Q4/F26 First Look: Int'l Growth Should Offset CA Reimbursement Changes In Time

Research evidence excerpt

Q4/F26 First Look: Int'l Growth Should Offset CA Reimbursement Changes In Time

Cannabis

Aurora Cannabis

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

June 11, 2026

Price: C$4.59 (06/10/2026) Q4/F26 First Look: Int'l Growth Should Offset

Price Target: C$10.00 CA Reimbursement Changes In Time

BUY (1)

ESG SCORE: 57/100

Derek J. Lessard^ THE TD COWEN INSIGHT

514 289 0384

ACB posted another quarter of strong operational performance in its core cannabis segment,

derek.lessard@tdsecurities.com

with net revenue 12% above cons. We believe investors should look past the lower guidance

Ryan Neal^ given the multitude of international opportunities which should drive growth in the long term.

416 308 2213 We expect ACB shares, which have materially underperformed peers (i.e. -44% vs +21%) over

ryan.neal2@tdsecurities.com

the past year, to play catch-up.

Key Data

Symbol TSX: ACB-T Impact: MIXED

Market Cap C$260.3MM

Our "mixed" impact handle reflects the strong revenue beat (i.e. +12% vs. consensus) measured

General: All figures are in Canadian dollars except noted.

against the lower F2027 guidance (though we would note that this is not operational, but due

to lower medical cannabis reimbursement in Canada as part of the 2026 Federal Budget).

ACB reported Q4/F26 net revenue of $84.8mm (+10% y/y), 12% above consensus of $75.7mm,

while Adj. EBITDA of $9.2mm was below consensus of $11.2mm. We argue that ACB delivered

a solid result compared to its guide (i.e. annual medical cannabis revenue was +18% y/y, which

was ~300bps ahead of the top end of guidance, while annual EBITDA was at the midpoint).

We would leave investors with the following takeaways as we go through the results:

■(1) Continued international strength. This included increased German sales (i.e. growing