Third quarter 2026 net revenue of $353 million

Third quarter 2026 International revenue of $59 million

Third quarter 2026 adjusted gross profit margin of 49%

Third quarter adjusted EBITDA of $78 million

STAMFORD, Conn., Nov. 3, 2026 /PRNewswire/ -- Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer and medical cannabis products, today reported its financial and operating results for the third quarter ended September 30, 2026. All financial information is reported in accordance with U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") and is provided in U.S. dollars unless otherwise indicated.

Chairman and CEO Boris Jordan said, "We are building the global leader in cannabis, and our third-quarter results provide further evidence that our strategy is delivering. Solid execution across the business is driving growth, strengthening our competitive position, and advancing our Built for Growth plan. Against a backdrop of increasing pressure on the consumer, cannabis demand remained resilient and our business delivered strong, broad-based growth.

Record third quarter revenue of $353 million grew 11% compared to last year, bolstered by both our domestic and international segments that grew 8% and 28%, respectively. Our U.S. business has sustained the momentum experienced in the first half of the year as this was our third consecutive quarter of domestic year-over-year growth. Adjusted gross margin was 49% and adjusted EBITDA was $78 million, representing a 22% margin. We ended the quarter with $105 million in cash on the balance sheet. Cash flow from continuing operations in the quarter was $22 million, due to timing differences that will reverse next quarter. We continue to target generating approximately $150 million in operating cash flow for the year."

Mr. Jordan continued, "These results reflect the disciplined execution of our entire team and reinforce the strength of our global platform. We are translating operational improvements into stronger financial performance, building momentum across the business, and positioning Curaleaf for sustained growth and greater cash generation."

Third Quarter 2026 Financial Highlights

- Net revenue of $352.7 million, a year-over-year increase of 10.9% compared to Q3 2025 net revenue of $317.9 million. Sequentially, net revenue increased 3.6% compared to Q2 2026 net revenue of $340.1 million

- Gross profit of $170.5 million and gross profit margin of 48.3%, a decrease of 220 basis points year-over-year

- Adjusted gross profit of $171.8 million and adjusted gross profit margin of 48.7%, a decrease of 186 basis points year-over-year

- Net loss attributable to Curaleaf Holdings, Inc. from continuing operations of $37.4 million or net loss per share from continuing operations of $0.14

- Adjusted EBITDA(1) of 77.6 million and adjusted EBITDA margin(1) of 22.0%, a 56 basis point decrease year-over-year

- Total cash and cash equivalents at quarter end totaled $104.9 million

- Repurchased 105,440 shares for a total of $1 million

Nine Months Ended September 30, 2026 Financial Highlights

- Net revenue of $1,017.0 million, a year-over-year increase of 9% compared to Q3 2025 net revenue of $935.1 million.

- Gross profit of $497.7 million and gross margin of 49%, a decrease of 248 basis points year-over-year

- Net income attributable to Curaleaf Holdings, Inc. from continuing operations of $45.2 million or net income per share from continuing operations of $0.17

- Adjusted EBITDA(1) of $211.1 million and adjusted EBITDA margin of 20.8%, a 82 basis point decrease year-over- year

- Retired and repurchased a total of 1.12 million shares for a total value of $8.4 million

Third Quarter 2026 Operational Highlights

- Expanded retail footprint in Florida to 78 with two new dispensary openings in Port Richey and Riverview bringing the nationwide footprint of operated and managed dispensaries to 188

- Relocated three dispensaries to improved retail locations in Meriden, CT, Fishtown, PA, and Boston, MA

- Added to FTSE Canada All Cap Index, the second index inclusion after the SPX/TSX index addition

- Secured the first two registrations for standardized cannabis preparations in Spain

- Commenced an Original Offer to purchase all of the issued and outstanding common shares of Aurora Cannabis Inc. for consideration consisting of SVS and cash.

Post Third Quarter 2026 Operational Highlights

- Acquired the equity interest in Boone Town Provisions, Curaleaf's fourth dispensary in New Jersey

- Expanded retail footprint in Florida to 80 with two new dispensary openings in Port Orange and Wellington bringing the nationwide footprint of operated and managed dispensaries to 191; relocated a dispensary to York, Pennsylvania

- Began receiving DEA registrations for medical marijuana dispensaries

- Enhanced the Original Offer to purchase the Aurora shares and increased the consideration. Aurora announced an alternative transaction to merge with Organigram. Curaleaf is evaluating the alternative transaction and its options for continuing to pursue an acquisition of Aurora.

