Aurora Cannabis Inc (ACB) 2026 Q2 法說會逐字稿

Greetings, and welcome to Aurora Cannabis Incorporated fiscal second quarter 2026 results conference call. (Operator Instructions) The conference is being recorded today, Wednesday, November 5, 2025.

各位好，歡迎參加 Aurora Cannabis Incorporated 2026 財年第二季業績電話會議。（操作員說明）本次會議於1025年11月5日星期三錄製。

I would now like to turn the conference over to your host, Simona King, Chief Financial Officer of Aurora Cannabis. Please go ahead.

現在我謹將會議交給主持人，Aurora Cannabis 的財務長 Simona King。請繼續。

Hello, and thank you for joining us. With me is Miguel Martin, Executive Chairman and CEO. Earlier this morning, we filed our financials for the fiscal second quarter 2026 period ending September 30, 2025, and issued a news release containing these results. This news release, along with our financial statements and MD&A is available on our IR website as well as via SEDAR and EDGAR. We have also posted an investor presentation to our IR website for reference purposes.

您好，感謝您的參與。陪同我的是執行董事長兼執行長米格爾·馬丁。今天早些時候，我們提交了截至 2025 年 9 月 30 日的 2026 財年第二季財務報表，並發布了包含這些結果的新聞稿。本新聞稿以及我們的財務報表和管理層討論與分析報告均可在我們的投資者關係網站上查閱，也可透過 SEDAR 和 EDGAR 取得。我們也將投資者簡報發佈到我們的投資者關係網站上，供參考。

Our discussion today serves as a reminder that certain matters could constitute forward-looking statements that are subject to risks and uncertainties relating to our future financial or business performance. Actual results could differ materially from those anticipated in those forward-looking statements.

我們今天的討論提醒大家，某些事項可能構成前瞻性陳述，這些陳述存在與我們未來財務或業務表現相關的風險和不確定性。實際結果可能與這些前瞻性聲明中預期的結果有重大差異。

Risk factors that may affect actual results are detailed in our annual information form and other periodic filings and registration statements. These documents may similarly be accessed via SEDAR and EDGAR. Following our prepared remarks, we'll conduct a question-and-answer session with our covering analysts.

可能影響實際結果的風險因素已在我們的年度資訊表和其他定期申報文件及註冊聲明中詳細說明。同樣可以透過 SEDAR 和 EDGAR 取得這些文件。在發表完準備好的演講後，我們將與負責通報此主題的分析師進行問答環節。

With that, I'll turn the call over to Miguel. Please go ahead.

這樣，我就把電話交給米格爾了。請繼續。

Thanks, Simona. Aurora's sustained strategic focus on global medical cannabis, the highest margin segment of the industry, combined with exceptional operational execution has once again delivered standout financial results. This performance is further reinforced by a strong cash position and the absence of cannabis business-related debt.

謝謝你，西蒙娜。Aurora持續專注於全球醫用大麻（該行業利潤最高的領域），並憑藉卓越的營運執行力，再次取得了優異的財務業績。強勁的現金流和無大麻業務相關債務進一步鞏固了這一業績。

In our view, Aurora is highly differentiated for the following reasons. First, we are Canada's largest medical cannabis company. Second, we are Canada's leading exporter of medical cannabis with world-class GMP facilities in Canada and Germany that enable us to supply global markets with high-quality premium products.

我們認為，Aurora之所以具有高度差異化優勢，原因如下。首先，我們是加拿大最大的醫用大麻公司。其次，我們是加拿大領先的醫用大麻出口商，在加拿大和德國擁有世界一流的GMP設施，使我們能夠向全球市場供應高品質的優質產品。

Third, we are market leaders in Germany, Australia, Poland, and the UK the four biggest nationally legal medical cannabis markets outside of Canada. And fourth, we are best positioned to gain a strong foothold in emerging markets as they develop, drawing on our proven successful commercial execution, and global regulatory expertise.

第三，我們在德國、澳洲、波蘭和英國這四個加拿大以外最大的全國合法醫用大麻市場中處於市場領先地位。第四，憑藉我們久經考驗的成功商業執行能力和全球監管專業知識，我們最有能力在新興市場發展過程中站穩腳跟。

We will explore these themes in greater detail momentarily. But first, here are key highlights from Q2 2026 compared to Q2 2025. Net revenue rose 11% to $90 million, which included record global medical cannabis revenue increasing 15% and record international revenue increasing 22%. Consolidated adjusted gross margin improved 700 basis points to 61% as we benefited from higher cannabis margins due to increased international revenue.

稍後我們將更詳細地探討這些主題。但首先，讓我們來看看 2026 年第二季與 2025 年第二季相比的主要亮點。淨收入成長 11% 至 9,000 萬美元，其中包括創紀錄的全球醫用大麻收入成長 15% 和國際收入成長 22%。由於國際收入增加，大麻利潤率提高，綜合調整後毛利率提高了 700 個基點，達到 61%。

Note that we had originally set a 60% adjusted gross margin target for our medical cannabis business and have consistently exceeded that target over the last three years, reaching 69% during the second quarter. And finally, adjusted EBITDA rose more than 52% to $15 million, exceeding our top-line growth by a factor of five.

請注意，我們最初為醫用大麻業務設定了 60% 的調整後毛利率目標，並且在過去三年中一直超額完成該目標，第二季度達到了 69%。最後，調整後的 EBITDA 成長超過 52%，達到 1,500 萬美元，比我們的營收成長高出五倍。

Stepping back from the quarter, we have grown our net revenue over the last five years from $68 million to $90 million with adjusted EBITDA increasing $73 million from negative $58 million to a positive $15 million. These results illustrate our continued focus on profitable and sustainable growth.

回顧本季度，過去五年我們的淨收入從 6800 萬美元增長到 9000 萬美元，調整後的 EBITDA 從負 5800 萬美元增長到正 1500 萬美元，增幅達 7300 萬美元。這些結果表明我們始終專注於獲利和可持續成長。

Over the past decade, we have built a competitive moat that continues to fuel international revenue gains and adjusted gross margin expansion, momentum we expect to sustain well into the future. Traction in global medical cannabis is a long-term proposition. And through our investment in science, technology, and people coupled with supporting patient access and physician engagement, we have built the foundation for continued success.

