Village Farms International Inc (VFF) 2025 Q3 法說會逐字稿

Mm.

毫米。

2 Good morning ladies and gentlemen. Welcome to Village Farms International 3rd quarter 2025 financial results conference call. This morning, Village Farms issued a news release reporting its financial results for the 3rd quarter and its September 30th, 2025. That news release, along with the company's financial statements, are available on the company's website at villagefarms.com under the investor's heading.

2 女士們、先生們，早安。歡迎參加 Village Farms International 2025 年第三季財務業績電話會議。今天上午，Village Farms 發布新聞稿，公佈了其第三季財務業績以及截至 2025 年 9 月 30 日的業績。新聞稿以及公司的財務報表可在公司網站 villagefarms.com 的投資者關係欄位下找到。

Please note that today's call is being broadcast live over the internet and will be archived for replay both by telephone and via the internet beginning approximately one hour following completion of the call. Details of how to access the replays are available in today's news release. Before we begin, let me remind you that forward-looking statements may be made today, during or after the formal part of this conference call. Certain materials assumptions were applied in providing these statements, many of which are beyond our control. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements.

請注意，今天的電話會議將透過網路進行現場直播，並將在會議結束後約一小時開始存檔，以便透過電話和網路進行回放。有關如何觀看回放的詳細信息，請參閱今天的新聞稿。在會議開始之前，請允許我提醒各位，今天、在本次電話會議的正式部分期間或之後，可能會出現一些前瞻性陳述。這些聲明中運用了一些材料假設，其中許多假設是我們無法控制的。這些聲明受到許多風險和不確定因素的影響，可能導致實際結果與前瞻性聲明中明示或暗示的結果有重大差異。

A summary of the summary of these underlying assumptions, risks, and uncertainties is contained in the company's various securities filings with the SEC and Canadian regulators, including its Form 10KMDNA for the year ended December 31, 2024, and 10Q for the quarter ended September 30th, 2025, which will be available on Edgar and Cedar Plus.

這些基本假設、風險和不確定性的概要已包含在公司向美國證券交易委員會和加拿大監管機構提交的各種證券文件中，包括截至 2024 年 12 月 31 日止年度的 10KMDNA 表格和截至 2025 年 9 月 30 日止季度的 10Q 表格，這些文件將在 Edgar 和 Ce Cedar 上提供。

These forward-looking statements are made of today's date and except as required by applicable securities laws, we undertake no obligation to obligation to publicly update or revise any such statements. I would now like to turn the call over to Michael Digilio, Chief Executive Officer of Village Farms International. Please go ahead, Mr. Digigilio.

這些前瞻性陳述僅代表截至今日的觀點，除適用證券法律要求外，我們不承擔公開更新或修訂任何此類陳述的義務。現在我謹將電話轉交給 Village Farms International 的執行長 Michael Digilio。請繼續，迪吉吉利奧先生。

Thank you, Cherie. Good morning, everyone, and thank you for joining us today.

謝謝你，謝麗。各位早安，感謝大家今天收看我們的節目。

With me on the call are Steve Ruffini, our Chief Financial Officer, Anne Gillen LeFevre, our Chief Operating Officer, Patti Smith, our corporate controller, and SAM Gibbons, senior Vice President of Corporate Affairs. I'll begin with a review of highlights from the 3rd quarter.

與我一起參加電話會議的有：財務長史蒂夫·魯菲尼、營運長安妮·吉倫·勒費弗爾、公司財務總監帕蒂·史密斯以及公司事務高級副總裁薩姆·吉本斯。我將首先回顧第三節的精彩時刻。

Then Steve will review the financials in more detail before I provide some last closing comments.

接下來，史蒂夫將更詳細地審查財務數據，之後我將作最後的總結性評論。

As we discussed in this morning's earnings release, our 3rd quarter was another one of many records for Village Farms.

正如我們在今天早上發布的財報中所討論的那樣，第三季度是 Village Farms 眾多紀錄中的又一個。

Our last quarter's call, we talked about our confidence in the sustainability of the positive trends we were seeing across the business as we continue executing and scaling a profitable global enterprise.

在上個季度的電話會議上，我們談到了我們對公司各業務領域積極趨勢的可持續性的信心，我們將繼續執行和擴大盈利的全球企業規模。

Today's results, only 3 months later, validate the expectations we discussed, and we remain confident that our competitive strengths combined with the incremental growth catalysts we see on the horizon.

僅僅三個月後，今天的結果就驗證了我們之前討論的預期，我們仍然相信，我們的競爭優勢加上我們預見到的未來成長催化劑，將會帶來更大的發展。

Position us for a very strong future.

為迎接非常美好的未來做好準備。

Consolidated net sales increased 21% year over year in Q3, and net income from continuing operations was $10.8 million or $0.09 a share, an increase of almost 10% sequentially compared to the record we set last quarter.

第三季綜合淨銷售額年增 21%，持續經營淨利為 1,080 萬美元，即每股 0.09 美元，較上季創下的紀錄環比增長近 10%。

For the second consecutive quarter, we also achieved new records for adjusted EBITDA and adjusted EBITDA margin from continuing operations of $20.7 million and 31% of sales, and we continue to see excellent cash conversion with consolidated cash flow from operations of $24.4 million, another record for village farms.

連續第二個季度，我們持續經營業務的調整後 EBITDA 和調整後 EBITDA 利潤率分別創下 2070 萬美元和 31% 的銷售新紀錄，同時現金轉換率也持續保持優異，合併經營現金流達到 2440 萬美元，再次刷新了鄉村農場的紀錄。

Our Canadian cannabis business delivered 29% year over year growth in net sales, reaching a new high of $64.1 million in Q3, driven by strong performance in our targeted channels, improving sales mix, which has led to higher average pricing, and continued momentum in the international medical export division, which we were up more than 750% year over year.

我們的加拿大合法大麻業務淨銷售額年增 29%，第三季達到 6,410 萬美元的新高，這得益於我們目標管道的強勁表現、銷售組合的改善（從而提高了平均價格）以及國際醫療出口部門的持續增長勢頭（同比增長超過 750%）。

What is enabling us to deliver these levels of performance?

是什麼讓我們能夠達到這樣的績效水準？

Well, we believe it comes from 3 critical factors. First is our capabilities as a premier provider of quality and consistent cannabis flour at scale and at the lowest cost.

我們認為這主要源自於三個關鍵因素。首先，我們有能力以最低的成本大規模地提供優質且穩定的醫用大麻粉。

Second is our commitment to manufacturing excellence and our EUGMP capabilities. And finally, it's a tremendous execution of our global team.

