Vireo Growth Inc · CSE:VREO

Vireo Growth — Q2 2026 Earnings Presentation

27 slides from Vireo Growth's earnings presentation, Aug 11, 2026

  1. Slide 1: Investor Presentation August 2026

    Investor Presentation AUGUST 2026 CSE: VREO OTCQX: VREOF A Cannabis Company With a Mission.

  2. 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

  3. Slide 3: Vireo is an integrated operating platform serving cannabis and complementary agriculture businesses

    Vireo is an integrated operating platform serving cannabis and complementary agriculture businesses Vireo combines local cannabis market leadership with a growing agribusiness platform to create scale, improve operating economics and compound shareholder value through disciplined capital allocation.

  4. Slide 4: Two Growth Engines, One Integrated Platform

    Two Growth Engines, One Integrated Platform. Winning local cannabis markets while building agricultural capabilities that strengthen platform economics Cannabis Engine: Agribusiness Engine: Win Local Markets Scale & Strengthen Platform National platform Market density Serve traditional agriculture a

  5. Slide 5: How We Got Here

    How We Got Here Vireo has successfully implemented a growth strategy in 2025, combining M&A and How We Got Here organic expansion, positioning itself as a leading operator in the sector. Company established by Kyle Kingsley stepped down as CEO in Announced $49M Q2 - Closed Kyle Kingsley, a board- 20

  6. Slide 6: A Target Rich Consolidation Opportunity

    A Target Rich Consolidation Opportunity Multiple high-growth, interconnected markets, all supporting the same platform. The Consolidation Window is Now Vireo believes current market conditions create a consolidation opportunity We have Strong Assets the balance sheet, are available because operators

  7. Slide 7: Acquiring High-Quality Assets at Attractive Valuations

    Acquiring High-Quality Assets at Attractive Valuations What we look for: • Financially constrained, operationally strong businesses Target Model: • Proven local management teams support decentralized Valuations structure targeted at • Opportunities to strengthen our vertically integrated 4x EBITDA P

  8. Slide 8: Building an Integrated Platform

    Building an Integrated Platform Cannabis Segment (announced to date) . Non-Cannabis (agribusiness) HA-MD M3 Dispensary dispensaries Nevada JV JV Creating a broad, differentiated platform that is difficult to replicate CSE: VREO | OTCQX: VREOF 8

  9. Slide 9: Infrastructure Creates a Competitive Advantage

    Infrastructure Creates a Competitive Advantage National scale, executed locally with experienced operating teams Targeting $100M+ In Every Market we operate in Same store sales increased 7% Current Vireo Footprint Hawthorne, Bridgewell yoy in Q2 2026 Proforma Footprint given integration & optimizati

  10. Slide 10: Combined Platform Vision Starting To Take Shape

    Combined Platform Vision Starting To Take Shape . . . Sample states: Vireo has the largest dispensary footprint in these markets New states gaining share 16* 69* 21 105* Stores Stores Stores Stores ~15% ~10% ~2% ~14% In Q2 2026, NV CO NM FL Vireo eclipsed a Expanding into captive market opportunitie

  11. Slide 11: Investment Case Study: C21

    Investment Case Study: C21 Announced acquisition of C21, a leading operator in Nevada, with its award-winning Silver State Relief* Investment Case Study: C21 Announced acquisition of C21, a leading operator in Nevada, with its award-winning Silver State Relief* Why C21? Integration Investment Ration

  12. Slide 12: Our Vision: the Flywheel Effect

    Our Vision: the Flywheel Effect A Simple Formula 10 7 A robust Acquire Transactions + Transactions pipeline closed since December + announced and pending across the platform 2024 Reinvest Integrate = Vireo is actively integrating, optimizing and leveraging our platform to gain: Market density Purcha

  13. Slide 13: Cannabis Industry & Regulatory Catalysts

    Cannabis Industry & Regulatory Catalysts Industry consolidation creating opportunities to acquire quality assets at attractive valuations State market maturation driving higher revenues and operating leverage Improving pricing environment as weaker competitors are acquired and excess capacity exits

  14. Slide 14: Positioned to Create Long-Term Shareholder Value

    Positioned to Create Long-Term Shareholder Value Acquisitions are intended to accelerate organic growth Target Model: Valuations targeted at 4xEBITDA, Primarily All-Equity deals, • Leading market consolidator and modeled to be Quickly Accretive – Proven acquisition and integration strategy Strong As

  15. Slide 15: Leadership

    The executive team, led by John Mazarakis and complemented by Tyson Macdonald, is uniquely Leadership positioned to capitalized on their vast experiences in operational and institutional investing and lead Vireo Growth in becoming the top cannabis operator in the US. Founder of the largest and most

