UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number 001-39005

SNDL INC.

(Registrant’s name)

#101, 17220 Stony Plain Road NW

Edmonton, AB T5S 1K6

Tel.: (780) 944-9994

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☐ Form 40-F ☒

INCORPORATION BY REFERENCE

This report on Form 6-K shall be deemed to be incorporated by reference in SNDL Inc.’s registration statements on Form S-8 (File No. 333-233156, File No. 333-262233, File No. 333-267510, File No. 333-269242, File No. 333-278683 and File No. 333-286169) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SNDL INC.
Date: July 27, 2026	By:	/s/ Alberto Paredero Quiros
	Name:	Alberto Paredero Quiros
	Title:	Chief Financial Officer

EXHIBIT

Exhibit		Description of Exhibit
99.1		Condensed Consolidated Interim Financial Statements for the Three and Six Months Ended June 30, 2026
99.2		Management’s Discussion and Analysis for the Three and Six Months Ended June 30, 2026
99.3		Form 52-109F2 Certificate of Interim Filings by CEO (pursuant to Canadian regulations)
99.4		Form 52-109F2 Certificate of Interim Filings by CFO (pursuant to Canadian regulations)

EX-99.1

EXHIBIT 99.1

SNDL Inc.

Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited – expressed in thousands of Canadian dollars)

SNDL Inc.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited - expressed in thousands of Canadian dollars)

As at	Note

Assets
Current assets
Cash and cash equivalents		183,208		252,243
Restricted cash		20,080		20,081
Marketable securities		139		84
Accounts receivable		33,003		27,643
Biological assets	6	2,842		3,120
Inventory	7	133,372		126,877
Prepaid expenses and deposits		15,233		15,566
Investments	12	263		484
Assets held for sale		700		746
Net investment in subleases	10	2,962		2,775
		391,802		449,619
Non-current assets
Long-term deposits and receivables		2,457		4,526
Right of use assets	8	135,067		138,353
Property, plant and equipment	9	144,622		151,900
Net investment in subleases	10	10,697		11,643
Intangible assets	11	57,130		58,520
Investments	12	14,507		11,574
Equity-accounted investees	13	400,386		385,534
Goodwill		127,260		124,248
Total assets		1,283,928		1,335,917

Liabilities
Current liabilities
Accounts payable and accrued liabilities		46,193		56,747
Lease liabilities	14	36,093		35,462
		82,286		92,209
Non-current liabilities
Lease liabilities	14	130,284		134,471
Other liabilities		7,665		8,041
Total liabilities		220,235		234,721

Shareholders’ equity
Share capital	15(b)	2,171,833		2,310,398
Warrants		306		306
Contributed surplus		54,623		54,038
Accumulated deficit		(1,211,535	)	(1,302,441	)
Accumulated other comprehensive income ("AOCI")		48,466		38,895
Total shareholders’ equity		1,063,693		1,101,196
Total liabilities and shareholders’ equity		1,283,928		1,335,917

Commitments and contingencies (note 23)

Subsequent events (notes 15(b) and 24)

See accompanying notes to the condensed consolidated interim financial statements.

SNDL Inc.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

(Unaudited - expressed in thousands of Canadian dollars, except per share amounts)

		Three months ended June 30				Six months endedJune 30
	Note	2026		2025		2026		2025
Net revenue	17	235,766		244,769		431,672		449,683
Cost of sales	7	179,417		177,168		322,511		325,441
Gross profit		56,349		67,601		109,161		124,242

Investment income	18	1,008		1,529		2,545		4,385
Share of (loss) profit of equity-accounted investees	13	(2,351	)	304		(1,850	)	(4,153	)

General and administrative		42,841		45,376		89,448		91,735
Sales and marketing		3,665		3,384		7,674		7,151
Depreciation and amortization	8,9,11	12,631		12,920		25,486		26,148
Share-based compensation	16	2,650		2,919		3,266		4,307
Restructuring costs		859		827		1,031		1,153
Asset (reversal) impairment, net	8,9	(2	)	(1,064	)	(180	)	920
Other income		—		—		(81	)	—
Research and development		8		98		12		198
Loss (gain) on disposition of assets		195		(29	)	155		(88	)
Operating (loss) income		(7,841	)	5,003		(16,955	)	(7,050	)

Other expenses, net	19	(1,666	)	(2,118	)	(3,960	)	(4,772	)
(Loss) earnings before income tax		(9,507	)	2,885		(20,915	)	(11,822	)
Income tax recovery		1,685		—		3,182		—
Net (loss) earnings		(7,822	)	2,885		(17,733	)	(11,822	)

Equity-accounted investees - share of other comprehensive income (loss)	13	5,641		(20,611	)	10,654		(20,959	)
Investments at fair value through other comprehensive income ("FVOCI") - change in fair value	12	209		2,044		(1,083	)	(3,186	)
Comprehensive (loss) income		(1,972	)	(15,682	)	(8,162	)	(35,967	)

Net (loss) earnings per common share attributable to owners of the Company
Basic and diluted	21	(0.03	)	0.01		(0.07	)	(0.05	)

All values are in US Dollars.

See accompanying notes to the condensed consolidated interim financial statements.

SNDL Inc.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

(Unaudited - expressed in thousands of Canadian dollars)

														Accumulated other<br>comprehensive income
	Note	Share capital			Warrants			Contributed surplus			Accumulated deficit			Equity-accounted investees			Investments at FVOCI			Total
Balance at December 31, 2025			2,310,398			306			54,038			(1,302,441	)		31,673			7,222			1,101,196
Net loss			—			—			—			(17,733	)		—			—			(17,733	)
Other comprehensive income (loss)			—			—			—			—			10,654			(1,083	)		9,571
Share issuances			10			—			—			—			—			—			10
Share repurchases	15(b)		(141,874	)		—			—			108,639			—			—			(33,235	)
Share-based compensation	16		—			—			3,884			—			—			—			3,884
Employee awards exercised			3,299			—			(3,299	)		—			—			—			—
Balance at June 30, 2026			2,171,833			306			54,623			(1,211,535	)		42,327			6,139			1,063,693
Balance at December 31, 2024			2,346,728			667			57,156			(1,323,965	)		50,906			1,864			1,133,356
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Net loss			—			—			—			(11,822	)		—			—			(11,822	)
Other comprehensive loss			—			—			—			—			(20,959	)		(3,186	)		(24,145	)
Share repurchases			(51,714	)		—			—			36,383			—			—			(15,331	)
Share-based compensation	16		—			—			6,080			—			—			—			6,080
Employee awards exercised			240			—			(240	)		—			—			—			—
Balance at June 30, 2025			2,295,254			667			62,996			(1,299,404	)		29,947			(1,322	)		1,088,138

See accompanying notes to the condensed consolidated interim financial statements.

SNDL Inc.

Condensed Consolidated Interim Statements of Cash Flows

(Unaudited - expressed in thousands of Canadian dollars)

		Three months ended<br>June 30						Six months ended<br>June 30
	Note	2026			2025			2026			2025
Cash provided by (used in):
Operating activities
Net (loss) earnings for the period			(7,822	)		2,885			(17,733	)		(11,822	)
Adjustments for:
Income tax recovery			(1,685	)		—			(3,182	)		—
Interest and fee income	18		(1,008	)		(1,318	)		(2,490	)		(4,174	)
Change in fair value of biological assets	6		55			(1,292	)		9			(2,739	)
Change in fair value of inventory sold			295			628			525			964
Share-based compensation	16		2,650			2,919			3,266			4,307
Depreciation and amortization	8,9,11		13,989			13,949			28,105			28,136
Loss (gain) on disposition of assets			195			(29	)		155			(88	)
Inventory impairment and obsolescence	7		1,156			239			2,602			830
Finance costs, net	19		1,994			1,647			4,056			3,337
Change in estimate of fair value of derivative warrants			—			(13	)		—			(25	)
Unrealized foreign exchange (gain) loss			(713	)		180			(1,012	)		193
Transaction costs			10			—			10			—
Asset (reversal) impairment, net	8,9		(2	)		(1,064	)		(180	)		920
Share of loss (profit) of equity-accounted investees	13		2,351			(304	)		1,850			4,153
Unrealized loss (gain) on marketable securities	18		151			(211	)		(55	)		(211	)
Additions to marketable securities			—			313			151			313
Income distributions from equity-accounted investees	13		—			68			—			68
Interest received			1,194			1,283			2,555			4,219
Exercise of cash-settled deferred share units	16(d)		—			—			(474	)		—
Change in non-cash working capital	3,20		(9,123	)		(13,763	)		(10,990	)		(14,476	)
Net cash provided by operating activities			3,687			6,117			7,168			13,905
Investing activities
Additions to property, plant and equipment	9		(1,786	)		(2,080	)		(4,424	)		(3,668	)
Additions to investments	12		(151	)		(7,417	)		(4,183	)		(16,414	)
Principal payments from investments	12		122			257			238			27,164
Capital distributions (contributions) from equity-accounted investees	13		—			3,073			(2,866	)		3,792
Proceeds from disposal of property, plant and equipment	9		1,751			53			1,794			166
Acquisitions	4		—			(1,000	)		(2,900	)		(1,000	)
Change in non-cash working capital	20		(274	)		(47	)		637			(29	)
Net cash (used in) provided by investing activities			(338	)		(7,161	)		(11,704	)		10,011
Financing activities
Payments on lease liabilities, net	10,14		(10,101	)		(11,785	)		(20,157	)		(19,297	)
Repurchase of common shares	15(b)		(23,496	)		—			(33,071	)		(15,031	)
Change in non-cash working capital	20		52			186			871			277
Net cash used in financing activities			(33,545	)		(11,599	)		(52,357	)		(34,051	)
Change in cash and cash equivalents			(30,196	)		(12,643	)		(56,893	)		(10,135	)
Adjustment on initial application of amendments to IFRS 9 on January 1, 2026			—			—			(12,142	)		—
Cash and cash equivalents, beginning of period			213,404			220,867			252,243			218,359
Cash and cash equivalents, end of period			183,208			208,224			183,208			208,224

See accompanying notes to the condensed consolidated interim financial statements.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

Description of business

SNDL Inc. (“SNDL” or the “Company”) was incorporated under the Business Corporations Act (Alberta) on August 19, 2006.

The Company’s head office is located at 101, 17220 Stony Plain Road NW, Edmonton, Alberta, Canada, T5S 1K6.

The principal activities of the Company are the retailing of wines, beers and spirits, the operation and support of corporate-owned, controlled and franchised retail cannabis stores in certain Canadian jurisdictions where the private sale of adult-use cannabis is permitted, the manufacturing of cannabis products providing proprietary cannabis processing services, the production, distribution and sale of cannabis in Canada and for export pursuant to the Cannabis Act (Canada) (the “Cannabis Act”), and the deployment of capital to investment opportunities. The Cannabis Act regulates the production, distribution, and possession of cannabis for both medical and adult-use access in Canada.

SNDL and its subsidiaries operate solely in Canada. Through its joint venture, SunStream Bancorp Inc. (“SunStream”) (note 13), the Company provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as well as other investment opportunities. The Company also makes strategic portfolio investments in debt and equity securities.

The Company’s liquor retail operations are seasonal in nature. Accordingly, sales will vary by quarter based on consumer spending behaviour. The Company is able to adjust certain variable costs in response to seasonal revenue patterns; however, costs such as occupancy are fixed, causing the Company to report a higher level of earnings in the third and fourth quarters. This business seasonality results in quarterly performance that is not necessarily indicative of the year’s performance. The cannabis industry is a growing industry and the Company has not observed significant seasonality as of yet.

The Company’s common shares trade on the Nasdaq Capital Market under the ticker symbol “SNDL” and on the Canadian Securities Exchange under the symbol “SNDL”.

U.S. TARIFFS

In early 2025, the U.S. administration imposed certain tariffs on imports from certain countries, including Canada, and in response, the Canadian administration imposed their own tariffs on certain imports from the United States. Canada and the United States continue ongoing negotiations on a new trade and security relationship, though the scope and terms of such negotiations and the agreements they may produce, if any, are unknown. These tariff announcements and the risk of further potential retaliatory tariffs have created uncertainty, which has permeated the economic and investment outlook, impacting current economic conditions, including such issues as the inflation rate and the global supply chain. Aside from the impact on the global economy, these tariffs may continue to impact SNDL.

SNDL is continuing to monitor the evolving situation and the impacts and potential consequences on its financial position. The Company did not experience a significant impact to its financial performance during the six months ended June 30, 2026.

Basis of presentation

Statement of compliance

These condensed consolidated interim financial statements (“financial statements”) have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee. These financial statements were prepared using the same accounting policies and methods as those disclosed in the

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

annual consolidated financial statements for the year ended December 31, 2025. These financial statements should be read in conjunction with the annual consolidated financial statements for the Company for the year ended December 31, 2025.

Certain prior period amounts have been reclassified to conform to current year presentation. Specifically, changes to investments have been separated into additions to investments and principal payments from investments and change in fair value of biological assets has been separated into change in fair value of biological assets and change in fair value of inventory sold, both on the condensed consolidated interim statement of cash flows.

These financial statements were approved and authorized for issue by the board of directors of the Company (the “Board”) on July 27, 2026.