其次是我們對卓越製造流程的承諾以及我們符合歐盟藥品生產品質管理規範 (EUGMP) 的能力。最後，這要歸功於我們全球團隊的出色執行。

Our execution on all fronts has been paramount to our success, and all the village Farm team members are worthy of considerable praise.

我們在各方面的執行力對我們的成功至關重要，村莊農場團隊的所有成員都值得高度讚揚。

Canadian cannabis retail sales were in line with our expectations with stronger contribution margin from retail branded sales in Q3 driven by our recent success in aligning our product portfolio towards higher margin skews.

加拿大的大麻零售銷售額符合我們的預期，第三季零售品牌銷售的貢獻毛利更高，這得益於我們最近成功地調整了產品組合，使其朝向利潤率更高的方向發展。

As a reminder, we first began discussing our plan to realign our product offerings towards the end of last year, as our analyst, analysis and consumer feedback suggested the quality of our flowers should command a higher price point.

提醒一下，我們最早在去年年底開始討論調整產品供應計劃，因為我們的分析師、分析和消費者反饋表明，我們鮮花的品質應該會賣得更高。

Since that time, we've observed significant improvements in profitability and because of our deliberate move away from some value-oriented tiers of the market, and our core Pure Sun Farms brand has experienced steady growth in market share since last December.

自那時以來，我們觀察到盈利能力有了顯著提高，這得益於我們有意退出一些以價值為導向的市場層級，而且自去年 12 月以來，我們的核心品牌 Pure Sun Farms 的市場份額穩步增長。

We're pleased to be seeing relative stability and overall share performance as we begin to anniversary the implementation of these changes, and we're looking forward to benefiting from expanded production capacity next year, which will enable us to continue supporting growth in the Canadian market.

我們很高興看到，隨著這些變革實施週年紀念日的臨近，公司業績相對穩定，整體市場份額表現良好。我們期待明年能夠受益於產能的擴大，這將使我們能夠繼續支持加拿大市場的成長。

Our non-branded wholesale channel in Canada continued to show consistent top-line performance as we've observed for the past 7 quarters, and as mentioned previously, our international medical business continued to expand rapidly during the 3rd quarter with over 750% sales growth year over year.

正如我們過去 7 個季度所觀察到的，我們在加拿大的非品牌批發管道繼續保持穩定的營收成長，如前所述，我們的國際醫療業務在第三季度繼續快速擴張，同比增長超過 750%。

Germany continues to be a driver of increasing international demand, and we believe we've expanded market share sequentially in this market during each of the past 4 quarters.

德國仍然是國際需求成長的主要驅動力，我們相信在過去的四個季度中，我們在這個市場的市場份額逐年擴大。

Based on local government data and internal estimates, we believe Village Farms is now the largest exporter of medical cannabis to Europe, and that we're well positioned long-term to continue expanding into new markets as additional countries around the world embrace the many benefits of regulated cannabis.

根據當地政府數據和內部估計，我們相信 Village Farms 現在是歐洲最大的醫用大麻出口商，並且隨著世界各地越來越多的國家接受受監管大麻的諸多好處，我們已做好長期擴張到新市場的準備。

I also want to make clear that international business did not experience any disruptions to deliveries or order flow during the 3rd quarter. And in fact, the German government recently increased its import limit of medical cannabis by an additional 70 metric tons.

我還想澄清一點，第三季國際業務的交付或訂單流沒有受到任何干擾。事實上，德國政府最近將醫用大麻的進口限額增加了 70 公噸。

As a reminder, our Delta, British Columbia facility has been EUGMP certified since 2022.

再次提醒大家，我們位於加拿大不列顛哥倫比亞省三角洲的工廠自 2022 年以來一直獲得 EUGMP 認證。

This certification was recently renewed, which underscores our rigorous commitment to our operational excellence and enables us to ship directly to partners across the world who are seeking GMP flour. We have never shipped through Portugal, having identified this as a compliance and supply chain risk some time ago.

該認證最近已續期，這凸顯了我們對卓越營運的嚴格承諾，並使我們能夠直接向世界各地尋求 GMP 麵粉的合作夥伴發貨。我們從未透過葡萄牙發貨，因為我們早就意識到這存在合規性和供應鏈風險。

Our consistent product quality, potency, and reliability of on-time delivery of our products continues to differentiate village farms from our competitors on the global stage, and we expect to expand to multiple new international jurisdictions during the first half of next year.

我們始終如一的產品品質、效力和準時交付的可靠性，使鄉村農場在全球舞台上與競爭對手區分開來，我們預計明年上半年將擴展到多個新的國際地區。

As a reminder to investors who may be new to our story, we are only using approximately 35% of our nearly 5 million square feet of advanced greenhouses in Canada for cannabis production today.

提醒一下可能還不了解我們情況的投資者，目前我們在加拿大近 500 萬平方英尺的先進溫室中，只有大約 35% 用於大麻生產。

We have proven our playbook in scaling out Delta BC production campus partly thanks to our nearly 40-year track record and highly intensive agriculture, and we have a strong labor force that knows how to execute and operate these facilities efficiently.

我們已證明，我們在擴大 Delta BC 生產園區規模方面行之有效，這部分歸功於我們近 40 年的業績記錄和高度集約化的農業，而且我們擁有一支強大的勞動力隊伍，他們知道如何高效地執行和運營這些設施。

To support continued growth in Canada and abroad, the 40 metric ton capacity expansion project we announced last quarter is now underway, and we anticipate to increase our annual production capacity in Canada by approximately 33%.

為了支持加拿大和海外的持續成長，我們上個季度宣布的 40 公噸產能擴建計畫現已啟動，我們預計將使加拿大的年產能提高約 33%。

The incremental capacity is expected to begin coming online in Q2 of next year and be fully ramped in early 2027.

預計新增產能將於明年第二季開始上線，並於 2027 年初全面投產。

At that time, 45% of our greenhouse capacity in Canada will be in full cannabis production, leaving our largest 60 acre Delta One greenhouse facility available for future phased conversion to cannabis beginning as early as 2027 if we deem necessary.

屆時，我們在加拿大的溫室產能將有 45% 用於大麻生產，而我們最大的 60 英畝 Delta One 溫室設施將可用於未來分階段改造為大麻生產，最早可從 2027 年開始，如果我們認為有必要的話。

As many of increasing global demand for cannabis has currently resulted in a relatively supply constrained environment in the domestic Canadian market for much of the past year.

