EXHIBIT 99.2

SNDL Inc.

Management’s Discussion and Analysis

For the three and nine months ended September 30, 2026

Management’s Discussion and Analysis

This Management’s Discussion and Analysis (“MD&A”) of the financial condition and performance of SNDL Inc. (“SNDL” or the “Company”) for the three and nine months ended September 30, 2026 is dated October 26, 2026. This MD&A should be read in conjunction with the Company’s condensed consolidated interim financial statements and the notes thereto for the three and nine months ended September 30, 2026 (the “Interim Financial Statements”) and the audited consolidated financial statements and notes thereto for the year ended December 31, 2025 (the “Audited Financial Statements”) and the risks identified in the Company’s Annual Information Form for the year ended December 31, 2025 (the “AIF”) and elsewhere in this MD&A. This MD&A has been prepared in accordance with National Instrument 51-102 - Continuous Disclosure Obligations and is presented in thousands of Canadian dollars, except where otherwise indicated.

MD&A – Table of Contents

COMPANY OVERVIEW

SNDL operates under four reportable segments:

The principal activities of the Company are: (i) the retailing of wines, beers and spirits under the Wine and Beyond, Ace Liquor and Liquor Depot retail banners; (ii) the operation and support of corporate-owned, controlled and franchised retail cannabis stores in certain Canadian jurisdictions where the private sale of adult-use cannabis is permitted, under the Value Buds and Spiritleaf retail banners; (iii) the manufacturing of cannabis products providing proprietary cannabis processing services, the production, distribution and sale of cannabis in Canada and for export pursuant to the Cannabis Act (Canada) (the “Cannabis Act”) through an owned and licensed cannabis brand portfolio that includes Top Leaf, Contraband, Palmetto, Bon Jak, La Plogue, Versus, Grasslands, Pearls by Grön, No Future and Bhang Chocolate; and (iv) the provision of financial services through the deployment of capital to direct and indirect investments and partnerships throughout the cannabis industry. The Cannabis Act regulates the production, distribution, and possession of cannabis for both medical and adult-use access in Canada.

The Company produces and markets cannabis products for the Canadian adult-use market and for the international medicinal market. SNDL’s operations cultivate cannabis using approximately 380,000 square feet of total space in Atholville, New Brunswick. SNDL’s extraction and manufacturing operations include approximately 74,100 square feet of total space in British Columbia and approximately 65,500 square feet of total space in Ontario.

SNDL and its subsidiaries operate solely in Canada. Through its joint venture, SunStream Bancorp Inc. (“SunStream”), the Company provides growth capital that pursues indirect investment and financial services opportunities in the cannabis sector, as well as other investment opportunities. The current investment portfolio of SunStream is comprised of secured debt, hybrid debt, derivative instruments and convertible equity instruments issued by United States (“U.S.”) based cannabis businesses. The Company also makes strategic portfolio investments in debt and equity securities.

SNDL was incorporated under the Business Corporations Act (Alberta) (the “ABCA”) on August 19, 2006. The Company’s common shares are listed under the symbol “SNDL” on the Nasdaq Capital Market (the “Nasdaq”) and the Canadian Securities Exchange (the “CSE”).

SNDL is headquartered in Edmonton, Alberta, with operations in Kelowna, British Columbia, Bolton, Ontario, London, Ontario, Toronto, Ontario and Atholville, New Brunswick, and corporate-owned, controlled and franchised retail liquor and cannabis stores in five provinces across Canada.

SNDL’s overall strategy is to build sustainable, long-term shareholder value by improving liquidity and cost of capital while optimizing the capacity and capabilities of its production facilities in the creation of a consumer-centric brand and product portfolio. SNDL’s retail operations will continue to build a Canadian retail liquor brand and a network of retail cannabis stores across Canadian jurisdictions where the private distribution of cannabis is legal. SNDL’s investment operations seek to deploy capital through direct and indirect investments and partnerships throughout the cannabis industry.

