Verano Holdings Corp Class A · NEO:VRNO
Verano Holdings Corp Class A — Q3 2025 Earnings Presentation
31 slides from Verano Holdings Corp Class A's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Financials Investor Presentation
Q3 2025 FINANCIALS Investor Presentation Geographic footprint as of 10.28.25 (CBOE CA:VRNO) (OTCQX:VRNOF)
Slide 2: We Say Yes.
WE SAY YES.
Slide 3: Safe Harbor Disclaimers
Safe Harbor Disclaimers Forward -Looking Information This presentation contains “forward -looking statements” within the meaning of the safe harbor provisions of the United States Pr ivate Securities Litigation Reform Act of 1995. Such forward -looking statements are not representative of historical
Slide 4: Powerhouse Business & Brands
POWERHOUSE BUSINESS & BRANDS $203M 3,800+ Q3 2025 REVENUE EMPLOYEES 1,200+ 158 15 ACTIVE WHOLESALE OPERATING RETAIL CULTIVATION & ACCOUNTS LOCATIONS PRODUCTION FACILITIES Page 04
Slide 5: Our Expansive Footprint
OUR EXPANSIVE FOOTPRINT 89 Million American adult population within geographic footprint 1 13 States Nevada, Arizona, Illinois, Michigan, Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, Florida, Connecticut, Massachusetts 1Total Adult Use Population Size per BDSA data. Footprint a
Slide 6: Experienced Leadership
EXPERIENCED LEADERSHIP George Archos is the founder, Chairman and Chief Executive Officer of Verano. He entered the cannabis AARON MILES DAVID SPRECKMAN DESTINY THOMPSON industry in 2014 when he was the first in Illinois to CHIEF INVESTMENT CHIEF MARKETING OFFICER CHIEF PEOPLE OFFICER OFFICER receiv
Slide 7: The Verano Difference
THE VERANO Our entrepreneurial background in both business innovation and hospitality serves as DIFFERENCE the foundation for our key growth pillars. Integrated: Diversified Experienced 01 Seed -To-Sale 03 House of Brands 05 Leadership Team Balanced Sales Strong Growth 02 Approach 04 Platform Page 0
Slide 8: Strategic Seed-to-Sale Process
STRATEGIC SEED -TO -SALE PROCESS Cultivation, manufacturing, distribution and retail leverage leading -edge automation and extensive R&D capabilities. 01 Curate vast strain library 03 Go above and beyond of 160+ proprietary quality standards strains 02 Cultivate our premium 04 Produce, package, flow
Slide 9: Retail Operations
RETAIL OPERATIONS
Slide 10: Zen Leaf Locations
76 ZEN LEAF LOCATIONS Zen Leaf aspires to be one of the most influential cannabis retail brands, and to garner brand loyalty from a myriad of cannabis consumers as it continues expanding. Inspiring our customers drives our mission to satisfy deep and important life needs and offer unparalleled innov
Slide 11: MÜV Locations
82 MÜV LOCATIONS MÜV is a medical cannabis retailer in the Florida region currently serving patients at 82 state -of-the-art dispensaries. MÜV provides what is believed to be one of the widest selections of concentrates for patients seeking micro -dosing options, as well as an expansive suite of pro
Slide 12: Strong M&A History
STRONG M&A HISTORY A PROVEN Targeting stable M&A partners and strong EBITDA multiples ACQUIRER Page PageXX 12 1Includes assets acquired in Arizona and Virginia.