由於全球對大麻的需求不斷增長，過去一年來，加拿大國內市場一直處於相對供應受限的狀態。

These dynamics have supported an improved pricing environment in.

這些因素共同促成了價格環境的改善。

And along with improvements in our operating efficiency, helped us achieve record gross margin with improved profitability in all our various sales channels during the 3rd quarter.

加上營運效率的提高，幫助我們在第三季實現了創紀錄的毛利率，並在所有銷售管道中提高了獲利能力。

Excuse me.

打擾一下。

Canadian cannabis gross margin of 56% was above the high end of our targeted range due to a variety of factors which Steve will discuss momentarily.

加拿大合法大麻的毛利率為 56%，高於我們預期範圍的上限，這是由多種因素造成的，史蒂夫稍後會對此進行討論。

Our Q3's sales growth, improved gross margin performance, and continued cost discipline resulted in a 309% increase in adjusted EBITDA in Canadian cannabis to $19.3 million or 41% of sales.

第三季銷售額成長、毛利率改善以及持續的成本控制，使得加拿大合法大麻業務的調整後 EBITDA 成長了 309%，達到 1,930 萬美元，佔銷售額的 41%。

We believe this sets an all-time quarterly record in profitability from continuing operations of any public Canadian cannabis company.

我們相信，這將創下加拿大上市大麻公司持續經營獲利能力的歷史季度紀錄。

In the Netherlands, our first facility in Drachton reached full production capacity during Q3 and sales increased 44% sequentially with healthy profitability and cash generation.

在荷蘭，我們位於德拉赫頓的第一家工廠在第三季度達到了滿載生產能力，銷售額環比增長了 44%，盈利能力和現金流狀況良好。

We also expanded our market penetration in coffee shops sequentially with our products now in 91% of participating coffee shops, and we are continuing to introduce new products including several hash offerings and pre-rolls that we anticipate will enjoy popularity in one of the world's most famed cannabis markets.

我們也逐步擴大了在咖啡店的市場滲透率，目前我們的產品已進入 91% 的合作咖啡店，並且我們正在繼續推出新產品，包括幾款哈希產品和預捲煙，我們預計這些產品將在世界上最著名的合法大麻市場之一受到歡迎。

Construction of our second and large Dutch facility.

我們正在荷蘭建造第二個大型工廠。

Which will increase our total production capacity in the Netherlands fold, is progressing on schedule and remains on track to begin operating in late Q1 of next year.

這將使我們在荷蘭的總產能翻一番，目前正按計劃進行，並預計在明年第一季末開始營運。

We have been increasing headcount in the Netherlands during the fall to prepare for this expansion, and we anticipate incremental operating expenses at Ley Holland over the course of the next few quarters to support this growth.

為了應對此次擴張，我們在秋季期間增加了荷蘭的員工人數，並且我們預計在接下來的幾個季度裡，Ley Holland 的營運費用將會增加，以支持這一成長。

However, as the phase 2 facility comes online, Through the first half of next year, we expect our Netherlands business to be a strong driver of revenue growth for us in 2026 and to help us maintain relative strength in our overall margin performance as compared to a majority of our public cannabis company peers.

然而，隨著二期設施投入運營，我們預計到明年上半年，我們在荷蘭的業務將成為我們2026年收入增長的強勁驅動力，並幫助我們保持相對於大多數上市大麻公司同行而言的整體利潤率表現的相對優勢。

In our produce business, sales were roughly flat after accounting for sales commissions paid to Vanguard Foods LP.

在我們的農產品業務中，扣除支付給 Vanguard Foods LP 的銷售佣金後，銷售額基本上持平。

Our ongoing proto segment is now comprised almost entirely of our Delta 1 greenhouse operations, which historically has generated positive net income and cash flow and can still be converted to a cannabis facility in the future.

我們目前的原型業務板塊幾乎完全由我們的 Delta 1 溫室營運組成，該溫室營運歷來都能產生正的淨收入和現金流，並且未來仍然可以改造成大麻設施。

Our second and 3rd quarters will always be our seasonally strongest quarters for produce. Net income improved more than 4 fold in Q3 to $1.3 million and adjusted EBITDan improved nearly 50% to $2.5 million from $1.7 million.

我們的第二季和第三季歷來都是農產品銷售旺季。第三季淨收入成長超過 4 倍，達到 130 萬美元；調整後 EBITDan 成長近 50%，從 170 萬美元增至 250 萬美元。

Our US cannabis and clean energy segments also performed in line with our expectations during the quarter.

本季度，我們美國的大麻和清潔能源業務部門的表現也符合預期。

We are pleased with the incremental net income that clean energy contributes to the company, and we continue to believe that these segments, despite being small portions of our business today, there is meaningful potential for both of these businesses to provide investors with additional upside which we further believe differentiates Village Farms as an attractive investment opportunity.

我們對清潔能源為公司帶來的淨利潤成長感到滿意，並且我們仍然相信，儘管這些業務目前在我們業務中所佔比例很小，但它們都具有為投資者帶來額外收益的巨大潛力，我們認為這使得 Village Farms 成為一個有吸引力的投資機會。

As a reminder for anyone new to our story, we still have certain greenhouse assets in West Texas that we believe offer us a clear opportunity to replicate our success in Canada if and when US regulations allow.

對於剛了解我們故事的人，我們在此提醒一下，我們在德克薩斯州西部仍然擁有一些溫室資產，我們相信，如果美國法規允許，這些資產將為我們提供一個清晰的機會，將我們在加拿大的成功複製過來。

Finally, as noted this morning on this morning's earnings call, we closed the quarter with approximately $88 million in cash on our balance sheet, reflecting an increase of nearly $23 million since the end of Q2 following another quarter of strong free cash flow generation.

最後，正如今天早上在財報電話會議上提到的，本季末我們的資產負債表上約有 8,800 萬美元現金，較第二季末增加了近 2,300 萬美元，這得益於又一個季度強勁的自由現金流。

Finally, our significantly improved cash flow generation profile and balance sheet strength gave our board of directors confidence to implement a share purchase repurchase program at the end of September as part of our balanced approach to capital allocation to drive shareholder returns.

最後，我們顯著改善的現金流產生狀況和資產負債表實力，使我們的董事會有信心在 9 月底實施股票購買回購計劃，這是我們平衡資本配置以推動股東回報的方法的一部分。

We believe we are in an excellent position to continue growing and investing behind our business, and we see significant opportunities for us to continue profitably scaling our global cannabis enterprise in 2026 and beyond. I'll turn the call over to Steve to review the financials now. Steve.

