#1Lakeland Protect Your PeopleⓇ Midwest IDEAS Conference August 24, 2023 WW NASDAQ: LAKE | LAKELAND.COM#2Safe Harbor Statement With the exception of historical information, the statements set forth in this presentation include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties. The Company wishes to caution that a number of important factors could cause actual results to differ materially from those forward-looking statements. These and other factors could cause actual results to differ materially from those in any forward- looking statements which are discussed in this presentation. Please see Lakeland Industries' SEC filings on Forms 10-K and 10-Q for important information about the Company and related risks. The Company disclaims any obligation to update its forward-looking statements. 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: Adjusted EBITDA and Adjusted EBITDA 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 they 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 tables in this presentation. Lakeland 2#3Lakeland Overview (Nasdaq: LAKE) What We Do Global manufacturer of quality, cost-effective, and mission-critical personal protective clothing solutions that protect people at work and in their communities Key Statistics Revenue (FY2023) Market Cap. Cash (4/30/2023) Debt (4/30/2023) Employees Locations Distribution Note: Lakeland's fiscal year end is January 31 Lakeland $112.8 million ~$105.8 million ~$26.0 million ~$0 ~1,600 15 in 11 countries 78 countries 74% of global population FY2023 Full Year Revenue GEOGRAPHY PRODUCT LINE 10% 7% 11% 13% 13% 7% 22% 5% 20% 43% 49% ■ USA ■ Asia ■ Other N.A. Europe Latin America Other Foreign ■ Disposables ■ Chemical FR/AR Performance Fire High-Visibility 3#4LAKE Investment Highlights Positioned for Sustainable Growth Driven by Strategic Operational & Sales Initiatives Targeting high single digit revenue growth, driven by strong long term growth trends and product segment focus Investments in manufacturing capabilities enables production flexibility to facilitate growth Focus on higher value-added products and segments with low price elasticity of demand Strategic Competitive and Manufacturing Advantages Highly leverageable cost structure including company-owned global manufacturing sites Diversified product offering and leader in product quality and innovation Product differentiation and complexity of design Favorable Industry Dynamics and Blue-Chip Customer Base Global industry poised for accelerated growth Large customers with no significant customer concentration . ● . . . ● Strong Financial Position Robust balance sheet and cash flow to fund organic/inorganic plans Low capital intensity business Strong and Experienced Management Team Deep industry knowledge and experience Lakeland 12 4#5Sustainable Long-Term Growth Driven by Operational Enhancements Growth and Performance Improvement Initiatives 1 2 3 Focus on new product development & shift in market focus Higher margin segments: Fire Service ● Lakeland ● Sales and marketing upgrades ready to drive above market growth ● ● ● ● Cleanroom suits for Big Pharma Electric arc protective apparel for Utilities - High Performance Wear Completed investments in global manufacturing footprint Vietnam (now largest facility for the Company) Short run pilot plant for high margin products CRM capabilities to more efficiently track sales and marketing trends Channel rationalization 1 2 3 $200 $150 $100 $50 2025-27 Targets Mid-to high single digit revenue growth in core markets Growth above market by 200-300 bps/year 4 Continued strong free cash flow generation $- ● Adjusted EBITDA margins in the high teens Strong operating leverage to revenue growth Strive for gross margin in the low 40's FY'19 Net Sales (in millions