過去十年，我們建立了競爭優勢，持續推動國際收入成長和調整後毛利率擴張，我們預計這一勢頭將在未來很長一段時間內保持下去。全球醫用大麻市場的發展是一個長期的過程。透過對科學、技術和人才的投入，以及對患者就醫和醫生參與的支持，我們為持續成功奠定了基礎。

The capital we have invested in our European and Australian GMP-certified manufacturing and distribution facilities positions us to lead amongst the select few cannabis companies with both regulatory certifications that most markets require. 90% of our annual manufacturing capacity is within multiple GMP-certified facilities, and our products comply with these increasingly stringent international standards. Beyond manufacturing our own products, we are also able to distribute them compliantly and profitably around the world.

我們已投入巨資建設符合歐洲和澳洲GMP認證標準的生產和分銷設施，這使我們成為少數幾家同時擁有大多數市場所需監管認證的領先大麻公司之一。我們90%的年產能來自多個符合GMP認證標準的工廠，我們的產品符合這些日益嚴格的國際標準。除了生產自己的產品外，我們還能合規且獲利地將它們分銷到世界各地。

We view vertical integration as a structural advantage for us, primarily for two reasons. First, we sell medical products and consistency of supply is critical. Being out of stock or substituting cultivars due to fragmented sourcing is neither optimal for prescribers nor patients. Longevity with cultivars, quality and reliability build confidence with both constituencies.

我們認為縱向一體化對我們來說是一個結構性優勢，主要有兩個原因。首先，我們銷售醫療產品，因此供應的穩定性至關重要。由於貨源分散，導致缺貨或需要用其他品種替代，這對處方醫生和患者來說都不是最佳選擇。品種的耐久性、品質和可靠性能夠建立起雙方的信心。

Second, we have lower production costs than others, made possible by our focus on yield, potency improvement and operational efficiencies. At our manufacturing site in Germany, we are doubling production as we prepare for further growth in the market and adjacent countries. This investment will allow us to significantly increase capacity while also targeting yield and operational efficiencies to more closely align that facility with our Canadian sites.

其次，由於我們專注於提高產量、效力和營運效率，因此我們的生產成本低於其他公司。在德國的生產基地，我們正在將產量翻一番，為市場及週邊國家的進一步成長做好準備。這項投資將使我們能夠大幅提高產能，同時提高產量和營運效率，使該工廠與我們在加拿大的工廠更加緊密地結合。

The bar for recertification keeps rising, especially in Germany, and we are pleased to have recently been GMP certified for another three years. Having EU GMP production in Central Europe provides regulators and stakeholders the ability to depend on the same genetics and product consistency that we have in Canada.

重新認證的門檻不斷提高，尤其是在德國，我們很高興最近再次獲得 GMP 認證，有效期為三年。在中歐進行符合歐盟GMP標準的生產，可以讓監管機構和利害關係人能夠依賴與加拿大相同的遺傳特性和產品一致性。

Let's now dive into a discussion on individual medical cannabis markets. Australia is our largest medical cannabis market outside of Canada, where we currently hold the second largest share. The Australian market offers one of the broadest ranges of product formats beyond North America, allowing us to fully leverage our diverse portfolio. Over the past two years, it has experienced rapid expansion, now representing a $1 billion market opportunity according to the Pennington Institute.

現在讓我們深入探討一下各個醫用大麻市場。澳洲是加拿大以外我們最大的醫用大麻市場，我們目前在加拿大佔據第二大市場。澳洲市場擁有北美以外最廣泛的產品形式選擇，使我們能夠充分利用我們多元化的產品組合。過去兩年，該行業經歷了快速擴張，據彭寧頓研究所稱，目前已代表著 10 億美元的市場機會。

Turning to Europe. Germany is the largest market and growing with expanding mainstream acceptance. We increased our revenue during the second quarter, supported by a broad set of core and premium products and are gaining share based upon our strong reputation amongst wholesalers, distributors, and pharmacists.

轉向歐洲。德國是最大的市場，並且隨著主流市場接受度的提高而不斷增長。第二季度，我們憑藉一系列核心產品和高端產品實現了收入成長，並且憑藉在批發商、分銷商和藥劑師中的良好聲譽，市場份額也在不斷擴大。

Imports, as reported by the German regulators has increased rapidly from 8 metric tonnes in 2018 to 72 metric tonnes in 2024 and is currently on track to more than double in 2025. The new German government is exploring changes to the descheduling of cannabis first enacted about 18 months ago with the potential for modifications to the current telehealth framework.

根據德國監管機構報告，進口量已從 2018 年的 8 公噸迅速增長到 2024 年的 72 公噸，目前預計在 2025 年翻倍以上。德國新政府正在探索對大約 18 個月前首次實施的大麻非管制化政策進行修改，並有可能對目前的遠距醫療框架進行調整。

We support reasonable access to high-quality medical cannabis and await further details of the proposal. We are confident in our ability to adapt to potential changes in the telehealth framework, drawing on our successful experience in Poland. However, modifications to home delivery regulations could present greater challenges, particularly for patients in rural areas.

我們支持合理獲取高品質醫用大麻，並期待該提案的更多細節。我們有信心能夠適應遠距醫療框架的潛在變化，這得益於我們在波蘭的成功經驗。然而，對送貨上門規定的修改可能會帶來更大的挑戰，特別是對於農村地區的患者。

Ultimately, we believe that established operators with a proven track record like Aurora will be able to successfully navigate any potential regulatory changes. Germany is also carefully observed across Europe and its potential impact on neighbor European countries is significant.

最終，我們相信像 Aurora 這樣擁有良好業績記錄的成熟業者能夠成功應對任何潛在的監管變化。德國在歐洲也備受關注，對鄰近歐洲國家的潛在影響十分顯著。

Let's now discuss Poland, where we are already the established leader in advancing medical cannabis. This market size has more than doubled from a little over 2 tonnes annually in 2023 to approximately 5 tonnes in 2025. Further growth is expected following the increase in the annual import limits.

