Aurora Cannabis Inc. (ACB) 2026 Q4 法說會逐字稿

Greetings and welcome to the Aurora Cannabis fiscal-year and fourth-quarter 2026 results conference call. (Operator Instructions) This conference call is being recorded today, Thursday, June 11, 2026.

各位好，歡迎參加 Aurora Cannabis 2026 財政年度及第四季業績電話會議。(操作員指示) 本次電話會議於今日（2026 年 6 月 11 日，星期四）進行錄音。

I would now like to turn the conference over to your host, Kevin Niland, Senior Director of Strategic Finance and Investor Relations. Please go ahead, sir.

現在我想把電話會議交給本次會議主持人——策略財務與投資人關係資深總監 Kevin Niland。先生，請開始。

Hello, and thank you for joining us. With me is Miguel Martin, Chief Executive Officer, and Simona King, Chief Financial Officer. Earlier this morning, we filed our fiscal year and fourth quarter 2026 financials for the period ended March 31, 2026, and issued a news release containing both our annual and quarterly results. Our financial statements, MD&A, and news release are available on our IR website. They can also be accessed via SEDAR+ and EDGAR. In addition, you will find a supplemental information deck on our IR website.

各位好，感謝各位加入。與我一同出席的有執行長 Miguel Martin 以及財務長 Simona King。今天稍早，我們已提交截至 2026 年 3 月 31 日期間的 2026 財政年度及第四季財務報表，並發布新聞稿，內容包含年度與季度業績。我們的財務報表、管理層討論與分析（MD&A）以及新聞稿均可於我們的投資人關係（IR）網站取得。也可透過 SEDAR+ 與 EDGAR 查閱。此外，您也可在我們的 IR 網站找到補充資訊簡報。

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

我們今天的討論提醒各位，某些事項可能構成前瞻性陳述，或涉及與我們未來財務或營運表現相關的風險與不確定性。實際結果可能與這些前瞻性陳述所預期者存在重大差異。可能影響實際結果的風險因素已詳載於我們的年度資訊表以及其他定期申報文件與註冊聲明中。這些文件同樣可透過 SEDAR+ 與 EDGAR 查閱。在我們的準備發言結束後，將進行問答環節。

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

接下來，我把電話交給 Miguel。請開始。

Thanks, Kevin. Fiscal 2026 was a strong year for Aurora. Net revenue meaningfully exceeded our outlook. Adjusted EBITDA was above the midpoint of our guided range, and we improved adjusted net income by more than $12 million. I'll walk through the key financial metrics in a moment, but it's important to underscore that our performance is driven by two strategic pillars.

謝謝你，Kevin。2026 財政年度對 Aurora 而言是表現強勁的一年。淨營收顯著超出我們的展望。調整後 EBITDA 高於我們指引區間的中位數，且我們將調整後淨利改善超過 1,200 萬美元。我稍後會說明關鍵財務指標，但重要的是要強調，我們的表現是由兩大策略支柱所驅動。

First, we are anchored by our leadership in medical cannabis across nationally legal markets. Over a decade ago, we anticipated that medical cannabis was poised to be the most attractive and durable segment of this industry, and we invested accordingly, building the science, infrastructure, and regulatory capabilities that allow us to serve patients with consistency, quality, and scale. Today, Aurora is one of Canada's largest global medical cannabis companies, a leading exporter of medical cannabis, and a trusted supplier to international markets through our world-class GMP-certified facilities.

第一，我們以在全國合法市場的醫療用大麻領導地位為根基。十多年前，我們預見醫療用大麻將成為本產業最具吸引力且最具韌性的細分市場，並據此投入資源，建立科學能力、基礎設施與法規合規能力，使我們能以一致性、品質與規模服務患者。如今，Aurora 是加拿大最大的全球醫療用大麻公司之一、醫療用大麻的主要出口商，並透過世界級、取得 GMP 認證的設施，成為國際市場值得信賴的供應商。

We are a market leader in Canada, Germany, Australia, and Poland, the four largest nationally legal medical cannabis markets. The majority of our manufacturing capacity is produced within our EU GMP and TGA GMP-certified facilities, operating under strict international standards, and only a small group of producers, Aurora among them, hold the certifications required to ship directly into European and Australian medical markets. Our integrated model of manufacturing and distribution also drives lower production costs through higher yields, potency improvements, and ongoing operational efficiencies.

我們在加拿大、德國、澳洲與波蘭——這四個全國合法的最大醫療用大麻市場——均為市場領導者。我們的大部分製造產能來自取得 EU GMP 與 TGA GMP 認證、並在嚴格國際標準下運作的設施；只有少數生產商（包括 Aurora）持有可直接運送至歐洲與澳洲醫療市場所需的認證。我們整合式的製造與配送模式，也透過更高的產量、效價提升與持續的營運效率改善，帶來更低的生產成本。

Second, we remain highly disciplined in our financial management. Cost efficiencies enabled us to expand our annualized adjusted gross margin and increase adjusted EBITDA while maintaining a strong balance sheet. This discipline positions Aurora well for the future as we continue to navigate evolving industry dynamics that we will discuss in greater detail shortly. Here are some highlights from fiscal year 2026. First, net revenue rose 11% to $321 million, driven by double-digit growth in global medical cannabis.

第二，我們在財務管理上始終保持高度紀律。成本效率使我們得以擴大年化調整後毛利率，並在維持強健資產負債表的同時提升調整後 EBITDA。這份紀律讓 Aurora 在未來具備良好定位，因為我們將持續因應不斷演變的產業動態，稍後也會更詳細討論。以下是 2026 財政年度的幾項重點。第一，淨營收成長 11% 至 3.21 億美元，主要由全球醫療用大麻的雙位數成長所帶動。

This exceeded the top end of our guided range by $8 million. Notably, about 55% of our net revenue was generated outside of Canada. Second, adjusted gross margin rose to 64%. This reflects the benefits of our investments in the value chain, science, and plant genetics, as well as operational efficiencies and capacity improvements. Third, adjusted EBITDA grew 32% year over year, reaching $54 million.

此結果較我們指引區間上緣高出 800 萬美元。值得注意的是，我們約 55% 的淨營收來自加拿大以外市場。第二，調整後毛利率提升至 64%。這反映我們在價值鏈、科學與植物基因方面的投資效益，以及營運效率與產能改善。第三，調整後 EBITDA 年增 32%，達到 5,400 萬美元。

And finally, we ended the year with one of the strongest balance sheets in the industry, with $165 million of cash and cash equivalents with no debt. As the industry evolves, maintaining our leadership in global medical cannabis requires even greater focus, especially as competition and pricing intensify. In the fiscal fourth quarter, we took deliberate steps to sharpen that focus by initiating our exit from certain markets within the lower-margin Canadian consumer segment, which we expect to complete by the end of September.

最後，我們以業界最強健的資產負債表之一結束本年度：現金及約當現金 1.65 億美元，且無負債。隨著產業演進，要維持我們在全球醫療用大麻的領導地位需要更高度的專注，尤其在競爭與價格壓力加劇之際。在 2026 財政年度第四季，我們採取審慎措施以強化專注度，啟動退出加拿大消費用大麻中部分低毛利市場的計畫，預計於 9 月底前完成。

While this transition carried one-time cash impacts during the quarter itself, it positions us to reprioritize resources, allowing us to maximize the opportunities in the more profitable global medical cannabis space. We also divested our lower-margin plant propagation business by selling our controlling stake in Bevo. Together, these actions allow us to deploy capital more effectively and enhance profitability over time.

雖然此轉型在當季帶來一次性的現金影響，但它使我們得以重新排序資源配置，進而把握獲利性更高的全球醫療用大麻領域機會。我們也透過出售在 Bevo 的控股權，剝離了毛利較低的植物繁殖業務。綜合而言，這些行動使我們能更有效地配置資本，並在時間推進下提升獲利能力。

In April, we acquired Safari Flower Co., an established Canadian-based EU GMP-certified cannabis cultivator and manufacturer, for approximately $26.5 million. This acquisition marks an important milestone as we continue to purposefully invest in expanding our EU GMP capacity to help grow by supplying flower in the expanding international markets. In our view, Canada remains the best place to grow high-quality premium GMP flower in the world. Safari Flower's 59,000 square foot indoor cultivation and manufacturing facility in Ontario is closely aligned with our existing cultivation and manufacturing sites, strengthening our position as one of the largest Canadian exporters.