Slide 13: Verano Wholesale
VERANO. WHOLESALE
Slide 14: National Distribution at Scale
NATIONAL DISTRIBUTION 1,200+ 10+ #3 AT SCALE RETAIL PARTNERS DISTINCT BRANDS RANK IN NATIONAL MARKET SHARE 1 From premium flower and vapes to best -selling edibles and concentrates, our products move — and move fast. Our reach, scale, and brand diversity make us a go -to partner in every major marke
Slide 15: Brand Portfolio Strategy
Top 5 Brand Market Share Positions across all major product categories 1 BRAND PORTFOLIO STRATEGY BEST Our brand architecture is intentionally designed to serve a broad spectrum of consumers, from value -seekers to connoisseurs. BETTER This good -better-best framework allows us to flex across price
Slide 16: House of Brands
HOUSE OF Well diversified product portfolio including flower, pre -rolls, topicals, discount brands, vapes, BRANDS concentrates and edibles of varying potency
Slide 17: Verano
Our namesake brand, Verano offers a curated collection of coveted genetics - covering classic fan -favorites, the latest trends, and proprietary strains that are cross -bred and pheno -hunted in -house. The vast genetic offering expands into several marquee product lines including premium whole bud
Slide 18: (the) Essence
Embrace the possibilities of every moment through (the) Essence. Whether you’re looking to unwind after a long day; to soothe or sleep; to get active or creative; all are best done with a present mind. Our genetics are carefully selected, bred and pheno -hunted to deliver a spectrum of experiences,
Slide 19: Savvy
Savvy is the street -smart bud for the sharpest in the game. A heavy -hitting selection of good flower, vapes, and edibles, served in a range of large formats that won’t break the bank. Page 19
Slide 20: Bits
Bits are the everyday edible that encourages doing - without overdoing it. Bits offers six delicious flavors formulated with cannabinoids and a dash of adaptogens to add just a little bit more to life's activities. Page 20
Slide 21: Encore
Like a song that takes you back, Encore Edibles are all timeless hits. Finding comfort in the familiar, these terpene -enriched treats come in classic flavor profiles, reminiscent of your old -school favorites. Page 21
Slide 22: On The Rocks
On The Rocks is a cannabis collection defined by solventless extraction methods that date back thousands of years. Dry sift and ice water capture the essence of flower by collecting its cannabinoid - and terpene -rich trichomes. These trichomes are then refined in small batches and hand -crafted to
Slide 23: Avexia
Avexia , meaning "wellness" in Greek, offers products made to effortlessly enhance any self -care routine. Carefully formulated with cannabinoids and other natural ingredients, Avexia harnesses the power of the elements to deliver the ultimate dose of relief in a range of topicals, tablets, tincture
Slide 24: Q3 Financial Review
Q3 FINANCIAL REVIEW
Slide 25: Q3 2025 Financial Results
Q3 2025 Gross Profit $95,237 FINANCIAL RESULTS 1 Focus on generating further Income from Operations $9,277 efficiencies and cost -saving measures. Revenue Net Loss 2 $(43,832) 1Amounts reported $202,810 in thousands. 2 (14%) net loss margin. Adjusted EBITDA 3 1 $53,109 Adjusted EBITDA 1 Margin 26% 3
Slide 26: Balance Sheet
BALANCE SHEET Cash $82,623 Total Debt $400,759 Total Assets $1,925,350 Total Liabilities $1,041,265 Page 26
Slide 27: Thank You
Email Investors@Verano.com THANK YOU Website Investors.Verano.com
Slide 28: Financial Appendix
FINANCIAL APPENDIX
Slide 29: Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
VERANO HOLDINGS CORP. Reconciliation of Net Loss to EBITDA (Non-U.S. GAAP) and Adjusted EBITDA (Non-U.S. GAAP, Unaudited) For the Three Months Ended, (8 in thousands) September 30, 2025 ‘June 30, 2025 September 30, 2024 Net Loss Attributable to Verano Holdings Corp. & Subsidiaries s (43,832) (19,150
Slide 30: Highlights from Condensed Consolidated Balance Sheets
VERANO HOLDINGS CORP. Highlights from Condensed Consolidated Balance Sheets (3 in thousands) Cash and Cash Equivalents Other Current Assets Property, Plant and Equipment, net Intangible Assets, net Goodwill Other Long-Term Assets Total Assets Total Current Liabilities Total Long-Term Liabilities Sha
Slide 31: Highlights from Statements of Operations
VERANO HOLDINGS CORP. Highlights from Unaudited Interim Condensed Consolidated Statements of Operations For the Three Months Ended, (8 in thousands) September 30, 2025 June 30, 2025 September 30, 2024 Revenues, net of Discounts $ 202,810 S$ 202,272 216,683 Cost of Goods Sold, net 107,573 89,288 107,