Tilray Brands, Inc. · NASDAQ:TLRY
Tilray Brands — Q4 2026 Earnings Presentation
40 slides from Tilray Brands's earnings presentation, Jul 28, 2026
Slide 1: Investing in the Future: Tilray Brands at the Forefront of Innovation
Investing in the Future: Tilray Brands at the Forefront of Innovation in Beverages, Cannabis and Wellness Empowering Growth, Transforming Lifestyles, and Revolutionizing Consumer Products
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation that are not historical facts constitute “forward-looking statements” under Canadian securities laws and within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, a
Slide 3: Tilray Brands Global Leadership Team with Extensive CPG Experience
Tilray Brands Global Leadership Team with Extensive CPG Experience Irwin D. Simon Carl Merton Denise Faltischek Mitchell Gendel Roger Savell Blair MacNeil Chairman and Chief Financial Officer Chief Strategy Officer Chief Legal Officer and Chief Administrative Officer President, Canada Chief Executiv
Slide 4: Our Vision
OUR VISI ON Tilray Brands is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. With a proven track record of operational excellence, strong financial health, and significant capital reserves, Tilray Brand
Slide 5: The Tilray Platform: Beverage, Cannabis and Wellness
Leading the convergence The Tilray Platform “At the nexus of Beverage, Cannabis, and Wellness” of Beverage, Cannabis and Wellness industries on a global scale. Drinks Tilray Brands offers a diverse portfolio of s ge innovative brands and products spanning era Ad both medical and lifestyle focused on
Slide 6: Tilray's Vision, Mission and Commitment to its Shareholders
Tilray’s Vision, Mission and Commitment to its Shareholders BRANDS MATTER: Tilray Brands is a global CPG company with a portfolio of innovative, high-quality and beloved cannabis, beverage and wellness brands Vision Commitment to Shareholder Value To lead as a transformative force at the nexus of ca
Slide 7: Through Strategic M&A, Tilray Has Grown Sales by 16x
Through Strategic M&A, Tilray Has Grown Sales by 16x Tilray’s acquisition strategy transforms brands into category leaders; generating ~$200 million of savings through disciplined integration and operational excellence Pre-2019 2019 2020 2021 2022 2023 2024 2025 Revenue ($ Thousands) 900,000 800,000
Slide 8: Proven Track Record of Success
Proven Track Record of Success: Achieving Scale and Cost Efficiencies Across Consumer Categories #1 Leading Cannabis Company – in Canada by Revenue 4th Largest Craft Beer Brewer* – in the United States Global Medical Cannabis Leader – 20+ countries served Wellness Powerhouse – ~60% market share in N
Slide 9: Tilray's House of Brands is Positioned to Capture a Massive and Expanding Market
Tilray’s House of Brands is Positioned Aggregate TAM* to Capture a Massive and Expanding Market $400B+ Multiple Growth Platforms in Large and Expanding Categories at the Convergence of Beverage, Cannabis, and Wellness Beverage Cannabis Wellness $279B $110B $31B Source: "Total Addressable Market, TLR
Slide 10: Our Growth Strategy
Our Growth Strategy Leverage Focus Product Data-driven Financial Brands on Cost Innovation Leadership Strength Leverage our brands and Optimize and drive Develop innovative Maximize our global Maintain a strong infrastructure to drive continuous efficiencies products at the platform and balance shee
Slide 11: Beverages
BEVERAGES UN) TILRAY BRANDS
Slide 12: Beverage Overview
Beverage Overview OUR AD VA NT AGE MAR KE T S IZE Diversified Growth Engine – Balanced portfolio across craft beer, ready- Segment TAM to-drink cocktails, wellness beverages, and alternative beverages* creates multiple growth streams in fast-expanding categories. Beverage Alcohol $180 Billion Nation
Slide 13: New Industry Leading Product Innovations that Connect with Consumers
New Industry Leading Product Innovations that Connect with Consumers 20+ Beverage Brands 18 Brew Pubs/Restaurants 750+ Distributors 8 Networked Production Facilities 2025 © TILRAY BRANDS 13
