Dallas, Texas, Feb. 10, 2026 (GLOBE NEWSWIRE) -- NL Industries, Inc. (NYSE: NL) today announced that, subject to the completion of year-end closing procedures, it expects to report fourth quarter 2025 earnings in a press release after market close on Monday, March 9, 2026. NL Industries, Inc. is engaged in the component products (security products and recreational marine components) and chemicals (TiO2) businesses. * * * * * Investor Relations Contact Bryan A. HanleySenior Vice President and TreasurerTel. ...

Core Viewpoint - NL Industries, Inc. shares have decreased approximately 18% since the last analysis in July 2025, when they were trading at around $6.70 [1] Company Analysis - The company is categorized as an industrial holding company [1] - The investment strategy focuses on acquiring undervalued profitable stocks with strong balance sheets and minimal debt [1] Investment Strategy - The approach includes writing calls against positions to generate additional income when opportunities arise [1] - Risk management is emphasized through position sizing and the use of trailing stop losses over time [1]

Financial Performance - NL Industries reported a net loss attributable to stockholders of $7.8 million, or $0.16 per share, in Q3 2025, compared to a net income of $36.0 million, or $0.74 per share, in Q3 2024[2]. - For the first nine months of 2025, NL Industries reported a net loss of $6.8 million, or $0.14 per share, compared to a net income of $50.7 million, or $1.04 per share, for the same period in 2024[2]. - Kronos' net sales decreased by $27.8 million, or 6%, to $456.9 million in Q3 2025 compared to Q3 2024, and by $22.9 million, or 2%, to $1.4 billion for the first nine months of 2025 compared to the same period in 2024[5]. - Kronos' loss from operations in Q3 2025 was $19.2 million, down from an income of $38.9 million in Q3 2024, and for the first nine months of 2025, income from operations was $26.6 million compared to $94.3 million in the same period of 2024[6]. - Net sales for the three months ended September 30, 2024, were $33.6 million, a decrease of 16% compared to $40.0 million in 2025[19]. - Total net sales decreased by 6% for the three months ended September 30, 2025, compared to the same period in 2024[23]. - Income from operations for the nine months ended September 30, 2024, was $4.2 million, compared to $7.8 million in 2025[21]. - Income (loss) before income taxes for the three months ended September 30, 2024, was $44.8 million, compared to a loss of $8.2 million in 2025[19]. Operational Challenges - Kronos experienced a decline in average TiO2 selling prices, which were 7% lower in Q3 2025 compared to Q3 2024 and 2% lower in the first nine months of 2025 compared to the same period in 2024[5]. - Unabsorbed fixed production costs for Kronos in Q3 2025 were approximately $27 million, contributing to the decrease in income from operations[8]. - Corporate expenses increased by $0.7 million in Q3 2025 compared to Q3 2024, primarily due to higher litigation fees[9]. - Kronos' average capacity utilization was 85% in the first nine months of 2025, down from 93% in the same period of 2024[8]. - The percentage change in net sales for TiO2 sales volume was down 3% for the three months ended September 30, 2025, compared to 2024[23]. Equity and Investments - NL recognized equity in losses of Kronos amounting to $11.3 million in Q3 2025, compared to equity in earnings of $21.9 million in Q3 2024[4]. - Interest and dividend income for the three months ended September 30, 2024, was $2.7 million, compared to $2.1 million in 2025[19]. - The weighted average shares used in the calculation of net income per share were 48.8 million for both the three and nine months ended September 30, 2024, and 2025[19]. Risks and Uncertainties - The company faces substantial risks and uncertainties that could impact future results, including supply and demand fluctuations, geopolitical tensions, and changes in raw material costs[12].

