NL

Shares of NLI Holdings, Inc. NL have gained 9.9% since reporting results for the second quarter of 2026 compared with the S&P 500 index’s 0.1% return. Over the past month, the stock has risen 12%, outperforming the S&P 500’s 4.1% advance. For the quarter ended June 30, NLI’s net sales, which reflect its consolidated CompX operations, increased 8% year over year to $43.6 million from $40.3 million a year earlier. Net income attributable to NLI stockholders rose to $9 million, or 18 cents per share, from $0.3 million, or 1 cent per share. Income from operations increased 119% to $6.1 million from $2.8 million in the prior-year quarter, while the gross margin advanced 21% to $15.5 million from $12.9 million. The gross margin widened to 36% of sales from 32%. NLI Holdings, Inc. price-consensus-eps-surprise-chart | NLI Holdings, Inc. Quote CompX’s segment profit increased 41% year over year to $8.9 million, and its segment margin expanded to 20% from 16%. Security Products sales rose 9% to $33.3 million, helped by healthcare, transportation, distribution and tool-storage demand. Reporting-unit profit increased 39% to $8 million, with its profit margin reaching 24% from 19%. Marine Components sales increased 6% to $10.3 million as a $1.6-million rise in industrial-market sales more than offset a $1-million decline in government-market sales. Its reporting-unit profit rose 16% to $2.8 million. NLI recorded $4.6 million of equity in earnings from its roughly 31% interest in Kronos Worldwide, reversing a $2.8-million loss a year earlier. Kronos’ sales increased 13% to $558.1 million, and operating income rose to $37.6 million from $7.4 million. Titanium dioxide sales volume increased 16%, while production volume grew 8%. Management attributed CompX’s improvement mainly to higher sales and gross margin in Security Products, with a smaller contribution from Marine Components. Favorable customer and product mix, lower employer-related medical expenses and a one-time recovery of prior-period import costs supported Security Products margins. It said that CompX’s supply chains were stable and transportation delays minimal, though tariffs, shipping costs and inflation continued to raise input costs. At Kronos, management cited market-share gains across major markets, particularly Europe, amid changing competitive and supply conditions, and anti-dumping duties. It said that demand remained below historical levels, especially in North America, but constrained industry inventories, longer customer lead times and a stronger year-over-year backlog entering the third quarter improved production-planning flexibility. Kronos’ 16% volume increase added about $79 million to quarterly sales, and currency movements added roughly $10 million. Those gains were partly offset by a 3% decline in average titanium dioxide prices, which reduced sales by about $15 million, and an unfavorable product mix. Lower feedstock costs, reduced unabsorbed fixed costs and benefits from fourth-quarter 2025 cost reductions lifted profitability. Unabsorbed fixed costs were immaterial versus about $20 million a year earlier. However, currency movements reduced Kronos’ operating income by about $12 million. NLI also benefited from a $0.5-million unrealized marketable-securities gain versus a $0.1-million loss and from $0.7 million lower corporate expenses, primarily reflecting reduced environmental-remediation costs. Partly offsetting these items, interest and dividend income declined 24% to $1.2 million, while income tax expenses were $2.5 million versus a benefit of less than $0.1 million. CompX expects 2026 sales, gross margin and segment-profit margin to exceed the 2025 levels, excluding a prior-year customer stocking event. It anticipates continued strength in healthcare, transportation and tool storage, plus industrial demand for Marine Components, although tariff and raw-material pressures could challenge second-half margins. Kronos expects full-year sales to exceed the 2025 levels, and gross and operating margins to improve. It expects pricing to remain favorable, facilities to operate within their normal capacity range and cash on hand to improve over the remainder of the year. NLI nevertheless expects 2026 net general corporate expenses to exceed 2025 because of higher second-half litigation costs. On May 26, NLI Holdings, formerly NL Industries, reincorporated in Delaware through a merger transaction. The board also declared a third-quarter dividend of 10 cents per share, payable Sept. 22 to holders of record as of Sept. 3. