Lakeland Industries (LAKE) Investor presentation summary

Business profile and strategy

• Global PPE manufacturer with head-to-toe products for workers and first responders; portfolio spans firefighter apparel, helmets, boots, chemical suits, disposable clothing and durable woven garments.

• Operates 9 manufacturing locations in 8 countries, sells in 50+ countries, has sales representatives in 23 countries outside the U.S. and employs ~2,600 people.

• Strategy prioritizes building a global fire brand, expanding chemical and critical-environment offerings, and growing through product innovation, cross-selling and strategic acquisitions.

• Fire market opportunity is supported by a fragmented global market, recurring service potential and 5–7-week gear lead times versus 6+ months for major competitors.

• Industrial addressable market estimated at ~$11B, with a mid- to high-single-digit growth rate, supported by safety standards, industrialization and PPE technology advances.

Fire portfolio and services

• Global fire portfolio combines turnout gear and apparel, Pacific Helmets, Jolly boots, Veridian protective gear, Eagle FR products and LHD fire services.

• Independent Service Provider services include NFPA 1851-compliant inspection, cleaning, repair, rental and decontamination; the platform supports recurring revenue and customer retention.

• Fresno and Denver ISP locations opened; Phoenix PPE capacity is expanding, and California upgrades added CO₂ decontamination capacity.

• Fire service revenue increased 78%, with ISP businesses contributing $3.5M; investment includes potential additional U.S. greenfield locations.

• Notification of intended award under the U.K. National Firefighter PPE Framework covers up to £220M over seven years across all awarded suppliers; other international awards support visibility into FY28.

Q2 FY27 performance

• Revenue was $50.1M, up 6% sequentially and down 4.5% YoY, or up 2.8% excluding $3.7M of prior-year divested HPFR and HiViz revenue.

• Gross margin was 37.0% versus 35.9% YoY; adjusted gross margin was 37.7%, up 410 bps sequentially and versus 37.4% a year earlier.

• Adjusted EBITDA excluding FX was $2.7M, or 5.4% of sales, more than doubling sequentially; results absorbed $1.3M of currency losses, Interschutz costs and expedited freight.

• Fire revenue was $26.1M, 52% of sales, up 2% YoY and 12% sequentially; helmet sales rose 41% and hood sales 66%.

• Cash was $17.9M and total debt $28.7M; inventory was $74.9M, down $2.8M sequentially and $15.3M YoY, while YTD operating cash flow improved $15.1M to $5.4M.