Financial Performance - Net loss attributable to NL stockholders was $7.8 million, or $0.16 per share, in Q3 2025, compared to net income of $36.0 million, or $0.74 per share, in Q3 2024, indicating a significant decline in earnings [88]. - For the first nine months of 2025, net loss attributable to NL stockholders was $6.8 million, or $0.14 per share, compared to net income of $50.7 million, or $1.04 per share, in the same period of 2024 [89]. - Interest and dividend income decreased to $2.1 million in Q3 2025 from $2.7 million in Q3 2024, a decline of 24% [94]. - Corporate expenses increased to $3.0 million in Q3 2025, a 21% rise from $2.3 million in Q3 2024 [92]. - Selling, general and administrative expenses for Q3 2025 were $6.2 million, unchanged from Q3 2024, but increased by $0.9 million (5%) for the first nine months due to higher employee-related costs [100]. - Income from operations decreased by $67.7 million to $26.6 million in the first nine months of 2025 compared to $94.3 million in the same period of 2024, influenced by factors impacting gross margin [144]. Segment Performance - CompX segment profit increased to $4.8 million in Q3 2025, a 42% increase from $3.3 million in Q3 2024, driven by higher sales and gross margin [96]. - CompX segment profit for the first nine months of 2025 was $17.0 million, up 40% from $12.1 million in the same period of 2024 [96]. - CompX's net sales increased by $6.4 million (19%) in Q3 2025 and $13.1 million (12%) for the first nine months compared to the same periods in 2024, driven by higher sales in Security Products and Marine Components [98]. - Security Products net sales rose by 14% in Q3 2025 and 8% for the first nine months, primarily due to increased sales to the government security market [104]. - Marine Components net sales surged by 36% in Q3 2025 and 29% for the first nine months, driven by higher sales to the industrial and government markets [107]. Market Conditions - The company faces substantial risks and uncertainties that could materially impact future results, including supply and demand fluctuations and changes in raw material costs [83]. - Kronos expects fourth quarter operating results to be lower than the third quarter due to weaker demand and pricing pressure, projecting lower full-year results for 2025 compared to 2024 [163]. - Kronos anticipates that pricing pressures will continue through 2025, with expectations for pricing upside in 2026 due to capacity reductions and anti-dumping duties [163]. - The TiO2 market has seen significant capacity reductions, which Kronos believes may provide opportunities for market share gains, particularly in Europe [161]. Costs and Expenses - Cost of sales increased by $26.4 million, or 7%, in Q3 2025 compared to Q3 2024, primarily due to unfavorable fixed cost absorption and higher inventory costs [135]. - Gross margin as a percentage of net sales decreased to 10% in Q3 2025 from 21% in Q3 2024, primarily due to lower average TiO2 selling prices [137]. - Kronos' cost of sales increased by $33.4 million, or 3%, in the first nine months of 2025 compared to the same period in 2024, primarily due to approximately $45 million in additional unabsorbed fixed production costs [138]. - The cost of sales as a percentage of net sales rose to 85% in the first nine months of 2025 from 81% in the same period of 2024, mainly due to unfavorable fixed cost absorption [139]. - Gross margin as a percentage of net sales decreased to 15% in the first nine months of 2025 from 19% in the first nine months of 2024, attributed to lower fixed cost absorption and lower average selling prices [140]. Cash Flow and Liquidity - Net cash used in operating activities was $32.3 million in the first nine months of 2025, compared to net cash provided of $16.6 million in the same period of 2024 [169]. - The company increased its maximum borrowings under its credit facility from $300 million to $350 million to enhance liquidity [165]. - Kronos' total cash and cash equivalents stood at $123.6 million as of September 30, 2025, with $70.2 million outstanding on its revolving credit facility [184]. - The company expects sufficient liquidity to meet short-term obligations of $50 million and long-term obligations through 2030, with $49.5 million available for future borrowing as of September 30, 2025 [188]. Strategic Initiatives - The company is implementing targeted workforce reductions to improve its long-term cost structure, expecting a more significant financial impact than previous reductions [162]. - Kronos acquired full control of LPC in July 2024, aiming to enhance its product offerings and realize significant synergies, although short-term impacts are limited by soft demand [164]. - The company plans to evaluate acquisitions of undervalued companies and may consider issuing additional equity securities and increasing indebtedness in the future [187]. Risks and Legal Matters - The company is subject to various legal proceedings and proposed legislation that could affect its financial position, although no material adverse effects are expected at this time [196]. - The company remains exposed to market risks, including currency exchange rates and interest rates, with no material changes since the 2024 Annual Report [200].

