Village Farms Q3 cannabis net income falls 35%

Delta 2 is expected to reach 40 metric tonnes by mid-2027, bringing the Delta campus to approximately 160 metric tonnes of dried, trimmed flower annually.

Available on EDGAR 11/09/2026 - 07:05 AM EST Accepted by SEC EDGAR 11/09/2026 - 07:05 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Village Farms International, Inc. reported third-quarter 2026 sales of $66.903 million. Cannabis sales were $55.0 million. Net income attributable to shareholders was $9.968 million, or $0.08 per share, compared with $10.217 million and $0.09 in Q3 2025. Adjusted EBITDA from continuing operations was $18.241 million. Cash and cash equivalents were $79.289 million as of September 30, 2026.

International export sales increased 75% year over year to $20.771 million. Cannabis gross margin was 48%, versus 55% in Q3 2025, and cannabis operations net income was $7.839 million, compared with $12.029 million. Nine-month net cash provided by operating activities from continuing operations was $1.595 million, compared with $46.710 million in 2025. The company began mobilizing its 30-acre Monahans, Texas greenhouse for cannabis production. A notice to Verdexa Holdings provides optionality to convert 16 acres of Delta 1 to cannabis production during 2027; conversion plans are not formalized. The Delta 2 expansion remains on track.

1 point · 0 major

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Positive

• Moderate pointInternational exports rose 75% year over year to $20.771 million.

Negative

• Moderate pointQ3 cannabis net income fell 35% to $7.839 million.
• Moderate pointQ3 cannabis gross margin was 48%, versus 55% in 2025.
• Moderate pointNine-month continuing-operations operating cash flow was $1.595 million, versus $46.710 million in 2025.

Filing Explained

The filing reports 122,319,352 common shares outstanding at September 30, 2026, versus 115,722,312 at December 31, 2025; for holders whose share count did not change, the larger total means a smaller ownership percentage.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total sales: $66.903 million Cannabis net sales: $55.0 million Net income attributable to shareholders: $9.968 million +5 more

8 metrics

Total sales $66.903 million Third quarter ended September 30, 2026

Cannabis net sales $55.0 million Third quarter ended September 30, 2026

Net income attributable to shareholders $9.968 million Third quarter ended September 30, 2026

Basic income per share attributable to shareholders $0.08 Third quarter ended September 30, 2026

Adjusted EBITDA from continuing operations $18.241 million Third quarter ended September 30, 2026

International export sales $20.771 million Third quarter ended September 30, 2026; increased 75% year over year

Net cash provided by operating activities from continuing operations $1.595 million Nine months ended September 30, 2026; compared with $46.710 million in 2025

Cash and cash equivalents $79.289 million As of September 30, 2026

Key Terms

Adjusted EBITDA from continuing operations, non-GAAP measure, non-cash working capital, redeemable non-controlling interest, +2 more

6 terms

Adjusted EBITDA from continuing operations financial

"Adjusted EBITDA from continuing operations is not a recognized earnings measure"

Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations is a measure of a company’s recurring operating profit that excludes discontinued business lines. Companies further adjust that EBITDA by removing one-time, noncash, or irregular items (for example restructuring costs or gains on asset sales) to show the underlying trend. For investors it is meant to act like a cleaned-up household budget that highlights core, ongoing business performance, though what gets adjusted can vary between companies.

non-GAAP measure financial

"Adjusted EBITDA from continuing operations (which is a non-GAAP measure)"

A non-GAAP measure is a company-crafted financial metric that adjusts or excludes items from standard accounting numbers to highlight what management sees as the business’s core performance. Investors use these figures like a filtered photo to reveal trends or cash flow drivers that raw accounting totals might hide, but because companies decide which items to remove, these measures should be compared with standard statements to avoid being misled.

non-cash working capital financial

"Changes in non-cash working capital items"

redeemable non-controlling interest financial

"Redeemable non-controlling interest"

A redeemable non-controlling interest is a minority ownership stake in a subsidiary that can be sold back to or bought out by the parent company or subsidiary at a predetermined time or under certain conditions. For investors, it matters because this claim can act like a future cash obligation or potential dilution, changing the parent’s reported equity, net income allocation, and near‑term cash needs—much like a few partners in a small business who can force the owner to buy them out.

EU-GMP certified technical

"world’s largest single-site EU-GMP certified cannabis facility"

A EU-GMP certified facility has been inspected and approved under the European Union’s Good Manufacturing Practice rules, which ensure medicines and related products are made consistently to required quality and safety standards. Think of it like a restaurant passing a strict health inspection for every dish. For investors, the certification lowers regulatory and product-risk, helps secure access to EU markets, and signals reliable production and supply chains.

Medicare CMMI pilot program regulatory

"U.S. Medicare CMMI pilot program for CBD products"

Earnings Snapshot

Total sales: $66.903 million

Third quarter ended September 30, 2026

Total sales $66.903 million Compared with $66.741 million in Q3 2025

Cannabis net sales $55.0 million Increased 3% from $53.507 million in Q3 2025

Net income attributable to shareholders $9.968 million Compared with $10.217 million in Q3 2025

Basic income per share attributable to shareholders $0.08 Compared with $0.09 in Q3 2025

Adjusted EBITDA from continuing operations $18.241 million Compared with $20.686 million in Q3 2025

International export sales $20.771 million Increased 75% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were VFF's Q3 2026 sales and net income?

