Slides
Page 1
NASDAQ / TSX TICKER CRON 2026 INVESTOR DAY September 2026
Page 2
2 CRONOS GROUP INC. CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION The presentations, prepared remarks, fireside chat, question-and-answer sessions and other materials presented in connection with Cronos Group Inc.’s Investor Day (collectively, the “Investor Day Materials”) may contain forward- looking information or forward-looking statements within the meaning of applicable U.S. and Canadian securities laws and court decisions (collectively, “forward-looking information”). All information contained in the Investor Day Materials that is not clearly historical in nature or that necessarily depends on future or subsequent events is forward-looking information prepared as of the date of the Investor Day and is based upon the opinions and estimates of management and the information available to management as of such date. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expect,” “likely,” “may,” “will,” “should,” “intend,” “anticipate,” “potential,” “proposed,” “estimate,” “believe,” “plan” and other similar words, expressions and phrases, including negative and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussion of strategy. Forward-looking information contained in the Investor Day Materials may include, among other things, statements regarding: the expected benefits of the Company’s genetics, breeding, tissue culture, cultivation and research and development programs; anticipated improvements in cultivation yield, cannabinoid expression, potency, quality, consistency, cost competitiveness and other cultivation or product attributes; the Company’s ability to translate improvements in genetics, cultivation and product development into commercial performance, market share gains, operating efficiencies and international growth; the Company’s product development, innovation, brand, category and commercialization strategies and priorities; the Company’s ability to scale successful products, brands, intellectual property and know-how into new and existing markets; anticipated consumer and patient demand; the Company’s international growth opportunities and strategy; potential future expansion of Cronos Growing Company Inc. (“Cronos GrowCo”), including available expansion capacity and related capital requirements; potential opportunities in the United States and other markets, including potential structures for future market entry; future capital allocation, capital expenditures and investment priorities; and other expectations, plans, objectives, strategies, opportunities or prospects discussed in the Investor Day Materials. Forward-looking information is based upon a number of current internal expectations, estimates, projections, assumptions and beliefs that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, regulatory and other uncertainties and contingencies. Material assumptions underlying forward-looking information contained in the Investor Day Materials may include, as applicable: continued consumer and patient demand for the Company’s products; the Company’s ability to successfully develop, commercialize and scale new genetics, products and technologies; the ability of genetics, tissue culture, cultivation and other research and development initiatives to produce anticipated improvements in yield, cannabinoid expression, quality, consistency and cost; the Company’s ability to maintain or expand production capacity and supply products in accordance with anticipated demand; continued availability of suitable cultivation, processing and distribution infrastructure; the Company’s ability to obtain required regulatory, governmental and other approvals; the availability of capital and the Company’s capital allocation priorities; the continuation of existing relationships with commercial, cultivation and other strategic partners; the Company’s ability to enter and compete successfully in new and existing geographic markets; the evolution of cannabis laws and regulations in jurisdictions relevant to the Company’s business; prevailing market, competitive, economic, foreign exchange and other conditions; and the absence of material adverse changes affecting the Company’s operations, supply chain, customers, partners or markets. Forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking information. These risks and uncertainties include, among others, the risk factors disclosed under the heading “Risk Factors” in the Company’s most recent annual, quarterly and other reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available under the Company’s EDGAR profile at www.sec.gov/edgar, and with applicable securities regulatory authorities in Canada on SEDAR+, which can be accessed at www.sedarplus.ca. Any estimates, investment strategies or views expressed in the Investor Day Materials are based upon current market conditions and/or data and information provided by unaffiliated third parties and are subject to change without notice. To the extent any information in the Investor Day Materials was obtained from third-party sources, the Company has not independently verified that information, and there is a risk that the assumptions made and conclusions drawn by the Company based on such information are not accurate. Unless otherwise specified, all forward-looking information contained in the Investor Day Materials is given as of the date of the Investor Day. Except as required by applicable law, the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. Readers and listeners are cautioned not to place undue reliance on forward-looking information.
Page 3
AGENDA 12:15 p.m. Welcome Anna Shlimak | CFO | Cronos Fireside Chat Mike Gorenstein | President, Chairman, and CEO | Cronos Bert Mucci | CEO | Cronos GrowCo Moderated by Anna Shlimak | CFO | Cronos 12:45 p.m. From Improved Genetics to Measurable Returns: Translating Plant Science into Economic Value Lasse Schulze | Sr. Director, Flower Product Development and Agronomics | Cronos 1:15 p.m. Growth, Brand Building, and Product Development Jeff Jacobson | Chief Growth Officer | Cronos 1:45 p.m. Closing Remarks Anna Shlimak | CFO | Cronos Mike Gorenstein | President, Chairman, and CEO | Cronos 2:00 p.m. Break 2:15 p.m. GrowCo Facility Tour Bert Mucci | CEO | Cronos GrowCo Mike Kroslak | COO | Cronos GrowCo Mat Walsh | CFO | Cronos GrowCo Dr. Lasse Schulze | Sr. Director, Flower Product Development | Cronos 4:00 p.m. Departures
Page 4
Today’s discussion may include forward-looking statements within the meaning of applicable U.S. and Canadian securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The cautionary statement regarding forward-looking information included with our Investor Day materials, together with the risk factors described in Cronos Group’s public filings with the SEC and Canadian securities regulators, applies to the fireside chat, Q&A and other remarks made during today’s event. We encourage you to review those disclosures, and you should not place undue reliance on any forward-looking statements made today. If you have any questions afterwards, please contact investor.relations@thecronosgroup.com. FORWARD-LOOKING STATEMENTS
Page 5
FIRESIDE CHAT Mike Gorenstein President, Chairman, and CEO, Cronos Bert Mucci CEO, Cronos GrowCo MODERATED BY Anna Shlimak CFO, Cronos
Page 6
NASDAQ / TSX TICKER CRON FROM IMPROVED GENETICS TO MEASURABLE RETURNS: TRANSLATING PLANT SCIENCE INTO ECONOMIC VALUE Dr. Lasse Schulze | Sr. Director, Flower P.D. and Agronomics
Page 7