4 月，我們以約 2,650 萬美元收購 Safari Flower Co.，該公司為一家成熟的加拿大企業，具備 EU GMP 認證的大麻栽培與製造能力。此收購是我們持續有目的地投資、擴充 EU GMP 產能的重要里程碑，以便在擴張中的國際市場透過供應花（flower）來推動成長。我們認為，加拿大仍是全球種植高品質、優質 GMP 花的最佳地點。Safari Flower 位於安大略省、面積 59,000 平方英尺的室內栽培與製造設施，與我們既有的栽培與製造據點高度契合，進一步鞏固我們作為加拿大最大出口商之一的地位。

We intend to leverage our extensive plant science and operational expertise to increase the supply of high-quality EU GMP manufactured flower, which further enhances our leadership in these expanding, high-margin, and highly regulated markets. Our investments in plant science will provide us with new disease-resistant cultivars that deliver higher yields per square foot and consistently achieve high potency results, driving a 40% increase in EU GMP capacity over the last five years. This enhanced supply chain that we control and manage will be a key part of our future. It will enable us to capture greater international market share while delivering superior value to our most respected patients worldwide. We expect Safari to deliver positive adjusted EBITDA contributions in fiscal year 2027 with incremental benefits in fiscal year 2028 and beyond.

我們計畫運用深厚的植物科學與營運專業，提升高品質 EU GMP 製造花的供應，進一步強化我們在這些持續擴張、高毛利且高度監管市場中的領導地位。我們在植物科學上的投資，將帶來具抗病性的新品系，可在每平方英尺提供更高產量，並穩定達到高效價表現，推動我們在過去五年 EU GMP 產能提升 40%。這條由我們掌控並管理的強化供應鏈，將是我們未來的關鍵組成。它將使我們在為全球最受尊敬的患者提供更優價值的同時，取得更高的國際市占率。我們預期 Safari 將在 2027 財政年度帶來正向的調整後 EBITDA 貢獻，並在 2028 財政年度及其後帶來額外效益。

Last month, we announced the expansion of our medical cannabis portfolio across Canada, Europe, Australia, and New Zealand, reinforcing our medical-first strategy and our leadership in regulated international markets. These launches span dried flower, pre-rolls, and edibles and are all designed to meet clear patient and prescriber demand for high-quality, consistent, and reliable products.

上個月，我們宣布在加拿大、歐洲、澳洲與紐西蘭擴充醫療用大麻產品組合，強化我們「醫療優先」策略以及在受監管國際市場的領導地位。這些上市涵蓋乾燥花、預捲（pre-rolls）與食用產品（edibles），皆旨在滿足患者與處方醫師對高品質、一致且可靠產品的明確需求。

What's important here is that these innovation launches are not one-off events. They reflect the strength of our global GMP supply network and our ability to deliver at scale. From the broadened offerings in Canada, Germany, and Poland to expanded formats in Australia and New Zealand, we're deepening our presence in the markets that matter most.

重要的是，這些創新上市並非一次性事件。它們反映我們全球 GMP 供應網絡的實力，以及我們以規模交付的能力。從加拿大、德國與波蘭更完整的產品供給，到澳洲與紐西蘭更多元的產品形式，我們正在加深在最重要市場中的布局。

Now, let's discuss the dynamics of our individual medical cannabis markets. Germany was the biggest contributor to our double-digit international revenue growth in fiscal 2026 as we benefited from strong commercial execution and a well-established reputation with wholesalers, distributors, and pharmacists. While we continue to offer a broad mix of core and premium products, we've also expanded our lineup to include more value-focused options without compromising on quality.

接下來，我們來討論各個醫療用大麻市場的動態。在 2026 財政年度，德國是我們國際營收雙位數成長的最大貢獻者，受惠於強勁的商業執行力，以及我們在批發商、經銷商與藥師之間既有且穩固的聲譽。在持續提供涵蓋核心與高端產品的廣泛組合之際，我們也擴充產品線，加入更多以價值為導向的選項，同時不犧牲品質。

As new competitors enter the market, we are seeing increased price pressure, though so far it is largely concentrated in the value segment. Because the core and premium categories represent most of our volume, we have held our leading market share, but we continue to monitor conditions closely and have adjusted pricing where appropriate.

隨著新的競爭對手進入市場，我們看到價格壓力加劇，儘管目前主要集中在超值（value）產品區隔。由於核心與高端品類占我們大部分銷量，我們仍維持領先的市場份額，但我們會持續密切監測市場狀況，並在適當時調整定價。

Our diversified product portfolio, strong brand equity, and disciplined pricing strategy position us well to maintain leadership even as competition evolves. This is best evidenced by two of our proprietary cultivars ranking number one and number three by sales this quarter. We are one of three active in-country producers of medical cannabis, carrying a production and R&D license under the German cannabis law. Because of this, we are in a strong position to serve all medical markets in Europe. To drive more EU GMP production and gain incremental share in this rapidly growing market, we undertook a major expansion at our facility in Leuna, which will increase capacity, improve product quality, and drive cost efficiency.

我們多元化的產品組合、強大的品牌資產，以及嚴謹的定價策略，使我們即使在競爭格局演變之際，仍具備維持領導地位的有利條件。本季有兩個我們的專有品種在銷售排名中分別位居第一與第三，最能證明這一點。我們是德國境內三家仍在營運的醫療大麻生產商之一，並依據德國大麻法持有生產與研發許可。因此，我們具備強勢地位，可服務歐洲所有醫療市場。為推動更多 EU GMP 產能並在這個快速成長的市場中取得額外份額，我們在萊烏納（Leuna）廠區進行重大擴建，將提升產能、改善產品品質並提高成本效率。

Our intention is for this site to mirror the performance of our Canadian sites based on the same industry-leading genetics and product standards. Leuna's expansion will be completed in the first half of fiscal year 2027, and combined with the introduction of our proprietary cultivars, is expected to double its annual flower output.

我們的目標是讓該據點以相同的業界領先基因與產品標準，達到與加拿大據點相當的表現。萊烏納的擴建將於 2027 財政年度上半年完成，並結合我們專有品種的導入，預期可使其年度花（flower）產量倍增。

In Australia, we continue to hold a key leadership position. We are actively working to shift our sales mix towards core and premium products in response to the growing interest by both prescribing physicians and patients for a variety of premium products. Australia already offers one of the broadest product format ranges outside of North America, providing us with the ability to fully leverage our diverse portfolio beyond flower and oils.

在澳洲，我們持續維持關鍵的領導地位。因應開立處方醫師與患者對多樣高端產品日益增加的興趣，我們正積極將銷售組合轉向核心與高端產品。澳洲已提供北美以外最廣泛的產品形式之一，使我們能充分發揮多元產品組合的優勢，不僅限於花與油。

In Poland, we hold the number-one market share position, supported by strong commercial execution and our ability to have successfully navigated the shift from telehealth-driven prescribing to clinic-based prescribing. After Germany, Poland was the second largest contributor to our growth in international markets in fiscal year 2026. We've maintained strong relationships with regulators throughout this transition, and recent increases in the annual import limits further strengthen our growth outlook. We are confident in our ability to sustain this leadership position. Our highly skilled local team continues to engage effectively with key stakeholders, and our expanding portfolio of high-quality medical cannabis products ensures we can meet evolving patient and prescriber needs.

在波蘭，我們擁有第一名的市場份額，這得益於強勁的商業執行力，以及我們成功因應處方模式從遠距醫療（telehealth）驅動轉向以診所為主的開立方式。在 2026 財政年度，波蘭在國際市場成長貢獻中僅次於德國，排名第二。在此轉型期間，我們與監管機構維持良好關係，而近期年度進口上限的提高也進一步強化了我們的成長展望。我們有信心能維持此領導地位。我們高度專業的在地團隊持續有效與關鍵利害關係人互動，而我們不斷擴充的高品質醫療大麻產品組合，確保我們能滿足患者與處方端不斷演變的需求。

Across other parts of Europe, we are encouraged by the potential developments in markets such as France, Ukraine, Switzerland, Spain, and Austria. Our success in entering new jurisdictions stems from the stringent and ever-increasing regulatory standards woven into our operations, coupled with the strength of our GMP-certified product portfolio, which positions us to move quickly and compliantly as new markets come online.