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NLI Holdings, Inc. (NL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Dallas, Texas, Aug. 05, 2026 (GLOBE NEWSWIRE) -- NLI Holdings, Inc. (NYSE: NL) reported net income attributable to NLI stockholders of $9.0 million, or $.18 per share, in the second quarter of 2026 compared to $.3 million, or $.01 per share, in the second quarter of 2025. NLI’s results include an unrealized gain of $.5 million in the second quarter of 2026 related to the change in value of marketable equity securities compared to an unrealized loss of $.1 million in the second quarter of 2025. For the first six months of 2026, NLI reported net income attributable to NLI stockholders of $13.3 million, or $.27 per share, compared to $1.0 million, or $.02 per share for the first six months of 2025. NLI results include an unrealized gain of $3.1 million in the first six months of 2026 related to the change in value of marketable equity securities compared to an unrealized loss of $8.6 million in the first six months of 2025. CompX’s net sales were $43.6 million for the second quarter of 2026 compared to $40.3 million in the second quarter of 2025 and $84.2 million for the first six months of 2026 compared to $80.6 million for the same prior year period. The increase in sales for both periods is due to higher Security Products sales across a variety of markets including the healthcare, transportation, tool storage and distributor markets and higher Marine Components sales to the industrial market. CompX’s segment profit was $8.9 million for the second quarter of 2026 compared to $6.3 million for the second quarter of 2025 and $16.0 million for the first six months of 2026 compared to $12.2 million for the same prior year period. CompX’s segment profit increased in the second quarter and for the first six months of 2026 compared to the same periods in 2025 due to higher sales and gross margin predominantly at the Security Products segment and to a lesser extent the Marine Components segment. NLI recognized equity in earnings of Kronos of $4.6 million in the second quarter of 2026 compared to equity in losses of $2.8 million in the second quarter of 2025. NLI recognized equity in earnings of $3.2 million in the first six months of 2026 compared to $2.7 million in the same period of 2025. Kronos’ net sales of $558.1 million in the second quarter of 2026 were $63.7 million, or 13%, higher than in the second quarter of 2025. Kronos’ net sales of $1.1 billion in the first six months of 2026 were $83.7 million, or 9% higher than the first six months of 2025. Kronos’ net sales increased in the second quarter and first six months of 2026 compared to the same periods of 2025 primarily due to market share gains across all markets and the favorable impact of changes in currency exchange rates (primarily the euro), which Kronos estimates increased its net sales by approximately $10 million and $41 million, respectively. These favorable impacts were partially offset by lower average TiO2 selling prices and the unfavorable impact of both lower average selling prices and sales volumes within Kronos’ complementary businesses. Kronos started 2026 with average TiO2 selling prices lower than at the beginning of 2025; however, its average TiO2 selling prices increased 4% during the first six months of 2026. During the second quarter of 2026, Kronos announced and implemented various price increases and surcharges in response to higher operating costs. The table at the end of this press release shows how each of these items impacted Kronos’ net sales. Kronos’ income from operations in the second quarter of 2026 was $37.6 million as compared to $7.4 million in the second quarter of 2025. For the first six months of 2026, Kronos’ income from operations was $50.2 million as compared to $45.8 million in the first six months of 2025. Kronos’ income from operations increased in both the second quarter and first six months of 2026 compared to corresponding 2025 periods primarily due to higher sales volumes, lower production costs, including lower raw material costs (primarily feedstock) and lower unabsorbed fixed costs, and the benefits of the cost reduction initiatives implemented in the fourth quarter of 2025 designed to permanently improve its cost structure and operational efficiency. These favorable factors were partially offset by lower average TiO2 selling prices and the unfavorable impact of changes in currency exchange rates. Fluctuations in currency exchange rates (primarily the euro) decreased Kronos’ income from operations by approximately $12 million in the second quarter of 2026 and approximately $18 million in the first six months of 2026 compared to the same prior year periods. Corporate expenses decreased $.7 million in the second quarter of 2026 compared to the second quarter of 2025 primarily due to lower environmental remediation and related costs. Corporate expenses decreased $.4 million in the first six months of 2026 compared to the same period of 2025 primarily due to lower environmental remediation and related costs, partially offset by higher general and administrative costs. Interest and dividend income decreased in the second quarter and for the first six months of 2026 compared to the same periods of 2025 primarily due to lower average interest rates and decreased cash balances. Marketable equity securities represent the change in unrealized gains (losses) on our portfolio of marketable equity securities