InterCure Announces Preliminary Estimated 2023 Revenue of NIS 351 million and EBITDA of over NIS 50 million

InterCure Ltd. (NASDAQ: INCR) (TASE: INCR) ("InterCure" or the “Company”) today announced preliminary results for the full year of 2023. All amounts are expressed in New Israeli Shekels (NIS), unless otherwise noted.

Preliminary full year 2023 Financial Highlights and Milestones

• Annual revenue for 2023 is estimated at NIS 351 million, and revenue for the H2 2023 is estimated at NIS 140 million. EBITDA for 2023 is estimated at over NIS 50 Million, and H2 2023’s EBITDA is estimated to reach over NIS 20 million and over 14% of revenues.
• Both Q3&Q4 2023 represents the fourteenth & fifteenth consecutive quarter of profitability for InterCure, with both Q3&Q4 showing a positive EBITDA and profit from operations.
• Expects to resume sequential quarterly growth during 2024.
• Expanded the Company's branded products portfolio, launching more than 40 new GMP SKUs during 2023.
• Expanding the Company's partnership strategy, through an exclusive partnership agreement with premier cannabis brand TYSON 2.0 in Israel, Australia, United Kingdom, Germany, and other EU Countries
• Since October 7, 2023, war situation was declared by the Israeli government. As of this date, there is limited access to the Southern Israel Site, and parts of the site are being used by the Israel Defense Forces (the “IDF”), including, among others, the IDF’s medical corps.
• The Company is entitled to full compensation from the Israeli Governmental authorities for all direct and indirect damages suffered, as stated in the Company’s press releases issued on October 17, 2023 and February 13, 2024. To date, InterCure has already received tens of millions of shekels as partial advanced payments from the Israeli authorities.
• The Company has begun the process of restoring the Southern Israel Site. Intercure’s management and its consoles are working diligently with the Israeli authorities to obtain full compensation for all the direct and indirect damages caused by the terrorist attack and the war in Gaza.
• Continued execution of the Company's global expansion plan. As recently announced, the Company plans to launch its first products in Germany in the coming months, following the groundbreaking cannabis reform passed.
• Continued expansion of the Company's dedicated medical cannabis pharmacy chain to a of total 24 active locations as of the end of March 2024. as of October 2023, the Company holds 100% of Cannolam LTD including the full rights to Cookies international agreements, alongside Israel’s largest chain of dedicated medical cannabis pharmacies, Givol.

The Company plans to file its annual report on form 20F, which will include its full financial results for the year ended December 31, 2023 by the end of April, 2024.