LAKELAND INDUSTRIES INC

To the Stockholders and the Board of Directors of Lakeland Industries, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Lakeland Industries, Inc. and its subsidiaries (the Company) as of January 31, 2026 and 2025, the related consolidated statements of operations, comprehensive loss, stockholders’ equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2026 and 2025, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. Our report dated April 16, 2026 expressed an opinion that the Company had not maintained effective internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Acquisitions of LHD Group Deutschland GmbH, LHD Group Australia Pty Ltd and LHD Group Hong Kong Ltd., (collectively, LHD), Veridian Limited, and California PPE Recon, Inc. – Valuation of Customer Relationship Intangible Assets

As described in Note 6 to the consolidated financial statements, the Company completed the acquisitions of LHD for $16.3 million on July 1, 2024, Veridian Limited (Veridian) for $26.3 million on December 16, 2024, and California PPE Recon, Inc. (California) for $5.8 million on September 15, 2025. The Company accounted for these transactions under the acquisition method of accounting for business combinations. Purchase consideration was allocated to the assets acquired and liabilities assumed based on their respective fair values, including identifiable customer relationship intangible assets of $5.0 million, $10.0 million and $3.6 million relating to LHD, Veridian and California, respectively.

Acquired customer relationship intangible assets were valued using the excess earnings approach. Several significant assumptions and estimates were involved in the application of this valuation method, including forecasts of revenue growth rates, operating margins, attrition rates, and discount rates.

Given the fair value determination of the customer relationship intangible assets for LHD, Veridian, and California requires management to leverage a complex valuation methodology and make significant estimates and assumptions related to the forecasts of revenue growth rates, operating margins, attrition rates and resulting future cash flows and the selection of discount rates, performing audit procedures to evaluate the reasonableness of these estimates and assumptions required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.

Our audit procedures related to the Company’s valuation of acquired customer relationship intangible assets as part of the LHD, Veridian, and California acquisitions included the following, among others:

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We obtained an understanding of the relevant controls related to the valuation of acquired customer relationship intangible assets and tested such controls for design and operating effectiveness, including controls related to significant assumptions.

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We evaluated the reasonableness of management’s revenue growth rates and operating margin forecasts, and attrition rates by comparing the projections to historical results as well as industry benchmarks and tested the underlying data for accuracy and completeness.

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With the assistance of our fair value specialists, we evaluated the reasonableness of the Company’s valuation methodology and significant assumptions by:

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Assessing the appropriateness of management’s valuation methodology based on the nature of the fair value estimate

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Testing the source information underlying the determination of the discount rates and verifying the mathematical accuracy of the calculation.

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Developing an analysis of the discount rates and compared that analysis to the discount rates selected by management.

Goodwill Impairment Assessment– LHD Group Deutschland GmbH, LHD Group Australia Pty Ltd and LHD Group Hong Kong Ltd., (collectively, LHD) Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L., (collectively, Jolly)

As described in Note 5 to the consolidated financial statements, the Company’s consolidated goodwill balance was $15.3 million as of January 31, 2026, after a goodwill impairment charge of $2.6 million relating to the LHD reporting unit. Goodwill, at the reporting unit level, is tested by the Company for impairment at least annually. The fair values of the reporting units for the goodwill impairment assessment are determined using an income approach, through a discounted cash flow model, and the guideline public company approach, through selected multiples. The determination of the fair values of each reporting unit requires management to make significant estimates and assumptions related to the specific circumstances of each reporting unit such as revenue projections, projected operating cash flow margins, discount rates and the selection of guideline public company multiples.

We identified the LHD and Jolly goodwill impairment assessment as a critical audit matter because of the significant assumptions management used in the impairment assessments. Auditing management’s judgments used in the impairment assessments regarding revenue projections, projected operating cash flow margins, discount rates and guideline public company multiples involved a high degree of auditor judgment and increased audit effort.

Our audit procedures related to the Company’s goodwill impairment assessments for the LHD and Jolly reporting units included the following, among others:

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We obtained an understanding of the relevant controls related to the Company’s goodwill impairment assessments and tested such controls for design and operating effectiveness, including management review controls over significant assumptions.

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We evaluated the reasonableness of management’s revenue and operating cash flow projections by comparing them to actual results and historical trends and tested the underlying data for accuracy and completeness.

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With the assistance of our fair value specialists with specialized knowledge and experience with impairment of goodwill we evaluated management’s assessment and significant assumptions by:

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Evaluating the appropriateness of the valuation methodology used by management and testing the accuracy of the calculations

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Testing the source information underlying the determination of the discount rates and verifying the mathematical accuracy of the calculation.

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Developing an analysis of the discount rates and comparing that analysis to the discount rates selected by management.

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Testing the selection of guideline public company multiples.

/s/RSM US LLP

We have served as the Company’s auditor since 2024.

Fort Lauderdale, Florida

April 16, 2026

To the Shareholders and the Board of Directors of Lakeland Industries, Inc.

Opinion on the Internal Control Over Financial Reporting

We have audited Lakeland Industries, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of January 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the years ended January 31, 2026 and 2025, of the Company and our report dated April 16, 2026 expressed an unqualified opinion.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded California PPE Recon, Inc. and Arizona PPE Recon, Inc., from its assessment of internal control over financial reporting as of January 31, 2026, because they were acquired by the Company through business combinations on September 15, 2025, respectively. We have also excluded California PPE Recon, Inc. and Arizona PPE Recon, Inc. from our audit of internal control over financial reporting. California PPE Recon, Inc. and Arizona PPE Recon, Inc. are wholly owned subsidiaries whose total assets and net loss represent approximately 6% and 0%, respectively, of the related consolidated financial statement amounts as of and for the year ended January 31, 2026.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis. The following material weakness has been identified and included in management’s assessment.

For those locations utilizing financially relevant systems, other than Sage X3 or Kingdee, the Company lacked appropriate information technology general controls ("ITGCs"); accordingly, the financial reporting controls, as designed, do not adequately address the completeness and accuracy of these locations' reporting packages. The reporting packages form the basis of multiple controls including a key management review control designed to detect a material misstatement in the Company’s consolidated financial statements as well as other controls). Additionally, the Company did not update the control activities documentation for numerous locations and, in some cases, did not change control processes to reflect changes in operating structure. This contributed to the material weakness described herein in the Company’s internal controls. This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2026 financial statements, and this report does not affect our report dated April 16, 2026 on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ RSM US LLP

Fort Lauderdale, Florida

April 16, 2026