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Disclaimer Forward-looking statements Certain statements contained in this presentation may constitute forward-looking information and statements. All statements in this presentation, other than statements of historical fact, that address events or developments concerning SNDL Inc. (“SNDL" or the "Company“) that SNDL expects to occur are "forward-looking information and statements". Forward-looking information and statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "targeting", "intend", "could", "might", "should", "believe", "budgeted", "scheduled“ and "forecasts", and similar expressions and variations (including negative variations). In particular, but without limiting the foregoing, this presentation contains forward-looking information and statements pertaining to the following: SNDL’s ability to raise future capital through debt or equity financing transactions, and our ability to efficiently deploy the capital raised through such transactions; our ability to successfully implement our cost and asset optimization initiatives; the continued development and growth of the demand and markets for medical and adult-use cannabis; the competitive conditions of the industry and the expected number of customers using our products; the maintenance of our existing licenses and the ability to obtain additional licenses as required; our ability to establish and market our brands within our targeted markets and compete successfully; our ability to produce and market additional products as regulations permit; the number of flowering rooms and combined production capacity therefrom that we expect to have; our growth strategies, including plans to sell edibles and other forms of cannabis; the timing and the amount of capital expenditures related to the maintenance and any expansion of our facilities; the outcome of medical research by our partners and the acceptance of such findings in the medical community; our ability to attract and retain key employees; our ability to manage growth in our business; our ability to identify, successfully execute, manage and realize a return on strategic partnerships, joint ventures, strategic alliances, debt and equity investments as well as the costs and benefits associated with such initiatives, including the expected return on any investments; and the volatility in the price of our common shares. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this presentation. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Such risks and uncertainties may be discussed in the Company’s materials filed with the Canadian and U.S. securities regulatory authorities from time to time. All of the forward-looking information and statements contained in this presentation are qualified by these cautionary statements. The reader of this presentation is cautioned not to place undue reliance on any forward-looking information and statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. For more information in respect of such forward-looking formation and statements, please refer to SNDL’s annual information form for the year ended December 31, 2025 as well as SNDL’s audited consolidated financial statements and the notes thereto for the years ended December 31, 2025 and December 31, 2024, and the accompanying management’s discussion and analysis, including (in each case, as applicable) the sections thereof entitled “Forward-Looking Information”. Non-IFRS Measures Certain financial measures in this presentation, including system-wide retail sales, adjusted Operating Income, adjusted EBITDA from continuing operations, free cash flow and gross margin before fair value adjustments, are non- IFRS measures. These terms are not defined by IFRS and, therefore, may not be comparable to similar measures provided by other companies. These non-IFRS financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS. For more information in respect of these non-IFRS financial measures, please refer to SNDL’s audited consolidated financial statements and the notes thereto for the years ended December 31, 2025 and December 31, 2024, and the accompanying management’s discussion and analysis, including the sections thereof entitled “Specified Financial Measures”. Important Information Concerning this Presentation Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to buy any security of the Company or any other entity in the United States or in any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities or regulatory authority in Canada, the