Trulieve Cannabis : Investor Presentation June 2025

Published: 2025-06-06 08:11:07 ET TRUL.CN

Published on 06/06/2025 at 08:11

Investor Presentation / June 2025

CSE: TRUL OTCQX: TCNNF

Management's Use of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted SG&A, adjusted SG&A as % revenue, adjusted net (loss) income, adjusted net (loss) income per diluted share, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, and free cash flow.

The Company calculates adjusted SG&A as SG&A less extraordinary expenses; adjusted SG&A margin as % of revenue; adjusted net (loss) income as net (loss) income less certain extraordinary items; adjusted net (loss) income per diluted share as adjusted net (loss) income divided by basic and diluted shares outstanding; EBITDA as net (loss) income before net interest expense, interest income, income tax expense, depreciation and amortization; EBITDA margin as EBITDA as % of revenue; adjusted EBITDA as net (loss) income before net interest expense, interest income, income tax expense, depreciation and amortization and also excludes certain extraordinary items; adjusted EBITDA margin as adjusted EBITDA as % of revenue; free cash flow as cash flow from operations less capital expenditures.

Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to evaluate our operating results and financial performance. We believe these measures are useful to investors as they are widely used measures of performance and can facilitate comparison to other companies. These non-GAAP financial measures are not and should not be considered as measures of liquidity. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found at the end of this presentation on the slides captioned "Reconciliation of Non-GAAP Financial Measures". These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

Trulieve At A Glance

Trulieve is a leading vertically integrated U.S. multi-state cannabis operator

First Florida licensed operator with initial sales in 2016

Completed RTO on CSE in September 2018

Established operations across three regional hubs: Southeast, Northeast, and Southwest

>4 million square feet of cultivation and processing capacity as of March 31, 2025

230 retail dispensaries as of June 6, 2025

Leading retail presence in Arizona, Florida, Georgia, Pennsylvania, and West Virginia

Excellent track record of profitable growth and prudent capital allocation

29 consecutive profitable quarters through March 31, 2025

Targeted approach with balance between organic growth and M&A

Disciplined capital allocation with adherence to strategy and criteria

3

U.S. Hubs

>4.0M ft2

Production

230

Dispensaries

Disclaimer

Trulieve Cannabis Corp. published this content on June 06, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 06, 2025 at 12:10 UTC.