Slide 14: Our National Platform is Powered by Regional Brands
Our National Platform is Powered by Regional Brands Source: Circana L52W ending 12/15/24, Volume Sales 2025 © TILRAY BRANDS 14
Slide 15: Our National Platform is Powered by Regional Brands
Our National Platform is Powered by Regional Brands #1 CRAFT SUPPLIER #1 CRAFT SUPPLIER PACIFIC NORTHWEST METRO NEW YORK ▪ Population: 14.2M ▪ Population: 19.8M ▪ Total Taprooms: 5 ▪ Total Taprooms: 2 ▪ Total Distributors: 40 ▪ Total Distributors: 6 #1 CRAFT BOURBON SUPPLIER #2 CRAFT SUPPLIER GEORGI
Slide 16: Targeted, Unconventional Sponsorships to Attract New Customers
Targeted, Unconventional Sponsorships to Attract New Customers Official Craft Beer Partner of The Florida Gators • Shock Top is in the Swamp as the first-ever official craft beer sponsor of Gator Athletics, establishing a groundbreaking partnership with the Florida Gators. • Officially licensed co-b
Slide 17: Targeted, Unconventional Sponsorships to Attract New Customers
Targeted, Unconventional Sponsorships to Attract New Customers Official Craft Beer Partner of Atlanta United FC • As the official craft beer partner of Atlanta United FC, SweetWater Brewing delivered unforgettable, immersive experiences for soccer fans at Mercedes-Benz Stadium, including exclusive t
Slide 18: Targeted, Unconventional Sponsorships to Attract New Customers
Targeted, Unconventional Sponsorships to Attract New Customers Official Bourbon & Vodka of The Denver Broncos • Strategic Partnership Expansion: Breckenridge Bourbon Whiskey is the Official Bourbon of the Denver Broncos and Breckenridge Vodka is the Official Vodka of the Broncos - solidifying our br
Slide 19: Cannabis
Cannabis UN) TILRAY. BRANDS
Slide 20: Global Cannabis Pioneer & Leader
Global Cannabis Pioneer & Leader Leader in the international medical cannabis markets with 20+ countries served Leader in Canada's total cannabis market (adult-use and medical) Well-positioned to enter and win the U.S. cannabis market upon federal legalization O UR BR AN DS Source: TLRY Company Data
Slide 21: Canada Cannabis Overview
Canada Cannabis Overview OUR AD VA NT AGE MAR KE T S IZE Leadership Across Canada – Leading total medical and adult- use Canadian cannabis market by revenue. #1 market share across key Segment SAM1 TAM2 categories: flower, pre-rolls, chocolate edibles, beverages and oils. Portfolio Built for Every C
Slide 22: International Cannabis Overview
International Cannabis Overview OUR AD VA NT AGE MAR KE T S IZE First-Mover Global Leadership - Scaled EU-GMP certified cultivation and manufacturing facilities in Portugal and Germany anchor operations across Segment SAM1 TAM2 Europe, Australia, and LATAM. Pharmaceutical-Grade Medical Expertise – P
Slide 23: Positioned to Capture International Cannabis Opportunity
Positioned to Capture International Cannabis Opportunity Overview ▪ To date, Tilray Brands has supplied high-quality medical cannabis products to tens of thousands of patients in over 20 countries across 5 continents ▪ We are pioneering the future of medical cannabis research, education, cultivation
Slide 24: Industry-Leading Cannabis Cultivation to Meet Global Consumer and Patient Demand
Industry-Leading Cannabis Cultivation to Meet Global Consumer and Patient Demand Driving Growth Globally Gatineau, Quebec • Hexo Canadian Operational Highlights Cayuga, Ontario ▪ Produces 210 metric tonnes per year • Redecan ▪ Operates 7 state-of-the-art cannabis cultivation and manufacturing Fenwic
Slide 25: Strategic Focus Areas for Medical Cannabis Remain the Same
Strategic Focus Areas for Medical Cannabis Remain the Same Physician-led Medical Cannabis Patient-led Medical Cannabis ▪ Aggressively defend & expand our leadership position ▪ Build the most desirable & sought-after portfolio of in German extracts (40%+ share) cultivars ▪ Rapidly enter & lead new ph
Slide 26: Medical Distribution
