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AURORA Opening the World to Cannabis TM INVESTOR PRESENTATION FY27 Q1 August 2026
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2 Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information contained in this presentation constitutes forward- looking statements under applicable securities laws. Any statements that are contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward- looking statements in this presentation include, but are not limited to, statements with respect to: the Company’s strategy and expectations with respect to the generation of positive free cash flow and adjusted gross margin and adjusted EBITDA growth; the Company’s net cash position and ability to pursue profitable growth; the Company’s focus on high-growth, high margin global medical cannabis opportunities; expectations for growth opportunities in the domestic and international medical cannabis segments; expectations for further momentum in Europe and internationally; the Company’s capacity and ability to participate in, and benefit from, continued global market growth; the Company’s global medical market leadership, including in Canada, Germany, Poland, the UK, Australia and New Zealand; the acquisition of Safari Flower Company and expected benefits for the business, including EU GMP capacity; the Company’s science and innovation program and the associated benefits to the business, including improvements in crop quality and minimum yield thresholds in multiple production environments, increases in annual production capacity within our network of Canadian and German facilities, improvements to lower cost per gram to manufacture, and further launches of new cultivars in international markets; competitive advantages, including in science, medical, product innovation and regulatory expertise; ongoing product innovation; expectations for the plant propagation segment; the Company’s commitment to strengthening its leadership positions in international markets through consistent revenue generation and positive adjusted EBITDA growth; expectations for Company actions to deliver sustained double-digit revenue growth and maintained superior margins, and thereby drive materially higher EBITDA contributions over the coming years; and the Company’s ongoing focus and efforts on the creation of long-term value for shareholders. Forward-looking information or statements contained in this presentation have been developed based on the Company and its management's good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the Company's business and operations in the future. Forward-looking information and statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including, among other things, assumptions about: development costs remaining consistent with budgets; the ability to manage anticipated and unanticipated costs; access to favorable equity and debt capital markets; the ability to raise sufficient capital to advance the business of the Company; favorable operating and economic conditions; political and regulatory stability; obtaining and maintaining all required licenses and permits; receipt of governmental approvals and permits; sustained labour stability; stability in financial and capital goods markets; favorable production levels and costs from the Company’s operations; the pricing of various cannabis products; the level of demand for cannabis products; the availability of third-party service providers and other inputs for the Company’s operations; and the Company’s ability to conduct operations in a safe, efficient, and effective manner. The Company does not give any assurance that the assumptions on which forward-looking information or statements are based will prove to be correct, or that the Company's business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the Company or management or beyond the Company's control. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management’s estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, management’s estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises ,and other risks as set out under “Risk Factors” contained in the Company's annual information form dated June 10, 2026 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedarplus.com and filed with and available on the SEC's website at www.sec.gov. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements. Forward-looking statements contained in this presentation are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Aurora disclaims any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as required by law. No securities of Aurora any kind are being offered as part of this presentation. Before making an investment of any kind in securities of Aurora, potential investors are urged to read Aurora’s public disclosure materials filed under Aurora’s issuer profile on SEDAR+ at www.sedarplus.com and filed with and available on the SEC’s website at www.sec.gov.
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▪ Leading medical cannabis market share positions in Canada, Europe, Australia and New Zealand ▪ Delivered year over year international revenue growth ▪ Aurora is one of Canada’s largest exporter of medical cannabis with an internal GMP manufacturing capacity and supply network focused on supporting global expansion ▪ Increased GMP manufacturing capacity with the ability to ship directly to key international markets to support growing high margin international opportunities ▪ Strong cash balance and a debt free business 3 Key Investment Highlights
