Curaleaf Holdings, Inc. · TSX:CURA
Curaleaf — Q2 2026 Earnings Presentation
32 slides from Curaleaf's earnings presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 // TSX: CURA / OTCQX: CURLF
Slide 2: Agenda
Agenda 1. Investment Highlights 2. 2Q ‘26 Financial and International Highlights 3. Strategy and Differentiation 4. Select Financial Items 5. The Cannabis Industry Opportunity A GE NDA 2
Slide 3: Investment Highlights
3 I NV E ST M EN T HI GHL IG HT S Highlights Investment
Slide 4: Investment Highlights
Investment Highlights • The legal cannabis industry is expected to grow from $32 billion in 2025 to $39 billion by 2029, INVESTMENT HIGLIGHTS a CAGR of 6%(1) • Our diverse US and international footprint positions us as the global industry leader • We have a world-class management team with decades o
Slide 5: 2Q '26 Financial & International Highlights
55 2Q ‘ 26 F IN AN CI A L & I NT E R NA T IO NA L HIG HLI GHT S Highlights & International 2Q ‘26 Financial
Slide 6: 2Q '26 Financial and Operating Highlights
2Q ‘26 Financial and Operating Highlights Presence in 15 states (1) 15 (1) cultivation sites $70m adj. EBITDA (3) 257m (2) ~1.5m (1) 21% HIG HLI GHT S U.S. addressable sq. ft. cultivation adj. EBITDA population capacity margin(3) I NT E R NA T IO NA L 174 (4) $340m 71/28% retail / wholesale retail l
Slide 7: 2Q '26 – Curaleaf International Highlights
2Q ‘26 – Curaleaf International Highlights • Curaleaf International total revenue of $51 million, representing 26% Y-o-Y revenue growth • In 2024, Europe’s estimated total addressable market was $246 billion (1) o Europe has a population of ~742 million(2) and a forecasted legal medical cannabis mar
Slide 8: German Cannabis Legislation – Two Years of CanG
German Cannabis Legislation – Two Years of “CanG” • Curaleaf has a leading presence wholesaling direct to pharmacies through our premium flower brand, Four20 Pharma, Curaleaf branded products covering mid-tier, and Huala offering greater value to patients. • Two years ago (April 2024), the governmen
Slide 9: Total Addressable Market: International = U.S.
Total Addressable Market: International = U.S. • With the addition of Turkey, Curaleaf International’s reach will span 16 countries thus making the International TAM equivalent to the U.S. TAM for Curaleaf • Turkey (87 million pop.) is launching a medical program during 2026 and Curaleaf has been aw
Slide 10: Strategy and Differentiation
10 S T RA TE G Y A ND D IF FE R E NT IA T I ON Strategy and Differentiation
Slide 11: Our Vision: To Be the World's Leading Cannabis Company
Our Vision: To Be the World’s Leading Cannabis Company Our 5,000+ Team Members Are Driven by Our Mission Our Vision Our Mission Our Values A ND D IF FE R E NT IA T I ON To be the world’s leading To improve lives by • Passionate Commitment cannabis company through providing clarity around • Driven to
Slide 12: Branding as a Key Differentiating Factor
Branding as a Key Differentiating Factor One of the most widely distributed brand portfolios in the country A ND D IF FE R E NT IA T I ON S T RA TE G Y 12
Slide 13: Unrivaled Domestic Retail Footprint
Unrivaled Domestic Retail Footprint(1) Unparalleled reach across the United States, with a presence in 15 states and 174 retail locations (²) Maine 6 dispensaries North Dakota Oregon 4 dispensaries New York Licensed Brand 6 dispensaries Massachusetts 4 dispensaries Nevada 6 dispensaries Utah Connect
Slide 14: Unparalleled International Footprint
U.K. Germany Poland Sweden Switzerland Spain (1) Process, manufacture Wholesale direct to Wholesale via and distribute pharmacy distribution partner Processing, extraction at an Wholesale direct to Wholesale via EU-GMP manufacturing pharmacy distribution partner facility Operates Curaleaf Clinic Ope
Slide 15: Vertically Integrated & Widely Distributed Nationwide
Vertically Integrated & Widely Distributed Nationwide 15 cultivation sites, a retail network of 174 dispensaries and over 1400+ points of sale through our wholesale business(1) VERTICAL MODEL: WHOLESALE MODEL: Integrated model OWNED RETAIL DISTR. NETWORK OWNED RETAIL DISTR. NETWORK A ND D IF FE R E
Slide 16: Research & Development as a Key Pillar
Research & Development as a Key Pillar We are committed to building the evidence base for cannabis and expanding a product portfolio backed by science • Industry leading team of dedicated scientists at R&D facility in Massachusetts and the U.K. • Launched 260 new products in 2025 • Released 40+ new
Slide 17: One of the Strongest Balance Sheets in the Industry
