Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q1 2026 Earnings Presentation
17 slides from Trulieve Cannabis's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 2026 CSE: TRUL OTCQX: TCNNF
Slide 2: Forward-Looking Statements
Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the meaning of the U.S. Pri
Slide 3: Management's Use of Non-GAAP Financial Measures
Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, EB
Slide 4: Agenda
Agenda • First Quarter 2026 Financial and Operational Highlights • Revenue Highlights • Recent Developments • 2026 Focus Areas • Financial Targets • Financial Highlights • Tax Position • Reconciliation of Non-GAAP Financial Measures • Brands www.trulieve.com 4
Slide 5: First Quarter 2026 Financial and Operational Highlights
First Quarter 2026 Financial and Operational Highlights* • Revenue $287 million, with 92% of revenue from retail sales • GAAP gross profit of $170 million and 59% gross margin • Net income attributable to common shareholders of $2 million • Adjusted net income of $20 million excludes non-recurring c
Slide 6: Revenue Highlights
Revenue Highlights • Retail revenue $265 million • Traffic and units sold were comparable to last year • Sold over 12 million branded products • Modern Flower and Roll One accounted for 45% • Customer retention 69% companywide and 78% medical only in the first quarter • Grew rewards program to 1 mil
Slide 7: Recent Developments
Recent Developments • The Trump Administration reclassified medical marijuana to Schedule III under the Controlled Substances Act and Attorney General Blanche announced an expedited process to review the classification of marijuana more broadly with a hearing beginning on June 29, 2026 • Filed appli
Slide 8: 2026 Focus Areas
2026 Focus Areas Expand Access to Cannabis • Support federal reform including Rescheduling, SAFER Banking, and uplisting • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Grow Loyal Customer Base • Attract and Retain Customers • Deliver Exceptional Customer Experiences •
Slide 9: Financial Targets
Financial Targets Financial Targets: • Anticipate second quarter revenue will be up low single-digits compared to the first quarter • 2026 cash flow from operations of at least $250 million expected • 2026 capital expenditures up to $85 million expected Financial Position as of March 31, 2026: • $35
Slide 10: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q1:26 Q4:25 Q3:25 Q2:25 Q1:25 Q4.24 Q3:24 Q2:24 Q1:24 2025 2024 2023 Revenue 286.8 293.1 288.2 302.1 297.8 301.1 284.3 303.4 297.6 1,181.2 1,186.5 1,129.2 Gross profit 170.1 175.2 169.9 182.9 183.2 187.0 173.3 18
Slide 11: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of March 31, 2026 on as if converted basis) Subordinate Voting Shares 169.1 Multiple Voting Shares* 0.2 Total Shares Outstanding 192.3 *converted a t 100 s ubordi na te s ha res per 1 mul tipl e voting s ha re Employee Stock Options/RSUs 3.9 exc
Slide 12: Tax Position
Tax Position • First quarter income tax expense includes ordinary tax expense and interest on the uncertain tax position but does not include 280E tax liability • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amende
Slide 13: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2026 2025 2025 Net income (loss) attributable to common shareholders $ 2.4 $ (32.9) $ (42.9) Add (d
Slide 14: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Diluted Share For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2026 2025 2025 Net income (loss) attributable to c
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A For the Three Months Ended March 31, March 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2026 2025 2025 Cash flow from operating activities $ 55.7 $ 51.1 $ 59.2 Capital expenditures
Slide 16: Brands
Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 16
Slide 17: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com