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Good, for all. Good, for all. NASDAQ: VFF Fall 2025 Corporate Update
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Good, for all. This presentation contains certain "forward looking statements". These statements relate to future events or future performance and reflect the Company's expectations regarding its growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward-looking statements reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, including, but not limited to, such risks and uncertainties as availability of resource, competitive pressures and changes in market activity, risks associated with U.S. and Canadian sales and foreign exchange, regulatory requirements and all of the other "Risk Factors" contained in the Company's filings with securities regulators, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov/edgar and www.sedar.com and the Company’s web site. Actual results may differ materially from any forward-looking statement. Although the Company believes that the forward-looking statements contained in this presentation are based upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation, and other than as specifically required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. Forward Looking Statement Disclaimer 2
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Good, for all. Good, for all. 35+ years of Leadership in Controlled Environment Agriculture (CEA) Applying excellence in plant-based consumer products to high-growth cannabinoid opportunities globally 3
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Good, for all. Key Investment Highlights 4 Unrivaled Cultivation Expertise and Proven Track Record in Plant-Based Consumer Goods Recent Transformative Transaction Unlocking Growth & Shareholder Value One of the World’s Largest Scalable Cannabis Platforms to Capitalize on Increasing International Demand Industry-leading Cost of Production and EU-GMP Certification Provide Durable Competitive Advantages Multiple Near and Longer-Term Drivers of Revenue Growth and Margin Expansion Strong Balance Sheet to Support Continued Accretive Growth Investments Management Team Firmly Aligned with Shareholder Interests
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Good, for all. Unrivaled Cultivation Expertise and Proven Track Record in Plant-Based Consumer Goods One of North America’s largest and longest operating CEA growers 3 decades developing and operating mega-scale greenhouses 750+ years of combined master grower experience from around the world A history of success across a wide variety of agricultural products Longstanding relationships with North America’s leading grocers and large format retailers Excellence in cultivation is the foundation of success in plant- based consumer product brands Unrivaled Cultivation Expertise and Proven Track Record in Plant-Based Consumer Goods 5
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Good, for all. Corporate Cannabis Timeline Converted First Greenhouse Asset to Cannabis (Delta 3 – 1.1M ft2) May 2018 Sept 2018 Commenced Wholesale Sales Sept 2019 Oct 2019 Feb 2020 Commenced Retail Sales in Ontario Commenced Retail Sales in British Columbia Commenced Retail Sales in Alberta July 2020 Commenced Retail Sales in Manitoba & Saskatchewan Sept 2020 ADDED CANNABIS 2.0 PRODUCTS Sept 2021 First Shipment to Australia COMMENCED EXPORTS Jan 2023 First Shipment to Israel Mar 2023 First Shipment to Germany Jan 2024 First Shipment to UK Feb 2025 First Shipment to New Zealand Converted Second Greenhouse Asset to Cannabis (Delta 2 First Half 0.55M ft2) Sept 2021 Acquired Majority Interest in Quebec-based ROSE Life Science (now 80%) Nov 2021 Commenced Production in Netherlands Facility Jan 2025 Company Privatizes Majority of Legacy Fresh Produce Business May 2025 6 Aug 2021 Acquired 100% of Balanced Health Botanicals