NEW ACCOUNTING STANDARDS

Classification and Measurement of Financial Instruments — Amendments to IFRS 9 and IFRS 7

On January 1, 2026, the Company adopted the amendments to IFRS 9 and IFRS 7 using the prospective application. The amendments include the following:

Clarification on the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic payment system.
Clarification and further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion.
New disclosure requirements for certain instruments without contractual terms that can change cash flows.
Updates to the disclosure required for equity instruments designated at FVOCI.

Impact on adoption

At June 30, 2026, there was a $8.4 million net reduction in cash and cash equivalents with an equivalent increase in accounts receivable, which is reflected in the statement of financial position and statement of cash flows. The Company estimated the impact to be approximately $12.1 million net reduction in cash and cash equivalents with an equivalent increase in accounts receivable, had the amendments been in effect for the annual period ending December 31, 2025.

Business acquisitions

On April 9, 2025, the Company announced that it had entered into an arrangement agreement (the “1CM Agreement”) with 1CM Inc. (“1CM”) pursuant to which it would acquire 32 cannabis retail stores (the “1CM Transaction”) operating under the Cost Cannabis and T Cannabis banners in Ontario, Alberta and Saskatchewan (the “1CM Stores”).

Under the terms of the 1CM Agreement, the Company would acquire, with the option to assign, the 1CM Stores for total consideration of $32.2 million cash, subject to certain adjustments at the closing of the 1CM Transaction. The 1CM Stores are comprised of 2 stores in Alberta, 3 stores in Saskatchewan and 27 stores located in Ontario.

The 1CM Transaction was to be completed by way of an arrangement under the Business Corporations Act (Ontario). On June 16, 2025, 1CM announced the approval of the 1CM Transaction by 1CM shareholders. On June 18, 2025, 1CM announced that the Ontario Superior Court of Justice (Commercial List) approved the plan of arrangement involving SNDL.

On December 15, 2025, the Company announced that it had entered into an amended and restated arrangement agreement (the “1CM A&R Agreement”). Under the 1CM A&R Agreement, the parties agreed to, among other things, complete the 1CM Transaction in two stages to align with the status of required provincial regulatory approvals. The aggregate purchase price for the 1CM Transaction had not been amended.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

On January 7, 2026, the first closing (“First Closing”) was completed and involved the purchase of 5 cannabis retail stores located in Alberta and Saskatchewan. The purchase price for the First Closing was $5.0 million cash, subject to certain adjustments at the time of the First Closing. Pursuant to the 1CM A&R Agreement, in December 2025, the Company had previously paid a $2.0 million non-refundable cash deposit towards the purchase price in respect of the First Closing.

The second closing (“Second Closing”) was expected to occur in the first half of 2026 for the purchase of the remaining 27 cannabis retail stores, each of which are located in Ontario. The 1CM Transaction had an outside date that was extended from December 31, 2025 to May 31, 2026. On May 27, 2026, the Company announced that the Second Closing was not expected to proceed following a prolonged regulatory review process that extended beyond commercially reasonable timelines contemplated by the parties. The Company is required to pay a $0.25 million termination fee that will be deducted from the previously paid $1.0 million deposit meant to be applied towards the purchase price in respect of the Second Closing, with the remainder of the deposit being returned to the Company.

The purchase price allocation is not final as the Company continues to obtain and verify information required to determine the fair value of certain assets and liabilities and the amount of deferred income taxes, if any, arising on their recognition.

Due to the inherent complexity associated with valuations and the timing of the acquisition, the amounts below are provisional and subject to adjustment. The fair value of consideration paid was as follows:

	Provisional			Adjustments			Provisional
Cash		5,000			—			5,000

The preliminary fair value of the assets and liabilities acquired was as follows:


Inventory	385		22		407
Prepaid expenses and deposits	10		—		10
Right of use assets	554		1,150		1,704
Property, plant and equipment	1,172		—		1,172
Lease liabilities	(435	)	(870	)	(1,305	)
Total identifiable net assets acquired	1,686		302		1,988
Goodwill	3,314		(302	)	3,012
	5,000		—		5,000

Goodwill reflects benefits arising from the acquisition that are not individually identifiable or separately recognizable, including expected operational synergies and future growth opportunities.

As new information is obtained within one year of the date of acquisition, about facts and circumstances that existed at the date of acquisition, the accounting for the acquisition will be revised.

The consolidated financial statements incorporate the operations of the 5 cannabis retail stores located in Alberta and Saskatchewan commencing January 8, 2026. During the period January 8, 2026 to June 30, 2026 the Company recorded revenues of $2.1 million and a net loss of $0.4 million from the 5 cannabis retail stores. Had the First Closing closed on January 1, 2026, management estimates that for the period January 1, 2026, to January 7, 2026, revenue would have increased by $79 thousand and net loss would have increased by $17 thousand. In determining these amounts, management assumes the fair values on the date of acquisition would have been the same as if the acquisition had occurred on January 1, 2026.

The Company incurred costs related to the First Closing of $0.1 million which have been included in transaction costs.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

Segment information

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”.


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	)
Earnings (loss) before income tax	2,930	(16,284	)	—		(13,354	)	(2,914	)	479		(5,126	)	(20,915	)
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	)
Earnings (loss) before income tax	2,376	(9,175	)	—		(6,799	)	1,658		(1,559	)	(2,807	)	(9,507	)

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.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)


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	)
Earnings (loss) before income tax (2)	4,394	(9,424	)	—		(5,030	)	2,220	232	(9,244	)	(11,822	)
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
Earnings (loss) before income tax (2)	3,620	(3,106	)	—		514		5,682	1,833	(5,144	)	2,885

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.
Recast - refer to description below

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 earnings (loss) before income tax for the periods indicated.


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	)

Earnings (loss) before income tax as previously reported	12,108		1,686		—	13,794		10,982		232	(36,830	)	(11,822	)
Adjustment to general and administrative expenses	(7,714	)	(11,110	)	—	(18,824	)	(8,762	)	—	27,586		—
Earnings (loss) before income tax as recast	4,394		(9,424	)	—	(5,030	)	2,220		232	(9,244	)	(11,822	)

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)


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

Earnings (loss) before income tax as previously reported	7,499		2,319		—	9,818		10,047		1,833	(18,813	)	2,885
Adjustment to general and administrative expenses	(3,879	)	(5,425	)	—	(9,304	)	(4,365	)	—	13,669		—
Earnings (loss) before income tax as recast	3,620		(3,106	)	—	514		5,682		1,833	(5,144	)	2,885

Geographical disclosure

As at June 30, 2026, the Company had non-current assets related to credit investments in the United States of $400.4 million (December 31, 2025 – $385.5 million). For the six months ended June 30, 2026, share of profit of equity-accounted investees related to operations in the United States was a loss of $1.9 million (six months ended June 30, 2025 – loss of $4.2 million). All other non-current assets relate to operations in Canada and revenues from external customers relate to operations in Canada.

biological assets

The Company’s biological assets consist of cannabis plants in various stages of vegetation, including plants which have not been harvested. The change in carrying value of biological assets is as follows:

As at
Balance, beginning of year	3,120		1,187
Increase in biological assets due to capitalized costs	9,260		16,082
Net change in fair value of biological assets	(9	)	2,322
Transferred to inventory upon harvest	(9,529	)	(16,471	)
Balance, end of period	2,842		3,120

Biological assets are valued in accordance with International Accounting Standard 41 – Agriculture and are presented at their fair value less costs to sell up to the point of harvest. This is determined using a model which estimates the expected harvest yield in grams for plants currently being cultivated, and then adjusts that amount for the expected selling price less costs to produce and sell per gram.

The fair value measurements for biological assets have been categorized as Level 3 fair values based on the inputs to the valuation technique used. The Company’s method of accounting for biological assets attributes value accretion on a straight-line basis throughout the life of the biological asset from initial cloning to the point of harvest.

The Company estimates the harvest yields for cannabis at various stages of growth. As at June 30, 2026, it is estimated that the Company’s biological assets will yield approximately 12,932 kilograms (December 31, 2025 – 12,189

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

kilograms) of dry cannabis when harvested. During the six months ended June 30, 2026, the Company harvested 19,660 kilograms of dry cannabis (six months ended June 30, 2025 – 11,273 kilograms).

Inventory

As at
Retail liquor	79,125	75,145
Retail cannabis	16,457	16,348
Harvested cannabis
Work-in-progress	2,423	2,203
Finished goods	3,463	4,342
Manufactured cannabis
Dried cannabis & biomass	3,842	2,270
Work in progress	13,675	12,577
Finished goods	5,363	5,600
Packaging supplies and consumables	9,024	8,392
	133,372	126,877

During the three and six months ended June 30, 2026, inventories of $177.9 million and $319.4 million were recognized in cost of sales as an expense (three and six months ended June 30, 2025 – $177.6 million and $326.4 million).

During the three and six months ended June 30, 2026, the Company recognized inventory write downs of $1.2 million and $2.6 million (three and six months ended June 30, 2025 – $0.2 million and $0.8 million).

Right of use assets

Cost
Balance at December 31, 2025	270,591
Acquisition (note 4)	1,704
Additions	3,862
Renewals, remeasurements and dispositions	7,346
Balance at June 30, 2026	283,503

Accumulated depreciation and impairment
Balance at December 31, 2025	132,238
Depreciation	16,498
Impairment reversal	(300	)
Balance at June 30, 2026	148,436

Net book value
Balance at December 31, 2025	138,353
Balance at June 30, 2026	135,067

For the six months ended June 30, 2026, renewals, remeasurements and dispositions of $7.3 million mainly related to lease renewals for which the Company reassessed likely terms.

For the six months ended June 30, 2026, the Company recorded the following net impairment losses (reversals) on right of use assets:

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2026		—		(300	)		(300	)
June 30, 2026		—		—			—
		—		(300	)		(300	)

Refer to note 9 for the significant assumptions applied in the impairment test.

For the six months ended June 30, 2025, the Company recorded the following net impairment losses (reversals) on right of use assets:

	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2025		—		(468	)		(468	)
June 30, 2025		—		(586	)		(586	)
		—		(1,054	)		(1,054	)

Property, plant and equipment


Cost
Balance at December 31, 2025	9,454	69,519		84,580		111,672		5,153		280,378
Acquisition (note 4)	—	—		1,172		—		—		1,172
Additions	—	565		21		1,691		1,510		3,787
Transfers from CIP	—	—		670		—		(670	)	—
Dispositions	—	(1,900	)	—		—		—		(1,900	)
Balance at June 30, 2026	9,454	68,184		86,443		113,363		5,993		283,437

Accumulated depreciation and impairment
Balance at December 31, 2025	689	11,567		45,907		70,315		—		128,478
Depreciation	—	1,438		4,115		4,664		—		10,217
Impairment (recovery)	—	475		(279	)	(76	)	—		120
Balance at June 30, 2026	689	13,480		49,743		74,903		—		138,815

Net book value
Balance at December 31, 2025	8,765	57,952		38,673		41,357		5,153		151,900
Balance at June 30, 2026	8,765	54,704		36,700		38,460		5,993		144,622

During the six months ended June 30, 2026, depreciation expense of $2.6 million was capitalized to biological assets and inventory (six months ended June 30, 2025 – $2.0 million).

During the three months ended March 31, 2026, the Company determined that indicators of impairment existed relating to the Stellarton facility due to slow moving market conditions. The estimated recoverable amount of the facility was determined to be its fair value less costs of disposal and an impairment of $0.5 million was recorded to write down the facility to its recoverable amount of $1.9 million. The fair value measurement was categorized within Level 3 of the fair value hierarchy. The impairment was recognized in the Company’s cannabis operations reporting segment. During the three months ended June 30, 2026, proceeds of $1.7 million were received for the disposition of the Stellarton facility and a loss on disposal of $0.2 million was recognized.

During the six months ended June 30, 2026, the Company determined that indicators of impairment reversal existed relating to one cannabis retail store and three liquor retail stores showing improved store level operating results. For impairment testing of retail property, plant and equipment and right of use assets, the Company determined that a

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

cash generating unit (“CGU”) was defined as each individual retail store. The Company completed impairment tests for each CGU determined to have an indicator of potential impairment or impairment reversal using a discounted cash flow model. The recoverable amounts for each CGU were based on the higher of its estimated value in use and fair value less costs of disposal using Level 3 inputs. The significant assumptions applied in the impairment test are described below:

Cash flows: Projected future sales and earnings for cash flows are based on actual operating results and operating forecasts. Management determined forecasted growth rates of sales based on past performance, expectations of future performance for each location and industry averages. Expenditures were based upon a combination of historical percentages of revenue, sales growth rates, forecasted inflation rates and contractual lease payments. The duration of the cash flow projections for individual CGUs is 5 years or based on the remaining lease term of the CGU.
Discount rate: A pre-tax discount rate range of 11.0% – 13.5% was estimated and is based on market assessments of the time value of money and CGU specific risks to determine the weighted average cost of capital for the given CGU.

For the six months ended June 30, 2026, the Company recorded the following net impairment losses (reversals) on retail property, plant and equipment:

	Reporting Segment
Three months ended	Liquor retail			Cannabis retail			Total
March 31, 2026		(171	)		(182	)		(353	)
June 30, 2026		—			(2	)		(2	)
		(171	)		(184	)		(355	)

The Company also recorded impairment losses and impairment reversals on right of use assets (note 8).

