Turning Point Brands, Inc.NYSE: TPB

Investor Presentation Q3 2026

· Issued by Turning Point Brands, Inc.

Key figures

  • On-track to increase chain store count by more than 70% by year-end 2026
  • Repurchased $10M of shares during the quarter
  • Go-forward effective income tax rate of 23%-26%
  • Fourth quarter capex: $1-$2M, excluding Modern Oral projects
  • Additional PMTA spend: ~$3.5M

On 6ix: 6ix.com/news/turning-point-brands-investor-presentation-q3-2026

Watch Turning Point Brands' latest callTurning Point Brands (NYSE:TPB) Q3 2026 Earnings Call · Replay · Nov 9

Turning Point Brands (NYSE: TPB)

Q3 2026

Earnings Presentation

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Turning Point Brands (NYSE: TPB)

David Glazek Chief Executive Officer

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Third Quarter Summary

Q3 Results

Performance Drivers

Consolidated Net Revenue

$151.1M

+27.0%

  • Continue to expand our presence in brick-and-mortar retail for Modern Oral

    ue

    $113.8M

    +52.0%

    Gross: $93.9M

    +114.2%

    Net: $74.4M

    +102.9%

/ Modern Oral Revenue

Turning Point Brands (NYSE: TPB)

  • Stoker's MST continues to outperform the category

  • Zig-Zag continues to generate strong cash flow

Net Revenue

$37.3M

Net Reven

(15.5%)

Adjusted EBITDA

$18.4M

(41.3%)

Modern Oral remains the primary growth driver, while the broader portfolio continues to support the strategy

All comparisons to Q3 2025 unless otherwise noted

See "Non-GAAP Measures" in Disclaimer; See 'Adjusted EBITDA Detail' slide for Reconciliation

Strategic Focuses for Nicotine Pouch in 2026 Gain Adult Consumer Traction

  • Demonstrating brand strength through DTC and independent retail success

  • Encouraging results in chain accounts

  • Reinforcing long-term brand potential through repeat purchases

    Grow Distribution

    • Expanding into larger chain accounts provides the necessary distribution footprint to support long term growth

    • On-track to increase chain store count by more than 70% by year-end 2026

      Build and Scale Infrastructure

      Turning Point Brands (NYSE: TPB)

  • Investing in sales force capabilities, retail execution, and domestic manufacturing to support expansion of distribution footprint

    Disciplined investments across demand creation, distribution and infrastructure are building the foundation for long-term success

    See "Forward Looking Statements" and "Non-GAAP Measures" in Disclaimer

    Foundational Investments to Build Leading Brands

    Supporting Distribution

    National and regional sales team selling to over 220,000 retail outlets

    Building Leading Brands and Distribution Capabilities Through Strategic Investments

    Turning Point Brands (NYSE: TPB)

    Profitability

    Expanding Sales Force

    Increasing headcount by ~50%

    Enhancing Customer Visibility

    Including meaningful brand partnerships

    Growing Manufacturing Capabilities

    Investing in diversified manufacturing footprint

    Critical Investment

    Time

    High operating leverage model targets outsized future profitability

    Growth Maturity

    Mature product margins of ~70%

    See "Forward Looking Statements" in Disclaimer

    Turning Point Brands (NYSE: TPB)

Summer Frein Chief Growth Officer

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Go-to-Market Execution Commercial Momentum

  • Expanding FRE across national retail chains and securing broader assortments within existing accounts

  • Growing ALP distribution across independent retailers and regional chains, with emerging national chain opportunities

Marketing & Brand-Building

Turning Point Brands (NYSE: TPB)

  • Leveraging strategic partnerships and targeted adult consumer engagement campaigns

  • Directing marketing investments toward initiatives with greatest expected returns

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    Commercial execution and targeted brand investment are driving retail expansion and long-term growth

  • Product innovation to meet adult consumer preferences through FRE Labs and ALP's Frontier Collection

    Turning Point Brands (NYSE: TPB)

Andrew Flynn Chief Financial Officer

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Third Quarter Financial Performance

Consolidated Net Revenue

Gross Profit & Margin (%)

Adj. EBITDA &

Margin (%)

$151.1

$119.0

+27.0%

$85.2

56.4%

$70.4

59.2%

+20.9%

$31.3

26.3%

$18.4

12.2%

(41.3%)

