Tilray Brands (TLRY) investor relations material

Deal rationale and strategic fit

• Acquisition of BrewDog, a leading global craft beer brand, expands the beverage platform and accelerates international beverage strategy by years, providing access to established UK brewing operations and strategic brewpubs.

• BrewDog's strong brand equity, international distribution, and innovative product lineup complement existing offerings and enable expansion into new markets.

• Enhances growth opportunities through broader distribution and integration of complementary beverage brands, leveraging the acquirer's brand-building expertise and operational strengths.

• BrewDog's entrepreneurial culture and loyal community align with the acquirer's operational strengths.

Financial terms and conditions

• Purchase price for BrewDog's UK assets, including IP, brewing facility, and 11 bars, was GBP 33 million.

• Assets expected to generate approximately $200 million in annual net revenue and $6–$8 million in adjusted EBITDA in fiscal 2027.

• Tilray's global consolidated net revenue projected to reach $1.2 billion on an annualized basis.

• Additional U.S. and Australia BrewDog assets are expected to close soon, with U.S. sales around $20 million and Australia a smaller business.

• BrewDog's Ellon facility represents over GBP 100 million of invested capital, acquired at a fraction of replacement cost.

Synergies and expected cost savings

• Acquisition expected to be cash flow positive and accretive to EBITDA by fiscal 2027, with $6–$8 million in annual EBITDA projected.

• Significant cost savings anticipated by optimizing brewpub footprint and operational efficiencies.

• Expanded platform enables investment back into brand and innovation, leveraging broader distribution.

• Opportunity to leverage existing brewing capacity for both internal brands and potential co-packing or franchising.