SNDL Inc (SNDL) 2025 Q4 法說會逐字稿

Good morning, and welcome to SNDL's fourth-quarter 2025 financial results conference call. This morning, SNDL issued a press release announcing their financial results for the fourth quarter of 2025 ended on December 31, 2025. This press release is available on the company's website at sndl.com and filed on EDGAR and SEDAR as well. The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplemental investor presentation in addition to the conference call presentation we will be reviewing today on its sndl.com website.

早安，歡迎參加 SNDL 2025 年第四季財務業績電話會議。今天上午，SNDL 發布新聞稿，公布截至 2025 年 12 月 31 日止之 2025 年第四季財務業績。該新聞稿可於公司網站 sndl.com 查閱，亦已提交至 EDGAR 與 SEDAR。本次電話會議的網路直播重播也將於 sndl.com 網站提供。除我們今天將回顧的電話會議簡報外，SNDL 亦已在 sndl.com 網站上發布補充投資人簡報。

Presenting on this morning's call, we have Zach George, Chief Executive Officer; and Alberto Paredero, Chief Financial Officer.

今天上午出席本次電話會議的簡報人員為執行長 Zach George，以及財務長 Alberto Paredero。

Before we start, I would like to remind investors that certain matters discussed in today's conference call or answers that may be given to questions could constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other filings that are made available on SEDAR and EDGAR. Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated.

在開始之前，我想提醒投資人，今日電話會議中討論的某些事項，或對提問所作的回覆，可能構成前瞻性陳述。實際結果可能與預期存在重大差異。可能影響結果的風險因素已詳載於公司財務報告及其他於 SEDAR 與 EDGAR 公開的申報文件中。此外，除非另有說明，本文提及之所有財務數字均以加幣計價。

We will now make prepared remarks, and then we'll move on to analyst questions.

接下來我們將先進行預先準備的發言，之後進入分析師提問環節。

I would now like to turn the call over to Zach George. Please go ahead.

現在我想把電話會議交給 Zach George。請開始。

Welcome to SNDL's Q4 and full-year 2025 financial and operational results conference call. 2025 marked another step forward in our performance, with multiple new records achieved throughout the year, including record full-year net revenue, gross profit, adjusted operating income, and free cash flow.

歡迎參加 SNDL 2025 年第四季與全年財務及營運成果電話會議。2025 年我們的表現再向前邁進一步，全年多項指標創下新紀錄，包括全年淨營收、毛利、調整後營業利益與自由現金流皆創新高。

Beginning with free cash flow, our most important KPI for assessing financial health, we are pleased to report that following our first year of positive annual free cash flow in 2024, we more than doubled this result in 2025, reaching $18 million. This was achieved through continued operational improvements and disciplined working capital management.

先從自由現金流談起，這是我們評估財務健康狀況最重要的 KPI。我們很高興報告，在 2024 年首次實現全年自由現金流為正之後，2025 年我們將該成果提高至兩倍以上，達到 1,800 萬加幣。此成果來自持續的營運改善與嚴謹的營運資金管理。

Our Cannabis business continued to grow, expanding revenue year-over-year during the last 16 consecutive quarters. While we have seen a market slowdown during the second half of 2025, both our Retail and Operations segments continued to gain market share, showcasing the strength of our vertical model.

我們的大麻業務持續成長，最近連續 16 個季度營收皆呈現年增。儘管 2025 年下半年市場放緩，我們的零售與營運兩大部門仍持續提升市占，展現我們垂直整合模式的優勢。

We would also like to highlight that for the first time in our history, we achieved positive full-year adjusted operating income, supported by a strong contribution in the fourth quarter. This result underscores our financial discipline and continued traction in delivering operational efficiencies and productivity initiatives, including synergies from the Indiva acquisition. As a reminder, the only adjustments to operating income in 2025 relate to restructuring costs associated with the integration of Indiva, and the corporate restructuring program, which is currently in its third and final phase.

我們也要強調，這是公司史上首次實現全年調整後營業利益為正，且第四季貢獻強勁。此結果凸顯我們的財務紀律，以及在推動營運效率與生產力計畫（包括 Indiva 併購帶來的綜效）方面持續取得進展。提醒各位，2025 年對營業利益所做的唯一調整，與 Indiva 整合相關的重組成本，以及公司重組計畫有關；該計畫目前正處於第三且最後階段。

Delivering consistent year-on-year financial progress remains a priority, alongside continuing to build a strong foundation for long-term profitable growth and shareholder returns. Few companies in our industry are positioned to leverage a balance sheet of this strength with no debt and over $250 million in unrestricted cash at the end of 2025, enabling disciplined capital deployment across both organic and inorganic opportunities.

在持續打造長期獲利成長與股東報酬的堅實基礎之際，維持逐年一致的財務進展仍是我們的優先事項。在本產業中，能夠憑藉如此強健的資產負債表（無負債，且於 2025 年底擁有超過 2.5 億加幣不受限制現金）來把握機會的公司屈指可數，這使我們得以在有機與非有機機會上進行有紀律的資本配置。

In this regard, in 2025, we increased capital expenditures by nearly 50% compared to 2024, with the majority of the investment directed towards new store openings across our Cannabis and Liquor Retail segments.

在此方面，2025 年我們的資本支出較 2024 年增加近 50%，其中大部分投資用於我們大麻與酒類零售部門的新店開設。

As announced in January, we also completed the first stage of the acquisition of Cost Cannabis retail stores from 1CM, incorporating five locations in Alberta and Saskatchewan. We continue to maintain a strong pipeline of initiatives focused on simplification and strategic focus. For example, we are days away from completing a full consolidation of our ERP systems, which is expected to unlock significant opportunities to further optimize our processes and enhance our analytical capabilities.

