Organigram Global Inc.

Good morning, my name is Tiffany and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Organigram Global fourth quarter fiscal 2025 earnings conference call. After the speaker's prepared remarks, there will be a Q&A session. Please limit yourself to one question and one follow up. You may requeue for additional questions. Thank you. I'll now turn the call over to Max Schwartz, Director of Investor Relations.

Thank you, Tiffany. Good morning and thank you very much for joining us today. As a reminder, this call is being recorded and a replay will be available on our website within 24 hours. Today's call will include forward-looking statements. Actual results could differ material due to a number of risk factors outlined in our filings and the cautionary statements included in our Q4 fiscal 2025 press release and MD&A. We'll also reference certain non-IFRS measures, such as adjusted EBITDA, adjusted gross margin, and free cash flow. Definitions and reconciliations are available in our disclosure material. Unless otherwise noted, market share data is sourced from high-fire, weed crawler, provincial boards, retailers, and our own internal sales tracking. Discussing results today are Tim Enberg, President of Organigram Canada, and Greg Guyot, Chief Financial Officer. And we're also joined by our Executive Chair, Peter Amiro, for closing remarks. As a reminder, investor inquiries not addressed on today's call can be directed to investors at Organigram.ca. With that, I'll now turn the call over to Tim.

Thanks, Max, and good morning, everyone. We are really excited to share our Q4 and full fiscal year 25 results with you. Fiscal 25 was a busy and redefining year for Organigram. We strengthened our Canadian market share leadership, achieving the number one market share position. We advanced our operational capabilities and significantly accelerated our international business. In Q4, we delivered record quarterly gross and net revenue, along with our highest adjusted gross margin and adjusted EBITDA since the end of 2019. In fiscal 25, we achieved record gross and net revenue, adjusted EBITDA, adjusted gross profit, and record international sales. A key driver of this growth was our acquisition of Motif Labs, which unlike many transactions in the sector, did not result in market share dilution in fiscal 25. This was a really big win for us and a true reflection of a full team effort. With Motif, we added a centralized distribution hub in Ontario, along with advanced extraction and production facility for vapes and pre-rolls. Today, with our five facilities operating across the country, we have greater control over supply chain and are well positioned to address evolving consumer needs in Canada and abroad. In fiscal 25, we materially increased our overall yields and annual capacity at our Moncton facility without expanding our physical footprint. We achieved this by implementing more advanced cultivation practices, improved plant care methods, and seed-based cultivation. We also continued to advance research and cultivation programs that support better quality and lower cost. A good example of this is the identification of genetic markers palatability mildew that is now being bred into certain cultivars our investments in cultivation and plant care allow us to deliver the largest capacity output in company history and we expect to increase flower output further into fiscal 26. we are also grateful to opportunities new brunswick for supporting our facility enhancement with a recent two million dollar grant and by extension supporting the economy of new brunswick where we currently employ roughly 700 Organigram staff. If we look at the Canadian market, in Canada, we currently hold the number one market position with 11.9% market share in fiscal 25. Nationally, three of our brands, Shred, Box Hot, and Big Bag of Bugs, are among the top 10 cannabis brands in fiscal 25 by retail sales. For the three months ending September 2025, we held strong share in Canada's four largest markets, Ontario, Quebec, British Columbia, and Alberta. We are number one in all these markets, with the exception of Quebec, where we ranked fourth in fiscal 25, but continue to grow. We saw even higher market share across almost every other province, notably 34.2% in New Brunswick, 23.7% in Newfoundland, 14.9% in Saskatchewan, and 12.2% in Nova Scotia. Category performance varied throughout the year. We saw gains in whole flour, edibles, beverages, non-hash concentrates, and infused pre-rolls, while competition increased in vapes, milled flour, and overall pre-rolls. Looking ahead to fiscal 26, we have several opportunities to grow in Canada. In Quebec, we recently launched our vape portfolio with very positive indicators to date and are extremely excited about other opportunities in the province, such as expanding our infused pre-roll line offerings, and launching beverages. In line with our consumer-centric approach and dedication to innovation, we also have several compelling products launching this year that we know consumers will