United States or any other jurisdiction. In addition, certain information contained in this presentation is based upon information from press releases, independent industry sources and other publications and websites. None of these sources have provided any form of consultation, advice or counsel regarding any aspect of, or is in any way whatsoever associated with, SNDL. Actual outcomes may vary materially from those forecast in such press releases, reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. While SNDL believes this data and information to be reliable, such data and information is subject to variations and cannot be verified with complete certainty. SNDL has not independently verified any of the data or information from third party sources referred to in this presentation or ascertained the underlying assumptions relied upon by such sources. SNDL cannot and does not provide any assurance as to the accuracy or completeness of such information. This document is being supplied to you solely for your information and may not be reproduced or forwarded to any other person or published (in whole or in part) for any purpose. All financial information in this presentation is reported in millions of Canadian dollars unless otherwise indicated. 1
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October 2026 Corporate Presentation NASDAQ: SNDL CSE: SNDL THIRD QUARTER 2026
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SNDL Corporate Presentation 4 Bringing people together through exceptional products and experiences 3 Our Purpose Third Quarter 2026
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5 SNDL Corporate Presentation 4 Operating Segments LIQUOR RETAIL CANNABIS RETAIL CANNABIS OPERATIONS INVESTMENTS • Canada’s largest private sector liquor retailer • Diverse retail footprint from convenience to large format destination locations • Operational excellence and scalable corporate services in competitive and regulated retail environments • One of Canada’s largest cannabis retail footprint • Diverse retail stores from everyday low cost to premium retail experiences • Own the customer relationship with robust analytics and insights • Key driver of SNDL’s vertical integration strategy in cannabis • Robust innovation capabilities through low-cost biomass sourcing, premium indoor cultivation and low-cost manufacturing facilities • Diverse brand portfolio from value to premium • Trusted B2B production partner • Key enabler of SNDL’s vertical integration strategy • Emphasis on cannabis credit and select M&A focused equity investments • SunStream Bancorp Inc. vehicle for the deployment of debt capital to large U.S. based MSOs and other operators NET REVENUE: $522M NET REVENUE: $329M NET REVENUE: $126M INVEST. INCOME: $5M Net Revenue figures represent trailing four quarters - fourth quarter 2025 to Third quarter 2026; Cannabis Segments Net Revenue do not include the intersegment elimination associated with the Cannabis Operations sales to the provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale Third Quarter 2026
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5 SNDL Corporate Presentation 5 The SNDL Advantage Strong Balance Sheet SNDL has one of the strongest balance sheets in the regulated products industry with significant cash reserves Vertically Integrated Cannabis1 Vertical integration generates economic value, competitive differentiation and predictability in SNDL’s cannabis supply chain Retail Scale & Experience The combined Liquor and Cannabis Retail segments provides operational expertise and synergies, enhancing excellence in retail capabilities and achieving economies of scale for corporate services Strategic Cannabis Investments SNDL’s investment portfolio generates positive cash flows and gives SNDL greater optionality and strategic alternatives for M&A activities Third Quarter 2026 1The Company is initiating a strategic review of the Cannabis Operations segment to assess opportunities to improve its financial performance. The review will consider a range of strategic and operational alternatives, from potential asset divestitures to larger productivity initiatives
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SNDL Corporate Presentation 4 6 OPERATING HIGHLIGHTS Retail Stores (Liquor + Cannabis Retail)1 358 Trailing 12-month Net Revenue $922MM Employees1 ~2700 $447MM Market Cap1 $nil Debt $132MM Unrestricted Cash As of September 30, 2026 1Figures as of October 26, 2026. Exchange rate of 1.40 Third Quarter 2026
