Vext Science (VEXT) Corporate presentation summary

Retail-first strategy

• Retail footprint and shelf control are presented as the core advantage: owned stores provide consumer exposure, private-label placement, pricing control and distribution.

• The operating model pairs retail ownership with a right-scaled footprint and a cash-flow focus; sourcing is tailored to whether making or buying offers better economics.

• In Arizona, buying beat growing, so cultivation ended in Q2 2026; in Ohio, Jackson yields of ~101 g/plant supported lower shelf costs.

Operating footprint

• Ohio had 6 operating dispensaries, with a target of 8 in 2027; Fairfield opened in June 2026 and Columbus is expected to open in Q1 2027, subject to licensing.

• Ohio H1 2026 revenue was $16.8M versus $14.4M, up 17% YoY; Ohio represented 71% of Q2 2026 revenue.

• Arizona’s Central Phoenix store ran at ~1.15–1.20x the state per-store average in 2026; June customer count was highest since October 2023 amid a 5.8% YoY statewide decline.

• The Eloy cultivation exit was completed in Q2 2026, with final harvest in May; the $7.8M property is held for sale, with proceeds earmarked for secured debt reduction.

Financial performance

• Q2 2026 revenue was $12.1M, adjusted EBITDA $3.4M, cash flow from operations $1.2M, cash flow margin 9.8%, FCF $0.8M and FCF conversion 23.5%.

• Q2 operating cash flow reflected a deliberate Ohio inventory build, up $2.8M since Dec. 31, 2025; CFO before working capital changes was ~$2.2M.

• Adjusted EBITDA is a non-IFRS measure; Q2 2026 adjusted EBITDA margin was 28.3%.