現在讓我們來談談波蘭，我們在推進醫用大麻方面已經是波蘭的領導者。該市場規模已從 2023 年的每年略高於 2 噸增加到 2025 年的約 5 噸，增長超過一倍。隨著年度進口限額的提高，預計成長將進一步加快。

We generated robust revenue growth during the second quarter as we benefited from our launch of two proprietary cultivars a few months ago. To our knowledge, these are the highest potency medical cannabis products available in the country. We look forward to continuing to deliver a sustained pipeline of innovative, high-quality, and premium products for the Polish market, all manufactured in our GMP-certified Canadian facilities.

由於幾個月前推出了兩個專有品種，我們在第二季度實現了強勁的收入成長。據我們所知，這些是目前波蘭市場上效力最高的醫用大麻產品。我們期待繼續為波蘭市場提供源源不絕的創新、優質產品，所有產品均在我們通過GMP認證的加拿大工廠生產。

Poland's regulatory standards include a lengthy registration process, which has concentrated 80% to 90% of the market share in four cannabis companies, including Aurora. We have a dedicated commercial and regulatory team on the ground there focused on executing on our growth strategies while also maintaining solid relationships with the regulatory authorities, which has enabled us to navigate the shift in prescriptions from telehealth platforms to clinics. Our experience and expertise in the market have benefited us compared to others as we were better prepared to succeed in this evolving marketplace.

波蘭的監管標準包括漫長的註冊流程，這使得 80% 到 90% 的市佔率集中在四家大麻公司手中，其中包括 Aurora。我們在當地擁有一支專門的商業和監管團隊，致力於執行我們的成長策略，同時與監管機構保持牢固的關係，這使我們能夠應對處方從遠距醫療平台向診所的轉變。與其他公司相比，我們在市場上的經驗和專業知識使我們受益匪淺，因為我們能夠更好地適應不斷變化的市場並取得成功。

Success in both Germany and Poland will influence surrounding countries. And as medical cannabis succeeds, more countries will establish their own frameworks. Our facility in Leuna, Germany, and our regulator engagement across the EU represent differentiated advantages for us to capitalize on these opportunities.

德國和波蘭的成功都將對週邊國家產生影響。隨著醫用大麻的成功，越來越多的國家將建立自己的相關框架。我們在德國萊納的工廠以及我們在歐盟範圍內與監管機構的互動，為我們抓住這些機會提供了差異化的優勢。

The UK is an exciting and growing market where we are expanding our distribution and clinic relationships through new partnerships and successfully launched proprietary cultivar-specific inhalable cannabis extracts, also known as vapes that are performing well. The UK permits products other than dried flower and oil, which has enabled us to expand the variety of high-quality medical cannabis available. There is also a strong subset of prescribing physicians and lighter competition in the premium and super premium segments where we operate.

英國是一個充滿活力且不斷成長的市場，我們正透過新的合作關係拓展分銷管道和診所資源，並成功推出了我們自主研發的、針對特定品種的可吸入式大麻提取物（也稱為電子煙），這些產品表現良好。英國允許銷售除乾花和油以外的其他產品，這使我們能夠擴大高品質醫用大麻的種類。在我們營運的高端和超高端市場，處方醫生群實力雄厚，競爭也相對較弱。

Let me now talk about other opportunities across Europe where there is already broad support for legalization of medical cannabis. In Spain, applications are very restricted, but slowly opening up, which we view positively. In France, we have partnered with the government since the start of its tender. A permanent medical framework is expected to take shape in 2026, and we stand ready to serve patients from day one.

現在讓我來談談歐洲其他地區的機會，在這些地區，醫用大麻合法化已經得到了廣泛的支持。在西班牙，申請流程非常有限，但正在逐步開放，我們對此表示歡迎。在法國，我們從招標開始之初就與政府建立了合作關係。預計永久性醫療體系將於 2026 年建成，我們將從第一天起為患者提供服務。

Both Switzerland and Austria are now online, while Turkey and Ukraine are showing positive developments for medical cannabis as well. Interestingly, more than half of EU member countries are integrating medical cannabis into health care, including reimbursement. So the momentum is promising.

瑞士和奧地利目前都上線，而土耳其和烏克蘭在醫用大麻領域也展現出積極的發展態勢。有趣的是，超過一半的歐盟成員國正在將醫用大麻納入醫療保健體系，包括報銷。所以目前的動能令人鼓舞。

These developments are leading towards greater international alignment on regulatory approaches, an obvious advantage for compliant EU GMP-certified companies like Aurora. Physicians and patients increasingly recognize and appreciate our medicinal quality, and our Leuna facility in Germany has provided us with the opportunity to host regulatory and governmental visits.

這些發展趨勢正促使國際監管方法更加趨於一致，這對像 Aurora 這樣符合歐盟 GMP 認證標準的公司來說顯然是一個優勢。醫生和患者越來越認可和讚賞我們的藥品質量，我們在德國萊納的工廠為我們提供了接待監管機構和政府部門訪問的機會。

Turning to Canada. We are number one in medical cannabis and the largest provider to Canadian veterans. Net revenue grew year over year as we benefited from higher revenue from both insurance covered and self-paying patients. While the overall market is relatively steady, we have grown market share as we have benefited from investments in world-class talent, facilities, and experience. Our priorities remain enhancing our online marketplace, product innovation, and increased product assortment, operational excellence and, of course, ensuring a high-quality patient experience, especially for our veteran communities.

轉向加拿大。我們在醫用大麻領域排名第一，也是加拿大退伍軍人最大的供應商。由於保險覆蓋患者和自費患者的收入均增加，淨收入較去年同期成長。儘管整體市場相對穩定，但由於我們受益於對世界一流人才、設施和經驗的投資，我們的市場份額有所增長。我們的首要任務仍然是提升線上市場、產品創新和增加產品種類、追求卓越運營，當然，還要確保高品質的患者體驗，特別是為我們的退伍軍人群體提供高品質的患者體驗。

To sum up, we are pleased to have reported yet another great quarter at Aurora that illustrates our steadfast execution of our strategic priorities. We feel confident about our future because we believe we are ideally positioned for profitable growth as the leader in global medical cannabis.

總而言之，我們很高興地宣布，Aurora 又迎來了一個出色的季度，這體現了我們對戰略重點的堅定執行。我們對未來充滿信心，因為我們相信，作為全球醫用大麻領域的領導者，我們已佔據理想的獲利成長地位。

Let me now turn the call over to Simona for a detailed financial overview of fiscal Q2, followed by a discussion of our fiscal Q3 outlook.