我們相信，我們目前處於非常有利的地位，可以繼續發展壯大並加大對業務的投資，並且我們看到了在 2026 年及以後繼續盈利地擴大全球大麻業務的重大機會。現在我將把電話交給史蒂夫，讓他來審核財務數據。史蒂夫。

Thanks, Mike. As a reminder, as of May 30th, some of our produce assets were privatized and are now classified as discontinued operations. Reported financial results for comparative prior periods have been adjusted accordingly.

謝謝你，麥克。再次提醒，截至 5 月 30 日，我們的一些農產品資產已私有化，現在被歸類為終止經營業務。已對前期可比較期間的財務表現進行相應調整。

I'll start with a review of our consolidated results. Consolidated net sales increased 21% to $66.7 million, driven by growth in our Canadian cannabis segment, as well as the second full quarter of contribution from our recreational cannabis sales in the Netherlands.

我將首先回顧我們的綜合業績。綜合淨銷售額成長 21% 至 6,670 萬美元，這主要得益於加拿大市場大麻業務的成長，以及荷蘭娛樂用大麻銷售的第二個完整季度貢獻。

Net income from continuing operations improved to $10.8 million or $0.09 per share compared to a net loss of $800,000 or $0.01 per share in Q3 of last year. Consolidated adjusted EBITDA from continuing operations was $20.7 million compared with $4.7 million in Q3 of last year, resulting in an adjusted EBITDA margin of 31% in the quarter compared to 8.5% in Q3 of last year.

持續經營業務淨利改善至 1,080 萬美元，即每股 0.09 美元，而去年第三季淨虧損為 80 萬美元，即每股 0.01 美元。持續經營業務的合併調整後 EBITDA 為 2,070 萬美元，而去年同期為 470 萬美元，因此本季調整後 EBITDA 利潤率為 31%，而去年同期為 8.5%。

Our cash flow from operations improved to $24.4 million compared with $6.1 million in Q3 of last year.

我們的營運活動現金流從去年第三季的 610 萬美元改善至 2,440 萬美元。

Turning now to our segmented results, I will start with Canadian cannabis, which I will discuss in CAD for comparative purposes.

現在來看我們細分的結果，我將從加拿大的大麻開始，為了方便比較，我將以加幣進行討論。

Total net sales were $64.1 million for a 29% increase versus Q3 last year. The year on year improvement was driven by strong performances in our targeted channels, improved pricing, and continued momentum in our international medical exports, which increased 758% from Q3 last year to $16.3 million.

淨銷售額總計 6,410 萬美元，比去年第三季成長 29%。年比成長主要得益於我們在目標管道的強勁表現、價格的改善以及國際醫療出口的持續成長勢頭，國際醫療出口額較去年第三季度增長了 758%，達到 1,630 萬美元。

Canadian retail branded sales were $37 million in line with our expectations following the realignment of our product portfolio to higher marginskis.

加拿大零售品牌銷售額為 3,700 萬美元，符合我們的預期，這得益於我們調整了產品組合，使其利潤率更高。

Canadian cannabis gross margin was 56%, up from 26% in Q3 last year.

加拿大合法大麻產品的毛利率為 56%，高於去年第三季的 26%。

And well above the high end of our target range of 30 to 40%.

遠高於我們目標範圍 30% 到 40% 的上限。

As Mike mentioned earlier, our improved gross margin was helped by favorable pricing as compared to the prior year, and we also benefited from increased international export sales, lower packaging inputs, improved productivity, and higher crop yields during the past summer growing season.

正如麥克之前提到的，與前一年相比，有利的定價幫助我們提高了毛利率，此外，我們還受益於國際出口銷售額的增長、包裝投入的減少、生產力的提高以及上個夏季生長季作物產量的增加。

SGA SG&A expenses as a percentage of sales were 20%, an improvement of 22% last year as we continue to drive efficiency throughout our Canadian cannabis operations.

銷售、一般及行政費用佔銷售額的 20%，比去年提高了 22%，因為我們繼續提高加拿大所有大麻業務的效率。

Q3 adjusted EBITDA for Canadian cannabis improved 309% year over year to our strongest performance ever at $26.6 million, resulting in an adjusted EBITDA margin of 41%, which was more than triple the 13% of last year.

第三季加拿大合法大麻業務調整後 EBITDA 年成長 309%，達到 2,660 萬美元，創歷史新高，調整後 EBITDA 利潤率為 41%，是去年 13% 的三倍多。

Cash flow from operations increased 339% to $26.8 million, our strongest quarter of operating cash flow since we expanded into Canadian cannabis in 2017.

經營活動產生的現金流成長了 339%，達到 2,680 萬美元，這是我們自 2017 年進軍加拿大市場以來經營現金流最強勁的一個季度。

Finally, as we do each quarter, I will point out that in Q3 we paid Canadian excise taxes on our retail branded sales of $21.6 million, nearly 40% of retail branded sales and almost double our SG&A costs.

最後，就像每季一樣，我要指出，在第三季度，我們為零售品牌銷售額支付了 2,160 萬美元的加拿大消費稅，幾乎佔零售品牌銷售額的 40%，幾乎是我們銷售、一般及行政費用的兩倍。

Turning now to our recreational canvas business in the Netherlands.

現在讓我們來看看我們在荷蘭的休閒帆布業務。

Q3 saw our second full quarter of sales from our Leey Holland operations. Sales were $3.6 million with the Josadi Bada of $1.3 million. Both meaningful increases quarter over quarter and firmly in line with our expectations.

第三季是我們 Leey Holland 業務實現第二個完整季度銷售。銷售額為 360 萬美元，其中 Josadi Bada 為 130 萬美元。兩個季度均實現了顯著成長，完全符合我們的預期。

With our phase 1 facility now operating at full capacity, we expect our Netherlands sales performance in Q4 to be similar to Q3, although with increased operating expenses, which Mike mentioned, we'll be rising into Q1 as we get ahead of our larger Phase 2 facility.

隨著我們的一期工廠全面投產，我們預計第四季度我們在荷蘭的銷售業績將與第三季度類似，儘管正如邁克提到的，運營費用有所增加，但隨著我們更大的二期工廠投產，我們將在第一季度實現增長。

Turning now to our US cannabis business, Q3 sales of $3.3 million continues to reflect the impact of various state actions dealing with the ongoing proliferation of unregulated hemp products.

