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: Fourth Quarter & Full Year 2025
Corporate Presentation FOURTH QUARTER & FULL YEAR 2025 March 2026 NASDAQ: SNDL CSE: SNDL
Slide 3: 2025 Company Highlights
2025 Company Highlights Full Year Financial Results RECORD FREE CASH SUSTAINED REVENUE POSITIVE ADJUSTED FLOW GROWTH IN CANNABIS OPERATING INCOME Doubling cash generation Cannabis business Achieved positive full year from previous year through consistently expanded Adj. Operating Income for continue
Slide 4: Q4 Financial Highlights
Q4 Financial Highlights Fourth Quarter Financial Results Net Revenue $252MM $(5.2)MM (2.0)% Decrease YOY Decrease YOY SNDL delivered solid Gross Profit $70.2MM $1.4MM 2.1% profitability Increase YOY Increase YOY improvements Financial performance Gross Margin 27.8% 1.1pp shows clear operational impr
Slide 5: 2025 Full Year Financial Highlights
2025 Full Year Financial Highlights Full Year Financial Results Net Revenue $946MM $26.0MM 2.8% Increase YOY Increase YOY Gross Profit $259MM $18.3MM 7.6% SNDL delivered new records across all key Increase YOY Increase YOY financial metrics Gross Margin 27.3% 1.2pp Including positive Adj. Operating
Slide 6: Fourth Quarter & Full Year Financial Results
Net Revenue ($000s) Gross Profit ($000s) Fourth Quarter Fourth Quarter & Full Year Financial Results 300,000 CAGR ‘22-25 Increase of 10% 80,000 CAGR ‘22-25 Increase of 23% 2025 Financial 200,000 60,000 Performance 40,000 100,000 20,000 0 0 SNDL delivered in Q4 positive Free Cash Flow and record-brea
Slide 7: Net Revenue and Gross Profit Contribution by Segments
Net Revenue and Gross Profit Contribution by Segments Fourth Quarter & Full Year Financial Results Net Revenue ($Millions) Gross Profit ($Millions) 257.7 1.6 70.2 0.1 0.0 252.5 68.8 0.4 (0.6) (5.2) (0.1) Q4 (2.0)% +2.1% Q4 2024 Liquor Retail Cann. Retail Cann. Ops Rev. Elim. Q4 2025 Q4 2024 Liquor R
Slide 8: Adjusted Operating Income and Free Cash Flow Contribution by Segments
Adjusted Operating Income and Free Cash Flow Contribution by Segments Fourth Quarter & Full Year Financial Results Adj. Operating Income ($Millions) Free Cash Flow ($Millions) 7.5 12.8 66.2 2.0 11.6 (1.7) 10.2 Q4 +121% (1.7) (12)% 2.0 (60.5) (0.1) (2.3) Q4 2024 Liquor Retail Cann. Retail Cann. Ops I
Slide 9: Strong Q4 2025 Free Cash Flow driven by higher earnings
Strong Q4 2025 Free Cash Flow driven by higher earnings. Delivered full year positive FCF for the second year in a row Fourth Quarter & Full Year Financial Results FCF Breakdown ($Millions) Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Free Cash Flow trend ($Millions) Net Income (14.7) 2.9 (13.3) 9.4 (15.8) $17 Non
Slide 10: Liquor Retail
Liquor Retail Change vs 2024 ($ Millions) 2025 Abs % 2025 Q4 Net Revenue Gross Profit 148.8 38.7 (5.2) 0.4 (3.4)% 1.1% Liquor Retail Gross Margin 26.0% 1.2pp Results Adj. Operating Income 12.2 (0.1) (0.7)% • Wine & Beyond growing 1.6%, despite market decline, with two new stores opened in Q4’25 • Fu
Slide 11: Cannabis Retail
Cannabis Retail Change vs 2024 ($ Millions) 2025 Abs % 2025 Q4 Net Revenue Gross Profit 83.3 22.1 0.1 1.6 0.1% 7.8% Cannabis Retail Gross Margin 26.5% 1.9pp Results Adj. Operating Income 8.0 2.0 33.3% • Full year Same store sales growth of 3.9% year-over-year, with market slow down throughout the ye
Slide 12: Cannabis Operations
Cannabis Operations Change vs 2024 ($ Millions) 2025 Abs % 2025 Q4 Net Revenue Gross Profit 37.1 9.5 0.0 (0.6) 0.1% (5.8)% Cannabis Operations Gross Margin 25.6% (1.6)pp Results Adj. Operating Income 2.2 (2.3) (51.5)% • Strong net revenue growth as a result of Indiva acquisition along with increased
Slide 13: 2025 Strategic Priorities
2025 Strategic Priorities Strategic Priorities GROWTH PROFITABILITY PEOPLE Drive sustainable growth Consistent Free Cash Flow Create engagement & in our core segments and Operating Income alignment through focus growth on Performance & Talent • Grow and convert Development store count • Enhance Reve
Slide 14: Strategic Priorities: Growth
Strategic Strategic Priorities Priorities +0.2pp Retail Expansion Cannabis Retail Q4 2025 Highlights Share Gain Targeted CAPEX and working capital investments in Through quality of execution, store openings and support of three additional Cannabis store openings Value Buds store conversions and two
Slide 15: Strategic Priorities: Profitability
Strategic Strategic Priorities Priorities ~$13M +$10M Adj. Operating Income Free Cash Flow Q4 2025 Highlights Continued operational improvements and focus Through disciplined working capital management on cost management to deliver positive Adjusted and continued operational improvements Operating I
Slide 16: Strategic Priorities: People
Strategic Strategic Priorities Strategic Talent Employee Value Priorities Development Proposition Q4 2025 Highlights Launched our annual “Performance to Pay” process, a key component of SNDL’s Strategic Executed our second annual employee engagement survey to identify opportunities to strengthen SND
Slide 17: Peer Benchmarking
FINANCIAL PERFORMANCE VS COMPETITORS Trailing 4 quarters reported Peer Benchmarking Free Cash Flow2 ($Millions) Adjusted OI1 ($Millions) Adj. EBITDA ($Millions) 100 Adj. EBITDA Adj. EBITDA Margin 20% VFF HITI SNDL OGI CRON ACB TLRY CGC $43 80 $76 $25 $15 $70 15% $18 $0 $61 $3 60 ($15) $47 10% ($43)
Slide 18: Analyst Q&A
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