Village Farms reported total sales of $66.903 million and net income attributable to shareholders of $9.968 million for Q3 2026. Basic income per share attributable to shareholders was $0.08.

How much were VFF's international exports?

International export sales were $20.771 million in Q3 2026, up 75% year over year and in line with the previous quarter's record.

When is VFF's Delta 2 expansion expected to reach full production capacity?

Delta 2 is expected to reach its full production capacity of 40 metric tonnes by mid-2027. The Delta campus is expected to have approximately 160 metric tonnes of dried, trimmed flower capacity annually.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000158454900015845492026-11-092026-11-09

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 09, 2026

VILLAGE FARMS INTERNATIONAL, INC.

(Exact name of Registrant as Specified in Its Charter)

Ontario			001-38783	98-1007671
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
90 Colonial Parkway
Lake Mary, Florida				32746
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (407) 936-1190

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares, without par value		VFF		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On November 9, 2026, Village Farms International, Inc. (the “Company” or “Village Farms”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information contained in this Current Report on Form 8-K under Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1		Press Release dated November 9, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Village Farms International, Inc.
Date:	November 9, 2026	By:	/s/ Hamid Shekarchi
			Name: Hamid Shekarchi Title: Interim Chief Financial Officer

Exhibit 99.1

Village Farms International Reports Q3 2026 Results

Driven by Record Cannabis Revenues

•Consolidated Net Sales Increased to $67 Million with Record Cannabis Sales of $55 Million

•Net Income of $10 Million or $0.08 Per Share; Operating Cash Flow of $9.5 Million

•Adjusted EBITDA from Continuing Operations of $18.2 Million or 27% of Sales

•International Exports Increased 75% YoY to $20.8 Million in Line with Previous Quarter Record

•Company Closes Q3 with $80 Million in Cash and Net Cash Position of $41 Million

•Company Begins Mobilizing Efforts to Activate Texas Production Assets; Enhances Canadian Optionality by Exercising Rights to Convert 16 Acres of Delta 1 to Cannabis

VANCOUVER, British Columbia, November 9, 2026 – Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today reported financial results for its third quarter ended September 30, 2026. All figures are in U.S. dollars unless otherwise indicated.

Management Commentary

President and Chief Executive Officer Michael DeGiglio commented, “Our third quarter results were driven by record cannabis revenues of $55 million and approximately 43% of cannabis sales from some of the world’s most attractive and fastest growing international markets. We also delivered our sixth consecutive quarter of positive net income and EPS, clearly demonstrating the strength of our sustainably profitable and expanding global cannabis enterprise.”

“In Canada, we continue to maintain our top five market share position with continued share gains in convenience product categories and a brand portfolio that remains in the top 10 of all major product categories nationally. International export sales grew 75% year-over-year, in line with last quarter’s record, and more importantly with resilient pricing relative to non-GMP compliant areas of the supply chain. As we’ve previously discussed, we continue to expect our competitive advantage with the world’s largest single-site EU-GMP certified cannabis facility will result in continued increases in demand for our compliant production capacity, and we are looking forward to our Delta 2 expansion contributing to stronger international sales growth next year along with our entrance into multiple new European jurisdictions.”

“The year-over-year variance in our margin performance in Q3 was driven primarily by a softer spot trim market in the Canadian wholesale sales channel as compared to the prior year. We believe wholesale trim volumes and pricing reached trough levels in the Canadian wholesale channel during Q3, and we expect these conditions to begin normalizing in Q4 given the visibility of our order book in October and the commencement of new supply agreements with considerably stronger contracted pricing.”

“We’re pleased to report that our Phase II Netherlands facility is now fully planted and expected to begin contributing to stronger sales growth during Q4 and throughout 2027. Our Delta 2 expansion remains on track to reach its full production capacity by the middle of next year, positioning us for continued long-term organic sales growth through calendar year 2028. Finally, we’re actively mobilizing plans to operationalize our standalone 30-acre greenhouse in Monahans, Texas for cannabis production. Monahans is the youngest, most advanced production asset in our portfolio, and we remain very focused on pursuing all potential pathways to initiate our U.S. market entry with a commencement of production in Texas.”

“As anticipated, we delivered stronger sequential cash flow performance in Q3 as capex from our Netherlands and Delta 2 expansion projects is substantially complete. We closed the quarter with nearly $80 million in cash, and believe we’re well positioned for continued profitable growth with one of the world’s most attractive and differentiated cannabis investment platforms. We continue to evaluate additional organic and acquisitive growth investments around the globe,

but will remain prudent with respect to valuation and regulatory frameworks, with a focus on profitability and long-term strategic value creation for our shareholders.”

Third Quarter 2026 Financial Highlights

(All comparable periods are for the third quarter of 2025 unless otherwise stated)

Cannabis Operations

•Net sales increased 3% to a record of $55.0 million, from $53.5 million in the prior year period;

•Gross margin was 48%, compared to 55% in the prior year period, with the variance driven primarily by a softer spot trim market in Canada as compared to the prior year period;

•Net income was $7.8 million compared to $12.0 million in the prior year period, with the variance driven by lower gross margins and increased operating expenses to support future growth;

•Adjusted EBITDA from continuing operations was $14.7 million or 27% of sales, compared to $20.2 million or 38% of sales in the prior year period; and

•Cash flow from operations was $7.3 million.

Strategic Growth and Operational Highlights

•Maintained the Company’s top five overall market share position in the Canadian market and expanded its market share in vapes and infused pre-rolls, maintaining its top 10 position nationally in all major product categories1. The Company’s Super Toast brand also recently became the Company’s first nationally distributed brand after launching in Quebec.

