EX-99.2 3 d10408dex992.htm EX-99.2

Exhibit 99.2

Fiscal First Quarter 2026 Financial Results C nference Call June 9, 2025 NASDAQ: LAKE Pr tect Y ur Pe ple® 1

Safe Harb r & N n-GAAP Statements “SafeHarb r“StatementUnderthe PrivateSecurities Litigati nRef rmAct f1995 This statements presentati n include, c ntains with utestimates, limitati n,predicti ns, references t pini ns, the C mpany’s g als and predicti ns ther “f rward r expectati ns -l king statements” f future business as that r phrase financial is defined perf rmance in theas Private well as Securities its g alsLitigati n and bjectives Ref rm f rAct future f 1995 perati ns, . Such business financial and perf rmance, business trends, strategies business r expectati ns, pr spects,including and management’s with ut limitati n expectati ns ur M&A f r earnings, strategy and revenues, tariff mitigati n expenses,. invent ry All statements, levels, ther capitalthan levels, statements liquidity levels, f hist rical r ther facts, future which financial address r f rward Lakeland’s -l king expectati ns statements f s urces . F rward r uses -l king f r capital, statements r which inv lve express risks,the uncertainties C mpany’sand expectati n assumpti ns f r the as described future with fr m respect timet t financial time in press perf rmance releases r and perating F rms 8strategies -K, presentati ns, can be identified registrati n as statements, Lakeland’s future quarterly results andwill annual n t be rep rts materially and different ther rep rts fr mand th se filings described filed with herein theasSecurities “believed,” and “pr jected,” Exchange“planned,” C mmissi n “intended,” r made “anticipated,” by management “can,” . As“estimated” a result, there r “expected,” can be n assurance r ther w rds that guidance which reflect f r revenue the current and Adjusted view f the EBITDA, C mpany suchwith metrics respect are subjectt t future significant events. We business, cauti n ec n mic readers that andthese c mpetitive f rwarduncertainties -l king statements and c ntingencies, speak nlymany as f f the which dateare here f bey nd . With therespect c ntr lt f ur the C mpany r revisi ns and t its any management; such statements actual t results reflectwill anyvary,and change inth se the C mpany’s variati ns may expectati ns be material r any . The change C mpany in events, herebyc nditi ns expressly r disclaims circumstances any bligati n n which r undertaking such statement t release is based, publicly except any asupdates may be requiredby law. N n T supplement -GAAPFinancialMeasures its c ns lidated financial statements, which are prepared and presented in acc rdance with Generally Accepted Acc unting Principles (GAAP), the C mpany uses the f ll wing n n-GAAP Cash SG&A financial . Themeasures presentati n in f this thispresentati n: financial inf rmati n AdjustedisEBITDA n t intended and t Adjusted be c nsidered EBITDAinmargin, is lati nAdjusted r as a substitute EBITDA f r, excluding r superi r FX, Adjusted t , the financial EBITDA inf rmati n excludingprepared FX margin andand presented rganic in C mpany acc rdance believes with GAAP that.these The C mpany measuresuses pr vide these useful n n-inf rmati n GAAP financial ab ut measures perating f rresults, financial enhance and perati nal the veralldecisi n understanding -making f and past asfinancial a meansperf rmance t evaluate peri d and future -t -peri d pr spects, c mparis ns and all w . The f r greater maybedifferentfr m transparency with themeth dsusedby respectt key metrics therc mpanies used by management . in its financial and perati naldecisi n-making. The n n-GAAPfinancial measures used by the C mpany in this presentati n F r m re inf rmati n n the n n-GAAP financial measures, please see the Rec nciliati n f GAAP t n n-GAAP Financial Measures tables in this presentati n. These acc mpanying tables include details n theGAAPfinancialmeasuresthatarem stdirectlyc mparablet n n-GAAPfinancialmeasuresandtherelatedrec nciliati ns betweenthesefinancialmeasures. Pr tect Y ur Pe ple® 2

Agenda: n the Call T day: C MPANY UPDATES FINANCIAL RESULTS KEY TAKEAWAYS Q&A CL SING SUMMARY James M. Jenkins R ger D. Shann n President, Chief Executive fficer and Chief Financial fficer and Executive Chairman Secretary Pr tect Y ur Pe ple® 3