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REVENUE $71MM $(10)MM YoY CHANGE (12)% YoY CHANGE NET REVENUE $68MM $(7)MM YoY CHANGE (9)% YoY CHANGE ADJ. GROSS PROFIT BEFORE FV ADJUSTMENTS1 $ $39MM $(8)MM YoY CHANGE (17)% YoY CHANGE ADJ. GROSS MARGIN BEFORE FV ADJUSTMENTS1 % 58% (600)bps YoY CHANGE NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $(4)MM +$6MM YoY CHANGE +60% YoY CHANGE ADJ. EBITDA1 $3MM $(7)MM YoY CHANGE (68)% YoY CHANGE Q1 FY27 Key Financial Highlights 4 1 Note this presentation includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. These measures are not a standardized financial measures under the financial reporting framework used to prepare the financial and might not be comparable to similar financial measures disclosed by other issuers. These terms and the reconciliations to most comparable GAAP measure are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of the FY27 Q1 MD&A, filed August 5, 2026, which can be found on Sedar+ and our website. Additional information and reconciliations can also be found in the appendix. 2 Results shown are from continuing operations. On February 17, 2026, the Company completed the divestiture of its 50.1% ownership interest in Bevo Agtech Inc. (“Bevo”). As such, Bevo has been excluded from the Company’s 2026 continuing results, along with comparative figures, due to its classification as a discontinued operation. Please refer to the FY27 Q1 MD&A for further details. “ ” “We remain confident in our commercial execution, supported by our genetics program and regulatory and operational expertise which underpin our leadership in Canada, Germany, Poland, Australia, and New Zealand. These competitive advantages support our strategy to invest further in EU-GMP manufacturing capacity so that we can supply growing international markets for medical cannabis and thereby maintain and expand our market share” Miguel Martin Executive Chairman & CEO
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54 56 57 57 60 72 79 77 74 79 83 85 68 28 31 32 31 31 41 50 50 48 51 55 50 39 52% 55% 56% 54% 51% 57% 63% 65% 64% 65% 66% 60% 58% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 CANNABIS NET REVENUE2 & ADJ. GROSS MARGINS BEFORE FV ADJUSTMENTS 1,2 ($ millions) Net Revenue Adj. Gross Margin $ Adj. Gross Margin % 5 Q1 FY27 Financial Performance Q1 FY27 HIGHLIGHTS ▪ Total Revenue of $70.8M, inclusive of $3.2M excise tax representing YoY decrease of 12% ▪ Total Net Revenue of $67.6M, representing YoY decrease of 9% ▪ Total Medical Net Revenue of $64.0M, representing YoY decrease of 1% ▪ International Net Revenue of $43.3M, representing YoY growth of 17% ▪ Industry leading consolidated adjusted gross margins before FV adjustments 1 of 58%, ▪ Net Income/(Loss) from continuing operations of $(4.0)M ▪ Adjusted Net Income 1 of $3.8M ▪ Adjusted EBITDA 1 of $3.4M ▪ $149.1M of Cash, Cash Equivalents 3 and Short Term Investments and with no Debt 1. Note this presentation includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, compa rable GAAP financial measures. These measures are not a standardized financial measures under the financial reporting framework used to prepare th e financial and might not be comparable to similar financial measures disclosed by other issuers. These terms and the reconciliations to most compa rable GAAP measure are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of the FY27 Q1 MD&A, filed August 5, 2026, which can be found on Sedar+ and our website. Additional information and reconciliations can also be found in the appendix. 2. Results shown are from continuing operations. On February 17, 2026, the Company completed the divestiture of its 50.1% owners hip interest in Bevo Agtech Inc. (“Bevo”). As such, Bevo has been excluded from the Company’s comparative figures, due to its classification as a discont inued operation. Please refer to the FY27 Q1 MD&A for further details. 3. Closing cash balance refers to cash and cash equivalents, restricted cash, and short -term investments as at June 30, 2026.
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246 269 245 221 152 224 289 321 135 125 116 116 79 121 172 204 55% 47% 47% 52% 52% 54% 59% 64% 0% 10% 20% 30% 40% 50% 60% 70% 0 50 100 150 200 250 300 350 2019 2020 2021 2022 2023* 2024 2025 2026 CANNABIS NET REVENUE2 & ADJUSTED GROSS MARGINS before FV Adjustments1,2 (millions) Net Revenue Adj. Gross Margin $ Adj. Gross Margin % 6 Historical Financial Performance HISTORICAL HIGHLIGHTS ▪ By focusing on Global Medical Cannabis, we have delivered consistent and profitable growth ▪ Net Revenue growth was primarily achieved through increases in the Canadian and International Medical Cannabis channels ▪ Adjusted Gross Margin before FV adjustments 1 strength is due to improved sales mix and operational efficiencies that are supporting lower manufacturing costs ▪ Aurora has delivered positive adjusted EBITDA 1 for the last three fiscal years ▪ Continued strong cash balance with no debt * 2023 was a 9 month period 1. Note this presentation includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, compa rable GAAP financial measures. These measures are not a standardized financial measures under the financial reporting framework used to prepare th e financial and might not be comparable to similar financial measures disclosed by other issuers. These terms and the reconciliations to most compa rable GAAP measure are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of the FY27 Q1 MD&A, filed August 5, 2026, which can be found on Sedar+ and our website. Additional information and reconciliations can also be found in the appendix . 2. Results shown are from continuing operations. On February 17, 2026, the Company completed the divestiture of its 50.1% owners hip interest in Bevo Agtech Inc. (“Bevo”). As such, Bevo has been excluded from the Company’s comparative figures, due to its classification as a discont inued operation. Please refer to the FY26 Q4 and FY27 Q1 MD&A for further details.
