SEDAR Interim Financial Statements

AURORA CANNABIS INC. Interim Condensed Consolidated Financial Statements (Unaudited) For the three and nine months ended December 31, 2025 and 2024 (in Canadian Dollars) ($ thousands) Note December 31, 2025 March 31, 2025 $ $ Assets Current assets Cash and cash equivalents 56,363 137,921 Restricted cash 10, 2(c) 45,987 47,407 Short-term investments 13 52,087 — Accounts receivable 44,186 42,470 Biological assets 3 46,710 51,168 Inventory 4, 2(c) 183,850 187,925 Prepaids and other current assets 14,918 11,215 Assets held for sale 1,735 222 445,836 478,328 Property, plant and equipment 2(c) 259,110 268,107 Deposits and other long-term assets 4,809 7,722 Lease receivable 4,077 5,256 Intangible assets 5 35,664 45,163 Goodwill 5 25,639 43,871 Deferred tax assets 2(c) 157 4,219 Total assets 775,292 852,666 Liabilities Current liabilities Accounts payable and accrued liabilities 68,026 73,605 Income taxes payable 6,424 7,601 Deferred revenue 1,914 1,074 Loans and borrowings - current portion 6 61,775 21,513 Lease liabilities - current portion 6,021 5,381 Provisions 1,775 1,689 145,935 110,863 Loans and borrowings 6 — 40,194 Lease liabilities 2(c) 33,199 37,495 Derivative liabilities 8(e), 13 4,921 5,531 Other long-term liabilities 13 19,931 48,095 Deferred tax liabilities 3,480 1,897 Total liabilities 207,466 244,075 Shareholders’ equity Share capital 7 6,997,098 6,991,154 Contributed surplus 8 158,740 158,970 Accumulated other comprehensive income (loss) (215,034) (215,208) Retained earnings (deficit) 2(c) (6,404,444) (6,367,745) Equity attributable to Aurora Cannabis Inc. shareholders 536,360 567,171 Non-controlling interests 31,466 41,420 Total shareholders’ equity 567,826 608,591 Total liabilities and shareholders’ equity 775,292 852,666 Commitments and Contingencies (Note 14). Subsequent Events (Note 15). See accompanying notes to these interim condensed consolidated financial statements. AURORA CANNABIS INC. Interim Condensed Consolidated Statements of Financial Position (Unaudited) 2 Three months ended December 31, Nine months ended December 31, ($ thousands) Note 2025 2024(1) 2025 2024(1) $ $ $ $ Revenue 12 99,173 95,978 299,919 276,948 Excise taxes 12 (4,982) (7,780) (17,339) (24,193) Net revenue 11 94,191 88,198 282,580 252,755 Cost of sales 4, 2(c) 48,023 44,876 164,815 141,719 Gross profit before fair value adjustments 46,168 43,322 117,765 111,036 Loss on changes in fair value of inventory and biological assets sold 3, 4 37,964 38,029 115,372 107,104 Gain on changes in fair value of biological assets 3 (38,416) (69,644) (104,469) (156,112) Gross profit 46,620 74,937 106,862 160,044 Expense General and administration 2(c) 25,756 23,687 81,848 68,705 Sales and marketing 14,864 13,077 43,648 40,822 Business development costs 442 819 1,124 2,811 Research and development 1,303 929 3,036 2,891 Depreciation and amortization 2,622 2,214 7,234 6,694 Share-based compensation 8 (551) 1,657 6,604 9,144 44,436 42,383 143,494 131,067 Other income (expenses) Interest and other income 991 2,601 4,807 8,915 Finance and other costs 2(c), 6 (2,106) (1,976) (6,103) (5,902) Foreign exchange gain (loss) (1,945) 3,111 1,649 7,070 Other gains (losses) (703) (7,990) 767 (4,443) Impairment of property, plant and equipment — (567) (525) (696) Impairment of intangible assets and goodwill 5 — — (31,901) — (3,763) (4,821) (31,306) 4,944 Income (loss) before Income tax recovery (expense) (1,579) 27,733 (67,938) 33,921 Income tax recovery (expense) Current (184) --- (845) (553) (2,630) Deferred, net 2(c) 20 1,222 (5,798) 1,704 (164) 377 (6,351) (926) Net income (loss) from continuing operations (1,743) 28,110 (74,289) 32,995 Net income (loss) from discontinued operations, net of tax (160) 115 (528) (14,221) Net income (loss) (1,903) 28,225 (74,817) 18,774 (1) Certain previously reported amounts are revised (Note 2(c)). See accompanying notes to these interim condensed consolidated financial statements. AURORA CANNABIS INC. Interim Condensed Consolidated Statements of Income (loss) and Comprehensive Income (loss) (Unaudited) 3 Three months ended December 31, Nine months ended December 31, ($ thousands) Note 2025 2024(1) 2025 2024(1) $ $ $ $ Net income (loss) from continuing operations (1,743) 28,110 (74,289) 32,995 Net income (loss) from discontinued operations, net of tax (160) 115 (528) (14,221) Net income (loss) (1,903) 28,225 (74,817) 18,774 Other comprehensive income (loss) that may be reclassified to net income (loss) Foreign currency translation gain (loss) 953 (255) 174 (8,484) Total other comprehensive income (loss) 953 (255) 174 (8,484) Comprehensive income (loss) from continuing operations (790) 27,855 (74,115) 24,511 Comprehensive income (loss) from discontinued operations (160) 115 (528) (14,221) Comprehensive income (loss) (950) 27,970 (74,643) 10,290 Net income (loss) from continuing operations attributable to: Aurora Cannabis Inc. 1,980 28,436 (64,335) 35,617 Non-controlling interests (3,723) (326) (9,954) (2,622) (1,743) 28,110 (74,289) 32,995 Net income (loss) from discontinued operations attributable to: Aurora Cannabis Inc. (160) 115 (528) (14,221) Non-controlling interests — — — — (160) 115 (528) (14,221) Comprehensive income (loss) attributable to: Aurora Cannabis Inc. 2,773 28,296 (64,689) 12,912 Non-controlling interests (3,723) (326) (9,954) (2,622) (950) 27,970 (74,643) 10,290 Net income (loss) per share - basic Continuing operations 9 $0.03 $0.52 ($1.14) $0.65 Discontinued operations 9 $— $— ($0.01) ($0.26) Total operations 9 $0.03 $0.52 ($1.15) $0.39 Net income (loss) per share - diluted Continuing operations 9 $0.03 $0.51 ($1.14) $0.64 Discontinued operations 9 $— $— ($0.01) ($0.26) Total operations 9 $0.03 $0.51 ($1.15) $0.38 (1) Certain previously reported amounts are revised (Note 2(c)). See accompanying notes to these interim condensed consolidated financial statements. AURORA CANNABIS INC. Interim Condensed Consolidated Statements of Income (loss) and Comprehensive Income (loss) (Unaudited) 4 Share Capital ($ thousands) Note Common Shares Amount Contributed Surplus Accumulated Other Comprehensive Income (Loss) Deficit Non- Controlling Interests Total # $ $ $ $ $ $ Balance, March 31, 2025 56,234,231 6,991,154 158,970 (215,208) (6,367,745) 41,420 608,591 Share issuance costs — (106) — — — — (106) Exercise of stock options 8(a) 77,218 904 (317) — — — 587 Shares issued under share-based compensation plans 8 397,975 5,146 (5,146) — — — — Share-based compensation 8 — — 5,233 — — — 5,233 Put option liability — — — — 28,164 — 28,164 Comprehensive income (loss) — — — 174 (64,863) (9,954) (74,643) Balance, December 31, 2025 56,709,424 6,997,098 158,740 (215,034) (6,404,444) 31,466 567,826 Share Capital ($ thousands) Note Common Shares Amount Contributed Surplus Accumulated Other Comprehensive Income (Loss) Deficit(1) Non- Controlling Interests Total # $ $ $ $ $ $ Balance, March 31, 2024 54,545,797 6,971,416 162,351 (206,058) (6,368,200) 42,097 601,606 Shares issued for busine --- ss combination — (390) — — — — (390) Share issuance costs — (46) — — — — (46) Shares issued under share-based compensation plans 8 332,108 6,970 (6,788) — — — 182 Share-based compensation 8 — — 7,017 — — — 7,017 Put option liability — — — — (11,281) — (11,281) Comprehensive income (loss) — — — (8,484) 21,396 (2,622) 10,290 Balance, December 31, 2024 54,877,905 6,977,950 162,580 (214,542) (6,358,085) 39,475 607,378 (1) Certain previously reported amounts are revised (Note 2(c)). See accompanying notes to these interim condensed consolidated financial statements. AURORA CANNABIS INC. Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) 5 Nine months ended December 31, Note 2025 2024(1) $ $ Operating activities Net income (loss) from continuing operations (74,289) 32,995 Adjustments for non-cash items: Unrealized gain on changes in fair value of biological assets (104,469) (156,112) Changes in fair value of inventory and biological assets sold 115,372 107,104 Depreciation of property, plant and equipment 18,112 16,110 Amortization of intangible assets 697 484 Share-based compensation 8 6,604 9,144 Impairment of property, plant and equipment 525 696 Impairment of intangible assets and goodwill 5 31,901 — Net interest accrual and accretion 241 1,911 Interest and other income (17) — Deferred tax recovery (expense) 4,987 (1,651) Other gains (losses) (1,070) 4,442 Foreign exchange gain (loss) (1,674) (7,070) Deferred compensation amortization 2,854 2,871 Cash provided by (used in) operating activities from continuing operations before changes in non-cash working capital (226) 10,924 Changes in non-cash working capital 10 (12,981) 3,263 Net cash provided by (used in) operating activities from continuing operations (13,207) 14,187 Net cash used in operating activities from discontinued operations (74) (1,864) Net cash provided by (used in) operating activities (13,281) 12,323 Investing activities Purchase of short-term investments (52,087) — Proceeds from disposal of marketable securities — 5,488 Purchase of property, plant and equipment and intangible assets (17,371) (14,554) Proceeds