For the six months ended June 30, 2025, the Company recorded the following net impairment losses (reversals) on retail property, plant and equipment:

	Reporting Segment
Three months ended	Liquor retail		Cannabis retail			Total
March 31, 2025		—		(263	)		(263	)
June 30, 2025		—		(487	)		(487	)
		—		(750	)		(750	)

Net investment in subleases


Balance, beginning of year	14,418		18,186
Finance income	270		612
Rents recovered (payments made directly to landlords)	(1,668	)	(3,342	)
Dispositions and remeasurements	639		(1,038	)
Balance, end of period	13,659		14,418

Current portion	2,962		2,775
Long-term	10,697		11,643

Net investment in subleases represent leased retail stores that have been subleased to certain franchise partners. These subleases are classified as a finance lease as the sublease terms are for the remaining term of the head lease.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

Intangible assets


Cost
Balance at December 31, 2025	81,900	10,000	5,589	6,482	103,971
Balance at June 30, 2026	81,900	10,000	5,589	6,482	103,971

Accumulated amortization and impairment
Balance at December 31, 2025	35,792	5,564	3,365	730	45,451
Amortization	86	619	443	242	1,390
Balance at June 30, 2026	35,878	6,183	3,808	972	46,841

Net book value
Balance at December 31, 2025	46,108	4,436	2,224	5,752	58,520
Balance at June 30, 2026	46,022	3,817	1,781	5,510	57,130

Investments

As at
Investments at amortized cost	585	822
Investments at FVOCI	14,185	11,236
	14,770	12,058

Current portion	263	484
Long-term	14,507	11,574

Investments at amortized cost

The Company has loans outstanding to franchise partners with a total balance of $0.6 million, maturity dates ranging from August 2026 to June 2030, and annual interest rates ranging from 7.5% – 8%.

Investments at fAIR vALUE tHROUGH OTHER COMPREHENSIVE INCOME

During the six months ended June 30, 2026, the Company acquired an additional $4.1 million of investments in listed common shares that are not held for trading, for which the Company irrevocably elected at initial recognition to designate at fair value through other comprehensive income. The shares were marked to market to $14.2 million as a Level 1 investment and the corresponding $1.1 million loss was recognized in other comprehensive income.

Equity-accounted investees

As at	June 30, 2026			December 31, 2025
Interest in joint venture		400,386			385,534

SunStream is a joint venture in which the Company has a 50% ownership interest. SunStream is a private company, incorporated under the Business Corporations Act (Alberta), which provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as well as other investment opportunities.

SunStream is structured separately from the Company, and the Company has a residual interest in the net assets of SunStream. Accordingly, the Company has classified its interest in SunStream as a joint venture, which is accounted for using the equity-method.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

The current investment portfolio of SunStream is comprised of secured debt, hybrid debt, derivative instruments and convertible equity instruments with United States based cannabis businesses. These investments are recorded at fair value each reporting period with any changes in fair value recorded through profit or loss. SunStream actively monitors these investments for changes in credit risk, market risk and other risks specific to each investment.

The following table summarizes the carrying amount of the Company’s interest in the joint venture:


Balance at December 31, 2025	385,534
Share of net loss	(1,850	)
Share of other comprehensive income (taxes at 23%)	13,836
Capital contributions	2,866
Balance at June 30, 2026	400,386

SunStream is a related party due to it being classified as a joint venture of the Company. Capital contributions to the joint venture and distributions received from the joint venture are classified as related party transactions.

The following table summarizes the financial information of SunStream:

As at	June 30, 2026			June 30, 2025
Current assets (including cash and cash equivalents - 2026: $1.6 million, 2025: $1.4 million)		3,791			5,640
Non-current assets		392,081			375,361
Current liabilities		(3,485	)		(498	)
Net assets (liabilities) (100%)		392,387			380,503

Six months ended June 30	2026			2025
Revenue (loss)		(648	)		(2,748	)
Profit (loss) from operations		(1,437	)		(3,821	)
Other comprehensive income (loss)		13,836			(20,959	)
Total comprehensive income (loss)		12,404			(24,781	)

Lease Liabilities


Balance, beginning of year	169,933		152,273
Acquisition (note 4)	1,305		—
Additions	3,860		9,634
Lease payments	(21,825	)	(42,587	)
Renewals, remeasurements and dispositions	7,935		42,790
Tenant inducement allowances received	861		303
Accretion expense	4,308		7,520
Balance, end of period	166,377		169,933

Current portion	36,093		35,462
Long-term	130,284		134,471

For the six months ended June 30, 2026, renewals, remeasurements and dispositions of $7.9 million mainly related to lease renewals for which the Company reassessed likely terms.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

The following table presents the contractual undiscounted cash flows, excluding periods covered by lessee lease extension options that have been included in the determination of the lease term, related to the Company’s lease liabilities as at June 30, 2026:

		June 30, 2026
Less than one year			32,864
One to three years			73,213
Three to five years			50,758
Thereafter			11,277
Minimum lease payments			168,112

Share capital and warrants
Authorized

The authorized capital of the Company consists of an unlimited number of voting common shares and preferred shares with no par value.

Issued and outstanding

		June 30, 2026						December 31, 2025
	Note	Number of<br>Shares			Carrying<br>Amount			Number of<br>Shares			Carrying<br>Amount
Balance, beginning of year			263,359,123			2,310,398			263,021,847			2,346,728
Share issuances			3,263			10			—			—
Share issuance costs			—			—			—			—
Share repurchases			(16,200,753	)		(141,874	)		(5,899,897	)		(52,688	)
Acquisitions			—			—			—			—
Employee awards exercised			1,500,526			3,299			6,237,173			16,358
Balance, end of period			248,662,159			2,171,833			263,359,123			2,310,398

During the six months ended June 30, 2026, the Company purchased and cancelled 16.2 million common shares, pursuant to its repurchase program, at a weighted average price, excluding commissions, of $2.02 (US$1.46) per common share for a total cost of $33.1 million including commissions. Accumulated deficit was reduced by $108.6 million, representing the excess of the average carrying value of the common shares over their purchase price.

Subsequent to June 30, 2026, the Company issued 1.5 million common shares in connection with the vesting of RSUs under its long term incentive plan and purchased and cancelled 1.9 million common shares, pursuant to its repurchase program, at a weighted average price, excluding commissions, of $1.87 (US$1.32) per common share for a total cost of $3.6 million including commissions.

Share-based compensation

The Company has a number of share-based compensation plans which include simple and performance warrants, stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”). During 2019, the Company established the stock option, RSU and DSU plans to replace the granting of simple warrants and performance warrants.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

The components of share-based compensation expense are as follows:

	Three months ended<br>June 30					Six months ended<br>June 30
	2026		2025			2026			2025
Equity-settled expense
Restricted share units (C)		2,078		3,621			3,884			6,080
Cash-settled (recovery) expense
Deferred share units (1) (D)		572		(702	)		(618	)		(1,773	)
		2,650		2,919			3,266			4,307

Cash-settled DSUs are accounted for as a liability and are measured at fair value based on the market value of the Company’s common shares at each period end. Fluctuations in the fair value are recognized during the period in which they occur.

Equity-settled plans

Simple and performance warrants

The Company issued simple warrants and performance warrants to employees, directors and others at the discretion of the Board. Simple and performance warrants granted generally vest annually over a three-year period, simple warrants expire five years after the grant date and performance warrants expire five years after vesting criteria are met.

The following table summarizes changes in the simple and performance warrants during the six months ended June 30, 2026:

			Weightedaverageexercise price			Weightedaverageexercise price
Balance at December 31, 2025	16,320		64.32	20,800		40.38
Forfeited	(320	)	155.19	—		0.00
Expired	—		0.00	(12,800	)	18.75
Balance at June 30, 2026	16,000		62.50	8,000		75.00

All values are in US Dollars.

The following table summarizes outstanding simple and performance warrants as at June 30, 2026:

	Warrants outstanding					Warrants exercisable
Range of exercise prices	Number of<br>warrants		Weightedaverageexerciseprice	Weighted<br>average<br>contractual<br>life (years)		Number of<br>warrants		Weightedaverageexerciseprice	Weighted<br>average<br>contractual<br>life (years)
Simple warrants
62.50 - 93.75		16,000	62.50		0.53		16,000	62.50		0.53
Performance warrants
62.50 - 93.75		8,000	75.00	n/a			—	—	n/a

All values are in US Dollars.

Stock options

The Company issues stock options to employees and others at the discretion of the Board. Stock options granted generally vest annually over a three-year period and generally expire ten years after the grant date.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

The following table summarizes changes in stock options during the six months ended June 30, 2026:

			Weightedaverageexercise price
Balance at December 31, 2025	320,951		11.86
Forfeited	(236,853	)	11.79
Balance at June 30, 2026	84,098		12.05

All values are in US Dollars.

The following table summarizes outstanding stock options as at June 30, 2026:

	Stock options outstanding				Stock options exercisable
Exercise prices	Number of<br>options		Weighted<br>average<br>contractual<br>life (years)		Number of<br>options		Weighted<br>average<br>contractual<br>life (years)
11.50		10,000		3.91		10,000		3.91
11.79		64,738		0.55		64,738		0.55
11.90		8,160		3.99		8,160		3.99
31.50		1,200		1.49		1,200		1.49
		84,098		1.30		84,098		1.30

All values are in US Dollars.

Restricted share units

RSUs are granted to employees and the vesting requirements and maximum term are at the discretion of the Board. RSUs are exchangeable for an equal number of common shares.

The following table summarizes changes in RSUs during the six months ended June 30, 2026:


Balance at December 31, 2025	6,855,023
Granted	3,704,062
Forfeited	(745,415	)
Exercised	(1,500,526	)
Balance at June 30, 2026	8,313,144

At June 30, 2026, no RSUs were vested or exercisable.

Cash-settled plans

Deferred share units

DSUs are granted to directors and generally vest in equal instalments over one year. DSUs are settled by making a cash payment to the holder equal to the fair value of the Company’s common shares calculated at the date of such payment.

The DSU plan was amended for grants made in 2025 and onward, allowing directors who have met the Company’s share ownership guidelines to select a redemption date based on specific criteria. All DSUs granted prior to December 31, 2024 can only be exercised once a director ceases to be on the Board. The fair value of DSUs that will be redeemed within the next year are classified as a current liability within accounts payable.

As at June 30, 2026, the Company recognized a liability of $7.0 million relating to the fair value of cash-settled DSUs (December 31, 2025 – $8.1 million) with $6.9 million (December 31, 2025 – $7.6 million) included as a non-current

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

liability within other liabilities and $0.1 million (December 31, 2025 – $0.5 million) included as a current liability within accounts payable.

The following table summarizes changes in DSUs during the six months ended June 30, 2026:


Balance at December 31, 2025	3,568,503
Granted	311,840
Exercised	(217,602	)
Balance at June 30, 2026	3,662,741

At June 30, 2026, 3.66 million DSUs were vested (December 31, 2025 – 3.57 million) and 0.14 million were exercisable (December 31, 2025 – 0.3 million).

NET revenue

Liquor retail revenue is derived from the sale of wines, beers and spirits to customers and proprietary licensing. Cannabis retail revenue is derived from retail cannabis sales to customers, proprietary licensing, franchise revenue consisting of royalty and franchise fee revenue, and other revenue consisting of millwork, supply and accessories revenue. Cannabis operations revenue is derived from contracts with customers and is comprised of sales to provincial boards that sell cannabis through their respective distribution models, sales to licensed producers for further processing, provision of proprietary cannabis processing services, product development, manufacturing and commercialization of cannabis consumer products and sales to medical customers.