AGENDA I. Overview II. Genetics R&D Process and Techniques III. Genetics Portfolio IV. Demonstrated Results
Page 8
OVERVIEW
Page 9
From Genetics R&D and Tissue Culture at Stayner to Commercial Scale-up at GrowCo CRONOS GENETICS: LEADERSHIP AND FACILITIES Cronos R&D and Manufacturing Facility : Stayner, Ontario Cronos GrowCo Cultivation Facility: Kingsville, Ontario Advanced, purpose-built greenhouse Over 1,300,000 sq. ft. State-of-the-art technology yields leading quality at efficient cost Extensive R&D Labs: Biotech, Agronomics, Breeding Program Scaled Tissue Culture Product manufacturing and consumer packaging 325,000 sq. ft. total, with 28,000 sq ft. R&D-scale greenhouse Dr. Lasse Schulze: Sr Director, Flower P.D. & Agronomics Leads a global R&D and horticulture team across three countries Over 20 years of experience spanning academia and the horticultural industry Dual Ph.D. in Plant Physiology and Toxicology, University of Toronto Associate Professor at the University of Laval 9
Page 10
Long-term strategic value in agricultural products accrues to the players with leading proprietary leading genetics Yield is a force multiplier, improving cultivation efficiency, asset productivity, and unit economics. Potency and quality contribute to increased sales velocity Flower is the spearhead of our international expansion, particularly in markets where flower remains the dominant format. Better flower drives greater performance in derivative products Right Genetics + Right Grow System = Competitive Advantage OUR FOCUS ON PLANT GENETICS Cronos genetics program incepted in 2018 Current R&D Team of 16 employees Combining proven agricultural industry best practices with cutting-edge science Highly ROI-focused efforts aimed to optimizing yield, THC potency, terpene presentation, flower size and disease resistance >150,000 seeds produced and >6,000 genotypes screened 1 Developed internal capacity to deliver >20,000 tissue cultures per year 1 Cronos Genetics Program OverviewThe Strategic Importance of Genetics 10(1) Cronos estimates
Page 11
GENETICS R&D PROCESS AND TECHNIQUES
Page 12
A DIFFERENTIATED PLATFORM FOR GENETIC-LED GROWTH CONSUMER- PREFERRED FLOWER Desired aroma • experience • quality • consistency HOLISTIC PRODUCT VIEW | PLATFORM TECHNOLOGIES | DEEP EXPERTISE MOLECULAR TECHNIQUES TISSUE CULTURE CLASSICAL BREEDING SENSORY PANELS CHEMICAL PROFILING AND DATA ANALYSIS AGRONOMICS AND COLLABORATION Six Complementary Capabilities Transform Genetic Potential Into Differentiated, Consumer-preferred Products at Scale 12
Page 13
GENETIC BREEDING, SELECTION AND IMPROVEMENT PATHWAY The Scale, Scope and Library of Our Genetics Platform are Industry-leading BROAD GENETIC POOL SELECTION PRESSURE INCREASES AT EVERY SCREEN 01 DISCOVER Genotype screening Identity · vigor · architecture · early potency 02 VALIDATE Product and agronomic performance Potency · yield · quality · consistency 03 CHALLENGE Stress and disease resistance Biotic resistance · abiotic resilience · trait stability across seasons 04 PROVE Consumer relevance and scale Sensory preference · cultivation at scale OUTPUT OF EVERY CYCLE ELITE GENETIC Commercially differentiated and cultivation-ready THE CYCLE REPEATS Elite genetics become parents for the next cycle <1% COMMERCIAL OUTCOME of screened genetics advance to commercial launch1 THE FUNNEL CONCENTRATES THE COMPLETE EVIDENCE PACKAGE 1 Product performance 2 Biological resilience 3 Consumer relevance 4 Repeatability at scale HIGHER CONFIDENCE AND LOWER LAUNCH RISK (1) Cronos estimates 13
Page 14
Tissue Culture Enables Clean, Consistent, And Scalable Propagation Of Proprietary Genetics CRONOS GENETICS: TISSUE CUL TURE Mother plant Cuttings Commercial Plants One time introduction TC plantletsTC Production Stock TC Mother Stock • Cultivation of plant material in sterile environments • Creates clones of plants that are genetically identical to the original plant WHAT IS TISSUE CULTURE? BENEFITS • Increased plant vigour and yield • No diseases, pests, or bioburden • Reduce labour cost and IPM measures • Hard to copy technology at scale • Cultivation through cuttings from mothers plants • Prone to disease and genetic drift • Requires space CURRENT STANDARD 14
Page 15
CRONOS GENETICS: TISSUE CUL TURE • Cultivation of plant material in sterile environments • Creates clones of plants that are genetically identical to the original plant WHAT IS TISSUE CULTURE? BENEFITS • Increased plant vigour and yield • No diseases, pests, or bioburden • Reduce labour cost and IPM measures • Hard to copy technology at scale • Cultivation through cuttings from mothers plants • Prone to disease and genetic drift • Requires space CURRENT STANDARD Green Crack C utting (left) vs. TC (right) same age Space Cake Clones Tissue Culture Lab in Stayner Tissue Culture Enables Clean, Consistent, And Scalable Propagation Of Proprietary Genetics 15
Page 16
GENETICS PORTFOLIO
Page 17
Translating Genetic Innovation into Category-Leading Commercial Performance TOP PERFORMING GENETICS #2 selling flower strain in Israel (market-wide)1 #4 selling flower strain in Canada (market-wide) 2 #6 selling 28g flower product in Canada (market-wide)2 #7 selling flower strain in Canada (market-wide) 2 #4 selling flower item in the Spinach portfolio, rising rapidly 2 Spinach® genetics are leaders in the Canadian and Israeli cannabis markets, routinely achieving top-5 status among hundreds of total strains across flower and pre-rolls. #1 selling flower strain in Israel (market-wide)1 (1) Source: Market share and ranking information from pharmacy data collected by Cronos – Q2 2026; (2) Source: HiFyre, Q2 2026. 17
Page 18
DEMONSTRATED RESUL TS
Page 19
Increases In Yield Per Plant Drives Compounding Improvements As Flower Production Capacity Expands Source: Cronos Data/Estimates YIELD IMPROVEMENTS OVER TIME E E Yield Per Plant, by Year of Introduction of Genetic Cronos GrowCo Yield Per Plant by Year Dots show individual genetics, dashes show yearly average; Indexed, <2022 = 100 Indexed, 2023 = 100 19
Page 20
New Genetics Combine Higher Cannabinoid Content With Greater Yield, Increasing Output For Derivative Products CANNABINOID IMPROVEMENT OVER TIME Source: Cronos Data/Estimates Average Cannabinoid Content, by Year of Introduction of Genetic Dots show individual genetics, dashes show yearly average; Indexed, <2022 = 100 E 20
Page 21
Flower Commercialization has Driven Record Revenue and Stronger Market Positions Across Key Markets COMMERCIALIZATION OF CRONOS FLOWER Cronos Flower: Quarterly Net Revenue Cronos Flower: Market Positions (1) Source: Market share and ranking information from pharmacy data collected by Cronos – Q2 2026; (2) Source: HiFyre 21
Page 22
NASDAQ / TSX TICKER CRON GROWTH, BRAND BUILDING AND PRODUCT DEVELOPMENT Jeff Jacobson | Chief Growth Officer
Page 23
AGENDA I. Overview: Cronos Brands and Category Leadership II. Product Development: Spinach PUFFERZ Vape Case Study III. Product Development: SOURZ by Spinach® Edibles Case Study IV. Effective Product Development Drives Market Share Gains
Page 24
24 BUILDING A PORTFOLIO OF LEADING BRANDS BRAND POSITIONING PRODUCT OFFERING GEOGRAPHIC AVAILABILITY AND RANK PREMIUM Pre-Rolls, Vapes, Edibles Canada (#3 Chocolate Edibles)1 + Israel MAINSTREAM Flower, Tinctures, Pre-Rolls Israel: #1 Overall2 + Germany, UK, Australia, Switzerland, Malta MAINSTREAM Flower, Pre-Rolls, Vapes, Edibles Canada: #2 Overall1 (#1 Edibles, #1 Vapes, #3 Flower)1 Israel, Germany, UK Flower VALUE (1) Source: HiFyre, Q2 2026; (2) Source: Market share and ranking information from pharmacy data collected by Cronos – Q2 2026.