•International export sales increased 75% year-over-year to $20.8 million, in line with the previous quarter record set in Q2 of 2026. The Company remains one of the largest exporters of medical cannabis to Europe with a leading market share position in Germany.

•The Company’s capacity expansion project at its Delta 2 greenhouse in British Columbia remains on track to be completed during Q1 of 2027. The Delta 2 expansion is expected to ramp to its full production capacity of 40 metric tonnes by mid-2027, bringing total production capacity from the Delta campus to approximately 160 metric tonnes of dried, trimmed flower annually.

•During the third quarter the Company’s Netherlands production was temporarily reduced by propagation activities. The Groningen facility is now fully planted, and the Company continues to expect it will ramp to its maximum annualized production capacity in early 2027, positioning Village Farms Netherlands for stronger revenue growth next year.

•The Company recently began mobilizing efforts to operationalize its standalone 30-acre (1.3 million sq. ft.) greenhouse in Monahans, Texas for cannabis production. Monahans is the youngest, most advanced production asset in the Company’s portfolio. Village Farms management remains focused on pursuing all potential pathways to initiate its U.S. market entry with a future commencement of cannabis production in Texas.

•The Company’s Balanced Health Botanicals subsidiary continues to pursue pathways to participate in the U.S. Medicare CMMI pilot program for CBD products, and is awaiting regulatory clarity related to the pending December 11, 2026 federal hemp ban to further assess this opportunity. The Company believes it is positioned well to play a meaningful role in the future of this market if regulations preserve protections for non-synthetic, full-spectrum products.

Corporate and Other

•On September 10, 2026, the Company announced the appointment of Hamid Shekarchi as Interim Chief Financial Officer, effective immediately. Mr. Shekarchi previously served as Chief Financial Officer of the Company’s Canadian Cannabis business and brings 18 years of financial leadership experience with a proven operational track record. The Company’s former CFO, Stephen Ruffini, was appointed to a new role as Head of Mergers & Acquisitions and will continue his role as Executive Vice President and Corporate Secretary.

•On September 14, 2026, the Company announced the appointment of Deepak Anand as Vice President of Government Affairs. Mr. Anand will lead government relations, regulatory affairs and public policy strategies across the Company's global footprint, with a particular focus on activating new market and product growth opportunities.

•During the fourth quarter of 2026, the Company notified Verdexa Holdings that it had elected to exercise its right to convert approximately 25% of its 60-acre (2.6 million sq. ft.) Delta 1 greenhouse in British Columbia to cannabis production. While the Company has not formalized any conversion plans for the Delta 1 greenhouse at this time, the notice provided to Verdexa provides optionality to convert 16 acres (700,000 sq. ft.) of the Delta 1 facility to cannabis production during 2027.

1.Based on estimated retail sales from HiFyre, other third parties and provincial boards.

Conference Call

Village Farms’ management team will host a conference call to discuss its third quarter 2026 financial results today, Monday, November 9, 2026, at 8:30 a.m. ET. Participants can access the conference call via a webcast at Village Farms Third Quarter 2026 Conference Call Webcast or on the Company website at Village Farms - Events. Participants wanting to access the conference call by telephone must register in advance at Village Farms Third Quarter 2026 Conference Call Registration to receive telephone dial-in information.

The live question and answer session will be limited to analysts; however, others are invited to submit questions ahead of the conference call via email at investorrelations@villagefarms.com. Management will address questions received via email during the question-and-answer session as time permits.

About Village Farms International, Inc.

Village Farms is a global leader in cannabis, plant-based consumer packaged goods, and sustainable innovation. With a legacy built on decades of Controlled Environment Agriculture expertise and Dutch farming practices, today the Company is one of the world’s largest and most profitable cannabis operators with an asset portfolio that spans over 7 million square feet of advanced greenhouse and indoor cultivation assets.

In Canada, Village Farms operates the world’s largest EU-GMP certified cannabis facility at its production campus in Delta, British Columbia, and exports products to international medical markets. The Company is also a market share leader in dried flower formats and produces and distributes some of the country’s highest quality and best-selling strains, including its flagship Pure Sunfarms Pink Kush, one of the most widely consumed strains on the planet. Village Farms’ Canadian brand portfolio includes Pure Sunfarms, Fraser Valley Weed Co., Soar, Super Toast, Pure Laine, Tam Tams and Promenade.

In the Netherlands, the Company is one of only ten licensed operators in the country’s regulated cannabis program, and in the United States its CBDistillery brand is one of the country’s premier cannabinoid wellness platforms, and it also holds equity interests in cannabis businesses in Australia and Germany. Beyond cannabis, the Company holds an equity interest in Verdexa Holdings, a private venture pursuing strategic acquisitions to build a premier branded food platform, and its Clean Energy division transforms landfill gas into renewable natural gas and receives royalties on all revenues generated.