	Three months ended<br>June 30						Six months ended<br>June 30
	2026			2025			2026			2025
Liquor retail revenue
Retail		134,320			141,479			238,016			250,501
Proprietary licensing		388			450			775			900
Liquor retail revenue		134,708			141,929			238,791			251,401
Cannabis retail revenue
Retail		77,715			78,891			150,164			151,147
Proprietary licensing		4,376			4,280			8,241			8,357
Franchise		1,113			1,228			2,144			2,435
Cannabis retail revenue		83,204			84,399			160,549			161,939
Cannabis operations revenue
Provincial boards		34,530			37,413			67,107			72,268
Wholesale		8,633			11,133			16,219			22,616
Analytical testing and other		5			106			113			310
Intersegment eliminations		(14,378	)		(17,395	)		(29,332	)		(33,812	)
Cannabis operations revenue		28,790			31,257			54,107			61,382
Gross revenue		246,702			257,585			453,447			474,722
Excise taxes (1)		10,936			12,816			21,775			25,039
Net revenue		235,766			244,769			431,672			449,683

Excise tax is only applicable to cannabis operations provincial board revenue.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

Investment income

	Three months ended<br>June 30				Six months ended<br>June 30
	2026		2025		2026		2025
Interest income from investments at amortized cost		8		18		22		1,391
Interest income from cash		1,000		1,300		2,468		2,783
Gain on marketable securities		—		211		55		211
		1,008		1,529		2,545		4,385

Other (expenses) INCOME, NET

	Three months ended<br>June 30						Six months ended<br>June 30
	2026			2025			2026			2025
Finance (costs) income
Accretion on lease liabilities		(2,135	)		(1,798	)		(4,308	)		(3,628	)
Financial guarantee liability recovery		8			14			20			28
Other finance costs		—			(18	)		(38	)		(59	)
Interest income		133			155			270			322
Total finance costs		(1,994	)		(1,647	)		(4,056	)		(3,337	)
Change in fair value of derivative warrants		—			13			—			25
Transaction costs		(282	)		(318	)		(623	)		(1,096	)
Foreign exchange loss		610			(166	)		719			(364	)
		(1,666	)		(2,118	)		(3,960	)		(4,772	)

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

SUPPLEMENTAL CASH FLOW DISCLOSURES

	Three months ended<br>June 30						Six months ended<br>June 30
	2026			2025			2026			2025
Cash provided by (used in):
Accounts receivable		(4,085	)		374			6,717			(1,217	)
Biological assets		72			(372	)		269			(1,123	)
Inventory		159			(806	)		(9,215	)		(6,377	)
Prepaid expenses and deposits		(24	)		(4,131	)		297			1,848
Investments		—			(27	)		—			—
Right of use assets		1			(2,955	)		(3,858	)		(2,949	)
Property, plant and equipment		(274	)		(20	)		637			(29	)
Accounts payable and accrued liabilities		(5,201	)		(8,859	)		(9,057	)		(7,615	)
Lease liabilities		7			3,172			4,728			3,234
		(9,345	)		(13,624	)		(9,482	)		(14,228	)

Changes in non-cash working capital relating to:
Operating		(9,123	)		(13,763	)		(10,990	)		(14,476	)
Investing		(274	)		(47	)		637			(29	)
Financing		52			186			871			277
		(9,345	)		(13,624	)		(9,482	)		(14,228	)

Earnings (Loss) per share

	Three months ended June 30			Six months endedJune 30
	2026		2025	2026		2025
Weighted average shares outstanding (000s)
Basic (1)	256,723		257,310	258,998		258,213
Dilutive effect of RSUs	—		5,990	—		—
Basic and diluted (1)	256,723		263,300	258,998		258,213
Net loss attributable to owners of the Company	(7,822	)	2,885	(17,733	)	(11,822	)
Per share - basic and diluted	(0.03	)	0.01	(0.07	)	(0.05	)

All values are in US Dollars.

For the six months ended June 30, 2026, there were 54.4 thousand equity classified warrants, 16.0 thousand simple warrants, 8.0 thousand performance warrants, 0.1 million stock options and 8.3 million RSUs that were excluded from the calculation as the impact was anti-dilutive (six months ended June 30, 2025 – 118.4 thousand equity classified warrants, 50.0 thousand derivative warrants, 21.4 thousand simple warrants, 24.8 thousand performance warrants, 0.6 million stock options and 13.2 million RSUs).
Financial instruments

The financial instruments recognized on the consolidated statement of financial position are comprised of cash and cash equivalents, restricted cash, marketable securities, accounts receivable, investments at amortized cost, investments at FVOCI and accounts payable and accrued liabilities.

Fair value

The carrying value of cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued liabilities approximate their fair value due to the short-term nature of the instruments. The carrying value of

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

investments at amortized cost approximate their fair value as the fixed interest rates approximate market rates for comparable transactions.

Fair value measurements of marketable securities, investments at FVOCI and derivative warrants are as follows:

			Fair value measurements using
June 30, 2026	Carrying<br>amount		Level 1		Level 2		Level 3
Recurring measurements:
Financial assets
Marketable securities		139		139		—		—
Investments at FVOCI		14,185		14,185		—		—
			Fair value measurements using
December 31, 2025	Carrying<br>amount		Level 1		Level 2		Level 3
Recurring measurements:
Financial assets
Marketable securities		84		84		—		—
Investments at FVOCI		11,236		11,236		—		—

There were no transfers between Levels 1, 2 and 3 inputs during the period.

Commitments and contingencies

The following table summarizes contractual commitments at June 30, 2026:


Accounts payable and accrued liabilities	46,193	—	—	—	46,193
Financial guarantee liability	—	127	—	—	127
Loyalty liability	—	620	—	—	620
Balance, end of year	46,193	747	—	—	46,940

Commitments

The Company has entered into certain supply agreements to provide dried cannabis and cannabis products to third parties. The contracts require the provision of various amounts of dried cannabis on or before certain dates. Should the Company not deliver the product in the agreed timeframe, financial penalties apply which may be paid either in product in-kind or cash.

Contingencies

From time to time, the Company and its subsidiaries are or may become involved in various legal claims and actions which arise in the ordinary course of their business and operations. While the outcome of any such claim or action is inherently uncertain, after consulting with counsel, the Company believes that the losses that may result, if any, will not be material to the consolidated financial statements.

SNDL Inc.

Notes to the Condensed Consolidated Interim Financial Statements

For the three and six months ended June 30, 2026

(Unaudited, expressed in thousands of Canadian dollars, except where otherwise noted)

SUBSEQUENT EVENTS

Restructuring of parallel

EX-99.2

EXHIBIT 99.2

SNDL Inc.

Management’s Discussion and Analysis

For the three and six months ended June 30, 2026

Management’s Discussion and Analysis

This Management’s Discussion and Analysis (“MD&A”) of the financial condition and performance of SNDL Inc. (“SNDL” or the “Company”) for the three and six months ended June 30, 2026 is dated July 27, 2026. This MD&A should be read in conjunction with the Company’s condensed consolidated interim financial statements and the notes thereto for the three and six months ended June 30, 2026 (the “Interim Financial Statements”) and the audited consolidated financial statements and notes thereto for the year ended December 31, 2025 (the “Audited Financial Statements”) and the risks identified in the Company’s Annual Information Form for the year ended December 31, 2025 (the “AIF”) and elsewhere in this MD&A. This MD&A has been prepared in accordance with National Instrument 51-102 - Continuous Disclosure Obligations and is presented in thousands of Canadian dollars, except where otherwise indicated.

MD&A – Table of Contents

COMPANY OVERVIEW	1
RECENT DEVELOPMENTS	2
Other developments	3
FINANCIAL HIGHLIGHTS	4
CONSOLIDATED RESULTS	4
OPERATING SEGMENTS	6
LIQUOR RETAIL SEGMENT RESULTS	9
CANNABIS RETAIL SEGMENT RESULTS	10
CANNABIS OPERATIONS SEGMENT RESULTS	11
INVESTMENTS SEGMENT RESULTS	12
SELECTED QUARTERLY INFORMATION	13
LIQUIDITY AND CAPITAL RESOURCES	13
CONTRACTUAL COMMITMENTS AND CONTINGENCIES	17
NON-IFRS FINANCIAL MEASURES AND OTHER MEASURES	17
RELATED PARTIES	19
OFF BALANCE SHEET ARRANGEMENTS	20
CRITICAL ACCOUNTING ESTIMATES	20
NEW ACCOUNTING PRONOUNCEMENTS	20
RISK FACTORS	21
DISCLOSURE CONTROLS AND PROCEDURES	21
INTERNAL CONTROL OVER FINANCIAL REPORTING	22
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING	22
ABBREVIATIONS	22
FORWARD-LOOKING INFORMATION	22
ADDITIONAL INFORMATION	24

COMPANY OVERVIEW

SNDL operates under four reportable segments:

Liquor retail sales of wines, beers and spirits;
Cannabis retail sales of cannabis products and accessories through corporate-owned, controlled and franchised cannabis retail operations;
Cannabis operations as a licensed producer that grows cannabis using indoor facilities and manufactures cannabis products, providing proprietary cannabis processing services; and
Investments targeting the cannabis industry.

The principal activities of the Company are: (i) the retailing of wines, beers and spirits under the Wine and Beyond, Ace Liquor and Liquor Depot retail banners; (ii) the operation and support of corporate-owned, controlled and franchised retail cannabis stores in certain Canadian jurisdictions where the private sale of adult-use cannabis is permitted, under the Value Buds and Spiritleaf retail banners; (iii) the manufacturing of cannabis products providing proprietary cannabis processing services, the production, distribution and sale of cannabis in Canada and for export pursuant to the Cannabis Act (Canada) (the “Cannabis Act”) through an owned and licensed cannabis brand portfolio that includes Top Leaf, Contraband, Palmetto, Bon Jak, La Plogue, Versus, Grasslands, Pearls by Grön, No Future and Bhang Chocolate; and (iv) the provision of financial services through the deployment of capital to direct and indirect investments and partnerships throughout the cannabis industry. The Cannabis Act regulates the production, distribution, and possession of cannabis for both medical and adult-use access in Canada.

The Company produces and markets cannabis products for the Canadian adult-use market and for the international medicinal market. SNDL’s operations cultivate cannabis using approximately 380,000 square feet of total space in Atholville, New Brunswick. SNDL’s extraction and manufacturing operations include approximately 74,100 square feet of total space in British Columbia and approximately 65,500 square feet of total space in Ontario.

SNDL and its subsidiaries operate solely in Canada. Through its joint venture, SunStream Bancorp Inc. (“SunStream”), the Company provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as well as other investment opportunities. The current investment portfolio of SunStream is comprised of secured debt, hybrid debt, derivative instruments and convertible equity instruments issued by United States based cannabis businesses. The Company also makes strategic portfolio investments in debt and equity securities.

SNDL was incorporated under the Business Corporations Act (Alberta) (the “ABCA”) on August 19, 2006. The Company’s common shares are listed under the symbol “SNDL” on the Nasdaq Capital Market (the “Nasdaq”) and the Canadian Securities Exchange (the “CSE”).

SNDL is headquartered in Edmonton, Alberta, with operations in Kelowna, British Columbia, Bolton, Ontario, London, Ontario, Toronto, Ontario and Atholville, New Brunswick, and corporate-owned, controlled and franchised retail liquor and cannabis stores in five provinces across Canada.

SNDL’s overall strategy is to build sustainable, long-term shareholder value by improving liquidity and cost of capital while optimizing the capacity and capabilities of its production facilities in the creation of a consumer-centric brand and product portfolio. SNDL’s retail operations will continue to build a Canadian retail liquor brand and a network of retail cannabis stores across Canadian jurisdictions where the private distribution of cannabis is legal. SNDL’s investment operations seek to deploy capital through direct and indirect investments and partnerships throughout the cannabis industry.

RECENT DEVELOPMENTS

Restructuring of parallel

On July 27, 2026, the restructuring of Surterra Holdings, Inc. and certain of its affiliates (collectively, “Parallel”) was completed. As the principal asset within the SunStream investment portfolio, Parallel represents a significant step forward for SNDL, which gained indirect majority economic exposure through the restructuring transaction. Parallel currently operates 56 retail locations, three cultivation facilities and a manufacturing facility. Subject to applicable legal, regulatory, accounting, and NASDAQ requirements, SNDL expects to assume direct control of Parallel’s medical cannabis operations in Florida, Texas, and Massachusetts in the coming months. This milestone has the potential to make SNDL the first NASDAQ-listed company to consolidate U.S. medical cannabis operations and establish the Company as a leading vertically integrated cannabis operator in North America.

Rise Rewards Loyalty Program

On April 22, 2025, the Company announced the launch of its Rise Rewards loyalty program, designed to help Value Buds customers save more, earn more, and get even more from every visit. Rise Rewards is available at all Value Buds locations in Alberta, Ontario, Saskatchewan, and Manitoba. Customers can earn points with every visit and by participating in the Company’s recycling initiative, reinforcing Value Buds’ commitment to affordability, sustainability, and customer appreciation. By leveraging insights from Rise Rewards, the Company aims to optimize Value Buds’ pricing strategies and marketing efforts to provide superior customer experiences.

On March 10, 2026, the Company launched Rise Rewards at all Ace Liquor and Liquor Depot locations in Alberta. Rise Rewards is expected to launch at Wine and Beyond locations before the end of 2026.

acquisition of cost cannabis and t cannabis locations from 1cm

The 1CM Transaction is expected to strengthen the Company’s financial condition as the addition of the 1CM Stores will increase the Company’s exposure to a broad consumer base in key Canadian markets. The Company’s financial performance and cash flows are projected to improve based on current 1CM store level operating results.

OTHER DEVELOPMENTS

U.S. justice department Reclassifies state-licensed and fda-approved marijuana products

On April 23, 2026, the U.S. Justice Department and the U.S. Drug Enforcement Administration announced the issuance of an order immediately placing both Food and Drug Administration-approved products containing marijuana and marijuana products regulated by a state medical marijuana license in Schedule III of the U.S. Controlled Substances Act, as well as the initiation of an expedited administrative hearing process to consider the broader rescheduling of marijuana from Schedule I to Schedule III. The new hearing, beginning June 29, 2026, is expected to provide a timely and legally compliant pathway to evaluate broader changes to marijuana’s status under U.S. federal law.

