Sndl Inc. · NASDAQ:SNDL
Sndl — Q3 2026 Earnings Presentation
37 slides from Sndl's earnings presentation, October 2026
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 Third Quarter 2026
Corporate Presentation THIRD QUARTER 2026 October 2026 NASDAQ: SNDL CSE: SNDL
Slide 3: Our Purpose
SNDL Corporate Presentation Third Quarter 2026 Our Purpose Bringing people together through exceptional products and experiences 3 4
Slide 4: Operating Segments
SNDL Corporate Presentation Third Quarter 2026 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 Third Quarter 2026 The SNDL Advantage Strong Vertically Retail Strategic Balance Integrated Scale & Cannabis Sheet Cannabis1 Experience Investments SNDL has one of the Vertical integration The combined Liquor and SNDL’s investment strongest balance generates economic Cann
Slide 6: Operating Highlights
SNDL Corporate Presentation Third Quarter 2026 OPERATING $447MM Market Cap1 HIGHLIGHTS 358 Retail Stores (Liquor + Cannabis Retail)1 ~2700 $922MM Employees1 Trailing 12-month Net Revenue $nil $132MM Debt Unrestricted Cash As of September 30, 2026 6 1Figures as of October 26, 2026. Exchange rate of 1
Slide 7: Q3 2026 Company Highlights
Q3 2026 Company Highlights Third Quarter Financial Results IMPROVEMENTS IN ACCELERATE SHARE STRATEGIC INVESTMENTS UNDERLING PERFORMANCE REPURCHASES IN USA Record quarterly and positive Continued share repurchases Increased indirect equity year-to-date free cash flow adding up to >23 million and debt
Slide 8: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Third Quarter Financial Results Net Revenue $238MM $(6.2)MM (2.5)% SNDL delivered record Decrease YOY Decrease YOY Free Cash Flow and positive Adjusted Gross Profit $57.9MM $(6.3)MM (9.8)% Operating Income Decrease YOY Decrease YOY Q3 Results demonstrate improvement in u
Slide 9: Historical Consolidated Financial Results
Net Revenue ($000s) Gross Profit ($000s) Historical Consolidated Financial Results 1,000,000 250,000 Performance 750,000 200,000 150,000 500,000 100,000 250,000 50,000 SNDL achieved another year of positive Free Cash Flow in 2025, with significant 0 - gross profit expansion and continued to 2022 202
Slide 10: Liquor Retail
Liquor-Retail ss sndl
Slide 11: Liquor Retail Highlights
Liquor Retail SNDL Corporate Presentation Third Quarter 2026 Liquor Retail Highlights Record Gross Network Expanding Operational Margin Optimization Private Label Efficiency Achieved record gross Optimized footprint Private label sales Focus on overheads margin of 27.0% in Q3, an through successful
Slide 12: Liquor Retail Q3 2026 Results
Liquor Retail Q3 Net Revenue Gross Profit 2026 Liquor Retail $134.8MM $36.4MM Decrease of $(4.6) million Decrease of $(0.3) million Results (3.3)% decrease year-over-year (0.9)% decrease year-over-year • Net Revenue continued to decline, despite three new Wine & Beyond stores opened in the last 12 m
Slide 13: Canada's Largest Private Sector Liquor Retailer
Liquor Retail Canada’s Largest Private 165 Retail locations in Alberta, $522M Trailing 12-month revenue Sector Liquor British Columbia and Saskatchewan1 Retailer SNDL's Liquor Retail segment has substantial experience and scale operating in competitive & regulated retail 17% 3.2M environments and ge
Slide 14: 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 16 locations are known for their incredible selection, unique product offerings, and staff with excellent product knowledge a
Slide 15: Cannabis Retail
Cannabis Retail f= sndl
Slide 16: Cannabis Retail Highlights
Cannabis Retail SNDL Corporate Presentation Third Quarter 2026 Cannabis Retail Highlights Rise Rewards Continued Expansion of Program’s Leadership Gross Margin Value Buds continued Investment Growth momentum Achieved gross margin of Continued the expansion Rise Rewards continues to Multi-Unit Manage
Slide 17: Cannabis Retail Q3 2026 Results
Cannabis Retail Q3 Net Revenue Gross Profit 2026 Cannabis Retail $85.6MM $23.1MM Increase of $0.6 million Increase of $0.7 million Results 0.7% increase year-over-year 2.9% increase year-over-year • Net Revenue returned to growth reaching a new quarterly record driven by new stores and Value Buds st
Slide 18: One of Canada's Largest Private Cannabis Retailers