NL Industries, Inc. Financial Performance - NL Industries reported a net loss of $7.8 million, or $0.16 per share, in Q3 2025, a significant decline from a net income of $36.0 million, or $0.74 per share, in Q3 2024 [1] - For the first nine months of 2025, NL Industries experienced a net loss of $6.8 million, or $0.14 per share, compared to a net income of $50.7 million, or $1.04 per share, in the same period of 2024 [1] - The results included an unrealized loss of $0.5 million in Q3 2025 related to marketable equity securities, contrasting with an unrealized gain of $18.6 million in Q3 2024 [1] Kronos Worldwide, Inc. Performance - Kronos reported net sales of $456.9 million in Q3 2025, a decrease of $27.8 million, or 6%, compared to Q3 2024 [4] - For the first nine months of 2025, Kronos' net sales totaled $1.4 billion, down $22.9 million, or 2%, from the same period in 2024 [4] - The decline in sales was primarily due to lower average TiO2 selling prices and reduced sales volumes in European and export markets, partially offset by higher sales volumes in North America [4] Kronos' Income from Operations - Kronos reported a loss from operations of $19.2 million in Q3 2025, compared to income of $38.9 million in Q3 2024 [5] - For the first nine months of 2025, Kronos' income from operations was $26.6 million, down from $94.3 million in the same period of 2024 [5] - The decrease in income from operations was attributed to unfavorable fixed cost absorption due to reduced operating rates and higher inventory costs [5][6] CompX Financial Performance - CompX's net sales increased to $40.0 million in Q3 2025 from $33.6 million in Q3 2024, and for the first nine months of 2025, sales rose to $120.6 million from $107.5 million in the same period of 2024 [2] - The increase in sales was driven by higher Security Products sales to the government security market and increased Marine Components sales [2] - CompX's segment profit rose to $4.8 million in Q3 2025 from $3.3 million in Q3 2024, and for the first nine months, it increased to $17.0 million from $12.1 million [2] Market Conditions Impacting Kronos - Kronos faced unprecedented global uncertainty affecting the TiO2 industry, including U.S. trade policies and geopolitical tensions, which prolonged market downturns [4] - Average TiO2 selling prices started 2025 at 2% higher than the beginning of 2024 but declined by 6% during the first nine months of 2025 [4] - Currency fluctuations, particularly with the euro, impacted Kronos' net sales, increasing them by approximately $14 million in Q3 2025 [4]

Core Points - NL Industries, Inc. has declared a quarterly dividend of nine cents ($0.09) per share on its common stock [1] - The dividend is payable on December 16, 2025, to shareholders of record at the close of business on November 21, 2025 [1] - NL Industries operates in the component products sector, specifically in security products and recreational marine components, as well as in the chemicals sector focusing on TiO2 [1]

Core Viewpoint - NL Industries, Inc. is set to announce its third quarter 2025 earnings on November 6, 2025, after market close, pending the completion of quarter-end closing procedures [1] Company Overview - NL Industries, Inc. operates in two primary business segments: component products, which include security products and recreational marine components, and chemicals, specifically titanium dioxide (TiO2) [1]

Core Insights - NL Industries reported a significant decline in GAAP net profit for Q2 2025, primarily due to challenges in the Kronos Worldwide chemical segment, despite growth in the CompX components business [1][2][3] Financial Performance - GAAP earnings per share (EPS) for Q2 2025 were $0.01, missing analyst estimates of $0.19 and down from $0.16 in Q2 2024, representing a 93.8% year-over-year decline [2][1] - Net income attributable to NL stockholders fell to $0.3 million from $7.9 million in Q2 2024, marking a 96.2% decrease [2][1] - Income from operations increased to $2.8 million from $0.8 million in Q2 2024, reflecting