RECENT DEVELOPMENTS

Successful completion of eu-gmp audit at atholville facility

On August 4, 2026, the Company announced the successful completion of a European Union Good Manufacturing Practice (“EU-GMP”) audit at its Atholville, New Brunswick cultivation facility.

The successful audit reinforces SNDL’s ability to participate in regulated international medical cannabis markets and reflects the Company’s continued focus on quality, operational excellence and regulatory compliance. EU-GMP compliance is an important standard for supplying medical cannabis products into many international jurisdictions. The Company has not yet received the EU-GMP certification for its Atholville facility, but anticipates receiving it within 90 days following August 4, 2026.

The successful audit follows continued investments in cultivation performance, facility reliability, quality systems, and process improvement at its Atholville facility. The facility’s scale, cost structure, and ability to support international demand remain key strengths within SNDL’s cultivation platform.

Restructuring of parallel

On July 27, 2026, the restructuring of Surterra Holdings, Inc. and certain of its affiliates (collectively, “Parallel”) was completed. As the principal asset within the SunStream investment portfolio, Parallel represents a significant step forward for SNDL, which gained indirect majority economic exposure through the restructuring transaction. Parallel currently operates 56 retail locations, three cultivation facilities and a manufacturing facility. Subject to applicable legal, regulatory, accounting, and Nasdaq requirements, SNDL expects to assume direct control of Parallel’s medical cannabis operations in Florida, Texas, and Massachusetts in the coming months. This milestone has the potential to make SNDL the first Nasdaq-listed company to consolidate U.S. medical cannabis operations and establish the Company as a leading vertically integrated cannabis operator in North America.

Rise Rewards Loyalty Program

On April 22, 2025, the Company announced the launch of its Rise Rewards loyalty program (“Rise Rewards”), designed to help Value Buds customers save more, earn more, and get even more from every visit. Rise Rewards is available at all Value Buds locations in Alberta, Ontario, Saskatchewan, and Manitoba. Customers can earn points with every visit and by participating in the Company’s recycling initiative, reinforcing Value Buds’ commitment to affordability, sustainability, and customer appreciation. By leveraging insights from Rise Rewards, the Company aims to optimize Value Buds’ pricing strategies and marketing efforts to provide superior customer experiences.

On March 10, 2026, the Company launched Rise Rewards at all Ace Liquor and Liquor Depot locations in Alberta, and on July 27, 2026, launched Rise Rewards at all Wine and Beyond locations in Alberta and Saskatchewan.

OTHER DEVELOPMENTS

U.S. justice department Reclassifies state-licensed and fda-approved marijuana products

On April 23, 2026, the U.S. Justice Department and the U.S. Drug Enforcement Administration announced the issuance of an order immediately placing both Food and Drug Administration-approved products containing marijuana and marijuana products regulated by a state medical marijuana license in Schedule III of the U.S. Controlled Substances Act, as well as the initiation of an expedited administrative hearing process to consider the broader rescheduling of marijuana from Schedule I to Schedule III. The administrative hearing process commenced on June 29, 2026 and concluded on July 15, 2026. The broader rescheduling proposal remains subject to the ongoing administrative rulemaking process, including the release of the decision from the hearing, and the timing and outcome remain uncertain.

U.S. TARIFFS

Since early 2025, the U.S. administration has imposed tariffs on imports from certain countries, including Canada, and the Canadian government has responded with its own tariffs on certain U.S. imports. U.S. trade tensions escalated during the third quarter of 2026. On July 1, 2026, the U.S. declined to extend the Canada-United States-Mexico Agreement (“CUSMA”)

at its first joint review; CUSMA remains in force but is now subject to annual reviews. Effective August 22, 2026, the U.S. imposed a 50% tariff on certain Canadian-origin beverage alcohol products, without an exemption for CUSMA-compliant goods. The government of Canada subsequently suspended trade negotiations with the U.S. and, effective September 8, 2026, imposed counter-tariffs on approximately $27.6 billion of U.S.-origin goods. Effective September 29, 2026, the U.S. also prohibited the import of most Canadian alcoholic beverages and certain other Canadian products. Whether and when negotiations will resume, and the terms of any resulting agreement, are unknown. These measures, and the risk of further tariffs and retaliatory actions, have created uncertainty, which has permeated the economic and investment outlook, impacting current economic conditions, including such issues as the inflation rate and the global supply chain. Aside from the impact on the global economy, these tariffs may continue to impact SNDL.