during the periods. The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Factors that could cause actual future results to differ materially include, but are not limited to: Future supply and demand for our products; Kronos’ ability to realize expected cost savings from strategic and operational initiatives; Kronos’ ability to integrate acquisitions into its operations and realize expected synergies and innovations; The extent of the dependence of certain of our businesses on certain market sectors; The cyclicality of our businesses (such as Kronos’ TiO2 operations); Customer and producer inventory levels; Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry); Changes in raw material and other operating costs (such as energy, ore, zinc, aluminum, steel and brass costs) or the implementation of tariffs on imported raw materials and our ability to pass those costs on to our customers or offset them with reductions in other operating costs; Changes in the availability of raw materials (such as ore); General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for TiO2 and our products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises); Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises); Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades, or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders; Competitive products and substitute products; Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements; Customer and competitor strategies; Our ability to retain key customers; Potential consolidation of Kronos’ competitors; Potential consolidation of Kronos’ customers; The impact of pricing and production decisions; Competitive technology positions; Our ability to protect or defend intellectual property rights; Potential difficulties in integrating future acquisitions; The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes; Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies; Decisions to sell operating assets other than in the ordinary course of business; Kronos’ ability to renew or refinance credit facilities or other debt instruments in the future; Changes in interest rates; Kronos’ ability to comply with covenants contained in its revolving bank credit facility; Our ability to maintain sufficient liquidity; The timing and amounts of insurance recoveries; The ability of our subsidiaries or affiliates to pay us dividends; Uncertainties associated with CompX’s development of new products and product features; The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform; Our ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria; Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations); Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including us, with respect to asserted health concerns associated with the use of such products), including new environmental, sustainability, health and safety or other regulations (such as those seeking to limit or classify TiO2 or its use); The ultimate resolution of pending litigation (such as our lead pigment and environmental matters); and Pending or possible future litigation (such as litigation related to CompX’s use of certain permitted chemicals in its production process) or other actions. Should one or more of these risks materialize (or if the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise. NLI Holdings, Inc. is engaged in component products (security products and recreational marine components) and chemicals (TiO2) businesses. Investor Relations Contact Bryan A. HanleySenior Vice President and Treasurer(972) 233-1700 NLI HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(In millions, except earnings per share) NLI HOLDINGS, INC. COMPONENTS OF INCOME FROM OPERATIONS (Unaudited)(In millions) IMPACT OF PERCENTAGE CHANGE IN KRONOS’ NET SALES (Unaudited)

Dallas, Texas, May 06, 2026 (GLOBE NEWSWIRE) -- NL Industries, Inc. (NYSE: NL) today reported net income attributable to NL stockholders of $4.3 million, or $.09 per share, in the first quarter of 2026 compared to $.7 million, or $.01 per share, in the first quarter of 2025. NL’s results include an unrealized gain of $2.7 million in the first quarter of 2026 compared to an $8.5 million unrealized loss in the first quarter of 2025 related to the change in value of marketable equity securities. CompX’s net sales were $40.6 million in the first quarter of 2026 compared to $40.3 million in the first quarter of 2025. CompX’s first quarter 2026 net sales increased over the comparable 2025 period due to higher Marine Components sales to the industrial market partially offset by lower Security Products sales. CompX’s segment profit increased to $7.1 million in the first quarter of 2026 compared to $5.9 million in the first quarter of 2025 primarily due to higher gross margin at Security Products as a result of a more favorable customer and product mix and, to a lesser extent, the impact of higher sales at Marine Components. NL recognized equity in losses of Kronos of $1.5 million in the first quarter of 2026 compared to equity