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5 7 Q3 2026 Company Highlights ACCELERATE SHARE REPURCHASES STRATEGIC INVESTMENTS IN USA Increased indirect equity and debt ownership in Parallel and funded investments in a new cultivation facility to enhance Parallel’s cost structure; as we explore feasibility to transition to direct ownership and consolidation Third Quarter Financial Results IMPROVEMENTS IN UNDERLING PERFORMANCE Record quarterly and positive year-to-date free cash flow (partially driven by initial one- time contributions from the captive insurance dissolution). Record quarterly Cannabis Retail revenue and record gross margins in both Liquor and Cannabis Retail. Cannabis Operations remained challenged Continued share repurchases adding up to >23 million shares year-to-date, equivalent to ~9% of shares outstanding at the start of 2026, alongside recently announced potential $50 million substantial issuer bid (SIB)
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5 8 Q3 2026 Financial Highlights $238MM $(6.2)MM Decrease YOY (2.5)% Decrease YOY Net Revenue $57.9MM $(6.3)MM Decrease YOY (9.8)% Decrease YOY Gross Profit 24.3% (2.0)pp Decrease YOY Gross Margin $5.2MM $14.8MM Increase YOY 155% Increase YOY Adj. Operating Income1 $20.0MM +$3.3MM Increase YOY +19.5% Increase YOY Free Cash Flow2 1Adjusted operating income (loss) is defined as operating income (loss) less restructuring costs (recovery), goodwill and intangible asset impairments and asset impairments triggered by restructuring activities. 2Free cash flow is defined as the total change in cash and cash equivalents less cash used for common share repurchases, dividends (if any), changes to debt instruments, changes to long-term investments, net cash used for acquisitions plus cash provided by dispositions (if any) SNDL delivered record Free Cash Flow and positive Adjusted Operating Income Q3 Results demonstrate improvement in underlying financial performance, with new records in Free Cash Flow, Cannabis Retail net revenue and Liquor and Cannabis Retail gross margin, combined with valuation increase of equity accounted investees drove positive Adj. Operating Income Third Quarter Financial Results
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SNDL achieved another year of positive Free Cash Flow in 2025, with significant gross profit expansion and continued to see solid net revenue growth in both Cannabis segments, demonstrating its consistent ability to optimize performance and drive profitability year-over-year These results not only reinforce SNDL’s trajectory towards sustained profitability but also highlight the Company’s progress toward achieving sustainable Free Cash Flow growth, while investing in our strategic growth agenda and shareholder value creation 9 Historical Performance Consolidated Financial Results 0 250,000 500,000 750,000 1,000,000 2022 2023 2024 2025 Net Revenue ($000s) (50,000) - 50,000 100,000 150,000 200,000 250,000 2022 2023 2024 2025 Gross Profit ($000s) (180,000) (140,000) (100,000) (60,000) (20,000) 2022 2023 2024 2025 Adj. Operating Income ($000s) (80,000) (60,000) (40,000) (20,000) - 20,000 2022 2023 2024 2025 Free Cash Flow ($000s) 2022-2025 CAGR +10% 2025 First Profitable Year 2022-2025 CAGR +31% Full Year 2025 FCF of $18MM
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Liquor Retail
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5 SNDL Corporate Presentation 11 Liquor Retail Liquor Retail Highlights Record Gross Margin Network Optimization Optimized footprint through successful launch of Saskatoon Wine & Beyond and by closing a third unprofitable store this year in Q3 Expanding Private Label Private label sales continue to outpace the market, amid changes in consumer preferences, growing 8.5pp faster than National Brand SKUs in Q3 2026 Operational Efficiency Focus on overheads spend management driving year-over-year reduction in same stores overheads Q3 2026, mitigating impact of ongoing market demand softness Third Quarter 2026 Achieved record gross margin of 27.0% in Q3, an increase of 0.7pp compared to 2025 due to continued focus on pricing optimization, mix management, procurement productivity and private label offerings
