SNDL Inc.

Good morning and welcome to SNDL's third quarter 2025 financial results conference call. This morning, SNDL issued a press release announcing their financial results for the 2025 third quarter ended on September 30th, 2025. This press release is available on the company's website at SNDL.com and filed on EDGAR and CDER as well. The webcast replay of the conference will also be available on the SNDL S&DL has also posted a supplemental investor presentation in addition to the conference call presentation we will be reviewing today on its S&DL.com website. Presenting on this morning's call, we have Zach George, Chief Executive Officer, and Alberto Pereiro, Chief Financial Officer. 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 public filings that are made available on CDER and EDGAR. Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks and then we'll move to analyst questions. I would now like to turn the call over to Zach George. Please go ahead.

Welcome to S&DL's third quarter 2025 financial and operational results conference call. The third quarter of 2025 marks another milestone for S&DL as we report record quarterly free cash flow and for the first time in our history, positive cumulative free cash flow for the first nine months of the year.

We also continue to report sustained double-digit revenue growth in our combined cannabis segment, underscoring the strength of our ongoing operational and profitability improvements. Beyond our ability to generate cash, which in our view is the ultimate measure of a business's fundamentals, We are also seeing numerous bright spots in our income statement. These include robust growth in our cannabis segments, margin expansion across our retail operations, G&A expenses. Collectively, these factors translate into continuous improvements in our financial performance. Despite our progress in operations, competitive position, this quarter's P&L growth reflects the impact of $11.9 million in unfavorable non-cash items.