U.S. TARIFFS

In response to tariffs imposed by the U.S., several Canadian provinces had taken retaliatory measures by removing U.S. alcohol from store shelves and restaurant, bar and retailer fulfillment catalogues. While some provinces, including Alberta, have lifted their ban on U.S. liquor imports, other provinces continue to impose the ban, despite the Canadian federal government lifting retaliatory tariffs on many U.S. goods.

share repurchase program

On November 3, 2025, the Company announced that the board of directors of the Company (the “Board”) approved a renewal of the share repurchase program upon its expiry on November 20, 2025. On November 21, 2025, the Company announced that it had received approval from the CSE for the renewal of its share repurchase program. The share repurchase program authorizes the Company to repurchase up to $100 million of its outstanding common shares from time to time through open market purchases at prevailing market prices. SNDL may purchase up to a maximum of approximately 24.5 million common shares under the share repurchase program, representing approximately 10% of the issued and outstanding common shares as at the date of announcement, and will expire on November 20, 2026. The share repurchase program does not require the Company to purchase any minimum number of common shares and repurchases may be suspended or terminated at any time at the Company’s discretion. The actual number of common shares which may be purchased pursuant to the share repurchase program and the timing of any purchases will be determined by SNDL’s management and the Board. All common shares purchased pursuant to the share repurchase program will be returned to treasury for cancellation.

For the three months ended June 30, 2026, the Company purchased and cancelled 11.7 million common shares at a weighted average price, excluding commissions, of $1.98 (US$1.43) per common share for a total cost of $23.5 million including commissions.

For the six months ended June 30, 2026, the Company purchased and cancelled 16.2 million common shares at a weighted average price, excluding commissions, of $2.02 (US$1.46) per common share for a total cost of $33.1 million including commissions.

Refer to “Liquidity and Capital Resources – Equity” below for further details regarding common shares purchased and cancelled.

FINANCIAL HIGHLIGHTS

The following table summarizes selected financial information of the Company for the periods noted.


($000s, except per share amounts)	Q2 2026			Q2 2025			Change			% Change
Financial Results
Net revenue		235,766			244,769			(9,003	)		-4	%
Cost of sales		179,417			177,168			2,249			1	%
Gross profit		56,349			67,601			(11,252	)		-17	%
Gross margin (1)		23.9	%		27.6	%					-3.7	%
Operating (loss) income		(7,841	)		5,003			(12,844	)		-257	%
Adjusted operating (loss) income (2)		(6,982	)		5,830			(12,812	)		-220	%
Net (loss) earnings attributable to owners of the Company		(7,822	)		2,885			(10,707	)		-371	%
Per share, basic and diluted		(0.03	)		0.01			(0.04	)		-400	%
Change in cash and cash equivalents		(30,196	)		(12,643	)		(17,553	)		-139	%
Free cash flow (2)		(6,671	)		(7,869	)		1,198			15	%

Statement of Financial Position
Cash and cash equivalents		183,208			208,224			(25,016	)		-12	%
Inventory		133,372			133,466			(94	)		0	%
Right of use assets		135,067			116,759			18,308			16	%
Property, plant and equipment		144,622			154,854			(10,232	)		-7	%
Total assets		1,283,928			1,293,420			(9,492	)		-1	%

Gross margin is a supplementary financial measure calculated by dividing gross profit by net revenue for the periods noted. Refer to the “Non-IFRS Financial Measures and Other Measures” section of this MD&A for further information.
Adjusted operating income (loss) and free cash flow are specified financial measures that do not have standardized meanings prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board (“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.

CONSOLIDATED RESULTS

General and administrative

	Three months ended<br>June 30				Six months ended<br>June 30
(000s)	2026		2025		2026		2025
Salaries and wages		25,954		28,706		54,615		57,136
Consulting fees		1,210		878		2,942		2,960
Office and general		11,845		12,081		23,722		24,233
Professional fees		790		807		2,783		2,311
Merchant processing fees		1,835		1,805		3,357		3,273
Director fees		243		240		465		481
Other		964		859		1,564		1,341
		42,841		45,376		89,448		91,735

All values are in US Dollars.

General and administrative expenses for the three months ended June 30, 2026 were $42.8 million compared to $45.4 million for the three months ended June 30, 2025. The decrease of $2.6 million was mainly due to decreases in salaries and wages and office and general expenses, partially offset by an increase in consulting fees. The decrease in salaries and

wages was due to continued optimization of corporate overheads. Office and general expenses decreased due to less spending on office supplies repairs and maintenance and insurance costs. The increase in consulting fees was mainly due to the timing of various projects aimed at supporting corporate initiatives.

General and administrative expenses for the six months ended June 30, 2026 were $89.4 million compared to $91.7 million for the six months ended June 30, 2025. The decrease of $2.3 million was mainly due to decreases in salaries and wages and office and general expenses, partially offset by an increase in professional fees. The decrease in salaries and wages was due to continued optimization of corporate overheads, partially offset by severance costs recognized in the current period. Office and general expenses decreased due to less spending on office supplies, repairs and maintenance and security costs. The increase in professional fees was due to higher legal and accounting expenses.

Share-based compensation

	Three months ended<br>June 30					Six months ended<br>June 30
(000s)	2026		2025			2026			2025
Equity-settled expense
Restricted share units		2,078		3,621			3,884			6,080
Cash-settled expense
Deferred share units		572		(702	)		(618	)		(1,773	)
		2,650		2,919			3,266			4,307

All values are in US Dollars.

Share-based compensation expense includes the expense related to the Company’s issuance of restricted share units (“RSUs”) and deferred share units (“DSUs”) to employees, directors, and others at the discretion of the Board. DSUs are accounted for as a liability instrument and measured at fair value based on the market value of the Company’s common shares at each period end.

Share-based compensation expense for the three months ended June 30, 2026 was $2.7 million compared to $2.9 million for the three months ended June 30, 2025. The decrease of $0.2 million was due to a decrease in RSU expense partially offset by an increase in DSU expense. The decrease in RSU expense was caused by the vesting of RSUs granted in prior years and a decrease in the number and value of RSUs granted in the current year. The increase in DSU expense was mostly caused by the change in fair value of DSUs. The current period experienced an increase in fair value resulting from an increase in share price, while the comparative period experienced a decrease in fair value resulting from a decrease in share price.

Share-based compensation expense for the six months ended June 30, 2026 was $3.3 million compared to $4.3 million for the six months ended June 30, 2025. The decrease of $1.0 million was due to a decrease in RSU expense partially offset by a decrease in DSU recovery. The decrease in RSU expense was caused by the vesting of RSUs granted in prior years and a decrease in the number and value of RSUs granted in the current year. The decrease in DSU recovery was mostly caused by the change in fair value of DSUs. Both the current and comparative periods experienced a decrease in fair value resulting from a decrease in share price, however the current period decrease was less than the comparative period.

Operating (loss) income

	Three months ended<br>June 30								Six months ended<br>June 30
(000s)	2026				2025				2026				2025
Operating (loss) income		(7,841	)			5,003				(16,955	)			(7,050	)

All values are in US Dollars.

Operating loss for the three months ended June 30, 2026 was $7.8 million compared to operating income of $5.0 million for the three months ended June 30, 2025. The increase in operating loss of $12.8 million was due to a decrease in gross profit ($11.3 million), share of loss of equity-accounted investees ($2.7 million) and lower asset impairment reversal ($1.1 million), partially offset by lower general and administrative expenses ($2.6 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

Operating loss for the six months ended June 30, 2026 was $17.0 million compared to $7.1 million for the six months ended June 30, 2025. The increase in operating loss of $9.9 million was due to decreases in gross profit ($15.1 million) and investment income ($1.9 million), partially offset by lower share of loss of equity-accounted investees ($2.3 million) and

decreases in general and administrative expenses ($2.3 million), depreciation and amortization ($0.7 million), share-based compensation ($1.0 million) and asset impairment ($1.1 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

Net (loss) earnings

	Three months ended<br>June 30								Six months ended<br>June 30
(000s)	2026				2025				2026				2025
Net (loss) earnings		(7,822	)			2,885				(17,733	)			(11,822	)

All values are in US Dollars.

Net loss for the three months ended June 30, 2026 was $7.8 million compared to net earnings of $2.9 million for the three months ended June 30, 2025. The increase in net loss of $10.7 million was largely due to a decrease in gross profit ($11.3 million), share of loss of equity-accounted investees ($2.7 million) and lower asset impairment reversal ($1.1 million), partially offset by lower general and administrative expenses ($2.6 million) and income tax recovery ($1.7 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

Net loss for the six months ended June 30, 2026 was $17.7 million compared to $11.8 million for the six months ended June 30, 2025. The increase in net loss of $5.9 million was largely due to decreases in gross profit ($15.1 million) and investment income ($1.9 million), partially offset by lower share of loss of equity-accounted investees ($2.3 million) and decreases in general and administrative expenses ($2.3 million), depreciation and amortization ($0.7 million), share-based compensation ($1.0 million), asset impairment ($1.1 million) and income tax recovery ($3.2 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

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.

($000s)
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	)

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.
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)
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

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.
Recast - refer to description below
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.

The following tables present the effect of the adjustments made to operating income (loss) and adjusted operating income (loss) for the periods indicated.

($000s)	Cannabis<br>Retail			Cannabis<br>Operations			Intersegment<br>Eliminations			Cannabis<br>Total			Liquor<br>Retail			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)	Cannabis<br>Retail			Cannabis<br>Operations			Intersegment<br>Eliminations			Cannabis<br>Total			Liquor<br>Retail			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

LIQUOR RETAIL SEGMENT RESULTS

Operating income (loss)

	Three months ended<br>June 30												Six months ended<br>June 30
($000s)	2026			2025									2026			2025
				As Previously Reported			(2)<br>Adjustment			As<br>Recast						As Previously Reported			(2)<br>Adjustment			As<br>Recast
Net revenue		134,708			141,929			—			141,929			238,791			251,401			—			251,401
Cost of sales		100,928			105,443			—			105,443			178,353			187,112			—			187,112
Gross profit		33,780			36,486			—			36,486			60,438			64,289			—			64,289
Gross margin (1)		25.1	%		25.7	%					25.7	%		25.3	%		25.6	%					25.6	%

General and administrative		21,570			16,479			4,365			20,844			42,583			33,471			8,762			42,233
Sales and marketing		1,152			1,151			—			1,151			2,379			1,926			—			1,926
Depreciation and amortization		7,686			7,782			—			7,782			15,424			15,880			—			15,880
Share-based compensation		131			—			—			—			223			—			—			—
Restructuring costs		225			—			—			—			225			—			—			—
Asset impairment (reversal)		—			—			—			—			(171	)		—			—			—
Other income		—			—			—			—			(81	)		—			—			—
(Gain) loss on disposition of assets		(8	)		—			—			—			(8	)		(42	)		—			(42	)
Operating income (loss)		3,024			11,074			(4,365	)		6,709			(136	)		13,054			(8,762	)		4,292

Gross margin is a supplementary financial measure calculated by dividing gross profit by net revenue for the periods noted. 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 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.

Net revenue for the three months ended June 30, 2026 was $134.7 million compared to $141.9 million for the three months ended June 30, 2025. The decrease of $7.2 million was primarily due to lower customer traffic reflecting declining market trends, partially offset by pricing strategies.

Net revenue for the six months ended June 30, 2026 was $238.8 million compared to $251.4 million for the six months ended June 30, 2025. The decrease of $12.6 million was primarily due to lower customer traffic reflecting declining market trends, partially offset by pricing strategies.

Cost of sales for the three months ended June 30, 2026 was $100.9 million compared to $105.4 million for the three months ended June 30, 2025. The decrease of $4.5 million was due to an overall decrease in sales as noted above.

Cost of sales for the six months ended June 30, 2026 was $178.4 million compared to $187.1 million for the six months ended June 30, 2025. The decrease of $8.7 million was due to an overall decrease in sales as noted above.

Gross profit for the three months ended June 30, 2026 was $33.8 million (25.1%) compared to $36.5 million (25.7%) for the three months ended June 30, 2025. The decrease of $2.7 million was partly due to a reduction in net revenue and cost of sales noted above, in addition to pricing strategies and optimizing product discounts.

Gross profit for the six months ended June 30, 2026 was $60.4 million (25.3%) compared to $64.3 million (25.6%) for the six months ended June 30, 2025. The decrease of $3.9 million was partly due to a reduction in net revenue and cost of sales noted above, in addition to pricing strategies and optimizing product discounts.

The increase in sales and marketing expense of $0.5 million for the six months ended June 30, 2026 were mainly caused by new store marketing expenses.

During the six months ended June 30, 2026, the Company recorded impairment reversals on retail property, plant and equipment of $0.2 million due to improved store level operating results. During the six months ended June 30, 2025, no impairments or impairment reversals were recorded.

At July 27, 2026, the Ace Liquor store count was 130, the Liquor Depot store count was 19 and the Wine and Beyond store count was 16.

