Vireo Growth Inc (VREOF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Vireo Growth Inc's second quarter 2025 results call. The company would like to remind everyone that today's conference call may contain forward-looking statements within the meaning of U.S. and Canadian securities laws. These statements are based on management's current expectations and involve risks and uncertainties that could differ materially from actual events and those described in such forward-looking statements. For more information on forward-looking statements, Please refer to cautionary notes regarding forward-looking statements in the company's earnings release. I'll now turn the call over to Chief Executive Officer John Mazarrakis. Please go ahead. Thank you. Good morning, everyone. Vireo's legacy markets are performing in line with our expectations and reflected a continuation of the trends that we discussed during the first quarter. On a pro forma basis, revenue and adjusted EBITDA were in line with our previously communicated ranges and were 90.7 million and 23.2 million respectively, reflecting an adjusted EBITDA margin of approximately 25%. The closing of all three of our merger transactions during the quarter was a transformative event for the company, which significantly improved the profitability and cash generation profile of the business and expanded our portfolio of operations to six states. We remain pleased with our post-closing integration processes and are continuing to drive operational efficiencies and cost reductions. Subsequent to quarter end, we completed a 153 million refinancing event, which refinanced all of our existing senior secure debt through a 120 million syndicated term loan with leading banks at an interest rate of 8.3% and a 33 million second lien term loan with a 50 million accordion featur...