ila Medical Distribut S on a ee i] AN TILRAY _ ~ Ts! BRANDS — 26
Slide 27: Distribution Overview
Distribution Overview H IGH LIG HT S MAR KE T S IZE Access to 13,000 pharmacies and major wholesalers in Germany through CC Pharma GmbH Segment SAM1 TAM2 Utilizing capabilities to accelerate growth of $4 Billion $7 Billion international cannabis Distribution (Germany) (Europe) Parallel importation o
Slide 28: Leading Medical Distribution Platform
Leading Medical Distribution Platform Overview ▪ CC Pharma was founded in 1999 and is today one of the leading drug importers in Germany ▪ Specializes in the re-importation and parallel importation of European pharmaceuticals to Germany, providing the healthcare market with branded medicines on a mo
Slide 29: Wellness
WELLNESS f) TILRAY BRANDS
Slide 30: Holistic Health Through Hemp and Superseeds
Holistic Health Through Hemp and Superseeds Unlocking the power of (non-cannabis) alternative plants that deliver physical, mental, and environmental benefits POWERFUL PRODUCTS STRONG BRANDS WINNING CUSTOMERS ▪ Hemp Seeds are a superfood providing protein ▪ Tilray has a suite of brands that address
Slide 31: Financials
FINANCIALS 31
Slide 32: Financial Strength
Financial Strength $830M+ Unique platform spanning beverage, cannabis and wellness FY'25 Revenue1 Beverage $55.0M Relentless focus on optimizing Tilray's operations and infrastructure creating efficiencies FY’25 Adj. EBITDA across our global platform $62M – $72M Strong balance sheet Cannabis Wellnes
Slide 33: Fiscal 2025 Diversified Revenue Across Multiple Businesses
Fiscal 2025 Diversified Revenue Across Multiple Businesses Breakdown by business group (in % of total revenue) 31% 33% Cannabis Tilray Pharma Revenue by Business Group 29% 7% Beverage Wellness 2025 © TILRAY BRANDS 33
Slide 34: FY2025 Geographic Revenue Mix
. FY2025 Geographic Revenue Mix $830M+ Europe REVENUE1 Canada 39% 26% vs. 38% in 2024 vs. 31% in 2024 United States 33% vs. 29% in 2024 Australia Other 1% vs. 1% in 2024 1% vs. 1% in 2024 1. FY'25 revenue in constant currency which is a Non-GAAP measure. 2025 © TILRAY BRANDS 34
Slide 35: Financial Strength: Q1FY'2026
Financial Strength: Q1FY'2026 Record Q1 Revenue Performance Operations Balance Sheet 0.07x 0.18x $210M $(1.3)M Net Debt to EBITDA Debt to Equity Ratio Revenue Cash Used in 5% Growth YoY Operations $34M improvement YoY 0.32x $3.8M Debt to Sales Net Debt Ratio $1.5M $265M Net Income Cash1 $36M improve
Slide 36: Q1FY'26 Consolidated Statements of Financial Position
Q1FY'26 Consolidated Statements of Financial Position August 31, 2025 May 31, 2025 Assets Current assets Cash and cash equivalents $ 264,828 $ 221,666 Marketable securities — 34,697 Accounts receivable, net 107,075 121,489 Inventory 282,787 270,882 Prepaids and other current assets 40,650 34,092 Ass
Slide 37: Q1FY'26 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
Q1FY'26 Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Three months ended August 31, 2025 August 31, 2024 Net revenue $ 209,501 $ 200,044 Cost of goods sold 152,032 140,338 Gross profit 57,469 59,706 Operating expenses: General and administrative 41,053 44,113 Selling 12,92
Slide 38: Q1FY'26 Consolidated Statements of Cash Flows
Q1FY'26 Consolidated Statements of Cash Flows For the Three months ended, August 31, 2025 August 31, 2024 Cash provided by (used in) operating activities: Net income (loss) $ 1,513 $ (34,652) Adjustments for: Deferred income tax (recovery) expense, net (2,285) 382 Unrealized foreign exchange gain (2
Slide 39: Disclaimer – Non-GAAP Measures
Disclaimer – Non-GAAP Measures Use of Non-U.S. GAAP Financial Measures This presentation and the accompanying tables include non-GAAP financial measures, Adjusted EBITDA, constant currency presentations of revenue, and net debt and net debt to adjusted EBITDA. Management believes that the non-GAAP f
Slide 40: Investor Relations
NASDAQ: TLRY | TSX: TLRY I N V E S T O R R E L AT I O N S i nv e s to rs @t il r ay.c o m p ro - tl r y@ pr os e k. c om 40