CANNABIS RETAIL SEGMENT RESULTS

Operating income (loss)

	Three months ended<br>June 30												Six months ended<br>June 30
($000s)	2026			2025									2026			2025
				As Previously Reported			(2)<br>Adjustment			As<br>Recast						As Previously Reported			(2)<br>Adjustment			As<br>Recast
Net revenue		83,204			84,399			—			84,399			160,549			161,939			—			161,939
Cost of sales		61,202			62,517			—			62,517			118,195			120,430			—			120,430
Gross profit		22,002			21,882			—			21,882			42,354			41,509			—			41,509
Gross margin (1)		26.4	%		25.9	%					25.9	%		26.4	%		25.6	%					25.6	%

General and administrative		14,392			10,645			3,879			14,524			29,606			21,905			7,714			29,619
Sales and marketing		419			448			—			448			680			701			—			701
Depreciation and amortization		4,141			3,796			—			3,796			8,371			7,496			—			7,496
Share-based compensation		49			—			—			—			88			—			—			—
Restructuring costs		35			—			—			—			35			—			—			—
Asset (reversal) impairment		(2	)		(1,073	)		—			(1,073	)		(484	)		(1,804	)		—			(1,804	)
Loss (gain) on disposition of assets		—			4			—			4			(26	)		(13	)		—			(13	)
Operating income (loss)		2,968			8,062			(3,879	)		4,183			4,084			13,224			(7,714	)		5,510

Gross margin is a supplementary financial measure calculated by dividing gross profit by net revenue for the periods noted. 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 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.

Net revenue for three months ended June 30, 2026 was $83.2 million compared to $84.4 million for the three months ended June 30, 2025. The decrease of $1.2 million is mainly attributable to a decrease in retail sales and a minor decrease in franchise revenue.

Net revenue for the six months ended June 30, 2026 was $160.5 million compared to $161.9 million for the six months ended June 30, 2025. The decrease of $1.4 million is mainly attributable to decreases in retail sales and franchise revenue and a minor decrease in proprietary licensing revenue.

Cost of sales for the three months ended June 30, 2026 was $61.2 million compared to $62.5 million for the three months ended June 30, 2025. The decrease of $1.3 million was due to an overall decrease in revenue as noted above and a change in product mix from changing consumer preferences.

Cost of sales for the six months ended June 30, 2026 was $118.2 million compared to $120.4 million for the six months ended June 30, 2025. The decrease of $2.2 million was due to an overall decrease in revenue as noted above and a change in product mix from changing consumer preferences.

Gross profit for the three months ended June 30, 2026 was $22.0 million (26.4%) compared to $21.9 million (25.9%) for the three months ended June 30, 2025. The increase of $0.1 million was due to a change in product mix from changing consumer preferences, partially offset by a reduction in net revenue and cost of sales noted above.

Gross profit for the six months ended June 30, 2026 was $42.4 million (26.4%) compared to $41.5 million (25.6%) for the six months ended June 30, 2025. The increase of $0.9 million was due to a change in product mix from changing consumer preferences, partially offset by a reduction in net revenue and cost of sales noted above.

During the three months ended June 30, 2026, no impairments or impairment reversals were recorded on right of use assets or retail property, plant and equipment. During the three months ended June 30, 2025, the Company recorded impairment reversals on right of use assets of $0.5 million and property, plant and equipment of $0.5 million due to improved store level operating results.

During the six months ended June 30, 2026, the Company recorded impairment reversals on right of use assets of $0.3 million and retail property, plant and equipment of $0.2 million due to improved store level operating results. During the

six months ended June 30, 2025, the Company recorded impairment reversals on right of use assets of $1.0 million and property, plant and equipment of $0.8 million due to improved store level operating results.

At July 27, 2026, the Spiritleaf store count was 60 (4 corporate stores and 56 franchise stores), the Value Buds store count was 127 corporate stores and the Cost Cannabis store count was 5.

CANNABIS OPERATIONS SEGMENT RESULTS

Operating income (loss)

	Three months ended<br>June 30												Six months ended<br>June 30
($000s)	2026			2025									2026			2025
				As Previously Reported			(2)<br>Adjustment			As<br>Recast						As Previously Reported			(2)<br>Adjustment			As<br>Recast
Net revenue		32,232			35,836			—			35,836			61,664			70,155			—			70,155
Cost of sales		31,665			26,603			—			26,603			55,295			51,711			—			51,711
Gross profit		567			9,233			—			9,233			6,369			18,444			—			18,444
Gross margin (1)		1.8	%		25.8	%					25.8	%		10.3	%		26.3	%					26.3	%

General and administrative		6,780			3,977			5,425			9,402			16,082			7,501			11,110			18,611
Sales and marketing		2,088			1,829			—			1,829			4,465			4,235			—			4,235
Depreciation and amortization		276			690			—			690			627			1,443			—			1,443
Share-based compensation		182			—			—			—			414			—			—			—
Restructuring costs		231			371			—			371			231			570			—			570
Asset impairment		—			9			—			9			475			2,724			—			2,724
Research and development		8			98			—			98			12			198			—			198
Loss (gain) on disposition of assets		203			(33	)		—			(33	)		206			(33	)		—			(33	)
Operating income (loss)		(9,201	)		2,292			(5,425	)		(3,133	)		(16,143	)		1,806			(11,110	)		(9,304	)

Gross margin is a supplementary financial measure calculated by dividing gross profit by net revenue for the periods noted. 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 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 Company’s revenue comprises bulk and packaged sales under the Cannabis Act pursuant to its supply agreements with Canadian provincial boards, other licensed producers and international exports, proprietary extraction services, white label product formulation and manufacturing, the sale of bulk winterized oil and distillate, toll processing and co-packaging services and analytical testing.

Net revenue for the three months ended June 30, 2026 was $32.2 million compared to $35.8 million for the three months ended June 30, 2025. The decrease of $3.6 million was mainly due to a decrease in sales to provincial boards and wholesale sales.

Net revenue for the six months ended June 30, 2026 was $61.7 million compared to $70.2 million for the six months ended June 30, 2025. The decrease of $8.5 million was mainly due to decreases in sales to provincial boards and wholesale sales.

Cost of sales for the three months ended June 30, 2026 were $31.7 million compared to $26.6 million for the three months ended June 30, 2025. The increase of $5.1 million was mainly due to changes in product mix with higher direct costs and an increase in inventory obsolescence of $0.9 million.

Cost of sales for the six months ended June 30, 2026 were $55.3 million compared to $51.7 million for the six months ended June 30, 2025. The increase of $3.6 million was mainly due to changes in product mix with higher direct costs and an increase in inventory obsolescence of $1.8 million.

Gross profit for the three months ended June 30, 2026 was $0.6 million (1.8%) compared to $9.2 million (25.8%) for the three months ended June 30, 2025. The decrease of $8.6 million was due to the decrease in net revenue and increases in cost of sales and inventory obsolescence noted above.

Gross profit for the six months ended June 30, 2026 was $6.4 million (10.3%) compared to $18.4 million (26.3%) for the six months ended June 30, 2025. The decrease of $12.0 million was due to the decrease in net revenue and increases in cost of sales and inventory obsolescence noted above.

During the six months ended June 30, 2026, the Company recorded impairments on property, plant and equipment of $0.5 million due to slow moving market conditions. During the six months ended June 30, 2025, the Company recorded impairments on property, plant and equipment of $2.7 million due to the consolidation of the Company’s edible facilities as part of its integration strategy.

During the six months ended June 30, 2026, the Company received proceeds of $1.7 million for the disposition of its Stellarton facility and a loss on disposal of $0.2 million was recognized.

INVESTMENTS SEGMENT RESULTS

Operating income (loss)

	Three months ended<br>June 30					Six months ended<br>June 30
(000s)	2026			2025		2026			2025
Investment income		1,008			1,529		2,545			4,385
Share of (loss) profit of equity-accounted investees		(2,351	)		304		(1,850	)		(4,153	)

General and administrative		216			—		216			—
Operating income (loss)		(1,559	)		1,833		479			232

All values are in US Dollars.

Investment income for the three months ended June 30, 2026 was $1.0 million compared to $1.5 million for the three months ended June 30, 2025. The decrease of $0.5 million was mainly due to lower interest revenue from cash due to lower balances.

Investment income for the six months ended June 30, 2026 was $2.5 million compared to $4.4 million for the six months ended June 30, 2025. The decrease of $1.9 million was mainly due to lower interest income from investments at amortized cost, caused by the principal repayment of a $27 million commercial mortgage in March 2025 and lower interest revenue from cash.

Share of (loss) profit of equity-accounted investees is comprised of the Company’s share of the net profit (or loss) generated from its investments in SunStream. The current investment portfolio of SunStream is comprised of secured debt, hybrid debt, derivative instruments and convertible equity instruments issued by United States based cannabis businesses.

Share of loss of equity-accounted investees for the three months ended June 30, 2026 was $2.4 million compared to profit of $0.3 million for the three months ended June 30, 2025. The decrease of $2.7 million was mostly due to accounting fair value adjustments to the investments.

Share of loss of equity-accounted investees for the six months ended June 30, 2026 was $1.9 million compared to loss of $4.2 million for the six months ended June 30, 2025. The increase of $2.3 million was mostly due to accounting fair value adjustments to the investments.

SELECTED QUARTERLY INFORMATION

The following table summarizes selected consolidated operating and financial information of the Company for the preceding eight quarters.

	2026						2025										2024
($000s, except per share amounts)	Q2			Q1			Q4		Q3			Q2		Q1			Q4			Q3
Net revenue		235,766			195,906			252,499		244,219			244,769		204,914			257,679			236,892
Gross profit		56,349			52,812			70,229		64,177			67,601		56,641			68,799			62,968
Investment income		1,008			1,537			1,652		1,777			1,529		2,856			2,734			5,577
Net earnings (loss) attributable to owners of the Company (1)		(7,822	)		(9,911	)		9,367		(13,319	)		2,885		(14,707	)		(67,142	)		(19,328	)
Per share, basic and diluted (1)		(0.03	)		(0.04	)		0.04		(0.05	)		0.01		(0.06	)		(0.25	)		(0.07	)

These values are equal to values from “net earnings (loss) from continuing operations attributable to owners of the Company”, in total and on a per-share and diluted per-share basis.

During the eight most recent quarters the following items have had a significant impact on the Company’s financial results and results of operations:

Impairment and impairment reversals on property, plant and equipment and right of use assets;
Changes to provisions for inventory obsolescence and impairment;
Investments in and distributions from SunStream;
Acquisition of Indiva Limited;
Impairment of intangible assets from the cannabis retail cash generating unit (“CGU”);
Impairment of the Stellarton facility due to slow moving market conditions;
Entering into and acquiring several cannabis-related investments;
Repayment and exiting cannabis-related investments; and
Increased net revenue and gross profit from acquisitions and organic growth, partially offset by a general decline in demand in the liquor industry and shifting consumer preferences in the cannabis industry.

LIQUIDITY AND CAPITAL RESOURCES

(000s)	June 30, 2026				December 31, 2025
Cash and cash equivalents		183,208				252,243

All values are in US Dollars.

Capital resources are financing resources available to the Company and are defined as the Company’s debt and equity. The Company manages its capital resources with the objective of maximizing shareholder value and sustaining future development of the business. The Company manages its capital structure and adjusts it, based on the funds available to the Company, in order to support the Company’s activities. The Company may adjust capital spending, issue new equity or issue new debt, subject to the availability of such debt or equity financing on commercial terms.

The Company’s primary need for liquidity is to fund investment opportunities, capital expenditures, working capital requirements and for general corporate purposes. The Company’s working capital requirements are primarily driven by maintaining inventory levels, the extension of credit to customers and the settling of obligations with suppliers. The Company’s primary source of liquidity historically has been from funds received from the proceeds of common share issuances and debt financing. The Company has generated positive operating cash flows and positive total change in cash and cash equivalents during the last two fiscal years. The Company’s ability to fund operations and investments and make planned capital expenditures depends on future operating performance and cash flows, as well as the availability of future financing, all of which are subject to prevailing economic conditions and financial, business and other factors.

Management believes its current capital resources will be sufficient to satisfy cash requirements associated with funding the Company’s operating expenses and future development activities for at least the next 12 months. However, no assurance can be given that this will be the case or that future sources of capital will not be necessary.

Debt

As at June 30, 2026, the Company had no outstanding bank debt or other debt.

Equity

As at June 30, 2026, the Company had the following share capital instruments outstanding:

(000s)
Common shares	248,662	263,359
Common share purchase warrants (1)	54	54
Simple warrants (2)	16	16
Performance warrants (3)	8	21
Stock options (4)	84	321
Restricted share units	8,313	6,855

54,400 warrants were exercisable as at June 30, 2026.
16,000 simple warrants were exercisable as at June 30, 2026.
No performance warrants were exercisable as at June 30, 2026.
84,098 stock options were exercisable as at June 30, 2026.

The number of common shares outstanding changed during the six months ended June 30, 2026 in connection with the following transactions:

Pursuant to the Company’s share repurchase program, the Company purchased and cancelled 16.2 million common shares at a weighted average price, excluding commissions, of $2.02 (US$1.46) per common share for a total cost of $33.1 million including commissions; and
The Company issued 1.5 million common shares in connection with the vesting of RSUs under its long term incentive plan.

From July 1, 2026 to July 27, 2026:

Pursuant to the Company’s share repurchase program, the Company purchased and cancelled 1.9 million common shares at a weighted average price, excluding commissions, of $1.87 (US$1.32) per common share for a total cost of $3.6 million including commissions; and
The Company issued 1.5 million common shares in connection with the vesting of RSUs under its long term incentive plan.

As at July 27, 2026, a total of 248.3 million common shares were outstanding.