Contact Information

Sam Gibbons

Senior Vice President, Corporate Affairs and Investor Relations

Phone: (407) 495-5067

Email: sgibbons@villagefarms.com

Cannabis Performance Summary

(thousands except % metrics)	Three Months Ended September 30,
	2026				2025
	USD $				USD $				Change
Total Net Sales	$	55,000			$	53,507			3%
Total Cost of Sales	$	28,857			$	23,904			21%
Gross Profit	$	26,143			$	29,603			-12%
Gross Margin %		48	%			55	%		-13%
SG&A	$	15,157			$	12,267			24%
Net income	$	7,839			$	12,029			-35%
Adjusted EBITDA from Continuing Operations (1)	$	14,749			$	20,243			-27%
Adjusted EBITDA from Continuing Operations Margin (1)		27	%			38	%		-29%
Cash flow from Operations	$	7,263			$	20,596			-65%

(thousands except % metrics)	Nine Months Ended September 30,
	2026				2025
	USD $				USD $				Change
Total Net Sales	$	158,267			$	143,576			10%
Total Cost of Sales	$	83,539			$	77,364			8%
Gross Profit	$	74,728			$	66,212			13%
Gross Margin %		47	%			46	%		2%
SG&A	$	45,180			$	35,609			27%
Net income	$	21,222			$	21,975			-3%
Adjusted EBITDA from Continuing Operations (1)	$	40,218			$	40,255			0%
Adjusted EBITDA from Continuing Operations Margin (1)		25	%			28	%		-11%
Cash flow from Operations	$	4,449			$	42,654			NM

(1)Adjusted EBITDA from continuing operations is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA from continuing operations may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA from continuing operations is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. Adjusted EBITDA from continuing operations includes the Company’s 86.6% interest in Rose LifeScience. For a reconciliation of Adjusted EBITDA from continuing operations to net income (the most comparable measure under GAAP), see “Reconciliation of Adjusted EBITDA from Continuing Operations to Net Income (Loss)” below.

(2)Adjusted EBITDA from Continuing Operations Margin is calculated as Adjusted EBITDA from continuing operations (which is a non-GAAP measure) divided by Total Net Sales. See footnote (1) above for more information regarding Adjusted EBITDA from continuing operations.

Composition of Sales by Channel

Classification		Three Months Ended September 30,
		2026				2025
Cannabis:
Canadian Branded (1)		$	25,294			$	26,846
Canadian Non-Branded			3,300				7,344
International Exports			20,771				11,858
U.S. Cannabis			2,797				3,337
Netherlands Branded			2,838				3,587
Other			—				535
Total Cannabis			55,000				53,507
Other
Produce			11,270				12,841
Clean Energy			633				393
Total Revenue		$	66,903			$	66,741

(1)Canadian Branded revenues are shown net of excise tax on products. Excise tax on products was $16,454 and $15,712 for the three months ended September 30, 2026 and 2025, respectively.

Classification		Nine Months Ended September 30,
		2026			2025

Cannabis:
Canadian Branded (1)		$	72,159			$	74,554
Canadian Non-Branded			11,717				20,715
International Exports			56,249				29,226
U.S. Cannabis			9,154				11,082
Netherlands Branded			8,846				6,556
Other			142				1,443
Total Cannabis			158,267				143,576
Other
Produce			21,563				21,442
Clean Energy			1,288				1,302
Total Revenue		$	181,118			$	166,320

(1)Canadian Branded revenues are shown net of excise tax on products. Excise tax on products was $47,265 and $44,476 for the nine months ended September 30, 2026 and 2025, respectively.

Presentation of Financial Results

The Company’s financial statements for the three and nine months ended September 30, 2026, as well as the comparative period for 2025, have been prepared and presented under United States Generally Accepted Accounting Principles (“GAAP”).

RESULTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts, and unless otherwise noted)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Sales	$	66,903			$	66,741			$	181,118			$	166,320
Cost of sales		(37,578	)			(34,803	)			(100,834	)			(97,860	)
Gross profit		29,325				31,938				80,284				68,460
Selling, general and administrative expenses		(16,142	)			(15,599	)			(50,895	)			(45,629	)
Interest expense		(443	)			(646	)			(1,443	)			(2,162	)
Interest income		515				360				1,466				544
Foreign exchange (loss) gain		(281	)			(238	)			(1,426	)			1,470
Other (loss) income		146				(282	)			(14	)			4,169
Income before taxes and equity method investment income		13,120				15,533				27,972				26,852
Provision for income taxes		(3,177	)			(4,717	)			(8,107	)			(8,203	)
Equity method investment income, net of tax		—				—				—				—
Income from continuing operations		9,943				10,816				19,865				18,649
(Loss) Income from discontinued operations, net of tax		—				(276	)			—				11,015
Income including non-controlling interests		9,943				10,540				19,865				29,664
Less: net (income) loss attributable to non-controlling interests, net of tax		25				(323	)			165				347
Net income attributable to Village Farms International, Inc. shareholders	$	9,968			$	10,217			$	20,030			$	30,011
Adjusted EBITDA from continuing operations	$	18,241			$	20,686			$	43,542			$	41,246
Basic income per share attributable to Village Farms International, Inc. shareholders from:
Continuing operations	$	0.08			$	0.09			$	0.17			$	0.17
Discontinued operations		-				-				-				0.10
Basic income per share attributable to Village Farms International, Inc. shareholders	$	0.08			$	0.09			$	0.17			$	0.27
Diluted income per share attributable to Village Farms International, Inc. shareholders from:
Continuing operations	$	0.08			$	0.08			$	0.16			$	0.16
Discontinued operations		-				-				-				0.10
Diluted income per share attributable to Village Farms International, Inc. shareholders	$	0.08			$	0.08			$	0.16			$	0.26

(1)Adjusted EBITDA from continuing operations is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA from continuing operations may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA from continuing operations is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. Adjusted EBITDA from continuing operations includes the Company’s 86.6% interest in Rose LifeScience. For a reconciliation of Adjusted EBITDA from continuing operations to net income (the most comparable measure under GAAP), see “Reconciliation of Adjusted EBITDA from Continuing Operations to Net Income (Loss)” below.

