Green Thumb Industries (GTII) investor relations material

Executive summary

• Fourth quarter 2025 revenue reached $311.1 million, up 5.7% year-over-year, with full-year revenue at $1.18 billion, a 3.4% increase over 2024.

• Net income for Q4 was $83.2 million ($0.36 per basic share), and for the year $114.2 million ($0.49 per basic share), driven by favorable fair value adjustments on related party warrants.

• Retail footprint expanded by 12 stores to 113 locations across 14 states, with significant contributions from Minnesota's transition to adult-use sales.

• Strong cash position at year-end ($274.3 million) and increased credit facility by $50 million post-quarter.

Financial highlights

• Q4 gross profit was $141.3 million (45.4% margin), down from $158.1 million (53.7%) year-over-year due to price compression.

• Full-year gross profit was $574.9 million (48.9% margin), down from $601.1 million (52.9%) in 2024.

• Normalized EBITDA for Q4 was $100.2 million (32.2% of revenue); for the year, $348.4 million (29.6% of revenue).

• Cash flow from operations was $90.0 million in Q4 and $294.9 million for the year.

• Repurchased 7.7 million Subordinate Voting Shares for $38.9 million in 2025; cumulative buybacks since September 2023 total 15.5 million shares for $121.8 million.

Outlook and guidance

• Q1 2026 revenues expected to decline sequentially by mid-single digits due to ongoing pricing pressure and seasonality.

• 2026 capital expenditures anticipated at approximately $80 million, similar to 2025.