Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 176

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 176
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.3% |

2026E Trading Multiples-Based Has/Gets Analysis Moelis performed a trading multiples-based has/gets analysis to calculate value accretion/dilution to Vireo implied by the Transactions. This trading multiples-based has/gets analysis compared (i) the standalone implied equity value of Vireo at (A) the current TEV/EBITDA multiple of 2.1x and (B) at a TEV/EBITDA multiple of 4.25x (each, the “has”) with (ii) the implied aggregate value of the pro formaequity in the combined company that will be owned by the pre-Transactions holders of Vireo Shares after giving effect to the Transactions, assuming a pro formaVireo ownership percentage of 23.9% (the “gets”). To calculate the pro formaequity value of Vireo after giving effect to the Transactions, Moelis utilized (i) the standalone TEV of Vireo of $147 million as of December 16, 2024 and the standalone TEV of Vireo based on a 4.25x TEV/EBITDA multiple, being $296 million; (ii) an implied TEV of the combined company based on a 4.25x TEV/EBITDA multiple, being $886 million; (iii) estimated run-rate cost synergies; (iv) estimated EBITDA gain relating to New York operations of the combined entity; and (v) New York operations capital expenditures by the combined company; (vi) earnout payments; (vii) expected transaction costs; and less (viii) adjustments to move from TEV to equity value as referenced in the definition of “TEV” above, each as provided by Vireo management. The following table summarizes the results of the multiples-based has/gets analysis for CY2026E:

| ($ in million)                |     |       Current 
 (in millions) |     |         4.25x 
    TEV/EBITDA 
      Multiple 
 (in millions) |
| Standalone Vireo Equity Value |     |           $58 |     |          $207 |
| Pro Forma Vireo Equity Value  |     |          $139 |     |          $139 |
| Increase (%)                  |     |        138.7% |     |       (33.1)% |

Other Information Moelis also noted for