在歐洲其他地區，我們對法國、烏克蘭、瑞士、西班牙與奧地利等市場的潛在發展感到鼓舞。我們能成功進入新司法管轄區，源於我們營運中所內嵌的嚴格且持續提高的監管標準，再加上我們具 GMP 認證的產品組合實力，使我們能在新市場上線時快速且合規地推進。

I do want to briefly address the recent cannabis rescheduling developments in the United States. If enacted, this would represent a meaningful step towards modernizing US cannabis policy and aligning it more closely with international regulatory frameworks. We are encouraged by the direction of the process and are considering reevaluating our US strategy.

我也想簡要談一下美國近期關於大麻重新分級（rescheduling）的進展。若獲通過，這將是朝向現代化美國大麻政策、並使其更貼近國際監管框架的重要一步。我們對此流程的走向感到鼓舞，並正考慮重新評估我們的美國策略。

As one of Canada's largest exporters of GMP-manufactured medical cannabis, we believe that with our operational, commercial, and regulatory expertise, we are uniquely positioned to react and benefit from the opportunities of further medical cannabis market expansion at the federal level in the United States. That said, due to the current regulatory uncertainty that remains, we have nothing definitive to announce at this time, and look forward to further updates from the US administration in the coming months.

作為加拿大最大的 GMP 製造醫療大麻出口商之一，我們相信憑藉營運、商業與法規方面的專業能力，我們具備獨特優勢，可在美國聯邦層級醫療大麻市場進一步擴張時迅速反應並從中受益。不過，由於目前仍存在監管不確定性，我們此刻沒有任何明確事項可對外宣布，並期待未來數月美國政府提供更多更新。

Finally, turning to Canada, medical cannabis net revenue grew annually due to higher sales from insured patients who benefited from a broader portfolio assortment. For many years, our medical platform in Canada has been characterized by dependable market share, high barriers to entry, regulatory expertise, investment in technology and distribution, and an unwavering commitment to science, testing, and compliance. Historically, our direct-to-patient model, which does not rely on provincial wholesalers or private retailers, has allowed Aurora to achieve sustainable gross profit margins.

最後，回到加拿大，醫療大麻淨營收因受保患者銷售增加而年增，這些患者受益於更廣泛的產品組合。多年來，我們在加拿大的醫療平台以穩健的市場份額、高進入門檻、法規專業、對科技與配送的投資，以及對科學、檢測與合規的堅定承諾為特色。過去，我們的直達患者（direct-to-patient）模式不依賴省級批發商或私人零售商，使 Aurora 得以達成可持續的毛利率。

However, with changes to the federal reimbursement program effective April 1st, we expect that this external regulatory change will both impact our top line and adjusted gross margins beginning in fiscal year 2027. We recognize the near-term impact of the shift in pricing and believe that we have the capabilities, financial resources, and resilience to successfully navigate this change while continuing to invest in growing international opportunities. Let me now turn the call over to Simona.

然而，隨著聯邦報銷計畫自 4 月 1 日起生效的變更，我們預期這項外部監管變動將自 2027 財政年度起，同時影響我們的營收（top line）與調整後毛利率。我們理解定價變動在短期內的影響，並相信我們具備能力、財務資源與韌性，能成功因應此變化，同時持續投資以拓展國際成長機會。接下來我把電話交給 Simona。

Thank you, Miguel. Let's review our fiscal fourth quarter 2026 compared to the prior year quarter, and then discuss our fiscal year 2027 outlook. First, net revenue increased 10% to $84.8 million, driven by 14% growth in global medical cannabis revenue, including a 90% increase internationally. 58% of our total net revenue was generated outside of Canada during the quarter, reflecting the continued shift in our business as we extend our presence internationally.

謝謝你，Miguel。讓我們回顧 2026 財政年度第四季相較去年同期的表現，接著討論 2027 財政年度展望。首先，淨營收成長 10% 至 8,480 萬美元，主要由全球醫療大麻營收成長 14% 所帶動，其中國際市場成長 90%。本季我們總淨營收的 58% 來自加拿大以外地區，反映我們在拓展國際布局下，業務持續轉移的趨勢。

Second, we delivered industry-leading adjusted gross margins of 60% thanks to our continued focus on global medical cannabis and our operational improvements that are supporting lower manufacturing costs. Third, adjusted EBITDA was $9.2 million in line with our implied quarterly range, and adjusted net income was $5.6 million.

第二，受惠於我們持續聚焦全球醫療大麻，以及支持降低製造成本的營運改善，我們交出業界領先的 60% 調整後毛利率。第三，調整後 EBITDA 為 920 萬美元，符合我們隱含的季度區間，而調整後淨利為 560 萬美元。

In medical cannabis, net revenue rose 14% to $77.5 million, inclusive of 19% growth internationally, setting a new record for Canadian and international. We benefited from increased distribution in Germany and growth in Poland, which combined with continued strong contributions from Canadian medical related to a broader product assortment. Medical cannabis comprised 91% of net revenue compared to 88% in the prior year and the majority of our adjusted gross profit. Adjusted gross margin for medical cannabis held strong at 66%, and we did see a decrease from the prior year due to the sale of lower-margin products and strategic price reductions in certain markets. Our investments in the value chain, operations, science, and genetics provide us with an important advantage, allowing us to maintain strong margins in these competitive and dynamic markets.

在醫療大麻方面，淨營收成長 14% 至 7,750 萬美元，其中包含國際市場 19% 的成長，創下加拿大與國際市場的新紀錄。我們受益於德國通路分銷增加與波蘭成長，並結合加拿大醫療端因更廣泛產品組合而持續強勁的貢獻。醫療大麻占淨營收的 91%，高於去年同期的 88%，並貢獻我們大部分的調整後毛利。醫療大麻的調整後毛利率維持在 66% 的強勁水準，但相較去年有所下降，原因是銷售較低毛利產品，以及在部分市場進行策略性降價。我們在價值鏈、營運、科學與基因方面的投資，為我們帶來重要優勢，使我們能在這些競爭激烈且動態變化的市場中維持強勁毛利率。

Consumer cannabis net revenue was $3.6 million, down from $8.2 million. The year-over-year decrease is the result of our intention to wind down this segment as we allocate cannabis flower to the higher-margin medical cannabis segment. Adjusted SG&A increased to $40.3 million, up from $35.4 million. The year-over-year change primarily reflects a $1.9 million expected credit loss related to the insolvency of two customers, with the remaining increase driven by inflation-related labor costs to support international revenue, and additional professional fees associated with public company requirements. Adjusted net income was $5.6 million compared to $15.3 million in the prior year.

消費用大麻淨營收為 360 萬美元，低於去年的 820 萬美元。年減主要是因為我們計畫逐步縮減此業務區隔，並將大麻花分配至毛利較高的醫療大麻業務。調整後銷售、一般及行政費用（SG&A）增加至 4,030 萬美元，高於去年的 3,540 萬美元。年對年變動主要反映因兩名客戶破產而產生的 190 萬美元預期信用損失，其餘增加則來自為支援國際營收而承擔的通膨相關人力成本，以及因上市公司要求而增加的專業服務費用。調整後淨利為 560 萬美元，去年同期為 1,530 萬美元。

The $9.7 million decrease primarily relates to an increase in adjusted SG&A of $4.9 million, a decrease in foreign exchange gains and interest income of $10.3 million, and $4.5 million -- Our balance sheet remains one of the strongest in the global cannabis industry. We held approximately $165 million of cash, cash equivalents, and short-term investments, and no debt. We also have access to a shelf prospectus filed on February 14 of this year through which we can issue a variety of securities during the 25-month period that remains effective. We also have an at-the-market program that allows us to issue up to $100 million of common shares.

減少的 970 萬美元主要與以下因素相關：調整後 SG&A 增加 490 萬美元、外匯收益與利息收入減少 1,030 萬美元，以及 450 萬美元——我們的資產負債表仍是全球大麻產業中最強健之一。我們持有約 1.65 億美元的現金、約當現金與短期投資，且無負債。我們亦可使用本年 2 月 14 日提交的擱置式公開說明書（shelf prospectus），在其剩餘有效的 25 個月期間內發行多種證券。我們也有一項隨市發行（at-the-market）計畫，允許我們最多發行 1 億美元的普通股。

We have ample liquidity and can be opportunistic with respect to investing in ourselves if needed, while also pursuing additional acquisitions. Free cash flow was $0.3 million compared to $5.2 million in the prior year, decreasing $4.9 million primarily due to a decrease in gross profit before fair value adjustments of $5.3 million.