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Good, for all. Recent Transformative Transaction Unlocking Growth & Shareholder Value In May 2025 Village Farms privatized the Majority of its legacy Fresh Produce business through the formation of a new joint venture partnership with private investment firms including Sweat Equities. Village Farms sold 80 acres of Texas greenhouse assets and received $40 million in cash and a 37.9% equity ownership interest in Vanguard Food. Charlie Sweat Executive Chairman of Vanguard and Founder of Sweat Equities Michael A. DeGiglio Chief Executive Officer of Village Farms & Interim Chief Executive Officer of Village Fresh “We are thrilled to announce the closing of this transaction, and believe we’re positioned well to capitalize on shifting consumer behavior that demands healthier alternatives to processed foods. We now have an established, proven operating team and expect to attract additional human capital as we expand our platform and execute our strategy.” “This joint venture partnership reflects the beginning of a new era for the legacy produce business of Village Farms, and we’re excited to begin building our shared vision for the future. This partnership makes us stronger, provides more resources to drive innovation and value for customers, and will serve as a catalyst for future growth and expansion.” Repositions Fresh Produce business to flourish independently with new strategic capital partners committed to executing a roll-up strategy of other leading North American produce brands and assets 7
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Good, for all. 4.8M ft2 OF OWNED ADVANCED GREENHOUSE ASSETS DELTA, BC, CANADA 35% Cannabis Utilization Today One of the World’s Largest Scalable Cannabis Platforms to Capitalize on Increasing International Demand 8
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Good, for all. $265M 1.8M FY24 GROSS SALES ft2 OPERATIONAL CULTIVATION #3 OVERALL MARKET SHARE IN CANADA PORTFOLIO COMPANIES 8+ INTERNATIONAL MARKETS Pro Forma Cannabis Portfolio Snapshot 9 BRANDS $193M FY24 NET SALES $5.3M FY24 ADJ. EBITDA* *Excludes impact of $10.5 million non-cash impairment related to non-flower inventory purchased from a third party . (US $ Millions)
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Good, for all. Contracted grow for Vanguard Food through calendar year 2026 Available for incremental expansion to cannabis beginning in 2027 D1 D3 D2 DELTA 3 (D3) 1.1 M ft2 Full cannabis production: >80,000kg of dried flower annually (excludes trim) 65,000 ft2 processing center Tissue culture & strain development facility (Delta, BC, Canada) DELTA 1 (D1) 2.6 M ft2 Industry-leading Cost of Production and EU-GMP Certification Provide Durable Competitive Advantages Village Farms’ Canadian Cannabis operations benefit from economies of scale that help deliver industry- leading costs of production EU-GMP Certification serves as another key competitive differentiator enabling ease of access to European and other International markets that are increasingly adopting pragmatic approaches to regulated cannabis Combined Delta facilities provide ample runway to continue meeting increasing demand in Canada and International export markets 10 DELTA 2 (D2) 1.1 M ft2 Cannabis production in first half of facility (550,000 ft2) Company will begin converting second half (550,000 ft2) to cannabis production in Q4’25
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Good, for all. Unrivaled Cultivation Expertise and Proven Track Record in Plant-Based Consumer Goods Multiple Near and Longer-Term Drivers of Revenue Growth & Margin Expansion 3 ATTRACTIVE U.S. MARKET OPTIONALITY 2 CONTINUED RAMP OF ADULT- USE AT LELI HOLLAND 1 INTERNATIONAL MEDICAL EXPORT GROWTH International Export Sales Have Already Tripled in FY’25; Company Expects Continued Strong Demand Stronger Profitability of International Sales Driving Margin Expansion Increasing Demand from Existing and New Customers Company Anticipates Future Expansion to New Countries Significant Capacity in Delta, BC Greenhouses to Support Future Growth Phase I Facility Now Operating at Fully Capacity Strong Gross Margin Profile Generated Positive EBITDA in First Partial Quarter of Operations (Q1 2025) Phase II Facility Expansion Underway; Expected Completion Q1 of 2026 will Quintuple Production Capacity Company is Well Positioned for U.S. Market Entry Currently Operate One of the Largest e- Commerce Platforms for Legal Hemp- Derived Products 2.2M ft2 of Owned Advanced Greenhouse Assets in Texas 950 Acres of Adjacent Owned & Unoccupied Land in Texas for Potential Future Expansion Medical License Applications in Texas May be Awarded in Q4 2025 11