Balance Sheet and Cash Flow

As of September 30, 2026, the Company had $104.9 million of cash and $636.9 million of outstanding debt, net of unamortized debt discounts and deferred financing fees.

During the nine months ended September 30, 2026, Curaleaf invested $50.0 million in capital expenditures, focused on facility upgrades, automation and selective retail expansion in strategic markets.

Shares Outstanding

The Company's basic weighted average shares outstanding was 264,882,536 and 254,941,874 for the third quarter of 2026 and 2025, respectively.

The Company's basic weighted average shares outstanding was 262,168,678 and 252,936,604 for the nine months ended September 30, 2026 and 2025, respectively.

Conference Call Information

The Company will host a conference call and audio webcast for investors and analysts on Tuesday, November 3, 2026 at 5:00 P.M. ET to discuss Q3 2026 earnings results. The call can be accessed by dialing 1-844-512-2926 in North America or internationally at 1-412-317-6300. The conference pin # is 9773371.

A replay of the conference call can be accessed at 1-855-669-9658 in North America or internationally at 1-412-317-0088, using the replay pin # 9965356.

A webcast of the call can be accessed on the investor relations section of the Curaleaf website at ir.curaleaf.com. The teleconference will be available for replay starting at approximately 7:00 P.M. ET on Tuesday, November 3, 2026 and will end at 11:59 P.M. ET on November 10, 2026.

Non-GAAP Financial and Performance Measures

Curaleaf reports its financial results in accordance with U.S. GAAP and also uses certain non-GAAP financial measures and ratios to evaluate performance. These measures, which include "adjusted gross profit," "adjusted gross profit margin," "adjusted EBITDA," "adjusted EBITDA margin," and "free cash flow from operations," do not have standardized definitions under U.S. GAAP and may not be comparable to similar measures used by other issuers.

Curaleaf defines these non-GAAP measures as follows:

- Adjusted gross profit: gross profit net of related adjustments.

- Adjusted gross profit margin: adjusted gross profit divided by total revenues, net.

- Adjusted EBITDA: income (loss) before interest, taxes, depreciation and amortization, adjusted for share-based compensation expense and other adjustments related to restructuring costs, adult use campaign and political initiatives, as well as acquisition, transaction and other non-recurring costs.

- Adjusted EBITDA margin: adjusted EBITDA divided by total revenues, net.

- Free cash flow from operations: net cash provided by operating activities from continuing operations, net of purchases and disposals of property, plant and equipment for continuing operations.

Management believes these measures (i) provide investors with additional insight into Curaleaf's financial strength and underlying performance, (ii) align external reporting with how management evaluates results and (iii) facilitate comparisons with other issuers. These measures should not be considered in isolation from, or as a substitute for, U.S. GAAP results nor should they be considered as indicators of Curaleaf's future performance. Reconciliations to the most directly comparable U.S. GAAP measures are provided in the accompanying tables.

Gross profit from continuing operations was $170.5 million in the third quarter of 2026, compared with $160.6 million in the prior-year period. On an adjusted basis, gross profit from continuing operations was $171.8 million compared with $160.8 million in the prior-year period, and adjusted gross profit margin from continuing operations was 48.7%, compared with 50.6% in the prior-year period, a decrease of 186 basis points.

Gross profit from continuing operations was $497.7 million in the nine months ended September 30, 2026, compared with $469.2 million in the prior-year period. On an adjusted basis, gross profit from continuing operations was $499.8 million, compared with $470.7 million in the prior-year period, and adjusted gross profit margin from continuing operations was 49.1%, compared with 50.3% in the prior-year period, a decrease of 123 basis points.

Adjusted EBITDA was $77.6 million for the third quarter of 2026, compared to $71.7 million for the third quarter of 2025, and Adjusted EBITDA margin decreased to 22.0%.

Adjusted EBITDA was $211.1 million in the nine months ended September 30, 2026, compared with $205.7 million in the prior-year period, and Adjusted EBITDA margin 20.8% and 21.6%, respectively.

About Curaleaf Holdings

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading global provider of consumer products in cannabis with a mission to enhance lives by cultivating, sharing and celebrating the power of the plant.