from disposal of property, plant and equipment and assets held for sale 1,342 1,738 Changes in restricted cash 2(c) 816 (4,426) Cash provided by (used in) investing activities from continuing operations (67,300) (11,754) Net cash provided by (used in) investing activities from discontinued operations — 1,292 Net cash provided by (used in) investing activities (67,300) (10,462) Financing activities Proceeds from loans and borrowings 6 3,014 7,353 Repayment of loans and borrowings 6 (3,051) (6,690) Net principal payments of lease liabilities (4,237) (3,843) Proceeds from stock option exercise 587 181 Cash provided by (used in) financing activities from continuing operations (3,687) (2,999) Net cash provided by (used in) financing activities from discontinued operations — (131) Net cash provided by (used in) financing activities (3,687) (3,130) Effect of foreign exchange on cash and cash equivalents 2,710 (2,201) Increase (decrease) in cash and cash equivalents (81,558) (3,470) Cash and cash equivalents, beginning of period 2(c) 137,921 136,095 Cash and cash equivalents, end of period 2(c) 56,363 132,625 (1) Certain previously reported amounts are revised (Note 2(c)). See accompanying notes to these interim condensed consolidated financial statements. AURORA CANNABIS INC. Interim Condensed Consolidated Statements of Cash Flows 6 Not --- e 1 Nature of Operations Aurora Cannabis Inc.’s (the “Company” or “Aurora”) principal strategic business lines are focused on the production, distribution and sale of cannabis products in Canada and internationally. The Company currently conducts the following key business activities in the jurisdictions listed below: • Production, distribution and sale of medical and consumer cannabis products in Canada pursuant to the Cannabis Act; • Production and distribution of wholesale medical cannabis in the European Union (“EU”) pursuant to the German Medicinal Products Act and German Narcotic Drugs Act; and • Distribution of wholesale medical cannabis in various international markets, including Australia, New Zealand, and the Caribbean. The Company has a 50.1% controlling interest in Bevo Agtech Inc. (“Bevo”), the sole parent of Bevo Farms Ltd. (“Bevo Farms”), a key supplier of propagated vegetables and ornamental plants in North America. Due to the nature of the plant propagation business, which delivers higher revenue in the late winter and spring months as orders are fulfilled, there is seasonality reflected in the results of operations. The Company’s head office and principal address is 2207 90B St. SW Edmonton, Alberta T6X 0J9, Canada. The Company’s registered and records office address is Suite 1700, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8. Note 2 Material Accounting Policies and Judgments Preparation of these interim condensed consolidated financial statements requires management to make certain judgments, estimates and assumptions based on existing knowledge that affect the application of accounting policies and reported amounts and disclosures. Actual results could differ from these estimates and assumptions. In particular, the impact of geopolitical events, such as imposed tariffs in the North American market, could materially impact customer and supplier arrangements, namely within the plant propagation segment, as well as interest and inflation rates, resulting in increased volatility and near-term uncertainty. Management has, to the extent reasonable, incorporated known facts and circumstances into estimates made, however actual results could differ from those estimates and those differences could be material. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Refer to Note 4 for revisions to inventory estimates during the three months ended December 31, 2025. (a) Basis of Presentation and Measurement The Company’s unaudited interim condensed consolidated financial statements are prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”). Unless otherwise noted, all amounts are presented in thousands of Canadian dollars, except share and per share data. The interim condensed consolidated financial statements do not include all disclosures normally provided in annual audited consolidated financial statements and should be read in conjunction with the Company’s March 31, 2025 audited annual consolidated financial statements. Certain financial balances from fiscal 2025 have been reclassified in the interim condensed consolidated statements of income (loss) and comprehensive income (loss) and interim condensed consolidated statements of cash