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Good, for all. Good, for all. Current Export Markets: Australia (12% ownership of Altum Intl) Germany Israel New Zealand UK Global Headquarters Portfolio Company Export Market (British Columbia, Canada) (United States) (Quebec, Canada) (Netherlands) 1. International Export Growth 12
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Good, for all. 1 of 10 licenses to grow and distribute recreational cannabis in the legal Dutch market Phase I facility completed in Q4 2024 and now fully operational (annual production capacity ~2,000 kgs) Village Farms’ operational expertise and International leadership is unmatched in market Strong gross margin; generated positive EBITDA in first partial quarter of operations (Q1 2025) Phase II facility construction underway to be completed in Q1 2026 and will quintuple total annual production capacity Source: Leli Holland Architectural Rendering - Drachten Facility Source: Leli Holland Architectural Rendering - Groningen Facility Phase I Facility Drachten 2. Continued Ramp of Leli Holland Phase II Facility Groningen Leli Holland provides exposure to one of the most attractive regulatory setups of any limited license market across the global cannabis industry 13 (22,600 ft2) (60,900 ft2)
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Good, for all. Diverse portfolio of CBD and other cannabinoid products Top 5 brand2 Top-ranked web site in CBD category: > 30,000 orders monthly 2 Fact MR CBD Market Research Survey One of the largest brands in the hemp- derived cannabinoid market in the United States Profitable e-commerce leader in the U.S. hemp-derived consumer products category adjacent to the high-THC cannabis market Marfa, TX >0.8 M ft2 (20 acres) 950 acres of adjacent owned, unoccupied land Permian Basin (Monahans) >1.3 M ft2 (30 acres) Provides Additional Pathway to High-THC Cannabis Market in the US Texas assets represent high-value optionality. Facilities are readily available to be converted to cannabis production with the advantage of having done so successfully in Canada. Lower cost, higher yield Economies of scale Consistency of technology 2.2 M ft2 Located in One of the Best Growing Climates for Cannabis in Continental U.S. Currently licensed to grow hemp in Texas Texas assets represent $400M+ revenue opportunity in permissible regulatory environment 3. Attractive U.S. Market Optionality 14
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Good, for all. Village Farms Clean Energy (VFCE), through a partnership with Atlanta- based Terreva Renewables, creates renewable natural gas from landfill gas at its Delta RNG facility. VFCE receives royalties on all revenue generated and contributes positive quarterly net income to the Company. 15
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Good, for all. Q2 2025 & YTD Financial Performance 16 Variance Variance Net sales $ 59,899 $ 53,597 12% $ 99,579 $ 95,584 4% Gross profit 22,342 13,637 64% 36,522 24,854 47% % Margin 37.3% 25.4% 1,186 bps 36.7% 26.0% 1,067 bps SG&A expenses (15,411) (17,056) -10% (30,030) (31,306) -4% SG&A (% of sales) 25.7% 31.8% (609) bps 30.2% 32.8% (260) bps Income (loss) from continuing operations 9,945 (16,555) NM 7,833 (21,390) NM Income (loss) from discontinued operations, net of tax 16,294 (7,003) NM 11,291 (4,847) NM Net income (loss) $ 26,497 $ (23,549) NM $ 19,794 $ (26,401) NM Adjusted EBITDA from continuing operations $ 17,111 $ 2,914 487% $ 20,560 $ 3,830 437% % Margin 28.6% 5.4% 2,313 bps 20.6% 4.0% 1,664 bps Adjusted EBITDA (1) $ 13,260 $ (3,559) NM $ 13,341 $ 32 NM Adjusted EBITDA margin (1) 22.1% -6.6% 2,878 bps 13.4% 0.0% 1,336 bps Summary of Key Financial Metrics (1) Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. 2025 2024 2025 2024 Three Months Ended June 30, Six Months Ended June 30, (Amounts in US $ millions)
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Good, for all. Strong Balance Sheet to Support Continued Accretive Growth Investments 17 June 30, 2025 Debt Summary C $27.4 million, payable quarterly in an amount of CAD $1 million; below 6.0 percent annual interest rate. Matures in February 2028. US $16.8 million (after $3 million payment on August 4, 2025) payable quarterly in an amount of US $900K; below 8.0 percent annual interest rate. Matures in May 2027. June 30, 2025 Cash1 $65.0 Total Debt2 $36.1 Net Cash Position $28.9 Common Shares Outstanding 112,644,169 RSUs 2,679,372 Options3 7,340,409 Warrants4 18,350,000 Fully Diluted Shares Outstanding 141,013,950 1) Reflects cash and restricted cash of $5.0 million 2) Reflects $3 million of debt paid on August 4, 2025 3) Weighted Averag e Strike Price of US $3.15 4) Strike Price of US $1.65 (excludes 1.5M at US $5.80 expires September 2025). (Amounts in US $ millions, except share figures)
