NLC today released its financial and operational results for the fourth quarter of fiscal year 2025 ended April 5, 2025.

NLC reported net earnings for the quarter of $41.9 million, a decrease of $2.2 million, or 5.0%,
compared with Q4 of fiscal year 2024. Net earnings for fiscal year 2025 total $211.0 million, an
increase of $3.0 million or 1.4% from the prior year.

Again, this year, NLC recorded record sales and earnings. For fiscal year 2025, alcohol and
cannabis sales total $375.9 million compared to $364.0 million for the prior year, with ready-to-drink (RTD) beverages and cannabis sales seeing the largest increases over the prior year.

Beverage Alcohol sales for Q4 were $57.2 million, down 8.0% from the prior year. Compared
with Q4 of 2024, spirits sales were down 12.6%, wine sales were down 10.2%, RTD sales
increased 6.5%, and beer sold through NLC corporate Liquor Stores decreased 4.1%.

Cannabis sales through licensed cannabis retailers (LCRs) totalled $26.4 million in Q4, an
increase of 16.3% over Q4 of the prior year. Total retail cannabis sales in Q4, including online
sales, were $26.5 million.
Total retail cannabis sales for fiscal year 2025 increased by 17.4% over the prior year to $102.8
million.