a 250% improvement [2] - Kronos' net sales decreased by 1% year-over-year, totaling $494.4 million in Q2 2025, driven by lower TiO2 selling prices and reduced export sales volumes [5][2] Segment Analysis - Kronos Worldwide, the primary value driver for NL Industries, experienced a significant operational downturn, with an equity loss of $2.8 million compared to a profit of $6.0 million in Q2 2024 [7][1] - CompX reported a strong performance with net sales rising 12.3% to $40.3 million, and segment profit increasing from $5.1 million to $6.3 million, driven by higher sales in government security and marine markets [9][1] Market Conditions - Demand for titanium dioxide (TiO2) has softened due to global uncertainties, including U.S. trade policies and geopolitical tensions, leading to cautious inventory management by customers [4][11] - Average TiO2 selling prices declined by 4% in the first half of 2025, with a 1% decrease noted in Q2 2025 compared to Q2 2024 [10][11] Operational Factors - Kronos operated at 81% capacity in Q2 2025, down from 99% in Q2 2024, resulting in $20 million of unabsorbed fixed costs due to reduced utilization rates [6][11] - CompX's growth was supported by strong demand in security products and marine hardware, with improved gross margins across product lines [9][11] Strategic Outlook - NL Industries did not provide forward guidance for upcoming quarters, citing ongoing risks related to market conditions and raw material costs [13][14] - Investors are advised to monitor trends in TiO2 demand, pricing, and capacity utilization, as well as the integration of the Louisiana Pigment Company [14][13]

[Executive Summary](index=1&type=section&id=Executive%20Summary) [NL Industries Consolidated Financial Performance](index=1&type=section&id=NL%20Industries%20Consolidated%20Financial%20Performance) NL Industries reported a significant decrease in net income attributable to stockholders for both the second quarter and first six months of 2025 compared to 2024, primarily driven by an unrealized loss on marketable equity securities and a shift from equity in Kronos earnings to losses NL Industries Consolidated Financial Highlights | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :-------------------------------------- | :----------- | :----------- | :----------- | :----------- | | Net Income Attributable to NL Stockholders | 7.9 | 0.3 | 14.7 | 1.0 | | Net Income per Share (EPS) | 0.16 | 0.01 | 0.30 | 0.02 | | Marketable Equity Securities (Unrealized Gain/Loss) | 0.8 | (0.1) | 3.2 | (8.6) | | Equity in Kronos Earnings (Losses) | 6.0 | (2.8) | 8.5 | 2.7 | [Segment Performance Overview](index=1&type=section&id=Segment%20Performance%20Overview) CompX demonstrated strong growth in both net sales and segment profit for Q2 and H1 2025, while Kronos experienced a slight decrease in Q2 net sales but a slight increase for H1, with its income from operations significantly declining in both periods - CompX's net sales increased to **$40.3 million** in Q2 2025 (from $35.9M in Q2 2024) and **$80.6 million** in H1 2025 (from $73.9M in H1 2024), driven by higher Security Products and Marine Components sales[3](index=3&type=chunk) - Kronos's net sales were **$494.4 million** in Q2 2025 (1% lower YoY) and **$984.2 million** in H1 2025 (1% higher YoY)[5](index=5&type=chunk) - Kronos's income from operations significantly decreased to **$7.4 million** in Q2 2025 (from $35.9M in Q2 2024) and **$45.8 million** in H1 2025 (from $55.4M in H1 2024)[6](index=6&type=chunk) [Detailed Segment Performance](index=1&type=section&id=Detailed%20Segment%20Performance) [CompX Segment Performance](index=1&type=section&id=CompX%20Segment%20Performance) CompX achieved robust growth in both net sales and segment profit for the second quarter and first six months of 2025, primarily attributed to increased sales in Security Products and Marine Components, coupled with improved gross margins across both segments CompX Segment Financials | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :--------------- | :----------- | :----------- | :----------- | :----------- | | Net