Company: VREOF
Filing Date: 2025-03-11
Form Type: PREM14C
Source: 0001140361-25-008065
Chunk: 174

Company: Vireo Growth Inc.
Filing Date: 2025-03-11
Form: PREM14C
Chunk 174
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2025E 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 4.2x and (B) at a TEV/EBITDA multiple of 4.5x (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 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

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4.5x TEV/EBITDA multiple, being $158 million; (ii) an implied TEV of the combined company based on a 4.5x TEV/EBITDA multiple, being $616 million; (iii) estimated run-rate cost synergies; (iv) estimated EBITDA gain relating to New York operations of the combined entity; (v) New York operations capital expenditures by the combined company; (vi) expected transaction costs; and less (vii) 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 CY2025E:

| ($ in million)                |     |       Current 
 (in millions) |     |          4.5x 
    TEV/EBITDA 
      Multiple 
 (in millions) |
| Standalone Vireo Equity Value |     |           $58 |     |           $69 |
| Pro Forma Vireo Equity Value  |     |           $96 |     |           $96 |
| Increase (%)                  |     |         65.9% |     |         39.3% |

2026E Trading Multiples-Based Has/Gets Analysis Moelis performed