如 1 月所宣布，我們也完成自 1CM 收購 Cost Cannabis 零售門市的第一階段，納入位於亞伯達省與薩斯喀徹溫省的五個據點。我們持續維持強勁的專案管線，聚焦於簡化與策略聚焦。例如，我們距離完成 ERP 系統的全面整併僅剩數日，預期將釋放重大機會，以進一步優化流程並提升分析能力。

We continue to leverage the share repurchase program approved by our Board, and since the fourth quarter of 2024, we have repurchased a total of 15.1 million shares, including 4.3 million shares acquired over the last 90 days.

我們持續運用董事會核准的庫藏股回購計畫，自 2024 年第四季以來已回購合計 1,510 萬股，其中過去 90 天內買回 430 萬股。

We are also encouraged by the continued momentum toward US cannabis rescheduling as well as the progress toward completion of the restructurings of our Parallel and Skymint investments, with only a limited number of remaining requirements outstanding.

我們也對美國大麻重新分類（rescheduling）持續推進的動能感到鼓舞，同時我們對 Parallel 與 Skymint 投資案的重組進度亦感到正面，目前僅剩少數未完成的要求事項。

Over now to Alberto for more insights on our fourth quarter and full-year financial performance.

接下來交給 Alberto，為各位提供更多關於第四季與全年財務表現的洞見。

Thank you, Zach. I want to remind everyone that the amounts discussed today are denominated in Canadian dollars, unless otherwise stated. Certain figures referred to during this call are non-GAAP and non-IFRS measures. For definitions of these measures, please refer to SNDL's management discussion and analysis document.

謝謝你，Zach。我想提醒各位，除非另有說明，今天討論的金額均以加幣計價。本次電話會議中提及的部分數據為非 GAAP 與非 IFRS 指標。關於這些指標的定義，請參閱 SNDL 的管理階層討論與分析（MD&A）文件。

Our fourth-quarter financial results demonstrate a strong profitability improvement despite softness at the top line. Net revenue of $252 million represents a 2% year-over-year decline, driven by market contractions in both Liquor and Cannabis Retail, particularly Liquor Retail, partially offset by market share gains across both retail segments.

我們第四季的財務結果顯示，儘管營收端偏弱，獲利能力仍顯著改善。淨營收為 2.52 億加幣，年減 2%，主要受酒類與大麻零售市場收縮影響，尤其是酒類零售；但兩個零售部門的市占提升部分抵銷了該影響。

Gross profit of $70.2 million marked a new absolute quarterly record, increasing by $1.4 million or 2.1% year-over-year, despite the decline in revenue. A strong margin expansion across both retail segments translating to 110-basis-point increase in gross margin, reaching a new quarterly record of 27.8%. This strong gross margin performance, combined with efficiency improvements across retail and corporate SG&A, resulted in a record quarterly adjusted operating income of $12.8 million.

毛利達 7,020 萬加幣，創下單季絕對值新高；儘管營收下滑，仍較去年同期增加 140 萬加幣或 2.1%。兩個零售部門的毛利率皆強勁擴張，帶動毛利率提升 110 個基點，達到 27.8% 的單季新高。此強勁的毛利率表現，加上零售與公司層級 SG&A 的效率改善，使調整後營業利益創下單季新高 1,280 萬加幣。

An adjusted operating income of $11.8 million also represents a new quarterly high. This performance reflects a significant improvement versus the prior year, driven not only by the absence of the $65.7 million SunStream valuation adjustment recorded one year ago, but also by meaningful underlying operational margin improvements.

調整後營業利益 1,180 萬加幣同樣創下單季新高。此表現相較去年顯著改善，不僅因去年同期認列了 6,570 萬加幣的 SunStream 估值調整而今年未再發生，也反映出實質的基礎營運利潤率改善。

Free cash flow of over $10 million in the quarter was another solid result, although slightly lower than the prior year due to differences in the timing of working capital build-up for the holiday season as well as increased capital expenditures and inventory investments to support new store openings.

本季自由現金流超過 1,000 萬加幣，亦為另一項穩健成果；但由於假期旺季營運資金建立時點差異，以及為支援新店開設而增加的資本支出與存貨投資，較去年同期略低。

Our full-year financial results demonstrate meaningful year-over-year progress and new records across all key metrics. Net revenue of $946 million represents growth of 2.8%, supported by 11% growth from our combined Cannabis segments, partially offset by a 2.8% decline in Liquor. Importantly, all of our segments gained market share during the year.

我們全年財務結果顯示，相較去年在所有關鍵指標上皆有顯著進展並創下新紀錄。淨營收為 9.46 億加幣，成長 2.8%；其中我們合併的大麻部門成長 11% 提供支撐，但酒類營收下滑 2.8% 部分抵銷。重要的是，我們所有部門在年度內皆提升了市占。

This revenue growth, combined with a 120 basis point increase in gross margin, translate into gross profit growth of 7.6% compared to the prior year. Improved promotional execution, mix management and productivity initiatives were the key drivers of this gross margin expansion. This continuous improvement mindset also enabled us to reduce G&A spending, as in-store efficiency gains, as a well-executed corporate restructuring program more than offset cost inflation and the impact of new store openings.