我們擁有充足的流動性，若有需要可在投資自身方面採取更具機會性的作法，同時也會持續尋求額外的併購。自由現金流為0.3百萬美元，較前一年度的5.2百萬美元減少4.9百萬美元，主要係因公允價值調整前毛利減少5.3百萬美元所致。

Let me now provide our outlook for fiscal year 2027, which ends on March 31, 2027. Our expectations reflect the strategic actions we've taken to strengthen the business, specifically our exit from the low-margin Canadian consumer and plant propagation businesses. These decisions allow us to allocate resources towards evolving and more profitable global medical cannabis markets. We believe this is our highest return opportunity to create value.

接下來我將提供我們對2027會計年度（截至2027年3月31日）的展望。我們的預期反映了我們為強化業務所採取的策略性行動，特別是退出低毛利的加拿大消費者與植物繁殖業務。這些決策使我們得以將資源配置至正在演進且更具獲利性的全球醫療大麻市場。我們相信這是我們創造價值、回報最高的機會。

While we remain optimistic in our long-term trajectory, fiscal 2027 will be a reset year, shaped by changes to reimbursement pricing in Canadian medical that can only be partially offset by international growth. Over the next few quarters, we are purposely investing in our international business to drive sales initiatives and EU GMP capacity expansion to support growth in our most profitable markets. Total net revenue is expected to decline and be more in line with our cannabis net revenue results in fiscal year 2025, following the changes in Canadian medical, partially offset by international growth driven by Germany and Poland.

儘管我們對長期發展軌跡仍保持樂觀，2027會計年度將是重置的一年，主要受到加拿大醫療端給付價格變動影響，而此影響僅能由國際成長部分抵銷。在接下來幾個季度，我們將有意識地投資國際業務，以推動銷售計畫並擴充EU GMP產能，支援我們最具獲利市場的成長。在加拿大醫療端變動之後，總淨營收預期將下滑，並更接近我們2025會計年度的大麻淨營收表現；其中部分將由德國與波蘭帶動的國際成長所抵銷。

Adjusted gross margins are expected to be in the mid to high 50s, driven by higher revenue contributions from Europe and exiting from the lower-margin businesses. These benefits will partially offset lower margins in Canadian medical following the reduction to the reimbursement rate. Adjusted SG&A is expected to remain broadly in line with the prior fiscal year. Adjusted EBITDA is expected to vary quarter over quarter, leading to lower annual adjusted EBITDA compared to the prior fiscal year. This change in expectations is due to the revision in reimbursement pricing that drives lower net revenue and adjusted gross profit contributions.

調整後毛利率預期落在50%中段至高段，主要受惠於歐洲營收占比提高，以及退出較低毛利業務。這些效益將部分抵銷加拿大醫療端因給付費率下調而導致的較低毛利。調整後SG&A預期將大致與前一會計年度持平。調整後EBITDA預期將呈現季度間波動，使得全年調整後EBITDA低於前一會計年度。此一預期變動係因給付價格修訂導致淨營收與調整後毛利貢獻下降。

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

感謝各位撥冗。接下來我把電話交回給Miguel。

Thanks, Simona. We have built one of the most attractive global medical cannabis growth platforms in the world, anchored by a sizable footprint in Canada, Europe, Australia, and New Zealand. Our performance in fiscal year 2026 demonstrated the strength, durability, and scalability of our operating model developed and executed by a talented global team.

謝謝你，Simona。我們已打造出全球最具吸引力的醫療大麻成長平台之一，並以加拿大、歐洲、澳洲與紐西蘭的龐大布局為基礎。我們在2026會計年度的表現，展現了由一支才華洋溢的全球團隊所建立並執行之營運模式的強度、韌性與可擴展性。

While the operating and competitive environment is evolving, we are taking decisive action now to lay the foundation for our next phase of growth. To do so, we plan to leverage the same capabilities that built our leadership position so that we can ultimately generate new records for revenue and adjusted EBITDA. The targeted investments we are making today in market share, GMP capacity, product innovation, and international expansion are designed to position Aurora among the few companies equipped to navigate increasing GMP standards and deliver sustained long-term growth. Throughout the year, we look forward to providing updates in converting the growing $9 billion global medical cannabis opportunity into sustained shareholder returns.

儘管營運與競爭環境正在演變，我們正立即採取果斷行動，為下一階段成長奠定基礎。為此，我們計畫運用建立領導地位的同樣能力，最終創造營收與調整後EBITDA的新紀錄。我們目前在市占率、GMP產能、產品創新與國際擴張上的目標性投資，旨在使Aurora成為少數具備能力因應日益提高的GMP標準並實現長期、可持續成長的公司之一。在今年內，我們期待持續提供最新進展，將不斷成長的90億美元全球醫療大麻機會轉化為可持續的股東報酬。

Operator, we're now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Derek Lessard, TD Cowen.

（接線員指示）Derek Lessard，TD Cowen。

I just maybe wondering if we can touch on the annual guide to begin with. Clearly, there's no real operational challenges expected. So the lower expectations seem to be tied to the lower reimbursement in Canada. Just wondering if you're able to isolate sort of that impact specifically on your revenue and your gross profit or even the lines, perhaps margins as well?

我想先從年度指引談起。很明顯，預期並沒有真正的營運挑戰。因此較低的預期似乎與加拿大較低的給付水準有關。想請問你們是否能夠具體拆解該影響對營收與毛利的衝擊，或甚至對各項目（也許包含毛利率）帶來的影響？

Yes, listen, it's a great question. I think, let me start and let Simona sort of finish up on it. Specifically, the VAC change, which was effective April 1, is about a 30% reduction in the reimbursed rate for those products. And so right off the top, you sort of face that those products are sort of evolving, and that benefit is sort of evolving. But that's a big chunk.

是的，聽著，這是個很好的問題。我先開始回答，然後讓Simona再補充。具體而言，VAC變更自4月1日起生效，對這些產品的給付費率約下調30%。因此一開始你就會面臨這些產品本身在演變，而該項效益也在演變。但這是一大塊。

I mean, that isolated on that piece of the revenue is about a 30% hit to the top line reimbursement, which blows through. Obviously getting out of consumer, while really doesn't have a profitability impact, has a revenue impact and somewhat similar with Bevo. So I think all of those are there. But and the offset is the continued growth in international.

也就是說，若單就那部分營收來看，對上線（營收）給付金額約有30%的衝擊，並會直接反映出來。另外，退出消費者業務雖然對獲利能力影響不大，但會影響營收；Bevo也有些類似。所以我認為這些因素都在其中。而抵銷因素則是國際業務的持續成長。

But, Simona, anything else on the modeling?

不過，Simona，關於模型還有其他補充嗎？

Yes, I mean, it's just to elaborate a little bit and reinforce Miguel's statement is that we do not break out adjusted gross margins in our medical businesses between Canada and international. But the change in the reimbursed pricing in Canada is a driver of our margin expectations that lead to high 50s, and why we still believe that international markets continue to be strong. And so we're purposely investing in our international business as well to drive that growth in what we see in Europe and the other regions outside of the continent.

是的，我想再稍微補充並強化Miguel的說法：我們並未在醫療業務中將加拿大與國際的調整後毛利率分開揭露。但加拿大給付價格的變動是我們毛利率預期（落在50%高段）的驅動因素之一；同時我們仍相信國際市場將持續強勁。因此我們也有意識地投資國際業務，以推動我們在歐洲及其他非歐洲地區所看到的成長。

And I guess the only other point on the Canadian medical part and the margin guidance, I think, is a big part of the modeling is we still expect to be able to grow share. So the overall pool and that benefit and the patients coming into it continue to be solid and steady. It's just the reimburse rate. So the historical ability to grow share of that business should still remain.

另外我想就加拿大醫療端與毛利率指引再補充一點：模型中的一大部分是假設我們仍能持續提升市占率。因此整體市場規模、相關效益以及新增患者的流入仍然穩健且持續。問題只在於給付費率。所以過去我們提升該業務市占率的能力，應該仍會維持。

Okay, that's fair. And maybe just spending a little bit of time on the recent Safari Flower acquisition and more specifically, how should we be thinking about it in terms of -- I guess the accretion in fiscal '27, some potential synergies, and I guess more broadly around the current integration progress.