Q1 2026 perati nal & Business Updates Net sales increased 29% t a rec rd $46.7 milli n led by a 100% Tariff Envir nment increase in Fire Services pr ducts Q1’26 ass ciated represented mitigati n the strategies impact f t tariff build uncertainty invent ry and U.S. net sales increased 42% t $22.5 milli n and Eur pe net sales increased 102% t $12.1 milli n Impr ving gl bal tariff envir nment and tapering in mitigati n strategies p siti ns the c mpany f r sequential gr wth in Adjusted EBITDA excluding FX was $0.6 milli n, a decrease f gr ss margin and adjusted EBITDA excluding FX in Q2’26 $3.2 milli n, r 84%, c mpared with $3.8 milli n f r the Tariffs, uncertainties delayed decisi ns in the Canadian and c mparable year ag peri d Latin American industrial spaces, where margins typically Gr ss pr fit as a percentage f net sales decreased t 33.5% exceed the c mpany average fr m 44.6% f r the c mparable year ag peri d Increase in net invent ries f $3.1 milli n ahead f imp sed SG&A as rep rted increased $6.3M vs. Q1-FY25; rganic Cash tariffs. SG&A increased year- ver-year by $1.0M due t lab r c sts, Invent ries n April 30, 2025, t taled $85.8 milli n. Trade sh ws, and utb und Freight L king Ahead Capital Expenditures f $1.2 milli n principally relate t capital Reiterate previ usly issued FY 2026 revenue and adjusted investment in ur new ERP system EBITDA excluding FX guidance Strategic M&A pipeline remains str ng and actively engaged in strategic discussi ns aligned with gr wth strategy Maintain a str ng balance sheet and expect a meaningful cash infusi n fr m n n-c re asset disp sals Pr tect Y ur Pe ple® 4

Q1 2026 FINANCIAL RESULTS Q1-FY26 Revenue by Pr duct Financial Highlights and Ge graphy Three M nths Ended Apr. 30 USA $ in Milli n 2025 2024 7% Revenue $46.7 $36.3 9% Eur pe 8% 44% ther N.A. Gr ss Margin 33.5% 44.6% 7% Asia perating Expenses (20.3) (14.0) Latin America 25% ther F reign Net Inc me (L ss) (3.9) 1.7 1 2% Disp sables Adjusted EBITDA excluding FX 0.6 3.8 12% Adjusted EBITDA 28% Fire 1 1.3% 10.5% 13% excluding FX Margin Chemical Apr. 30, 2025 Jan. 31, 2025 FR/AR 45% Perf rmance Cash & Cash Equivalents $18.6 $17.5 High Visibility Pr tect Y ur Pe ple® 1) See rec nciliati n tables f r n n-GAAP in appendix 5

Fiscal 2026 First Quarter Financial Highlights Net Sales Adjusted EBITDA Excl. FX Gr ss Margin Net Inc me $46.7 $1.7 $3.8 44.6% $36.3 33.5% 13.1% 11.0 $0.6 -$3.9 2025Q1 2026Q1 2025Q1 2026Q1 2025Q1 2026Q1 2025Q1 2026Q1 Gr ss margin decreased t 33.5% Net l ss f $3.9 milli n,driven Adjusted EBITDA excluding FX was $0.6 Net sales increased $10.4 due t revenue mix c upled with by l wer margins and $1.8 milli n f r an AEBITDA excluding FX margin milli n, r 29% l wer gr ss margins fr m ur recent milli n f n n-cash expenses f 1.3% Driven by a 100% increase in Fire acquisiti ns, higher manufacturing Resulted in EPS diluted inc me Decrease was due t revenue falling in key Services and freight c sts. f $(0.41) high-margin regi ns, purchase variance U.S. net sales increased 42% t impact, elevated freight c sts fr m p st- $22.5 milli n & Eur pe net sales tariff demand, and diluti n fr m acquisiti ns increased 102% t $12.1 Milli n Pr tect Y ur Pe ple® 6