此營收成長，加上毛利率提升 120 個基點，使毛利較去年成長 7.6%。促銷執行改善、產品組合管理與生產力提升計畫，是推動毛利率擴張的主要因素。這種持續改善的思維也使我們得以降低 G&A 支出；門市效率提升與執行良好的公司重組計畫，足以抵銷成本通膨與新店開設帶來的影響。

As a result, both adjusted and unadjusted operating income reached new highs, with full-year adjusted operating income achieving breakeven for the first time in our history. We're also pleased to report free cash flow of $18 million for the year, more than doubling the results achieved in the prior year.

因此，調整後與未調整的營業利益皆達到新高，其中全年調整後營業利益更在公司史上首次達到損益兩平。我們也很高興報告，全年自由現金流為 1,800 萬加幣，較前一年成果增加逾一倍。

Our historical quarterly performance demonstrates a clear upward trend in profitability and a strong multiyear compound annual growth rate. While quarterly operating income and free cash flow will continue to be influenced by seasonality and volatility, we remain committed to sustaining the upward trajectory with a focus on long-term value creation.

我們過往的季度表現顯示獲利能力呈現明顯上升趨勢，並具備強勁的多年期複合年成長率。儘管季度營業利益與自由現金流仍將持續受到季節性與波動性的影響，我們仍致力於在聚焦長期價值創造的前提下，維持這一上升軌跡。

We have seen market declines across both the Liquor and Cannabis segments. While declines in Liquor have been a multiyear trend, the slowdown observed in Cannabis during the second half of 2025, which ultimately resulted in a marked decline in the fourth quarter, represents a newer development. We intend to address these headwinds through disciplined execution and a balanced approach to both organic and inorganic investment.

我們觀察到酒類與大麻兩個業務分部的市場均出現下滑。酒類的下滑已是多年趨勢；而大麻在2025年下半年出現的放緩（最終導致第四季明顯下滑）則屬較新的發展。我們擬透過嚴謹的執行力，以及在有機與無機投資之間取得平衡的策略，來因應這些逆風。

In particular, as the cannabis industry matures and growth rates moderate, less efficient operators are likely to face increased pressure, creating a favorable condition for industry consolidation. We believe we are well positioned to capitalize on these opportunities.

特別是，隨著大麻產業逐步成熟且成長率趨於溫和，效率較低的業者可能面臨更大壓力，從而為產業整併創造有利條件。我們相信自身已具備良好定位，可把握這些機會。

Looking more closely at segment-level contributions across our key financial KPIs, we can see these dynamics clearly unfolding. Net revenue reflects the market headwinds impacting both the Liquor and Cannabis segments, particularly in the fourth quarter. On a full-year basis, however, growth in the Cannabis Retail and Cannabis Operations more than offset the declines experienced in Liquor. Despite revenue pressure, our Liquor segment was able to offset declines through productivity improvements, allowing it to maintain or expand gross profit. At the same time, our Cannabis segments contributed to gross profit growth at a faster pace than net revenue, particularly over the full year.

若更細緻地檢視各分部對我們關鍵財務KPI的貢獻，便可清楚看到這些動態正在展開。淨營收反映出酒類與大麻分部所面臨的市場逆風，尤其在第四季更為明顯。然而，以全年來看，大麻零售與大麻營運的成長，已足以抵銷酒類的下滑。儘管營收承壓，我們的酒類分部仍能透過生產力提升來抵銷下滑，使其得以維持或擴大毛利。同時，我們的大麻分部對毛利成長的貢獻速度快於淨營收，尤其在全年表現更為突出。

Adjusted operating income reflects solid contributions from our Cannabis Retail segment, while results from Liquor and Cannabis Operations were more muted. In the context of ongoing market declines, maintaining or expanding adjusted operating income in Liquor represents a strong performance. Cannabis Operations was impacted by costs associated with the volume ramp-up at our Atholville cultivation facility undertaken to support international growth.

調整後營業利益反映出大麻零售分部的穩健貢獻，而酒類與大麻營運的表現則相對溫和。在市場持續下滑的背景下，酒類分部仍能維持或擴大調整後營業利益，屬於強勁表現。大麻營運則受到我們Atholville種植設施為支援國際成長而進行產量爬坡所產生的成本影響。

The Investment segment saw significant year-over-year improvement, primarily due to the absence of unfavorable valuation adjustments recorded in the prior year. The Corporate segment also delivered strong contributions to bottom line profitability, supported by the cost reductions from the restructuring program initiated in the second half of 2024. The $7.5 million contribution in the fourth quarter reflects both the benefit of these cost reductions and a $3.2 million (technical difficulty) from share-based compensation, as the decline in our share price during the fourth quarter partially offset the increase recorded in the third quarter.

投資分部年對年顯著改善，主要因前一年度所認列的不利估值調整本期不再發生。企業分部亦對最終獲利做出強勁貢獻，受惠於2024年下半年啟動之重整計畫所帶來的成本降低。第四季的750萬美元貢獻，反映了上述成本降低的效益，以及因股價基礎薪酬而產生的320萬美元（技術性困難）；由於第四季股價下跌，部分抵銷了第三季所記錄的增加。

Once again, both our fourth quarter and full-year free cash flow results stand out as key highlights. In the fourth quarter, while we did not achieve a new record, free cash flow levels remained strong. Compared to the prior year, we benefited from higher earnings, reflecting improved P&L performance. This was offset by inventory and capital expenditure investments in new store openings as reflected in the working capital and other components of page number 7 respectively.