好的，這樣合理。另外想花點時間談談近期收購Safari Flower，特別是我們應該如何看待它——我想是指在2027會計年度的增益效果、潛在綜效，以及更廣泛地談目前整合進度。

Well, I think the most important point is the importance of Germany. So Germany is the largest and fastest sort of growing by tonnage market in the international market. And obviously us and everybody else is talking about Germany. Germany is incredibly strict when it comes to the GMP standards and your ability to get qualified medical products into it. Safari fits directly in that.

我認為最重要的一點是德國的重要性。德國是國際市場中按噸數計最大且成長最快的市場。很顯然，我們和其他所有人都在談德國。德國在GMP標準以及你將合格醫療產品導入市場的能力方面極為嚴格。Safari正好直接契合這一點。

They were GMP. They adopt some of the same standards we do. They operate in Germany today, both as a cultivator and as an operator in that market.

他們具備GMP資格。他們採用與我們相同的一些標準。他們目前就在德國營運，既是種植者，也是該市場的營運商。

And so I think the way to look at it for Safari is as we just sort of gotten into it and it is absolutely accretive from the get-go and we think there's a lot of upside. So in terms of synergies if you think about their cultivation and their overall operations, it allows you to produce a significant amount of GMP flower for that market which has been steady and growing, and we think the standards there continue to sort of get tougher, so we like it a lot. And I think we'll know more, we've just only been in there a couple months, but there's a lot to like there. Introducing our genetics, introducing some of our proven cultivation practices, and the operations that we have in Germany all make that sort of a multiplier for what they were already doing at a pretty high level.

因此我認為看待Safari的方式是：我們才剛開始接手整合，但它從一開始就絕對具增益效果（accretive），而且我們認為還有很大的上行空間。就綜效而言，若你考量他們的種植與整體營運，這讓你能為該市場生產大量GMP花材；該市場一直穩定成長，而我們也認為那裡的標準會持續變得更嚴格，所以我們非常喜歡這筆交易。我們會更清楚，畢竟我們才進去幾個月，但那裡有很多值得期待的地方。導入我們的基因品系、導入一些我們已驗證的種植作法，以及我們在德國的營運，都會讓他們原本已相當高水準的作法產生倍增效果。

Thanks for that, Miguel.

謝謝你的說明，Miguel。

Frederico Gomes, ATB Capital Markets.

Frederico Gomes，ATB Capital Markets。

I have a question on the US and obviously I heard your comments, Miguel. But we've already got medical cannabis rescheduling there and I guess your focus is medical. So I'm thinking if you wanted to, you could probably already enter medical-only markets and you would have no issues with your listing. So how should we think about that in terms of big picture here? What would be your strategy if you were to actually enter the US market?

我有一個關於美國的問題，當然我也聽到你的評論了，Miguel。但那邊已經有醫療用大麻的重新分級（rescheduling），而我猜你們的重點是醫療。所以我在想，如果你們想的話，你們大概已經可以進入僅醫療的市場，而且你們的上市地位也不會有問題。那從更宏觀的角度，我們應該如何看待這件事？如果你們真的要進入美國市場，你們的策略會是什麼？

Good morning, Fred. It's a great question. I think we're about two months away from seeing the promulgation of some of these regs. Obviously, the announcement that we saw the US entity up-listing is encouraging, particularly with the New York Stock Exchange.

早安，Fred。這是個很好的問題。我認為我們大概再過兩個月就會看到其中一些法規的正式頒布。顯然，我們看到美國實體向上轉板（up-listing）的公告令人鼓舞，尤其是能在紐約證券交易所上市。

And we've heard conversations of US entities exporting out of the US into international that we service. So we're looking at it. There is sort of the potential opening that if the US is exporting medical products in the cannabis space from the US to say Europe, it potentially could go the other way.

而且我們也聽到一些討論，談到美國實體從美國出口到我們所服務的國際市場。所以我們正在評估。某種程度上存在一個潛在的開口：如果美國在大麻領域把醫療產品從美國出口到例如歐洲，那它也可能反向發生。

Clearly there's sort of three buckets I would describe. First is the opening to research, which hasn't been talked a lot about, but we think is a significant component to the federal de-schedule to Schedule III. And we're excited about that and potentially working with some US entities on that. And with a decade plus of medical experience, you can imagine that a lot of those entities, whether at the university level or in the private sector, would be deeply interested in a company like Aurora as a partner on the research.

很明顯，我會把它分成三個面向。第一是研究的開放，這點討論得不多，但我們認為這是聯邦層級從第一級降至第三級（Schedule III）的一個重要組成部分。我們對此感到興奮，也可能會就此與一些美國實體合作。而且我們有十年以上的醫療經驗，你可以想像，無論是大學層級或私部門的許多機構，都會非常有興趣與像 Aurora 這樣的公司在研究上成為合作夥伴。

Secondly would be the potential partnership. Again, applying the GMP and medical sort of grade standards of production and delivery to patients, and there's been some early announcements in the US around CBD and potential pathways there for the Medicare and Medicaid system. And then lastly, like I said, is the potential import and export of that.

第二個會是潛在的合作夥伴關係。同樣地，把 GMP 與醫療等級的生產標準與病患交付標準應用進來；而且美國那邊已經有一些早期公告，談到 CBD 以及在 Medicare 與 Medicaid 體系下可能的途徑。最後，如我所說，是進出口的潛力。

Now, the specific point of acquiring medical-only assets in the US for a Nasdaq-listed entity we'll sort of see. But in the interim, there's a lot. But I think in the short term, in the next two months, as we see the promulgation of some of the -- and the regulations were there, and importantly, the 280E conversation doesn't affect us. I know that's a big part of what's going to happen there and SAFER Banking and other aspects. But companies like Aurora have sort of a clean run at it as we see the regs come out.

至於對一家在納斯達克上市的實體而言，在美國收購僅醫療資產這個具體問題，我們還要再觀察。但在此期間，其實有很多事情可以做。不過我認為短期內、接下來兩個月，隨著一些——以及那些法規的正式頒布；而且很重要的是，280E 的討論不影響我們。我知道那是那邊接下來會發生的一大部分，還有 SAFER Banking 以及其他面向。但像 Aurora 這樣的公司，在法規出爐時基本上可以相對順利地推進。

Thank you. I appreciate that. I'll jump back in the queue.

謝謝你。我很感謝。我回到隊列裡。

Thank you, Fred.

謝謝你，Fred。

Bill Kirk, Roth Capital Partners.

Bill Kirk，Roth Capital Partners。

I was hoping to keep the reimbursement conversation going. I guess, what change in consumer behavior have you seen so far? I think we're a couple months in. So what change have you seen so far? Are patients trading down to lower-priced products or have they been trading down to lower-priced products?

我希望把報銷（reimbursement）的討論延續下去。我想問的是，到目前為止你們看到消費者行為有哪些改變？我想我們已經過了幾個月。所以到目前為止你們看到了什麼變化？病患是否在轉向較低價的產品，或是否一直在轉向較低價的產品？

Have the producers effectively just lowered price to offset the lower reimbursement and therefore keep out-of-pocket costs unchanged? I'm just trying to figure out the mechanism of the lower reimbursement and why things need to change when there still is a substantial reimbursement.

生產商是否有效地下調價格來抵消較低的報銷，從而讓自付費用維持不變？我只是想釐清較低報銷的運作機制，以及為什麼在仍然有相當可觀的報銷的情況下，事情還需要改變。

Well, Bill, and good morning. It's early days in this. The effective change was only in April 1, but as of right now, the patient patterns don't seem to be changing. So the way it historically works, and as you know, the vast majority of this system is in the veterans' benefit. The veterans have a prescription, they have an allocation, and pre-April 1, that reimbursement rate was at about a 30% higher.

Bill，早安。這件事還在初期。實際的變更是在 4 月 1 日才生效，但截至目前，病患的使用模式似乎沒有改變。所以它過去的運作方式是——如你所知，這個體系的絕大部分是在退伍軍人福利中。退伍軍人有處方、有配額，而在 4 月 1 日之前，報銷率大約高出 30%。

That's the reimbursement rate to the licensed producer. I can only speak to what we've done, which is continue to offer the same service. So in terms of choice of medications, which is really driven by the conversation, not between us and them, but between them and their physician, we haven't seen a lot of changes. Whether that's been in format, whether that's been in price point, and we'll have to sort of keep seeing where it goes, but it's predominantly the reimbursement rate that has changed.