Page 25
25 NORTH AMERICA – BRAND MAPPING AGAINST SEGMENTATION Young, affluent, and like to go out. New to the category but experimenting with cannabis, especially to fit in. Status Seeking Newbs 30% population Medium consumers Looking to escape life’s daily stresses, whether out with friends or at home with a with a good book or Netflix. Cannabis can play a part too. Realistic Stress Managers 15% population Lighter consumers Successful professionals with busy households and active lives. Experienced regular users looking to enhance experiences. Extroverted Achievers 14% population Heavy consumers Smoking cannabis is part of the daily routine. Not interested in pop culture, social media, labels, or hitting the town. Tuned Out Tokers 14% population Heavy consumers Happy to take it slow. Experienced medicinal/wellness users that don’t mind letting others know and advocating for cannabis. Ethical Homebodies 13% population Medium consumers More risk averse and prefer quieter, low- key activities. Low cannabis use with concerns about safety and social stigma. Skeptical Occasionals 15% population Lighter consumers Primary Audience of Interest Spinach® largest consumer segments to drive mainstream volume Lord Jones® unique and more premium consumer for strategic incrementality. Source: cannabis consumer survey work performed by a third party commissioned by Cronos.
Page 26
FLOWER 33% EDIBLES 5% VAPES 18% PRE-ROLLS 35% CONCENTRATES 5% OTHER 4% Source: HiFyre, July 2025-June 2026 CANADA INDUSTRY MARKET MIX Retail Sales by Product Category, Twelve Months Ending June 2026 26
Page 27
EDIBLES VAPES PRE-ROLLS PHASING OF CATEGORY EMPHASIS: “BETTER BEATS FIRST” Having achieved leadership positions in flower, edibles, and now vapes, our focus turns to pre-rolls • 8 years of genetic development • State-of-the-art cultivation • Canada:1 #1 in flower in 2024 (dropped to #4 in 2025 due to supply constraints, have since climbed to #3) • Israel: consistently #1 in flower2 • Launch of SOURZ by Spinach® • In-house production • Canada:1 #1 edibles brand for eight straight quarters, >20% market share; five of the top-10-selling SKUs nationally, including the #1 SKU BORDERLESS PRODUCTS STRATEGY • Introduction of liquid diamonds • Internalized production • Launch of Spinach PUFFERZ Canada: 1 reached #1 vape brand in 1Q and 2Q 2026; all five best- selling vape SKUs nationwide • Our next area of strategic focus • Canada: 1 rose to #7 pre-roll brand in 2Q 2026 (#6 in traditional, #6 in infused) Canada is the most competitive cannabis market globally: our successful Canadian products, brands, IP and know-how will enable international growth and leadership FLOWER NEXT FOCUS #3 #1 #1 #7 (1) Canada category rank, source: HiFyre – Q2 2026; (2) Source: Market share and ranking information from pharmacy data collected by Cronos – Q2 2026; (3) Cronos Market Share and Average Weekly Retail Sales, by Category, assessed on an average rolling 4-week basis over the past 18 months, ending 9/6/2026 $1.0M $1.5M $2.0M $2.5M $3.0M 5% 7% 9% 11% 13%Vapes Cronos Share (Right Axis) Cronos Weekly Sales (Left Axis) $1.0M $1.1M $1.2M $1.3M $1.4M 20% 21% 22% 23%Edibles $1.5M $1.6M $1.7M $1.8M $1.9M $2.0M $2.1M $2.2M 4.5% 5.0% 5.5% 6.0% 6.5%Pre-Rolls $0.8M $0.9M $1.0M $1.1M $1.2M $1.3M $1.4M $1.5M $1.6M $1.7M 2.0% 2.5% 3.0% 3.5% 4.0%Flower3 333 1 1 1 1 27
Page 28
INNOVATION STRATEGY Our consumers make choices based on what matters most. The 4 core drivers of consumer demand 01 PRICE Affordability drives consideration and choice. 02 EFFECT Consumers want effective experiences they can feel. 03 FLAVOR Great taste drives satisfaction and repeat purchase. 04 QUALITY Consistent quality builds trust, loyalty and long-term value. 28
Page 29
FLAVOR & TEXTURE • TURF Analysis1 • Popular Flavors • Flavor-Masking (of Cannabinoids) • Color(s) • Shape • Size • Effect • Consistency, Homogeneity • Stability • Features • Manufacturability EXPLORATORY RESEARCH CONCEPT TEST SIMULATED SHELF SHOP MARKET READINESS MARKET RESEARCH AND DEVELOPMENT JOURNEY MARKET / CONSUMER RESEARCH DEVELOPMENT JOURNEY VISUAL APPEAL PERFORMANCE (1) Total Unduplicated Reach and Frequency analysis 29
Page 30
30
Page 31
HOW WE BROUGHT SOURZ BY SPINACH® TO MARKET IMC + RETAIL ACTIVATION 01 In-store displays & posters 02 Budtender education 03 Retail activation assets 04 Digital, social & paid media 31
Page 32
$191k $178k $143k $126k $110k $110k $76k $75k $71k $66k $65k $63k $62k $59k $59k $55k $0k $50k $100k $150k $200k Fully Blasted Blue Raspberry… Pearls Blue Razzleberry Pearls Blackberry Lemonade Fully Blasted Peach Orange Fully Blasted Pink Lemonade Monjour CBN Bedtime Blueberry… Fully Blasted Strawberry Mango Fly North Wild Strawberry Splash Pearls CBN:THC Strawberry Melon Shred Wild Berry Blaze Pearls Pomegranate Blue Raspberry Watermelon Fully Blasted Blue Raspberry… Olli Multipack Very Berry Wyld Sour Peach Mango Strawberry Watermelon CBG Top 16 Edibles by Sales Run-Rate ($/wk, last 8 weeks1) SOURZ by Spinach® Competitors$0k $200k $400k $600k $800k $1,000k $1,200k $1,400k 2021-05 2021-11 2022-05 2022-11 2023-05 2023-11 2024-05 2024-11 2025-05 2025-11 2026-05 SOURZ by Spinach® Weekly Retail Sales (CAD $k) Average weekly sales, rolling 4-week basis LAUNCH May 2021 Retail sales >$61M over the past year SOURZ BY SPINACH® COMMERCIAL PERFORMANCE IN CANADA #1 SOURZ by Spinach® edibles have ranked #1 in edibles in Canada for 8 consecutive quarters #1 The SOURZ by Spinach® Fully Blasted Blue Raspberry Watermelon 10 Pack is the top- selling edibles SKU in Canada1 40% 12 of the Top-30 edibles nationally are SOURZ by Spinach® gummies products (40% of Top-30 SKUs)1 >20% Spinach® holds >20% of the total edibles category1 Source: HiFyre, 5/2/2021 through 9/6/2026; (1) assessed over 8 weeks ending 9/6/2026 32
Page 33
33 SPINACH PUFFERZTM
Page 34