TTM Revenue and Adjusted EBITDA 200 18 180 15 160 12 140 120 9 100 6 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 ct-24 N v-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Revenue Adjusted EBITDA Adjusted EBITDA—Excluding FX Apr-24 Jul-24 ct-24 Jan-25 Apr-25 Revenue 132.3 137.7 151.8 167.2 177.6 Adjusted EBITDA 13.1 10.7 11.7 15.0 11.0 Adjusted EBITDA—Excluding FX 16.5 14.5 14.7 17.4 14.1 Pr tect Y ur Pe ple® 7

Q1 2026 Gr ss Margin and Adjusted EBITDA Bridge GR SS MARGIN % ADJUSTEDEBITDA Higher manufacturing and freight c sts related t invent ry price variances impacted GM% Purchase variance expensed thr ugh C GS Integrati n f newly acquired c mpanies is resulting in l wer gr ss margin Elevated freight c sts fr m p st-tariff demand Higher than expected SG&A expenses Pr tect Y ur Pe ple® 8

Revenue Mix-Hist rical & Pr F rma with Acquisiti ns Lakeland rganic FY24 with full year Pacific Helmets, J lly Scarpe, LHD Lakeland rganic FY24 Gr up and Veridian (pr f rma) Q1-FY26 Revenue 8% 7% USA 7% 7% USA 13% USA Eur pe 9% Eur pe 44% 8% Eur pe ther N.A. 41% 8% 44% ther N.A. 11% 8% Latin America Asia ther F reign 7% Asia 11% Latin America 29% Asia Latin America 13% ther F reign 25% ther N.A. ther F reign 2% 5% Disp sables 4% Fire Disp sables 12% 12% 28% 17% Fire Disp sables 13% Fire 40% 13% 42% Chemical FR/AR Chemical Perf rmance 17% Chemical FR/AR FR/AR Perf rmance 29% High Perf rmance -Visibility 45% 21% High-Visibility High Visibility Pr tect Y ur Pe ple® 9

Q1 2026 Balance Sheet 2026Q1 2025Q4 Variance 2026Q1 2025Q4 Variance Cash and cash equivalents 18.6 17.5 1.1 Acc unts Payable 14.6 15.7 (1.1) Acc unts Receivable 27.6 27.6 0.0 Accrued C mpensati n, Benefits & Expenses 15.1 12.6 2.5 Invent ries 85.8 82.7 3.1 Inc me tax payable 1.3 2.0 (0.7) Prepaid VAT and ther taxes 2.6 2.6 0.0 Current P rti n f perating Lease Liability 3.6 3.6 0.0 ther Current Assets 6.0 6.1 (0.1) ther Current Liabilities 1.6 0.9 0.7 Current Assets 140.7 136.5 4.2 Current liabilities 36.3 34.9 1.4 Pr perty and Equipment, Net 14.6 13.9 0.7 Deferred Inc me Taxes 3.5 3.9 (0.4) perating Leases Right- f-Use Assets 13.6 13.9 (0.4) L ng Term P rti n f Debt 24.7 16.4 8.2 Deferred Tax Assets 5.6 6.3 (0.6) L ng-Term P rti n f perating Lease Liabilit 10.3 10.7 (0.4) ther Assets 0.4 0.1 0.3 N n Current Liablities 38.5 31.0 7.5 Equity Investment ——Liabilities 74.7 65.9 8.8 G dwill 17.1 16.2 0.8 Additi nal Paid-In Capital 123.3 123.1 0.2 Intangible Assets, Net 26.1 25.5 0.6 ther Equity 20.1 23.5 (3.4) N n Current Assets 77.4 76.0 1.4 Equity 143.4 146.6 (3.2) Assets 218.1 212.5 5.6 Liabilities and St ckh lders Equity 218.1 212.5 5.6 Pr tect Y ur Pe ple® 10

