Lakeland Industries, Inc. · NASDAQ:LAKE
Lakeland Industries — Q4 2025 Earnings Presentation
26 slides from Lakeland Industries's earnings presentation, Apr 9, 2025
Slide 1: Fiscal Fourth Quarter & Full Year 2025 Financial Results Conference Call
Fiscal Fourth Quarter & Full Year 2025 Place An Image Here Financial Results Conference Call April 9, 2025 NASDAQ: LAKE Protect Your People® 1
Slide 2: Safe Harbor & Non-GAAP Statements
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
Slide 3: Agenda: On the Call Today
Agenda: On the Call Today: COMPANY OVERVIEW COMPANY UPDATES FINANCIAL RESULTS KEY TAKEAWAYS Q&A CLOSING SUMMARY James M. Jenkins Roger D. Shannon President, Chief Executive Officer and Chief Financial Officer Executive Chairman Protect Your People® 3
Slide 4: Corporate Overview
Corporate Overview Lakeland Fire + Safety is a global manufacturer of personal protective equipment, apparel and accessories with a Head-to-Toe portfolio of brands that protect the world’s workers, first responders, and communities during the most critical situations NASDAQ: LAKE Product portfolio i
Slide 5: Mission-Critical Product Portfolio
Mission-Critical Product Portfolio FIRE INDUSTRIAL Products Products NFPA-certified Fire Turnout Gear Chemical Suits CE-certified Fire Turnout Gear PPE / Disposable Coveralls Pacific brand of safety helmets FR/AR Performance Wear Jolly brand of fire boots High Visibility Particulate Blocking Hoods J
Slide 6: Head-to-Toe Global Fire Portfolio
Head-to-Toe Global Fire Portfolio Background + Product Portfolio Highlights Product Focus • Fire and emergency services helmets • Premium product line with a global reputation for safety and design Certification • CE & NFPA • Highly innovative and R&D driven organization Markets • Oceania, North Ame
Slide 7: Operational & Business Updates
Operational & Business Updates Closed Oversubscribed $46.0 Million Public Equity Offering New Experienced Management Team has Executed Strategies • Strengthened Balance Sheet, Repaid Indebtedness, Similar to Lakeland’s Cash Interest Savings • Focused on New M&A Opportunities to Further Consolidate t
Slide 8: Tariff Mitigation Measures
Tariff Mitigation Measures Inventory Buildup • Increase in net inventories of $14.2 million ahead of imposed tariffs. • Inventories on January 31, 2025, totaled $82.7 million. US and Mexico Production: • Majority of legacy Lakeland products manufactured in Mexico are exempt from additional tariffs u
Slide 9: Key FY25 Themes & FY26 Outlook
Key FY25 Themes & FY26 Outlook Experienced management team has each executed strategies like Lakeland’s - a turnaround/efficiency focus with accretive acquisitions and synergies to accelerate growth and create value Completed accretive acquisitions that added product line extensions and innovative n
Slide 10: Q4 & FY25 Financial Results
Q4 & FY25 FINANCIAL RESULTS 2025 Revenue by Product and Financial Highlights Geography Three Months Ended Jan. 31 Year Ended Jan. 31 7% USA $ in Million 2025 2024 2025 2024 13% Europe 36% Revenue $46.6 $31.2 $167.2 $124.7 10% Other N.A. Asia Gross Margin 40.1% 35.9% 41.1% 41.1% 9% Latin America Oper
Slide 11: Fiscal 2025 Fourth Quarter Financial Highlights
Fiscal 2025 Fourth Quarter Financial Highlights Net Sales Adjusted EBITDA & Gross Margin Net Income Adjusted EBITDA Margin $46.6 $6.1 40.1% -$1.0 $5.1 35.9% $31.2 13.1% 11.0 $1.8 5.7% -$18.4 2024Q4 2025Q4 2024Q4 2025Q4 2024Q4 2025Q4 2024Q4 2025Q4 2025 Q4 Excl. FX • Gross margin increased 420 bps to
Slide 12: Fiscal 2025 Financial Highlights
Fiscal 2025 Financial Highlights Net Sales Adjusted EBITDA & Gross Margin Net Income Adjusted EBITDA Margin $167.2 $5.4 $17.4 41.1% 41.1% $15.0 $124.7 $12.0 10.4% 9.0% 9.6% -$18.1 2024 2025 2024 2025 2024 2025 2024 2025 2025 Excl. FX • Gross margin at 41.1% driven • Net loss of $18.1 million, driven
Slide 13: TTM Revenue and Adjusted EBITDA
TTM Revenue and Adjusted EBITDA 18 180 15 160 140 12 120 9 100 6 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Revenue Adjusted EBITDA Adjusted EBITDA - Excluding FX Feb-24 May-2
Slide 14: FQ4 Gross Margin and Adjusted EBITDA Bridge