現在我將把電話交給西蒙娜，讓她詳細概述第二財季的財務狀況，然後討論我們對第三財季的展望。

Thank you, Miguel. The profitable growth achieved in Q2 is a strong testament to the strength of our medical cannabis strategy and our consistent ability to translate vision into results. Let's review Q2 2026 compared to the prior year quarter and then discuss our Q3 2026 outlook.

謝謝你，米格爾。第二季度實現的獲利成長有力地證明了我們醫用大麻策略的實力，以及我們始終如一地將願景轉化為成果的能力。讓我們回顧一下 2026 年第二季與去年同期相比的情況，然後討論我們對 2026 年第三季的展望。

First, net revenue of $90.4 million represented 11% growth, supported by significant contributions from our global medical cannabis and plant propagation segment. Second, consolidated adjusted gross margin rose to 61%, 700 basis points higher, while adjusted gross profit increased to $51.8 million, a 22% increase. Both our global medical cannabis and consumer cannabis segments generated higher margins than the prior year quarter.

首先，淨收入為 9,040 萬美元，成長了 11%，這主要得益於我們全球醫用大麻和植物繁殖部門的重大貢獻。其次，綜合調整後毛利率上升至 61%，提高了 700 個基點；調整後毛利增加至 5,180 萬美元，成長了 22%。我們的全球醫用大麻和消費大麻業務的利潤率均高於去年同期。

Third, adjusted EBITDA grew 52% to $15.4 million from $10.1 million. And fourth, we ended the quarter with $142 million in cash and cash equivalents and no cannabis business debt. In medical cannabis, net revenue rose 15% to $70.5 million due to 22% growth internationally, combined with continued strong contributions from Canadian Medical. Medical cannabis comprised 78% of net revenue compared to 76% in the prior year quarter and approximately 94% of adjusted gross profit.

第三，調整後 EBITDA 成長 52%，從 1,010 萬美元增至 1,540 萬美元。第四，本季末我們持有現金及現金等價物1.42億美元，且無任何大麻業務債務。醫用大麻業務方面，淨收入成長15%至7,050萬美元，主要得益於國際市場22%的成長，以及加拿大醫用大麻業務的持續強勁貢獻。醫用大麻佔淨收入的 78%，而去年同期為 76%；醫用大麻約佔調整後毛利的 94%。

Adjusted gross margin for medical cannabis was 69%, up from 68%, driven by increased revenue in higher-margin international markets. Consumer cannabis net revenue was $6.9 million, down from $10.4 million. The year-over-year change was the expected result of our continued decision to prioritize sales to our higher-margin medical cannabis business.

受高利潤率國際市場收入成長的推動，醫用大麻的調整後毛利率為 69%，高於先前的 68%。消費者大麻淨收入為 690 萬美元，低於去年的 1,040 萬美元。與去年同期相比，這項變革是我們繼續優先發展利潤率更高的醫用大麻業務的必然結果。

Adjusted gross margin for consumer cannabis was 27% compared to 15% in the prior year quarter. The margin increase was due to sales of higher-margin products and cost improvements through spending efficiency. VIVO's plant propagation net revenue increased to $11.6 million, up 34% from $8.6 million in the prior year quarter. This improvement is due to higher orchid sales, which is an exciting and evolving market in North America that offers strong margins.

經過調整後，消費大麻的毛利率為 27%，而去年同期為 15%。利潤率的提高是由於高利潤產品的銷售以及透過提高支出效率來降低成本。VIVO 的植物繁殖淨收入增至 1,160 萬美元，比去年同期的 860 萬美元增長了 34%。這一成長歸功於蘭花銷量的提高，蘭花市場在北美是一個充滿活力且不斷發展的市場，利潤空間巨大。

Adjusted gross margin for plant propagation revenue was 10% compared to 19% in the prior year quarter. This decrease is from costs incurred related to inventory write-offs caused by nonrecurring quality issue as well as some surplus crops that were not sold during the first quarter of fiscal 2026.

經過調整後，植物繁殖收入的毛利率為 10%，而去年同期為 19%。這一減少是由於非經常性品質問題導致的庫存減值以及 2026 財年第一季未售出的部分剩餘農作物所造成的成本增加。

Consolidated adjusted SG&A increased 12% to $35.5 million compared to the prior year quarter and supported year-over-year net revenue growth of 11%. The increase relates to higher freight and logistics costs, notably from increasing sales to Europe and investments in our commercial teams in Europe and Australia.

經調整後的綜合銷售、一般及行政費用較上年同期增加 12% 至 3,550 萬美元，支撐了淨收入年增 11%。此次成長與更高的貨運和物流成本有關，特別是來自對歐洲銷售額的成長以及我們在歐洲和澳洲的商業團隊的投資。

Adjusted EBITDA increased to $15.4 million from $10.1 million. This 52% improvement from the prior year quarter was due to a substantial increase in gross profit resulting from higher net revenue before fair value adjustments required under IFRS.

調整後 EBITDA 從 1,010 萬美元增至 1,540 萬美元。與去年同期相比，這一增長了 52%，這是由於在根據國際財務報告準則進行公允價值調整之前，淨收入增加，從而導致毛利潤大幅增長。

Adjusted net income was $7.1 million compared to $3 million in the prior year period. The improvement relates to an increase in an adjusted gross profit before fair value adjustments of $9.2 million, partially offset by an increase in adjusted SG&A of $3.8 million.

調整後的淨收入為 710 萬美元，而上年同期為 300 萬美元。此改善與調整後毛利（未計入公允價值調整）增加 920 萬美元有關，但部分被調整後銷售、一般及行政費用增加 380 萬美元所抵銷。

Our balance sheet remains one of the strongest in the global cannabis industry. We held $142 million in cash and cash equivalents as of September 30, and our cannabis operations are completely debt-free. Our plant propagation business holds nonrecourse debt that is secured by a significant fixed asset base held at VIVO.

