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 First Quarter 2025
Corporate Presentation FIRST QUARTER 2025 May 2025 NASDAQ: SNDL CSE: SNDL
Slide 3: Our Purpose
SNDL Corporate Presentation First Quarter 2025 Our Purpose Bringing people together through exceptional products and experiences 3 4
Slide 4: Operating Segments
SNDL Corporate Presentation First Quarter 2025 Operating Segments LIQUOR RETAIL CANNABIS RETAIL CANNABIS OPERATIONS INVESTMENTS • Canada’s largest • One of Canada’s • Robust innovation • Emphasis on cannabis private sector liquor largest cannabis retail capabilities through credit and select M&A ret
Slide 5: The SNDL Advantage
SNDL Corporate Presentation First Quarter 2025 The SNDL Advantage Strong Vertically Retail Strategic Balance Integrated Scale & Cannabis Sheet Cannabis Experience Investments SNDL has one of the Vertical integration The combined Liquor and SNDL’s investment strongest balance generates economic Canna
Slide 6: Operating Highlights
SNDL Corporate Presentation First Quarter 2025 OPERATING $558MM Market Cap1 HIGHLIGHTS 351 Retail Stores (Liquor + Cannabis Retail)1 ~2700 $928MM Employees1 Trailing 12-month Net Revenue $nil $221MM Debt Unrestricted Cash 6 1Figures as of April 30, 2025. Exchange rate of 1.38 4
Slide 7: Q1 2025 Company Highlights
Q1 2025 Company Highlights SUSTAINED REVENUE RECORD GROSS GROWING FREE CASH GROWTH IN CANNABIS MARGIN FLOW Revenue growth in Q1 The increase in gross margin Improved cash generation driven by Cannabis, which was largely driven by through continued consistently expanded productivity initiatives in th
Slide 8: Q1 Financial Highlights
Q1 Financial Highlights Net Revenue $205MM $7.2MM 3.6% SNDL delivered solid Increase YOY Increase YOY results and is well- positioned for success Gross Profit $56.6MM $6.2MM 12.4% in 2025 and beyond Increase YOY Increase YOY Financial performance shows clear operational 2.2pp improvements with Gross
Slide 9: Liquor Retail
Liquor-Retail ss sndl
Slide 10: Liquor Retail Highlights
Liquor Retail SNDL Corporate Presentation First Quarter 2025 Liquor Retail Highlights Retail Growth Continued Expanding Operational Gross Profit Private Label Efficiency Growth Work on our W&B site in Achieved margin of Private label sales Focus on overheads Regina, Saskatchewan is 25.4% in Q1 2025,
Slide 11: Liquor Retail Q1 2025 Results
Liquor Retail Q1 Net Revenue Gross Profit 2025 Liquor Retail $109.5MM $27.8MM Decrease of $6.6 million Decrease of $1.0 million Results 5.7% decrease year-over-year 3.5% Decrease year-over-year • Category decline impacted by Easter shift to Q2, one less day in February, and lower store traffic • Pri
Slide 12: Liquor Retail: Canada's Largest Private Sector Liquor Retailer
Q1 Liquor Retail 2025 165 Retail locations in Alberta $549MM Trailing 12-month revenue and British Columbia1 Canada’s Largest Private Sector Liquor Retailer SNDL's Liquor Retail segment has substantial experience 17% 2.8MM and scale operating in competitive & regulated retail environments and genera
Slide 13: Liquor Retail Brand Portfolio
Wine and Beyond is Western Canada’s largest liquor stores. We pride Liquor Retail ourselves on having a selection of over 6,000 wines, 2,500 spirits and Brand 2,200 beers Our 13 locations are known for their incredible selection, unique product offerings, and staff with excellent product knowledge a
Slide 14: Cannabis Retail
Cannabis Retail f= sndl
Slide 15: Cannabis Retail Highlights
Cannabis Retail SNDL Corporate Presentation First Quarter 2025 Cannabis Retail Highlights Outpacing Announced the Industry Accelerated Rise Rewards Agreement to in Key Expansion of Loyalty Acquire 1CM Market of ON Value Buds Program Retail Stores Same store sales in ON Expanded the Value A key enhan
Slide 16: Cannabis Retail Q1 2025 Results
Cannabis Retail Q1 Net Revenue Gross Profit 2025 Cannabis Retail $77.5MM $19.6MM Increase of $6.2 million Increase of $1.3 million Results 8.7% increase year-over-year 6.9% increase year-over-year • Same store sales growth of 5.2% year-over-year, including uplift from conversions to Value Buds • Add
Slide 17: Cannabis Retail: One of Canada's Largest Private Sector Retailers
Q1 Cannabis Retail 2025 186 Retail Locations in AB, BC, $318MM Trailing 12-month revenue One of Canada’s MB, ON and SK1 Largest Private Sector Cannabis Retailer With our Value Buds, Spiritleaf Cannabis and Superette banners 10% 2.7MM combined, SNDL has one of the largest Cannabis retail footprint in
Slide 18: Cannabis Retail Brand Portfolio
Cannabis Retail Brand Portfolio Value Buds has a simple mission: deliver compelling value to cannabis consumers. Our goal is to attract, grow, and retain a loyal customer base by offering high-quality cannabis products in convenient locations and every-day low prices Spiritleaf aims to be the most k
Slide 19: Cannabis Operations
Cannabis Operations & sndl
Slide 20: Cannabis Ops Highlights
