Curaleaf (CURA) investor relations material

Executive summary

• Q1 2026 revenue reached $324 million, up 6% year-over-year, exceeding guidance and internal expectations, with net income from continuing operations of $70 million ($0.09/share).

• 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.

• Gross margin was 49%; adjusted EBITDA was $63 million (19.6%-20% margin), with a 170 bps drag from international investments.

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

• 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: $324 million; adjusted EBITDA: $63 million (19.6%-20% margin); adjusted gross profit: $157 million (48.5%-49% margin).

• Net income from continuing operations was $70 million, reversing prior quarters' losses.

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

• Capital expenditures for the quarter were $17 million, focused on facility upgrades and inventory builds for new product launches.

• Operating free cash flow from continuing operations was $21 million.

Outlook and guidance

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

• International revenue growth for 2026 projected at 25%-30%, down from 50%+ in 2025, with acceleration expected in 2027.

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

• Anticipated launches in Turkey, France, and Spain in 2027 to further expand international reach.

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