再次地，我們第四季與全年自由現金流的結果都是關鍵亮點。第四季雖未創下新高，但自由現金流水準仍維持強勁。相較前一年，我們受惠於更高的獲利，反映損益表表現改善。然而，這部分被新店開幕所需的存貨與資本支出投資所抵銷，分別反映於第7頁的營運資金與其他項目中。

On a full-year basis, the benefits from improved earnings and a strong working capital management more than offset the investments made to support new store openings. On the following page, we can see the seasonality effects in our free cash flow generation. The first part of the year is typically impacted by lower revenue levels and working capital buildups, where the second half of the year benefits from the opposite dynamic. In aggregate, and supported by a particularly strong second half, we more than doubled free cash flow compared to the prior year.

以全年來看，獲利改善與強勁的營運資金管理所帶來的效益，已足以抵銷為支援新店開幕所進行的投資。在下一頁，我們可以看到自由現金流產生的季節性影響。一年中的前半段通常會受到較低營收水準與營運資金增加的影響，而下半年則受惠於相反的動態。整體而言，並在特別強勁的下半年支撐下，我們的自由現金流較前一年增加逾一倍。

When reviewing each commercial segment individually, starting with Liquor, we can see that both the fourth quarter and the full year were impacted by market-driven headwinds affecting net revenues. These declines, approximately 3% in both periods on a rounded basis, were primarily driven by broader market conditions. In this context, our team was able to gain market share, supported by the strong performance of our Wine and Beyond banner and continued growth in our private label offerings, both of which delivered positive results.

當我們逐一檢視各商業分部時，先從酒類開始，可以看到第四季與全年均受到影響淨營收的市場逆風所衝擊。這些下滑在兩個期間以四捨五入計約為3%，主要由更廣泛的市場環境所驅動。在此背景下，我們團隊仍能提升市占率，受惠於Wine and Beyond品牌旗艦的強勁表現，以及自有品牌產品持續成長，兩者皆帶來正面成果。

Improvements in pricing, promotional execution, and mix management were the key drivers behind the gross margin expansion of 120 basis points in the fourth quarter and 70 basis points for the full year, reaching 26.0% and 25.9%, respectively. Q4 gross profit of $38.7 million and a full year gross margin of 25.9% both represent new records for the segment. This margin expansion, together with additional efficiency improvement in store operations, translate into an increase of $1.7 million or 5% in full year operating income.

定價、促銷執行與組合管理的改善，是第四季毛利率擴張120個基點、全年擴張70個基點的關鍵驅動因素，毛利率分別達到26.0%與25.9%。第四季毛利3,870萬美元以及全年25.9%的毛利率，皆為該分部的新紀錄。此一毛利率擴張，加上門市營運效率的進一步提升，使全年營業利益增加170萬美元（或5%）。

In the fourth quarter, operating income was close to flat year-over-year, reflecting the absorption of ramp-up costs associated with the two new Wine and Beyond stores that opened in November.

第四季營業利益年對年接近持平，反映11月開幕的兩家新Wine and Beyond門市相關的爬坡成本已被吸收。

Cannabis Retail delivered strong results in 2025 despite the market slowdown experienced in the second half of the year. Fourth-quarter revenue was essentially flat year-over-year. However, supported by a 190-basis-point improvement in gross margin and continued efficiency gains in store operations, operating income reached $8 million, representing a 33% increase compared to the same period last year. Full-year results reflect a new revenue record of $330 million, representing 6% growth supported by 3.9% same-store sales growth and new store openings.

儘管2025年下半年市場放緩，大麻零售仍在2025年交出強勁成果。第四季營收年對年基本持平。然而，在毛利率提升190個基點及門市營運效率持續改善的支撐下，營業利益達到800萬美元，較去年同期成長33%。全年結果反映營收創下3.30億美元新高，成長6%，主要由3.9%的同店銷售成長與新店開幕所帶動。

Gross profit of $86.1 million was also a new record, as was a gross margin of 26.1%, which expanded 80 basis points year over year. Similar to the Liquor segment, Cannabis Retail benefits from improved promotional execution and mix management. Operating income of over $30 million was driven by margin expansion and overhead optimization, more than doubling compared to 2024.

毛利8,610萬美元亦創新高，毛利率26.1%同樣創紀錄，且年對年擴張80個基點。與酒類分部相似，大麻零售受惠於促銷執行與組合管理的改善。超過3,000萬美元的營業利益由毛利率擴張與間接費用最佳化所驅動，較2024年增加逾一倍。

Following a material step-up in 2024, Cannabis Operations experienced greater volatility during 2025. As we began to lap the inclusion of the Indiva acquisition in the baseline that started in the fourth quarter of 2024, net revenue in the fourth quarter of 2025 was flat year-over-year. Gross profit, gross margin and operating income declined compared to the prior year, reflecting ongoing stabilization efforts related to the volume ramp-up and infrastructure improvements at our Atholville cultivation facility.

在2024年大幅躍升之後，大麻營運於2025年出現更高波動。隨著我們開始在2024年第四季起的基期中，逐步消化Indiva併購納入的影響，2025年第四季淨營收年對年持平。毛利、毛利率與營業利益較前一年下滑，反映與Atholville種植設施產量爬坡及基礎設施改善相關的持續穩定化工作。

For the full year, the segment delivered record net revenue of $144.7 million, representing a growth of 32%, supported by the Indiva acquisition and continued growth in international sales. Gross profit of $32.9 million and a gross margin of 22.8% were also new full year records for the segment. We continue to see opportunities to further expand margins through increased scale and additional productivity initiatives.

