Curaleaf (CURA) investor relations material

Strategic rationale and deal overview

• The proposed acquisition is the first major M&A deal in the sector in over five years, offering Aurora shareholders a mix of Curaleaf stock (80%) and cash, with each Aurora share valued at US $4.00 as of August 10, 2026.

• The offer represents a 45% premium over the 30-day VWAP and a 51% premium as of the latest close, with value rising as Curaleaf shares appreciate.

• The deal is positioned as a growth investment, leveraging Curaleaf’s global scale, strong balance sheet, and leading brands to unlock value from Aurora’s underperforming assets.

• Curaleaf’s CEO emphasized his personal financial commitment and alignment with shareholders, highlighting significant personal investment and a focus on long-term value creation.

• The offer structure includes an exchange cap to protect Curaleaf shareholders in case of rapid share price appreciation during the regulatory review period.

Financial and operational highlights

• Curaleaf reported $340 million in quarterly revenue, $70 million in adjusted EBITDA, and expects $1.45 billion in annual sales with $284 million in adjusted EBITDA for the year.

• The combined entity would operate in 17 countries, generating over $1.5 billion in revenue and nearly $350 million in adjusted EBITDA for the last twelve months.

• Expected annual cost synergies from the merger are at least $40 million.

• The company maintains $107 million in cash and a debt level of 2.3x adjusted EBITDA, supported by strong cash generation.

• International operations are expanding, with recent growth in Germany and the U.K., and new market entries planned for Spain, France, and Turkey.

Strategic vision and integration

• The vision is to create a dominant, wellness-focused global cannabis company, leveraging Curaleaf’s R&D, distribution, and genetics with Aurora’s cultivation assets.

• The deal is not primarily about cost-cutting but about growth, with a commitment to retain and integrate Aurora employees.

• Curaleaf’s management experience in M&A and integration is highlighted, with 26 prior acquisitions and a track record of successful consolidation.

• The CEO stressed that most synergies come from Curaleaf’s know-how and operational expertise, not from layoffs or cost reductions.