We caution that our results of operations for the three and nine months ended September 30, 2026 and 2025 may not be indicative of our future performance.

SEGMENTED RESULTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts, and unless otherwise noted)

	For The Three Months Ended September 30, 2026
	Cannabis				Other				Corporate				Total
Sales	$	55,000			$	11,903			$	—			$	66,903
Cost of sales		(28,857	)			(8,721	)			—				(37,578	)
Selling, general and administrative expenses		(15,157	)			(755	)			(230	)			(16,142	)
Other expense, net		(178	)			38				77				(63	)
Income (loss) before taxes and equity method investment income		10,808				2,465				(153	)			13,120
Provision for income taxes		(2,994	)			(183	)			—				(3,177	)
Equity method investment income, net of tax		—				—				—				—
Income (loss) including non-controlling interests		7,814				2,282				(153	)			9,943
Less: net loss attributable to non-controlling interests, net of tax		25				—				—				25
Net income (loss)	$	7,839			$	2,282			$	(153	)		$	9,968
Adjusted EBITDA from Continuing Operations(1)	$	14,749			$	3,439			$	53			$	18,241
Basic income per share	$	0.06			$	0.02			$	-			$	0.08
Diluted income per share	$	0.06			$	0.02			$	-			$	0.08

	For The Three Months Ended September 30, 2025
	Cannabis				Other				Corporate				Total
Sales	$	53,507			$	13,234			$	—			$	66,741
Cost of sales		(23,904	)			(10,899	)			—				(34,803	)
Selling, general and administrative expenses		(12,267	)			(239	)			(3,093	)			(15,599	)
Other (expense) income, net		(375	)			(465	)			34				(806	)
Income (loss) before taxes and equity method investment income		16,961				1,631				(3,059	)			15,533
Provision for income taxes		(4,609	)			(108	)			—				(4,717	)
Equity method investment income, net of tax		—				—				—				—
Income (loss) from continuing operations		12,352				1,523				(3,059	)			10,816
Income from discontinued operations net of tax		—				(276	)			—				(276	)
Income (loss) including non-controlling interests		12,352				1,247				(3,059	)			10,540
Less: net income attributable to non-controlling interests, net of tax		(323	)			—				—				(323	)
Net income (loss)	$	12,029			$	1,247			$	(3,059	)		$	10,217
Adjusted EBITDA from Continuing Operations(1)	$	20,243			$	2,784			$	(2,341	)		$	20,686
Basic income (loss) per share from continuing operations	$	0.11			$	0.01			$	(0.03	)		$	0.09
Basic income per share from discontinued operations	$	-			$	-			$	-			$	-
Basic income (loss) per share	$	0.11			$	0.01			$	(0.03	)		$	0.09
Diluted income (loss) per share from continuing operations	$	0.10			$	0.01			$	(0.03	)		$	0.08
Diluted income per share from discontinued operations	$	-			$	-			$	-			$	-
Diluted income (loss) per share	$	0.10			$	0.01			$	(0.03	)		$	0.08

	For The Nine Months Ended September 30, 2026
	Cannabis				Other				Corporate				Total
Sales	$	158,267			$	22,851			$	—			$	181,118
Cost of sales		(83,539	)			(17,295	)			—				(100,834	)
Selling, general and administrative expenses		(45,180	)			(1,979	)			(3,736	)			(50,895	)
Other expense, net		(696	)			(388	)			(333	)			(1,417	)
Income (loss) before taxes and equity method investment income		28,852				3,189				(4,069	)			27,972
Provision for income taxes		(7,795	)			(312	)			—				(8,107	)
Equity method investment income, net of tax		—				—				—				—
Income (loss) from continuing operations		21,057				2,877				(4,069	)			19,865
Less: net loss attributable to non-controlling interests, net of tax		165				—				—				165
Net income (loss)	$	21,222			$	2,877			$	(4,069	)		$	20,030
Adjusted EBITDA from continuing operations (1)	$	40,218			$	6,192			$	(2,868	)		$	43,542
Basic income (loss) per share from continuing operations	$	0.18			$	0.02			$	(0.03	)		$	0.17
Basic income per share from discontinued operations	$	-			$	-			$	-			$	-
Basic income (loss) per share	$	0.18			$	0.02			$	(0.03	)		$	0.17
Diluted income (loss) per share from continuing operations	$	0.17			$	0.02			$	(0.03	)		$	0.16
Diluted income per share from discontinued operations	$	-			$	-			$	-			$	-
Diluted income (loss) per share	$	0.17			$	0.02			$	(0.03	)		$	0.16