in earnings of $5.5 million in the same period of 2025. Kronos’ net sales of $509.8 million in the first quarter of 2026 were $20.0 million, or 4%, higher than in the first quarter of 2025. Kronos’ net sales increased in the first quarter of 2026 compared to the first quarter of 2025 primarily due to the effects of higher sales volumes in its North American, Latin American and export markets and the favorable impact of changes in currency exchange rates (primarily the euro), which it estimates increased its net sales by approximately $30 million. These increases were partially offset by lower sales volumes in its European market and lower average TiO2 selling prices. Kronos started 2026 with average TiO2 selling prices lower than at the beginning of 2025; however, its average TiO2 selling prices increased 2% during the first quarter of 2026 as Kronos works to recover pricing lost during 2025. The table at the end of this press release shows how each of these items impacted Kronos’ net sales. Kronos’ income from operations in the first quarter of 2026 was $12.6 million as compared to $38.4 million in the first quarter of 2025. Kronos’ income from operations decreased in the first quarter of 2026 compared to the first quarter of 2025 primarily due to the effects of lower average TiO2 selling prices, lower production volumes, and the unfavorable impact of changes in currency exchange rates, partially offset by higher sales volumes and lower production costs. Lower production costs benefited in part from cost reduction initiatives implemented in the fourth quarter of 2025, including workforce reductions and other measures, which were designed to permanently improve Kronos’ cost structure and enable more efficient operation of its facilities at lower production rates for extended periods. Fluctuations in currency exchange rates (primarily the euro) decreased Kronos’ income from operations by approximately $6 million in the first quarter of 2026 compared to the first quarter of 2025. Corporate expenses increased slightly in the first quarter of 2026 compared to the first quarter of 2025 primarily due to higher general and administrative expenses. Interest and dividend income decreased $.7 million in the first quarter of 2026 compared to the same period of 2025 primarily due to decreased average investment balances and lower average interest rates. Marketable equity securities represent the change in unrealized gains (losses) on our portfolio of marketable equity securities during the period. The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Factors that could cause actual future results to differ materially include, but are not limited to: Future supply and demand for our products; Kronos’ ability to realize expected cost savings from strategic and operational initiatives; Kronos’ ability to integrate acquisitions into its operations and realize expected synergies and innovations; The extent of the dependence of certain of our businesses on certain market sectors; The cyclicality of our businesses (such as Kronos’ TiO2 operations); Customer and producer inventory levels; Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry); Changes in raw material and other operating costs (such as energy, ore, zinc, aluminum, steel and brass costs) or the implementation of tariffs on imported raw materials and our ability to pass those costs on to our customers or offset them with reductions in other operating costs; Changes in the availability of raw materials (such as ore); General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for TiO2 and our products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises); Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises); Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades, or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders; Competitive products and substitute products; Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements; Customer and competitor strategies; Our ability to retain key customers; Potential consolidation of Kronos’ competitors; Potential consolidation of Kronos’ customers; The impact of pricing and production decisions; Competitive technology positions; Our ability to protect or defend intellectual property rights; Potential difficulties in integrating future acquisitions; The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes; Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies; Decisions to sell operating assets other than in the ordinary course of business; Kronos’ ability to renew or refinance credit facilities or other debt instruments in the future; Changes in interest rates; Kronos’ ability to comply with covenants contained in its revolving bank credit facility; Our ability to maintain sufficient liquidity; The timing and amounts of insurance recoveries; The ability of our subsidiaries or affiliates to pay us dividends; Uncertainties associated with CompX’s development of new products and product features; The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform; Our ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria; Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations); Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including us, with respect to asserted health concerns associated with the use of such products), including new environmental, sustainability, health and safety or other regulations (such as those seeking to limit or classify TiO2 or its use); The ultimate resolution of pending litigation (such as our lead pigment and environmental matters); and Pending or possible future litigation (such as litigation related to CompX’s use of certain permitted chemicals in its productions process) or other actions. Should one or more of these risks materialize (or if the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise. NL Industries, Inc. is engaged in component products (security products and recreational marine components) and chemicals (TiO2) businesses. Investor Relations Contact Bryan A. Hanley Senior Vice President and Treasurer (972) 233-1700 NL INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except earnings per share) NL INDUSTRIES, INC. COMPONENTS OF INCOME FROM OPERATIONS (In millions) IMPACT OF PERCENTAGE CHANGE IN KRONOS’ NET SALES (unaudited)

Dallas, Texas, March 09, 2026 (GLOBE NEWSWIRE) -- NL Industries, Inc. (NYSE: NL) today reported a net loss attributable to NL stockholders of $31.0 million, or $.63 per share, in the fourth quarter of 2025 compared to net income attributable to NL stockholders of $16.5 million, or $.34 per share, in the fourth quarter of 2024. NL’s results include an unrealized loss of $4.5 million in the fourth quarter of 2025 compared to an unrealized loss $12.0 million in the fourth quarter of 2024 related to the change in value of marketable equity securities. For the full year of 2025, NL reported a net loss attributable to NL stockholders of $37.8 million, or $.77 per share, compared to net income attributable to NL stockholders of $67.2 million, or $1.38 per share for the full year of 2024. NL’s full year results include an unrealized loss of $13.6 million in 2025 compared to an unrealized gain of $9.8 million in 2024 related to the change in value of marketable equity securities. Net loss per share attributable to NL stockholders for the fourth quarter and for the full year of 2025 also includes a loss of $19.7 million (or $.32 per share, net of tax) related to the termination of our U.S. pension plan. Net income per share attributable to NL stockholders for the fourth quarter and for the full year of 2024 includes aggregate income of $31.4 million ($24.8 million, $.51 per share, net of tax) related to an environmental remediation settlement, including income of $21.8 million related to the adjustment of an associated environmental accrual and $9.6 million received from former customers. CompX’s net sales were $37.7 million for the fourth quarter of 2025 compared to $38.4 million in the fourth quarter of 2024 and $158.3 million for the year ended December 31, 2025 compared to $145.9 million for the full year of 2024. Net sales decreased in the fourth quarter of 2025 compared to the same period in 2024 predominantly due to lower Security Products sales to the healthcare market, partially offset by higher Marine Components sales to the industrial market. Net sales increased for the full year of 2025 compared to the same period in 2024 primarily due to higher Security Products sales to the government security market and higher Marine Components sales to various markets including the towboat, government and industrial markets. CompX’s segment profit (a non-GAAP measure defined as gross margin less selling, general and administrative expenses directly attributable to CompX) was $5.6 million for the fourth quarter of 2025 compared to $4.9 million for the fourth quarter of 2024 and $22.6 million for the full year of 2025 compared to $17.0 million for the same prior year period. CompX’s segment profit increased in the fourth quarter of 2025 compared to the same period in 2024 primarily due to higher sales at Marine Components as well as improved gross margins at each of the Security Products and Marine Components reporting units. CompX’s segment profit increased for the full year of 2025 compared to 2024 primarily due to higher sales and improved gross margins at each of the Security Products and Marine Components reporting units. NL recognized equity in losses of Kronos of $25.3 million in the fourth quarter of 2025 compared to equity in losses of $4.0 million in the same period of 2024 and equity in losses of Kronos of $33.9 million in the full year of 2025 compared to equity in earnings of $26.4 million in the full year of 2024. As previously reported, effective July 16, 2024, Kronos acquired the 50% joint venture interest in Louisiana Pigment Company, L.P. (“LPC”) previously held by Venator Investments, Ltd. Prior to the acquisition, Kronos held a 50% joint venture interest in LPC. Following the acquisition, LPC became a wholly-owned