Sales | 35.9 | 40.3 | 73.9 | 80.6 | | Segment Profit | 5.1 | 6.3 | 8.8 | 12.2 | - The increase in sales for both periods is due to higher Security Products sales primarily to the government security market and higher Marine Components sales primarily to the government and towboat markets[3](index=3&type=chunk) - CompX's segment profit increased due to higher sales and gross margin at each of the Security Products and Marine Components segments[3](index=3&type=chunk) [Kronos Worldwide, Inc. Performance](index=1&type=section&id=Kronos%20Worldwide%2C%20Inc.%20Performance) Kronos's financial performance was mixed, with a slight decrease in Q2 2025 net sales but a slight increase for H1 2025, while income from operations significantly declined in both periods, impacted by lower TiO2 selling prices, unfavorable fixed cost absorption, and higher production costs, with the acquisition of the remaining 50% interest in Louisiana Pigment Company, L.P. in July 2024 also noted Kronos Key Financials | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :----------------------- | :----------- | :----------- | :----------- | :----------- | | Net Sales | 500.5 | 494.4 | 979.3 | 984.2 | | Income from Operations | 35.9 | 7.4 | 55.4 | 45.8 | - Effective July 16, 2024, Kronos acquired the remaining 50% joint venture interest in Louisiana Pigment Company, L.P. (LPC), making LPC a wholly-owned subsidiary[4](index=4&type=chunk) [Kronos Net Sales Analysis](index=1&type=section&id=Kronos%20Net%20Sales%20Analysis) Kronos's Q2 2025 net sales decreased by 1% year-over-year, primarily due to lower average TiO2 selling prices, changes in product mix, and reduced sales volumes in export markets, partially offset by higher North American sales volumes, while H1 2025 net sales increased by 1% year-over-year, driven by higher sales volumes in North American and European markets, despite lower export volumes and product mix changes, with currency exchange rates also influencing comparisons Change in Kronos' Net Sales (YoY Percentage) | Factor | Q2 2025 vs. 2024 | H1 2025 vs. 2024 | | :-------------------------- | :--------------- | :--------------- | | TiO2 sales volume | (1)% | 2% | | TiO2 product pricing | (1)% | — | | Product mix/other TiO2 | (1)% | (1)% | | Changes in currency exchange rates | 2% | — | | **Total** | **(1)%** | **1%** | - Kronos's average TiO2 selling prices declined **4%** during the first six months of 2025, with Q2 2025 prices **1%** lower YoY[5](index=5&type=chunk) - The TiO2 market in H1 2025 was impacted by global uncertainty related to U.S. trade policies, geopolitical tensions, and customer hesitancy to build inventories, deferring anticipated market recovery[5](index=5&type=chunk) [Kronos Income from Operations Analysis](index=1&type=section&id=Kronos%20Income%20from%20Operations%20Analysis) Kronos's income from operations significantly decreased in both Q2 and H1 2025, with the Q2 decline primarily due to unfavorable fixed cost absorption from reduced operating rates, higher cost inventory, and currency fluctuations, and the H1 decline also attributed to additional unabsorbed fixed production costs and higher raw material costs, despite a 2% increase in TiO2 sales volumes Kronos Income from Operations | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :----------------------- | :----------- | :----------- | :----------- | :----------- | | Income from Operations | 35.9 | 7.4 | 55.4 | 45.8 | - Q2 2025 decrease primarily due to unfavorable fixed cost absorption from reduced operating rates, higher cost inventory produced in Q1, and currency fluctuations (primarily the euro)[7](index=7&type=chunk)[8](index=8&type=chunk) - H1 2025 decrease primarily due to approximately **$18 million** in additional unabsorbed fixed production costs and higher production costs (primarily raw materials)[8](index=8&type=chunk) - Currency exchange rates (primarily the euro) increased Kronos's income from operations by approximately **$14 million** in Q2 2025 and **$9 million** in H1 2025[8](index=8&type=chunk) [Kronos Operational Factors](index=2&type=section&id=Kronos%20Operational%20Factors) Kronos incurred approximately $20 million in unabsorbed fixed production costs in Q2 2025 and $18 million in H1 2025 due to operating its production facilities at reduced rates, with overall average capacity utilization for H1 2025 at 87%, a decrease from 93% in H1 2024, and prior year periods included charges related to workforce reductions and accelerated depreciation from the closure of a sulfate process line Kronos Unabsorbed Fixed Production Costs | Period | Unabsorbed Fixed Production Costs ($M) | | :----- | :------------------------------------- | | Q2 2025 | ~20 | | H1 2025 | ~18 | Kronos Capacity Utilization Rates | Period | Average Capacity Utilization | | :----- | :--------------------------- | | H1 2025 | 87% | | Q1 2025 | 93% | | Q2 2025 | 81% | | H1 2024 | 93% | | Q1 2024 | 87% | | Q2 2024 | 99% | - Kronos's income from operations in both Q2 and H1 2024 included a charge of approximately **$2 million** related to workforce reductions and approximately **$10 million** in non-cash charges primarily related to accelerated depreciation from the closure of its sulfate process line in Canada[8](index=8&type=chunk) [Other Financial Items & Corporate](index=3&type=section&id=Other%20Financial%20Items%20%26%20Corporate) [Corporate Expenses and Other Income/Expense](index=3&type=section&id=Corporate%20Expenses%20and%20Other%20Income%2FExpense) Corporate expenses decreased in both Q2 and H1 2025, primarily due to lower litigation fees and environmental remediation costs, while interest and dividend income also declined due to lower average interest rates and decreased cash balances, and the company recorded an unrealized loss on marketable equity securities in 2025, contrasting with gains in 2024 Corporate Expenses and Other Income/Expense | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :------------------------------ | :----------- | :----------- | :----------- | :----------- | | Corporate Expense | 4.3 | 3.5 | 6.7 | 6.2 | | Interest and Dividend Income | 2.6 | 1.5 | 5.2 | 3.5 | | Marketable Equity Securities (Unrealized Gain/Loss) | 0.8 | (0.1) | 3.2 | (8.6) | - Corporate expenses decreased primarily due to lower litigation fees and related costs and lower environmental remediation and related costs[9](index=9&type=chunk) - Net income attributable to NL stockholders for H1 2024 included a loss of **$0.3 million** due to Kronos's recognition of an aggregate charge related to a write-off of deferred financing costs[10](index=10&type=chunk) [Business Overview & Forward-Looking Statements](index=3&type=section&id=Business%20Overview%20%26%20Forward-Looking%20Statements) [Business Description](index=6&type=section&id=Business%20Description) NL Industries, Inc. operates in two primary business segments: component products, which include security products and recreational marine components, and chemicals, specifically Titanium Dioxide (TiO2) - NL Industries, Inc. is engaged in component products (security products and recreational marine components) and chemicals (TiO2) businesses[14](index=14&type=chunk) [Forward-Looking Statements and Risk Factors](index=3&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) The report contains forward-looking statements that are subject to substantial risks and uncertainties, which could cause actual future results to differ materially from expectations, with key risk factors including market supply and demand, Kronos's ability to achieve cost savings and integrate acquisitions, business cyclicality, raw material costs, global economic and political conditions, operating interruptions, technology disruptions, competition, currency fluctuations, and various legal, environmental, and regulatory matters - Statements in this release that are not historical facts are forward-looking and involve substantial risks and uncertainties that could significantly impact expected results[11](index=11&type=chunk) - Key risk factors include