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Liquor Retail 12 Net Revenue $134.8MM Gross Profit $36.4MM Gross Margin 27.0% Adj. Operating Income $6.0MM Decrease of $(4.6) million (3.3)% decrease year-over-year Decrease of $(0.3) million (0.9)% decrease year-over-year Decrease of $(0.6) million (8.4)% decrease year-over-year Up by 0.7pp from Q3 2025 NOTES Including corporate cost allocation Comparisons are to the third quarter of 2025 • Net Revenue continued to decline, despite three new Wine & Beyond stores opened in the last 12 months and strong Private Label sales outperforming national brands by 8.5pp in Q3, as demand headwinds impacted same-store-sales • Record gross margin driven by pricing, mix management and procurement productivity; with Adj. Operating Income impacted by higher SG&A expenses associated with new stores openings Q3 2026 Liquor Retail Results
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Liquor Retail SNDL's Liquor Retail segment has substantial experience and scale operating in competitive & regulated retail environments and generates consistent revenue and earnings 13 Retail locations in Alberta, British Columbia and Saskatchewan1 165 $522M Trailing 12-month revenue Market share in Alberta2 17% 3.2M Customer transactions in Q3 2026 NOTES 1 Data as of October 26, 2026 2 As of July 31st, 2026. Percentage represents trailing 12-month revenue market share in Alberta based on retail statistics provided by Stats Canada Canada’s Largest Private Sector Liquor Retailer
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Liquor Retail 14 Wine and Beyond is Western Canada’s largest liquor stores. We pride ourselves on having a selection of over 6,000 wines, 2,500 spirits and 2,200 beers Our 16 locations are known for their incredible selection, unique product offerings, and staff with excellent product knowledge and service levels creating a customer-centric experiences Liquor Depot is a convenience retail liquor outlet with 19 locations in Alberta We are your one-stop-shop for beer, wine, spirits, mixes and more in trusted neighbourhood locations. We stock the items you need for the moments in life you need them! Ace Liquor Discounter has 130 locations in Alberta where you’ll find a great selection, better prices, and friendly, knowledgeable staff We stock wines from around the world, local and international beers and specialty spirits at everyday low prices NOTES Store count as of October 26, 2026 Brand Portfolio
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Cannabis Retail
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5 SNDL Corporate Presentation 16 Cannabis Retail Continued Gross Margin Growth Achieved gross margin of 27.0% in Q3 2026 an increase of +0.6pp compared to Q3 2025 due to continued promotional efficiencies, pricing and mix management Expansion of Value Buds Continued the expansion of the Value Buds banner in Q3, adding one new location in AB and converting five Cost Cannabis stores to the banner. Further expansion expected in AB and SK in 2027 Rise Rewards Program’s continued momentum Rise Rewards continues to expand, while loyalty program integration across liquor and cannabis has provided deeper insights into consumer behavior Leadership Investment Multi-Unit Management strategies are delivering ongoing efficiencies in retail operations and improving one of the industry’s largest cost drivers, with further optimization expected over the remainder of 2026 Third Quarter 2026 Cannabis Retail Highlights
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Cannabis Retail 17 Net Revenue $85.6MM Gross Profit $23.1MM Gross Margin 27.0% Adj. Operating Income $5.3MM Increase of $0.6 million 0.7% increase year-over-year Increase of $0.7 million 2.9% increase year-over-year Up by 0.6pp from Q3 2025 Increase of $0.2 million 4.7% increase year-over-yearNOTES Including corporate cost allocation Excludes franchise system-wide sales Comparisons are to the third quarter of 2025 • Net Revenue returned to growth reaching a new quarterly record driven by new stores and Value Buds store conversion, partially offset by negative same-store-sales of (3.8)%, reflecting market contraction in AB and ON • Strong Adj. Operating Income result driven by Gross margin expansion from promotional and mix management efficiencies, increased data revenue, more than offsetting higher prior year asset impairment reversals Q3 2026 Cannabis Retail Results
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Cannabis Retail Through our Value Buds and Spiritleaf banners, and the ongoing conversion of five acquired stores to the Value Buds banner, SNDL maintains one of the largest Cannabis retail footprints in Canada and gains significant operational efficiency and scale 18 Retail Locations in AB, BC, MB, ON and SK1 193 $329MM Trailing 12-month revenue 9.3% Market Share of Privatized Stores2 Customer Transactions in Q3 2026 3.0MM NOTES 1 Data as of October 26, 2026 2 As of August 31st, 2026. Percentage represents trailing 12-month revenue market share in the privatized provincial markets including Alberta, British Columbia, Manitoba, Ontario and Saskatchewan One of Canada’s Largest Private Sector Cannabis Retailers