STAINLESS STEEL HEATING WIRE To maintain purity and deliver the best experience. BATTERY INDICATOR So you always know where you’re at, never left hanging. PUFFER PANEL A squishy feature that offers a subtle but satisfying sensory interaction every time you pick up the vape. AMAZING FLAVORS Sensory tested flavours for a best-in-class flavour experience. LIQUID DIAMONDS Liquid Diamonds infused formulation DUAL CERAMIC COIL Ensures even heat distribution and consistent vaporization, reducing clogging and preserving terpene integrity. PRE-HEAT/UNCLOG BUTTON Ensures a smooth pull every time - there if you need it, but you probably won’t. RECHARGEABLE USB-C PORT Just in case you need a backup boost. 34
Page 35
HOW WE BROUGHT SPINACH PUFFERZTM TO MARKET IMC + RETAIL ACTIVATION 01 In-store displays & posters 02 Budtender education 03 Retail activation assets 04 Digital, social & paid media 35
Page 36
$262k $233k $203k $172k $158k $155k $151k $151k $140k $125k $124k $123k $111k $106k $104k $0k $50k $100k $150k $200k $250k Back Forty Peach Lemonade Sour Blue Razz Tropical AF General Admission Tiger Blood Back Forty Strawberry Pink Back Forty Rainbow Melon Boosted Back Forty Razzle Dazzle Back Forty Sticky Pineapple Back Forty Key Lime Kush Strawberry Burst Back Forty Mango Fuzz Boosted Boxhot Blue Razz Lemonade Charged Back Forty Blue Raspberry Ice Pineapple Coconut Boxhot Pink Kush Charged Top 15 Disposables by Sales Run-Rate ($/wk, last 8 weeks1) Spinach PUFFERZ® Competitors$0k $100k $200k $300k $400k $500k $600k $700k $800k 2025-11 2025-12 2026-01 2026-02 2026-03 2026-04 2026-05 2026-06 2026-07 2026-08 2026-09 Spinach PUFFERZ® Weekly Retail Sales (CAD $k) LAUNCH Nov 2025 PEAK: $44M annualized retail sales rate SPINACH PUFFERZTM COMMERCIAL PERFORMANCE IN CANADA $20.0M Combined retail sales since launch (Nov 2025) with highest average per-sku sales in the disposable vape market #2 & #3 Spinach PufferzTM are ranked #2 & #3 in the entire disposable vape category, with all 3 scaled SKUs in the Top 10 TOP-20 All five Spinach PufferzTM SKUs in-market since May 2026 rank in the top-20 disposables in recent weeks1 >10% Spinach® holds 10.2% share of the total disposables category in recent weeks1 Source: HiFyre: 11/1/2025 through 9/6/2026; (1) assessed over 8 weeks ending 9/6/2026 36
Page 37
CANADA MARKET SHARE BY LICENSED PRODUCER AND BRAND Source: HiFyre, June 2026 to August 2026 37
Page 38
38 Back Forty Spinach Shred Boxhot General Admission Nugz Big Bag O' Buds Good Supply Redecan Pure Sunfarms +32% +40% +7% +8% -23% +37% +14% -33% -42% -4% C$0M C$50M C$100M C$150M C$200M C$250M C$300M C$350M C$400MRetail Sales, Last 4 Weeks Annaulized Year-over-year retail sales growth (last 4 wks) highlighted above each bar #2 brand in Canada1 — held throughout 2025 and into 2026 (1) Source: HiFyre POS Data, 4-weeks ending 9/6/2026; year-over-year sales growth compares retail sales for the 4-weeks ended 9/6/2026 with retail sales for the 4-weeks ended 9/7/2025. TOP 10 CANADIAN CANNABIS BRANDS PERFORMANCE Retail Sales, 4-Weeks Ending 9/6/2026, Annualized, in C$M1 +40% Year-over-year growth for the Spinach® brand over the past four weeks1, making Spinach® the fastest-growing Top-10 brand in Canada
Page 39
+40p.p. outperformance for Cronos vs. industry (last 4-wks Y/Y growth $0.8M $0.9M $1.0M $1.1M $1.2M $1.3M $1.4M $1.5M $1.6M $1.7M 2.0% 2.5% 3.0% 3.5% 4.0%Flower $1.5M $1.6M $1.7M $1.8M $1.9M $2.0M $2.1M $2.2M 4.5% 5.0% 5.5% 6.0% 6.5%Pre-Rolls $1.0M $1.1M $1.2M $1.3M $1.4M 20% 21% 22% 23%Edibles +98% +45% +15% +14% +41% +12% +4% +5% -8% +1% -20% +0% +20% +40% +60% +80% +100% Vapes Pre-Rolls Edibles Flower Total Cronos Total Industry CRONOS OVERALL PERFORMANCE VS INDUSTRY Source: HiFyre; (1) Year-over-year sales growth compares retail sales for the 4-weeks ended 9/6/2026 with retail sales for the 4-weeks ended 9/7/2025; (2) Market Share and Average Weekly Retail Sales are assessed on an average rolling 4-week basis over the past 18 months, ending 9/6/2026 Y/Y RETAIL SALES GROWTH: CRONOS VS. INDUSTRY 1 SPINACH ®: BY CATEGORY: ROLLING 4 -WK MARKET SHARE & AVG WEEKLY RETAIL SALES (C$M) 2 C$1.0M C$1.5M C$2.0M C$2.5M C$3.0M 5% 7% 9% 11% 13% Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Vapes Cronos Share (Right Axis) Cronos Weekly Sales (Left Axis) 39
Page 40
NASDAQ / TSX TICKER CRON CLOSING REMARKS Anna Shlimak | CFO Mike Gorenstein | President, Chairman, and CEO
Page 41
41 CRONOS GROUP INC. DISCLAIMERS & CAUTIONARY STATEMENTS This presentation is subject to the Cautionary Statement Regarding Forward-Looking Information available on our Investor Relations webpage with our other Investor Day materials. This presentation includes Adjusted EBITDA, a non-GAAP measure, which excludes non-cash items and items that do not reflect management’s assessment of ongoing business performance. Management defines Adjusted EBITDA as net income (loss) before interest, tax expense (benefit), depreciation and amortization adjusted for: share of (income) loss from equity method investments; impairment loss on goodwill and intangible assets; impairment loss on long-lived assets; (gain) loss on revaluation of derivative liabilities; (gain) loss on revaluation of financial instruments; gain on revaluation of loan receivable; gain on revaluation of equity method investment; transaction costs related to strategic projects; loss on held-for-sale assets; impairment loss on other investments; foreign currency transaction (gain) loss; other, net; loss from discontinued operations; change in allowance for credit loss on non-operating loan; restructuring costs; inventory write-downs resulting from restructuring actions; share-based compensation; costs related to the Israel Ministry of Economy and Industry dumping inquiry; purchase accounting adjustment-related inventory step-up adjustments recorded through cost of sales; and restatement litigation costs and reserves related to the restatements of the Company's 2019 and 2021 interim financial statements (the “Restatements”), including the costs related to the settlement of the SEC’s and the Ontario Securities Commission’s investigations of the Restatements and legal costs of defending shareholder class action complaints brought against the Company as a result of the 2019 