future supply and demand for products, Kronos's ability to realize cost savings and integrate acquisitions (like LPC), cyclicality of businesses (e.g., Kronos's TiO2 operations), changes in raw material and operating costs, global economic and political conditions, operating interruptions, technology-related disruptions, competitive pressures, currency exchange rate fluctuations, and various legal and environmental matters[11](index=11&type=chunk)[12](index=12&type=chunk)[15](index=15&type=chunk) - The company disclaims any intention or obligation to update or revise any forward-looking statement[13](index=13&type=chunk) [Financial Statements](index=7&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section presents the unaudited condensed consolidated statements of income for NL Industries, Inc. for the three and six months ended June 30, 2025, and 2024, detailing net sales, cost of sales, gross margin, various expenses, income from operations, equity in Kronos, other income/expense items, net income, and earnings per share NL INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :-------------------------------------- | :----------- | :----------- | :----------- | :----------- | | Net sales | 35.9 | 40.3 | 73.9 | 80.6 | | Cost of sales | 24.8 | 27.4 | 53.1 | 55.5 | | Gross margin | 11.1 | 12.9 | 20.8 | 25.1 | | Selling, general and administrative expense | 6.0 | 6.6 | 12.0 | 12.9 | | Corporate expense | 4.3 | 3.5 | 6.7 | 6.2 | | Income from operations | 0.8 | 2.8 | 2.1 | 6.0 | | Equity in earnings (losses) of Kronos Worldwide, Inc. | 6.0 | (2.8) | 8.5 | 2.7 | | Interest and dividend income | 2.6 | 1.5 | 5.2 | 3.5 | | Marketable equity securities | 0.8 | (0.1) | 3.2 | (8.6) | | Income before income taxes | 9.8 | 1.0 | 18.1 | 2.3 | | Income tax expense | 1.3 | — | 2.3 | — | | Net income | 8.5 | 1.0 | 15.8 | 2.3 | | Net income attributable to NL stockholders | 7.9 | 0.3 | 14.7 | 1.0 | | Net income per share attributable to NL stockholders | 0.16 | 0.01 | 0.30 | 0.02 | [Components of Income from Operations](index=8&type=section&id=Components%20of%20Income%20from%20Operations) This table details the breakdown of NL Industries' consolidated income from operations, showing the contributions from CompX segment profit and the impact of Corporate expense for the three and six months ended June 30, 2025, and 2024 NL INDUSTRIES, INC. COMPONENTS OF INCOME FROM OPERATIONS | Metric | Q2 2024 ($M) | Q2 2025 ($M) | H1 2024 ($M) | H1 2025 ($M) | | :---------------------- | :----------- | :----------- | :----------- | :----------- | | CompX segment profit | 5.1 | 6.3 | 8.8 | 12.2 | | Corporate expense | (4.3) | (3.5) | (6.7) | (6.2) | | Income from operations | 0.8 | 2.8 | 2.1 | 6.0 | [Change in Kronos' Net Sales](index=8&type=section&id=Change%20in%20Kronos'%20Net%20Sales) This table provides a detailed analysis of the percentage change in Kronos's net sales for the three and six months ended June 30, 2025, compared to the prior year, attributing changes to specific factors such as TiO2 sales volume, product pricing, product mix, and currency exchange rates CHANGE IN KRONOS' NET SALES (YoY Percentage) | Factor | Q2 2025 vs. 2024 | H1 2025 vs. 2024 | | :-------------------------- | :--------------- | :--------------- | | TiO2 sales volume | (1)% | 2% | | TiO2 product pricing | (1)% | — | | Product mix/other TiO2 | (1)% | (1)% | | Changes in currency exchange rates | 2% | — | | **Total** | **(1)%** | **1%** |

Core Points - NL Industries, Inc. has declared a special cash dividend of $0.21 per share and a quarterly dividend of $0.09 per share [1] - The special dividend will be funded from excess cash flows and is payable on August 28, 2025, to shareholders of record as of August 18, 2025 [1] - The quarterly dividend is payable on September 23, 2025, to shareholders of record as of September 5, 2025 [1] Company Overview - NL Industries, Inc. operates in the component products sector, specifically in security products and recreational marine components, as well as in the chemicals sector, focusing on TiO2 [2]