Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — Q4 2025 Earnings Presentation
19 slides from Trulieve Cannabis's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter/Full Year 2025 Earnings Presentation
Fourth Quarter/Full Year 2025 Earnings Presentation February 2026 CSE: TRUL OTCQX: TCNNF
Slide 2: Forward-Looking Statements
Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the meaning of the U.S. Pri
Slide 3: Management's Use of Non-GAAP Financial Measures
Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) per diluted share, EB
Slide 4: Agenda
Agenda • Full Year and Fourth Quarter 2025 Financial Highlights • Full Year and Fourth Quarter 2025 Operational Highlights • Revenue Highlights • Recent Developments • 2026 Focus Areas • Financial Targets • Financial Highlights • Tax Position • Reconciliation of Non-GAAP Financial Measures • Brands
Slide 5: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights* • Revenue $1.2 billion, with 94% of revenue from retail sales • GAAP gross profit of $711 million and 60% gross margin • Net loss attributable to common shareholders of $116 million • Adjusted net loss of $27 million excludes non-recurring charges, asset impairme
Slide 6: Fourth Quarter 2025 Financial Highlights
Fourth Quarter 2025 Financial Highlights* • Revenue $293 million, with 93% of revenue from retail sales • GAAP gross profit of $175 million and 60% gross margin • Net loss attributable to common shareholders of $43 million • Adjusted net loss of $3 million excludes non-recurring charges, asset impai
Slide 7: Full Year and Fourth Quarter 2025 Operational Highlights
Full Year and Fourth Quarter 2025 Operational Highlights* • Redeemed $368 million of senior secured notes due 2026 • Repaid $15.8 million mortgage due 2032 • Closed $140 million private placement of senior secured notes due 2030 at 10.5% interest rate • Granted conditional approval for a Dispensing
Slide 8: Revenue Highlights
Revenue Highlights • Retail revenue $1.1 billion in 2025 • Traffic and units up 5% each year over year • Record wholesale revenue $71 million in 2025 • Increased 23% year over year • Sold over 50 million branded products in 2025 • Modern Flower and Roll One accounted for almost half • Customer reten
Slide 9: Recent Developments
Recent Developments • Closed second tranche $60 million private placement of senior secured notes due 2030 at 10.5% interest rate • Opened one dispensary in Fort Myers, Florida • Currently operate 234 retail dispensaries and over 4 million square feet of cultivation and processing capacity in the Un
Slide 10: 2026 Focus Areas
2026 Focus Areas Expand Access to Cannabis • Support federal reform including Rescheduling, SAFER Banking, and uplisting • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Grow Loyal Customer Base • Attract and Retain Customers • Deliver Exceptional Customer Experiences •
Slide 11: Financial Targets
Financial Targets Financial Targets: • Anticipate first quarter revenue will be down low to mid single-digits compared to the fourth quarter • 2026 cash flow from operations of at least $250 million expected • 2026 capital expenditures up to $85 million expected (including internal use software) Fin
Slide 12: Financial Highlights
Financial Highlights* INCOME STATEMENT HIGHLIGHTS (USD millions, except per share data) Q4:25 Q3:25 Q2:25 Q1:25 Q4.24 Q3:24 Q2:24 Q1:24 Q4:23 2025 2024 2023 Revenue 293.1 288.2 302.1 297.8 301.1 284.3 303.4 297.6 287.0 1,181.2 1,186.5 1,129.2 Gross profit 175.2 169.9 182.9 183.2 187.0 173.3 181.6 17
Slide 13: Financial Highlights: Share Count Estimate
Financial Highlights SHARE COUNT ESTIMATE (millions as of December 31, 2025 on as if converted basis) Subordinate Voting Shares 169.1 Multiple Voting Shares* 0.2 Total Shares Outstanding 192.3 *converted a t 100 s ubordi na te s ha res per 1 mul tipl e voting s ha re Employee Stock Options/RSUs 4.2
Slide 14: Tax Position
Tax Position • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax liability under Sec
Slide 15: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA For the Three Months Ended For the Full Year Ended December 31, December 31, September 30, December 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2025 2025 2024 Net loss attribut
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Diluted Share For the Three Months Ended For the Full Year Ended December 31, December 31, September 30, December 31, December 31, (Amounts expressed in millions of United States dollars; unau
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A For the Three Months Ended For the Full Year Ended December 31, December 31, September 30, December 31, December 31, (Amounts expressed in millions of United States dollars; unaudited) 2025 2024 2025 2025 2024 Cash flow f
Slide 18: Brands
Brands PREMIUM MID VALUE Trulieve Brands Partner Brands www.trulieve.com 18
Slide 19: Thank You
THANK YOU CSE: TRUL OTCQX: TCNNF @Trulieve/@Trulieve_IR ir@trulieve.com