我們的資產負債表仍然是全球大麻產業中最強勁的之一。截至9月30日，我們持有1.42億美元的現金及現金等價物，我們的大麻業務完全沒有債務。我們的植物繁殖業務持有無追索權債務，該債務由VIVO持有的大量固定資產作為擔保。

Free cash flow was negative $42.3 million compared to negative $26.4 million in the prior year quarter, reflecting the expected cash outflows that typically occur in the second quarter of the fiscal year as referenced in our last earnings call.

自由現金流為負 4,230 萬美元，而去年同期為負 2,640 萬美元，這反映了我們在上次財報電話會議中提到的，通常發生在財政年度第二季的預期現金流出。

Let me now provide some thoughts on what we expect for Q3 2026, which ends on December 31. Consolidated net revenue is expected to increase year over year, driven primarily by 8% to 12% growth in our global medical cannabis segment. Plant propagation revenue is expected to perform in line with traditional seasonal trends as 25% to 35% of revenues are normally earned in the second half of the calendar year.

現在讓我談談我們對 2026 年第三季（截至 12 月 31 日）的預期。綜合淨收入預計將年增，主要得益於我們全球醫用大麻業務 8% 至 12% 的成長。預計植物繁殖收入將與傳統的季節性趨勢保持一致，因為通常情況下，25% 至 35% 的收入是在日曆年的下半年獲得的。

Consolidated adjusted gross margins are expected to remain strong, driven primarily by industry-leading margins in our cannabis business with plant propagation adjusted gross margins expected to mostly perform in line with historical trends.

綜合調整後的毛利率預計將保持強勁，主要得益於我們大麻業務的行業領先毛利率，而植物繁殖調整後的毛利率預計也將基本與歷史趨勢保持一致。

Continued strength in our adjusted gross margins and higher global medical cannabis revenue should lead to year over year annual adjusted EBITDA growth. And finally, free cash flow is expected to be positive in Q3 2026 due to continued strong performance and improved operating cash yield.

調整後毛利率的持續強勁增長以及全球醫用大麻收入的增加，應該會帶動年度調整後 EBITDA 的逐年增長。最後，由於業績持續強勁和經營現金收益率提高，預計 2026 年第三季自由現金流將為正值。

Thank you for your time. I'll now turn the call back to Miguel.

感謝您抽出時間。現在我把電話轉回給米格爾。

Thanks, Simona. The global medical cannabis market is expected to exceed $9 billion, and we have built a strong competitive position around the world based upon our proven commercial execution, combined with our regulatory and scientific expertise. Our near decade of investment and march to profitability has given us a considerable head start in fully capitalizing on this opportunity.

謝謝你，西蒙娜。全球醫用大麻市場預計將超過 90 億美元，憑藉我們成熟的商業執行能力以及監管和科學專業知識，我們在世界各地建立了強大的競爭地位。近十年的投資和實現盈利的步伐，使我們在充分利用這一機會方面擁有了相當大的先發優勢。

We are fully committed to strengthening our leadership position in Canada, Europe, and Australia through consistent revenue generation and positive adjusted EBITDA growth. These advantages are the building blocks to enhance long-term value for our shareholders. We look forward to sharing further developments and strategic plan updates with you.

我們致力於透過持續的收入成長和調整後 EBITDA 的積極成長，鞏固我們在加拿大、歐洲和澳洲的領先地位。這些優勢是提升股東長期價值的基石。我們期待與您分享更多進展和戰略計劃更新。

Operator, please open the lines for questions.

接線員，請開通提問線。

(Operator Instructions) Bill Kirk, ROTH Capital Partners.

（操作員說明）比爾·柯克，ROTH Capital Partners。

Miguel, you talked about the previous goal of 60% medical gross margins and obviously, how you're running well above that at 69% recent quarters. What do you think a realistic goal is? And I guess, why are the margins structurally better than you expected? Is it less competition than you envisioned? Is it better demand for your offerings? Or is it maybe surprises in the cost to produce?

米格爾，你之前提到過醫療毛利率目標是 60%，顯然，最近幾季你們的毛利率已經遠遠超過了這個目標，達到了 69%。你認為一個現實的目標是什麼？還有，為什麼利潤率的結構性變化比你預期的還要好？競爭比你預想的還要小嗎？你們的產品或服務需求是否更高了？或者，生產成本方面出現了意料之外的情況？

It's a bit of all of the above. So let me start where you ended. Our production costs continue to go down. Yield in genetics and what we're getting out of our facilities has created an advantage. I think the second part is increasingly business outside of North America or in Europe or in different parts of the world where you do have higher margins.

以上各方面都有一些共同點。那麼，就讓我從你結束的地方繼續。我們的生產成本持續下降。基因改良和我們設施的產出為我們創造了優勢。我認為第二部分是指越來越多地將業務轉移到北美、歐洲或世界其他地區，因為這些地區的利潤率更高。

Now the discrepancy between the target and where it's at, we do see different markets getting a little bit more expensive, whether that's funding for partners in the distribution network or telehealth or even on the clinic side, where I see some investments. But I think it's a mix of all the above.

現在，目標與實際情況之間存在差距，我們看到不同的市場成本略有上升，無論是分銷網絡合作​​夥伴的資金，還是遠距醫療，甚至是診所方面的資金，我都看到了一些投資。但我認為這是以上所有因素的混合。

And then lastly, and you did mention it, is execution. We are finding efficiencies in our execution using common medicinal cultivars around the world, gives us production efficiencies. The execution that we have of similar execution, say, in Poland, Germany, and the UK creates some efficiencies. So I think all of that comes together for these industry-leading margins.

最後，正如你所提到的，就是執行。我們發現，利用世界各地常見的藥用植物品種可以提高生產效率。例如，我們在波蘭、德國和英國等國執行類似任務，可以提高效率。所以我認為所有這些因素共同造就了這些領先業界的利潤率。

And then you mentioned the production assets in Germany as an advantage. Right now, are you enjoying those advantages with competitors maybe having some difficulties getting some product through Portugal into Germany? And I guess, what's the status of some of those delays and investigations that folks are experiencing in that route to Germany?

然後您提到德國的生產資產是一項優勢。目前，您的競爭對手可能在將某些產品從葡萄牙運往德國方面遇到了一些困難，而您卻享受到了這些優勢嗎？我想問一下，那些前往德國的旅客遇到的延誤和調查情況目前進展如何？

Yeah. I mean the first thing is, as you mentioned, Germany is a very difficult place to get certified product into and increasingly so. So it's an EU GMP standard with audits. We just had ours, as we mentioned, so we're good for three years. Others have had different issues.