In response to tariffs imposed by the U.S., several Canadian provinces removed U.S. alcohol from store shelves and restaurant, bar and retailer fulfillment catalogues. While some provinces, including Alberta, have lifted their ban on U.S. liquor imports, or returned certain U.S. products to their shelves, other provinces continue to restrict the sale or purchase of U.S. alcohol.

SNDL is continuing to monitor the evolving situation and the impacts and potential consequences on its financial position. The Company did not experience a significant impact to its financial performance during the nine months ended September 30, 2026.

acquisition of cost cannabis and t cannabis locations from 1cm

On April 9, 2025, the Company announced that it had entered into an arrangement agreement (the “1CM Agreement”) with 1CM Inc. (“1CM”) pursuant to which it would acquire 32 cannabis retail stores (the “1CM Transaction”) operating under the Cost Cannabis and T Cannabis banners in Ontario, Alberta and Saskatchewan (the “1CM Stores”).

Under the terms of the 1CM Agreement, the Company would acquire, with the option to assign, the 1CM Stores for total consideration of $32.2 million cash, subject to certain adjustments at the closing of the 1CM Transaction. The 1CM Stores are comprised of 2 stores in Alberta, 3 stores in Saskatchewan and 27 stores located in Ontario.

The 1CM Transaction was to be completed by way of an arrangement under the Business Corporations Act (Ontario). On June 16, 2025, 1CM announced the approval of the 1CM Transaction by 1CM shareholders. On June 18, 2025, 1CM announced that the Ontario Superior Court of Justice (Commercial List) approved the plan of arrangement involving SNDL.

On December 15, 2025, the Company announced that it had entered into an amended and restated arrangement agreement (the “1CM A&R Agreement”). Under the 1CM A&R Agreement, the parties agreed to, among other things, complete the 1CM Transaction in two stages to align with the status of required provincial regulatory approvals. The aggregate purchase price for the 1CM Transaction had not been amended.

On January 7, 2026, the first closing (“First Closing”) was completed and involved the purchase of 5 cannabis retail stores located in Alberta and Saskatchewan. The purchase price for the First Closing was $5.0 million cash, subject to certain adjustments at the time of the First Closing. Pursuant to the 1CM A&R Agreement, in December 2025, the Company had previously paid a $2.0 million non-refundable cash deposit towards the purchase price in respect of the First Closing.

The second closing (“Second Closing”) was expected to occur in the first half of 2026 for the purchase of the remaining 27 cannabis retail stores, each of which are located in Ontario. The 1CM Transaction had an outside date that was extended from December 31, 2025 to May 31, 2026. On May 27, 2026, the Company announced that the Second Closing was not expected to proceed following a prolonged regulatory review process that extended beyond commercially reasonable timelines contemplated by the parties. The Company paid a $0.26 million termination fee that was deducted from the previously paid $1.0 million deposit meant to be applied towards the purchase price in respect of the Second Closing, and the remaining $0.74 million was returned to the Company.

