Mr. Andrew Barnes reports

COHO COLLECTIVE KITCHENS INC. REPORTS RECORD Q3 2024 RESULTS

Coho Collective Kitchens Inc. has filed its unaudited third quarter 2024 financial results, the highlights of which are included in this news release. The unaudited condensed consolidated interim financial statements, and management discussion and analysis (MD&A) for the three and nine months ended Dec. 31, 2023, can be viewed by visiting the company's website or its profile on SEDAR+.

Financial Highlights for the Quarter Ending December 31, 2023

Revenue: The Company reported total revenue of $4,130,173 in Q3 2024, compared to $723,703 in the same period last year, representing a 471% increase. This increase was driven by: (i) strong retail revenue of $3,427,396, up 1205% year over year, largely generated from the Company's recently acquired subsidiary, Purebread, and (ii) strong rental revenue of $702,777, up 52% year-over-year, generated from the Company's existing and newly opened shared kitchen facilities during fiscal year 2024.

Gross profit: The Company reported gross profit of $3,246,030 in Q3 2024, compared to $638,696 in the same period last year, representing a 408% increase. The increase in gross profit was driven by the significant increase in revenue.

Adjusted EBITDA(1) (non-IFRS measure): The Company reported adjusted EBITDA of $68,384 in Q3 2024, compared to $(574,034) in the same period last year, representing a $642,418 year over year improvement. The increase in adjusted EBITDA was attributed to: (i) the contribution of consistently strong profits from Purebread's operations, (ii) revenue growth from the Company's new and existing shared kitchen facilities, and (iii) the Company's continuing focus to streamline administrative functions and reduce operating expenses.

Management Commentary

"Today is a significant day for Coho Collective Kitchens as we share our strong Q3 financial results," said Andrew Barnes, Chief Executive Officer. "This quarter, we saw remarkable growth in our operations and the success of our Purebread acquisition, which exceeded our expectations. Our ability to become profitable during rapid growth highlights our commitment to managing costs effectively and working well with our partners. We've shown that it's possible to grow sustainably while improving our bottom line. Looking ahead, we're focused on continuing our growth and delivering value to our stakeholders."

Subsequent to Quarter End

• As announced on February 7, 2024, Purebread posted record holiday sales (retail & digital) for the month of December.
• As announced on February 9, 2024, Coho announced the addition of two new board members, Electronic Arts CTO, Marija Radulovic-Nastic and Former Freshii CEO, Dan Haroun.
• As announced on February 21, 2024, Coho announced partnership with Entegra, the Largest Food Group Purchasing Organization in the World to help manage costs and improve supply chain management.

Operating Highlights for the Quarter

Combined Business

Progressed the integration of Purebread into the combined business, achieving significant reorganization and cost optimization. Both divisions now utilize shared services, contributing to top-line growth.

Purebread

The newest Purebread location (opened at YVR) is meeting expectations and has become profitable within its first quarter of operation.

Investments are being made in sales-driving initiatives, including enhancements to the culinary team, marketing, and catering, to sustain momentum.

Purebread is aggressively pursuing expansion through low-capital, turnkey real estate opportunities that indicate strong financial returns.

Coho Commissaries

Coho has entered a partnership with Sodexo for facility management, aiming to improve operational efficiency and the customer experience by leveraging Sodexo's comprehensive expertise.

Coho Collective (excluding Purebread) has significantly reduced its workforce as part of a strategic realignment. This reduction is essential for building a more agile and efficient organization, better suited to respond to market changes quickly.

Coho has formed a strategic partnership with Happy Belly Food Group (TSXV: HBFG), aiming to capitalize on mutual strengths and explore new growth opportunities.

Certain information provided in this news release is extracted from the unaudited Condensed Consolidated Interim Financial Statements and MD&A of the Company for the three and nine months ended December 31, 2023, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the unaudited Condensed Consolidated Interim Financial Statements and MD&A that an investor can properly analyze this information.

About Coho

Coho Commissary and Purebread Bakery jointly enhance the food industry, combining Coho's leadership in shared-kitchen spaces with Purebread's retail cafe and bakery expertise. This partnership not only expands their business reach but also enriches community experiences by fostering culinary innovation and delivering artisanal delights. Together, they exemplify a dynamic model of entrepreneurial support and consumer satisfaction, marking a significant impact on the food sector.

We seek Safe Harbor.