	For The Nine Months Ended September 30, 2025
	Cannabis				Other				Corporate				Total
Sales	$	143,576			$	22,744			$	—			$	166,320
Cost of sales		(77,364	)			(20,496	)			—				(97,860	)
Selling, general and administrative expenses		(35,609	)			(1,825	)			(8,195	)			(45,629	)
Other expense (income), net		(1,084	)			3,478				1,627				4,021
Income (loss) before taxes and equity method investment income		29,519				3,901				(6,568	)			26,852
Provision for income taxes		(7,891	)			(312	)			—				(8,203	)
Equity method investment income, net of tax		—				—				—				—
Income (loss) from continuing operations		21,628				3,589				(6,568	)			18,649
Income from discontinued operations net of tax		—				11,015				—				11,015
Income (loss) including non-controlling interests		21,628				14,604				(6,568	)			29,664
Less: net loss attributable to non-controlling interests, net of tax		347				—				—				347
Net income (loss)	$	21,975			$	14,604			$	(6,568	)		$	30,011
Adjusted EBITDA from continuing operations (1)	$	40,255			$	8,188			$	(7,197	)		$	41,246
Basic (loss) income per share from continuing operations	$	0.20			$	0.03			$	(0.06	)		$	0.17
Basic loss per share from discontinued operations	$	-			$	0.10			$	-			$	0.10
Basic (loss) income per share	$	0.20			$	0.13			$	(0.06	)		$	0.27
Diluted (loss) income per share from continuing operations	$	0.19			$	0.03			$	(0.06	)		$	0.16
Diluted loss per share from discontinued operations	$	-			$	0.10			$	-			$	0.10
Diluted (loss) income per share	$	0.19			$	0.13			$	(0.06	)		$	0.26

(1)Adjusted EBITDA from continuing operations is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA from continuing operations presented for these segments may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA from continuing operations is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect the underlying business performance of the Company. For a reconciliation of Adjusted EBITDA from continuing operations to net income (the most comparable measure under GAAP), see “Reconciliation of Adjusted EBITDA from Continuing Operations to Net Income (Loss)” below.

Reconciliation of Adjusted EBITDA from Continuing Operations to Net Income (Loss)

The following tables reflect a reconciliation of Adjusted EBITDA from continuing operations to net income (loss) from continuing operations, as presented by the Company:

	For The Three Months Ended September 30, 2026
(in thousands of U.S. dollars)	Cannabis				Other				Corporate				Total
Net income (loss) from continuing operations	$	7,814			$	2,282			$	(153	)		$	9,943
Add:
Amortization and depreciation		3,753				779				19				4,551
Foreign currency exchange (gain) loss		40				(32	)			185				193
Interest expense (income), net		(36	)			227				(263	)			(72	)
Provision for income taxes		2,994				183				—				3,177
Share-based compensation		192				—				265				457
Deferred financing fees		66				—				—				66
Loss on disposal of assets		—				—				—				—
Adjustments attributable to non-controlling interest		(74	)			—				—				(74	)
Adjusted EBITDA from continuing operations (1)		14,749				3,439				53				18,241

	For The Three Months Ended September 30, 2025
(in thousands of U.S. dollars)	Cannabis				Other				Corporate				Total
Net income (loss) from continuing operations	$	12,352			$	1,523			$	(3,059	)		$	10,816
Add:
Amortization and depreciation		3,324				813				25				4,162
Foreign currency exchange loss (gain)		19				(12	)			217				224
Interest expense (income), net		192				345				(251	)			286
Provision for (recovery of) income taxes		4,609				108				—				4,717
Share-based compensation		280				7				727				1,014
Deferred financing fee		32				—				—				32
Other impairments		(242	)			—				—				(242	)
Adjustments attributable to non-controlling interest		(323	)			—				—				(323	)
Adjusted EBITDA from continuing operations (1)		20,243				2,784				(2,341	)			20,686

	For The Nine Months Ended September 30, 2026
(in thousands of U.S. dollars)	Cannabis				Other				Corporate				Total
Net income (loss) from continuing operations	$	21,057			$	2,877			$	(4,069	)		$	19,865
Add:		—				—				—				—
Amortization and depreciation		10,738				2,333				62				13,133
Foreign currency exchange gain		55				91				984				1,130
Interest expense (income), net		18				610				(651	)			(23	)
Provision for income taxes		7,795				312				—				8,107
Share-based compensation		320				—				806				1,126
Deferred financing fees		205				—				—				205
Loss (gain) on disposal of assets		118				(31	)			—				87
Adjustments attributable to non-controlling interest		(88	)			—				—				(88	)
Adjusted EBITDA from continuing operations (1)		40,218				6,192				(2,868	)			43,542

	For The Nine Months Ended September 30, 2025
(in thousands of U.S. dollars)	Cannabis				Other				Corporate				Total
Net income (loss) from continuing operations	$	21,628			$	3,589			$	(6,568	)		$	18,649
Add:
Amortization and depreciation		9,379				3,086				107				12,572
Foreign currency exchange (gain) loss		(116	)			(94	)			(1,327	)			(1,537	)
Interest expense (income), net		649				1,269				(300	)			1,618
Provision for income taxes		7,891				312				—				8,203
Share-based compensation		365				26				891				1,282
Deferred financing fees		79				—				—				79
Other impairments		217				—				—				217
Adjustments attributable to non-controlling interest		163				—				—				163
Adjusted EBITDA from continuing operations (1)		40,255				8,188				(7,197	)			41,246

(1)Adjusted EBITDA from continuing operations is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA from continuing operations presented for these segments may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA from continuing operations is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect the underlying business performance of the Company.

This press release is intended to be read in conjunction with the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2026, which will be filed with the Securities and Exchange Commission and will be available at www.sec.gov, and will also be filed in Canada on SEDAR+ (www.sedarplus.ca). In addition, quarterly financial reports can be found on the Village Farms website under Financial Reports (https://villagefarms.com/financial-reports/) within the Investors section.