flows. In --- management’s opinion, the interim financial statements include all adjustments necessary to fairly present such information in all material respects (Note 2(c)). These interim condensed consolidated financial statements were authorized for issue by the Audit Committee of the Board of Directors on February 3, 2026. (b) Basis of Consolidation These interim condensed consolidated financial statements include the financial results of the Company and its subsidiaries. Subsidiaries include entities which are wholly-owned as well as entities over which Aurora has the authority or ability to exert control over the investee’s financial and/ or operating decisions (i.e. control), which in turn may affect the Company’s exposure or rights to the variable returns from the investee. The interim condensed consolidated financial statements include the operating results of acquired or disposed entities from the date control is obtained or the date control is lost, respectively. All intercompany balances and transactions are eliminated upon consolidation. (c) Revisions to Previously Issued Financial Statements As previously disclosed in the Company’s March 31, 2025 audited annual consolidated financial statements, in connection with the audit of the annual consolidated financial statements as at and for the year ended March 31, 2025, the Company identified an error in inventory and cost of sales arising from intercompany profit eliminations, resulting in an overstatement of inventory and understatement of cost of sales. Additionally, the Company understated its lease liability during a period in which a rent concession was granted by the lessor. In respect of the Company’s presentation of cash and cash equivalents and restricted cash, the Company determined that certain previously reported restricted cash held within its captives was accessible to the Company and therefore not restricted. The unrestricted portion was reclassified to cash and cash equivalents. The Company concluded an amendment of previously-filed audited consolidated financial statements and unaudited interim condensed consolidated financial statements was not required. The revisions are reflected in the comparative period of the Company’s prospective interim condensed consolidated financial statements filings. Refer to note 2(j) to the Company’s consolidated financial statements as at and for the year ended March 31, 2025. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 7 Note 3 Biological Assets The following is a breakdown of biological assets: December 31, 2025 March 31, 2025 $ $ Indoor cannabis production facilities 19,707 18,368 Plant propagation production facilities 27,003 32,800 46,710 51,168 The changes in the carrying value of biological assets during the period are as follows: $ Balance, March 31, 2025 51,168 Production costs capitalized 85,198 Sale of biological assets (51,347) Change in biological asset provision 244 Foreign currency translation 50 Gain (loss) on changes in fair value of biological assets 104,469 Transferred to inventory upon harvest (143,072) Balance, December 31, 2025 46,710 During the three and nine months ended December 31, 2025, biological assets expensed to cost of sales of $11.2 million and $51.3 million, respectively, (three and nine months ended December 31, 2024 – $10.1 million and $40.7 million, r --- espectively) including $1.7 million and $9.1 million, respectively, (three and nine months ended December 31, 2024 – $1.2 million and $6.1 million, respectively) related to the changes in fair value of biological assets sold. a) Indoor cannabis production facilities As of December 31, 2025, the weighted average fair value less cost to complete and cost to sell a gram of dried cannabis produced at the Company’s indoor cannabis cultivation facilities was $3.14 per gram (March 31, 2025 – $3.62 per gram) and the stage of completion of indoor cannabis was 48% (March 31, 2025 - 44%). The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at indoor cannabis production facilities: Significant inputs & assumptions(1) Range of inputs Sensitivity Impact on fair value December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 Average selling price per gram $6.62 $6.61 Increase or decrease of $1.00 per gram $3,539 $3,401 Weighted average yield (grams per plant) 94.81 73.46 Increase or decrease by 5 grams per plant $1,576 $1,823 Cost per gram to complete production $1.56 $1.40 Increase or decrease of $1.00 per gram $3,539 $3,466 (1) Significant inputs and assumptions are in whole numbers as