subsidiary of Kronos. In 2025, LPC merged into our wholly-owned subsidiary Kronos Louisiana, Inc. The results of operations of LPC have been included in Kronos’ results of operations beginning as of the acquisition date. Kronos’ net income for the full year of 2024 includes the recognition of an aggregate non-cash gain of $64.5 million ($12.3 million or $.25 per share, net of tax, attributable to NL stockholders) associated with the remeasurement of its investment in LPC as a result of the acquisition. Kronos’ net sales of $418.3 million in the fourth quarter of 2025 were $4.8 million, or 1%, lower than in the fourth quarter of 2024. Kronos’ net sales of $1.9 billion for the full year of 2025 were $27.7 million, or 1%, lower than the full year of 2024. Kronos’ net sales decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily due to the net effects of lower average TiO2 selling prices, higher market share gains in its European markets and changes in product mix, primarily due to lower sales volumes in its complementary businesses. Kronos’ net sales decreased for the full year of 2025 compared to the same period in 2024 due to lower average TiO2 selling prices partially offset by higher sales volumes, primarily in its European, North American and Latin American markets. Kronos ended 2025 with average TiO2 selling prices 10% lower than the beginning of the year. Kronos’ average TiO2 selling prices were 8% lower in the fourth quarter of 2025 as compared to the fourth quarter of 2024 and 4% lower for the full year of 2025 as compared to the full year of 2024. Fluctuations in currency exchange rates (primarily the euro) also affected Kronos’ comparisons, increasing net sales by approximately $13 million in the fourth quarter of 2025 and by approximately $24 million in the full year of 2025 as compared to the same prior year periods. The table at the end of this press release shows how each of these items impacted Kronos’ net sales. Kronos’ loss from operations in the fourth quarter of 2025 was $63.1 million as compared to income from operations of $28.6 million in the fourth quarter of 2024. For the full year of 2025, Kronos’ loss from operations was $36.5 million as compared to income from operations of $122.9 million in 2024. Kronos’ income from operations decreased in the fourth quarter of 2025 compared to the fourth quarter of 2024 primarily due to the effects of higher unabsorbed fixed production costs resulting from reduced operating rates at its production facilities, lower average TiO2 selling prices and costs incurred related to workforce reduction initiatives of approximately $10.3 million. Kronos’ cost of sales in the fourth quarter of 2025 includes approximately $54 million of unabsorbed fixed production and other manufacturing costs associated with production curtailments at its facilities. Kronos’s income from operations decreased in the full year of 2025 compared to the full year of 2024 resulting from approximately $111 million of unabsorbed fixed production costs recognized as a result of reduced operating rates at its production facilities, partially offset by lower production costs, primarily raw materials. Kronos operated its production facilities at overall average capacities of 77% of practical capacity utilization in the full year of 2025 (93%, 81%, 80% and 55% in the first, second, third and fourth quarters of 2025, respectively) compared to 96% in the full year of 2024 (87%, 99%, 92% and 97% in the first, second, third and fourth quarters of 2024, respectively). Fluctuations in currency exchange rates (primarily the euro) decreased Kronos’ loss from operations by approximately $3 million in the fourth quarter of 2025 and $8 million for the full year of 2025 as compared to the same prior year periods. NL’s equity in losses of Kronos for the fourth quarter and for the full year of 2025 include a loss of $2.6 million ($2.1 million, or $.04 per share, net of tax) related to Kronos’ recognition of a valuation allowance related to its German interest deduction limitation deferred tax asset, a loss of $2.2 million ($1.7 million, or $.04 per share, net of tax) due to Kronos’ settlement loss related to the termination and buy-out of its U.S. pension plan and a loss of $2.0 million ($1.5 million, or $.03 per share, net of tax) related to Kronos’ restructuring costs related to workforce reductions. In addition, NL’s equity in losses of Kronos for the full year of 2025 includes a loss of $5.9 million ($4.7 million, or $.10 per share, net of tax) related to Kronos’ non-cash deferred income tax expense reflecting the impact of the rate reduction on its net German deferred tax asset. NL’s equity in losses of Kronos for the fourth quarter of 2024 and equity in earnings of Kronos for the full year of 2024 include a loss of $5.1 million ($4.0 million, or $.08 per share, net of tax) related to Kronos’ increased tax expense resulting from final tax regulations on the treatment of certain currency translation gains and losses, which resulted in a non-cash