The 1CM Transaction is expected to strengthen the Company’s overall financial condition as the addition of the 1CM Stores will broaden the Company’s exposure in key Canadian markets. The Company’s financial performance and cash flows are projected to improve based on current 1CM store level operating results.

share repurchase program

On November 3, 2025, the Company announced that the board of directors of the Company (the “Board”) approved a renewal of the share repurchase program upon its expiry on November 20, 2025. On November 21, 2025, the Company announced that it had received approval from the CSE for the renewal of its share repurchase program. The share

repurchase program authorizes the Company to repurchase up to $100 million of its outstanding common shares from time to time through open market purchases at prevailing market prices. SNDL may purchase up to a maximum of approximately 24.5 million common shares under the share repurchase program, representing approximately 10% of the issued and outstanding common shares as at the date of announcement, and will expire on November 20, 2026. The share repurchase program does not require the Company to purchase any minimum number of common shares and repurchases may be suspended or terminated at any time at the Company’s discretion. The actual number of common shares which may be purchased pursuant to the share repurchase program and the timing of any purchases will be determined by SNDL’s management and the Board. All common shares purchased pursuant to the share repurchase program will be returned to treasury for cancellation.

Upon the expiry of the share repurchase program on November 20, 2026, the Company intends to renew the program. In addition, the Board has directed management to pursue a possible substantial issuer bid (“SIB”) in the near future as a way to increase value to shareholders. Any formal launch of a SIB is subject to applicable exchange and cross-border regulatory approvals, and in accordance with applicable laws, would not operate concurrently with the Company’s repurchase program.

For the three months ended September 30, 2026, the Company purchased and cancelled 5.4 million common shares at a weighted average price, excluding commissions, of $1.83 (US$1.31) per common share for a total cost of $10.0 million including commissions.

For the nine months ended September 30, 2026, the Company purchased and cancelled 21.6 million common shares at a weighted average price, excluding commissions, of $1.97 (US$1.42) per common share for a total cost of $43.1 million including commissions.

Refer to “Liquidity and Capital Resources – Equity” below for further details regarding common shares purchased and cancelled.

FINANCIAL HIGHLIGHTS

The following table summarizes selected financial information of the Company for the periods noted.

CONSOLIDATED RESULTS

General and administrative

General and administrative expenses for the three months ended September 30, 2026 were $43.3 million compared to $46.0 million for the three months ended September 30, 2025. The decrease of $2.7 million was mainly due to decreases in salaries and wages and office and general expenses, partially offset by an increase in other expenses. The decrease in salaries and wages was due to continued optimization of corporate overheads. Office and general expenses decreased due to the timing of investor relations costs, lower licence fees and less spending on repairs and maintenance and utilities. The increase in other expenses was mainly due to an increase in expected credit losses.

General and administrative expenses for the nine months ended September 30, 2026 were $132.7 million compared to $137.7 million for the nine months ended September 30, 2025. The decrease of $5.0 million was mainly due to decreases in salaries and wages and office and general expenses, partially offset by increases in professional fees and other expenses. The decrease in salaries and wages was due to continued optimization of corporate overheads, partially offset by severance costs recognized in the current period. Office and general expenses decreased due to the timing of investor relations costs and less spending on office supplies and repairs and maintenance. The increase in professional fees was due to higher legal and accounting expenses. The increase in other expenses was mainly due to an increase in expected credit losses.

Share-based compensation

Share-based compensation expense includes the expense related to the Company’s issuance of restricted share units (“RSUs”) and deferred share units (“DSUs”) to employees, directors, and others at the discretion of the Board. DSUs are accounted for as a liability instrument and measured at fair value based on the market value of the Company’s common shares at each period end.

Share-based compensation expense for the three months ended September 30, 2026 was $1.8 million compared to $10.9 million for the three months ended September 30, 2025. The decrease of $9.1 million was due to decreases in both RSU expense and DSU expense. The decrease in RSU expense was due to the vesting of RSUs granted in prior years and a decrease in the number and value of RSUs granted in the current year. The decrease in DSU expense was mainly caused by the change in the fair value of DSUs. The current period experienced a decrease in fair value resulting from a decrease

in share price, while the comparative period experienced an increase in fair value resulting from an increase in share price.

Share-based compensation expense for the nine months ended September 30, 2026 was $5.0 million compared to $15.2 million for the nine months ended September 30, 2025. The decrease of $10.2 million was due to decreases in both RSU expense and DSU expense. The decrease in RSU expense was due to the vesting of RSUs granted in prior years and a decrease in the number and value of RSUs granted in the current year. The decrease in DSU expense was mainly due to the change in the fair value of DSUs. The current period experienced a decrease in fair value resulting from a decrease in share price, while the comparative period experienced an increase in fair value resulting from an increase in share price.