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Aurora has the brand and product portfolio to drive continued Global Medical Cannabis Leadership 7 $67.6MM NET REVENUE $(4.0)MM NET INCOME/(LOSS) FROM CONTINUING OPERATIONS $3.4MM ADJ. EBITDA1 $149.1MM CLOSING CASH BALANCE2 LEADING MARKET SHARE IN CANADIAN MEDICAL WITH LEADING POSITIONS IN GERMANY (TWO TOP 5 PRODUCTS 3), POLAND (#1 MARKET SHARE4), AUSTRALIA5 (#3 MARKET SHARE5) AND NEW ZEALAND, REPRESENTING A GLOBAL ADDRESSABLE MARKET OF ~$9 BILLION6 AURORA IS WELL POSITIONED TO BENEFIT IN THIS RAPIDLY GROWING GLOBAL INDUSTRY DUE TO ITS EXTENSIVE PRODUCT PORTFOLIO, WORLD CLASS MANUFACTURING FACILITES AND CONSISTENT SUPPLY OF HIGH QUALITY PRODUCTS OUR BRANDS:Q1 FY27 PERFORMANCE: 1. Note this presentation includes certain non -GAAP financial measures, which are intended to supplement, not substitute for, co mparable GAAP financial measures. These measures are not a standardized financial measures under the financial reporting fram ework used to prepare the financial and might not be comparable to similar financial measures disclosed by other issuers. These terms and the recon ciliations to most comparable GAAP measure are defined in the “Cautionary Statement Regarding Certain Non -GAAP Performance Measures” section of the FY27 Q1 MD&A, filed August 5, 2026, which can be found on Sedar+ and our website. 2. Closing cash balance refers to cash and cash equivalents, restricted cash, and short-term investments as at June 30, 2026. 3. MedCanOneStop 4. IQVIA 5. NostraDATA 6. BDS Analytics, “Updated Global Cannabis Market Forecasts, Spring 2023.”
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8 Driving Success Globally KEY HIGHLIGHTS ▪ Aurora continues to be a market share leader in the Canadian medical cannabis market ▪ Aurora holds #1 market share by volume and sales in Poland3 ▪ Aurora maintains leadership positions in Germany, Australia and New Zealand ▪ International medical cannabis net revenue1 represents 64% of total net revenue ▪ International growth has delivered significant revenue gains over the last two years ▪ The German market has expanded significantly since de-scheduling in April 2024. In calendar year 2024, annual imports were ~70 metric tons increasing 193% to ~205 metric tons in 20254 ▪ Further momentum in Europe and across the globe is expected to support profitable revenue growth 1. Note this presentation includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, c omparable GAAP financial measures. These measures are not a standardized financial measures under the financial reporting fra mework used to prepare the financial and might not be comparable to similar financial measures disclosed by other issuers. These terms an d the reconciliations to most comparable GAAP measure are defined in the “Cautionary Statement Regarding Certain Non -GAAP Performance Measures” section of the FY26 Q4 MD&A, filed June 11, 2026, which can be found on Sedar+ and our website. Additional informat ion and reconciliations can also be found in the appendix. 2. 2023 was a 9 month period 3. IQVIA. 4. bfarm.de annual import records $25.4 $25.4 $25.8 $26.4 $27.1 $26.3 $27.3 $26.8 $27.7 $27.9 $28.2 $28.3 $20.7 $16.2 $18.1 $19.2 $19.2 $20.1 $35.0 $40.9 $41.0 $37.1 $42.7 $48.0 $48.8 $43.3 $41.6 $43.5 $45.0 $45.6 $47.2 $61.3 $68.1 $67.8 $64.8 $70.5 $76.2 $77.1 $64.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 GLOBAL MEDICAL NET REVENUE1 (millions) Canadian Medical International Medical
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Leadership in Key Global Cannabis Markets 9 CANADA GERMANY AUSTRALIA UNITED KINGDOM • Leading Medical Market Share position as of Q1 FY27 • High patient retention creates consistent revenue stream • Manufacturing network of efficient EU and TGA GMP facilities to support pharma-grade global supply • Market-leading portfolio with two of the top 5 performing flower products in the rapidly growing flower segment as of Q1 FY27 • Leading supplier of flower in self-payer segment, the fastest growing channel in Germany • Market has significantly increased since de- scheduling in April 2024, with annual imports at >200 tonnes in 2025 • Established network of partners involved in telemedicine which helps to drive sales • Supplying products from domestic cultivation site, Aurora Leuna • #3 Market Share as per NostraData • Aurora one of the first Canadian LPs to receive GMP certification from the Australian regulatory agency (TGA) • One of the first companies to offer pastilles and C02 resin vape cartridge products, alongside an expanded range of next generation cultivars • Focused on developing a strong market position through relationships with key distributors and supply of Channel Islands; a high-growth market • One of the first companies to launch live resin cartridge products, alongside an expanded range of next generation cultivars FRANCE NEW ZEALAND POLAND SWITZERLAND • Leading partner in medical pilot program • Actively engaged in consultations around medical market framework, generalized legalization expected soon, pending further regulatory reviews • Leading market share in growing market • Strong acceptance of product innovation, with further launches planned to support the New Zealand patient base • Aurora maintains the #1 market share in rapidly growing Polish market • Aurora currently supplies the market with several novel and proprietary cultivars that meet key unmet clinical needs for local patients • Diverse portfolio of products distributed via network of leading wholesalers