Q1 2026 Cash Fl w 2026Q1 2025Q1 Variance 2026Q1 2025Q1 Variance Net (l ss) inc me (3.9) 1.7 (5.6) Purchases f pr perty and equipment (1.2) (0.5) (0.7) Deferred inc me taxes 0.2 0.1 0.2 Investment in B dytrak—(0.6) 0.6 Depreciati n and am rtizati n 1.1 0.6 0.5 Acquisiti ns, net f cash acquired—(8.1) 8.1 Am rtizati n f step up in invent ry basis 0.4—0.4 Net cash used in investing activities (1.2) (9.2) 8.0 St ck based and restricted st ck c mpensati n 0.3 0.2 0.1 Term l an b rr wings 2.6—2.6 Revaluati n f earn ut c nsiderati n—(0.7) 0.7 Term l an payments (0.2) (0.4) 0.1 ther rec nciliati n adjustments (0.0) 0.1 (0.1) Credit Facility B rr wings 6.6 12.3 (5.7) Adjustments t rec ncile t net (l ss) inc me (1.8) 2.0 (3.7) Credit Facility Repayments — -Acc unts receivable 0.2 (0.4) 0.6 Dividends (0.3) (0.2) (0.1) Invent ries (3.5) 0.4 (3.9) UK b rr wings (repayments) under line f credit facility — -Prepaid VAT and ther taxes (0.1) (1.7) 1.6 Purchase f Treasury St ck under st ck repurchase pr gram — -(Increase) decrease in perating assets (3.5) (1.7) (1.8) Shares returned t pay empl yee taxes under restricted st c (0.1) (0.1) 0.0 Acc unts payable (1.1) 0.9 (2.0) Net cash pr vided by (used in) financing activities: 8.5 11.6 (3.1) Accrued expenses and ther liabilities 1.7 (0.9) 2.6 Effect f exchange rate changes n cash and cash equivalen (1.3) 0.5 (1.8) Change in ther perating assets and liabilities, net (0.2) 0.0 (0.2) Net increase (decrease) in cash and cash equivalents 1.1 3.1 (2.0) Increase (decrease) in perating liabilities 0.4 0.0 0.4 Cash and cash equivalents at beginning f year 17.5 25.2 (7.7) Net cash (used in) pr vided by perating activities (4.8) 0.3 (5.1) Cash and cash equivalents at end f peri d 18.6 28.4 (9.7) Pr tect Y ur Pe ple® 11

Invent ry Invent ry rganic Invent ry Quarter ver Quarter Finished G ds vs Raw Materials 36.6 37.2 85.8 82.7 33.2 32.2 31.0 30.9 31.0 72.7 29.0 67.9 27.8 27.3 56.1 0.9 1.5 1.6 1.5 1.4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 rganic LHD Veridian Finished G ds Raw Materials W rk in Pr cess ? Q1-FY26 Lakeland invent ry is $85.8M? rganic Finished G ds is $37.2M in Q1-FY26 up $9.4M year ver ? rganic invent ry is up $14.8M year ver year year and up $0.7M quarter ver quarter? rganic invent ry is up $1.8M quarter ver quarter? rganic Raw Materials is $32.2M in Q1-FY26 up $4.9M year ver year ? Invent ry f LHD + Veridian is $15.0M and up $1.2M quarter ver quarter Pr tect Y ur Pe ple® 12

Cl sing Summary Str ng Q1-FY26 Net Sales Gr wth –Increased 29% t $46.7 Milli n Near Term Strategy – Navigate the c ntinued challenges due t tariff uncertainties Gr w t p-line revenue in fire services and industrial verticals Implement perating and manufacturing efficiencies t achieve higher margins L ng Term Strategy – M&A pp rtunities, particularly within the fire suit rental, dec ntaminati n and services business, t further c ns lidate the fragmented fire market Acquisiti n pipeline remains str ng, and we are actively engaged in several strategic discussi ns aligned with ur gr wth strategy Str ng balance sheet and identified up t $4 milli n in cash savings, excluding Veridian c ns lidati n Str ng utl k -FY 2026 Revenue Guidance Range f $210 Milli n t $220 Milli n and Adjusted EBITDA Excluding FX f $24 Milli n t $29 Milli n Pr tect Y ur Pe ple® 13

NASDAQ: LAKE C mpany Invest r Relati ns 1525 Perimeter Parkway Chris Tys n Suite 325 MZ Gr up Huntsville, AL 35806 949-491-8235 LAKE@mzgr up.us www.lakeland.c m 14 Pr tect Y ur Pe ple®

Q1 2026 Financial Summary ($000’s Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®

N n-GAAP Rec nciliati n – Q1 2026 ($000’s Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®

N n-GAAP Rec nciliati n – Q1 2026 ($000’s Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®

N n-GAAP Rec nciliati n – Q1 2026 ($000’s Except Share Inf rmati n) ectY urPe ple® Pr tect Y ur Pe ple®