Q3'25 Q3'26

  • Driven primarily by growth in Modern Oral

    Q3'25 Q3'26

  • Driven by net sales growth

    Q3'25 Q3'26

    Turning Point Brands (NYSE: TPB)

  • Investing in strategic sales and marketing initiatives

    *Dollars in Millions

    See "Non-GAAP Measures" in Disclaimer; See "Adjusted EBITDA Detail" slide for Reconciliation

    Stoker's Third Quarter Performance

    $113.8

$74.8

+52.0%

Stoker's Net Revenue

Gross Profit & Margin (%)

Modern Oral Revenue

+114%

+103%

$43.8

$36.7

$74.4

$93.9

Turning Point Brands (NYSE: TPB)

Gross Revenue

Net Revenue

$63.7

56.0%

$45.0

60.2%

+41.5%

Q3'25 Q3'26

  • Growth driven by Modern Oral

    Q3'25 Q3'26

  • Increasing contribution from Modern Oral

    Q3'25 Q3'26

  • Growth driven by chain momentum in FRE and brick-and-mortar expansion in ALP

    Zig-Zag Third Quarter Performance

    (15.5%)

    Zig-Zag Net Revenue

    Gross Profit & Margin (%)

    (15.6%)

    57.4%

    $21.4

    57.5%

    $25.4

    $44.2

$37.3

Q3'25 Q3'26

  • Change in product mix and greater focus on Modern Oral

    Q3'25 Q3'26

    Turning Point Brands (NYSE: TPB)

  • In-line with Net Revenue

Balance Sheet, Cash Flow and Capital Allocation

Cash

Free Cash Flow

$251.3

MILLION

$3.5

MILLION

Capital Allocation Priorities

Turning Point Brands (NYSE: TPB)

  • Disciplined investment to scale Modern Oral business

  • Repurchased $10M of shares during the quarter

See "Non-GAAP Measures" in Disclaimer

2026 Guidance Reaffirming 2026 Full-Year Guidance Updated on September 21, 2026

Turning Point Brands (NYSE: TPB)

Modeling Assumptions

Modern Oral Gross Sales Modern Oral Net Sales Adjusted EBITDA

$330-350

MILLION

$260-270

MILLION

$70-80

MILLION

  • Go-forward effective income tax rate of 23%-26%

  • Fourth quarter capex: $1-$2M, excluding Modern Oral projects

  • Additional PMTA spend: ~$3.5M

See "Forward Looking Statements" and "Non-GAAP Measures" in Disclaimer

Turning Point Brands (NYSE: TPB)

Appendix

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Turning Point Brands (NYSE: TPB)

Adjusted EBITDA Detail

(a) Represents costs associated with corporate restructuring, including severance and early retirement.

(b) Represents non-cash stock options, restricted stock, PRSUs, etc.

(c) Represents fees incurred for transaction expenses.

(d) Represents legal expenses incurred in connection with litigation related to an insurance claim.

(e) Represents costs associated with applications related to FDA premarket tobacco product application ("PMTA").

(f) Represents a mark-to-market loss (gain) attributable to foreign exchange fluctuation.

(g) Represents non-recurring expenses incurred during the start-up of manufacturing lines.

(h) Represents an honorarium gift included in other expense, net.

(i) Represents gain on investments.

(j) Represents an employee retention credit refund received included in other expense (income), net.

Leading Adult Consumer Brands

Future Value Creation Driven

by Focused Investments

Rapidly Taking Share in Growing

Nicotine Pouch Category1

  • Two powerful brands with differentiated propositions

  • Roll-out in process with lots of whitespace across channels

  • #1 DTC brand in U.S.2

  • Significantly greater exposure to category vs. larger competitors

Strong Internally Generated Cash Flow Powering Future Growth

#1 Premium and Overall Rolling Paper Brand in the U.S.1 and Canada2

#1 in MYO Cigar Wraps

  • Leader in a growing category that benefits from expanding Cannabinoid adoption

  • Consistent, strong margin profile

  • Opportunity for brand extensions

    #1 Loose Leaf Chew and Leading MST Value Brand1

    Turning Point Brands (NYSE: TPB)

  • Meaningfully differentiated consumer tubs and longer-cut tobacco

  • Favorable pricing dynamics

  • Opportunity to close distribution gaps

    1. Per MSAi FY2025

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      1

    2. Management estimates as of FY2025.

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