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Cannabis Retail 19 Brand Portfolio Value Buds has a simple mission: deliver compelling value to cannabis consumers. Our goal is to attract, grow, and retain a loyal customer base by offering high-quality cannabis products in convenient locations and every-day low prices Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis, offering a premium consumer experience. We have created a modern retail model that offers legitimacy, reputability, professionalism and a feeling of confidence
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20 Cannabis Operations
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5 SNDL Corporate Presentation 21 Cannabis Operations Cannabis Ops Highlights Edible Category Leadership SNDL is the #1 LP in sales with 49 SKUs driving 23% market share (rolling-3 months) of the edibles category. Top brands Pearls and No Future rank #3 and #4 within the category overall Production Efficiency Improvements Optimization of our Kelowna facility processes designed to remove future product handling inefficiencies, reduce costs, and improve inventory management Profit Enhancement Initiatives underway to optimize and right-size SG&A within the segment to improve operating income and offset impact of production costs Third Quarter 2026
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Cannabis Operations 22 Net Revenue $27.0MM Gross Profit $(1.6)MM Gross Margin (6.0)% Adj. Operating Income $(11.4)MM Decrease of $(10.3) million (27.7)% decrease year-over-year Decrease of $(6.6) million Decrease of $(1.2) million (11.5)% decrease year-over-year (132)% decrease year-over-year Down by (19.4)pp from Q3 2025 NOTES Including corporate cost allocation Comparisons are to the third quarter of 2025 • Net Revenue decline mostly attributed to our exit from the unprofitable domestic dried flower category as we reshape the segment focusing on higher value product categories • Adj. Operating Income declined primarily due to inventory adjustments related to the exit of dried flower category and Jetter cost variances Q3 2026 Cannabis Operations Results
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Cannabis Operations Specializing in low-cost biomass sourcing, premium indoor cultivation, product innovation, and low-cost manufacturing facilities. Our brand portfolio includes Top Leaf, Jeeter, Contraband, Palmetto, Bon Jak, Versus, La Plogue, No Future, Pearls and Vacay 23 4 Manufacturing and cultivation facilities nationwide 168,057ft2 Cannabis cultivation at Atholville, New Brunswick facility 22 B2B Partners NOTES Figures as of September 30, 2026 $126MM Trailing 12-month revenue One of Canada’s largest vertically integrated cannabis companies Q3 2026
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Cannabis Operations 24 Cannabis Operations Facility Highlights EXTRACTION & PROCESSING EDIBLES CULTIVATION BEVERAGES • Leading Cannabis Extraction and Processing Facility with 185 tons of biomass processed per year • Capacity of 4.3 million vapes and 34 million pre-rolls annually • Launched industry leading Hydrocarbon Extraction capable of producing 5,000 kg high potency distillate annually London, Ontario • Large-scale edibles & chocolate production • 132 million bulk gummies and 20 million chocolates capacity per annum • Industry leading Brand Portfolio • Leading packaging technology installed to drive new formats and efficiencies • 153,625 square feet of canopy space • Approximately 48,000 kilograms of annual cultivation capacity • Current average yield of 86 grams per square foot • Produces all infused beverages, using SōRSETM emulsion technology • In-house research and development, B2B and white labelling • Capacity of 10 million units per year Kelowna, British Columbia Atholville, New Brunswick Bolton, Ontario
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Cannabis Operations 25 Brand Portfolio PREMIUM CORE VALUE
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Investments
