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 Second Quarter 2026
Corporate Presentation SECOND QUARTER 2026 July 2026 NASDAQ: SNDL CSE: SNDL
Slide 3: Q2 2026 Company Highlights
Q2 2026 Company Highlights Second Quarter Financial Results COMPLETED PARALLEL ACCELERATE SHARE PROFIT ENHANCEMENT RESTRUCTURING REPURCHASES INITIATIVES This marks a significant Leveraging balance sheet Deployment of several milestone for SNDL, opening strength and liquidity, with initiatives aimed
Slide 4: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Second Quarter Financial Results Net Revenue $236MM $(9.0)MM (3.7)% Decrease YOY Decrease YOY SNDL overall results Gross Profit $56MM $(11.3)MM (16.6)% impacted by market headwinds Decrease YOY Decrease YOY Profitability impacted by net revenue decline, Gross Margin 23.9
Slide 5: Second Quarter 2026 Financial Performance
Net Revenue ($000s) Gross Profit ($000s) Second Quarter Second Quarter Financial Results 300,000 (3.7)% Decrease YOY 80,000 (16.6)% Decrease YOY 2026 Financial 200,000 60,000 Performance 40,000 100,000 20,000 0 0 SNDL results impacted by market headwinds, with Net Revenue and Gross Profit decline in
Slide 6: Net Revenue, Gross Profit and Adj. Operating Income Contribution by Segments
Net Revenue, Gross Profit and Adj. Operating Income Contribution by Segments Second Quarter Financial Results Net Revenue ($Millions) Gross Profit ($Millions) 244.8 70.0 67.6 3.0 235.8 0.1 (7.2) (1.2) 65.0 (2.7) (3.6) 60.0 56.3 (3.7)% 55.0 (8.7) (16.6)% 50.0 45.0 Q2 2025 Liquor Retail Cann. Retail C
Slide 7: Free Cash Flow drivers, with Q2 always impacted by seasonal payments
Free Cash Flow drivers, with Q2 always impacted by seasonal payments Second Quarter Financial Results Free Cash Flow ($Millions) Free Cash Flow trend ($Millions) 20 $17 15 $12 +15.2% 10 $9 $10 3.7 (6.7) 5 (7.9) 0 ($1) 4.3 ($6) (5) ($6) ($7) ($8) ($8) (10) (6.8) Q1 Q2 Q3 Q4 Q2 2025 Earnings Working C
Slide 8: Liquor Retail Q2 2026
Liquor Retail Q2 Net Revenue Gross Profit 2026 Liquor Retail $134.7MM $33.8MM Decrease of $(7.2) million Decrease of $(2.7) million Results (5.1)% decrease year-over-year (7.4)% decrease year-over-year • Net Revenue continued to decline, despite two new Wine & Beyond stores opened in Q4’25 and stron
Slide 9: Cannabis Retail Q2 2026
Cannabis Retail Q2 Net Revenue Gross Profit 2026 Cannabis Retail $83.2MM $22.0MM Decrease of $(1.2) million Increase of $0.1 million Results (1.4)% decrease year-over-year 0.5% increase year-over-year • Net Revenue decline driven by negative same-store-sales of (4.6)%, reflecting market contraction
Slide 10: Cannabis Operations Q2 2026
Cannabis Operations Q2 Net Revenue Gross Profit 2026 Cannabis Operations $32.2MM $0.6MM Decrease of $(3.6) million Decrease of $(8.7) million Results (10.1)% decrease year-over-year (94)% decrease year-over-year • Net Revenue decline driven by market headwinds and the absence of B2B flower deliverie
Slide 11: Share Repurchase Program
Share Repurchase Program Share Repurchases Returning capital to shareholders while maintaining balance sheet flexibility, accelerated execution in Q2 2026 at attractive price $100 Million 7% Accretive to Authorization Share Reduction EPS Up to 10% of public float during program year (*) Since Q4 202
Slide 12: Parallel Restructuring: Transformational Milestone for SNDL
Parallel Restructuring: Transformational Milestone for SNDL Parallel Provides SNDL with direct exposure to large U.S. medical Cannabis assets and operation Product Categories State Operations Flower Beverage Pre-roll Topical Florida Vape Tincture Path to Industry Texas Edible Concentrate Leadership
Slide 13: Analyst Q&A
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