Operating loss

Operating loss for the three months ended September 30, 2026 was $48.3 million compared to $11.1 million for the three months ended September 30, 2025. The increase in operating loss of $37.2 million was due to a decrease in gross profit ($6.3 million) and an increase in asset impairment ($50.3 million), partially offset by an increase in share of profit of equity-accounted investees ($7.1 million) and decreases in general and administrative expenses ($2.7 million) and share-based compensation expense ($9.1 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

Operating loss for the nine months ended September 30, 2026 was $65.3 million compared to $18.1 million for the nine months ended September 30, 2025. The increase in operating loss of $47.2 million was due to decreases in gross profit ($21.4 million) and investment income ($2.7 million) and an increase in asset impairment ($49.2 million), partially offset by an increase in share of profit of equity-accounted investees ($9.5 million) and decreases in general and administrative expenses ($5.0 million) and share-based compensation expense ($10.2 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

Net loss

Net loss for the three months ended September 30, 2026 was $50.8 million compared to $13.3 million for the three months ended September 30, 2025. The increase in net loss of $37.5 million was largely due to a decrease in gross profit ($6.3 million) and an increase in asset impairment ($50.3 million), partially offset by an increase in share of profit of equity-accounted investees ($7.1 million) and decreases in general and administrative expenses ($2.7 million) and share-based compensation expense ($9.1 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

Net loss for the nine months ended September 30, 2026 was $68.5 million compared to $25.1 million for the nine months ended September 30, 2025. The increase in net loss of $43.4 million was largely due to decreases in gross profit ($21.4 million) and investment income ($2.7 million) and an increase in asset impairment ($49.2 million), partially offset by an increase in share of profit of equity-accounted investees ($9.5 million) and decreases in general and administrative expenses ($5.0 million) and share-based compensation expense ($10.2 million) and an increase in income tax recovery ($3.2 million). The changes noted above are discussed in more detail throughout the relevant consolidated and segment results sections.

OPERATING SEGMENTS

The Company’s reportable segments are organized by business line and are comprised of four reportable segments: liquor retail, cannabis retail, cannabis operations, and investments.

Liquor retail includes the sale of wines, beers and spirits through wholly owned liquor stores. Cannabis retail includes the private sale of adult-use cannabis products and accessories through corporate-owned, controlled and franchised retail cannabis stores. Cannabis operations include the cultivation, distribution and sale of cannabis for the adult-use and medical markets domestically and for export, and providing proprietary cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods. Investments include the deployment of capital to investment opportunities. Certain overhead expenses not directly attributable to any operating segment are reported as “Corporate”.

In 2026, the Company began allocating applicable direct and indirect overhead costs, incorporating employee utilization and head count, from the corporate segment to each individual operating segment all categorized within general and administrative expenses. The Company has recast the comparative period to illustrate the impact of these allocations had they been done during the prior period.

The following tables present the effect of the adjustments made to operating income (loss) and adjusted operating income (loss) for the periods indicated.

LIQUOR RETAIL SEGMENT RESULTS

Operating income (loss)

Net revenue for the three months ended September 30, 2026 was $134.8 million compared to $139.4 million for the three months ended September 30, 2025. The decrease of $4.6 million was primarily due to lower customer traffic reflecting declining market trends, partially offset by pricing strategies.

Net revenue for the nine months ended September 30, 2026 was $373.6 million compared to $390.8 million for the nine months ended September 30, 2025. The decrease of $17.2 million was primarily due to lower customer traffic reflecting declining market trends, partially offset by pricing strategies.

Cost of sales for the three months ended September 30, 2026 was $98.4 million compared to $102.7 million for the three months ended September 30, 2025. The decrease of $4.3 million was due to an overall decrease in sales as noted above.