indicated. During the three and nine months ended December 31, 2025, the Company’s indoor cannabis biological assets produced 16,269 and 40,893 kilograms, respectively, of dried cannabis (three and nine months ended December 31, 2024 – 11,551 and 34,659 kilograms, respectively). AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 8 b) Plant propagation production facilities The following table highlights the sensitivities and impact of changes in significant assumptions on the fair value of biological assets grown at plant propagation production facilities: Significant inputs & assumptions(1) Range of inputs Sensitivity Impact on fair value December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 Average selling price per floral/bedding plant $5.25 $7.38 Increase or decrease by 10% $1,638 $2,963 Average stage of completion in the production process 62 % 69 % Increase or decrease by 10% $1,892 $1,894 (1) Significant inputs and assumptions are in whole numbers as indicated. As of December 31, 2025, the weighted average fair value less cost to complete and cost to sell per propagation plant was $3.74 per plant (March 31, 2025 – $3.77). Note 4 Inventory December 31, 2025 March 31, 2025 Capitalized cost Fair value adjustment Carrying value Capitalized cost Fair value adjustment Carrying value $ $ $ $ $ $ Harvested cannabis Work-in-process 59,486 59,002 118,488 40,369 52,740 93,109 Finished goods 17,568 11,859 29,427 20,655 30,267 50,922 77,054 70,861 147,915 61,024 83,007 144,031 Extracted cannabis Work-in-process 10,010 6,705 16,715 10,980 4,917 15,897 Finished goods 6,079 648 6,727 12,998 2,686 15,684 16,089 7,353 23,442 23,978 7,603 31,581 Supplies and consumables 11,139 — 11,139 11,402 — 11,402 Merchandise and accessories 1,354 — 1,354 911 — 911 Ending balance 105,636 78,214 183,850 97,315 90,610 187,925 During the three and nine months ended December 31, 2025, inventory expensed to cost of sales was $74.8 million and $228.8 million, respectively, (three and nine months ended December 31, 2024 – $72.8 million and $208. --- 1 million, respectively), which included $36.3 million and $106.3 million, respectively (three and nine months ended December 31, 2024 – $36.9 million and $101.0 million, respectively) related to the changes in fair value of inventory sold. During the three and nine months ended December 31, 2025, the Company recognized $8.5 million and $47.9 million, respectively, in inventory provisions (three and nine months ended December 31, 2024 – $14.8 million and $45.6 million, respectively) consisting of cost of sales of $0.4 million and $18.1 million, respectively (three and nine months ended December 31, 2024 – $3.3 million and $8.9 million, respectively) and changes in fair value of inventory sold of $8.0 million and $29.7 million, respectively (three and nine months ended December 31, 2024 – $11.5 million and $36.7 million, respectively). The Company employs significant estimates to determine its inventory provision, considering a number of factors. During the three months ended December 31, 2025, the Company revised its estimate for aging inventory. The revision was to account for the salability of aged inventory that is specific to each revenue channel the Company sells into. The change was made to account for the prioritization of sales in higher margin revenue channels. As a result, the change in estimate accounted for a decrease in the inventory provision of $6.6 million as at December 31, 2025. Note 5 Intangible Assets and Goodwill At the end of each reporting period, the Company assesses whether events or changes in circumstances have occurred that would indicate that a cash generating unit (“CGU”) or group of CGUs may be impaired. The Company considers external and internal factors, including overall financial performance, market expectations and relevant entity-specific factors. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 9 The Company has two reportable operating segments: (i) Cannabis and (ii) Plant Propagation. The Cannabis segment comprises the Canadian, EU and Australian CGUs and Plant Propagation comprises of a single CGU. Goodwill of $25.6 million (March 31, 2025 – $25.2 million) from the acquisition of MRA is allocated to the Cannabis segment and goodwill of nil (March 31, 2025 – $18.7 million) from the Bevo acquisition is allocated to the Plant Propagation segment. CGU and Goodwill Impairments During the nine months ended December 31, 2025, impairment indicators were identified for the Australian Cannabis and Plant Propagation CGUs. The recoverable