以全年來看，該分部淨營收創下1.447億美元新高，成長32%，受惠於Indiva併購以及國際銷售持續成長。毛利3,290萬美元與22.8%的毛利率亦為該分部全年新紀錄。我們持續看到透過規模擴大與更多生產力計畫進一步提升毛利率的機會。

Adjusted operating income of $2.5 million declined modestly year-over-year, primarily due to under-absorbed overhead investments. While Cannabis Operations remains the smallest and most volatile of our three commercial segments, we see significant opportunities to enhance our capabilities and footprint, positioning the segment as an increasingly important driver of long-term value creation for SNDL.

調整後營業利益為250萬美元，年對年小幅下滑，主要由於間接費用投資未被充分吸收。儘管大麻營運仍是我們三個商業分部中規模最小且波動最大者，我們仍看到顯著機會可強化能力與版圖，使該分部成為SNDL長期價值創造日益重要的驅動引擎。

Over to you, Zach, for additional comments related to our strategic priorities.

接下來交給你，Zach，請你就我們的策略重點提供更多評論。

Let's now turn to the progress we have made recently against our three strategic priorities: growth, profitability, and people. Starting with growth. Each of our Cannabis and Liquor Retail segments gained 20 basis points of market share year-over-year. Cannabis Retail achieved this through strong execution, new store openings, and conversions to our successful Value Buds banner. Liquor Retail also demonstrated solid execution in a challenging environment, supported by private label growth and the resilience of our Wine and Beyond banner.

現在讓我們回顧近期在三項策略重點——成長、獲利能力與人才——方面所取得的進展。先從成長談起。我們的大麻與酒類零售分部市占率年對年各提升20個基點。大麻零售透過強勁的執行、新店開幕，以及轉換為我們成功的Value Buds品牌旗艦而達成。酒類零售亦在充滿挑戰的環境中展現穩健執行力，受惠於自有品牌成長以及Wine and Beyond品牌旗艦的韌性。

As previously mentioned, we increased our capital expenditures and working capital investments to support the opening of three additional cannabis stores and two new Wine and Beyond locations in the fourth quarter.

如先前所提及，我們提高了資本支出與營運資金投資，以支援於第四季新增開設三家大麻門市以及兩個新的 Wine and Beyond 據點。

Our Cannabis Operations segment also contributed meaningfully, delivering 32% full year revenue growth, driven primarily by our leadership in edibles following the acquisition of Indiva as well as continued growth in international sales. Profitability is a strategic priority, where we made substantial progress not only throughout full year 2025 but also in the fourth quarter, as demonstrated by nearly $13 million in adjusted operating income and $10 million in free cash flow delivered in Q4. The previously highlighted improvements in gross margin were a key driver of this performance, alongside our continued focus on G&A optimization.

我們的大麻營運部門亦作出顯著貢獻，全年營收成長32%，主要受惠於收購 Indiva 後在食用型產品（edibles）領域的領先地位，以及國際銷售持續成長所帶動。獲利能力是我們的策略優先事項；我們不僅在2025全年，也在第四季取得重大進展，第四季交出近1,300萬美元的調整後營業利益與1,000萬美元的自由現金流。先前強調的毛利率改善是此表現的關鍵驅動因素之一，同時也得益於我們持續聚焦於一般及行政費用（G&A）最佳化。

In this regard, our retail segments delivered full year combined efficiency improvements of $7.1 million in G&A reductions, and our corporate restructuring program has already surpassed the committed $20 million in annualized savings, even ahead of the implementation of the third and final phase of the initiative.

在此方面，我們的零售部門全年合計透過G&A削減達成710萬美元的效率改善；而我們的企業重整計畫在第三且最後階段尚未全面落實前，就已超越承諾的每年年化2,000萬美元節省目標。

Last but not least, under our people strategic priority, we initiated our annual performance to pay process in the fourth quarter, designed to reward employee performance based on both overall business results and individual contributions. We also delivered merit increases ahead of the holiday season across our facilities and retail teams, ensuring market competitiveness and reinforcing a consistent and transparent compensation approach.

最後但同樣重要的是，在「人才」策略優先事項下，我們於第四季啟動年度績效連結薪酬（performance to pay）流程，旨在依據整體業務成果與個人貢獻來獎勵員工表現。我們也在假期旺季前，為各廠區與零售團隊提供績效調薪（merit increases），以確保具備市場競爭力，並強化一致且透明的薪酬制度。

In addition, we completed our second annual Employee Engagement Survey, gathering valuable insights from across the organization to further enhance our employee value proposition. Building on these insights, we expanded our employee engagement initiatives to include mental and physical well-being as well as diversity, equity, and inclusion, reinforcing our commitment to a safe, inclusive and supportive workplace.

此外，我們完成第二年度員工敬業度調查（Employee Engagement Survey），蒐集全組織的寶貴洞見，以進一步強化我們的員工價值主張。基於這些洞見，我們擴大員工敬業度計畫，納入心理與身體健康，以及多元、平等與共融（DEI），以強化我們對安全、共融且支持性職場的承諾。

Before concluding this presentation, we would like to share how we monitor our performance relative to our peer group, as we remain focused on delivering superior performance and shareholder returns. Looking at the most recent trailing four quarters reported by this group and normalizing for equivalent definitions, we can see that SNDL has climbed the ranks and has positioned itself firmly within the top tier in terms of profitability on an absolute basis. We believe that this progress, combined with the many opportunities ahead of us and our best-in-class balance sheet, with a significant cash position, creates a compelling investment case.

在結束本次簡報前，我們想分享我們如何相對同業群組監控自身表現，因為我們仍專注於提供更優異的營運表現與股東報酬。檢視該同業群組最近四個季度的已揭露結果，並以一致定義進行標準化後可見，SNDL 的排名已上升，且在絕對獲利能力方面穩居第一梯隊。我們相信，這項進展結合我們面前的眾多機會，以及同級最佳的資產負債表（擁有可觀的現金部位），構成具吸引力的投資論點。

Once again, I would like to thank our entire team for their contributions and our shareholders for their continued trust and support. I am proud of what our team accomplished in 2025, and I'm confident in our ability to unlock additional value in the years ahead.

