Slide 1: Disclaimer: Forward-looking statements
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: Second Quarter 2025
Corporate Presentation SECOND QUARTER 2025 July 2025 NASDAQ: SNDL CSE: SNDL
Slide 3: Q2 2025 Company Highlights
Q2 2025 Company Highlights CANNABIS REVENUE GROSS MARGIN FIRST PROFITABLE GROWTH WELL AHEAD EXPANSION QUARTER OF MARKET Cannabis business All segments expanding Q2 marked the first quarter consistently expanded gross margin, with Liquor ever with both positive revenue YOY in the last segment reachin
Slide 4: Q2 Financial Highlights
Q2 Financial Highlights Net Revenue $245MM $16.6MM 7.3% SNDL delivered strong Increase YOY Increase YOY results and is well- positioned for success Gross Profit $67.6MM $9.4MM 16.2% in 2025 and beyond Increase YOY Increase YOY Financial performance shows clear operational 2.1pp improvements with sol
Slide 5: Consolidated Financial Results
Net Revenue ($000s) Gross Profit ($000s) Second Quarter Consolidated Financial Results 300,000 80,000 16.2% Increase YOY 7.3% Increase YOY 2025 Financial 200,000 60,000 Performance 40,000 100,000 20,000 SNDL delivered ~$6 million in Adjusted 0 0 Operating Income its first-ever profitable 2022 2023 2
Slide 6: Net Revenue and Gross Profit Contribution by Segments
Net Revenue and Gross Profit Contribution by Segments Consolidated Financial Results Net Revenue ($Millions) Gross Profit ($Millions) 6.0 67.6 10.9 244.8 8.3 (3.9) 228.1 1.4 2.6 0.8 58.2 +7.3% +16.2% Q2 2024 Liquor Retail Cann. Retail Cann. Ops Cann. Elim Q2 2025 Q2 2024 Liquor Retail Cann. Retail C
Slide 7: Adjusted Operating Income by Segment and Free Cash Flow drivers
Adjusted Operating Income Contribution by Segment and Free Cash Flow drivers Consolidated Financial Results Adj. Operating Income ($Millions) Free Cash Flow ($Millions) 4.6 6.4 11.5 5.7 4.2 (6.6) (9.1) 2.6 +226% (5.6) (41)% (4.7) (7.9) (4.6) Q2 2024 Liquor Retail Cann. Retail Cann. Ops Investments C
Slide 8: Second Quarter Financial Results: Free Cash Flow
Q2 negative Free Cash Flow due to seasonal payments, working capital investments and CAPEX to accelerate future growth Second Quarter Financial Results FCF Breakdown ($Millions) Free Cash Flow trend ($Millions) Q1'25 Q2'25 +$3M YTD 16 20 vs 2024 12 10 Net Income (14.7) 2.9 (1) 0 (6) Non-Cash add bac
Slide 9: Liquor Retail Results
Liquor Retail Q2 Net Revenue Gross Profit 2025 Liquor Retail $141.9MM $36.5MM Increase of $1.4 million Increase of $0.8 million Results 1.0% Increase year-over-year 2.2% Increase year-over-year • Positive sales performance aided by Easter shift and strong 7.2% Wine & Beyond sales growth • Private la
Slide 10: Cannabis Retail Results
Cannabis Retail Q2 Net Revenue Gross Profit 2025 Cannabis Retail $84.4MM $21.9MM Increase of $8.3 million Increase of $2.6 million Results 11% increase year-over-year 14% increase year-over-year • Same store sales growth of 8.2% year-over-year, including uplift from conversions to Value Buds • Addit
Slide 11: Cannabis Operations Results
Cannabis Operations Q2 Net Revenue Gross Profit 2025 Cannabis Operations $35.8MM $9.2MM Increase of $10.9 million Increase of $6.0 million Results 43% increase year-over-year +190% increase year-over-year • Strong net revenue growth as a result of Indiva acquisition along with increased Internationa
Slide 12: 2025 Strategic Priorities
2025 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 convert Development store count • Enhance Reve
Slide 13: Strategic Priorities: Growth
Strategic Strategic Priorities Priorities 8.2% 1CM Acquisition Cannabis Retail Same Q2 2025 Highlights Store Sales Growth Expansion of Cannabis Retail footprint through Through quality of execution and Value Buds store acquisition of Cost Cannabis and T Cannabis conversions, contributing to +0.3pp m
Slide 14: Strategic Priorities: Profitability
Strategic Strategic Priorities Priorities +$6MM ~ $3MM Adj. Operating Income Productivity Savings Q2 2025 Highlights Continued operational improvements and focus Segment optimization, including cultivation, on cost management to deliver positive Adjusted procurement efficiencies, and mix management
Slide 15: Strategic Priorities: People
Strategic Strategic Priorities Priorities Strategic Talent Employee Value Proposition Q2 2025 Highlights Development Completed the second phase of our annual Solidified our action plan based on key opportunities Strategic Talent Review Program, focusing on 9- identified in the annual employee engage
Slide 16: Analyst Q&A
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