deferred income tax expense and a loss of $2.5 million ($2.0 million, or $.04 per share, net of tax) related to Kronos’ increased tax expense resulting from the recognition of a deferred income tax asset valuation allowance related to its Belgian net deferred tax assets, which resulted in a non-cash deferred income tax expense. Excluding the effects of the environmental remediation settlement in the fourth quarter of 2024 discussed above, corporate expenses in the fourth quarter and for the full year of 2025 were comparable to the same periods of 2024. Interest and dividend income in the fourth quarter and for the full year of 2025 decreased $1.7 million and $4.0 million, respectively, compared to the same periods of 2024 primarily due to lower interest rates and decreased average investment balances. Marketable equity securities represent the change in unrealized gains (losses) on our portfolio of marketable equity securities during the periods. The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Factors that could cause actual future results to differ materially include, but are not limited to: Future supply and demand for our products; Kronos’ ability to realize expected cost savings from strategic and operational initiatives; Kronos’ ability to integrate acquisitions into its operations and realize expected synergies and innovations; The extent of the dependence of certain of our businesses on certain market sectors; The cyclicality of our businesses (such as Kronos’ TiO2 operations); Customer and producer inventory levels; Unexpected or earlier-than-expected industry capacity expansion (such as the TiO2 industry); Changes in raw material and other operating costs (such as energy, ore, zinc, aluminum, steel and brass costs), including as a result of additional or changed tariffs on imported raw materials, and our ability to pass those costs on to our customers or offset them with reductions in other operating costs; Changes in the availability of raw materials (such as ore); General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for TiO2 and our products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises); Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises); Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades, or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders; Competitive products and substitute products; Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements; Customer and competitor strategies; Our ability to retain key customers; Potential consolidation of Kronos’ competitors; Potential consolidation of Kronos’ customers; The impact of pricing and production decisions; Competitive technology positions; Our ability to protect or defend intellectual property rights; Potential difficulties in integrating future acquisitions; The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes; Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies; Decisions to sell operating assets other than in the ordinary course of business; Kronos’ ability to renew or refinance credit facilities or other debt instruments in the future; Changes in interest rates; Kronos’ ability to comply with covenants contained in its revolving bank credit facility; Our ability to maintain sufficient liquidity; The timing and amounts of insurance recoveries; The ability of our subsidiaries or affiliates to pay us dividends; Uncertainties associated with CompX’s development of new products and product features; The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform; Our ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria; Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities or new developments regarding environmental remediation or decommissioning obligations at sites related to our former operations); Government laws and regulations and possible changes therein (such as changes in government regulations which might impose various obligations on former manufacturers of lead pigment and lead-based paint, including us, with respect to asserted health concerns associated with the use of such products), including new environmental, sustainability, health and safety or other regulations (such as those seeking to limit or classify TiO2 or its use); The ultimate resolution of pending litigation (such as our lead pigment and environmental matters); and Pending or possible future litigation (such as litigation related to CompX’s use of certain permitted chemicals in its productions process) or other actions. Should one or more of these risks materialize (or if the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise. NL Industries, Inc. is engaged in component products (security products and recreational marine components) and chemicals (TiO2) businesses. Investor Relations Contact Bryan A. Hanley Senior Vice President and Treasurer (972) 233-1700 NL INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except earnings per share) NL INDUSTRIES, INC. COMPONENTS OF INCOME FROM OPERATIONS (In millions) CHANGE IN KRONOS’ NET SALES (unaudited)