  16. Slide 16: Q2 2026 Financials

    Vireo Growth Q2 2026 FINANCIALS Confidential Material | CSE: VREO | OTCQX: VREOF 16

  17. Slide 17: Q2'26 Highlights and Subsequent Events

    Q2’26 Highlights and Subsequent Events Q2 2026 Highlights • Q2 GAAP revenue of $209.3 million increased 335% yoy, driven by recently closed M&A transactions • Assuming the completion of all announced acquisitions, Vireo will become the largest U.S. cannabis operator by dispensary count with approxim

  18. Slide 18: Q2'26 Highlights and Subsequent Events

    Q2’26 Highlights and Subsequent Events Current as of June 30, 2026 10 170+ Dispensary ~1M sq ft Expanding 4500 States Locations Cultivation Ancillary Markets Employees Proforma* as of August 11, 2026 15 270+ Dispensary 1M+ sq ft Expanding 5000+ States Locations Cultivation Ancillary Markets Employee

  19. Slide 19: Revenue Growth – Path to Significant Scale

    Revenue Growth – Path to Significant Scale 300 Q2 2026 REVENUE $209.3M 250 $255 ▲ 335% YoY $210 $209.3 200 Q2 2026 Proforma Revenue* $254.9M 150 $104.5 $106.2 100 $91.7 Annualized Annualized Revenue Proforma* $837.2M $1.02B 50 $25 $48.1 $24.5 Revenue per Proforma 0 share Revenue/share Q4 2024 Q1 202

  20. Slide 20: AEBITDA – Growing Profitability Across an Expanding Platform

    AEBITDA – Growing Profitability Across an Expanding Platform GAAP AEBITDA Q2 2026 AEBITDA 45 $41.5M $41.5 40 ▲ 212% YoY 35 $32.7 $29.5 30 AEBITDA Margin $25.4 19.8% 25 20 AEBITDA per share* 15 $13.2 $0.76 10 $6.6 $6.6 5 AEBITDA Annualized** $166M 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2

  21. Slide 21: Per Share Growth – Building Shareholder Value

    Per Share Growth – Building Shareholder Value Through Accretive M&A GAAP/Proforma* Revenue per Share GAAP AEBITDA per Share Balance Sheet Highlights 0.9 Balance Sheet Highlights 0.82 4.5• Strong liquidity supports disciplined 3.85 0.8 • Strong liquidity supports disciplined 0.76 4 0.74 3.5 acquisiti

  22. Slide 22: Q2'26 Balance Sheet & Liquidity

    Q2’26 Balance Sheet & Liquidity Cash and Cash Equivalents 140 122.4 122.7 Cash & Cash Equivalents 120 $122.7M 99.1 97.2 102.2 Balance86.3 Sheet Highlights 100 • Strong liquidity supports disciplined acquisitions. Net Debt 80 • New ABL facility provides additional financial flexibility. $176.1M • Cap

  23. Slide 23: Asset-based Revolving Credit Facility

    Asset-based Revolving Credit Facility $20 M • Secured through its subsidiary Prolific Supply, Accordion Capacity Vireo’s non-cannabis business segment Total Facility $20 M Capacity • Led by Bank of Montreal Expandable $105M Capacity • Scalable capital up to $105M Term SOFR • Industry leading rates p

  24. Slide 24: Capitalization Table

    Capitalization Table SHARE PRICE BASIC SHARES BASIC MARKET USD – OTC: VREOF OUTSTANDING CAP $9.44 46.1M $471.6M Q2 2026 July 31, 2026 Implied Equity Value STOCK FD Treasury Method Shares Outstanding (@ share price of US$15.00 as of 6/30/26) 54.4M $753M Cash Balance $122.7M Net LT Debt & Convertible

  25. Slide 25: Building an integrated platform through disciplined acquisitions

    Building an integrated platform through disciplined acquisitions that strengthen our cannabis operations, expand adjacent agricultural capabilities, and create long-term shareholder value. 25

  26. Slide 26: CSE: VREO OTCQX: VREOF

    Wr VIFeCO CSE: VREO OTCQX: VREOF

  27. Slide 27: Legal Appendix: Additional Information and where to find it

    Legal Appendix: Additional Information and where to find it On July 27, 2026, the Company and Planet 13 Holdings Inc., a Nevada corporation (“Planet 13”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated as of July 26, 2026, by and among Vireo, Planet 13 and Supernova Mer

Vireo Growth — Q2 2026 Earnings Presentation on 6ix