Slide 1: Q3 2025 Results Conference Call
Q3 2025 Results Conference Call November 12, 2025 CSE: VREO OTCQX: VREOF
Slide 2: Forward Looking Statement Disclaimer
Forward Looking Statement Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation includes information, statements, beliefs, and opinions which are forward- looking, and which reflect current estimates, expectations, and projections about future events, referred to herein
Slide 3: Third Quarter and Recent Business Highlights
Third Quarter and Recent Business Highlights • Q3 results were in line with management’s expectations and demonstrate the impact of recent efforts to transform the Company through accretive M&A • Q3 GAAP revenue of $91.7 million increased 264% year-over-year, driven by recently closed M&A transactio
Slide 4: Summary of Key Financial Metrics
Summary Financials Summary of Key Financial Metrics Three Months Ended Nine Months Ended US $ in millions September 30, September 30, 2025 2024 Variance 2025 2024 Variance GAAP Revenue $91.7 $25.2 264.2% $164.3 $74.4 120.9% GAAP Gross Profit $37.4 $12.3 204.1% $70.2 $38.1 84.3% Gross Profit Margin 4
Slide 5: State-by-State Revenue Performance
State-by-State Revenue Performance1 Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 % Change 2025 2024 % Change Retail: MN $ 11,954,050 $ 11,391,969 5 % 34,021,309 $ 34,608,015 (2) % NY 985,914 1,428,827 (31) % 3,285,510 4,854,423 (32) % MD 6,620,115 6,919,991 (4) % 20,189
Slide 6: Capitalization Table as of September 30, 2025
Capitalization Table as of September 30, 2025 Vireo Growth Inc. Capitalization Table* FD Treasury Method Shares Outstanding (@ stock price of US $0.64) 1,062,997,827 Stock Price US $0.64 Market Cap ($ USD) $679.8M Balance Sheet as of 9/30/25: Cash Balance $117.5M Net Long-Term Debt & Convertible Deb
Slide 7: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Net income (loss) $ (26,298,861) $ (4,926,358) $ (47,741,680) $ (12,306,228) Interest expense, net 6,906,226 7,363,655 22,153,565 23,604,746 Income taxes 13,347,000 2,
Slide 8: Reconciliation of Gross Profit to Adjusted Gross Profit
Reconciliation of Gross Profit to Adjusted Gross Profit Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Three Months Ended Nine Months Ended Gross Profit $ 37,382,999 $ 30, 12,323,970 September $ 70,213,158 $ 30, 38,119,040 September Non-cash inventory adjustment
Slide 9: CSE: VREO OTCQX: VREOF
Wr VIFeCO CSE: VREO OTCQX: VREOF