restatement. Management believes that Adjusted EBITDA provides the most useful insight into underlying business trends and results and facilitates comparison of period-over-period results. Management uses Adjusted EBITDA for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. Non-GAAP measures should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. A reconciliation of Adjusted EBITDA to net income (loss) has been included in this presentation. Beginning in 2025, the Company modified the composition of Adjusted EBITDA to exclude the impact of the provision for expected credit losses recognized under ASC 326 solely with respect to the High Tide Loan (see Note 4, “Loans Receivable, net,” to the condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026). Management determined that excluding this non-cash provision provides investors with additional insight into period-over-period operating performance by isolating credit-risk movements unrelated to the Company’s core operations. Management believes that this change provides additional information regarding the Company’s ongoing operational results and enhances comparability with peers that do not routinely extend credit to third parties. This change does not affect the Company’s GAAP financial statements. This presentation also includes Adjusted Gross Profit and Adjusted Gross Margin, non-GAAP measures that exclude the impacts of inventory-related purchase accounting adjustments from the calculations of gross profit and gross margin, which resulted from the transaction by which the Company obtained majority control of the board of directors of Cronos Growing Company, Inc. (the “Cronos GrowCo Transaction”). Management believes that Adjusted Gross Profit and Adjusted Gross Margin provide useful insight into underlying business trends to facilitate comparisons of period- over-period results by removing the impacts of inventory-related purchase accounting adjustments resulting from the Cronos GrowCo Transaction, which reflect a one-time event and do not reflect management’s assessment of ongoing business performance. This presentation also includes Adjusted Operating Expenses (“Adjusted OpEx”) and Free Cash Flow Excluding Changes in Working Capital (“FCF Excluding Working Capital Changes”), each of which is a non-GAAP financial measure, and Adjusted EBITDA-to-FCF Conversion, a non-GAAP ratio. These non-GAAP financial measures and non- GAAP ratio are not standardized financial measures under U.S. GAAP and may not be comparable to similarly titled measures or ratios presented by other issuers. Adjusted OpEx is calculated as total operating expenses less restructuring and impairment costs. Management believes Adjusted OpEx provides useful information to investors regarding underlying operating expense trends by excluding restructuring and impairment costs that management does not consider reflective of the Company’s ongoing operating expense base. FCF Excluding Working Capital Changes is calculated as net cash provided by operating activities, adjusted to exclude changes in operating assets and liabilities and reduced by property, plant and equipment, purchases of intangible assets and cash lease costs reflected in cash flows from financing. Management believes this measure provides useful information regarding the Company’s underlying cash generation by reducing the impact of period-to-period changes in working capital. Adjusted EBITDA-to-FCF Conversion is calculated as FCF Excluding Working Capital Changes divided by Adjusted EBITDA and is intended to provide information regarding the Company’s conversion of underlying operating performance into cash generation. Where indicated excluding interest income, FCF Excluding Working Capital Changes is further adjusted to exclude the benefit of interest income. See the Appendix for reconciliations of the applicable non-GAAP financial measures to the most directly comparable U.S. GAAP measures.
Page 42
AGENDA I. Financial Trend Summary II. Peer Comparison 42
Page 43
FINANCIAL TREND SUMMARY 43
Page 44
44 $14.4M $13.6M $18.7M $17.9M $18.9M $19.8M $24.1M $19.7M $20.1M $19.2M $23.1M $27.9M $25.4M $28.7M $5.1M $5.4M $5.7M $5.0M $6.4M $6.9M $7.3M $7.8M $9.2M $9.4M $11.4M $11.8M $14.2M $15.0M $0.0M $0.0M $0.4M $1.0M $0.0M $1.0M $2.9M $2.8M $2.9M $4.9M $1.9M $4.8M $5.7M $9.3M US$0M US$10M US$20M US$30M US$40M US$50M 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Canada Israel Other countries NET REVENUE TRAJECTORY Quarterly Net Revenue by Market $19.0M$19.5M $24.8M $23.9M $25.3M $27.8M $34.3M $30.3M $32.3M $33.5M $36.3M $44.5M $45.2M $53.0M
Page 45
45 $2.9M $3.1M $4.0M $1.9M $4.5M $6.3M $10.7M $9.0M $14.3M $14.5M $18.3M $16.2M $19.2M $28.5M 14% 13% 13% 14% 14% 16% 21% 26% 32% 37% 42% 43% 43% 46% US$0M US$5M US$10M US$15M US$20M US$25M US$30M 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Adj Gross Profit (Left Axis) TTM Adj Gross Margins (Right Axis) GROSS PROFIT AND GROSS MARGIN TRAJECTORY Quarterly Adjusted Gross Profit1 and Trailing-12-Month (“TTM”) Adjusted Gross Margin2 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided in this presentation and in the Company’s earnings releases available at https://ir.thecronosgroup.com; (1) Adjusted Gross Profit and Adjusted Gross Margin are non-GAAP measures that exclude the impacts of inventory-related purchase accounting adjustments from the calculations of gross profit and gross margin, which resulted from the Cronos GrowCo Transaction. Results are reported as total consolidated results, reflecting our reporting structure of one reportable segment. Management believes that Adjusted Gross Profit and Adjusted Gross Margin provide useful insight into underlying business trends to facilitate comparisons of period-over-period results by removing the impacts of inventory-related purchase accounting adjustments resulting from the Cronos GrowCo Transaction, which reflect a one-time event and do not reflect management’s assessment of ongoing business performance. (2) Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.