FQ4 Gross Margin and Adjusted EBITDA Bridge GROSS MARGIN % ADJUSTED EBITDA $2.0M 4.3% 4.2% $1.0M $6.1M 5.8% -5.3% 40.1% $0.5M $5.1M 35.9% -4.7% $2.9M -$1.8M -$0.2M $1.8M 2024Q4 Inventory Organic Profit in Acquired Manufacturing 2025Q4 2024Q4 Organic Acquired Profit Manuf. SG&A 2025Q4 FX 2025Q4 Write
Slide 15: FY25 Gross Margin and Adjusted EBITDA Bridge
FY25 Gross Margin and Adjusted EBITDA Bridge GROSS MARGIN % ADJUSTED EBITDA 4.3% $1.4M $0.4M 1.6% $10.0M 41.1% -3.7% 41.1% -0.8% -1.4% -$3.3M $2.3M $17.4M $15.0M -$5.4M $12.0M 2024 GM Inventory Organic Acquired Manufacturing Freight 2025 2024 Organic Acquired Profit Manuf. SG&A 2025 FX 2025 Write-of
Slide 16: Revenue Mix-Historical & Pro Forma with Acquisitions
Revenue Mix-Historical & Pro Forma with Acquisitions Lakeland Organic FY24 with full year Pacific Helmets, Jolly Scarpe, LHD Lakeland Organic FY24 Group and Veridian (pro forma) FY25 Revenue 5% 7% 7% USA USA 7% USA 13% 13% Europe Europe 8% Europe 36% 44% 41% Other N.A. 14% Other N.A. 8% Latin Americ
Slide 17: Q4-FY25 Balance Sheet
Q4-FY25 Balance Sheet* 2025Q4 2024Q4 Variance 2025Q4 2024Q4 Variance Cash and cash equivalents 17.5 25.2 (7.7) Accounts Payable 15.7 7.4 8.4 Accounts Receivable 27.6 19.2 8.4 Accrued Compensation, Benefits & Expenses 12.6 6.4 6.2 Inventories 82.7 51.3 31.5 Income tax payable 2.0 1.5 0.5 Prepaid VAT
Slide 18: Q4-FY25 Cash Flow
Q4-FY25 Cash Flow 2025Q4 2024Q4 Variance 2025Q4 2024Q4 Variance Net (loss) income (18.1) 5.4 (23.5) Purchases of property and equipment (1.5) (2.1) 0.5 Deferred income taxes (4.1) (0.8) (3.3) Proceeds from sale of fixed assets - 4.6 (4.6) Depreciation and amortization 4.4 2.1 2.2 Equity & Convertibl
Slide 19: Inventory
Inventory 82.7 Organic Inventory 72.7 27.9 28.7 28.5 67.9 27.2 26.4 25.2 24.6 24.8 23.3 23.5 56.1 51.3 0.5 0.8 1.4 1.4 1.2 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Organic Pacific Helmets Jolly Scarpe LHD Veridian Finished Goods Raw Materials ➢ Q4-FY25 Lakeland inventory
Slide 20: Fiscal 2026 Guidance and Outlook
Fiscal 2026 Guidance and Outlook Revenue1 • We expect FY 2026 Revenue of $210 to $220 million. This Revenue expectation includes the recently announced Veridian, LHD, Jolly Scarpe and Pacific Helmets acquisitions. Adjusted EBITDA excluding FX1 • We expect FY 2026 Adjusted EBITDA, excluding any mater
Slide 21: Closing Summary
Closing Summary Strong FY2025 Net Sales Growth – Increased 34% to $167.2 Million High-Value, Strategic Product Line Growth, Led By Fire Services – Record Q4’25 Revenue Growth of 226% Near Term Strategy – Complete Head-to-Toe Global Fire Portfolio with closing of Veridian Acquisition – Largest Fire T
Slide 22: www.lakeland.com
NASDAQ: LAKE Company Investor Relations 1525 Perimeter Parkway Chris Tyson Suite 325 MZ Group Huntsville, AL 35806 949-491-8235 LAKE@mzgroup.us www.lakeland.com Protect Your People® 22
Slide 23: Q4 & FY25 Financial Summary
Q4 & FY25 Financial Summary THREE MONTHS ENDED TWELVE MONTHS ENDED January 31, January 31, 2025 2024 Variance 2025 2024 Variance Net sales $46,628 $31,239 49.3% $167,211 $124,688 34.1% Gross Margin 40.1% 35.9% 420bps 41.1% 41.1% 0bps Adjusted EBITDA excluding FX $6,110 $3,430 78.1% $17,355 $15,716 1
Slide 24: Non-GAAP Reconciliation – Q4 & FY25
Non-GAAP Reconciliation – Q4 & FY25 THREE MONTHS ENDED TWELVE MONTHS ENDED January 31, January 31, 2025 2024 2025 2024 Net Income to EBITDA Net income (loss) -$18,437 -$977 -$18,075 $5,425 Interest expense $618 $30 $1,650 $52 Taxes -$397 $1,253 -$281 $3,930 Depreciation and amortization $1,756 $592
Slide 25: Non-GAAP Reconciliation – Q4 & FY25
Non-GAAP Reconciliation – Q4 & FY25 THREE MONTHS ENDED TWELVE MONTHS ENDED January 31, January 31, 2025 2024 2025 2024 Adjusted EBITDA Margin Adjusted EBITDA $5,110 $1,770 $15,043 $11,977 Divided by net sales $46,628 $31,239 $167,211 $124,688 Adjusted EBITDA Margin 11.0% 5.7% 9.0% 9.6% Adjusted EBIT
Slide 26: Non-GAAP Reconciliation – Q4 2025
Non-GAAP Reconciliation – Q4 2025 THREE MONTHS ENDED THREE MONTHS ENDED January 31, October 31, 2025 2024 Adjusted Operating Expenses Operating Expenses $18,839 $17,753 Depreciation and amortization -$682 -$722 Equity Compensation -$476 -$455 Monterrey -$352 -$447 Acquisition Expenses -$1,528 -$497