Cash $107M Q2 Cash Balance Total $107M One of the Strongest Total Debt(1) Total Debt(1) $612M Balance Sheets Total $612M in the Industry A ND D IF FE R E NT IA T I ON Trailing $269M AEBITDA(3) Figures in US$, M Debt to AEBITDA(2) S T RA TE G Y 1. 2. Outstandin g debt, n et of unamortized debt di sco
Slide 18: Executive Team
Boris Jordan Joseph Lusardi Ed Kremer Rahul Pinto Peter Clateman Chief Executive Officer & Executive Vice Chairman of the Chief Financial Officer President Chief Legal Officer Chairman of the Board Board Executive Team A ND D IF FE R E NT IA T I ON S T RA TE G Y Camilo Lyon Jeremy Kacuba Robert Scia
Slide 19: Toronto Stock Exchange Uplist A Major Move Forward
• On December 14th 2023, Curaleaf officially commenced trading on the Toronto Stock Exchange (TSX: CURA), marking a momentous moment for Curaleaf and the industry • Trading on the TSX offers greater access to both U.S. and international institutional investors, increases the stock’s long-term liquid
Slide 20: Track Record
20 T RA CK RE C ORD Track Record
Slide 21: Select Financial Items
Selected P&L Items 3Q25 4Q25 1Q26 2Q26 Retail & Wholesale Revenue $314 $328 $321 $337 Management Fee Income 4 5 3 3 Total Revenue 318 333 324 $340 Cost of Goods Sold 161 171 167 170 Adjusted Gross Profit $160 $162 $157 $171 Adjusted EBITDA 3Q25 4Q25 1Q26 2Q26 Net Loss (57) (58) 70 13 Select Net Loss
Slide 22: The Cannabis Industry Opportunity
22 T HE C AN NA BI S I NDU ST RY OP POR T UNI T Y The Industry Cannabis Opportunity
Slide 23: Rescheduling Update
Rescheduling Update • In August 2023, the Department of Health and Human Services (HHS) recommended to the Drug Enforcement Administration (DEA) that cannabis be rescheduled from its current Schedule I classification under the Controlled Substances Act to Schedule III o Schedule III drugs are classi
Slide 24: Overwhelming Public Support for Legislative Change
Overwhelming Public Support ✓ To date 41 states, D.C., Guam, and PR have already legalized for Legislative Change medical cannabis Support for cannabis legalization is ✓ 24 states and D.C. have also one of the most bipartisan issues in the U.S. legalized cannabis for adult-use A graph with a line go
Slide 25: The Legal Market Reached $32B in 2025
The Legal Market Reached $32B in 2025(1) U.S. legal cannabis expected to grow at a CAGR of 6%, reaching $39 billion by 2029 (1,2) (US$, B) $45.0 $40.0 $39.1 $37.0 $35.0 $33.3 $34.9 U.S. Total Addressable Markets $31.5 $30.4 $30.0 $28.5 OP POR T UNI T Y $24.7 $25.3 $25.0 31.3 Prescription Drugs, 2022
Slide 26: Significant Total Addressable Market Opportunity
Significant Total Addressable Market Opportunity Across the United States and Europe there is an addressable market of $750 billion beyond cannabis $484B $224B OP POR T UNI T Y $209B $103B $127B $72B $26B I NDU ST RY $56B $31B $28B $27B $16B $1B $75B $82B $30B $45B $40B C AN NA BI S Legal Cannabis I
Slide 27: Our Strategic Priorities
Our Strategic Priorities 1 Enhance flower quality and 2 Achieve supply chain 3 Deliver a best-in-class consistency excellence customer by leveraging our premium through streamlined experience Dark Heart genetics library operations, automation, across all touchpoints to to deliver market-leading and
Slide 28: General Cautionary Note Regarding Forward-Looking Statements
General All references in this presentation to “Curaleaf”, the “Company”, “we”, “our”, “us” or similar terms refer to Curaleaf Holdin gs, Inc., together with its subsidiaries. This presentation has been prepared by Curaleaf solely for information purposes. Unless otherwise indicated, all financial i
Slide 29: Cannabis-Related Practices or Activities are Illegal Under U.S. Federal Laws
Cannabis-Related Practices or Activities are Illegal Under U.S. Federal Laws Curaleaf derives the majority of its revenues from doing business in the cannabis industry in in certain U.S. states, which industry i s illegal under U.S. federal law. The concepts of “medical cannabis” and “adult-use cann
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures Curaleaf reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). In this presentation, Curaleaf refers to certain non-GAAP financial measures and ratios such as Adjusted EBITDA, Adjusted Gross Profit and Adjusted Gross Marg
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit ($ thousands) Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Gross profit from continuing operations $ 169,914 $ 157,290 $ 153,084 Other add-backs (1) 850 (125) 980 Adjusted gross profit from continuing operations (2)
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA ($ thousands) Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Net income (loss) $ 12,507 $ 69,783 $ (53,606) Net loss from discontinued operations 31 (293) (5,495) Net income (loss) from continuing operations 12,476 70,076 (