再次感謝我們全體團隊的貢獻，也感謝股東持續的信任與支持。我為團隊在2025年的成果感到自豪，並對我們在未來數年持續釋放更多價值充滿信心。

With that, I will now turn the call back to the operator for the analyst Q&A session.

接下來，我將把電話交回給接線員，進入分析師問答環節。

(Operator Instructions) Frederico Gomes, ATB Cormark Capital Markets.

（接線員指示）ATB Cormark Capital Markets 的 Frederico Gomes。

First question on the Cannabis Retail segment, the same-store sales decline that we saw this quarter and your comment about the market slowdown in the second half. Can you talk more about what's behind that slowdown? Is it related to competitive pressures at retail, just overall macro conditions or maybe just the natural state of the Canadian market becoming more mature at this point?

第一個問題關於大麻零售部門：本季我們看到同店銷售下滑，以及您提到下半年市場放緩。能否多談談造成放緩的原因？這是否與零售端競爭壓力、整體總體環境有關，或是加拿大市場在此階段逐漸成熟的自然結果？

Yes, so we have noticed, particularly in the last two months of the quarter, for the months of November and December, absolute declines in the market. We attribute that to multiple factors. Certainly, there is an element of saturation in retail doors across most provinces, particularly where we have the biggest footprint, like Alberta. But in Ontario as well, we're starting to see that dynamic playing out.

是的，我們注意到，特別是在本季最後兩個月，也就是11月與12月，市場規模出現絕對下滑。我們將其歸因於多項因素。當然，多數省份的零售門店數量存在一定程度的飽和，尤其是在我們布局最深的地區，例如亞伯達省。但在安大略省，我們也開始看到這種態勢正在發生。

There are different dynamics as well in terms of what we're lapping and what the industry is lapping from heavy, aggressive promotional period in the prior year. At the end of 2024, beginning of 2025, we're seeing pretty healthy growth rates based on more aggressive price competition. Obviously, as we're lapping that, and we believe that not only ourselves but many other retailers in the industry, they are focusing a little bit more on profitability and mix improvements. We see margin expansions, but we're seeing as well some reduction in traffic and top line.

此外，從「比較基期」的角度也存在不同動態：我們與產業正在對比的是前一年強力且激進的促銷期間。在2024年底到2025年初，因更激烈的價格競爭，我們看到相當健康的成長率。顯然，當我們進入與該期間的比較後，我們相信不僅是我們自己，產業中許多其他零售商也更聚焦於獲利能力與產品組合改善。我們看到毛利率擴張，但同時也看到來客數與營收（top line）有所下降。

There is as well a certain dynamic of some doors starting to shut down. We're getting to a dynamic where a lot of independents or some of independents, they're reaching their five-year rent commitment, and they are realizing that this is a competitive -- tough and competitive marketplace. Some of the larger operators, they are starting to build that scale. And it is difficult to compete against those. And as a result of that, as I said, the market in certain areas is starting to shrink as some doors are starting to shut down.

另外也有部分門店開始關閉的動態。我們正進入一個階段：許多獨立業者或其中一部分，租約五年承諾期到期後，意識到這是一個競爭激烈且艱難的市場。一些大型營運商開始建立規模優勢。要與之競爭變得困難。因此，如我所說，某些地區的市場規模開始收縮，因為部分門店正在關閉。

The industry is consolidating as well. So that is another element, not necessarily impacting the market, but clearly the dynamics in the industry. But in general, we think that it's saturation in the market (technical difficulty) and price points.

產業也正在整併。因此這也是另一個因素，未必直接影響市場總量，但確實影響產業動態。但整體而言，我們認為主要是市場飽和（技術困難）以及價格帶所致。

Second question, still on the Cannabis Retail segment, specifically on M&A. So first, when do you expect that acquisition of the 1CM stores in Ontario to close? And in regards to your comment about maybe the industry consolidating, do you expect your growth in Cannabis Retail to be mainly driven by organic new store openings? Or are you more focused on the M&A side and acquiring some of these struggling players?

第二個問題仍關於大麻零售部門，特別是併購（M&A）。首先，您預期在安大略省收購 1CM 門市何時完成交割？另外，針對您提到產業可能正在整併，您預期大麻零售的成長主要將由有機的新店開設驅動？還是您更聚焦於併購，收購一些經營困難的業者？

Frederico, it's Zach George. Thanks for the question, and this dovetails nicely from your prior question as well. Just in terms of the 1CM acquisition, remaining stores in Ontario, we're just finalizing our review with the AGCO. So we expect to -- the latest report back to shareholders in Q2 on that timing, but should be resolved shortly.

Frederico，我是 Zach George。謝謝你的提問，也與你前一題相當呼應。就 1CM 收購案而言，安大略省剩餘門市部分，我們正在與 AGCO 完成最後審查。因此我們預期會在第二季向股東更新該時程的最新進度，但應該很快就能解決。

And yes, just in line with the deceleration of same-store sales growth that we're seeing across the space with almost every major player. If you think about this cyclically, this is exactly the time when operators start to lift their heads up and look for other ways to create value. So we do expect an intense focus on consolidation in the space, and I think that would apply to performing independents that may want to monetize their positions, but would also apply to both medium and even the largest portfolios in the Canadian marketplace.