of dollars) uhu FY'21 FY'20 FY'22 FY'23 FY'25-¹27 Target 5#6Achieving Material Improvement in Profitability $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 FY2003- FY2007 ● Lakeland shifts away from DuPont supply relationship, developing its own key competitive SKUs and product lines; broadens its global reach Net Sales (in millions of dollars) Lakeland ||| FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2007 - FY2020 Closed inefficient business lines and shifted focus to value over volume, focusing on products and markets low price elasticity; business approach shifts to proactive from reactive. Adjusted EBITDA Margin % (Range) FY2020 Renewed focus on driving sustainable above market revenue growth with the goal of elevating and maintaining high Adjusted EBITDA margins. FY23 implemented Small, Strategic, and Quick (SSQ) strategy. ● Gross Margin % ● ● ● Pandemic Era ● ● FY2027 Target 50% Adjusted EBITDA margins in the high teens Strive for margin in the low 40's Continued strong free cash flow generation Maintain strong financial position 45% 40% 35% 30% 25% Post-Pandemic Era Targets Mid-to high single digit revenue growth in core markets 20% 15% 10% 5% 0% 6#7Setting New Post-COVID Margin Baseline $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 Pandemic Era |||||||||||||||||| Q3-FY2019 Q4-FY2019 Q1-FY2020 Q2-FY2020 Q3-FY2020 Q4-FY2020 Q1-FY2021 Q2-FY2021 Q3-FY2021 Q4-FY2021 Q1-FY2022 Q2-FY2022 Q3-FY2022 Q4-FY2022 Q1-FY2023 Q2-FY2023 Q3-FY2023 Q4-FY2023 Q1-FY2024 Net Sales (in millions of dollars) Gross Margin % Adjusted EBITDA Margin % • Proven results from plan implemented in 2019 to sustainably improve performance, including Adjusted EBITDA margin expansion • New baseline coming into focus as world exits COVID-19 pandemic Lakeland 60% 50% 40% 30% 20% 10% 0% -10% 7#8Focus on High Value Applications Leveraging core product strengths to increase penetration in High Value markets Product Lines ● ● ● ● 75 FIRE Municipal Fire Volunteer Fire Search & Rescue Wild Land High Value Products Lakeland FR/AR PERFORMANCE Energy • Utilities ● ● Petrochemical • Industrial CHEMICAL Applications Utilities Petrochemical Clean Room • Healthcare Industrial Ⓡ ● ● 6556S HIGH-VISIBILITY Energy Utilities Transportation • Construction Industrial ● DISPOSABLES Clean Room Energy Healthcare • Abatement Industrial "High Value" references products that provide exceptional benefits to our customers and end users. When sourcing these products, customers actively solicit our engagement in the decision-making process. 8#9Large Markets with Strong Tailwinds Key Market Dynamics J Lakeland INCREASING RELEVANCE OF SAFETY AND PPE Increased development and enforcement of safety and environmental standards globally ● ● ● GROWING DEMAND FROM END-USER INDUSTRIES Global ESG movement is increasing focus on worker health and safety Further industrialization is leading to more complex processes and hazardous environments requiring additional protective solutions ● ● Global acceptance of PPE increasing in wake of COVID-19 pandemic Lakeland products available in 78 countries ONGOING AND FUTURE TECHNOLOGICAL ADVANCEMENTS Continued advancements in non-woven fabrics (e.g., nanofibers) with improved properties and attributes ● • "Smart PPE/Connected Worker" growth projected to be $1.9 billion from 2020 to 2024¹ Recent strategic investment to enter Connected Worker Market . Sources: 1) IOSH Magazine, "Power Dressing for Smart PPE" 2) Allied Market Research, The Insight Partners, and Management Estimates ~$6 Billion Total Addressable Market with a Mid-to-High-Single-Digit Growth Rate² 9#10Lakeland's Competitive Advantages 5 Well-Capitalized and Healthy Balance Sheet Lakeland 1 Owned, global manufacturing base 4 Geographically Diverse Sales Platform 2 Focused, Yet