Conference Call Participants

Elias Jossen – JPMorgan Chase & Co, Research Division
James Rollyson – Raymond James & Associates, Inc., Research Division
Neal Dingmann – William Blair & Company L.L.C., Research Division
Theresa Chen – Barclays Bank PLC, Research Division
Douglas Irwin – Citigroup Inc., Research Division
Jacqueline Koletas – Goldman Sachs Group, Inc., Research Division
Jan Overmeer – Jefferies LLC, Research Division
Derrick Whitfield – Texas Capital Securities, Research Division
Derek Podhaizer – Piper Sandler & Co., Research Division
Elvira Scotto – RBC Capital Markets, Research Division
James Larkin – BofA Securities, Research Division
Sunil Sibal – Seaport Research Partners
Sebastian Erskine – Rothschild & Co Redburn, Research Division

Presentation

Operator

Ladies and gentlemen, thank you for joining us and welcome to Altus Group’s Quarter 2 2026 Financial Results Conference Call and Webcast. [Operator Instructions] I will now hand the conference over to Camilla Bartosiewicz, Chief Communications Officer. Camilla, please go ahead.

Camilla Bartosiewicz
Chief Communication Officer

Thank you, Operator. Hi, everyone, and welcome to the conference call and webcast discussing Altus Group’s second quarter results for the period ended June 30th, 2026. Our press release, MD&A, financial statements, and the slides accompanying our prepared remarks are on our website and as required have been filed to SEDAR+ after market close this afternoon. Joined today by our CEO, Mike Gordon, Pawan Chhabra, and our new CFO, Katie Royce.

Turning to our disclaimer slide, some of our remarks on this call and in our disclosures may contain forward-looking information based on certain assumptions and are therefore subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the forward-looking information disclaimer in today’s materials. We also use certain non-GAAP financial measures, ratios, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112.

We believe these measures provide useful additional insight into our performance and may assist investors in evaluating our shares. However, they are

Peter Agnefjäll says ‘JD has built a powerful global position in sports and sport-inspired fashion’

A former CEO of Ikea has been appointed as the new chair of the board at JD Sports.

Peter Agnefjäll will join the Greater Manchester-based sportswear giant from September 1 and will succeed Darren Shapland, interim chair at JD Sports since July 21.

Mr Agnefjäll spent almost two decades at Ikea Group and was President and CEO between 2013 and 2017, where he oversaw a period of growth and digital development. He has since been chair of Ahold Delhaize from 2021 to 2025, is a non-executive director of WPP, and has previously had non-executive roles at Deichmann and Wizz Air.

His appointment follows a search process lead by senior independent director Kath Smith and the JD Sports board, backed by an external executive search firm.

Darren Shapland, who will stay on the JD Sports board as an independent director, said: “On behalf of the board I am delighted to welcome Peter as chair. He brings an exceptional combination of international retail leadership, board experience and a proven track record of overseeing growth and transformation in complex global businesses.

“His experience and perspective will be invaluable to JD’s board and executive team as the group continues to execute against its strategic objectives and capitalise on the significant opportunities ahead.”

Peter Agnefjäll, chair elect, said: “JD has built a powerful global position in sports and sport-inspired fashion, with a unique connection to its core customer, strong brand partnerships, carefully curated and vibrant stores, and a clear, defined omni-channel strategy.

“I am excited to be joining the group and look forward to working with the board and leadership team to leverage JD’s strengths, deepening its roots in international markets and affirming its position in a rapidly evolving retail landscape.”

Operator

Thank you. Good morning, everyone, and welcome to the Trulieve Cannabis Corporation Second Quarter 2026 Financial Results Conference Call. My name is Chris, and I will be your conference operator today. As a reminder, this conference call today is being recorded. I would now like to turn the conference call over to Christine Hersey, Chief Corporate Affairs and Strategy Officer for Trulieve, who will be your moderator for today. You may now begin.

Christine Hersey
Chief Corporate Affairs & Strategy Officer

Thank you. Good morning, and thank you for joining us. During today’s call, Kim Rivers, Chief Executive Officer, and Jan Reese, Chief Financial Officer, will deliver prepared remarks on the financial performance and outlook for Trulieve. Following the prepared remarks, we will open the call to questions. This morning, we reported second quarter 2026 results. A copy of our earnings press release and PowerPoint presentation may be found on the investor relations section of our website, www.trulieve.com. An archived version of today’s conference call will be available on our website later today.

As a reminder, statements made during this call that are not historical facts constitute forward-looking statements, and these statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from our historical results or from our forecast, including the risks and

Restrictions currently apply to seven retailers

Aldi and Lidl ought to be subject to the same land agreement regulations as Britain’s biggest supermarket chains, the UK’s competition watchdog has said in provisional findings.

The Competition and Markets Authority (CMA) proposal would prevent the German discount retailers from obstructing rival supermarkets from setting up near their stores.

Rules designed to stop large grocery retailers from using land agreements to make it harder for rival supermarkets to open nearby, particularly through restrictive covenants and exclusivity arrangements, were introduced in 2010.

The restrictions currently apply to seven retailers – Asda, Co‐op, Marks and Spencer, Morrisons, Sainsbury’s, Tesco and Waitrose.

In a provisional decision, the CMA said it believes Aldi, Lidl GB and Lidl NI should also be subject to the rules.

Aldi is the UK’s fourth largest grocer, with a 10.8% share of the market, and Lidl the sixth largest with an 8.8% share, according to recent figures from Worldpanel.

Both retailers have expanded rapidly through new store openings in recent years, while also drawing in fresh customers with their competitive discount pricing.

The regulator noted that the brands were not originally included in the rules owing to their more limited product ranges, but stated they should now fall under the restrictions following significant expansion of their store estates and the opening of larger outlets.

The CMA has confirmed it is seeking further views before reaching a final decision. Juliette Enser, executive director of competition enforcement and markets at the CMA, said: “We want everyone to have the best choice of supermarket and range of prices when buying their groceries.

“To ensure this happens, we put rules in place to prevent big supermarket chains blocking rival stores from opening nearby – and now we propose applying those rules to Aldi and Lidl too.”

An Aldi spokesman said: “The CMA’s provisional decision does not impact our long-term growth plans across the UK.

“We remain firmly committed to opening hundreds of new stores across the country, bringing Aldi’s unbeatable value and award-winning quality to even more customers.”

A Lidl spokesman said: “We note the CMA’s provisional decision regarding our status under the Controlled Land Order.

“As a discounter, we have always welcomed and embraced competition within the market and our focus remains on continuing to open new stores and bringing our high-quality, lowest-priced groceries to even more communities. Any outcome will not impact our steadfast momentum and growth.”

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.