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Investments 27 Strategically deployed capital for the cannabis industry 4 NOTES 1All numbers are as of September 30, 2026 $485.2MM Book value of all cannabis industry investments1 SunStream credit portfolio investments1 $467.7MM Book value of SunStream Portfolio1 $17.4MM Book value of Canadian credit and equity investments1 SunStream’s investment portfolio can be bifurcated into (i) performing credits and (ii) equitization opportunities, and includes some of the largest multi- state and single state operators in the US
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2828 Investments Investment Portfolio (Supplemental Selected Investment Information) Credit exposure includes performing loans, investments under restructuring in the US and equity investments Amounts in CAD Million. FX CAD/US: 1.42 Jushi (LP: Roxbury) Cannabist (LP: Gator) Feb/22Oct/21 $25.9$0.1 9.5%N/A Dec/28Dec/26 Initiation Date NAV/FV (09/30/26) Interest Rate Maturity Date Parallel (LP: Talladega) Skymint (LP: Tropics) High Tide May/21 Sep/21 $310.4 $68.1 N/A N/A N/A N/A PERFORMING LOANS INVESTMENTS UNDER RESTRUCTURING USA SunStream Portfolio Sep/24 $17.0 N/A N/A (1) SunStream is a joint venture entity between SNDL Inc. and SAFMB Group Holdings Corp. (2) Jushi repaid their full outstanding balance of US$53 million on July 31st 2024, with remaining balance related to warrant units (3) During the month of February 2026, Cannabist repaid $11.8 million of their existing balance to SunStream (4) Post-restructuring, SunStream will hold exchangeable shares of a structure of U.S. corporations under which Parallel and Skymint will be placed, with an option to convert into common shares upon the occurrence of certain triggering events, including federal cannabis permissibility (1) (4) (4)(2) EQUITIES (3)
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2929 Investments USA Investment Portfolio Under Restructuring Parallel and Skymint assets provide several investment optionalities, including potential future equitization and exposure to US footprint SKYMINT Retail Stores PARALLEL State Operations Product Categories Key Brands/Banners Retail and pick up Locations Cultivation and Manufacturing Sites Cultivation SQF Florida Massachusetts Texas Flower Pre-roll Vape Edible Beverage Topical Tincture Concentrate 56 3 233,770 State Operations Product Categories Key Brands/Banners Retail Stores Cultivation SQF Michigan 17 nil Headcount 148 NR 2023 (CAD) $273 million Net Revenue 2025 $212 million1 Headcount ~800 Flower Pre-roll Vape Edible Beverage Topical Tincture Concentrate Net Revenue 2025 NAV/FV $310.4 million NAV/FV $68.1 million Manuf. Locations Cultivation Facilities nil nil 1Net Revenue reported in CAD translated at CAD/USD FX. of 1.37 $53 million1
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Investments Potential SunStream USA Compared to US MSOs SSB Equitization Opportunities 12-month trailing Revenue (1) vs US MSO’s ($Millions) 30 TotalCannabis RetailStores(3) 174 120 207 162 261 83 170 55 42 20 68 + PotentialEquitized Portfolio(2) (1) Source: company last available public disclosures as available (2) Subject to final listing compliance and transaction approvals, documentation, and close; revenue includes retail only revenue from an investment portfolio company; go-forward retail revenue from the investment portfolio company likely to be impacted by legal proceedings and license transfers (3) Source: Company public disclosures and materials; SSB retail store count as of Q3/26; SSB go-forward store count subject to certain legal proceedings and license transfers; SNDL store count as of October 26, 2026 Potential Equitized Portfolio(2) In USD
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$1,352 $922 $720 $322 $309 $294 $290 $250 TLRY SNDL HITI VFF OGI CGC ACB CRON $51 $28 $2 ($5) ($8) ($83) ($89) ($115) VFF HITI SNDL CRON OGI CGC TLRY ACB $69 $16 $4 ($13) ($30) ($54) ($77) ($172) CRON SNDL HITI VFF OGI ACB CGC TLRY FINANCIAL PERFOMANCE VS COMPETITORS Notes: Figures fromlastpublic disclosuresavailable as of October 23, 2026 USDreportedfigurestranslatedto CDN at the prevailingFXrate at respectivequarterend. Reported results,AdjustedOIand Free Cash Flow based on SNDLdefinition:1Adjustedoperating income (loss)isdefined as operating income (loss),lessrestructuringcosts(recovery),goodwill and intangibleassetimpairmentsand assetimpairmentstriggeredby restructuringactivities. 2Free cash flow isdefined as the total change incash and cash equivalentslesscash used forcommon sharerepurchases,dividends(ifany), changes to debt instruments,changes to long-terminvestments,net cash used foracquisitionspluscash provided by dispositions(ifany) Key: ACB - Aurora Cannabis Inc. CGC - Canopy Growth Corporation CRON - Cronos Group Inc VFF- Village Farms HITI -High TideInc. OGI - Organigram Holdings Inc. TLRY-TilrayBrandsInc. Net Revenue ($Millions) Free Cash Flow ($Millions)Adjusted OI ($Millions)1 2 Peer Benchmarking 31 Trailing 4 quarters reported • SNDL well positioned across peers given its scale, business footprint and financial health • SNDL has a best-in-class balance sheet, and is one of the few peers delivering positive Free Cash Flow • Significant cash position providing flexibility and opportunities for profitable growth acceleration