是的，正如我們在整個產業、幾乎所有主要業者都看到的同店銷售成長放緩。若以景氣循環角度來看，這正是營運商開始抬頭、尋找其他創造價值方式的時點。因此我們確實預期市場將高度聚焦於整併；我認為這不僅適用於表現良好的獨立業者（可能希望將其部位變現），也適用於加拿大市場中的中型甚至最大型門店組合。

And then in terms of organic growth, we have a pretty active pipeline, double-digit count of assets that are under review in multiple provinces. And we have a very attractive stand-up cost for the opening of new doors. So we're looking at this from multiple perspectives and not relying on M&A outcomes to drive future growth.

至於有機成長方面，我們有相當活躍的開店管線，在多個省份有兩位數數量的資產正在審查中。而且我們新開門店的建置成本（stand-up cost）非常具吸引力。因此我們從多個角度評估，不會依賴併購結果來推動未來成長。

I appreciate that. If I could just ask one final question. Could you just remind us about the status of your EU GMP certification? And maybe comment about the international growth outlook for this year compared to 2025 as you expand that capacity.

了解，謝謝。如果我可以再問最後一個問題。能否請您提醒一下歐盟 GMP 認證目前的進度？並請評論一下，隨著您擴充產能，今年的國際成長展望相較於2025年如何？

Yes. We're waiting for last visit to our site. It has been a long process that we've -- that has required some patients. But we expect at this point to have the certification complete sometime over the summer. There has been some change in the administration in Germany that's impacted this as well.

是的。我們正在等待對我們場址的最後一次訪查。這是一個漫長的流程，我們——這個流程需要一些耐心。但以目前進度，我們預期認證可在夏季某個時間完成。德國行政體系的一些變動也對此造成影響。

And in terms of our international business, we saw decent growth off a very, very small base in terms of '25 versus '24. And we are in the process of developing relationships and building strong partnerships. But it's still early days. So we do expect material growth, but again, it's a very small part of the business today. That is a top three priority in terms of future capital deployment as well.

就我們的國際業務而言，相較於 '24，'25 在非常、非常小的基礎上仍實現了不錯的成長。我們正在建立關係並打造穩固的合作夥伴關係。但目前仍處於早期階段。因此我們確實預期會有顯著成長，但同樣地，今天它在整體業務中仍只占很小一部分。這也是未來資本部署的前三大優先事項之一。

Aaron Grey, Alliance Global Partners.

Aaron Grey，Alliance Global Partners。

Yes, maybe touching on retail, but in terms of Liquor here. Obviously, you still have some structural challenges within the broader category outside of your sales. But some highlights for you guys, you guys did have one quarter during the fiscal year of some year-over-year growth, returned to declines, maybe the past two, you guys are continuing to open up stores as well. So maybe just given your outlook, given you're still making investments in Liquor, there are some structural challenges, as you look into 2026, how are you seeing the broader Liquor Retail? Do you think it's in position for to start to stabilize on a year-over-year basis?

是的，或許談一下零售，但這裡指的是酒類。顯然，除了你們自身銷售之外，整個大類別仍存在一些結構性挑戰。不過你們這邊也有一些亮點：在本財年你們有一個季度出現了年對年成長，之後又回到下滑，可能是最近兩個季度；同時你們也持續開店。所以也許就你們的展望而言，考量你們仍在酒類業務上投資、且存在一些結構性挑戰，展望 2026 年，你們如何看待更廣泛的酒類零售市場？你認為它是否已具備在年對年基礎上開始趨於穩定的條件？

So yes, actually, throughout the year, as you saw in the first quarter, we have reported growth in 2025. That was driven primarily by the shift of Easter compared to the prior year. So on a normalized basis, we have seen a pretty consistent roundabout 3% revenue decline and about 4% to 5% market decline in the category.

是的，其實如你所見，全年來看，我們在第一季就已在 2025 年報告了成長。那主要是由於復活節相較前一年日期移動所帶動。因此在常態化基礎上，我們看到營收大致維持約 3% 的下滑，而該品類市場約下滑 4% 到 5%。

It's very hard to predict where that is going to go. The first part or the first couple of months of 2026, we're seeing similar declines in the market. At the same time, there are a couple of areas within our portfolio that are showing very good strength, and this is where we're focusing our investments. Particularly, if you look at our Wine and Beyond banner, despite the market declines, mid-single digits, we're seeing that banner growing healthy.

很難預測接下來會如何發展。2026 年的前一段時間或前幾個月，我們看到市場仍是類似的下滑幅度。同時，我們投資組合中有幾個領域展現出非常強勁的表現，而這正是我們聚焦投資的地方。特別是如果你看我們的 Wine and Beyond 招牌店型，儘管市場下滑、約中個位數，我們看到該招牌仍在健康成長。

It is a very different business model compared to the rest of the independent network (technical difficulty) convenience business. Ours is a larger-scale format, significantly different type of offerings, a much broader portfolio base. That resonates very well with consumers. And that's why, as a result of that, a clear differentiation and unique offering that we have. We're seeing a positive growth.

相較於獨立網路中其餘（技術問題）便利型業務，這是一種非常不同的商業模式。我們採用更大規模的店型，商品供給類型顯著不同，產品組合基礎也更廣。這與消費者的需求高度契合。因此，基於我們清楚的差異化與獨特的產品供給，我們看到正向成長。

It's still in the low single digits, but it's growth rates in the market. And as I said, we see a competitive advantage in that front, and that's where we're deploying the capital, both from a CapEx perspective, opening the doors, but as well the inventory associated with those store openings.