那是給持牌生產商的報銷率。我只能就我們所做的來說，也就是持續提供相同的服務。因此在用藥選擇方面——這其實是由對話所驅動，但不是我們和他們之間，而是他們與其醫師之間——我們沒有看到太多變化。不論是在劑型、不論是在價格帶；我們還得繼續觀察後續發展，但主要改變的是報銷率。

Okay. And then going back to the US portion of the conversation, you touched on it, Miguel, but would you expect a market to emerge for exporting product into the US? In that context, why would it be different than Canada? Why would the US consider importing products when Canada doesn't really import products?

好的。那回到美國的部分，你提到了一點，Miguel，但你是否預期會出現一個把產品出口到美國的市場？在那個脈絡下，為什麼會跟加拿大不同？為什麼美國會考慮進口產品，而加拿大其實不太進口產品？

Well, I think we have to see the regs. I think my point was more that as we've heard conversation that a US entity might ship, say, GMP flower or compliant medical products into Europe, there are opportunities potentially for it to come back. But, yes, you're correct. Right now in Canada, there is a prohibition on products coming into the market.

嗯，我想我們得看法規怎麼寫。我的重點比較是：既然我們聽到一些討論，說某個美國實體可能會把例如 GMP 花（flower）或合規的醫療產品運到歐洲，那也可能存在把它再運回來的機會。不過，是的，你說得對。目前在加拿大，產品進入市場是被禁止的。

So maybe that ends up being the case that it's only a one-way stream. I think given the economics and the price per gram that you see in a medical market, say in Poland, Germany, UK, and Australia, they're plenty compelling, and the pricing that we see in the US probably doesn't make it as compelling a financial opportunity.

所以最後也許會變成只有單向流動。我認為就經濟性而言，以及你在醫療市場看到的每克價格——例如在波蘭、德國、英國與澳洲——都相當有吸引力；而我們在美國看到的定價，可能就沒那麼具備吸引力，未必是一個同樣誘人的財務機會。

I think the research is a huge one and really opens up a lot of things for the industry. I think the genetics and manufacturing practices, and this is no disrespect that in the US companies, the Canadian companies on the medical side producing in a GMP facility for over a decade, there's disadvantages to that. The advantages of the genetics, the cultivation practices, all of that, and I think that is clearly applicable in a federal medical construct in the US And so the potential import of flower from, I don't know, Germany or some European entity in the US is the least of the sort of economic opportunities, I think, for the Canadian LPs.

我認為研究是一個非常大的面向，確實為產業打開很多可能性。我認為基因（genetics）與製造實務也是如此；這並非對美國公司的不敬，但加拿大的公司在醫療端已在 GMP 設施中生產超過十年，這讓他們在某些方面具備優勢。基因、栽培實務等等的優勢，我認為在美國聯邦醫療架構下顯然都適用。至於從我不知道——德國或某個歐洲實體把花進口到美國——我認為那是對加拿大持牌生產商（LPs）而言，在各種經濟機會中相對最小的一個。

If I can keep going, I think I know the answer, but are there any US GMP growers or GACP growers?

如果我可以繼續問，我想我知道答案，但美國有任何 GMP 種植者或 GACP 種植者嗎？

Yes. Yes. Now the standards, so I mean, I think everyone is aware, GACP varies a bit. GMP has some nuances, particularly in cannabis. Now in pharmaceutical GMP it's very prescriptive, but due to the evolving nature of this agricultural product, we do see some differences.

有。有。不過標準方面——我想大家都知道，GACP 會有一些差異。GMP 也有一些細節差異，特別是在大麻領域。在藥品 GMP 中它非常具體且規範性很強，但由於這種農產品的性質仍在演進，我們確實看到一些不同。

But yes, there are certified GMP facilities. And yet it's not as prevalent and it's not as consistent in the application in say Germany or Poland, and just to be specific, those countries audit our facilities. So those are German auditors coming to Canada to audit a Canadian facility. So it is their standard, not our standard, or say an American standard in the question that you're posing. So it does require a bit of navigation.

但有的，確實有通過認證的 GMP 設施。只是它沒有那麼普遍，而且在例如德國或波蘭的落實也沒有那麼一致；具體來說，那些國家會稽核我們的設施。也就是德國稽核員到加拿大來稽核一家加拿大設施。所以那是他們的標準，不是我們的標準，也不是你問題中所指的美國標準。因此確實需要一些操作與對接。

Perfect. That's exactly what I was looking for. Thank you.

完美。這正是我想要的答案。謝謝。

You're very welcome, Bill.

不客氣，Bill。

Pablo Zuanic, Zuanic & Associates.

Pablo Zuanic，Zuanic & Associates。

Miguel, can you just give a general outlook for the German medical market? I mean, imports in the first quarter were down sequentially. Your thoughts there would help. And the second question, it's a bit of a two-part question. I guess I'll let you answer the first question first. Let's start with that.

Miguel，你能否就德國醫療市場給一個整體展望？我的意思是，第一季的進口量較前一季下滑。你對此的看法會很有幫助。第二個問題有點像是兩段式問題。我想我先讓你回答第一個問題。我們先從這個開始。

Okay, so in Germany, it is a very healthy market. It's a very large market, right? We like it for a lot of reasons. First, there is not as much pricing pressure at the top. So there is a recognition of premium and core medical products, not just, say, discount products that you see in certain markets. So that's one.

好的，所以在德國，這是一個非常健康的市場。這是一個非常大的市場，對吧？我們喜歡它有很多原因。第一，在高端產品上沒有那麼大的定價壓力。因此市場認可高端與核心醫療產品，而不只是像你在某些市場看到的折扣產品。這是其一。

Secondly, the ecosystem between the direct-to-patient delivery through the mail, a very well-developed telehealth system, proper manufacturing, GMP standards, strong regulators, all speak to a very solid, well-thought-out, integrated medical cannabis system. And like we said, pricing at the bottom is a bit compressed. But overall, Pablo, where we sit in it, we see growth.

第二，從郵寄的直接到患者配送、非常成熟的遠距醫療系統、合規的製造、GMP 標準、強而有力的監管機構等生態系統，都顯示這是一個非常穩健、深思熟慮且整合的醫療大麻體系。如同我們所說，低端價格確實有些被壓縮。但整體而言，Pablo，就我們所處的位置來看，我們看到成長。

We also, as you know, have a production facility in Germany, so have a lot of investment in that market. There is potential legislation that we'll know more about in the fall. It really falls in sort of two potential areas. We'll have to see where it lands in terms of one is the potential reduction in aspects of the telehealth requiring some version of a face-to-face interaction. We've seen that in Poland.

另外，如你所知，我們在德國也有一座生產設施，因此在該市場投入了大量投資。可能會有相關立法，我們會在秋季知道更多。它大致落在兩個可能方向。我們得看看最後會落在哪裡：其一是可能降低遠距醫療的某些面向，要求某種形式的面對面互動。我們在波蘭已經看過這種情況。

We've been able to navigate it well and come out the other side in a strong way. The other aspect we think is a bit less likely, but we'll have to see, is a potential prohibition on the delivery of medical cannabis products through the mail like it is today. So more to follow on that, but I think it's a great market. It's a very highly regulated market, what we like. And I will say, we do think the GMP standards are going to continue to tighten which will make it. But overall, we've seen growth in that market and we see that continuing.

我們已能很好地因應，並在之後以強勢姿態走出來。另一個面向我們認為可能性較低，但仍需觀察的是：可能禁止像目前這樣透過郵寄配送醫療大麻產品。所以後續還會有更多資訊，但我認為這是個很棒的市場。這是一個高度監管的市場，正是我們喜歡的。我也要說，我們確實認為 GMP 標準會持續趨嚴，這將使其……但整體而言，我們已在該市場看到成長，並且預期會持續。

Thank you. And then look, this is a two-part question. One if you want to do a post-mortem or lessons learned from your acquisition in Australia of MedReleaf, I see the numbers are down, although now you're breaking Australia and New Zealand. So I don't know if the numbers are comparable. Not sure what happened exactly in the fourth quarter there, but any postmortem you can give.

