Achieved first-ever full year of positive adjusted operating income, driven by the final phases of a corporate restructuring program that surpassed $20,000,000 in annualized savings.

Doubled annual free cash flow to $18,000,000 through disciplined working capital management and operational efficiencies despite top-line softness in the fourth quarter.

Attributed cannabis market slowdown in late 2025 to retail door saturation in key provinces like Alberta and Ontario, alongside aggressive year-over-year price competition.

Leveraged a vertical integration model to gain 20 basis points of market share in both liquor and cannabis segments, offsetting broader industry contractions.

Utilized a debt-free balance sheet with over $250,000,000 in cash to increase capital expenditures by nearly 50%, focusing on high-performing retail banners like Wine and Beyond.

Consolidated ERP systems to unlock process optimization and enhanced analytical capabilities, aiming to further reduce G&A expenses.

Prioritized international growth and edibles leadership following the Indiva acquisition, which helped drive a 32% revenue increase in Cannabis Operations.

Anticipates increased industry consolidation as less efficient operators face pressure from expiring rent commitments and maturing market dynamics.

Expects to resolve the foreclosure of U.S. investments in Parallel and SkyMint by Q2 2026 or shortly thereafter, following the settlement of key litigation.

Targets completion of EU GMP certification by summer 2026 to accelerate international sales, which management identifies as a top three priority for capital deployment.

Projects continued low-to-mid single-digit market declines in liquor for the next several quarters, countered by expansion of higher-margin private label offerings.

Maintains an active organic growth pipeline with double-digit new store locations under review to supplement potential M&A activity.

Reported a $3,200,000 benefit to corporate profitability in Q4 due to share-based compensation adjustments following a decline in share price.

Noted that Cannabis Operations margins were temporarily impacted by under-absorbed overhead and volume ramp-up costs at the Atholville cultivation facility.

Identified a shift in consumer behavior toward price-conscious purchasing, necessitating a strategic pivot toward value-tier private labels in the liquor segment.

Acknowledged that while free cash flow is positive annually, quarterly results remain volatile due to seasonal working capital builds for the holiday period.

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Management cited retail saturation and the lapping of aggressive promotional periods in 2024 as primary factors for the decline.

Noted that independent operators are beginning to exit the market as five-year lease commitments expire, favoring larger, more efficient portfolios.

Confirmed the One Centimeters acquisition in Ontario is in final regulatory review with expectations to update shareholders in Q2.

Stated that growth will be a mix of organic openings and opportunistic M&A, targeting both performing independents and larger distressed portfolios.

EU GMP certification is delayed due to administrative changes in Germany but is expected to be finalized by summer 2026.

Management expects material growth from international markets in 2026, though it currently remains a small portion of total revenue.

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