Cash Flow Summary

	Three months ended<br>June 30						Six months ended<br>June 30
(000s)	2026			2025			2026			2025
Cash provided by (used in):
Operating activities		3,687			6,117			7,168			13,905
Investing activities		(338	)		(7,161	)		(11,704	)		10,011
Financing activities		(33,545	)		(11,599	)		(52,357	)		(34,051	)
Change in cash and cash equivalents		(30,196	)		(12,643	)		(56,893	)		(10,135	)

All values are in US Dollars.

Cash Flow – Operating Activities

Net cash provided by operating activities was $3.7 million for the three months ended June 30, 2026 compared to $6.1 million provided by operating activities for the three months ended June 30, 2025. The decrease of $2.4 million was due to an increase in net loss and adjustments for non-cash items, partially offset by favourable changes in working capital which resulted in lower cash outflows compared to the prior period. The change in non-cash working capital is comprised of changes in inventory, accounts receivable, prepaid expenses and deposits and accounts payable. Accounts receivable was impacted by the adoption of the IFRS 7 and IFRS 9 amendments, refer to “New Accounting Pronouncements” below for additional information.

Net cash provided by operating activities was $7.2 million for the six months ended June 30, 2026 compared to $13.9 million provided by operating activities for the six months ended June 30, 2025. The decrease of $6.7 million was due to an increase in net loss and adjustments for non-cash items, partially offset by favourable changes in working capital which

resulted in lower cash outflows compared to the prior period. The change in non-cash working capital is comprised of changes in inventory, accounts receivable, prepaid expenses and deposits and accounts payable. Accounts receivable was impacted by the adoption of the IFRS 7 and IFRS 9 amendments, refer to “New Accounting Pronouncements” below for additional information.

Cash Flow – Investing Activities

Net cash used in investing activities was $0.3 million for the three months ended June 30, 2026 compared to $7.2 million used in investing activities for the three months ended June 30, 2025. The decrease of $6.9 million was primarily due to lower additions to investments, an increase in proceeds from the disposal of property, plant and equipment and a decrease in acquisitions, partially offset by a decrease in capital distributions from equity-accounted investees. During the current period the Company received proceeds of $1.7 million for the disposition of its Stellarton facility. During the comparative period the Company paid a $1.0 million deposit in connection with the 1CM acquisition, refer to “Recent Developments – Acquisition of Cost Cannabis and T Cannabis locations from 1CM” above for further details.

Net cash used in investing activities was $11.7 million for the six months ended June 30, 2026 compared to $10.0 million provided by investing activities for the six months ended June 30, 2025. The decrease of $21.7 million was primarily due to lower principal payments from investments, capital contributions to equity-accounted investees (as compared to distributions in the prior period) and an increase in acquisitions, partially offset by lower additions to investments. During the three months ended March 31, 2025, the Company received the principal repayment of a $27 million commercial mortgage. The acquisition related to 1CM, refer to “Recent Developments – Acquisition of Cost Cannabis and T Cannabis locations from 1CM” above for further details.

Cash Flow – Financing Activities

Net cash used in financing activities was $33.5 million for the three months ended June 30, 2026 compared to $11.6 million used in financing activities for the three months ended June 30, 2025. The increase of $21.9 million was largely due to an increase in common shares repurchased.

Net cash used in financing activities was $52.4 million for the six months ended June 30, 2026 compared to $34.1 million used in financing activities for the six months ended June 30, 2025. The increase of $18.3 million was largely due to an increase in common shares repurchased.

Free cash flow

	Three months ended<br>June 30								Six months ended<br>June 30
(000s)	2026				2025				2026				2025
Free cash flow		(6,671	)			(7,869	)			(14,262	)			(8,959	)

All values are in US Dollars.

Free cash flow is a specified financial measure that does not have a 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. The Company defines free cash flow as the total change in cash and cash equivalents less cash used for common share repurchases, dividends (if any), changes to debt instruments, changes to long-term investments, net cash used for acquisitions plus cash provided by dispositions (if any).

Free cash flow was negative $6.7 million for the three months ended June 30, 2026 compared to negative $7.9 million for the three months ended June 30, 2025. The increase of $1.2 million was mainly due to favourable changes in working capital which resulted in lower cash outflows compared to the prior period, proceeds from the disposal of property, plant and equipment and a decrease in lease payments, partially offset by an increase in net loss and adjustments for non-cash items. The adjustments for non-cash items were mostly due to income tax recovery, change in fair value of biological assets and inventory sold, inventory obsolescence and impairment, asset impairment reversal and share of loss of equity-accounted investees.

Free cash flow was negative $14.3 million for the six months ended June 30, 2026 compared to negative $9.0 million for the six months ended June 30, 2025. The decrease of $5.3 million was mainly due to a decrease in net loss and adjustments for non-cash items, exercise of cash-settled DSUs, an increase in additions to property, plant and equipment and an increase in lease payments, partially offset by proceeds from the disposal of property, plant and equipment and

favourable changes in working capital which resulted in lower cash outflows compared to the prior period. The adjustments for non-cash items were mostly due to income tax recovery, change in fair value of biological assets and inventory sold, share-based compensation, inventory obsolescence and impairment, asset impairment and share of loss of equity-accounted investees.

Financial Instruments

Refer to note 22 in the Interim Financial Statements for additional information on the Company’s financial instruments and the related fair value estimates and disclosures.

Liquidity risks associated with financial instruments

Credit risk

Credit risk is the risk of financial loss if the counterparty to a financial transaction fails to meet its obligations. The maximum amount of the Company’s credit risk exposure is the carrying amounts of cash and cash equivalents, accounts receivable, and investments. The Company attempts to mitigate such exposure to its cash and cash equivalents by investing only in financial institutions with investment grade credit ratings or secured investments. The Company manages risk over its accounts receivable by issuing credit only to creditworthy counterparties. The Company limits its exposure to credit risk over its investments by ensuring the agreements governing the investments are secured in the event of counterparty default. The Company considers financial instruments to have low credit risk when its credit risk rating is equivalent to investment grade. The Company assumes that the credit risk on a financial asset has increased significantly if it is outstanding past the contractual payment terms. The Company considers a financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Company.

The Company applies the simplified approach under IFRS 9 for trade receivables by grouping receivables based on shared credit risk characteristics and the days past due. The expected loss rates are based on historical credit losses experienced over a period of 12 months.

The Company applies the general approach under IFRS 9 to other receivables and other investments, which is an assessment of whether the credit risk of a financial instrument has increased significantly since initial recognition.

Liquidity risk

Liquidity risk is the risk that the Company cannot meet its financial obligations when due. The Company manages liquidity risk by monitoring operating and growth requirements. The Company prepares forecasts to ensure sufficient liquidity to fulfil obligations and operating plans. Management believes its current capital resources will be sufficient to satisfy cash requirements associated with funding the Company’s operating expenses and future development activities for at least the next 12 months. However, no assurance can be given that this will be the case or that future sources of capital will not be necessary.

Market risk

Market risk is the risk that changes in market prices will affect the Company’s income or value of its holdings of financial instruments. The Company is exposed to market risk in that changes in market prices will cause fluctuations in the fair value of its marketable securities. The fair value of marketable securities is based on quoted market prices as the Company’s marketable securities are shares of publicly traded entities.

Regulatory risk

Regulatory risk pertains to the risk that the Company’s business objectives are contingent, in part, upon compliance with regulatory requirements. Due to the nature of the industries in which the Company operates, the Company recognizes that regulatory requirements are more stringent and punitive in nature than most other sectors of the economy. Any delays in obtaining, or failure to obtain, regulatory approvals could significantly delay operational and/or product development and could have a material adverse effect on the Company’s business, results of operations, and financial condition. The Company is cognizant of the advent of regulatory changes in these industries on the city, provincial, and national levels in Canada and is aware of the effect that unforeseen regulatory changes in these industries could have on the goals and operations of the business as a whole.

CONTRACTUAL COMMITMENTS AND CONTINGENCIES

Commitments

The information presented in the table below reflects management’s estimate of the contractual maturities of the Company’s obligations at June 30, 2026.

($000s)
Accounts payable and accrued liabilities	46,193	—	—	—	46,193
Lease liabilities	32,864	73,213	50,758	11,277	168,112
Financial guarantee liability	—	127	—	—	127
Loyalty liability	—	620	—	—	620
Total	79,057	73,960	50,758	11,277	215,052

The Company has entered into royalty agreements to pay a certain amount of royalties on cannabis products sold. Should the Company not sell sufficient product in the agreed timeframe, a minimal royalty payment is accrued.

Contingencies

From time to time, the Company and its subsidiaries are or may become involved in various legal claims and actions which arise in the ordinary course of their business and operations. While the outcome of any such claim or action is inherently uncertain, the Company believes that the losses that may result, if any, will not be material to the consolidated financial statements.

NON-IFRS FINANCIAL MEASURES AND OTHER MEASURES

Certain specified financial measures in this MD&A including adjusted operating income (loss), free cash flow, same store sales and Adjusted EBITDA are non-IFRS measures. These terms are not defined by IFRS Accounting Standards and, therefore, may not be comparable to similar measures reported by other companies. These non-IFRS financial measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards.

GROSS MARGIN

Gross margin is a supplementary financial measure calculated by dividing gross profit by net revenue for the periods noted.

Adjusted operating income (loss)

Adjusted operating income (loss) is a non-IFRS financial measure which the Company uses to evaluate its operating performance. Adjusted operating income (loss) provides information to investors, analysts, and others to aid in understanding and evaluating the Company’s operating results in a similar manner to its management team. The Company defines adjusted operating income (loss) as operating income (loss) less restructuring costs (recovery), goodwill and intangible asset impairments and asset impairments triggered by restructuring activities.

The following tables reconcile adjusted operating income (loss) to operating income (loss) for the periods noted.

($000s)	Cannabis<br>Retail			Cannabis<br>Operations			Cannabis<br>Total			Liquor<br>Retail			Investments			Corporate			Total
Three months ended June 30, 2026
Operating income (loss)		2,968			(9,201	)		(6,233	)		3,024			(1,559	)		(3,073	)		(7,841	)
Adjustments:
Restructuring costs		35			231			266			225			—			368			859
Adjusted operating income (loss)		3,003			(8,970	)		(5,967	)		3,249			(1,559	)		(2,705	)		(6,982	)
($000s)	Cannabis<br>Retail			Cannabis<br>Operations			Cannabis<br>Total			Liquor<br>Retail			Investments			Corporate			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Six months ended June 30, 2026
Operating income (loss)		4,084			(16,143	)		(12,059	)		(136	)		479			(5,239	)		(16,955	)
Adjustments:
Restructuring costs		35			231			266			225			—			540			1,031
Adjusted operating income (loss)		4,119			(15,912	)		(11,793	)		89			479			(4,699	)		(15,924	)
($000s)	Cannabis<br>Retail			Cannabis<br>Operations			Cannabis<br>Total			Liquor<br>Retail			Investments			Corporate			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Three months ended June 30, 2025
Operating income (loss) (1)		4,183			(3,133	)		1,050			6,709			1,833			(4,589	)		5,003
Adjustments:
Restructuring costs		—			371			371			—			—			456			827
Adjusted operating income (loss)		4,183			(2,762	)		1,421			6,709			1,833			(4,133	)		5,830

In 2026, the Company began allocating applicable direct and indirect overhead costs 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. Refer to “Operating Segments” above for further details.

($000s)
Six months ended June 30, 2025
Operating income (loss) (1)	5,510	(9,304	)	(3,794	)	4,292	232	(7,780	)	(7,050	)
Adjustments:
Restructuring costs	—	570		570		—	—	583		1,153
Impairments triggered by restructuring	—	2,696		2,696		—	—	—		2,696
Adjusted operating income (loss)	5,510	(6,038	)	(528	)	4,292	232	(7,197	)	(3,201	)

In 2026, the Company began allocating applicable direct and indirect overhead costs 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. Refer to “Operating Segments” above for further details.

Free cash flow

Free cash flow is a non-IFRS financial measure which the Company uses to evaluate its financial performance. Free cash flow provides information which management believes to be useful to investors, analysts and others in understanding and evaluating the Company’s ability to generate positive cash flows as it removes cash used for non-operational items. The Company defines free cash flow as the total change in cash and cash equivalents less cash used for common share repurchases, dividends (if any), changes to debt instruments, changes to long-term investments, net cash used for acquisitions plus cash provided by dispositions (if any).

The following table reconciles free cash flow to change in cash and cash equivalents for the periods noted.

	Three months ended<br>June 30						Six months ended<br>June 30
(000s)	2026			2025			2026			2025
Change in cash and cash equivalents		(30,196	)		(12,643	)		(56,893	)		(10,135	)
Adjustments:
Repurchase of common shares		23,496			—			33,071			15,031
Changes to long-term investments		29			3,774			6,660			(14,855	)
Acquisitions, net of cash acquired		—			1,000			2,900			1,000
Free cash flow		(6,671	)		(7,869	)		(14,262	)		(8,959	)

All values are in US Dollars.

Same store sales

Same store sales is a supplementary financial measure which the Company uses to evaluate its financial performance in its retail segments. Same store sales provides information which management believes to be useful to investors, analysts and others in understanding and evaluating the Company’s sales trends excluding the effect of the opening and closure of stores.

Same store sales refers to the revenue generated by the Company’s existing retail locations during the current and prior comparison periods.