謝謝。然後你看，這是一個兩段式問題。第一，如果你願意談談你在澳洲收購 MedReleaf 的事後檢討或經驗教訓；我看到數字是下滑的，雖然你們現在把澳洲和紐西蘭拆開揭露。所以我不確定數字是否可比。不太確定第四季到底發生了什麼，但你能分享任何事後檢討。

And then as you think of acquiring downstream assets in Europe, if you were to, right, that's an assumption, where would that make sense and where would it be allowed? Because the rules vary in terms of how much you can control downstream. Thank you.

第二，當你考慮在歐洲收購下游資產時，如果你要這麼做（對吧，這是一個假設），在哪裡會有意義、又在哪裡會被允許？因為各地規則不同，對於你能在下游控制到什麼程度有差異。謝謝。

Yes, I mean, I think in Australia, it's early days. I mean we like that acquisition. It's a big market. It's a different part of the world. As you mentioned, New Zealand's also quite strong.

是的，我的意思是，我認為在澳洲，現在還算早期。我們喜歡那筆收購。那是一個大市場。也位於世界的另一個區域。如你提到的，紐西蘭也相當強勁。

It is a value market. And so I think you have to have a bit of eyes wide open in the overall economics of a value market. The entity we bought and to this day has one of the key leadership positions in that market. And so with global medical cannabis there are going to be sometimes when certain markets are down and certain markets are up.

那是一個以價值為導向的市場。因此我認為你必須對價值市場的整體經濟性保持清醒、充分理解。我們收購的那家公司，直到今天仍在該市場占據關鍵的領導地位之一。因此在全球醫療大麻領域，有時某些市場會下滑、某些市場會上升。

But overall, if you have a big enough network and you have common sort of development, genetics, and a variety of other aspects, you can benefit from it. Now, lately our product launches and the investments that we've made in that market are encouraging patients and physicians starting to see value in more sort of premium products. So I think that would be there. I'm sorry, was the second question, Pablo, was besides Australia and New Zealand?

但整體而言，如果你有夠大的網絡，並且在研發、基因，以及其他多個面向具備共通性，你就能從中受益。而近期我們在該市場的產品上市與投資，正鼓勵患者與醫師開始在更偏高端的產品上看到價值。所以我認為那會在那裡發生。抱歉，Pablo，第二個問題是除了澳洲和紐西蘭之外嗎？

Yes, the second question, in terms of how, as you see some of your peers acquire downstream assets in the market.

是的，第二個問題是，關於你如何看待一些同業在市場上收購下游資產。

Oh, downstream.

喔，下游。

Yes, how do you think about that and where is that allowed because the rules vary by market, right? But speaking about Europe specifically, thanks.

是的，你如何看待這件事，以及在哪些地方被允許，因為各市場規則不同，對吧？但特別是談歐洲，謝謝。

Yes, I mean, listen, I think in this industry you have to be agile. However, Aurora's significant advantage and what we are best at is having this unique genetics facility on the west coast of Canada, which is one of the largest in the world, which has developed world-class, in many cases, patented genetics that not only provide disease resistance, but significant yield and unique product attributes. That's a key advantage for us. Secondly, cultivation. GMP, premium, low-cost cultivation in Canada, which we still consider to be the best place in the world to cultivate these products and then situationally determine where in the value chain we'll partner.

是的，我的意思是，聽著，我認為在這個產業你必須保持敏捷。然而，Aurora 的重大優勢、也是我們最擅長的，是在加拿大西岸擁有這座獨特的基因設施，它是全球最大的之一，已開發出世界級、在許多情況下具專利的基因，不僅提供抗病性，還帶來顯著產量與獨特的產品特性。這對我們是關鍵優勢。第二是種植。在加拿大進行符合 GMP 的高端、低成本種植；我們仍認為加拿大是全球最適合種植這些產品的地方，然後再視情況決定在價值鏈的哪個環節進行合作。

Now, typically we end at the wholesale level, but in some cases we go beyond. I think downstream as defined as, say, telehealth, retail, and those aspects, those are not our core competencies, and we also don't like to compete against our customers. And so we're focused on the top side of it, which is where, to be honest, we think most of the margin lies and what we're best at. So never say never, but that's really what we've been successful at and what we're focused on going forward.

一般而言，我們通常止於批發層級，但在某些情況下我們會再往下延伸。我認為所謂下游，例如遠距醫療、零售等面向，並不是我們的核心能力，而且我們也不喜歡與我們的客戶競爭。因此我們專注在上游端；坦白說，我們認為大部分的利潤就在那裡，也正是我們最擅長的。所以永遠不要說不可能，但這確實是我們成功之處，也是我們未來的重點。

Miguel, I want to add one more if I may here. My apologies. As the global medical market continues to grow, is there room for more partnerships with some of the strategic, some of the pharmaceutical companies? That was something that was talked about five, 10 years ago. We haven't heard much about that now, but given the way the markets are developing globally, including the US, maybe that would start to make sense again. How would you think about that? what I'm saying, does it make any sense? In the end, there's more potential.

Miguel，如果可以的話我想再補充一個問題。抱歉。隨著全球醫療市場持續成長，是否有更多與一些策略性夥伴、一些製藥公司合作的空間？這是五到十年前曾被討論的事情。現在我們很少聽到，但考量全球市場（包括美國）的發展方式，也許這又會開始變得合理。你會如何看待這件事？我的意思是，這樣說有道理嗎？最終，潛力更大。

Absolutely, I mean, it is easy to forget. These are medical products that are prescribed by a physician that are received by a pharmacy. And the pharmaceutical companies have lived in that world for a long period of time. We have added a lot of pharmaceutical executive knowledge to our company. Simona, who's sitting next to me, came from a pharmaceutical company.

絕對是，我的意思是，這很容易被忘記。這些是由醫師開立處方、並由藥局交付的醫療產品。而製藥公司長期以來一直在那個世界運作。我們也為公司引入了許多製藥業高階主管的專業知識。坐在我旁邊的 Simona 來自一家製藥公司。

Many of our operational people came from a pharmaceutical manufacturing entity. So the development, registration, placement, and interaction with physicians, nurse practitioners, and patients, all are core competencies of a pharmaceutical industry.

我們許多營運人員也來自製藥製造機構。因此，產品開發、註冊、上市配置，以及與醫師、護理師（執業護理師）與患者的互動，都是製藥產業的核心能力。

And as you well know, the largest deal that's ever been done with cannabinoids was between two pharmaceutical entities, between Jazz and GW Pharma. And so, listen, we have been on that path for a long time and that's now our sole focus in terms of conservative, regulatory-forward medical cannabis regime. And things like research openings in the US, the FDA, of these medications for a variety of different indications and conditions all lead it there. So we're excited about it. We know there'll be competition from a lot of different areas.

如各位所熟知，迄今為止在大麻素領域完成的最大一筆交易，是兩家製藥公司之間的交易，也就是 Jazz 與 GW Pharma 之間。所以，聽著，我們走在這條路上已經很久了，而這也成為我們目前唯一的重點：以保守、以法規為先導的醫療大麻體系。而像是在美國的研究開放、FDA 對這些藥物在多種不同適應症與病況上的推進，最終都會把它導向那個方向。所以我們對此感到很興奮。我們也知道，競爭會來自許多不同的領域。

It is a bit nuanced and a bit different for pharmaceutical companies because of the cultivation of a of a plant in many cases for this organic material, but not dissimilar to other things that they've seen. So we'll see. We've seen a lot of industries be interested in cannabis. We're always -- interested in that. But right now we're very focused on the medical cannabis path and we'll see where it takes us.

對製藥公司而言，這件事確實有些微妙、也有些不同，因為在許多情況下需要種植植物以取得這種有機原料，但也不算與他們過去見過的其他事情完全不同。所以我們拭目以待。我們看到很多產業都對大麻感興趣。我們一向——對此保持關注。但目前我們非常專注在醫療大麻這條路徑上，看看它會把我們帶到哪裡。

Thank you.

謝謝。

(Operator Instructions) Kenric Tyghe, Canaccord Genuity.

(接線員指示) Kenric Tyghe，Canaccord Genuity。

Miguel, I hear you on the advantages of genetics and legacy in the international market, specifically Germany, but could you please tease out just how compelling your value proposition and product offering is just in the context of the strategic actions that you're taking, and which could be relevant as a shoring up of defenses for potential US export into the German market. Just want to get a read through there as to the drivers of your strategic actions and how well-motored you think that business is.

