EMERGE Commerce (ECOM) Corporate presentation summary

Portfolio overview and business model

• Operates a Canadian e-commerce portfolio focused on grocery (meat & seafood subscriptions) and golf verticals, with four brands and $25M pro forma revenue in 2024.

• Achieved three consecutive quarters of organic revenue growth and positive pro forma adjusted EBITDA in 2024.

• Streamlined operations to focus on high-synergy sectors, reducing HQ expenses and debt, and centralizing management.

Grocery vertical: truLOCAL

• truLOCAL leads Canadian D2C meat & seafood subscriptions, with 80% revenue growth since 2019 and strong customer retention (~90% returning customers).

• Average order value is $225, customer acquisition cost $146, and customer lifetime value $1,772.

• Benefited from the 'Buy Canadian' movement, with net new subscriptions up 193% in February 2025 and a 20% YoY drop in acquisition costs.

• Meat subscription market projected to grow at 15.2% CAGR to $6.4B by 2033, driven by health, sustainability, and customization trends.

Golf vertical: Tee 2 Green and synergies

• Acquired Tee 2 Green (T2G), a profitable golf apparel/equipment business, for $2.2M, adding $6.4M revenue and $1M EBITDA in 2024.

• Golf portfolio includes T2G, JustGolfStuff (10x GMS growth since 2019), and UnderPar (discounted golf experiences), with strong cross-sell and operational synergies.

• Combined sales volume and shared resources expected to reduce costs and enhance margins.