現在來看我們的美國大麻業務，第三季銷售額為 330 萬美元，繼續反映出各州針對持續氾濫的非法大麻產品所採取的各種行動的影響。

Gross margin was down slightly year over year at 60%, resulting in a small negative adjusted EBITDA for the quarter.

毛利率較去年同期略有下降至 60%，導致本季調整後 EBITDA 略為負值。

Having stabilized this business.

已經穩定了這項業務。

Amidst strong regulatory headwinds, we are working on a number of initiatives to invigorate sales of our responsible GMP produced natural hemp products.

儘管面臨許多監管阻力，我們正在努力推進多項舉措，以促進我們負責任地按照 GMP 標準生產的天然大麻產品的銷售。

In our continuing produce operations, sales decreased 10% year over year to $12.8 million, although this is a result of incurring a sales commission in 2025 to our privatized produce business. In previous years, we were the exclusive sales agent for our produce as well as for others.

在我們持續經營的農產品業務中，銷售額年減 10% 至 1,280 萬美元，但這主要是由於我們在 2025 年向我們私有化的農產品業務支付了銷售佣金。往年，我們是自己產品以及其他產品的獨家銷售代理商。

However, our net income from continuing operations was up $1 million to $1.3 million with our adjusted EBD margin improving to $2.5 million.

然而，我們持續經營業務的淨收入增加了 100 萬美元，達到 130 萬美元，調整後的 EBD 利潤率提高到 250 萬美元。

I will remind investors that our produce operations in Q3 and through the remainder of this year reflect contributions from our Delta 1 greenhouse and half of our Delta 2 greenhouse. The Delta 2 tomato crop is being pulled this week for us to commence the conversion to cannabis production, which will bring our total operational square footage of cannabis production in Delta to 2.2 million square feet.

我要提醒投資者，我們第三季及今年剩餘時間的農產品業務反映了我們 Delta 1 溫室和 Delta 2 溫室一半的產量貢獻。本週我們將收割 Delta 2 的番茄作物，開始轉型為大麻生產，這將使我們在 Delta 的大麻生產總營運面積達到 220 萬平方英尺。

Turning to consolidated cash flows in the balance sheet, total cash flow from operations was $46.7 million through the first nine months of the year. We ended Q3 with cash of nearly $88 million which includes restricted cash of $5 million with a net cash position of $53 million.

從資產負債表中的合併現金流量來看，今年前九個月的經營活動產生的現金流量總額為 4,670 萬美元。第三季末，我們持有近 8,800 萬美元現金，其中包括 500 萬美元受限現金，淨現金部位為 5,300 萬美元。

Our total debt at the end of Q3 was $35 million. As noted in our 10 this morning, in August we paid down $3 million of US term debt as part of the produce privatization transaction. We had a blended borrowing rate of approximately 6.5% at the end of the quarter with additional debt capacity as we evaluate the most efficient ways to fund our growth.

第三季末，我們的總債務為 3,500 萬美元。正如我們今天早上在 10 點中提到的，8 月我們償還了 300 萬美元的美國定期債務，這是農產品私有化交易的一部分。截至季末，我們的綜合借款利率約為 6.5%，而且我們還有額外的債務融資能力，因為我們正在評估為成長提供資金的最有效方式。

Our healthy cash flow and strengthening balance sheet will enable us to continue supporting future expansion projects and as Mike mentioned, we'll also support the $10 million share repurchase program that our board approved at the end of September.

我們健康的現金流和不斷增強的資產負債表將使我們能夠繼續支持未來的擴張項目，正如麥克所提到的，我們還將支持董事會在9月底批准的1000萬美元股票回購計劃。

The program provides for the purchase of up to just under 5.7 million common shares, or 5% of our issued and outstanding shares as of the date of the announcement. Our management team and board believe this reflects a prudent and balanced approach to capital allocation to drive returns to shareholders. I will now turn the call back to Mike for some closing comments.

該計劃允許購買至多略低於 570 萬股普通股，相當於截至公告發布之日我們已發行和流通股的 5%。我們的管理團隊和董事會認為，這體現了審慎平衡的資本配置方法，旨在為股東帶來回報。現在我將把電話轉回給麥克，請他做一些總結發言。

Well, thank you, Steve.

謝謝你，史蒂夫。

And thanks and congratulations to all the village team members around the world whose hard work, tenacity, and integrity are continuing to raise the bar for ourselves and our industry.

感謝並祝賀世界各地的所有 Village 團隊成員，他們的辛勤工作、堅韌不拔和正直品格不斷提高我們自身和行業的標準。

In addition to delivering record profitability in the Canadian cannabis industry, our performance this quarter also surpasses the profitability of any US operators who have reported thus far in this current earnings seasons. Village Farms is now one of the most profitable cannabis businesses on planet Earth, and we remain highly motivated to exceed our own expectations.

除了在加拿大合法大麻產業實現創紀錄的獲利能力外，我們本季的業績也超過了本財季迄今公佈業績的任何美國營運商的獲利能力。Village Farms 現在是地球上最賺錢的大麻企業之一，我們仍然充滿動力去超越我們自己的預期。

We are growing our business organically, funding our growth with our own cash generated from operations, and we believe we still have a considerable amount of future organic growth catalyst on our horizon.

我們的業務正在有機成長，用我們自身營運產生的現金來資助成長，我們相信未來仍有相當大的有機成長動力。

We are confident in our ability to continue driving growth in revenue and EBITDA supported by our proven operational and manufacturing expertise, our culture of cost discipline, and continuous improvement, and of course, through the continued excellence and leadership of our people. I'm incredibly proud of all the progress our teams have made together this year.

我們有信心憑藉我們成熟的營運和製造專業知識、成本控製文化和持續改進，以及員工的持續卓越表現和領導力，繼續推動收入和 EBITDA 的成長。我為我們團隊今年共同取得的所有進步感到無比自豪。

And know that we are all looking forward to another strong year of growth in 2026.

我們都非常期待2026年能再創佳績，實現強勁成長。

Operator, that includes our prepared remarks and we'll take questions now.

操作員，以上是我們事先準備好的發言稿，現在我們將接受提問。

Thank you. As a reminder to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, press 11 again. Due to time restraints, we ask that you please limit yourself to one question and one f question.

謝謝。提醒您，如果您要提問，請按電話上的 11，然後等待播報您的名字。若要撤回您的問題，請再按 11。由於時間限制，請您只提一個問題和一個f問題。

You may then return to the queue. Please stand by while we compile the Q&A roster.