amounts were determined based on fair value less cost to dispose (“FVLCD”) using Level 3 inputs in a discounted cash flow (“DCF”) analysis. The significant assumptions applied in the determination of the recoverable amounts are described below: i. Cash flows: Estimated cash flows were projected based on actual operating results from internal sources as well as industry and market trends. Estimated cash flows are primarily driven by forecasted revenues, gross margins and earnings before interest, taxes, depreciation and amortization (EBITDA) margins. The Australian Cannabis CGU forecasts are extended to a total of 4 years (and a terminal year thereafter). The Plant Propagation CGU forecasts are extended to a total of 7 years (and a terminal year thereafter). The Company extended the forecast period an additional three years to --- account for the maturation of the new orchid business. ii. Terminal value growth rate: The terminal growth rate was based on historical and projected consumer price inflation, historical and projected economic indicators, and projected industry growth; iii. Post-tax discount rate: The post-tax discount rate is reflective of the CGU’s Weighted Average Cost of Capital (“WACC”). The WACC was estimated based on the risk-free rate, equity risk premium, beta adjustment to the equity risk premium based on a direct comparison approach, an unsystematic risk premium, and after-tax cost of debt based on corporate bond yields; and iv. Tax rate: The tax rates used in determining the future cash flows were those substantively enacted at the respective valuation date. The following table outlines the key assumptions used in calculating the recoverable amount for the CGUs and operating segment tested for impairment as at September 30, 2025 and January 1, 2025: Indefinite life intangible impairment testing Goodwill impairment testing Plant Propagation CGU Australia Cannabis CGU Plant Propagation September 30, 2025 Terminal value growth rate 2.5 % 2.5 % 2.5 % Discount rate 10.3 % 10.0 % 10.3 % Fair value less cost to dispose $120,840 $1,158 $120,840 Carrying value $149,041 $14,374 $149,041 Indefinite life intangible impairment testing Goodwill impairment testing Plant Propagation Australia Cannabis CGU Plant Propagation January 1, 2025 Terminal value growth rate 3.0 % 3.0 % 3.0 % Discount rate 11.0 % 10.3 % 11.0 % Fair value less cost to dispose $194,294 $23,325 $194,294 Carrying value $185,156 $14,338 $185,156 CGU impairment Australia Cannabis CGU The Company’s Australian Cannabis CGU represents its operations dedicated to distribution and sale of cannabis products within Australia and New Zealand. The Australian marketplace is experiencing increasing competition, resulting in lower than expected revenue. In addition to the key assumptions noted above, forecasted earnings before interest, taxes, depreciation and amortization (EBITDA) margins range from negative 10.3% to positive 1.7% (March 31, 2025, 0.4% – 3.7%) and is a key assumption in determining the recoverable amount of the Australian Cannabis CGU. As at September 30, 2025, the carrying value exceeded the recoverable amount and therefore an impairment to intangible AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 10 assets of $13.2 million (three and nine months ended December 31, 2024 – nil) was recognized in the interim condensed consolidated statements of income (loss) and comprehensive income (loss) during the nine months ended December 31, 2025. Plant Propagation Segment and CGU The Company’s Plant Propagation CGU is dedicated to the propagation of vegetables and ornamental plants within North America and is the single CGU in the Company’s Plant Propagation operating segment. The plant propagation business experienced operational challenges, which is expected to impact revenue and gross margin for the next two years given growth cycle of certain plants in addition to a slower ramp up of the orchid business. In addition to the key assumptions noted above, gross margin forecasted ranges from 19% to 29% (March 31, 2025, 27.8% – 33.2%) and EBITDA margins range from 10% – 22% (March 31, 2025, 20% – 25%). As at September 30, 2025, the carrying value --- exceeded the recoverable amount and therefore an impairment to goodwill of $18.7 million (three and nine months ended December 31, 2024 – nil) was recognized in the interim condensed consolidated statements of income (loss) and comprehensive income (loss) during the nine months ended December 31, 2025.. Note 6 Loans and Borrowings On August 25, 2022, through the