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Here are a few analogies for NL Industries:

• For its manufacturing operations: Imagine a specialized industrial components maker, like a focused ITT Inc. or 3M, but specifically for locks and performance boat parts.
• For its insurance services: It also operates an insurance brokerage business, similar to a smaller Marsh & McLennan or Aon.

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• Locks and Locking Mechanisms: Manufactures and sells a variety of mechanical and electronic cabinet locks and other locking mechanisms for diverse applications.
• Performance Marine Products: Produces components for performance and ski/wakeboard boats, including exhaust systems, gauges, controls, wake enhancement devices, and various accessories.
• Insurance Brokerage and Risk Management Services: Provides professional services for insurance brokering and risk management.

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• Original Equipment Manufacturers (OEMs): These are companies that integrate NL Industries' components into their own products. The range of OEMs served is diverse, including manufacturers in sectors such as:
  • Security and Storage: Manufacturers of ignition systems, mailboxes, file cabinets, desk drawers, tool storage cabinets, integrated inventory and access control secured narcotics boxes, vending and cash containment machines, medical cabinetry, electronic circuit panels, storage compartments, and gas station security systems, all utilizing NL's various locking mechanisms.
  • Marine Industry: Manufacturers of performance and ski/wakeboard boats, for which NL supplies stainless steel exhaust headers, exhaust pipes, mufflers, gauges (GPS speedometers, tachometers), mechanical and electronic controls and throttles, wake enhancement devices, trim tabs, steering wheels, billet aluminum accessories, grab handles, pin cleats, dash panels, LED indicators, and wire harnesses.
• Distributors: NL Industries sells its component products through distributors, who then supply the products to other businesses or the aftermarket.

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Courtney J. Riley, President and Chief Executive Officer

Ms. Riley has served as NL Industries' Chief Executive Officer since 2021 and as President since 2017. She also holds the positions of Executive Vice President of Valhi, Inc. and Senior Vice President of Contran. Prior to her current roles, she served as Executive Vice President, Chief Transformation Officer at Kronos Worldwide (since 2022), and held various legal and environmental affairs roles with Contran-related companies since 2009. Ms. Riley possesses extensive experience in industrial management and business development and received her law degree from Southern Methodist University Law School.

Amy Allbach Samford, Executive Vice President and Chief Financial Officer

Ms. Samford has been the Executive Vice President and Chief Financial Officer of NL Industries since 2019, becoming an Executive Vice President in 2022. Her responsibilities extend to also serving as CFO and Executive Vice President for Contran Corp., Kronos Worldwide, Inc., Valhi, Inc., and CompX International, Inc. She has held various accounting and financial positions, including officer roles, within Contran-related companies since 2006.

Andrew B. Nace, Executive Vice President

Mr. Nace serves as an Executive Vice President at NL Industries. He is also a Director, Executive Vice President, and General Counsel at Contran Corp., and an Executive Vice President at Kronos Worldwide, Inc., Valhi, Inc., and CompX International, Inc. His prior experience includes serving as Vice President and General Counsel at Software Spectrum, Inc. from 1998 to 2003, and at Titanium Metals Corp. from 2009 to 2012.

Bryan A. Hanley, Senior Vice President and Treasurer

Mr. Hanley has been the Senior Vice President of NL Industries since 2022 and its Treasurer since 2017. He concurrently holds the titles of Senior Vice President and Treasurer at Kronos Worldwide, Valhi, and CompX, and Vice President and Treasurer at Contran. Before these roles, he was the Assistant Treasurer and Director, Investor Relations at Pier 1 Imports from 2013 to 2017, and Assistant Treasurer from 2010 to 2013.

John R. Powers, III, Senior Vice President and General Counsel

Mr. Powers has served as Senior Vice President of NL Industries since 2022 and as its General Counsel since 2017. He previously held the position of Vice President from 2017 to 2022. His background includes serving in legal positions with various companies related to NL Industries and Contran since 2011.

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Key Risks to NL Industries (NL)

• Economic Sensitivity and Cyclicality of End Markets: NL Industries' product portfolio, particularly its extensive range of components for performance and ski/wakeboard boats, makes the company highly susceptible to economic downturns and fluctuations in consumer discretionary spending. Demand for marine recreational products is notably cyclical. Similarly, the demand for locking mechanisms used in office furniture and other capital expenditure-driven applications can fluctuate with the overall economic health, directly impacting the company's sales and profitability.
• Technological Obsolescence and Innovation Demands: In the security industry, where NL Industries operates with its mechanical and electronic locks (including CompX eLock and StealthLock electronic locks), rapid technological advancements are constant. The company faces the risk that its current security solutions could become obsolete if it fails to continuously innovate and adapt to evolving security threats, customer demands for sophisticated features, and new industry standards. A similar risk exists for its electronic marine gauges and controls, where technology also progresses rapidly.
• Intense Competition and Pricing Pressures: As a manufacturer of component products sold to original equipment manufacturers (OEMs) and through distributors, NL Industries likely operates in competitive markets. The presence of numerous competitors, potential new market entrants, and the continuous pressure from OEMs to reduce costs could lead to pricing pressures, reduced profit margins, or loss of market share if NL Industries cannot effectively differentiate its products or maintain cost efficiencies.