然後您可以返回隊列。請稍候，我們正在整理問答名單。

And our first question will come from the line of Erin Gray with Alliance Global Partners. Your line is open.

我們的第一個問題將來自 Alliance Global Partners 的 Erin Gray。您的線路已開通。

Hi, good morning.

您好，早安。

Thank you for the questions and congrats on the strong quarter here.

感謝大家的提問，也恭喜我們本季業績優異。

First question for me, I want to talk a bit about cannabis gross margin 56%. I talked about some of the year over year improvement, but I want to talk even sequentially, right, some very strong improvement. So some of the drivers you saw there, we think about international mix, it's pretty similar quarter over quarter, but still saw, some pretty meaningful. Expansion there so is there some improvements in pricing and mix within international was some of the more meaningful operating efficiency? So just some of the specific drivers in in terms of some of the sequential trends there and then how best to think about that gross margin going forward and how sustainable gross margins, more close to these levels are.

首先，我想談談大麻的毛利率 56%。我談到了一些同比進步，但我想談談一些非常強勁的進步，對吧。所以你看到的一些驅動因素，我們認為國際組成，雖然每個季度都大同小異，但仍然有一些相當有意義的變化。擴張之後，國際市場的定價和產品組合是否有所改善，這是否對提高營運效率更有意義？因此，就一些連續趨勢而言，一些具體的驅動因素，以及如何最好地思考未來的毛利率，以及更接近這些水平的可持續毛利率。

Thank you.

謝謝。

Thanks, Aaron. So, overall, we had improved efficiency, 11 of our DNA KPIs is continuous improvement on cost and efficiency. So that improved efficiency and productivity. We had higher crop yields we normally do in the summer than the winter. Favorable pricing as I mentioned compared to the prior year tied to mostly a function of, Skew mix which mentioned on the call.

謝謝你，亞倫。因此，整體而言，我們的效率有所提高，我們的 11 項 DNA KPI 都是在成本和效率方面持續改進。這樣就能提高效率和生產力。夏季作物產量比冬季高，這在往年是正常的。正如我之前提到的，與前一年相比，價格優勢主要取決於電話會議上提到的偏斜組合。

Lower packaging inputs and improved margins and of course, international export which has solid margins. Those were key drivers to those results and you want to add some color? I think you covered it.

包裝投入減少，利潤率提高，當然還有利潤豐厚的國際出口。這些是導致這些結果的關鍵因素，你想補充一些細節嗎？我覺得你已經說得很清楚了。

Thank you.

謝謝。

As far as gross margin, we, as we said, our sweet spot is always 30 to 40% because you have to look long-term. There's always different.

至於毛利率，正如我們所說，我們最理想的毛利率始終在 30% 到 40% 之間，因為你必須著眼於長遠。總是會有不同的。

Ebb and flows in the market, but, we are always trying to exceed that, but we're not really changing, that guidance between 30 and 40. This was a strong quarter for us and we'll certainly take it and we're going to always strive to exceed, but we're going to stick to those, that sweet spot we mentioned, consistently over the last few years.

市場有漲有跌，但我們始終努力超越市場波動，不過我們並沒有真正改變30到40之間的指導方針。這對我們來說是一個強勁的季度，我們當然會接受這個結果，並且我們會一直努力超越，但我們會堅持我們之前提到的那個最佳狀態，並在過去幾年裡一直保持下去。

Okay, great, appreciate that and then on the international front, we're thinking about the top-line, can you mention in terms of the competitive environment maybe some of you mentioned that you haven't had as many issues but have some of the supply challenges from some of your peers you're hearing about or some of the quality issues has that provided you, more of an opportunity to take meaningful, share gains within the past two quarters and, how it seems like you think. That's pretty sustainable over the near to medium term, with Delta, second half of Delta 2 coming online and even some emphasis to potential for Delta 1 coming online, in 2027. So maybe talking about some of the dynamics you're seeing internationally and what's making you so constructive, at least in the near to medium term for some continued opportunities there. Thanks.

好的，非常感謝。接下來，在國際方面，我們正在考慮營收方面，您能否談談競爭環境？也許你們有些人提到過，你們遇到的問題並不多，但你們是否聽說過一些同行在供應方面遇到的挑戰，或者一些品質問題？這些是否為你們在過去兩個季度中提供了更多獲得有意義的市佔率成長的機會？您對此有何看法？從中短期來看，這相當可持續，Delta 號、Delta 2 號的後半部分都將投入運營，甚至有人強調 Delta 1 號有可能在 2027 年投入運營。所以，或許可以談談您在國際上看到的一些動態，以及是什麼讓您如此積極地參與其中，至少在中短期內，為您帶來一些持續的機會。謝謝。

Yeah, well, I think, it's still an asset industry. I mean, when I look at the cannabis business 10 or 15 years from now, it's going to be interesting to see how it segments from commercial side, innovation side to cultivation, but at this stage, cultivation rules, I mean, at the end of the day, you have to be able to consistently perform super high-quality every single day.

是的，我認為，它仍然是一個資產產業。我的意思是，展望未來 10 到 15 年的大麻產業，看看它將如何從商業、創新到種植等各個方面進行細分將會很有趣。但在現階段，種植是關鍵，我的意思是，歸根結底，你必須能夠每天持續提供超高品質的產品。

And we always strive to do that at the lowest possible cost. Our original business model, was based on that, and, the team is executing.

我們始終努力以盡可能低的成本實現這一目標。我們最初的商業模式就是基於此，團隊正在執行。

So, without having consistent, solid, good quality, nothing else really matters. That coupled with EUGMP, the team has executed brilliantly. We had a, renewal after our 1st 3 years with flying colors and we're actually expanding that whole EUGMP processing side for the future. And then, First, and then coupled with, it's not so much of, as I said in my comments, 123, you have to have all three, sort of like a three-legged stool. If one of those legs fall off, you topple over and the final one is the execution of the team, both on the commercial, international side and on the cultivation manufacturing side. And I think that's what we've communicated from day one when we got into cannabis and it's a matter of how well you can execute.

所以，如果沒有穩定、可靠、優質的產品，其他一切都無從談起。再加上 EUGMP 的規定，團隊的執行非常出色。前三年我們順利續約，而且我們正在擴大整個 EUGMP 加工方面的規模，以備將來之需。然後，首先，再加上，正如我在評論中所說，123，你必須擁有這三個，就像三腳凳一樣。如果其中一條腿掉了，你就倒下了；而最後一條腿則代表著團隊的執行力，包括商業、國際方面以及種植製造方面。我認為，從我們涉足大麻產業的第一天起，我們就一直在傳達這個理念，關鍵在於你能把這個理念執行得如何。

Okay, great, appreciate the call. I'll go ahead and jump back in the queue.

