeland FY25

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![Slide 12](lake-ex99_2s12.jpg)

Q3 2026 Balance Sheet and Cash Flow Balance Sheet Cash Flow

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![Slide 13](lake-ex99_2s13.jpg)

Q3 2026 Inventory Trends

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![Slide 14](lake-ex99_2s14.jpg)

Closing Summary Q3-FY26 Net Sales Growth - Increased 4% to $47.6 million Pipeline of ~$178M, including ~$38M of near-term, high probability opportunities Increased tender activity across entire product portfolio Positioned for expanded operating leverage with continued expense reductions and expanded margins as tenders deliver margins above normalized profile Focused Strategy Executing Navigating the continued challenges from evolving macro environment while growing revenue in our fire services and industrial verticals Implementing operating and manufacturing efficiencies to achieve higher margins and improved free cash flow High single-digit revenue growth across global operations over the next three quarters 10-12% Adjusted EBITDA margins with incremental growth in EBITDA Margins over the next three quarters 15–17% Adjusted EBITDA margins over the next three years through cost discipline, operational consolidation, and targeted commercial investments Executing on a robust M&A pipeline, and actively engaging in discussions aligned with our decontamination, rental and services growth strategy

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![Slide 15](lake-ex99_2s15.jpg)

NASDAQ: LAKE www.lakeland.com Investor Relations Chris Tyson MZ Group 949-491-8235 LAKE@mzgroup.us Company 1525 Perimeter Parkway Suite 325 Huntsville, AL 35806

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![Slide 16](lake-ex99_2s16.jpg)

16 Protect Your People® Non-GAAP Reconciliation – Gross Profit and Margin ($000's Except Share Information)

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![Slide 17](lake-ex99_2s17.jpg)

17 Protect Your People® Non-GAAP Reconciliation – Operating Expenses ($000's Except Share Information)

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![Slide 18](lake-ex99_2s18.jpg)

18 Protect Your People® Non-GAAP Reconciliation – EBITDA ($000's Except Share Information)

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![Slide 19](lake-ex99_2s19.jpg)

19 Protect Your People® Non-GAAP Reconciliation – EBITDA Margin excluding FX ($000's Except Share Information)