ADJUSTED EBITDA

Adjusted EBITDA is a non-IFRS financial measure which the Company uses to evaluate its operating performance. Adjusted EBITDA provides information to investors, analysts, and others to aid in understanding and evaluating the Company’s operating results. The Company defines adjusted EBITDA as net earnings (loss) before inventory and biological assets fair value and impairment adjustments, share of (profit) loss of equity-accounted investees, depreciation and amortization, share-based compensation expense, restructuring costs, asset impairment, gain or loss on disposal of property, other expenses, net, income tax expense (recovery) and excluding non-recurring items including enterprise resource planning implementation costs and litigation settlements, net of recoveries.

	Three months ended<br>June 30						Six months ended<br>June 30
(000s)	2026			2025			2026			2025
Net earnings (loss)		(7,822	)		2,885			(17,733	)		(11,822	)
Adjustments:
Inventory and biological assets fair value and impairment adjustments		1,506			(425	)		3,136			(945	)
Share of loss (profit) of equity-accounted investees		2,351			(304	)		1,850			4,153
Depreciation and amortization		12,631			12,920			25,486			26,148
Share-based compensation		2,650			2,919			3,266			4,307
Restructuring costs		859			827			1,031			1,153
Asset (reversal) impairment		(2	)		(1,064	)		(180	)		920
Loss (gain) on disposition of PP&E		195			(29	)		155			(88	)
Other expenses, net		1,666			2,118			3,960			4,772
Income tax recovery		(1,685	)		—			(3,182	)		—
Non-recurring items		177			(401	)		564			(195	)
Adjusted EBITDA		12,526			19,446			18,353			28,403

All values are in US Dollars.

RELATED PARTIES

SunStream is a joint venture in which the Company has a 50% ownership interest and is a related party due to it being classified as a joint venture of the Company. SunStream is a private company, incorporated under the ABCA, which provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as

well as other investment opportunities. Capital contributions to the joint venture and distributions received from the joint venture are classified as related party transactions.

OFF BALANCE SHEET ARRANGEMENTS

As at June 30, 2026, the Company did not have any off-balance sheet arrangements.

CRITICAL ACCOUNTING ESTIMATES

The Company makes assumptions in applying critical accounting estimates that are uncertain at the time the accounting estimate is made and may have a significant effect on its consolidated financial statements. Critical accounting estimates include the classification and recoverable amounts of CGUs, value of inventory, value of equity-accounted investees, value of leases, acquisitions and fair value of assets acquired and liabilities assumed in a business combination. Critical accounting estimates are based on variable inputs including but not limited to:

Demand for cannabis for adult-use and medical purposes;
Price of cannabis;
Expected cannabis sales volumes;
Demand for liquor;
Price of liquor;
Expected liquor sales volumes;
Changes in market interest and discount rates;
Future development and operating costs;
Costs to convert harvested cannabis to finished goods;
Potential returns and pricing adjustments; and
Market prices, volatility and discount rates used to determine fair value of equity-accounted investees.

Changes in critical accounting estimates can have a significant effect on profit or loss as a result of their impact on revenue, costs of sales, provisions and impairments. Changes in critical accounting estimates can have a significant effect on the valuation of inventory, property, plant and equipment, provisions and derivative financial instruments.

For a detailed discussion regarding the Company’s critical accounting estimates, refer to the notes to the Audited Financial Statements.

NEW ACCOUNTING PRONOUNCEMENTS

The International Accounting Standards Board and the IFRS Interpretations Committee regularly issue new and revised accounting pronouncements which have future effective dates and therefore are not reflected in the Company’s consolidated financial statements. Once adopted, these new and amended pronouncements may have an impact on the Company’s consolidated financial statements. The following accounting standard was effective for annual periods beginning on or after January 1, 2026 and had a material impact on the Company’s consolidated financial statements:

Classification and Measurement of Financial Instruments — Amendments to IFRS 9 and IFRS 7

On January 1, 2026, the Company adopted the amendments to IFRS 9 and IFRS 7 using the prospective application. The amendments include the following:

Clarification on the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic payment system.
Clarification and further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion.
New disclosure requirements for certain instruments without contractual terms that can change cash flows.
Updates to the disclosure required for equity instruments designated at fair value through other comprehensive income.

Impact on adoption

There are new accounting standards, amendments to accounting standards and interpretations that are effective for annual periods beginning on or after January 1, 2027, discussed below, which have not been applied in preparing the consolidated financial statements for the three and six months ended June 30, 2026.

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after January 1, 2027. The new accounting standard introduces the following key new requirements:

Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change.
Management-defined performance measures are disclosed in a single note in the financial statements.
Enhanced guidance is provided on how to group information in the financial statements.

In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method.

The Company is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Company’s statement of profit or loss, the statement of cash flows and the additional disclosures required for management-defined performance measures.

Other accounting standards

The following new and amended accounting standards are not expected to have a material impact on the Company’s consolidated financial statements:

IFRS 19 Subsidiaries without Public Accountability: Disclosures

RISK FACTORS

In addition to the risks described elsewhere in this document, for a detailed discussion regarding the Company’s risk factors, refer to the “Risk Factors” section of the AIF.

DISCLOSURE CONTROLS AND PROCEDURES

The Company has designed disclosure controls and procedures (as defined in National Instrument 51-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (“NI 52-109”) and Rules 13a-15(f) and 15d-15(f) under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”)) to provide reasonable assurance that: (i) material information relating to the Company is made known to the Company’s Chief Executive Officer and Chief Financial Officer by others, particularly during the period in which the annual and interim filings are being prepared; and (ii) information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time period specified in such securities legislation.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based upon evaluation of the Company’s disclosure controls and procedures as of June 30, 2026, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2026.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in NI 52-109 and Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Refer to our MD&A for the year ended December 31, 2025, for a discussion regarding our internal control over financial reporting and the remediation of a previously identified material weakness.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There have been no other changes in our internal control over financial reporting (as defined in NI 52-109 and Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

ABBREVIATIONS

The following provides a summary of common abbreviations used in this document:

Financial and Business Environment
$ or C$	Canadian dollars
U.S.	United States
US$	United States dollars

FORWARD-LOOKING INFORMATION

This MD&A may contain forward-looking information concerning the Company’s business, operations and financial performance and condition, as well as the Company’s plans, objectives and expectations for its business operations and financial performance and condition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim”, “anticipate”, “assume”, “believe”, “contemplate”, “continue”, “could”, “due”, “estimate”, “expect”, “goal”, “intend”, “may”, “objective”, “plan”, “predict”, “potential”, “positioned”, “pioneer”, “seek”, “should”, “target”, “will”, “would”, and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology.

These forward-looking statements include, but are not limited to, statements about:

the anticipated benefits of and the Company’s intentions with respect to the Rise Rewards loyalty program and its expansion across retail banners;
the uncertainties associated with tariffs and countermeasures thereto;
the Company’s strategy;
expectations with respect to retail and investment operations;
expectations with respect to not proceeding with the Second Closing;
the anticipated benefits to the Company with respect to the 1CM Transaction;
the Company’s intentions with respect to the Cost Cannabis and T Cannabis brands and integration with SNDL;
the timing, and expectations related to the outcome, of the hearing for the rescheduling of marijuana in the U.S.
the impact of tariffs on the Company;
expectations with respect to the Company’s restructuring project;
expectations with respect to the Company’s joint venture interest in SunStream;
the timing and expectations related to the Company gaining direct control of Parallel’s medical cannabis operations in Florida;
the impact of consolidating cannabis segments;
the Company’s share repurchase program;
the Company’s ability to adjust its capital resources;
the Company’s liquidity needs, including its ability to source its liquidity requirements;
the sufficiency of the Company’s capital resources;
risks associated with financial instruments and the methods by which the Company manages such risks;
expectations with respect to various contingencies, including the impact of such on the Company’s financial statements;
the impact of changes to critical accounting estimates and new accounting pronouncements; and
expectations with respect to remediation measures to control deficiencies.

Although the forward-looking statements contained in this MD&A are based on assumptions that the Company believes are reasonable, you are cautioned that actual results and developments (including Company results of operations, financial condition and liquidity, and the development of the industry in which the Company operates) may differ materially from those made in or suggested by the forward-looking statements contained in this MD&A. In addition, even if results and developments are consistent with the forward-looking statements contained in this MD&A, those results and developments may not be indicative of results or developments in subsequent periods.

Certain assumptions made in preparing the forward-looking statements contained in this MD&A include:

the Company’s ability to implement its operational and liquidity strategies as well as its strategic initiatives;
the Company’s competitive advantages;
the impact of competition;
the changes and trends in the cannabis cultivation and retail, and the liquor retail industry;
changes in laws, rules and regulations;
the Company’s ability to maintain and renew required licences;
the Company’s ability to maintain good business relationships with its customers, distributors and other strategic partners;
the Company’s ability to keep pace with changing consumer preferences;
the Company’s ability to protect its intellectual property;
the Company’s ability to identify, finance and consummate acquisitions on attractive terms, integrate acquired companies and to realize the benefits of such acquisitions, including The Valens Company Inc. and the 1CM Stores;
the Company’s ability to retain key personnel;
the Company’s ability to efficiently deploy capital and achieve its expected and desired returns on such investments;
the Company’s ability to maintain and keep its public listing on the Nasdaq and the CSE and the liquidity of the trading of its common shares on a publicly listed stock exchange;
the Company’s ability to open new retail locations and attract a sufficient number of qualified franchisees; and
the absence of material adverse changes in the Company’s industry or the global economy, including as a result of global economic downturns.

These forward-looking statements are based on current expectations, estimates, forecasts and projections about the Company’s business and the industry in which it operates and management’s beliefs and assumptions and are not guarantees of future performance or development and involve known and unknown risks, uncertainties and other factors that are in some cases beyond its control. As a result, any or all of the forward-looking information in this MD&A may turn out to be inaccurate. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section titled “Risk Factors” in the AIF and otherwise described in this MD&A. Readers of this MD&A are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date of this MD&A and, except as required by applicable law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. You should, however, review the factors and risks we describe in the reports we will file from time to time with applicable securities regulators, including the Canadian securities regulators and the U.S. Securities and Exchange Commission (the “SEC”), after the date of this MD&A.

This MD&A contains estimates, projections and other information concerning the Company’s industry, its business and the markets for its products. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market and other data from its own internal estimates and research as well as from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources. Certain statements included in this MD&A may be considered

“financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this MD&A. The purpose of the financial outlook is to provide readers with disclosure of the Company’s reasonable expectations of its anticipated results. The financial outlook is provided as of the date of this MD&A.

In addition, assumptions and estimates of the Company’s and industry’s future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section titled “Risk Factors” in the AIF and elsewhere in this MD&A. These and other factors could cause the Company’s future performance to differ materially from the Company’s assumptions and estimates. Readers of this MD&A are cautioned against placing undue reliance on forward-looking statements.

Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in the AIF, along with the Company’s other public disclosure documents. Copies of the AIF and other public disclosure documents are available under the Company’s profile on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca and on the EDGAR section of the SEC’s website at www.sec.gov.

ADDITIONAL INFORMATION

Additional information relating to the Company, including the Company’s most recent AIF, can be viewed under the Company’s profile on SEDAR+ at www.sedarplus.ca, on the EDGAR section of the SEC’s website at www.sec.gov, or on the Company’s website at www.sndl.com. The information on or accessible through our website is not part of and is not incorporated by reference into this MD&A, and the inclusion of our website address in this MD&A is only for reference.

EX-99.3

EXHIBIT 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Zachary George, Chief Executive Officer of SNDL Inc., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of SNDL Inc. (the “issuer”) for the interim period ended June 30, 2026.
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is “Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)”.

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: July 27, 2026

/s/ Zachary George

_______________________

Zachary George

Chief Executive Officer

EX-99.4

EXHIBIT 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Alberto Paredero Quiros, Chief Financial Officer of SNDL Inc., certify the following:

Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of SNDL Inc. (the “issuer”) for the interim period ended June 30, 2026.
No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2026 and ended on June 30, 2026 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: July 27, 2026

/s/ Alberto Paredero Quiros

_______________________

Alberto Paredero Quiros

Chief Financial Officer

SNDL 6-K

COMPANY OVERVIEW

RECENT DEVELOPMENTS

OTHER DEVELOPMENTS

FINANCIAL HIGHLIGHTS

CONSOLIDATED RESULTS

OPERATING SEGMENTS

LIQUOR RETAIL SEGMENT RESULTS

CANNABIS RETAIL SEGMENT RESULTS

CANNABIS OPERATIONS SEGMENT RESULTS

INVESTMENTS SEGMENT RESULTS

SELECTED QUARTERLY INFORMATION

LIQUIDITY AND CAPITAL RESOURCES

CONTRACTUAL COMMITMENTS AND CONTINGENCIES

NON-IFRS FINANCIAL MEASURES AND OTHER MEASURES

RELATED PARTIES

OFF BALANCE SHEET ARRANGEMENTS

CRITICAL ACCOUNTING ESTIMATES

NEW ACCOUNTING PRONOUNCEMENTS

RISK FACTORS

DISCLOSURE CONTROLS AND PROCEDURES

INTERNAL CONTROL OVER FINANCIAL REPORTING

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

ABBREVIATIONS

FORWARD-LOOKING INFORMATION

ADDITIONAL INFORMATION