Cannabis Retail 193 $329MM One of Canada’s Largest Private Retail Locations in AB, BC, Trailing 12-month revenue Sector Cannabis MB, ON and SK1 Retailers Through our Value Buds and Spiritleaf banners, and the ongoing conversion of five acquired stores to the Value 9.3% 3.0MM Buds banner, SNDL mainta
Slide 19: 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 20: Cannabis Operations
Cannabis Operations & sndl
Slide 21: Cannabis Ops Highlights
Cannabis Operations SNDL Corporate Presentation Third Quarter 2026 Cannabis Ops Highlights Edible Production Profit Category Efficiency Enhancement Leadership Improvements SNDL is the #1 LP in sales with Optimization of our Kelowna Initiatives underway to 49 SKUs driving 23% market facility processe
Slide 22: Cannabis Operations Q3 2026 Results
Cannabis Operations Q3 Net Revenue Gross Profit 2026 Cannabis Operations $27.0MM $(1.6)MM Decrease of $(10.3) million Decrease of $(6.6) million Results (27.7)% decrease year-over-year (132)% decrease year-over-year • Net Revenue decline mostly attributed to our exit from the unprofitable domestic d
Slide 23: One of Canada's Largest Vertically Integrated Cannabis Companies
Q3 Cannabis Operations 2026 168,057ft Cannabis cultivation at 2 $126MM Trailing 12-month revenue One of Canada’s Atholville, New Brunswick facility largest vertically integrated cannabis companies Specializing in low-cost biomass sourcing, premium indoor cultivation, 4 22 product innovation, and low
Slide 24: Cannabis Operations Facility Highlights
EXTRACTION & EDIBLES Cannabis Operations PROCESSING Kelowna, British Columbia London, Ontario • Leading Cannabis Extraction and • Large-scale edibles & chocolate Processing Facility with 185 tons of production biomass processed per year • 132 million bulk gummies and 20 million • Capacity of 4.3 mil
Slide 25: Cannabis Operations Brand Portfolio
PREMIUM Cannabis Operations Brand Portfolio CORE VALUE 25
Slide 26: Investments
Investments
Slide 27: Investments
Investments Strategically deployed capital for the $485.2MM 4 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 $467.7MM $17.4MM opportunities
Slide 28: Investment Portfolio
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: 1.42 INVESTMENTS UNDER PERFORMING LOANS EQUITIES RESTRUCTURING Jushi (2) Cann
Slide 29: 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 $310.4 million $6
Slide 30: Potential SunStream USA Compared to US MSOs
Potential SunStream USA Compared to US MSOs Investments SSB Equitization Opportunities 12-month trailing Revenue (1) vs US MSO’s ($Millions) In USD + Potential Equitized Portfolio(2) Potential Equitized Portfolio(2) Total Cannabis 174 120 207 162 261 83 170 55 42 20 68 Retail Stores(3) 30 (1) Source
Slide 31: Peer Benchmarking
FINANCIAL PERFOMANCE VS COMPETITORS Trailing 4 quarters reported Peer Benchmarking Net Revenue ($Millions) Adjusted OI1 ($Millions) Free Cash Flow 2 ($Millions) $1,352 $69 $51 $16 $922 $4 $28 $720 $2 ($13) ($30) ($5) ($8) ($54) ($77) $322 $309 $294 $290 $250 ($83) ($89) ($115) ($172) TLRY SNDL HITI
Slide 32: Peer Benchmarking
FINANCIAL PERFORMANCE VS COMPETITORS Trailing 12 months Peer Benchmarking Enterprise Value (C$ in Millions) Enterprise Value to Revenue ratio Market Cap to Revenue ratio 7.0x 2.5x 2.5x $804 $727 $613 1.5x $477 $476 $463 1.0x 2.8x $304 0.7x 0.6x 0.6x $205 0.5x 1.6x 1.3x 0.6x 0.5x 0.5x 0.4x TLRY CGC C
Slide 33: Peer Benchmarking
FINANCIAL PERFORMANCE VS COMPETITORS Trailing 4 quarters reported Peer Benchmarking Adjusted EBITDA ($Millions) Adjusted EBITDA to Enterprise Value Multiple 9.5x 7.0x 8.2x 18.0x 6.5x 18.0x 7.0x NA • Over the last four quarters, SNDL delivered one of the highest Adjusted EBITDA results among its peer
Slide 34: Valuation Analysis
SNDL Valuation Valuation Analysis NET ASSET VALUE WATERFALL Denoted in C$/sh $1.75 $4.21 (US$3.01) $2.43 (US$1.74) Upside Potential $1.86 $1.78 (US$1.27) Implied Residual Value for: 165 Liquor Stores 137 Cannabis Stores 56 Franchise Stores $0.53 $0.07 380k sq.ft. Atholville Facility 116k sq.ft. Kelo
Slide 35: Analyst Coverage
Analyst Coverage Frederico Gomes ATB Financial Aaron Grey Alliance Global Partners Tomas Bottger Investor Relations investors@sndl.com
Slide 36: Appendices
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Slide 37: Notes
97 162 8 1 1 1 8 1 5 2 1 75 1 1 1 37 NOTES Data as October 26, 2026