Page 46
46 $23.7M $23.7M $24.3M $20.1M $18.4M $21.3M $22.9M $22.2M $17.3M $19.1M $18.6M $22.5M $20.5M $20.7M 132% 130% 117% 105% 93% 83% 74% 72% 67% 62% 58% 53% 51% 46% US$0M US$5M US$10M US$15M US$20M US$25M US$30M 0% 20% 40% 60% 80% 100% 120% 140% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Quarterly Adj OpEx(1) (Left Axis) TTM Adj OpEx(1) as % of Net Revenue (Right Axis) DISCIPLINED OPEX MANAGEMENT Quarterly Adjusted OpEx1 and Trailing-12-Month (“TTM”) Adjusted OpEx1 (1) Adjusted OpEx is a non-GAAP financial measure. See slide 2 for additional information and the Appendix for reconciliation. Cronos GrowCo OpEx and Net Revenue were consolidated beginning in 3Q24
Page 47
47 -$15.7M -$15.9M -$15.2M -$14.8M -$10.7M -$11.1M -$6.0M -$7.2M $2.3M $1.7M $5.7M $0.5M $5.1M $13.1M -$8.6M -$8.0M -$0.8M -$2.5M $2.5M $4.2M $1.2M -$2.0M -$3.2M $6.7M $14.5M $16.2M $8.7M $20.5M (US$16M) (US$12M) (US$8M) (US$4M) US$0M US$4M US$8M US$12M US$16M US$20M 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Adj EBITDA FCF excluding Changes in Working Capital EBITDA AND CASH FLOW TRAJECTORY Quarterly Adj EBITDA and Free Cash Flow Excluding Changes in Working Capital1 No Debt; Current Cash, Cash Equivalents and Interest-Bearing Deposits2 Balance of $827M plus $17M of Loans Receivable, a $15M Current Income Tax Receivable and $5M of Other Investments 3 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are provided in this presentation and in the Company’s earnings releases available at https://ir.thecronosgroup.com; (1) FCF Excluding Working Capital Changes is a non-GAAP financial measure. See slide 2 for additional information and the Appendix for reconciliation; (2) Current Cash, Cash Equivalents and Interest-Bearing Deposits = Cash, Cash Equivalents, Short-Term Investments, and Non-Current Interest-Bearing Deposits, as of June 30, 2026; (3) as of June 30, 2026.
Page 48
48 PEER COMPARISON 48
Page 49
49 +25% +1% -12% -8% -5% -76% -12% -12% -23% +21% -8% +12% -1% -30% -20% -10% 0% 10% 20% 30% Cronos Industry Peer Average Peer Median Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I 2Q26 Y/Y Canada Retail Sales Growth 246% // // +49% +8% +7% -3% +1% -3% +7% -4% +20% +13% +9% +28% -10% 0% 10% 20% 30% 40% 50% Cronos Peer Average Peer Median Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I 1H26 Y/Y Organic Net Revenue Growth 246% OUR REVENUE GROWTH IS SIGNIFICANTLY OUTPACING PEERS Aggregate Organic* 1H26 Y/Y Net Revenue Growth1 * Organic Net Revenue Growth for Cronos aligns with reported results; Organic Net Revenue Growth for peers excludes the impact of acquisitions, divestitures and segment restructurings; (1) Source: publicly reported financials for Cronos and peers; peers include (in no particular order): Aurora, Auxly, Cannara, Canopy, Decibel, Organigram, SNDL, Tilray, Village Farms; year-over-year net revenue growth data shown for Cronos for the 6 mos. ending 6/30/26 and for peers is the organic revenue growth figure for the 6 mos. ending 5/31/26 or 6/30/26; (2) Source: HiFyre. Canada: 2Q26 Branded Retail Sales Growth2 We believe Canada is the most competitive cannabis market globally, and that share gains in Canada presage share gains in the rest of the world. As shown in prior presentation, Cronos’ Canada branded retail sales growth has accelerated to +41% Y/Y for 4-weeks ending 9/6/26 2
Page 50
50 0.98x 2.15x 1.64x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x Share Count 9.2x 9.3x 2.8x 1.7x 2.1x 1.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x Gross Profit Gross Profit Per Share Cronos Peer Average Peer Median Cronos Peer Median 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x -12Q -11Q -10Q -9Q -8Q -7Q -6Q -5Q -4Q -3Q -2Q -1Q -0Q Gross Profit per Share (-12Q Value=100) Cronos Peer Median Individual Peers OUR GROWTH IS ORGANIC, WITH A DECLINING SHARE COUNT Adjusted Gross Profit Per Share: Last 13 Quarters1 (1) Source: publicly reported financials for Cronos and peers; gross profit shown is Adjusted Gross Profit for Cronos and Adjusted Gross Profit or Gross Profit before Fair Value Adjustments for peers; peers include (in no particular order): Aurora, Auxly, Cannara, Canopy, Decibel, Organigram, SNDL, Tilray, Village Farms; data shown is from 2Q23-2Q26 for Cronos, and from the quarter-ending May or June 2023 to the quarter-ending May or June 2026 for peers. Share count data is quarterly weighted average diluted share count for Cronos and peers. • Cronos 2Q26 Adjusted Gross Profit was +9.2x higher than 3 years prior (2Q23) vs. peer average / median of +2.8x / +2.1x, respectively • Cronos share count -2% over the last 3 years vs. peer average / median of +115% / +64%, respectively • Cronos 2Q26 Adjusted Gross Profit per Share was +9.3x higher than 3 years prior vs. peer average / median of +1.7x / +1.1x, respectively Change: Last-Quarter vs. 3-Years Prior1 Adjusted Gross Profit per Share from 13 Quarters ago Normalized to 1.0x Our share count -2% vs. +115% / +64% Peer Avg/Median
Page 51
51 +$102M +$34M +$27M +$25M +$9M +$112M +$27M +$46M +$37M +$36M +$8M +$3M Nil $100M $65M $364M $65M $105M $329M $66M Nil ($37M) $2M $7M ($100M) ($50M) $0M $50M $100M $150M $200M $250M $300M $350M $400M ($30M) ($20M) ($10M) $0M $10M $20M $30M $40M $50M $60M $70M $80M $90M $100M $110M $120M Cronos Peer Average Peer Median Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I Net M&A Spend: 2023-Present Change in EBITDA: CY2023 vs. 1H26 Ann. EBITDA Change: CY2023 vs 1H26 Annualized (Left Axis) Net M&A Spend: 2023 to Present (Right Axis) SUPERIOR EBITDA GROWTH, WITHOUT M&A Adjusted EBITDA Change: CY2023 to 1H2026 Annualized vs. Net M&A Spend: CY2023 to Present1 Cronos Adjusted EBITDA increase from CY2023 to H1 2026 Annualized is >=3x higher than the peer average / median despite no M&A, vs. peer average / median of $100M / $65M spent on M&A (1) Source: publicly reported financials for Cronos and peers; peers include (anonymized, in no particular order): Aurora, Auxly, Cannara, Canopy, Decibel, Organigram, SNDL, Tilray, Village Farms; 1H2026 Annualized EBITDA for Cronos is 2*[Adjusted EBITDA for the 6 mos. ended 6/30/26] and for peers is 2*[Adjusted EBITDA for the 6 mos. ended 5/31/26 or 6/30/26], annualization is a mathematical calculation and does not constitute guidance; CY2023 EBITDA for Cronos is Adjusted EBITDA for the 12 mos. ended 12/31/23, and for peers is Adjusted EBITDA for the 12 mos. ended 11/30/23 or 12/31/23. Net M&A Spend = M&A Spend less divestiture proceeds.