Cost of sales for the nine months ended September 30, 2026 was $276.7 million compared to $289.8 million for the nine months ended September 30, 2025. The decrease of $13.1 million was due to an overall decrease in sales as noted above.

Gross profit for the three months ended September 30, 2026 was $36.4 million (27.0%) compared to $36.7 million (26.3%) for the three months ended September 30, 2025. The decrease of $0.3 million was partly due to a reduction in net revenue and cost of sales noted above, in addition to pricing strategies.

Gross profit for the nine months ended September 30, 2026 was $96.8 million (25.9%) compared to $101.0 million (25.8%) for the nine months ended September 30, 2025. The decrease of $4.2 million was partly due to a reduction in net revenue and cost of sales noted above, in addition to pricing strategies.

The increase in sales and marketing expense of $0.7 million for the three and nine months ended September 30, 2026 were mainly caused by new store marketing expenses.

During the three months ended September 30, 2026, and the three months ended September 30, 2025, no impairments or impairment reversals were recorded.

During the nine months ended September 30, 2026, the Company recorded impairment reversals on retail property, plant and equipment of $0.2 million due to improved store level operating results. During the nine months ended September 30, 2025, no impairments or impairment reversals were recorded.

At October 26, 2026, the Ace Liquor store count was 130, the Liquor Depot store count was 19 and the Wine and Beyond store count was 16.

CANNABIS RETAIL SEGMENT RESULTS

Operating income (loss)

Net revenue for the three months ended September 30, 2026 was $85.6 million compared to $85.0 million for the three months ended September 30, 2025. The increase of $0.6 million is mainly attributable to an increase in proprietary licensing revenue, partially offset by decreases in retail sales and a minor decrease in franchise revenue.

Net revenue for the nine months ended September 30, 2026 was $246.2 million compared to $247.0 million for the nine months ended September 30, 2025. The decrease of $0.8 million is mainly attributable to decreases in retail sales and franchise revenue, partially offset by an increase in proprietary licensing revenue.

Cost of sales for the three months ended September 30, 2026 was $62.5 million compared to $62.6 million for the three months ended September 30, 2025. The decrease of $0.1 million was due to a decrease in retail sales as noted above and a change in product mix from changing consumer preferences.

Cost of sales for the nine months ended September 30, 2026 was $180.7 million compared to $183.0 million for the nine months ended September 30, 2025. The decrease of $2.3 million was due to a decrease in retail sales as noted above and a change in product mix from changing consumer preferences.

Gross profit for the three months ended September 30, 2026 was $23.1 million (27.0%) compared to $22.5 million (26.4%) for the three months ended September 30, 2025. The increase of $0.6 million was due to a change in product mix from changing consumer preferences and an increase in net revenue noted above.

Gross profit for the nine months ended September 30, 2026 was $65.5 million (26.6%) compared to $64.0 million (25.9%) for the nine months ended September 30, 2025. The increase of $1.5 million was due to a change in product mix from changing consumer preferences, an increase in net revenue and decrease in cost of sales noted above.

During the three months ended September 30, 2026, the Company recorded impairment reversals on right of use assets of $0.3 million and retail property, plant and equipment of $0.4 million. During the three months ended September 30, 2025, the Company recorded impairment reversals on right of use assets of $0.5 million and retail property, plant and equipment of $0.5 million due to improved store level operating results.

During the nine months ended September 30, 2026, the Company recorded impairment reversals on right of use assets of $0.5 million and retail property, plant and equipment of $0.6 million due to improved store level operating results. During the nine months ended September 30, 2025, the Company recorded impairment reversals on right of use assets of $1.5 million and retail property, plant and equipment of $1.3 million due to improved store level operating results.

At October 26, 2026, the Spiritleaf store count was 60 (4 corporate stores and 56 franchise stores) and the Value Buds store count was 133 corporate stores.

CANNABIS OPERATIONS SEGMENT RESULTS

Operating income (loss)