Cautionary Statement Regarding Forward-Looking Information

As used in this Press Release, the terms “Village Farms”, “Village Farms International”, the “Company”, “we”, “us”, “our” and similar references refer to Village Farms International, Inc. and our consolidated subsidiaries, and the term “Common Shares” refers to our common shares, no par value. Our financial information is presented in U.S. dollars and all references in this Press Release to “$” means U.S. dollars and all references to “C$” means Canadian dollars.

This Press Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the safe harbor created by those sections. This Press Release also contains "forward-looking information" within the meaning of applicable Canadian securities laws. We refer to such forward-looking statements and forward-looking information collectively as "forward-looking statements". Forward-looking statements may relate to the Company's future outlook or financial position and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, expansion plans, litigation, projected production, projected costs, capital expenditures, financial results, tariffs, taxes, plans and objectives of or involving the Company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Company, the greenhouse vegetable or produce industry, the cannabis industry and market and our energy segment are forward-looking statements. In some cases, forward-looking information can be identified by such terms as "can", "outlook", "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "try", "estimate", "predict", "potential", "continue", "likely", "schedule", "objectives", “position” or the negative or grammatical variation thereof or other similar expressions concerning matters that are not historical facts. The forward-looking statements in this Press Release are subject to risks that may include, but are not limited to: our limited operating history in the cannabis and cannabinoids industry, including that of Pure Sunfarms, Corp. (“Pure Sunfarms”), Rose LifeScience Inc. (“Rose” or “Rose LifeScience”), Balanced Health Botanicals, LLC (“Balanced Health”), and Village Farms International B.V. (“VF International”); the limited operational history of the Delta RNG Project in our energy segment and VF International; the legal status of the cannabis business of Pure Sunfarms, Rose and VF International and the hemp business of Balanced Health and uncertainty regarding the legality and regulatory status of cannabis and cannabinoid (CBD) products in the United States; risks relating to the implementation and enforcement of the Continuing Appropriations, Agriculture, Legislative Branch, Military Construction and Veterans Affairs, and Extension Act, 2026 which may materially and adversely affect our CBD business in the United States; risks relating to the operation of our collaboration with Verdexa Holdings; risks relating to obtaining additional financing on acceptable terms, including our dependence upon credit facilities and dilutive transactions; potential difficulties in achieving and/or maintaining profitability; variability of product pricing; risks inherent in the cannabis, hemp, CBD, cannabinoids, and agricultural businesses; our market position and competitive position; our ability to leverage current business relationships for future business involving hemp and cannabinoids; the ability of Pure Sunfarms and Rose to cultivate and distribute cannabis in Canada as well as exports; risks related to the start-up of international production at our Netherlands operations under VF International; existing and new governmental regulations, including risks related to regulatory compliance and regarding obtaining and maintaining licenses required under the Cannabis Act (Canada), the Criminal Code and other Acts, S.C. 2018, C. 16 (Canada) for our Canadian operational facilities, and changes in our regulatory requirements; legal and operational risks relating to expected conversion of our greenhouses to cannabis production in Canada and in the United States; risks related to rules and regulations at the U.S. Federal (Food and Drug Administration and United States Department of Agriculture), state and municipal levels with respect to produce and hemp, cannabidiol-based products commercialization; retail consolidation, technological advances and other forms of competition; transportation disruptions; product liability and other potential litigation; retention of key executives; labor issues; uninsured and underinsured losses; vulnerability to rising energy costs; inflationary effects on costs of cultivation and transportation; recessionary effects on demand of our products; environmental, health and safety risks, foreign exchange exposure, risks associated with cross-border trade and the potential for tariffs and other trade restrictions; difficulties in managing our growth; restrictive covenants under our credit facilities; natural catastrophes; elevated interest rates; and tax risks.

The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Although the forward-looking statements contained in this Press Release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company's control, which may cause the Company's or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors contained in the Company's filings with securities regulators, including this Press Release and the Company’s most recently filed annual report on Form 10-K and quarterly report on Form 10-Q.

When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, performance, achievements, prospects and opportunities. The forward-looking statements made in this Press Release relate only to events or information as of the date on which the statements are made in this Press Release. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Village Farms International, Inc.

Condensed Consolidated Statements of Financial Position

(In thousands of United States dollars, except share data)

(Unaudited)

		September 30, 2026				December 31, 2025
ASSETS
Current assets
Cash and cash equivalents		$	79,289			$	81,189
Restricted cash			624				5,063
Trade receivables, net			41,613				23,151
Inventories, net			46,423				41,519
Other receivables			1,190				324
Prepaid expenses and deposits			6,952				3,191
Total current assets			176,091				154,437
Non-current assets
Property, plant and equipment, net			188,542				185,712
Investments			6,276				6,276
Goodwill			42,823				44,365
Intangibles, net			20,237				23,647
Deferred tax asset			389				694
Right-of-use assets			5,126				4,066
Other assets			1,872				3,899
Total assets		$	441,356			$	423,096
LIABILITIES
Current liabilities
Trade payables		$	12,514			$	15,747
Current maturities of long-term debt			5,253				4,885
Accrued sales taxes			11,574				8,695
Accrued liabilities			17,174				13,960
Lease liabilities - current			1,216				1,198
Income tax payable			579				12,151
Other current liabilities			6,569				1,950
Total current liabilities			54,879				58,586
Non-current liabilities
Long-term debt			33,427				28,769
Deferred tax liability			17,146				18,494
Lease liabilities - non-current			4,744				3,855
Other non-current liabilities			1,946				3,330
Total liabilities			112,142				113,034
MEZZANINE EQUITY
Redeemable non-controlling interest			6,408				10,164
SHAREHOLDERS’ EQUITY
Common shares, no par value per share - unlimited shares authorized; 122,319,352 shares issued and outstanding at September 30, 2026 and 115,722,312 common shares issued and outstanding at December 31, 2025.			407,055				392,380
Additional paid in capital			25,308				29,374
Accumulated other comprehensive loss			(17,012	)			(9,281	)
Retained earnings			(92,545	)			(112,575	)
Total shareholders’ equity			322,806				299,898
Total liabilities, mezzanine equity and shareholders’ equity		$	441,356			$	423,096