acquisition of a controlling interest of 50.1% in Bevo, the Company acquired the loans under Bevo’s credit facility (the “Credit Agreement”). The Credit Agreement includes two term loans (“Term Facility 1” and “Term Facility 2”, together the “Term Facilities”) and a Revolver. On January 21, 2025, the Credit Agreement was amended (“Amended Credit Agreement”), resulting in the settlement of Term Facility 1 with a new loan agreement in the amount of $43.0 million. This includes transfers from the Revolver of $4.0 million and from Term Facility 2 of $5.0 million, which was substantially modified in the Amended Credit Agreement. Additionally, the maturity date of the Term Facilities and Revolver were extended to October 20, 2028 and quarterly interest is variable based on daily CORRA, plus an adjustment factor of 0.3%, plus an applicable margin ranging from 1.50% and 3.00%. The Term Facilities and Revolver are secured against all of Bevo’s propagation facilities. The terms of the Amended Credit Agreement are subject to customary financial and non-financial covenants. Bevo was not in compliance with its fixed charge coverage ratio financial covenant as at December 31, 2025, September 30, 2025 and June 30, 2025. Accordingly, the Term Facilities are classified as current in the interim condensed consolidated statements of financial position. In addition, subsequent to June 30, 2025, Bevo was not in compliance with a non-financial covenant to provide audited financial statements. Bevo is in discussions with the lender to obtain a waiver for the breaches and enter into an amended credit agreement. (a) Term Facilities The changes in the carrying value of the Term Facilities are as follows: Term Facilities $ Balance, March 31, 2025 42,493 Interest accretion 105 Principal repayments (1,746) Balance, December 31, 2025 40,852 Term Facility 1 The Company currently makes quarterly repayments of $0.5 million, with the balance outstanding payable upon maturity. As at December 31, 2025, the amount outstanding was $40.5 million (March 31, 2025 – $42.0 million) with an average borrowing rate of 5.76% and an effective interest rate of 6.10%. Term Facility 2 The Amended Credit Agreement allows for multiple advances to a maximum of $6.0 million. Quarterly repayments are required and are based on the amounts drawn upon, with the balance outstanding payable upon maturity. As at December 31, 2025, the total amount drawn from Term Facility 2 was $0.3 million (March 31, 2025 – $0.5 million) with a borrowing rate and effective interest rate of 5.76%. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 11 (b) Revolver The total borrowings available under the revolver is $18.0 million until maturity of October 20, 2028. Interest payments are based on daily CORRA, plus an adjustment factor of 0.3%, plus an applicable margin ranging from 1.50% and 3.00%. The undrawn balance of the revolver is subject to a stand-by fee between 0.4% and 0.6%. As at December 31, 2025, the --- total amount drawn from the revolver was $17.6 million (March 31, 2025 – $16.7 million), with a borrowing rate of approximately 5.67%. The Revolver is classified as current on the interim condensed consolidated statements of financial position. (c) Creditor Agreement On March 18, 2024, the Company entered into an unsecured Pari Passu Creditor Agreement (“Creditor Agreement”) with Bevo, in which participating shareholders of Bevo provided funds totalling $5.0 million pursuant to the Creditor Agreement. The Company advanced funds of $2.5 million, representing their shareholdings which together with accrued interest was originally due on May 31, 2025. As a result of the breach in financial covenant under the Credit Agreement, the principal under the Creditor Agreement shall not be payable to Bevo shareholders until Bevo obtains additional financing from participating shareholders of Bevo and approval from the lender of the Credit Agreement, which is expected to be executed in the fourth quarter of fiscal 2026. The loan bears interest of 17.0% per annum during the extension period. During the three and nine months ended December 31, 2025, the Company advanced additional funds of $1.0 million and $4.7 million, respectively. The Company’s total advances of $7.6 million, including accrued interest of $0.4 million are eliminated upon consolidation. During the three months ended December 31, 2025, Bevo’s other participating shareholders contributed an additional $1.6 million. During the nine months ended December 31, 2025, Bevo repaid other participating shareholders $1.0 