Trulieve Cannabis Corp. · OTC:TCNNF
Trulieve Cannabis — FY2025 Earnings Presentation
19 slides from Trulieve Cannabis's earnings presentation, Feb 26, 2026
Slide 1: Fourth Quarter/Full Year 2025 Earnings Presentation
Fourth Quarter/Full Year 2025 Earnings Presentation February 2026 CSE: TRUL OTCQX: TCNNF
Slide 2: Forward-Looking Statements
www.trulieve.com 2 Forward-Looking Statements Unless the context otherwise requires, the terms “Company,” “Trulieve,” “we,” “us” and “our” in this presentation refer to Trulieve Cannabis Corp. and its subsidiaries. This presentation includes forward-looking information and statements within the mean
Slide 3: Management's Use of Non-GAAP Financial Measures
www.trulieve.com 3 Management’s Use of Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net income (loss), adjusted net income (loss) pe
Slide 4: Agenda
www.trulieve.com 4 Agenda • Full Year and Fourth Quarter 2025 Financial Highlights • Full Year and Fourth Quarter 2025 Operational Highlights • Revenue Highlights • Recent Developments • 2026 Focus Areas • Financial Targets • Financial Highlights • Tax Position • Reconciliation of Non-GAAP Financial
Slide 5: Full Year 2025 Financial Highlights
www.trulieve.com 5 Full Year 2025 Financial Highlights* • Revenue $1.2 billion, with 94% of revenue from retail sales • GAAP gross profit of $711 million and 60% gross margin • Net loss attributable to common shareholders of $116 million • Adjusted net loss of $27 million excludes non-recurring char
Slide 6: Fourth Quarter 2025 Financial Highlights
www.trulieve.com 6 Fourth Quarter 2025 Financial Highlights* • Revenue $293 million, with 93% of revenue from retail sales • GAAP gross profit of $175 million and 60% gross margin • Net loss attributable to common shareholders of $43 million • Adjusted net loss of $3 million excludes non-recurring c
Slide 7: Full Year and Fourth Quarter 2025 Operational Highlights
www.trulieve.com 7 Full Year and Fourth Quarter 2025 Operational Highlights* • Redeemed $368 million of senior secured notes due 2026 • Repaid $15.8 million mortgage due 2032 • Closed $140 million private placement of senior secured notes due 2030 at 10.5% interest rate • Granted conditional approva
Slide 8: Revenue Highlights
www.trulieve.com 8 Revenue Highlights • Retail revenue $1.1 billion in 2025 • Traffic and units up 5% each year over year • Record wholesale revenue $71 million in 2025 • Increased 23% year over year • Sold over 50 million branded products in 2025 • Modern Flower and Roll One accounted for almost ha
Slide 9: Recent Developments
www.trulieve.com 9 Recent Developments • Closed second tranche $60 million private placement of senior secured notes due 2030 at 10.5% interest rate • Opened one dispensary in Fort Myers, Florida • Currently operate 234 retail dispensaries and over 4 million square feet of cultivation and processing
Slide 10: 2026 Focus Areas
www.trulieve.com 10 2026 Focus Areas Expand Access to Cannabis • Support federal reform including Rescheduling, SAFER Banking, and uplisting • Support state expansion including Florida, Georgia, Pennsylvania, and Texas Grow Loyal Customer Base • Attract and Retain Customers • Deliver Exceptional Cus
Slide 11: Financial Targets
www.trulieve.com 11 Financial Targets Financial Targets: • Anticipate first quarter revenue will be down low to mid single-digits compared to the fourth quarter • 2026 cash flow from operations of at least $250 million expected • 2026 capital expenditures up to $85 million expected (including intern
Slide 12: Financial Highlights
www.trulieve.com 12 Financial Highlights* *Adjusted SG&A, adjusted SG&A as % revenue, adjusted net (loss) income, adjusted net (loss) income per diluted share, adjusted EBITDA, and adjusted EBITDA margin are Non-GAAP financial measures. See slides 15-17 for reconciliation to GAAP for all non-GAAP fi
Slide 13: Financial Highlights: Share Count Estimate
www.trulieve.com 13 Financial Highlights SHARE COUNT ESTIMATE (millions as of December 31, 2025 on as if converted basis) Subordinate Voting Shares 169.1 Multiple Voting Shares* 0.2 Total Shares Outstanding 192.3 *converted at 100 subordinate shares per 1 multiple voting share Employee Stock Options
Slide 14: Tax Position
www.trulieve.com 14 Tax Position • In Q4 2023, Trulieve filed amended federal tax returns for 2019, 2020, and 2021 claiming $143 million of refunds and corresponding amended state returns claiming $31 million of refunds • Amended returns were supported by legal interpretations that challenge the tax
Slide 15: Reconciliation of Non-GAAP Financial Measures: EBITDA and Adjusted EBITDA
www.trulieve.com 15 Reconciliation of Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Net loss attributable to common shareholders $ (42.9) $ (59.8) $ (26.8) $ (116.4) $ (155.1) Add (deduct) impact of: Interest expense, net $ 14.7 $ 14.6 $ 16.1 $ 63.5 $ 62.2 Interest income $ (3.4) $ (3.2) $
Slide 16: Reconciliation of Non-GAAP Financial Measures: Adjusted Net (Loss) Income
www.trulieve.com 16 Reconciliation of Non-GAAP Financial Measures Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Diluted Share Net loss attributable to common shareholders $ (42.9) $ (59.8) $ (26.8) $ (116.4) $ (155.1) Net (income) loss from discontinued operations, net of tax, attrib
Slide 17: Reconciliation of Non-GAAP Financial Measures: Free Cash Flow and Adjusted SG&A
www.trulieve.com 17 Reconciliation of Non-GAAP Financial Measures Free Cash Flow and Adjusted SG&A Cash flow from operating activities $ 59.2 $ 30.7 $ 76.8 $ 272.8 $ 271.5 Payments for property and equipment $ (3.4) $ (42.7) $ (12.3) $ (44.2) $ (122.6) Free cash flow (Non-GAAP) $ 55.8 $ (12.0) $ 64.
Slide 18: Brands
www.trulieve.com 18 Brands Trulieve Brands V A LU E M ID P R EM IU M Partner Brands
Slide 19: Thank You
THANK YOU @Trulieve/@Trulieve_IR ir@trulieve.com CSE: TRUL OTCQX: TCNNF