Diversified Product Portfolio 3 Scalable, asset- light business model 1 Provides us with the ability to rapidly scale-up production to meet emergency demand, shift production between locations to navigate the geopolitical landscape, and to maintain the highest levels of quality We are one of only a few companies that are entirely focused on safety 2 solutions, targeting mission-critical applications, while simultaneously offering our customers a diverse portfolio of products for each end- user's applications 3 Excellent free-cash-flow dynamics driven by a high degree of operating leverage and low capital requirements Attractive opportunities for our strategic products in key, diverse markets - the addition of Eagle's products into our global sales 4 channels, coupled with bringing the manufacture of Eagle products "in house" provides us immediate sales opportunities in all markets outside of North America Available cash and credit facilities enable us to strategically pursue new 5 organic and inorganic growth opportunities to increase shareholder value and further differentiate ourselves from competitors 10#11Fiscal 2024 First Quarter Highlights Q1-FY24 Highlights • Net sales of $28.7 million and gross margin of 43.4% High-value, strategic product line growth, led by a 103% increase in Fire Revenue ● Gross Margin Adjusted EBITDA Adjusted EBITDA Margin ● ● 2025-27 Targets Mid-to high single digit revenue growth in core markets Growth above market by 200-300 bps/year Adjusted EBITDA margins in the high teens ● $28.7 million ● Lakeland 43.4% $2.8 million 9.6% • Strive for gross margin in the low 40's Continued strong free cash flow generation Strong operating leverage to revenue growth Q1-FY24 Revenue GEOGRAPHY PRODUCT LINE 11% 14% 12% 7% 19% 15% 43% 13% 4% 19% 43% ■ USA ■ Asia ■ Other N.A. Europe Latin America Other Foreign ■ Disposables ■ Chemical FR/AR Performance Fire High-Visibility 11#12Eagle Technical Products Acquisition¹ Enhances Lakeland's Product Portfolio and Expands Geographical Reach Company Background and Product Portfolio Headquarters Product Focus Markets Distribution 1) Acquisition closed on December 2, 2022 Lakeland ● ● ● Stockport, UK Firefighter Suits & Apparel (65% of FY22 revenues) Industrial FR Apparel (35% of FY22 revenues) Europe, Africa, and Middle East • Utilizes UK-based, in- house design and manufacturing to prototype to customer specifications then leverages third-party manufacturing in Europe Acquisition Highlights Complementary product lines to Lakeland's existing portfolio that greatly benefit Lakeland's differentiated product offering, particularly within fire service protective clothing Focus on product innovations and R&D expertise to compete and take market share Expands and diversifies Lakeland's customer base, most of which are on multi-year contracts Asset-light value chain provides potential in- sourcing synergy opportunities as well as access to new suppliers Bolsters Lakeland's sales presence and activities in EMEA and South America eagle FR eagle FR 32% LIGHTER THAN LEADING ASSEMBLIES EAGLETECHNICAL PRODUCTS.COM FALCON BLACK FIRE SUIT 12#13Appendix Lakeland 13#14Operations Statement - Q1 Net sales Cost of goods sold Gross profit Operating expenses Operating profit Other income (expense), net Interest expense Income before taxes Income tax expense Net income Net income per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted (UNAUDITED) ($000's Except Share Information) Lakeland THREE MONTHS ENDED APRIL 30, 2023 $28,700 16,256 12,444 10,506 1,938 (69) (8) 1,861 541 $1,320 $0.18 $0.18 7,325,005 7,502,863 2022 $27,278 16,222 11,056 9,607 1,449 (26) (9) 1,414 285 $1,129 $0.15 $0.14 7,615,967 7,798,198 14#15Non-GAAP Reconciliation - Q1 Net Income to EBITDA Net Income Interest