Page 52
52 86% 17% 20% 1% -58% n/a neg. EBITDA -24% 12% 81% 27% 39% 60% -60% -40% -20% 0% 20% 40% 60% 80% 100% Cronos Cronos: Excl. Interest Income Peer Average Peer Median Peer A Peer B Peer C Peer D Peer E Peer F Peer G Peer H Peer I EBITDA:FCF Conv. (excl. WC) ////246% ALL “ADJUSTED EBITDA” IS NOT CREATED EQUAL Adjusted EBITDA-to-FCF (Excl. Working Capital Changes) : Trailing Twelve Months1 Excluding the FCF tailwind from our interest income, Cronos’ rate of EBITDA to FCF (excl. changes in WC) 1 of 86% is 4-5x+ higher than the peer average / median of 17% / 20% (1) Source: publicly reported financials for Cronos and peers. Peers include, on an anonymized basis and in no particular order: Aurora, Auxly, Cannara, Canopy, Decibel, Organigram, SNDL, Tilray and Village Farms. Data shown is for the twelve months ended June 30, 2026 for Cronos and for the twelve months ended May or June 2026 for peers. Adjusted EBITDA-to-FCF Conversion is calculated as FCF Excluding Working Capital Changes divided by Adjusted EBITDA, using Adjusted EBITDA as reported by each company. Where indicated, FCF Excluding Working Capital Changes is further adjusted to exclude interest income. Adjusted EBITDA-to-FCF Conversion is a non-GAAP ratio. See slide 2 for additional information regarding the non-GAAP measures and non- GAAP ratio presented on this slide and the Appendix for the applicable Cronos reconciliations.
Page 54
54 ADJUSTED EBITDA RECONCILIATIONS: H1 2025 AND H1 2026 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures for prior reporting periods are provided in the Company’s earnings releases available at https://ir.thecronosgroup.com I. For the three and six months ended June 30, 2026, the loss on revaluation of financial instruments was driven by a loss related to the Company’s High Tide Warrant and the Company’s equity securities in Vitura. For the three and six months ended June 30, 2025, the loss on revaluation of financial instruments related primarily to the Company’s equity securities in Vitura. II. For the three and six months ended June 30, 2026, transaction costs represented fees related to the pending acquisition of CanAdelaarB.V. For the three and six months ended June 30, 2025, transaction costs represented legal, financial and other advisory fees and expenses incurred in connection with the Cronos GrowCo Transaction. These costs are included in general and administrative expenses on the condensed consolidated statements of net income (loss) and comprehensive income (loss). III. For the three months ended June 30, 2026, other, net related to a loss on disposal of fixed assets. For the six months ended June 30, 2026, other, net related primarily to rental income. For the three and six months ended June 30, 2025, other, net related to (gain) loss on disposal of assets and (gain) loss on revaluation of derivative liabilities. IV. For the three and six months ended June 30, 2026, restructuring costs related to IT infrastructure and finance transformation costs associated with the Realignment. For the three and six months ended June 30, 2025, restructuring costs related to employee-related severance costs and IT infrastructure and finance transformation costs associated with the Realignment. V. For the three and six months ended June 30, 2026, share-based compensation related to the expenses of share-based compensation awarded to employees and DSUs issued to our Board of Directors, each under the Company’s share-based award plans. For the three and six months ended June 30, 2025, share-based compensation related to the expenses of share-based compensation awarded to employees under the Company’s share-based award plans. VI. For the three and six months ended June 30, 2026 and 2025, restatement litigation costs included legal costs incurred defending shareholder class action complaints brought against the Company as a result of the 2019 restatement. VII. For the three and six months ended June 30, 2026 and 2025, Israel Ministry of Economy and Industry dumping inquiry expense included expenditures relating to regulatory investigations and proceedings about alleged dumping of medical cannabis imports from Canada into Israel and related litigation and external relations expenses. VIII. For the three and six months ended June 30, 2026, change in allowance for credit loss on non-operating loan related to the allowance recognized on the High Tide loan receivable. IX. For the three and six months ended June 30, 2025, loss on held-for-sale assets related to a revaluation of the Cronos Fermentation Facility held-for-sale asset group. X. For the six months ended June 30, 2025, inventory step-up recorded to cost of sales represents the portion of the inventory step-up from the Cronos GrowCo Transaction that was recorded through the condensed consolidated statements of net income (loss) and comprehensive income (loss).
