Sndl Inc. · NASDAQ:SNDL
Sndl — Q1 2026 Earnings Presentation
16 slides from Sndl's earnings presentation, April 2026
Slide 1: Disclaimer
Disclaimer Forward-looking statements Certain statements contained in this presentation may constitute forward-looking information and statements. All statements in this presentation, other than statements of historical fact, that address events or developments concerning SNDL Inc. (“SNDL" or the "C
Slide 2: Corporate Presentation First Quarter 2026
Corporate Presentation FIRST QUARTER 2026 April 2026 NASDAQ: SNDL CSE: SNDL
Slide 3: Q1 2026 Company Highlights
Q1 2026 Company Highlights First Quarter Financial Results INVESTMENTS IN RETAIL GROSS MARGIN PROFIT ENHANCEMENT GROWTH PLATFORMS EXPANSION INITIATIVES SNDL assumed exclusive Through continued Deployment of several Canadian production and promotional efficiency, initiatives aimed to boost commercial
Slide 4: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights First Quarter Financial Results Net Revenue $196MM $(9.0)MM (4.4)% Decrease YOY Decrease YOY Gross Profit $53MM $(3.8)MM (6.8)% SNDL overall results impacted by market Decrease YOY Decrease YOY headwinds Gross Margin 27.0% (0.7)pp Profitability and Free Cash Flow impacte
Slide 5: First Quarter 2026 Financial Performance
Net Revenue ($000s) Gross Profit ($000s) First Quarter First Quarter Financial Results 300,000 (4.4)% Decrease YOY 80,000 (6.8)% Decrease YOY 2026 Financial 200,000 60,000 Performance 40,000 100,000 20,000 0 0 SNDL results impacted by market headwinds, with Net Revenue and Gross Profit decline in 20
Slide 6: Net Revenue and Gross Profit Contribution by Segments
Net Revenue and Gross Profit Contribution by Segments First Quarter Financial Results Net Revenue ($Millions) Gross Profit ($Millions) 204.9 56.6 0.7 (5.4) (0.2) 1.5 195.9 (1.1) (4.9) 52.8 (3.4) (4.4)% (6.8)% Q1 2025 Liquor Retail Cann. Retail Cann. Ops Cann. Elim Q1 2026 Q1 2025 Liquor Retail Cann.
Slide 7: Adjusted Operating Income Contribution by Segment and Free Cash Flow drivers
Adjusted Operating Income Contribution by Segment and Free Cash Flow drivers First Quarter Financial Results Adj. Operating Income ($Millions) Free Cash Flow ($Millions) (1.1) >(100)% +1.0% 0.5 (3.3) 1.1 (9.0) 3.6 (8.9) (0.7) (0.2) (3.7) (3.7) (7.6) Q1 2025 Liquor Retail Cann. Retail Cann. Ops Inves
Slide 8: Q1 2026 Free Cash Flow impacted by lower earnings, inventory build up and capex
Q1 2026 Free Cash Flow impacted by lower earnings, Cannabis inventory build up and capex investments First Quarter Financial Results FCF Breakdown ($Millions) Q1'26 Q1'25 Variance Free Cash Flow trend ($Millions) Net Income (9.9) (14.7) 4.8 20 Non-Cash add backs 15.1 23.2 (8.1) $17 Inventory Change
Slide 9: Liquor Retail Q1 2026
Liquor Retail Q1 Net Revenue Gross Profit 2026 Liquor Retail $104.1MM $26.7MM Decrease of $(5.4) million Decrease of $(1.1) million Results (4.9)% decrease year-over-year (4.1)% decrease year-over-year • Net Revenue continued to decline, despite two new Wine & Beyond stores opened in Q4’25, as marke
Slide 10: Cannabis Retail Q1 2026
Cannabis Retail Q1 Net Revenue Gross Profit 2026 Cannabis Retail $77.3MM $20.4MM Decrease of $(0.2) million Increase of $0.7 million Results (0.3)% decrease year-over-year 3.7% increase year-over-year • Slight Net Revenue decline driven by negative same-store- sales of (2.5)%, partially offset by ne
Slide 11: Cannabis Operations Q1 2026
Cannabis Operations Q1 Net Revenue Gross Profit 2026 Cannabis Operations $29.4MM $5.8MM Decrease of $(4.9) million Decrease of $(3.4) million Results (14)% decrease year-over-year (37)% increase year-over-year • Net revenue decline driven by market headwinds, inventory destocking and temporary adjus
Slide 12: 2026 Strategic Priorities
2026 Strategic Priorities Strategic Priorities GROWTH PROFITABILITY PEOPLE Drive sustainable growth Consistent Free Cash Flow Create engagement & in our core segments and Operating Income alignment through focus growth on Performance & Talent • Grow and optimize Development store footprint • Acceler
Slide 13: Strategic Priorities: Growth
Strategic Strategic Priorities Jeeter Retail Priorities Contract Expansion Q1 2026 Highlights SNDL assumed exclusive Canadian production Addition of 5 Cost Cannabis stores and targeted CAPEX and commercialization of Jeeter, a leading U.S. investments in support of one new Wine & Beyond store Cannabi
Slide 14: Strategic Priorities: Profitability
Strategic Strategic Priorities Priorities +0.5pp ~$20M Retail Gross Margin Profit Enhancement Q1 2026 Highlights expansion initiatives Through continued promotional efficiency, Deployment of several initiatives to drive pricing, mix management and productivity incremental Operating Income over the r
Slide 15: Strategic Priorities: People
Strategic Strategic Priorities Strategic Talent Employee Value Development Proposition Priorities Launched our annual SMART goal-setting process, Informed by our annual employee engagement Q1 2026 Highlights a foundational component of our STR program, to align individual goals and incentives with s
Slide 16: Analyst Q&A
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