Taxes Depreciation and amortization EBITDA EBITDA to Adjusted EBITDA (excluding non-cash expenses) EBITDA Equity compensation Other income (expense) Eagle acquisition-related expenses Eagle revaluation of earnout consideration Employee separation expense New Monterrey, Mexico facility start-up costs Adjusted EBITDA Adjusted EBITDA Margin Revenue Lakeland Adjusted EBITDA Adjusted EBITDA Margin (Amounts in $000's) THREE MONTHS ENDED April 30, 2023 $1,320 8 541 533 $2,402 $2,402 407 69 17 (493) 320 38 $2,760 $28,700 $2,760 9.6% 2022 $1,129 9 285 425 $1,848 $1,848 407 26 $2,281 $27,278 $2,281 8.4% 15#16Balance Sheet - Q1 Current assets Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $758 and $666 at April 30, 2023 and January 31, 2023, respectively Inventories Prepaid VAT and other taxes Other current assets ASSETS Total current assets Property and equipment, net Operating leases right-of-use assets Deferred tax assets Other assets Goodwill Intangible assets, net Investments Total assets (UNAUDITED) ($000's Except Share Information) Lakeland April 30, 2023 $26,021 16,856 57,896 2,578 4,591 107,942 9,217 5,269 2,940 107 8,473 5,940 5,206 $145,094 JANUARY 31, 2023 $24,639 17,296 58,176 1,963 2,908 104,892 9,140 5,472 2,764 100 8,473 6,042 5,354 $142,327 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable Accrued compensation and benefits Other accrued expenses Income tax payable Short-term borrowings Accrued earnout agreement Current portion of operating lease liabilities Total current liabilities Deferred income taxes Long-term portion of operating lease liabilities Total liabilities Commitments and contingencies Stockholders' equity Preferred stock, $0.01 par; authorized 1,500,000 shares (none issued) Common stock, $0.01 par; authorized 20,000,000 shares Issued 8,709,256 and 8,655,699; outstanding 7,355,748 and 7,325,005 at April 30, 2023 and January 31, 2023, respectively Treasury stock, at cost; 1,353,508 and 1,330,694 shares at April 30, 2023 and January 31, 2023, respectively Additional paid-in capital Retained earnings Accumulated other comprehensive loss Total stockholders' equity Total liabilities and stockholders' equity April 30, 2023 $8,297 3,390 4,526 519 115 2,688 998 20,533 769 3,654 24,956 T 87 (19,922) 78,543 65,839 (4,409) 120,138 $145,094 JANUARY 31, 2023 $6,558 2,522 4,068 --- 405 3,182 1,253 17,988 769 3,580 22,337 87 (19,646) 78,475 64,765 (3,691) 119,990 $142,327 16#17Income Statement - FY2023 Net sales Cost of goods sold Gross profit Operating expenses Operating profit Other income (expense), net Interest expense Income before taxes Income tax expense Net income Net income per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted ($000's Except Share Information) Lakeland 2023 12 MONTHS ENDED JANUARY 31, $112,846 66,997 545,849 40,308 5,541 (33) (37) 5,471 3,598 $1,873 $0.25 $0.24 7,562,179 7,737,955 2022 $118,386 67,473 50,913 34,866 16,047 121 (15) 16,153 4,781 $11,372 $1.44 $1.41 7,900,131 8,053,876 17#18Non-GAAP Reconciliation - FY2023 Net Income to EBITDA Net Income Interest Taxes Depreciation and amortization Other income (expense) EBITDA EBITDA to Adjusted EBITDA (excluding non-cash expenses) EBITDA Equity compensation Adjusted EBITDA Adjusted EBITDA Margin Revenue Adjusted EBITDA Adjusted EBITDA Margin Net Cash (Used in) Provided by Operating Activities to Free Cash Flow Cash flow (used in) provided by operating activities Capital expenditures Cash paid for taxes (foreign) Free cash flow (Amounts in $000's) Lakeland 2023 YEAR ENDED JANUARY 31, $1,873 37 3,598 1,505 (33) $7,046 $7,046 1,491 $8,537 $112,846 $8,537 7.6% ($5,451) 1,985 3,151 ($315) 2022 $11,372 15 4,781 1,868 121 $17,915 $17,915 1,667 $19,582 $118,386 $19,582 16.5% $12,785 801 5,315 $6,669 18#19Lakeland Protect Your PeopleⓇ