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Leading Cannabis Manufacturing Facilities 10 ▪ European and Australian (TGA) GMP manufacturing facilities with the capacity to supply the rapidly expanding international cannabis markets with high quality manufactured products ▪ One of the select few companies globally with this pharma- grade designation across both manufacturing and distribution facilities in Canada and Germany ▪ Continued investment in technology, infrastructure, and science to maximize production efficiency and increase annual manufacturing capacity ▪ Acquired Safari Flower Company in April 2026, adding a 59,000 sq ft purpose-built EU GMP certified indoor cultivation and manufacturing facility to our network, adding incremental EU GMP capacity that is closely aligned with its existing cultivation and manufacturing sites ▪ Manufacturing, Distribution and Research facilities located in Canada and Germany, supporting direct supply from within our network to each of the key nationally legal markets Direct supply from our manufacturing facilities supports domestic and international growth opportunities in high margin markets One of the world’s only fully integrated cannabis producer - combining science-based innovation, GMP certified craft- quality production at scale, and direct distribution in both Canada and Germany to key international markets
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Leading Science & Innovation Program 11 A state-of-the-art breeding and genetics facility, Aurora Coast, located in Vancouver Island’s Comox Valley driving capacity improvements and operational savings ▪ The impact of the proprietary cultivars combined with investments in cultivation have enabled a 40% increase in EU GMP capacity over the last five years ▪ Designed specifically to develop the next big cultivars: high potency, disease resistant, with excellent bud structure and density, highly aromatic and expressing unique terpene profiles sought by patients and consumers ▪ Our global network, including our Canadian and German sites, is now dedicated to cultivation high-performance "next-generation" cultivars developed and optimized by our Science and Operation’s teams ▪ To date,30+ new proprietary cultivars, grown at scale, since June 2021, with powdery mildew (PM2) resistant cultivars testing underway ▪ These cultivars allow for substantially higher minimum yield thresholds in multiple production environments, significantly increasing our annual production capacity within our network of Canadian and German facilities, while also supporting a lower cost per gram to manufacture ▪ Licensing opportunities for proprietary cultivars, offering additional profitable revenue contributions ▪ Looking to the future, we continue to buildwhat we believe is an industry-leading knowledge base with an intellectual property portfolio to capture the value of this investment and support further margin expansion
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Aurora is focused on long-term value for shareholders 12 We are fully committed to strengthening our leadership positions in Canada, Europe and Australia through consistent revenue generation and profitable market share growth These advantages are the building blocks to enhance long-term value for our shareholders Our actions are engineered to deliver sustained double-digit revenue growth, maintain superior margins, and drive materially higher EBITDA contributions over the coming years. In our view, Aurora is positioned for long-term growth for the following reasons: ▪ We are one of Canada’s largest medical cannabis companies ▪ We are a leading Canadian exporter of medical cannabis, with world-class GMP facilities in Canada and Germany that enable us to directly supply global markets with high-quality, premium products ▪ We are market leaders in Canada, Germany, Australia and Poland – the four largest nationally legal medical cannabis markets ▪ We are well positioned to gain a strong foothold in emerging markets as they develop, drawing on our proven successful commercial execution and global regulatory expertise
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Investor Presentation Email: aurora@icrinc.com Website: auroramj.com/investors
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Appendix 14
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15 Net Revenue Reconciliation of non-GAAP Financial Measures to GAAP Financial Measures This presentation includes certain non-GAAP financial measures, which are intended to supplement, not substitute for, comparable GAAP financial measures. These measures are not a standardized financial measures under the financial reporting framework used to prepare the financial and might not be comparable to similar financial measures disclosed by other issuers. These terms and the reconciliations to most comparable GAAP measure are defined in the “Cautionary Statement Regarding Certain Non-GAAP Performance Measures” section of the FY27 Q1 MD&A, filed August 5, 2026, which can be found on Sedar+ and our website.
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16 Key Quarterly Financial Results
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17 Adjusted Gross Margin – Q1 2027 The table below outlines adjusted gross profit and margin before fair value adjustments for the indicated three month period:
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18 Adjusted Net Income The following is the Company’s adjusted net income (loss): Adjusted EBITDA The following is the Company’s adjusted EBITDA:
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19 Free Cash Flow The table below outlines free cash flow for the periods ended: Adjusted SG&A Adjusted SG&A is a Non-GAAP Measure and can be reconciled with sales and marketing and general and administrative expenses, the most directly comparable GAAP financial measure, as follows: