Turning Point Brands (TPB) Investor presentation summary

Strategic positioning and brand leadership

• Leveraging a proven playbook to build world-class brands and establish a leading position in the modern oral nicotine market.

• Focused investments are scaling distribution and omni-channel platforms, emphasizing customer lifetime value and repeat purchases.

• Iconic brands like Zig-Zag and Stoker's hold #1 positions in their respective categories, driving consumer loyalty and market share.

• Multi-brand strategy and deep customer relationships maximize market share across diverse segments.

• Agility of a startup combined with the scale of an industry leader supports rapid adaptation and growth.

Financial performance and growth

• Net sales reached $463M in 2025, with adjusted EBITDA of $120M and a market cap of ~$1.6B as of mid-2026.

• Strong financial discipline demonstrated by consistent deleveraging and EBITDA growth.

• Consolidated net revenue grew from $325M in 2023 to $463M in 2025, with gross profit margins above 55%.

• Net leverage ratio improved from 2.7 in 2023 to 0.6 in 2025, reflecting reduced debt and increased profitability.

• Modern oral revenue saw a 128% YoY growth in Q2 and a 140% CAGR since Q1 2025.

Modern oral and nicotine pouch strategy

• Positioned to capture a generational shift in nicotine usage, targeting a $10B market by 2030.

• Holds ~42% of revenue exposure to nicotine pouches, significantly higher than public peers.

• Building a complementary portfolio of differentiated brands to broaden consumer reach and maximize shelf productivity.

• Strategic growth priorities include expanding consumer demand, accelerating distribution, and converting brand traction into retail expansion.

• Chain store distribution for nicotine pouches is set to increase 70% by end of 2026.