Decibel Cannabis Company (DB) Investor presentation summary

Strategic overview and growth

• Achieved ~52% CAGR in net revenue from 2020 to LTM 2024, reaching $106M, with adjusted EBITDA CAGR of ~157% over the same period.

• Expanded international presence from 3 to 9 markets, leveraging acquisitions and EU GMP certifications.

• Leading brands stocked in over 2,600 stores across major Canadian provinces, with strong domestic and international sales mix.

• Maintains a balanced approach to scale and profitability, with industry-leading gross margins and return on capital employed.

• Executive team and board have deep industry and capital markets experience, driving operational efficiency and growth.

Financial performance and outlook

• 2025 pro forma expectations: $130M net revenue, $25M adjusted EBITDA, $20M adjusted free cash flow, and debt to EBITDA below 1.4x.

• Demonstrated 16 consecutive periods of positive EBITDA and 23% ROCE in the domestic segment.

• Adjusted EBITDA and free cash flow are non-GAAP measures, with detailed reconciliations provided.

• Capital structure includes $39.4M debt, $36.2M market cap, and 557.6M fully diluted shares.

• Targeting continued deleveraging and disciplined capital allocation, with low-cost, mostly fixed-rate debt.

AgMedica acquisition and international expansion

• Acquired AgMedica via $6.3M interest-free convertible note, adding 5.1 TPA of EU GMP-certified flower and expanding reach to 4 new countries.

• Anticipates $30M revenue and $4M adjusted EBITDA contribution from AgMedica in 2025, with further expansion potential.

• Combined platform now offers 12.2 TPA of GACP/EU GMP-certified flower for export, supporting branded and third-party sales.

• AgMedica provides a scalable EU GMP production base for non-combustible cannabis products and new format launches.

• Transaction expected to be accretive, with limited near-term working capital needs and opportunities for additional contracts.