Page 55
55 ADJUSTED EBITDA RECONCILIATIONS: FY2024 AND FY2025 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures for prior reporting periods are provided in the Company’s earnings releases available at https://ir.thecronosgroup.com (i) For the year ended December 31, 2025, impairment loss on goodwill and indefinite-lived intangible assets related to our Lord Jones® trademark intangible asset, which was assessed for impairment in the fourth quarter of 2025. There were no such lossesin the year ended December 31, 2024. (ii) For the year ended December 31, 2025, impairment loss on long-lived assets related to equipment no longer in use. For the year ended December 31, 2024, impairment loss on long-lived assets included $14,258 related to the write-down of our Ginkgo exclusive licenses and $1,631 related to the winding down of operations at our Winnipeg, Manitoba facility (the "Cronos Fermentation Facility"). (iii) For the year ended December 31, 2024, a revaluation gain on loan receivable was recognized as a result of the Cronos GrowCo Transaction on July 1, 2024. (iv) For the year ended December 31, 2024, a gain on revaluation of equity method investment was recognized as a result of the Cronos GrowCo Transaction on July 1, 2024. (v) For the year ended December 31, 2025, the loss on revaluation of financial instruments was driven by the Company’s equity securities in Vitura Health Limited ("Vitura"), partially offset by a gain related to the Company’s High Tide Warrant. For the year ended December 31, 2024, loss on revaluation of financial instruments related primarily to the Company’s equity securities in Vitura. (vi) For the year ended December 31, 2024, impairment loss on other investments represented the fair value change on the option to acquire 473,787 shares of Class A Common Stock of PharmaCann, Inc.. (vii) For the years ended December 31, 2025 and 2024, transaction costs represented legal, financial and other advisory fees and expenses incurred in connection with theCronos GrowCo Transaction and the pending acquisition of CanAdelaar. These costs are included in general and administrative expenses on the consolidated statements of net income (loss) and comprehensive income (loss). (viii) For the years ended December 31, 2025 and 2024, loss on held-for-sale assets related to revaluations of the Cronos Fermentation Facility held-for-sale asset group. (ix) For the year ended December 31, 2025, other, net related to (gain) loss on disposal of assets and dividend income. For the year ended 2024, other, net primarily related to (gain) loss on disposal of assets and (gain) loss on revaluation of derivative liabilities. (x) For the year ended December 31, 2025, restructuring costs from continuing operations related to employee-related severance costs and IT infrastructure and finance transformation costs associated with the Realignment. For the year ended December 31, 2024, restructuring costs from continuing operations related to shutdown costs at the Cronos Fermentation Facility, as well as employee-related severance costs associated with the Realignment. (xi) For the year ended December 31, 2025, share-based compensation related to the expenses of share-based compensation awarded to employees and our deferred share units issued to certain members of our Board of Directors, each under the Company’s share-based award plans. For the year ended December 31, 2024, share-based compensation related to the vesting expenses of share-based compensation awarded to employees under our share-based award plans. (xii) For the years ended December 31, 2025 and 2024, restatement litigation costs included legal costs incurred defending shareholder class action complaints brought against the Company as a result of the 2019 restatement. (xiii) For the years ended December 31, 2025 and 2024, inventory step-up recorded to cost of sales represented the portion of the inventory step-up from the Cronos GrowCo Transaction that was recorded through the consolidated statements of income (loss) and comprehensive income (loss). (xiv) For the year ended December 31, 2024, Israel Ministry of Economy and Industry dumping inquiry expense included expenditures relating to the regulatory inquiry about alleged dumping ofmedical cannabis products in Israel and related litigation and external relations expenses. (xv) For the years ended December 31, 2025 and 2024, change in allowance for credit loss on non-operating loan represents the allowance recognized on the High Tide loan receivable and adjustments thereto.
Page 56
56 ADJUSTED GROSS PROFIT RECONCILIATIONS: Q2 2025, Q2 2026, H1 2025 AND H1 2026 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures for prior reporting periods are provided in the Company’s earnings releases available at https://ir.thecronosgroup.com (i) Gross margin is defined as gross profit divided by net revenue. (ii) Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.
Page 57
57 ADJUSTED GROSS PROFIT RECONCILIATIONS: Q4 2024, Q4 2025, FY2024 AND FY2025 Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures for prior reporting periods are provided in the Company’s earnings releases available at https://ir.thecronosgroup.com (i) Gross margin is defined as gross profit divided by net revenue. (ii) Adjusted Gross Margin is defined as Adjusted Gross Profit divided by net revenue.
Page 58
58 Three Months Ended: September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Trailing 12 Months ("TTM") Operating Cash Flow ("OCF") 13,309 11,835 10,898 24,010 60,052 Changes in Working Capital Accounts receivable, net (716) (6,231) 879 (3,574) (9,642) Interest receivable (4,145) (2,106) 2,360 1,209 (2,682) Other receivables 5,012 (9,942) 724 (349) (4,555) Current Income Tax Receivable --- --- --- (2,676) (2,676) Prepaids & other assets (3,734) 546 3,310 (356) (234) Inventory (6,308) 2,630 (2,039) (3,727) (9,444) Accounts payable (171) 2,335 (1,206) 4,322 5,280 Income taxes payable (13) (1) 1,387 2,216 3,589 Accrued liabilities 4,283 6,168 (5,139) 4,660 9,972 Other --- --- --- --- --- Net Change in Working Capital (5,792) (6,601) 276 1,725 (10,392) OCF Excluding Change in Working Capital 19,101 18,436 10,622 22,285 70,444 Purchase of property, plant and equipment (4,483) (2,139) (1,875) (1,739) (10,236) Purchase of intangible assets (105) (135) (96) (43) (379) Free Cash Flow ("FCF") Excluding Change in Working Capital 14,513 16,162 8,651 20,503 59,829 Interest Income 11,742 9,559 8,853 8,816 38,970 Free Cash Flow ("FCF") Excluding Change in Working Capital and Interest Income 2,771 6,603 (202) 11,687 20,859 Adjusted EBITDA 5,677 455 5,079 13,088 24,299 Conversion: Adjusted EBITDA to FCF Excl. Chg in Working Capital and Interest Income 86% RECONCILIATIONS: OPERATING CASH FLOW TO FCF EXCLUDING WC CHANGES (INCL. AND EXCL. INTEREST INCOME) Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures for prior reporting periods are provided in the Company’s earnings releases available at https://ir.thecronosgroup.com. Trailing 12 Months is for 12 months ended June 30, 2026. Note interest income is not tax-adjusted for this calculation as Cronos did not pay cash taxes on interest income for the periods shown.
Page 59
59 RECONCILIATIONS: TOTAL OPERATING EXPENSES TO OPERATING EXPENSES LESS RESTRUCTURING AND IMPAIRMENT COSTS Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures for prior reporting periods are provided in the Company’s earnings releases available at https://ir.thecronosgroup.com Twelve Months Ended: Three Months Ended: December 31, 2023 December 31, 2024 December 31, 2025 March 31, 2026 June 30, 2026 Total Operating Expenses 96,709 101,727 80,154 20,986 21,047 Restructuring Costs 1,524 630 2,037 484 308 Impairment loss on long-lived assets 3,366 16,350 736 --- --- Operating Expenses Excluding Restructuring and Impairment Costs 91,819 84,747 77,381 20,502 20,739