Cannabis Operations SNDL Corporate Presentation First Quarter 2025 Cannabis Ops Highlights Strong Net Sustained Positive International Revenue Gross Margin Operating Sales Growth Growth Expansion Income Posted double-digit net Achieved positive gross Generated positive Achieved 38% quarter revenue g
Slide 21: Cannabis Operations Q1 2025 Results
Cannabis Operations Q1 Net Revenue Gross Profit 2025 Cannabis Operations $34.3MM $9.2MM Increase of $11.9 million Increase of $6.0 million Results 53% increase year-over-year +185% increase year-over-year • Strong net revenue growth as a result of Indiva acquisition along with increased provincial b
Slide 22: Cannabis Operations: Vertically Integrated Cannabis Company
Q1 Cannabis Operations 2025 110,237ft Cannabis cultivation at 2 $121MM One of Canada’s Atholville, New Brunswick facility Trailing 12-month revenue largest vertically integrated cannabis companies Specializing in low-cost biomass sourcing, premium indoor cultivation, product innovation, and low-cost
Slide 23: Cannabis Operations Facility Highlights
EXTRACTION & EDIBLES Cannabis Operations PROCESSING Kelowna, British Columbia London, Ontario (Indiva) • Leading Cannabis Extraction and • Large-scale edibles & chocolate Processing Facility with 185 tons of production biomass processed per year • 100 million bulk gummies and 20 • Current production
Slide 24: Cannabis Operations Brand Portfolio
PREMIUM Cannabis Operations Brand Portfolio CORE VALUE 24
Slide 25: Investments
Investments
Slide 26: Investments
Investments Strategically deployed capital for the $420.3MM 5 cannabis Book value of all cannabis SunStream credit portfolio industry industry investments1 investments1 SunStream’s investment portfolio can be bifurcated into (i) performing credits and (ii) equitization $407.6MM $12.7MM opportunities
Slide 27: Investment Portfolio (Supplemental Selected Investment Information)
Investment Portfolio (Supplemental Selected Investment Information) Investments Credit exposure includes performing loans, investments under restructuring in the US and equity investments Amounts in CAD Million. FX CAD/US: 1.44 INVESTMENTS UNDER PERFORMING LOANS EQUITIES RESTRUCTURING Ascend Jushi (
Slide 28: USA Investment Portfolio Under Restructuring
USA Investment Portfolio Under Restructuring Investments Parallel and Skymint assets provide several investment optionalities, including potential future equitization and exposure to US footprint PARALLEL SKYMINT Retail Stores State Operations NAV/FV State Operations NAV/FV Florida $250.6 million $1
Slide 29: Potential SunStream USA Compared to US MSO's
Potential SunStream USA Compared to US MSO’s Investments SSB Equitization Opportunities 12-month trailing Revenue (1) vs US MSO’s ($Millions) In USD + $1,600 $1,343 Potential Equitized $1,400 Portfolio(2) $1,187 $1,200 $1,137 Revenue ($MM) $1,000 $885 $879 $800 $724 $600 $562 Potential Equitized $46
Slide 30: Peer Benchmarking
FINANCIAL PERFORMANCE VS COMPETITORS Peer Benchmarking Trailing 12 months Net Revenue ($Millions) Adjusted OI 1 ($Millions) Free Cash Flow 2 ($Millions) $1,154 ACB HITI VFF OGI CRON SNDL CGC TLRY $26 $928 $13 $14 $8 $8 $0 $537 ($28) ($31) ($10) $463 ($32) $320 ($72) $277 ($91) $166 $162 ($132) ($116
Slide 31: Peer Benchmarking
FINANCIAL PERFORMANCE VS COMPETITORS Peer Benchmarking Trailing 12 months Enterprise Value (C$ in Millions) Enterprise Value to Revenue ratio Market Cap to Revenue ratio 1.7 6.3 $812 1.3 1.0 0.7 0.7 0.5 $485 $473 0.4 (1.1) $416 $358 $168 $165 1.3 1.3 0.8 0.6 0.6 0.6 ($176) 0.3 CRON ACB OGI CGC HITI
Slide 32: Peer Benchmarking: Positioned Ahead of Peers on FCF Metrics
POSITIONED AHEAD OF PEERS ON FCF METRICS Peer Benchmarking FCF Rank vs. Peers (Trailing 12 months) Trailing 12 month FCF - Last 4 quarters Net Revenue Adjusted Free Cash Flow SNDL Competitor Q2/23 to Q1/24 Q3/23 to Q2/24 Q4/23 to Q3/24 Q1/24 to Q4/24 (C$000s) Calendar (C$000s) (C$000s) Periods $9 Q1
Slide 33: Valuation Analysis
SNDL Valuation Valuation Analysis NET ASSET VALUE WATERFALL Denoted in C$/sh $1.69 $4.06 (US$2.94) $2.00 (US$1.45) Upside Potential $1.50 $2.06 (US$1.49) Implied Residual Value for: $0.82 $0.05 165 Liquor Stores 128 Cannabis Stores 58 Franchise Stores 380,000 sq.ft. Atholville Facility 116,000 sq.ft
Slide 34: Cannabis Stocks Valuation
Cannabis Stocks Valuation Cannabis stock price valuations remain volatile, influenced by overall market trends, regulatory developments, and even rumors. As the industry continues to mature, investors can and should prioritize understanding the business fundamentals of corporations What drives stock
Slide 35: Analyst Coverage
Analyst Coverage Frederico Gomes ATB Financial Yewon Kang Canaccord Genuity Tomas Bottger Investor Relations investors@sndl.com
Slide 36: Appendices
; y = Appendices | / = =, A ’ i : he | " -| re 2x? Eg sndl
Slide 37: Notes
8 1 90 164 3 1 5 1 5 1 78 1 1 1 NOTES Data as of April 30, 2025