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 2026
Corporate Presentation FIRST QUARTER 2026 April 2026 NASDAQ: SNDL CSE: SNDL
Slide 3: Our Purpose
SNDL Corporate Presentation First Quarter 2026 Our Purpose Bringing people together through exceptional products and experiences 3 4
Slide 4: Operating Segments
SNDL Corporate Presentation First 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 First Quarter 2026 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: Highlights
SNDL Corporate Presentation First Quarter 2026 OPERATING $542MM Market Cap1 HIGHLIGHTS 360 Retail Stores (Liquor + Cannabis Retail)1 ~2800 $937MM Employees1 Trailing 12-month Net Revenue $nil $213MM Debt Unrestricted Cash 6 1Figures as of April 28, 2026. Exchange rate of 1.37 4
Slide 7: Q1 2026 Company Highlights
Q1 2026 Company Highlights First Quarter Financial Results INVESTMENTS IN RETAIL GROSS MARGIN PROFIT ENHANCEMENT GROWTH PLATFORMS EXPANSION INITIATIVES SNDL assumed exclusive Through continued Deployment of several Canadian production and promotional efficiency, initiatives aimed to boost commercial
Slide 8: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights First Quarter Financial Results Net Revenue $196MM $(9.0)MM (4.4)% Decrease YOY Decrease YOY Gross Profit $53MM $(3.8)MM (6.8)% SNDL overall results impacted by market Decrease YOY Decrease YOY headwinds Gross Margin 27.0% (0.7)pp Profitability and Free Cash Flow impacte
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 First Quarter 2026 Liquor Retail Highlights Launched Rise Rewards Continued Expanding Operational Loyalty Gross Margin Private Label Efficiency Program Growth Successfully debuted our Achieved gross margin of Private label sales Focus on overheads integrated
Slide 12: Liquor Retail Q1 2026 Results
Liquor Retail Q1 Net Revenue Gross Profit 2026 Liquor Retail $104.1MM $26.7MM Decrease of $(5.4) million Decrease of $(1.1) million Results (4.9)% decrease year-over-year (4.1)% decrease year-over-year • Net Revenue continued to decline, despite two new Wine & Beyond stores opened in Q4’25, as marke
Slide 13: Canada's Largest Private Liquor Retailer
Liquor Retail Canada’s Largest Private 167 Retail locations in Alberta, $534M 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% 2.6M 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 15 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 First Quarter 2026 Cannabis Retail Highlights Rise Rewards Outpacing Expansion of Program’s Leadership the Industry Value Buds continued Investment momentum Same store sales Expanded the Value Buds Rise Rewards continued to Multi-Unit Management outpaced m
Slide 17: Cannabis Retail Q1 2026 Results
Cannabis Retail Q1 Net Revenue Gross Profit 2026 Cannabis Retail $77.3MM $20.4MM Decrease of $(0.2) million Increase of $0.7 million Results (0.3)% decrease year-over-year 3.7% increase year-over-year • Slight Net Revenue decline driven by negative same-store- sales of (2.5)%, partially offset by ne
Slide 18: One of Canada's Largest Private Cannabis Retailers
Cannabis Retail 193 $330MM One of Canada’s Largest Private Retail Locations in AB, BC, Trailing 12-month revenue Sector Cannabis MB, ON and SK1 Retailer With our Value Buds, Spiritleaf and Cost Cannabis banners combined, SNDL has one of the largest Cannabis retail 9% 2.6MM footprints in Canada and g
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 C
Slide 20: Cannabis Operations
Cannabis Operations & sndl
Slide 21: Cannabis Ops Highlights
Cannabis Operations SNDL Corporate Presentation First Quarter 2026 Cannabis Ops Highlights International Launch of Atholville Sales Growth Jeeter facility ramp Production Achieved $3.5 million in SNDL entered into a license Continued capacity ramp- international sales in the and manufacturing up of
Slide 22: Cannabis Operations Q1 2026 Results
Cannabis Operations Q1 Net Revenue Gross Profit 2026 Cannabis Operations $29.4MM $5.8MM Decrease of $(4.9) million Decrease of $(3.4) million Results (14)% decrease year-over-year (37)% increase year-over-year • Net revenue decline driven by market headwinds, inventory destocking and temporary adjus
Slide 23: One of Canada's Largest Vertically Integrated Cannabis Companies
Q1 Cannabis Operations 2026 153,625ft Cannabis cultivation at 2 $140MM 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 • Current production
Slide 25: Brand Portfolio
PREMIUM Cannabis Operations Brand Portfolio CORE VALUE 25
Slide 26: Investments
Investments
Slide 27: Investments
Investments Strategically deployed capital for the $410.1MM 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 $395.4MM $14.7MM 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: 1.39 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 $250.9 million $8
Slide 30: Potential SunStream USA Compared to US MSOs
Potential SunStream USA Compared to US MSOs Investments SSB Equitization Opportunities 12-month trailing Revenue (1) vs US MSO’s ($Millions) In USD + Potential Equitized Portfolio(2) Potential Equitized Portfolio(2) Total Cannabis 159 233 113 261 161 73 48 43 20 42 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) $1,183 $42 $937 $43 $18 $11 $8 $0 $630 ($12) ($1) ($28) ($68) ($35) ($38) $373 ($109) $302 $280 $278 $203 ($79) ($251) ($97) TLRY SNDL HITI
Slide 32: Peer Benchmarking
FINANCIAL PERFORMANCE VS COMPETITORS Trailing 12 months Peer Benchmarking Enterprise Value (C$ in Millions) Enterprise Value to Revenue ratio Market Cap to Revenue ratio 6.9x $1,224 1.9x 1.5x 1.3x 1.0x 0.9x $532 $496 0.8x 2.4x $462 $427 0.7x $266 0.5x 1.7x $281 $272 1.0x 1.0x 0.8x 0.6x 0.5x TLRY CGC
Slide 33: Peer Benchmarking: Adjusted EBITDA
FINANCIAL PERFORMANCE VS COMPETITORS Trailing 4 quarters reported Peer Benchmarking Adjusted EBITDA ($Millions) $100 25.0% $78 $61 $80 $68 $68 20.0% $60 15.0% $43 $14 $40 10.0% $26 $20 5.0% $(23) $0 0.0% $(20) (5.0)% $(40) TLRY SNDL VFF ACB HITI OGI CRON CGC (10.0)% Adj. EBITDA TTM Adj. EBITDA Margi
Slide 34: 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 (C$000s) Calendar (C$000s) Q2/24 to Q1/25 (C$000s) Q3/24 to Q2/25 Q4/24 to Q3/25 Q1/25 to Q4/25 Periods Q1/25
Slide 35: Valuation Analysis
SNDL Valuation Valuation Analysis NET ASSET VALUE WATERFALL Denoted in C$/sh $1.72 $4.04 (US$2.95) $2.03 (US$1.48) Upside Potential $1.47 $2.01 (US$1.47) Implied Residual Value for: 167 Liquor Stores 136 Cannabis Stores $0.80 $0.05 57 Franchise Stores 380k sq.ft. Atholville Facility 116k sq.ft. Kelo
Slide 36: Cannabis Stocks Valuation
Cannabis Stocks Valuation Valuation Analysis 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 corporation
Slide 37: Analyst Coverage
Analyst Coverage Frederico Gomes ATB Financial Aaron Grey Alliance Global Partners Tomas Bottger Investor Relations investors@sndl.com
Slide 38: Appendices
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Slide 39: Notes
96 165 8 1 1 1 8 1 5 1 1 76 1 1 1 39 NOTES Data as April 28, 2026