Decibel Cannabis Company (DB) Investor Presentation summary

Company overview and market position

• Sixth largest Canadian recreational cannabis company with ~$300M in annual retail sales and presence in over 2,900 stores across 9 provinces and 2 territories.

• Product presence in 8 countries, including Canada, Germany, Australia, Israel, UK, Spain, Norway, and Denmark.

• Five product lines: pre-rolls, vapes, flower, edibles, and oils.

• #3 recreational cannabis brand in Canada with 3.8% market share.

• Anticipates international sales growth from $10M in 2024 to over $30M in 2025.

Financial performance and capital structure

• Q3 2025 net revenue of $32.9M, gross margin of 47%, adjusted EBITDA of $7.3M, and free cash flow of $1.5M.

• Demonstrated consistent growth: net revenue rose from $52.5M in 2021 to $106.2M YTD 2025.

• Adjusted EBITDA increased from $7.4M in 2021 to $25.1M in 2022, maintaining strong performance through 2025.

• Debt to EBITDA ratio improved to 1.6x YTD 2025, with a focus on further deleveraging and maintaining low-cost debt.

• Fully diluted market capitalization of $76.1M and $36.7M in debt principal outstanding as of Q3 2025.

Domestic and international growth strategy

• Domestic segment shows stable, single-digit sales growth with a maturing market and stabilized pricing.

• International segment is fast-growing, with double-digit sales growth and favorable pricing.

• Expanded distribution in Canada, entering new provinces and increasing product offerings in 2025.

• International expansion leverages EU GMP certification, with brand launches and white label services in multiple countries.

• High barriers to entry in international markets, with existing supply agreements and scalable production for oils, extracts, and vapes.