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Good, for all. Near-Term Performance Drivers & Financial Objectives 18 Revenue Profitability Capital Allocation Revenue growth supported by continued ramp of Leli Holland through 2026 Continued strength of growth in International medical export sales Expansion project in Delta 2 greenhouse expected to generate an incremental 40 metric tons of annual production capacity Delta 2 expansion and Phase II expansion in Holland position Company to drive continued organic revenue growth in Canada and International markets Contributions from Leli Holland improve consolidated performance Focus on higher-margin Branded sales in Canadian Cannabis expected to drive incremental profitability improvement as compared to FY24 Improving margin profile driven by mix shift toward International export sales Continued optimization of Canadian Cannabis to drive operating leverage as sales increase U.S. Cannabis managed toward breakeven to maintain long-term optionality Capital Allocation Organic growth remains top priority with greatest expected returns Strategic acquisitions must enhance growth and long-term value creation potential Expect continued strength in operating cash flow from Canadian Cannabis and Leli Holland
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Good, for all. Leadership Team A former U.S. Navy aviator, Mike is a pioneer of the North American Controlled Environment Agriculture (CEA) industry. In 1989 he founded Village Farms, serving as CEO since inception and building it into one of North Americas largest greenhouse produce growers. Prior to Village Farms, Mike founded Agro Dynamics, Inc. and was the first to introduce several new greenhouse technologies to North America. Upon the acquisition of Agro Dynamics by EcoScience, a NASDAQ listed agricultural biotechnology company, Mike served as CEO of EcoScience until the company was acquired by Village Farms in 2001. Today, Mike remains the largest shareholder of Village Farms. He has led its evolution to a plant-based consumer products company, focused on large market, high-growth cannabinoid opportunities globally. He envisioned and has directed the execution of an aggressive growth strategy that has resulted in the creation of Canada’s premiere cannabis supplier and brand and a rapidly expanding international platform while continuing to optimize U.S. operations for long-term cannabis optionality. Mike has long believed in sustainable agriculture practices and early on recognized the importance of CEA in this regard, driving Village Farms to be a pioneer and innovator. He has also been instrumental its use of alternative renewable energy sources, which led to founding Village Farms Clean Energy. Prior to his business career, Mike served on active duty in the U.S. Navy as an officer and jet aviator from July 1976 through January 1983, and the Naval Air Reserves from 1983 to 2001, retiring at the rank of Captain with the United States Naval Reserve. Michael received a Bachelor of Science degree in Aeronautical Science and Aviation Management from Embry Riddle Aeronautical University in Daytona Beach, Florida. STEPHEN RUFFINI Executive Vice President, Chief Financial Officer ANN GILLIN LEFEVER Chief Operating Officer MICHAEL A. DEGIGLIO Founder, President & Chief Executive Officer YVONNE TRUPIANO Executive Vice President, Global Chief Human Resources Officer JOHN P. HARLOE, J.D., PH.D. General Counsel – Global Cannabis SAM GIBBONS Senior Vice President Corporate Affairs ORVILLE BOVENSCHEN President – Canadian Cannabis PAUL FURFARO President - Global Medical Cannabis Division BILL STOUFER President – U.S. Cannabis 19 VALENTINE VAILLANT Global Head Cannabis Growth Strategy
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Good, for all. Sam Gibbons SVP, Corporate Affairs sgibbons@villagefarms.com Corporate USA Village Farms International 90 Colonial Center Parkway, Lake Mary, Florida 32746 (407) 936-1190 HEADQUARTERS Corporate Canada Village Farms International 4700-80th Street Delta, British Columbia V4K 3N3 CANADA (604) 940-6012 INVESTOR CONTACT