absolutely love. We are preparing to launch a new family of coated infused pre-rolls, new all-in-one vape hardware, and in beverages, consumers can expect new formats and flavors, including the exciting launch of Shred Soda. To support our beverage business, our manufacturing line in Winnipeg is now ramping up and expected to begin production over the coming months. The key focal point for us really in the Canadian business this year is increasing the margin profile of domestic product mix and continue to optimize our operational footprint for capacity, throughput, and streamlined logistics, work that also directly supports our international growth objectives. It's worth noting, though, that in Q1 of this fiscal year, we experienced a temporary market share impact as a result of the eight-week BC general employees union strike, which ended on October 26th. During the strike, only small-scale local growers were able to ship products directly to retail stores into the province, which affected the market share of most large LPs. We are already seeing a strong rebound towards the historical share of the province, though. From an international front perspective, Earlier this year, we formalized an international business unit focused on expanding our global footprint. The team's focus in fiscal 25 was on accelerating our international wholesale business and exporting our brands, expanding our brands into new markets. We achieved three major international milestones of fiscal 25. First, we delivered the highest international sales in the company's history, reaching $26.3 million, up 171% from $9.7 million in fiscal 24, This growth was supported by our partnership with Sanity Group in Germany, along with flower shipments to customers in the UK and Australia. Second, we commenced sales in the United States with hemp-derived THC beverages under our collective project and fetch brands. These products are now available in multiple bricks and mortar locations in 12 states and online in 24 states through our DTC platform. Third, we expanded our U.S. portfolio with the launch of Happily, a functional edibles lifestyle brand. These products combine cannabinoids and functional ingredients, leveraging our fast technology for faster onset and predictable effects. Given the recent provision in the US Federal Funding Act that would effectively ban hemp-derived THC by November 13, 2026, we are monitoring efforts to repeal, replace, or delay the amendment, though the outcome remains uncertain at this time. Our US business does not currently represent a significant share of our revenue. If the provision stands, we do not expect a material adverse economic impact to Organigram. We are also monitoring recent media reports regarding cannabis rescheduling in the U.S. While no regulatory decisions have been finalized, Organigram is encouraged by the direction of these discussions and recognizes that meaningful federal reform could positively impact the operating investment environment for the global cannabis sector by reducing regulatory friction and supporting more sustainable industry growth long term. As the global cannabis trend continues, we see strong growth potential for our flour, our brands, and innovation products in international markets outside of the U.S. In the near term, investors can expect to see us launch branded vapes and gummies in Australia and expanded flour exports. Our pending EU GMP applications. In October 2025, we submitted additional clarifying information as requested by the regulator, and we await a determination on our application. Regarding our Jupiter fund, which currently has $59 million available for deployment, we have identified several compelling opportunities. The fund allows us to deploy capital strategically to leverage opportunities and markets outside of Canada. Overall, we believe Organigram is exceptionally well positioned to benefit from the continued global shift towards regulated cannabis markets. From an advocacy perspective, we've seen meaningful progress in our industry advocacy this year. Provinces like New Brunswick and Ontario have demonstrated a clear understanding of both the opportunities and the challenges in the sector. They have shown support for advancing discussions with the federal government on critical issues such as excise reform and strategies to strengthen the legal cannabis market. While there's still a lot of work ahead, This growing alignment is an encouraging sign of constructive dialogue and a shared commitment to finding practical, forward-looking solutions. In closing, we've made some strong progress in fiscal 25 across cultivation, market execution, and international expansion, which translated into record financial performance for Organigram. As we move into fiscal 26, we will continue to build off that success and focus our efforts on disciplined execution and fundamentals with a clear, emphasis on sustainable growth, margin expansion, and continued leadership in the markets where we operate. With that, I'll turn the call over to Greg to walk us through the financials in more detail.