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Enterprise Value (C$ in Millions) Enterprise Value to Revenue ratio Market Cap to Revenue ratio Market Cap to Net Assets Ratio Net Cash to Market Cap Ratio Revenue to Net Operating Assets ratio $804 $727 $613 $477 $476 $463 $304 $205 TLRY CGC CRON VFF SNDL HITI ACB OGI 2.5x 2.5x 1.5x 1.0x 0.7x 0.6x 0.6x 0.5x CGC CRON VFF ACB OGI HITI TLRY SNDL 7.0x 2.8x 1.6x 1.3x 0.6x 0.5x 0.5x 0.4x CRON CGC VFF ACB OGI HITI SNDL TLRY 2.1x 1.2x 1.2x 1.1x 0.7x 0.4x 0.4x 0.3x HITI VFF CGC CRON ACB SNDL OGI TLRY 0.4 0.4 0.1 (0.0) (0.2) (0.2) (0.5) (0.7) CGC CRON VFF ACB SNDL HITI OGI TLRY 2.7 0.8 0.8 0.6 0.6 0.6 0.5 0.5 HITI SNDL VFF ACB CRON TLRY OGI CGC Peer Benchmarking 32 FINANCIAL PERFORMANCE VS COMPETITORS Trailing 12 months Notes: Figures from last public disclosures available as of October 23, 2026 Metrics based on most recent company filings; Market Capitalization calculated using the share price as of October 26, 2026, and translated to CAD at 1.40; Revenue represents cumulative total of last 4 reported quarters. Enterprise Value calculated as "Market Capitalization + Net Debt". Net Debt calculated as "Debt + Leases + Hybrid Debt instruments - Cash and Cash Equivalents". Net Assets represents Total Assets minus Total Liabilities. Net Cash to Market Cap Ratio represents “Cash and Cash Equivalents minus Accounts Payable and Lease Liabilities” divided by “Market Capitalization” Market Capitalization $596 $824 $1,748 $514 $447 $369 $384 $196
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FINANCIAL PERFORMANCE VS COMPETITORS Trailing 4 quarters reported Notes: Figures fromlastpublic disclosuresavailable as of October 23, 2026 USDreportedfigurestranslatedto CAD at the prevailingFXrate at respectivequarterend Enterprise Value figures translated to CAD at 1.40 • Over the last four quarters, SNDL delivered one of the highest Adjusted EBITDA results among its peers, supported by its scale, operational improvements and financial discipline • SNDL solid Adj. EBITDA margin reflects the weight of its retail footprint Key: ACB - Aurora Cannabis Inc. CGC - Canopy Growth Corporation CRON - Cronos Group Inc VFF- Village Farms H I T I-High TideInc. OGI - Organigram Holdings Inc. TLRY-TilrayBrandsInc. Adjusted EBITDA ($Millions) Peer Benchmarking 33 9.5x 7.0x 8.2x 18.0x 6.5x 18.0x 7.0x NA Adjusted EBITDA to Enterprise Value Multiple
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SNDL Valuation NET ASSET VALUE WATERFALL SNDL is currently trading $612mm ($1.74/sh) or 58% below NAV of its cash, strategic investments, credit portfolio, etc., implying negative value for liquor and cannabis operations NOTES Based on Company Filings disclosed for period ending September 30, 2026. Share price as of October 26, 2026, using exchange rate of 1.40; Share count calculated on a fully diluted shares basis; Net asset value represents total assets minus total liabilities as per balance sheet; Cash and Cash Equivalents includes Cash, Marketable Securities and Assets Held for Sale. SOURCE Company Filings 1 Net assets from Liquor Retail, Cannabis segments and Corporate segment, excluding Cash and Cash Equivalents Valuation Analysis 34 Denoted in C$/sh Cash and Cash Equivalents Strategic CDN Investments Sunstream and Other Credit Investments Canadian Operating Assets1 Net Asset Value Current Share PriceDiscount to NAV $0.53 $0.07 $1.86 $1.75 $4.21 (US$3.01) $1.78 (US$1.27) Upside Potential $2.43 (US$1.74) Implied Residual Value for: 165 Liquor Stores 137 Cannabis Stores 56 Franchise Stores 380k sq.ft. Atholville Facility 116k sq.ft. Kelowna/Bolton Facilities 40k sq.ft. London Facility
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Tomas Bottger Investor Relations investors@sndl .com Analyst Coverage Frederico Gomes ATB Financial Aaron Grey Alliance Global Partners
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Appendices 36
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11 1 8 1 162 97 8 5 75 1 1 1 NOTES Data as October 26, 2026 1 37 2