SNDL Inc.
For the period ended Jul 27, 2026. Filed Jul 28, 2026.
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Jul 27, 2026 · Filed Jul 28, 2026
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EX-99.2 · OPERATING SEGMENTS
The Company’s reportable segments are organized by business line and are comprised of four reportable segments: liquor retail, cannabis retail, cannabis operations, and investments.
Liquor retail includes the sale of wines, beers and spirits through wholly owned liquor stores. Cannabis retail includes the private sale of adult-use cannabis products and accessories through corporate-owned, controlled and franchised retail cannabis stores. Cannabis operations include the cultivation, distribution and sale of cannabis for the adult-use and medical markets domestically and for export, and providing proprietary cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods. Investments include the deployment of capital to investment opportunities. Certain overhead expenses not directly attributable to any operating segment are reported as “Corporate”.
| ($000s) | CannabisRetail | CannabisOperations | IntersegmentEliminations | CannabisTotal | LiquorRetail | Investments | Corporate | Total |
|---|---|---|---|---|---|---|---|---|
| As at June 30, 2026 | ||||||||
| Total assets | 212,139 | 211,318 | — | 423,457 | 325,896 | 415,156 | 119,419 | 1,283,928 |
| Six months ended June 30, 2026 | ||||||||
| Net revenue (1) | 160,549 | 61,664 | (29,332) | 192,881 | 238,791 | — | — | 431,672 |
| Gross profit | 42,354 | 6,369 | — | 48,723 | 60,438 | — | — | 109,161 |
| Operating income (loss) | 4,084 | (16,143) | — | (12,059) | (136) | 479 | (5,239) | (16,955) |
| Adjusted operating income (loss) (2) | 4,119 | (15,912) | — | (11,793) | 89 | 479 | (4,699) | (15,924) |
| Three months ended June 30, 2026 | ||||||||
| Net revenue (1) | 83,204 | 32,232 | (14,378) | 101,058 | 134,708 | — | — | 235,766 |
| Gross profit | 22,002 | 567 | — | 22,569 | 33,780 | — | — | 56,349 |
| Operating income (loss) | 2,968 | (9,201) | — | (6,233) | 3,024 | (1,559) | (3,073) | (7,841) |
| Adjusted operating income (loss) (2) | 3,003 | (8,970) | — | (5,967) | 3,249 | (1,559) | (2,705) | (6,982) |
(1)
The Company has eliminated $29.3 million for the six months ended June 30, 2026 and 14.4 million for the three months ended June 30, 2026 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
(2)
Adjusted operating income (loss) is a specified financial measure that does not have standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparable to similar measures used by other companies. Refer to the “Non-IFRS Financial Measures and Other Measures” section of this MD&A for further information.
| ($000s) | CannabisRetail | CannabisOperations | IntersegmentEliminations | CannabisTotal | LiquorRetail | Investments | Corporate | Total |
|---|---|---|---|---|---|---|---|---|
| As at December 31, 2025 | ||||||||
| Total assets | 219,462 | 211,625 | — | 431,087 | 324,447 | 397,537 | 182,846 | 1,335,917 |
| Six months ended June 30, 2025 | ||||||||
| Net revenue (1) | 161,939 | 70,155 | (33,812) | 198,282 | 251,401 | — | — | 449,683 |
| Gross profit | 41,509 | 18,444 | — | 59,953 | 64,289 | — | — | 124,242 |
| Operating income (loss) (2) | 5,510 | (9,304) | — | (3,794) | 4,292 | 232 | (7,780) | (7,050) |
| Adjusted operating income (loss) (2)(3) | 5,510 | (6,038) | — | (528) | 4,292 | 232 | (7,197) | (3,201) |
| Three months ended June 30, 2025 | ||||||||
| Net revenue (1) | 84,399 | 35,836 | (17,395) | 102,840 | 141,929 | — | — | 244,769 |
| Gross profit | 21,882 | 9,233 | — | 31,115 | 36,486 | — | — | 67,601 |
| Operating income (loss) (2) | 4,183 | (3,133) | — | 1,050 | 6,709 | 1,833 | (4,589) | 5,003 |
| Adjusted operating income (loss) (2)(3) | 4,183 | (2,762) | — | 1,421 | 6,709 | 1,833 | (4,133) | 5,830 |
(1)
The Company has eliminated $33.8 million for the six months ended June 30, 2025 and 17.4 million for the three months ended June 30, 2025 of cannabis operations revenue and equal cost of sales associated with sales to provincial boards that are expected to be subsequently repurchased by the Company’s licensed retail subsidiaries for resale, at which point the full retail sales revenue will be recognized.
(2)
Recast - refer to description below
(3)
Adjusted operating income (loss) is a specified financial measure that does not have standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparable to similar measures used by other companies. Refer to the “Non-IFRS Financial Measures and Other Measures” section of this MD&A for further information.
In 2026, the Company began allocating applicable direct and indirect overhead costs, incorporating employee utilization and head count, from the corporate segment to each individual operating segment all categorized within general and administrative expenses. The Company has recast the comparative period to illustrate the impact of these allocations had they been done during the prior period.
The following tables present the effect of the adjustments made to operating income (loss) and adjusted operating income (loss) for the periods indicated.
| ($000s) | CannabisRetail | CannabisOperations | IntersegmentEliminations | CannabisTotal | LiquorRetail | Investments | Corporate | Total |
|---|---|---|---|---|---|---|---|---|
| Six months ended June 30, 2025 | ||||||||
| Operating income (loss) as previously reported | 13,224 | 1,806 | — | 15,030 | 13,054 | 232 | (35,366) | (7,050) |
| Adjustment to general and administrative expenses | (7,714) | (11,110) | — | (18,824) | (8,762) | — | 27,586 | — |
| Operating income (loss) as recast | 5,510 | (9,304) | — | (3,794) | 4,292 | 232 | (7,780) | (7,050) |
| Adjusted operating income (loss) as previously reported | 13,224 | 5,072 | — | 18,296 | 13,054 | 232 | (34,783) | (3,201) |
| Adjustment to general and administrative expenses | (7,714) | (11,110) | — | (18,824) | (8,762) | — | 27,586 | — |
| Adjusted operating income (loss) as recast | 5,510 | (6,038) | — | (528) | 4,292 | 232 | (7,197) | (3,201) |
| ($000s) | CannabisRetail | CannabisOperations | IntersegmentEliminations | CannabisTotal | LiquorRetail | Investments | Corporate | Total |
|---|---|---|---|---|---|---|---|---|
| Three months ended June 30, 2025 | ||||||||
| Operating income (loss) as previously reported | 8,062 | 2,292 | — | 10,354 | 11,074 | 1,833 | (18,258) | 5,003 |
| Adjustment to general and administrative expenses | (3,879) | (5,425) | — | (9,304) | (4,365) | — | 13,669 | — |
| Operating income (loss) as recast | 4,183 | (3,133) | — | 1,050 | 6,709 | 1,833 | (4,589) | 5,003 |
| Adjusted operating income (loss) as previously reported | 8,062 | 2,663 | — | 10,725 | 11,074 | 1,833 | (17,802) | 5,830 |
| Adjustment to general and administrative expenses | (3,879) | (5,425) | — | (9,304) | (4,365) | — | 13,669 | — |
| Adjusted operating income (loss) as recast | 4,183 | (2,762) | — | 1,421 | 6,709 | 1,833 | (4,133) | 5,830 |
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