是的。我的意思是，首先，正如你所提到的，德國是一個很難將認證產品引入的地方，而且這種情況越來越嚴重。所以這是符合歐盟GMP標準並經過審核的。正如我們之前提到的，我們剛剛辦好了，所以我們有三年的保險。其他人則遇到了不同的問題。

I'm not here to sort of speak negatively about that situation. I can tell you, though, that our Canadian facilities and the German facilities that are certified are solid. That vertical integration that we have, growing the vast majority of the products we sell in certified EU GMP facilities creates an advantage for us.

我來這裡不是為了對這種情況說些負面的話。不過我可以告訴你，我們在加拿大的工廠和認證的德國工廠都很可靠。我們擁有的這種垂直整合優勢，即在通過歐盟GMP認證的設施中種植我們銷售的大部分產品，為我們創造了優勢。

I mean there's no disruption. And as we mentioned in our comments, is lost, this is medicine. And so for patients and practitioners, they value that consistency of high-quality certified supply. And more and more so, so are the regulators and other key stakeholders. So I think that advantage is going to continue to grow for us and not only be in Germany, but also be in other markets.

我的意思是，沒有造成任何干擾。正如我們在評論中提到的，如果迷失了，這就是醫學。因此，對於患者和從業人員來說，他們都非常重視高品質認證供應的穩定性。監管機構和其他主要利害關係人也越來越有這種想法。所以我認為，我們的這項優勢將會繼續擴大，不僅在德國，而且在其他市場也是如此。

And if I could sneak one more in for Simona. There was a big drop in accounts payable in 2Q from 1Q. And as far as I can tell, it's the lowest absolute level in a long time. So why the change quarter over quarter in accounts payable and why so low?

如果可以的話，我還要再給西蒙娜加一個。第二季應付帳款較第一季大幅下降。據我所知，這是很長一段時間以來的最低絕對水平。那麼，應付帳款較上季變動的原因是什麼？為什麼金額這麼低？

Yeah. Thank you for the question. And typically, what we see in Q2, a lot of the outflows, cash outflows occur in that quarter as a result of various activities that historically have occurred in Q2. So that's the reason that the accounts payable has gone down. And again, this is in line with historical trends that we generally see in the second quarter of the fiscal year.

是的，謝謝你的提問。通常情況下，我們在第二季度看到的許多資金流出，現金流出，都是由於歷史上在第二季度發生的各種活動造成的。這就是應付帳款下降的原因。這再次印證了我們在財政年度第二季通常看到的歷史趨勢。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB 資本市場。

First question is on the proposed change to the budget in Canada regarding the, I guess, the price ceiling for reimbursement for medical cannabis veterans. So how do you see that? What could be the impact to your business in Canada?

第一個問題是關於加拿大預算中擬議的變更，我猜是關於退伍軍人醫用大麻報銷價格上限的問題。那麼你對此有何看法？這會對您在加拿大的業務產生什麼影響？

So let me first say that this came out last night, but we're disappointed that the federal government has proposed these changes without consultation from the cannabis industry or medical cannabis companies like Aurora.

首先我想說的是，這件事是昨晚才公佈的，但我們感到失望的是，聯邦政府在沒有諮詢大麻行業或像 Aurora 這樣的醫用大麻公司的情況下就提出了這些改變。

Importantly, veteran patients depend on a clinically supported system that ensures for them safe, consistent access to their cannabis medications. Lowering and this potential lowering of the reimbursement rate puts that entire support system at risk, could disrupt continuity of care, clinical oversight or even push patients to higher-risk alternatives.

重要的是，退伍軍人患者依賴臨床支持的體系，以確保他們能夠安全、持續地獲得所需的醫用大麻藥物。降低報銷率以及未來可能降低報銷率的做法，將使整個支持系統面臨風險，可能會擾亂護理的連續性、臨床監督，甚至迫使患者選擇風險更高的替代方案。

So given the newness of this announcement and really the uncertainty of the timelines of implementation and lack of consultation, which hasn't happened yet, we're in the process of evaluating the impact and our next steps, and it would be premature for me to comment. But it's early days. It just came out last night, and a lot is going to happen until we see where this lands.

鑑於這項公告是新發布的，實施時間表尚不明朗，而且目前還沒有進行磋商，我們正在評估其影響和下一步措施，現在我發表評論還為時過早。但現在下結論還為時過早。它昨晚才剛發布，在最終結果出來之前，還會發生很多事情。

Perfect. I guess one other question. Did you see any impact in Germany regarding that period in which I think they halted the cannabis import permits there because they had reached their quota. And with that did you see any impact in the market, or for Aurora specifically? And secondly, just to follow up on Germany. Could you comment on price compression in that market?

完美的。我想還有一個問題。在那段時間裡，德國暫停發放大麻進口許可證，因為他們已經達到了配額，你認為這段時間對德國造成了什麼影響？那麼，您認為這是否對市場，或者俱體對 Aurora 產生了任何影響？其次，再補充一下關於德國的情況。您能否談談該市場的價格壓縮情況？

Yeah. I mean, so what you're referencing is that the German government had hit their import limit and they had to get -- which is very common, and it happens throughout the year as they want to raise the overall limit. And so it was about a three- or four-week process. Didn't disrupt us. We have a great relationship with the regulators and the staging of our permits for that market were fine and started back in January, it will go back to the higher number and everything should be there. I can't speak to others.

是的。我的意思是，你指的是德國政府達到了進口限額，他們不得不採取一些措施——這很常見，而且全年都會發生，因為他們想要提高總體限額。所以整個過程持續了三到四週。沒有打擾到我們。我們與監管機構保持著良好的關係，我們針對該市場的許可證辦理工作進展順利，從一月份就開始了，許可證數量將會恢復到之前的較高水平，一切都應該準備就緒。我無法與其他人交談。

In terms of pricing in Germany, like a lot of markets, we're seeing compression mostly on the value side. And so we operate mostly in the core and the premium piece and so baseline pricing for where we operate really hasn't been that affected.

