Curaleaf (CURA) investor relations material

Executive summary

• Q1 2026 revenue reached $324 million, up 6% year-over-year, with net income of $70 million and adjusted EBITDA of $63 million (19.6%-20% margin), exceeding guidance and reflecting strong international growth.

• International revenue grew 35% year-over-year to $47 million, with significant expansion in Germany and the UK, and new market entries expected in Turkey, France, and Spain by 2027.

• Strategic focus on customer centricity, brand building, and operational excellence is driving tangible P&L improvements.

• Regulatory changes, including cannabis rescheduling, anticipated hemp ban, and potential banking reform, are expected to unlock significant industry and company benefits.

• Uplisting to the Toronto Stock Exchange in December 2023 and S&P/TSX Index inclusion in September 2025 increased liquidity and institutional investor access.

Financial highlights

• Q1 2026 revenue was $324 million; gross margin was 49%; adjusted EBITDA was $63 million (19.6%-20% margin); net income was $70 million ($0.09/share).

• Adjusted gross profit for Q1 2026 was $157 million, with a 48.5%-49% gross margin.

• Cash and equivalents at quarter end were $106 million; outstanding debt was $565 million.

• Operating free cash flow was $21 million for the quarter; capital expenditures were $17 million.

• Domestic segment grew 2% year-over-year; international segment grew 35% year-over-year.

Outlook and guidance

• Q2 2026 revenue expected to increase 2%-3% sequentially, implying ~$333 million.

• International growth for 2026 projected at 25%-30%, with acceleration expected in 2027 as new markets open in Turkey, France, and Spain.

• Capital expenditures for 2026 expected to be ~$80 million.

• Strategic priorities include enhancing flower quality, supply chain excellence, and customer experience.