好的，太好了，謝謝你的來電。我這就重新排隊。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

That will come from the line of Federico Gomes with ATB Capital Markets. Your line is open.

這將來自 ATB Capital Markets 的 Federico Gomes 的生產線。您的線路已開通。

Hi, good morning. Congrats on the outstanding quarter here. Thanks for taking the questions. First question on the Netherlands, very strong performance, and I just hit it out there. So I guess just two questions there. One is, gross margin declined a bit sequentially. So could you talk about what drove that decline if it's related to mix or or investment or something else. And then second question on the Netherlands as well. I know that you have a 30 to 40% gross margin target for Canadian cannabis, but I'm curious about if you have the same sort of target for the Netherlands, long-term. Thanks.

您好，早安。恭喜你們本季表現出色。謝謝您回答問題。關於荷蘭的第一個問題，表現非常出色，我直接就回答了。所以，我只想問兩個問題。一是毛利率較上季略有下降。那麼，您能否談談導致這種下滑的原因，是與產品組合、投資還是其他因素有關？然後是關於荷蘭的第二個問題。我知道你們對加拿大市場大麻的毛利率目標是 30% 到 40%，但我很好奇你們對荷蘭市場的長期目標是否也是如此。謝謝。

Hi Fre Federico, yeah, we absolutely have the the same goals on the gross margin long-term for the Netherlands. It's a, it's a startup. I mean, we just started producing in the end of the 1st, second quarter. So, when you really look at some of the competitors and taking years if not decades to ramp up their business, I think we've done pretty well within. The 1st year, it hasn't even been a year of cultivation, so you'll definitely see some lumpiness as we get stable going forward. So I think that shouldn't reflect that we're coming off on gross margin in any given quarter over the long-term.

嗨，Fre Federico，是的，我們對荷蘭的長期毛利率目標完全一致。它是一家，它是一家新創公司。我的意思是，我們才剛開始生產，也就是第一季末、第二季末。所以，當你真正看看一些競爭對手，他們花了數年甚至數十年才發展壯大業務時，我認為我們已經做得相當不錯了。第一年甚至還不是耕耘的一年，所以隨著我們逐漸穩定下來，一定會出現一些波動。所以我認為這不應該反映出我們在任何一個季度的長期毛利率都會下降。

Thank you. And then second question on Germany, you mentioned you you gained market share sequentially there in each of the past four quarters. So, could you provide maybe, a number in terms of where you think your market share is right now and, whether you think that, market share momentum is going to continue, in terms of gaining shares sequentially over the next few quarters.

謝謝。關於德國市場的第二個問題，您提到在過去的四個季度裡，您在德國的市場份額逐季增長。那麼，您能否提供一個數字，說明您目前認為您的市場份額是多少，以及您是否認為市場份額的增長勢頭會在未來幾個季度內持續下去，即市場份額會逐季增長。

Well, I'm never going to, first of all, we're not putting out what we think the market share is, but I.

首先，我永遠不會那樣做，我們不會公佈我們認為的市場份額，但是我。

I wouldn't be surprised if we're #1 in whatever that market share number is and the reason I don't want to comment it is because there really are no clear statistics as of yet, so I would be just surmising it at this point, but I believe we're by far the number 1 market share in Germany and I think for the reasons I mentioned earlier and in my remarks, well, and to answer Aaron's question as well. I think that we took an approach.

如果我們的市佔率排名第一，我不會感到驚訝。我之所以不想對此發表評論，是因為目前還沒有明確的統計數據，所以我現在只能猜測。但我相信我們在德國的市場份額遙遙領先，我認為這是因為我之前提到的原因以及我在評論中提到的，還有，為了回答亞倫的問題。我認為我們採取了一種方法。

And let's control what we can control, and that's where we believe we differentiate ourselves. We didn't look at Portugal. We thought Portugal was a risk and a liability both in supply chain regulatory side. So we just built our business for Europe based on our own production, our own people direct to our customers. And I think that seems to be a winning formula at this point in time. And I believe the German market's going to continue to grow, as well going forward.

讓我們掌控我們能夠掌控的事情，而這正是我們認為我們與眾不同的地方。我們沒有考察葡萄牙。我們認為葡萄牙在供應鏈監管方面既是風險也是負擔。所以，我們以自己的生產、自己的員工直接面對客戶的方式，在歐洲建立了我們的業務。我認為就目前而言，這似乎是一個成功的策略。而我相信，德國市場未來也將持續成長。

Thank you very much.

非常感謝。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

And that will come from the line of Pablo Zuanic with Zuanic and Associates. Your line is now open.

而這將源自 Pablo Zuanic 及其 Zuanic and Associates 的事業線。您的線路已開通。

Thank you and good morning everyone. Look, my question is, really a three part question on Texas. I mean, obviously in my interpretation, the regulatory changes in the medical program there are quite favorable, especially for the 3 incumbents there, right? There may be 15 more licenses issued, but.

謝謝大家，大家早安。我的問題其實是關於德州的三個部分問題。我的意思是，顯然，在我看來，那裡的醫療計畫監管變化是相當有利的，特別是對那裡的三位現任醫生來說，對吧？可能還會發放15張許可證，但是。

There will be a bit of a lag, a a time lag for those new licenses, not even clear when they will be issued. So I just want to have a sense of how aggressive is Village Farms willing to be in Texas, in terms of M&A activity. And what could that mean for your NASDAQ listing? How would you think about that? Because when we look at, canopy growth of SNDL, it seems that other companies have not been willing to give up their NASDAQ listing. But I mean, what can you say publicly on this topic?

新許可證的發放會有一些滯後，甚至不清楚何時才能發放。所以我想了解 Village Farms 在德克薩斯州的併購活動方面有多積極。那這對你的納斯達克上市意味著什麼？你覺得怎麼樣？因為當我們觀察 SNDL 的發展時，似乎其他公司都不願意放棄在納斯達克的上市地位。但我的意思是，在這個話題上，你能公開說些什麼呢？

Thank you.

謝謝。

Well, good morning, Pablo.

早上好，巴勃羅。

I'm going to first let Steve answer a couple of the first points on Texas and then we could kind of come back to some others. So, regarding the Republic of Texas, Steve, comments? Yeah.