就德國的定價而言，與許多市場一樣，我們看到價格壓縮主要體現在價值上。因此，我們的業務主要集中在核心和高端市場，所以我們業務範圍內的基本定價並沒有受到太大影響。

Now as I mentioned with Bill's question, with the implementation of telehealth and some other sort of aspects of that distribution chain, there are some additional costs that are coming in on that side. But overall, we've been pretty happy with the way the pricing has landed for core and premium products.

正如我之前在回答比爾的問題時提到的那樣，隨著遠距醫療的實施以及該分銷鏈的其他一些方面，這方面也會產生一些額外的成本。但總的來說，我們對核心產品和高端產品的定價相當滿意。

Derek Lessard, TD Cowen.

Derek Lessard，TD Cowen。

Congrats on a very solid quarter there. Miguel, just a question on the German investment that you recently announced. Curious what you're seeing in the market that led to that decision.

恭喜你們本季業績非常出色。米格爾，我有一個關於你最近宣布的德國投資的問題。很好奇您在市場上看到了什麼，才促使您做出這個決定。

Yeah. I assume you're talking about the Leuna production facility?

是的。我猜你指的是雷納的生產設施？

Yes.

是的。

Yeah. So we've got two very large EU GMP facilities in Ontario. We built a facility in Leuna, Germany. And for indoor GMP, similar genetics, similar setup to what we do in Canada. We've been really happy with it, and thus, the announcement to double production.

是的。我們在安大略省擁有兩家規模非常大的歐盟GMP認證工廠。我們在德國萊納建造了一座工廠。對於室內 GMP，其遺傳特性和設置與我們在加拿大所做的類似。我們對此非常滿意，因此宣布將產量增加一倍。

Even with a bit of higher energy costs, it's still a very compelling proposition to have that facility straight up producing. So we added upgrades to very innovative lighting and irrigation systems to mirror what we're doing in Canada, again, being able to use the same world-class practices and genetics in that facility, doubling the overall production in there.

即使能源成本略高，讓設施直接投入生產仍然是一個非常有吸引力的方案。因此，我們對非常創新的照明和灌溉系統進行了升級，以效仿我們在加拿大的做法，再次利用同樣的世界一流實踐和遺傳技術，使那裡的整體產量翻了一番。

And importantly, having an EU GMP certified modern indoor facility in Mainland Europe has been great. We've had delegations from countries that are in the cannabis system. We have had delegations from countries that are not in the cannabis system.

更重要的是，在歐洲大陸擁有符合歐盟GMP認證的現代化室內設施非常棒。我們接待過一些來自已納入大麻合法化體系國家的代表團。我們接待過一些尚未納入大麻合法化體系的國家的代表團。

Regulators and a lot of other key stakeholders visit that facility, and it's been very additive for us. And so we like it. It works as a stand-alone production facility, but it works even better as sort of a showcase of everything that we're doing in that key market.

監管機構和許多其他重要利益相關者都會參觀該設施，這對我們來說非常有益。所以我們喜歡它。它可以作為一個獨立的生產設施，但作為我們在該關鍵市場中進行的所有工作的展示平台，它的效果更好。

Okay. And maybe just one question on Australia. It looks like sales were a little bit softer in the quarter. Can you just maybe talk about that?

好的。或許還可以問一個關於澳洲的問題。本季銷售額似乎略有下滑。您能談談這件事嗎？

Yeah. So Australia is the only market we have where a majority of our sales are in the value segment. And that goes back to the history of the company before we bought the remaining 90%. And the majority of those sales were in a concession system for value products.

是的。因此，澳洲是我們唯一大部分的銷售額都來自價值型產品市場。這要追溯到我們收購剩餘 90% 股份之前的公司歷史。而且這些銷售大部分都是透過特許經營的方式進行的，銷售的是物美價廉的產品。

That's a market where it's been inundated with a lot of value products. And so that's had a bit of an impact on our business there. We are transitioning that market to the same world-class core and premium products we sell everywhere else, and we're very bullish on that. But it's going to take a little bit of time before that portfolio is properly allocated to value being a smaller segment and into core and premium.

這是一個充滿大量高性價比產品的市場。因此，這對我們在那裡的業務產生了一定的影響。我們正在將該市場轉型為與我們在其他所有市場銷售的相同的世界級核心產品和高端產品，我們對此非常樂觀。但要將該投資組合適當地分配到價值股（一個較小的部分）和核心股（一個高端股）中，還需要一些時間。

We're still very bullish on it. It's the biggest market outside of Canada. There are advantages there because you can sell other formats beyond flower and oil, and we've launched edibles and some other things there. So we're bullish on it. It's just as we work through this transition in the portfolio, there's been a little bit of pressure.

我們仍然非常看好它。這是加拿大以外最大的市場。這樣做有優勢，因為除了花和油之外，你還可以銷售其他形式的產品，我們已經在那裡推出了食用產品和其他一些產品。所以我們很看好它。正值我們努力完成投資組合轉型之際，我們面臨一些壓力。

(Operator Instructions) Pablo Zuanic, Zuanic & Associates.

（操作說明）Pablo Zuanic，Zuanic & Associates。

Miguel, two questions related and the same type of question related to the UK and Poland. I think you said you're the market leader in both markets. Do you need to invest downstream there? For example, buying clinics or online pharmacies or brick-and-mortar pharmacies in the UK, it seems that that market is forward integrated like Australia, and that may be necessary to win in that market.

米格爾，有兩個相關且同類型的問題，分別與英國和波蘭有關。我想你說過，你在這兩個市場都是市場領導者。你需要對下游領域進行投資嗎？例如，在英國收購診所、網路藥局或實體藥局，該市場似乎像澳洲一樣是向前一體化的，而這可能是贏得該市場所必需的。

But correct me if I'm wrong. And in the case of Poland, is downstream integration even a possibility or the regulations do not allow that? If you can talk about that, please.

如果我錯了，請指正。就波蘭而言，下游一體化是否有可能，還是相關法規不允許這樣做？如果你方便的話，請談談這件事。

Sure. We're not the market leader in the UK, just for clarification. We're one of the top companies, but not the market leader. Let me talk about Poland first. So Poland, we are not allowed to be the wholesaler or distributor.