Miguel，我理解你提到在國際市場、特別是德國，基因與傳承（legacy）的優勢；但能否請你進一步說明，在你們正在採取的策略行動脈絡下，你們的價值主張與產品供給到底有多具吸引力？而這些行動也可能與強化防禦有關，以因應未來美國出口到德國市場的潛在影響。我想更清楚了解你們策略行動背後的驅動因素，以及你認為那項業務的動能有多強。

Yes, I mean, so first let me talk about the genetics. The genetics are absolutely critical. So with a sort of a very modern advanced genetic system that we have, and we're one of the only few companies that have been invested in this, you sort of are focused on four key areas. First are the commercial aspects yield, potency, unique attributes, and that is a significant advantage. We've seen situations where the yield per square meter, which is the same input cost in almost every case, between genetics could be as much as 40%, so if you think about a facility that's producing 20 tons, with almost the same cost structure, you can get it to 28.

是的，我的意思是，首先我先談基因。基因絕對至關重要。因此，憑藉我們所擁有的一套非常現代、先進的基因系統——而且我們是少數投入這方面的公司之一——你基本上會聚焦在四個關鍵領域。第一是商業面：產量、效力（potency）、獨特屬性，而這是一項顯著優勢。我們看過一些情況，在每平方公尺的產量上（幾乎在所有情況下投入成本相同），不同基因之間的差異可高達 40%；所以如果你想像一座產出 20 噸的設施，在幾乎相同的成本結構下，你可以把它提升到 28 噸。

Secondly, key attributes beyond potency, whether that's unique terpenes or other forms of that, is uniquely interesting to patients and physicians that are now learning more about a specific indication and a product. And in markets like Germany, we do see a deep interest in those sort of core aspects that you can tease out in a genetics piece. Consistency is a huge part of having a genetic system. And these markets have testing and there are requirements that the product have a high level of consistency as you register it in order to get it into the market. So you think about Germany, if you had variability in your delivery of say potency or CBD or core attributes, you can't get the product into the market. That's another aspect.

第二，除了效力之外的關鍵屬性——不論是獨特的萜烯（terpenes）或其他形式——對於正在更深入了解特定適應症與產品的病患與醫師而言，具有獨特吸引力。而在像德國這樣的市場，我們確實看到對於你能在基因層面拆解出的這些核心面向有很深的興趣。一致性是擁有基因系統的一大部分。這些市場有檢測，而且在你註冊產品以進入市場時，會要求產品具有高度一致性。所以你想想德國，如果你在交付上例如效力或 CBD 或核心屬性存在變異，你就無法把產品導入市場。這是另一個面向。

Disease resistance is another core component. We've seen that cannabis has a couple of core pathogens that really plague most production facilities. Powdery mildew and HLVd, probably the most common. We've recently announced patented genetics with disease resistance, particularly on powdery mildew that we're excited about. And so I think that is a core advantage.

抗病性是另一個核心組成。我們看到大麻有幾種核心病原體，確實困擾著大多數生產設施。白粉病（powdery mildew）與 HLVd 可能是最常見的。我們最近宣布了具抗病性的專利基因，特別是在白粉病方面，這讓我們很振奮。因此我認為那是一項核心優勢。

Now, getting into Germany and places like Poland is not easy and in many cases takes a significant amount of expertise and cost. Every single one of these items have to be registered. You have to provide stability and dossiers in order for the German government to approve by item each of these. And then every single inbound shipment requires a permit and requires those specs to be within a certain range that they test in order to continue to have access to that market. So it's not easy.

現在，進入德國以及像波蘭這樣的地方並不容易，而且在很多情況下需要大量的專業能力與成本。這些每一個品項都必須註冊。你必須提供穩定性資料與申報檔案（dossiers），德國政府才會逐項核准。而且每一批進口貨運都需要許可，並且需要那些規格落在他們檢測所要求的某個範圍內，才能持續進入該市場。所以這並不容易。

It's the reason why if you think about Canadian REC, takes about 30 companies to get you to about a 50 share. In Germany, it's about four companies can get you a 50 share. So it's a consolidated piece of business. It takes a lot of expertise. And it is portable, which is an advantage for companies like us.

這也是為什麼如果你看加拿大的娛樂用（REC）市場，大概要 30 家公司才能合計拿到約 50% 的市占。在德國，大概 4 家公司就能拿到 50% 的市占。所以那是一個高度集中的業務。它需要很多專業能力。而且它是可移植的（portable），這對像我們這樣的公司是一項優勢。

If you can do it in Germany, you have gone a long way to, say, doing it in Poland. And as some of the new countries are coming online, France and others say Ukraine and Turkey and whatnot, they're adopting many of these standards in the same way. So there's a lot of advantages, but it is not easy, even if you produce high-quality products, to get these products consistently into these highly regulated markets.

如果你能在德國做到，你就已經在很大程度上具備了例如在波蘭做到的能力。而隨著一些新國家開始上線，法國以及其他像烏克蘭、土耳其等等，他們也在以相同方式採納許多這些標準。所以優勢很多，但即便你生產高品質產品，要把這些產品穩定、持續地導入這些高度監管的市場，仍然不容易。

Thank you, appreciate the insight there and just a quick follow-up with respect to pricing dynamics. You called out taking some strategic pricing action but also just more broadly how are you thinking about the pricing outlook for Germany given the compression we've seen in the last let's call it 18 months which certainly accelerated over the last 12. Are we getting there? Do you think there's still a lot of room with respect to pricing? How should we think about pricing dynamics in Germany over the next year?

謝謝，這些見解很有幫助；再快速追問一下關於定價動態。你提到採取了一些策略性的定價行動，但更廣泛來看，考量到我們在過去大約 18 個月看到的價格壓縮（而且在最近 12 個月明顯加速），你們如何看待德國的定價前景？我們快到一個穩定點了嗎？你覺得在價格方面還有很大的下行空間嗎？我們應該如何看待未來一年德國的定價動態？

Yes, I mean, I think from where we sit, which most of our businesses in the core and premium pricing, it's solid. It's we haven't seen a lot of compression. Clearly, there is a lot of compression at the value segment. But unlike other parts of the world, the premium and core segment is a pretty significant part of the overall business. So I think you have that.

是的，我的意思是，從我們的角度來看——我們大部分業務都在核心與高端（premium）定價區間——情況是穩健的。我們沒有看到太多的壓縮。很明顯地，價值（value）區隔確實有很大的壓縮。但與世界其他地區不同的是，高端與核心區隔在整體業務中占比相當大。所以我認為你有這個支撐。

Also you don't, there's really only flower and oil in Germany, so you're not seeing other formats come in that typically have lower margins, I don't know, say vapes and other aspects of it. So it's flower and oil. Most of the compression we see is at the lower value segment. There's still quite a bit of the premium core. And all three segments, in our opinion, for what we do, are growing.

另外，德國其實只有花（flower）與油（oil），所以你不會看到其他通常毛利較低的形式進來——我不知道，比如電子煙（vapes）或其他類型。所以就是花與油。我們看到的大部分壓縮都發生在較低價值的區隔。高端與核心仍占相當比重。而且在我們看來，就我們所做的而言，這三個區隔都在成長。

And there's not a lot of syndicated data, import and export, but it's a big market. And so there's growth opportunities in core and premium. And in those places there's an opportunity to have strong margins.

而且並沒有太多彙整式（syndicated）的進出口數據，但那是一個很大的市場。因此在核心與高端領域都有成長機會。而在那些領域，也有機會維持強勁的毛利。

Thanks, Miguel. I'll leave it there.

謝謝你，Miguel。我就先到這裡。

You're very welcome.

不客氣。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Martin for final comments.

謝謝。各位女士、先生，我們的問答環節到此結束。我把時間交回給 Martin 先生做最後的結語。

Well, thanks, everyone. We were incredibly excited about the year we had, but more excited about the year that's in front of us. And we appreciate all the questions and the interest in Aurora, and we'll go from there. All the best. Thank you.

好的，謝謝各位。我們對今年的表現感到非常振奮，但對於接下來這一年更感到興奮。我們感謝大家所有的提問以及對 Aurora 的關注，我們就從這裡繼續往前。祝一切順利。謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。