Aurora Cannabis (ACB) H.C. Wainwright 27th Annual Global Investment Conference summary

Strategic direction and market positioning

• Shifted to a medical cannabis-first strategy, focusing on high-margin international markets, especially Europe and Australia.

• Maintains early mover advantage and strong operational capabilities, supporting leadership in both established and emerging markets.

• Built competitive barriers through scientific expertise and regulatory navigation, enabling rapid expansion and innovation.

• Dedicated local teams and GMP-certified facilities in Germany and Australia support seamless regional integration.

• Portfolio mix increasingly favors medical cannabis, driving margin improvements.

Financial performance and growth

• Fiscal 2025 saw net revenue rise 27% to CAD 343 million, with global medical cannabis revenue up 39%.

• International medical cannabis net revenue increased 89% to CAD 137 million in 2025.

• Adjusted gross margin improved to 55%, and record adjusted EBITDA reached nearly CAD 50 million.

• Free cash flow was positive at approximately CAD 10 million for the year.

• Q1 fiscal 2026 global medical cannabis net revenue grew 37% year-over-year to CAD 64.8 million, with adjusted gross margins reaching 69%.

Operational strengths and future outlook

• Holds leading market positions in Canada, Australia, Germany, Poland, and the U.K.

• Largest Canadian exporter of high-quality medical cannabis, with 90% of capacity in GMP-certified facilities.

• Investments in cultivation technology and third-party partnerships optimize production and meet demand.

• Bevo Farms, the non-cannabis plant propagation business, generated record revenue of CAD 54 million.

• Expects the global medical cannabis market to surpass $5 billion, with significant growth potential in under-penetrated regions.