我先讓史蒂夫回答關於德州的幾個主要問題，然後再回頭討論其他問題。那麼，史蒂夫，關於德克薩斯共和國，你有什麼看法？是的。

We're certainly anticipating, and excited, and understand that the Department of Public Safety is still online to issue its licenses.

我們當然非常期待，也很興奮，並且了解到公共安全部門仍然在線發放許可證。

In on December 1st, so we should hopefully know something, but.

12月1日就到了，所以我們應該會知道一些情況，但是。

That would be 12 additional, yeah.

是的，那就是額外增加12個。

12 additional, so you know we'll see if they keep on their timeline. We've heard nothing to the contrary of that.

還有 12 個，所以我們拭目以待，看看他們是否會按計劃進行。我們沒有聽到任何相反的消息。

Texas has improved its medicinal. Definition, and expanded the illnesses that, can access the system. That being said, it's not quite as open as something like Florida, but we are certainly excited about the opportunity.

德克薩斯州的醫療水平有所提高。定義了可連接該系統的疾病，並擴大了可連接該系統的疾病範圍。話雖如此，這裡雖然不像佛羅裡達州那樣開放，但我們對這個機會感到非常興奮。

Yeah, and I think regarding NASdaq, we feel very confident that we can find a suitable structure going forward. We've been working on that for a couple of years. So, when and if we'll probably move forward but we're not going to jeopardize at any time on NASDAC listing problem.

是的，而且我認為對於納斯達克，我們非常有信心找到一個合適的未來發展結構。我們為此努力了好幾年。所以，如果一切順利，我們可能會繼續前進，但我們不會在任何時候因為 NASDAC 上市問題而危及自身利益。

Okay, no, that's good.

好的，這樣挺好。

Thank you, understood. And then the second question just regarding Quebec, the province of Quebec, I think you've said in the past it's about 4 40% of your revenues. I don't know if it's 40% of your Canadian. Domestic earnings on the cannabis side, but, there's been some regulatory changes there. Vape is allowed now. I think there were other regulatory changes on caps, maybe more stores, what's your outlook for Quebec province and how are you positioned to benefit? And if you can correct me if I'm wrong in terms of, the percentage, the relevance of Quebec to your business, on the recreational side.

謝謝，明白了。第二個問題是關於魁北克省的，我想您過去曾說過，魁北克省的收入約佔總收入的 4% 到 40%。我不知道這是否佔加拿大人口的40%。國內大麻產業的收入有所成長，但是，這方面也出現了一些監管變化。現在電子煙是允許的。我認為還有其他關於上限的監管變化，也許還會增加商店數量，您對魁北克省的未來有何展望？您如何從中受益？如果您能糾正我關於魁北克對您業務（休閒娛樂方面）的相關性百分比的說法有誤，那就太好了。

Thank you.

謝謝。

Pablo, good morning. It's Anne. Quebec's very important, but your numbers on the high side. It's not 40% of total cannabis. We've traditionally been a little bit higher than the spread of, revenue across provinces just to give you some sense of that. There are some changes coming. Vape is one of the big changes we think the SQDC has done a great job of assessing where they're, not able to grab the listed or legacy market share, and that was this is going to be a big form factor to move into the private market or sorry, the, legal market, and we are participating in that as we go forward.

巴勃羅，早安。是安妮。魁北克非常重要，但你們的數字偏高。這並非大麻總量的40%。我們歷來都比各省之間的收入差距略高一些，這樣您就能對此有個概述了。即將迎來一些變化。電子煙是我們認為 SQDC 做得很好的一項重大變革，他們評估了自身所處的位置，未能搶佔上市或傳統市場份額，而電子煙將成為進軍私人市場（抱歉，是合法市場）的重要產品形式，我們將在未來參與其中。

Right, thank you. Look, I'm going to ask, add a 3rd 1. I know it's only 2, but let me break the rule this one time. On the Dutch side, I know that there's 10 licenses on the production side, but it seems that not all of them are up and running. Some of them have had problems. It seems that you are one of the few. That's actually expanding capacity in this case about 5 times. So it seems that you're in a very good position, right? And that other people that maybe started first are in a weaker position now. Do you want to comment on the competitive landscape on the production side in Holland right now?

好的，謝謝。聽著，我要問的是，加第三個 1。我知道只有 2 個，但這次就破例一次吧。我知道荷蘭方面有 10 個生產許可證，但似乎並非所有許可證都已投入使用。他們當中有些人遇到了問題。看來你是少數幾個人之一。在這種情況下，實際上產能擴大了約 5 倍。看來你的處境非常有利，對吧？而那些可能先起步的人現在處境則比較不利。您能否就目前荷蘭生產領域的競爭格局發表一下看法？

Sure. Well, I think 8 are in production, 2 more will be coming on in the next, quarter or so. I think of the 10, 1 will probably be more of a light asset model. There are issues with others, quite a few that I've heard of. .

當然。嗯，我認為目前有 8 台正在生產，接下來的季度左右還會有 2 台投產。我認為10，1可能會更偏向輕資產模式。其他人也存在一些問題，我聽說過不少。。

But that can always be an opportunity for us, but, we're very focused on, getting, as I said, this next facility will increase our capacity fivefold. So our focus is getting it up and running.

但這始終可能是我們的機會，但是，正如我所說，我們非常專注於獲得下一個設施，這將使我們的產能提高五倍。所以我們現在的重點是讓它運作起來。

Called walk run, and then, we'll see what opportunities lie ahead and we're very excited about those opportunities in the future in the Netherlands for us as well, Pablo. Okay.

稱之為步行跑步，然後，我們將看看未來有哪些機會，我們也對未來在荷蘭的機會感到非常興奮，Pablo。好的。

All right, thank you.

好的，謝謝。

Thank you.

謝謝。

Thank you. I'm showing no further questions at the in the queue at this time. I would now like to turn the call back over to Mr. Gilo for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我想把電話轉回給先生。Gilo還有什麼要補充的嗎？

Thank you. Okay, thank you again for joining us today and we hope you have a wonderful holiday season. We look forward to our next update for year end in March.

謝謝。好的，再次感謝您今天收看我們的節目，祝您假期愉快。我們期待在三月發布下一份年終更新報告。

And wishing everybody a happy New Year as well.

也祝大家新年快樂。

Thank you, operator.

謝謝接線生。

This concludes today's program.

今天的節目到此結束。

Thank you all for participating. You may now disconnect.

感謝大家的參與。您現在可以斷開連線了。