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The electrification of marine vessels poses a clear emerging threat to NL Industries' component products segment focused on performance and ski/wakeboard boats. As the marine industry shifts towards electric propulsion systems, the demand for traditional internal combustion engine components such as exhaust headers, exhaust pipes, and mufflers, which constitute a significant part of NL's offerings, would diminish, potentially rendering these product lines obsolete.

Digital disruption and the rise of Insurtech companies threaten NL Industries' insurance brokerage and risk management services. These emerging technology-driven platforms leverage advanced analytics, artificial intelligence, and new distribution channels to offer more efficient, personalized, and often direct-to-consumer insurance solutions, potentially bypassing traditional brokerage models and reducing the need for intermediary services.

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NL Industries, Inc., through its subsidiaries, operates in several distinct markets, including component products like locks and marine accessories, and insurance brokerage services. The addressable market sizes for their main products and services are outlined below:

Locks and Locking Mechanisms

NL Industries manufactures and sells mechanical and electronic cabinet locks and other locking mechanisms. The global market for these products demonstrates significant size and growth:

• The global cabinet lock market was valued at approximately USD 1.2 billion in 2023 and is projected to reach around USD 2.1 billion by 2032, with a compound annual growth rate (CAGR) of 6.8%. Other estimates place the global cabinet lock market size at USD 1.70 billion in 2024, expected to reach USD 4.16 billion by 2032.
• The broader global furniture lock market was valued at USD 1,862.16 million (approximately $1.86 billion) in 2026 and is expected to reach USD 2,696.66 million (approximately $2.70 billion) by 2035, growing at a CAGR of 4.2%. This market encompasses over 220 million units of locks sold annually across residential, commercial, and institutional applications.
• For electronic locks specifically, the global market is expected to reach nearly USD 1,528.27 million (approximately $1.53 billion) by 2030, with a CAGR of 12.2%. Another projection indicates the electronic locks market size is forecast to reach $2.19 billion by 2030, growing at a CAGR of 19.2% during 2024-2030.

Marine Exhaust and Accessory Components

The company provides various components and accessories primarily for performance and ski/wakeboard boats, including exhaust components, gauges, controls, wake enhancement devices, and steering wheels. These products fall under the recreational boat parts and accessories market:

• The global recreational boat parts and accessories market is projected to reach USD 23.45 billion by 2034, exhibiting a CAGR of 3.47% during the forecast period (2025-2034).
• More broadly, the global watercraft accessories market was valued at USD 8.2 billion in 2023 and is projected to reach approximately USD 12.9 billion by 2032, growing at a CAGR of 5.1%. Other sources estimate the watercraft accessories market at USD 8.44 billion in 2025, increasing to USD 12.59 billion by 2032, with a CAGR of 5.9%.
• North America dominates the recreational boat parts and accessories market, accounting for approximately 45% of the global share.

Insurance Brokerage and Risk Management Services

NL Industries also offers insurance brokerage and risk management services:

• The global insurance broker and agents market size was valued at around USD 291.93 billion in 2024 and is projected to reach USD 685.39 billion by 2034, with a CAGR of approximately 8.2% between 2025 and 2034.
• The global insurance brokerage market was valued at USD 259.7 billion in 2022 and is projected to reach USD 628.3 billion by 2032, growing at a CAGR of 9.3% from 2023 to 2032.
• North America held a significant share of 39% in the insurance brokerage industry in 2022. The North American insurance brokerage market dominated the global industry in 2023, accounting for 30.50% of the global revenue. The U.S. insurance brokerage market was valued at USD 112.54 billion in 2025E and is expected to reach USD 228.09 billion by 2033, growing at a CAGR of 9.27% from 2026-2033.

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NL Industries, Inc., through its subsidiary CompX International Inc., is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion into High-Growth Electronic Security Markets: CompX International is investing in research and development to create advanced electronic security solutions, capitalizing on market trends such as smart-locker adoption and last-mile delivery. The company aims to expand its access-control offerings, particularly for international healthcare facilities, and target sectors like government security contracts and smart-city logistics.
2. Increased Sales to Government and Industrial Sectors: CompX anticipates higher sales in its Security Products segment, driven notably by the government security market. Within its Marine Components segment, growth is expected to be propelled by the industrial market, alongside a stabilization of demand in the recreational marine market.
3. Introduction of New Products and Subscription Services: The company is focusing on evolving from mechanical to electronic solutions, including the launch of subscription software updates for electronic locks in early 2025. This initiative is designed to enhance customer lifetime value and secure recurring revenue streams.
4. Strengthening OEM Partnerships and Direct Sales Channels: CompX employs a dual sales approach, engaging directly with Original Equipment Manufacturers (OEMs) and leveraging distributors to broaden its market presence. A key strategy involves co-engineering components to embed CompX products deeply within customer supply chains, thereby increasing switching costs and ensuring more predictable revenue.

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Share Issuance

• In 2024, NL Industries issued common stock, which resulted in an increase in additional paid-in capital.
• The number of shares outstanding remained relatively stable, with 48,863,000 shares reported at the end of 2025 and as of March 2026.

Outbound Investments

• Kronos Worldwide, Inc., in which NL Industries holds a significant interest, acquired the remaining 50% interest in Louisiana Pigment Company, L.P. on July 16, 2024, making it a wholly-owned subsidiary.

Capital Expenditures

• NL Industries' capital expenditures for the last five years were: -$3.7 million in 2025, -$1.4 million in 2024, -$1.8 million in 2023, -$1.3 million in 2022, and -$1.1 million in 2021.