雖然仍是低個位數，但已是高於市場的成長率。如我所說，我們在這方面看到競爭優勢，因此我們把資本部署在這裡：不僅從資本支出（CapEx）的角度開新店，也包括與這些開店相關的庫存投入。

And then we have as well our private label. One clear dynamic that we're starting to observe as well is the loss in purchasing power, it's making consumers more price conscious and they are looking for products that offer a very good price point with good qualities as well. We have been expanding our private label offerings. That continues to gain penetration. It's been already several years of increases in market share from our private label offering.

此外我們也有自有品牌。我們也開始觀察到一個明顯的趨勢：購買力下降使消費者更重視價格，他們在尋找價格帶很有競爭力、同時品質也好的產品。我們一直在擴大自有品牌的產品供給。其滲透率持續提升。我們的自有品牌產品已經連續好幾年提升市占率。

And that is an area where we're still building additional relationships with producers and we're expecting to continue making investments and expanding our portfolio on that front because, as I said, that's what is right now resonating with the consumers and we're seeing the stronger demand. And that part of the portfolio as well is growing in relative terms to the rest of the business and in absolute terms as well.

而這也是我們仍在與生產商建立更多合作關係的領域；我們預期會持續投資並在這方面擴充產品組合，因為如我所說，這正是目前能引起消費者共鳴的方向，我們也看到更強的需求。而且這一部分的產品組合，相較於其他業務不僅在相對占比上成長，在絕對規模上也在成長。

So that's where we're focusing. We believe that we still have opportunities to manage elements of growth within our portfolio despite the fact that the markets were still anticipated to decline in the low to mid-single digits for the next several quarters.

所以我們的重點就在這裡。我們相信，即使市場在未來幾個季度仍預期會以低到中個位數下滑，我們在投資組合內仍有機會管理並創造成長要素。

Okay. Great. I appreciate that color. That's helpful. Second question for me, just on some of your US exposure, particularly with SunStream. Just if you could provide us an update in terms of some potential outcomes as we hopefully come to some resolutions, either Parallel or Skymint here in 2026. I know in the past you've talked about potential changes you might need to be made to best optimize some of the US assets. So in terms of how you're looking at SunStream US assets and how to best optimize those in 2026 as hopefully we come to some resolution there?

好的。很好。感謝你提供這些說明。很有幫助。我的第二個問題是關於你們在美國的一些曝險，特別是 SunStream。如果可以的話，請就一些潛在結果提供最新進展，因為我們希望在 2026 年能就 Parallel 或 Skymint 取得一些解決方案。我知道過去你們談過，為了最佳化部分美國資產，可能需要做一些調整。因此，就你們如何看待 SunStream 的美國資產、以及在 2026 年（希望能取得一些解決）如何最佳化這些資產，你們的想法是什麼？

Absolutely, Aaron. So the portfolio has been simplified quite significantly. It's really three positions in the case of cannabis. I think you've been following the liquidation of that portfolio. So we've seen a return of capital recently as that position gets monetized and capital repatriated.

當然可以，Aaron。這個投資組合已大幅簡化。就大麻相關而言，實際上只剩三個部位。我想你一直有在關注該投資組合的清算進度。因此，隨著該部位變現並將資本匯回，我們最近已看到資本回收。

And then the two merger positions of interest would be in Parallel and Skymint. Parallel is going through a foreclosure process in the State of Florida, and Skymint is in receivership in Michigan. For almost the entirety of 2025, the foreclosure process related to Parallel was delayed because of a litigation that was in place. There was a key settlement to that litigation in December. And so we think there is now a path to resolve that foreclosure, and we'll likely see it sometime in Q2 or just after.

接著，兩個值得關注的合併相關部位是 Parallel 和 Skymint。Parallel 正在佛羅里達州進行止贖程序，而 Skymint 在密西根州處於接管（receivership）狀態。在 2025 年幾乎整個年度，與 Parallel 相關的止贖程序因為正在進行的訴訟而被延宕。該訴訟在 12 月達成了一項關鍵和解。因此我們認為現在已有一條路徑可以解決該止贖案，我們很可能會在第二季或稍後看到進展。

So we are finally heading towards a resolution here after a multiyear process. Again, the reason behind these delays and inefficiencies really comes down to the lack of access to the federal bankruptcy courts in the United States. And so once you relegated to these other insolvency proceedings at the state level, they are much less predictable, and the adjudication can be -- can provide unique outcomes. So we're pleased that we will actually land this plane, so to speak, in 2026, but it's been a frustrating process, and we're eager to have it wrapped up.

所以在經歷多年流程之後，我們終於正朝著解決方向前進。再次強調，這些延宕與低效率的根本原因，主要在於在美國無法進入聯邦破產法院體系。因此一旦只能轉而採用州層級的其他破產／清算程序，其可預測性就低得多，而裁決結果也可能——可能會出現特殊的結果。所以我們很高興能在 2026 年把這件事「落地」告一段落，但這一直是個令人沮喪的過程，我們也很希望能盡快收尾。

This concludes the question-and-answer session. I would now like to turn the conference back over to Zach George for any closing remarks.

問答環節到此結束。現在我想把會議交回給 Zach George，請他做任何結語。

Thank you, and thanks for joining our call today. We look forward to updating you in the near future. Have a great (technical difficulty)

謝謝，也感謝各位今天參與我們的電話會議。我們期待在不久的將來向各位更新最新進展。祝各位有個美好（技術問題）

Thank you. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

謝謝。今天的電話會議到此結束。各位可以掛線。感謝各位參與，祝各位有個愉快的一天。