當然。需要澄清的是，我們並非英國市場的領導者。我們是頂尖公司之一，但不是市場領導者。我先來說說波蘭。所以波蘭方面，我們不能做批發商或經銷商。

So we can be the manufacturer. There are some companies that also own or have relationships with clinics. As the telehealth system in Poland changed, clinics became very important. And so we partner with clinics, and we continue to look at that.

這樣我們就可以成為製造商了。有些公司也擁有診所或與診所有合作關係。隨著波蘭遠距醫療系統的變革，診所變得非常重要。因此，我們與診所建立了合作關係，我們將繼續關注這一點。

Each and every market, we do look at do we need to own pieces of that vertical structure or can we partner? And there are a lot of great partners out there that want premium, high-quality products from Aurora. So we have a lot of advantages in being able to do that.

對於每一個市場，我們都會考慮是否需要擁有該垂直結構的一部分，或者我們是否可以建立合作關係？有許多優秀的合作夥伴都希望從 Aurora 購買優質的高品質產品。因此，我們在這方面有很多優勢。

So right now in Poland, we're the manufacturer. We've got a very substantive team on the ground from selling to prescribing physicians, and interacting with key stakeholders. We are not the wholesaler, and we work with clinics.

所以目前在波蘭，我們是製造商。我們擁有一支強大的實地團隊，負責從銷售到開處方醫生，以及與關鍵利害關係人的互動。我們不是批發商，我們與診所合作。

In the UK, similar situation. To your point, clinics are very important as a way to onboard and connect with patients, both those coming into the system. So today, we produce the products. We have a very strong network of partnering with wholesalers that's actually expanding. And we have a network of clinics that service it.

英國的情況也類似。正如您所說，診所對於接納和聯繫患者來說非常重要，無論是新加入醫療系統的患者還是其他患者。所以今天，我們開始生產這些產品。我們擁有非常強大的批發商合作網絡，而且這個網絡還在不斷擴大中。我們擁有一個為之提供服務的診所網路。

If it looks like there's an opportunity to change that and actually acquire one part of that vertical, we will. But in some cases, you don't want to compete against your customers. And so I think you sort of have to be careful. But we're very flexible. We have different models in different countries depending on what works for us. Obviously, by our margin structure and the results, it's working, but we stay flexible.

如果看起來有機會改變現狀，並實際收購該垂直領域的某個部分，我們會這麼做。但在某些情況下，你並不想與你的客戶競爭。所以我覺得你得謹慎一點。但我們非常靈活。我們在不同的國家採用不同的模式，這取決於哪種模式對我們有效。顯然，從我們的利潤結構和績效來看，這種模式是有效的，但我們會保持靈活性。

That's good color. Look, I mean, just a follow-up in terms of the timeline for the potential changes in Germany and Australia. In the case of Germany, the way I understand it, the cabinet already approved the changes that have been proposed. Now that has to go through parliament. What's the timeline there? How long could that take?

顏色真好看。我的意思是，我只是想跟進德國和澳洲可能發生的變化的時間表。就德國而言，據我了解，內閣已經批准了所提出的修改方案。現在這項提案還得經過議會審議。具體時間安排是怎樣的？那需要多長時間？

And the same question regarding Australia, the TGA is going through a consultation period. How long could that take? I'm not asking in terms of how things play out, but what are the key milestones that we should be looking for?

關於澳洲的情況也一樣，TGA目前正在進行公眾諮詢。那需要多長時間？我不是問事情最終會如何發展，而是問我們應該關注哪些關鍵里程碑？

Well, I mean, it's a proposal in Germany from the Health Minister, needs a lot of alignment from a lot of different constituencies. So in terms of timing, we'll know more at the end of this month in terms of what gets put forth. There's going to be a lot of debate on it. So you're going to go into the spring until you know anything about where that's going to land.

嗯，我的意思是，這是德國衛生部長提出的一個方案，需要很多不同群體的支持和配合。所以就時間安排而言，我們將在本月底知道會提出什麼方案。這件事肯定會引發很多爭論。所以，在知道最終結果如何之前，你只能等到春天了。

As we've talked about, there's two parts of it. The first part has a lot less impact, which is a change in the telehealth components, not dissimilar to Poland. The second component potentially around the prohibition of delivery of these products, which is completely contrary to how all other medical products are delivered and the impact to rural patients, that's going to be the more controversial one. So we'll see, but end of November, then into the spring in terms of Germany.

正如我們之前討論過的，它由兩個部分組成。第一部分的影響要小得多，它只是遠距醫療組件的變化，與波蘭的情況類似。第二個方面可能與禁止交付這些產品有關，這與所有其他醫療產品的交付方式完全相反，並且會對農村患者造成影響，這將是更具爭議性的。所以我們拭目以待，但就德國而言，大概到 11 月底，然後就到春天了。

In Australia, there really isn't a timeline. You've got two regulatory agencies that are looking at a variety of different things. I will say we recently saw an interest by the regulatory authorities in Australia to start testing products and looking at some of the adulteration that may be happening in that market to these medical products, and as a company, takes the regulatory responsibilities and production responsibilities seriously, we look forward to that. So Australia is a little bit more open-ended, but you're not hearing things that would have, say, the same impact on the prohibition of delivery through the mail like you hear in Germany.

在澳大利亞，實際上並沒有時間表。有兩個監管機構正在調查各種不同的問題。我想說的是，我們最近看到澳洲監管機構對開始測試產品並調查該市場上可能存在的醫療產品摻假情況表現出了興趣。作為一家公司，我們認真對待監管責任和生產責任，我們對此充滿期待。所以澳洲在這方面比較開放，但你不會聽到像德國一樣，對禁止郵寄包裹產生同樣影響的事情。

I would like to turn the floor over to Miguel for closing remarks.

我謹將發言權交給米格爾，請他作總結發言。

Well, listen, we're really excited about communicating this quarter to everyone and sharing the work that we're doing. And obviously, we'll continue to do that. We want to thank everyone for their interest in Aurora, and we wish everyone a great day. All the best.

聽著，我們非常高興能在這個季度與大家溝通，分享我們正在進行的工作。很顯然，我們會繼續這樣做。感謝大家對Aurora的關注，祝大家今天過得愉快。一切順利。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路了，感謝您的參與。