Aurora Cannabis Inc.

Hello, and thank you for joining us. With me on the line are Miguel Martin, Executive Chairman and CEO of

It's Mona King, CFO. Earlier this morning, we filed our financials for the fiscal third quarter 2025, period ending December 31st, 2024, and issued a news release containing our quarterly results. This news release, along with our financial statements and MD&A, are available on our IR website and also be accessed via CDAR Plus and ACAR. For our discussion today, this is a reminder that certain matters could constitute forward-looking statements that are subject to risks and uncertainties related to our future financial or business performance. Actual results could differ materially from those anticipated in those forward-looking statements. The 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 CDAR Plus and EDGAR. All prepared remarks by Miguel and Simona will conduct a question and answer session with our covering analysts. With that, I'll turn the call over to Miguel. Please go ahead.

Thanks, Kevin. We're pleased to report a record third quarter for medical cannabis revenue, net income, adjusted EBITDA, and free cash flow, and sincerely thank our team for making these results possible. Our three-pronged strategy serves as our foundation and guides us forward as we seek to further strengthen Aurora Cannabis over the coming years. First, as the world's largest medical cannabis company, we will continue to leverage our EUGMP and TGA GMP manufacturing facilities, unparalleled scientific knowledge, genetics, and regulatory expertise on rapidly evolving global medical cannabis opportunities. Today, we proudly serve patients across multiple countries, including Canada, Australia, Germany, Poland, and the UK, with an eye on future opportunities as they emerge. Second, we will work to sustain our medical cannabis margins through operational excellence and our continued focus on this space. And third, we'll look to achieve a steady stream of revenue and adjusted EBITDA contributions and build a track record of positive free cash flow, all while maintaining a strong balance sheet. Our successful execution of the points I just made has enabled us to differentiate ourselves from our peers and achieve the results that we reported today. Here are some highlights from the quarter. Overall net revenue grew 37%, driven by 51% year-over-year growth in global medical cannabis. Within global medical cannabis, international revenue increased 112%. For the second consecutive quarter, international revenue surpassed Canadian medical cannabis, comprising 60% of global medical cannabis net revenue, up 300 basis points sequentially from last quarter. This intentional shift in our business validates how we have capitalized on opportunities across the globe while still maintaining a stable foundation in Canada. Medical cannabis, our flagship business segment, generated 77% of total net revenue and 90% of adjusted gross profit. And while the majority of growth was sourced internationally, Canadian medical increased 6% and we held on to our significant leadership positions. Briefly on Bevo, our plant propagation business segment, we generated a revenue increase of 22% year-over-year through organic growth and enhanced facility utilization. In terms of profitability, net income, and adjusted EBITDA, both reached all-time highs, and we generated $27 million in positive pre-cash flow, another record. Let's now discuss our cannabis business in greater detail. Our Canadian medical business, which is known for its scientific knowledge and approach to innovation, provides our patients access to a broad selection of superior offerings. Through Aurora Coast, our world-class research and genetics facility, we can harness solutions to provide patients the very best medical cannabis. On that note, we recently announced a series of new cultivars developed at Aurora Coast and grown across our EU GMP and TGA GMP certified facilities. We also partner with several other Canadian licensed producers who grow our cultivars, enabling us to create more value. Internationally, our largest market after Canada is Australia. We currently have the number two share in this highly regulated market, and we are optimistic about our expanded distribution and broadened product portfolio. Turning to Europe, let's start with Germany, a country that we've been operating in since 2018 and where we continue to maintain a leadership position. Germany has experienced rapid growth since the onset of cannabis descheduling last year, as more patients register and pharmacies are in turn expanding to support higher prescription volumes. We are determined to maintain a consistent and reliable supply of our high-quality EU GMP manufactured products to our pharmacy partners, and we're doing that through our EU GMP facilities in Canada and in Germany. We also recently announced the launch of our first German cultivated medical cannabis product under the brand Indomed, manufactured locally, further cementing our commitment to growth in this dynamic market. We strongly believe that the changes in Germany will ultimately reverberate across Europe through expanded acceptance of medical cannabis. Our intention is therefore to gain a strong foothold in these emerging countries through our agility and unique capabilities, including regulatory and cultivation expertise. Let's now discuss two of these markets, Poland and the UK, which both generated record revenue this quarter. Poland is our second largest European market, benefiting from patients seeking high-quality medical cannabis. In the UK, revenue increased as a result of our latest product innovations and widened distribution channels. Similar to last quarter, and across all international markets, we saw an increase in demand for EU and TGA GMP manufactured flours. This aligns well with 90% of our internal manufacturing capacity being EU and TGA GMP certified. The expansion of our latest genetics offer higher yields and a lower cost per gram to produce, which has given us the ability to significantly increase our output capacity, especially as these new cultivars begin to establish themselves. Now, in Canadian REC, while we did see a decline in revenue, this is still an important segment for us as it is where we gain a lot of consumer insights about products, preferences, pricing, among other things, by maintaining an active presence. We also see interactions between recreational sales and medical sales in our home market. Internationally, at some point, environments could evolve from medical to rec, and if so, this would offer us another advantage. We recently announced our latest innovations from our Greybeard, San Rafael 71, and Tasty's brands, with a continued focus on premium, science-driven offerings This expanded lineup represents our commitment to delivering exceptional, high-quality, cutting-edge, and diverse options to consumers so they can enjoy unforgettable cannabis experiences. So to sum up, with only one quarter left to go in the fiscal year, we are pleased to be executing at a high level and intend to finish the year strong through profitable growth. I would now like to turn the call over to Simona for a detailed financial overview.