Village Farms International, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands of United States dollars, except per share data)

(Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Sales		$	66,903			$	66,741			$	181,118			$	166,320
Cost of sales			(37,578	)			(34,803	)			(100,834	)			(97,860	)
Gross profit			29,325				31,938				80,284				68,460
Selling, general and administrative expenses			(16,142	)			(15,599	)			(50,895	)			(45,629	)
Interest expense			(443	)			(646	)			(1,443	)			(2,162	)
Interest income			515				360				1,466				544
Foreign exchange (loss) gain			(281	)			(238	)			(1,426	)			1,470
Other income (loss)			146				(282	)			(14	)			4,169
Income before taxes and equity method investment income			13,120				15,533				27,972				26,852
Provision for income taxes			(3,177	)			(4,717	)			(8,107	)			(8,203	)
Equity method investment income, net of tax			—				—				—				—
Income from continuing operations			9,943				10,816				19,865				18,649
(Loss) income from discontinued operations, net of tax			—				(276	)			—				11,015
Income including non-controlling interests			9,943				10,540				19,865				29,664
Less: net (income) loss attributable to non-controlling interests, net of tax			25				(323	)			165				347
Net income attributable to Village Farms International, Inc. shareholders		$	9,968			$	10,217			$	20,030			$	30,011
Basic income per share attributable to Village Farms International, Inc. shareholders from:
Continuing operations		$	0.08			$	0.09			$	0.17			$	0.17
Discontinued operations			-				-				-				0.10
Basic income per share attributable to Village Farms International, Inc. shareholders		$	0.08			$	0.09			$	0.17			$	0.27
Diluted income per share attributable to Village Farms International, Inc. shareholders from:
Continuing operations		$	0.08			$	0.08			$	0.16			$	0.16
Discontinued operations			-				-				-				0.10
Diluted income per share attributable to Village Farms International, Inc. shareholders		$	0.08			$	0.08			$	0.16			$	0.26
Weighted average number of common shares used    in the computation of net income (loss) per share (in thousands):
Basic			122,265				113,039				117,929				112,577
Diluted			130,618				120,565				127,455				115,292
Income including non-controlling interests		$	9,943			$	10,540			$	19,865			$	29,664
Other comprehensive income (loss):
Foreign currency translation adjustment			222				(3,920	)			(7,974	)			6,915
Comprehensive income including non-controlling interests			10,165				6,620				11,891				36,579
Comprehensive loss (income) attributable to non-controlling interests			(11	)			(140	)			407				(40	)
Comprehensive income attributable to Village Farms International, Inc. shareholders		$	10,154			$	6,480			$	12,298			$	36,539

Village Farms International, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands of United States dollars)

(Unaudited)

		Nine Months Ended September 30,
		2026				2025
Cash flows provided by operating activities:
Income from continuing operations including non-controlling interests		$	19,865			$	18,649
Adjustments to reconcile income from continuing operations including non-controlling interests to net cash provided by operating activities of continuing operations:
Depreciation and amortization			13,133				12,572
Amortization of deferred charges			205				79
Interest expense			1,443				2,162
Interest paid on long-term debt			(1,622	)			(2,215	)
Unrealized foreign exchange loss (gain)			341				(56	)
Loss on disposal of assets			87				—
Non-cash lease expense			754				740
Share-based compensation			1,126				1,282
Deferred income taxes			(485	)			(133	)
Changes in non-cash working capital items			(33,252	)			13,630
Net cash provided by operating activities from continuing operations			1,595				46,710
Cash flows used in investing activities:
Purchases of property, plant and equipment			(17,315	)			(7,117	)
Net cash used in investing activities from continuing operations			(17,315	)			(7,117	)
Cash flows provided by (used in) financing activities:
Proceeds from issuance of common shares			15,000				—
Issuance costs			(958	)			—
Proceeds from borrowings			9,389				—
Repayments on borrowings			(3,744	)			(6,612	)
Share repurchases			(6,787	)			—
Acquisition of redeemable non-controlling interest			(1,280	)			—
Proceeds from exercise of warrants and options			633				3,544
Other financing activities			(701	)			(543	)
Net cash provided by (used in) financing activities from continuing operations			11,552				(3,611	)
Discontinued Operations
Net cash (used in) provided by operating activities from discontinued operations			—				(5,865	)
Net cash (used in) provided by investing activities from discontinued operations			—				38,710
Net cash (used in) provided by financing activities from discontinued operations			—				(4,000	)
Net cash flows provided by discontinued operations			—				28,845
Effect of exchange rate changes on cash and cash equivalents			(2,171	)			(1,897	)
Net (decrease) increase in cash, cash equivalents and restricted cash			(6,339	)			62,930
Cash, cash equivalents and restricted cash, beginning of period			86,252				24,631
Cash, cash equivalents and restricted cash, end of period		$	79,913			$	87,561

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