million. As at December 31, 2025, the outstanding balance is $3.3 million, including accrued interest of $0.2 million and is classified as current on the interim condensed consolidated statements of financial position. During the three and nine months ended December 31, 2025, total interest expense for loans and borrowings of $1.4 million and $3.9 million, respectively (three and nine months ended December 31, 2024 – $1.3 million and $3.9 million, respectively) was recognized as finance and other costs in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). Accrued interest of $0.5 million (March 31, 2025 – $0.3 million) is recorded in accounts payable and accrued liabilities on the interim condensed consolidated statements of financial position. Note 7 Share Capital (a) Authorized The authorized share capital of the Company is comprised of the following: i. Unlimited number of common voting shares without par value (“Common Shares”). ii. Unlimited number of Class “A” Shares each with a par value of $1.00. iii. Unlimited number of Class “B” Shares each with a par value of $5.00. (b) Shares Issued and Outstanding At December 31, 2025, 56,709,424 Common Shares (March 31, 2025 – 56,234,231) were issued and outstanding. As at December 31, 2025, no Class “A” Shares and no Class “B” Shares were issued and outstanding. (c) Share Purchase Warrants A summary of warrants outstanding is as follows: Warrants Weighted average exercise price # $ Balance, March 31, 2025 7,063,862 46.22 Expired (7,063,862) 44.18 Balance, December 31, 2025 — — Note 8 Share-Based Compensation (a) Stock Options The Option Plan provides the right for directors, officers, employees and consultants to purchase shares at a specified price (exercise price) in the future. The stock options have a service requirement of three years, vest 1/3 on the anniversary of the grant dat --- e and are amortized on an accelerated basis over that period. Stock options expire after five years. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 12 A summary of stock options outstanding is as follows: Stock options Weighted average exercise price # $ Balance, March 31, 2025 1,760,720 61.68 Granted 435,819 5.90 Exercised (77,218) 7.60 Forfeited (20,252) 7.59 Expired (38,601) 172.71 Balance, December 31, 2025 2,060,468 50.36 The following table summarizes the stock options that are outstanding as at December 31, 2025: Exercise Price Expiry Date Weighted average remaining life Options outstanding Options exercisable $ # # 5.90 - 23.80 May 31, 2027 - June 24, 2030 3.20 1,894,323 795,295 48.60 - 178.40 February 16, 2026 - February 28, 2027 0.65 103,764 103,764 1,240.80 March 13, 2026 0.20 62,381 62,381 2,060,468 961,440 During the three and nine months ended December 31, 2025, stock option expense of $0.5 million and $1.8 million, respectively (three and nine months ended December 31, 2024 – $0.7 million and $2.3 million, respectively) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). (b) Restricted Share Units (“RSU”) Under the terms of the Company’s Restricted Share Unit Plan (the “RSU Plan”), officers, employees and consultants of the Company may be granted RSUs that are released as Common Shares upon completion of the vesting period. Each RSU gives the participant the right to receive one common share of the Company. The RSUs have a service requirement of three years, vest 1/3 on the anniversary of the grant date and are amortized on an accelerated basis over that period and expire after three years. A summary of the RSUs outstanding are as follows: RSUs # Balance, March 31, 2025 757,339 Issued 753,398 Vested (390,413) Forfeited (75,798) Balance, December 31, 2025 1,044,526 During the three and nine months ended December 31, 2025, RSU expense of $0.8 million and $2.8 million, respectively (three and nine months ended December 31, 2024 – $0.9 million and $3.6 million, respectively) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). (c) Deferred Share Units (“DSU”) Under the terms of the Company’s Non-Employee Directors Deferred Share Unit Plan (the “DSU Plan”), non-employee directors of the Company may be granted DSUs. Each non-employee director is entitled to redeem their DSUs for a period of 180 days following their termination date, being the date of their retirement from the Board. The DSUs can be redeemed, at the Company’s sole discretion, for (i) cash; (ii) Common Shares issued from treasury; (iii) Common Shares purchased in the open market; or (iv) any combination of the foregoing. DSUs vest immediately upon grant and have no expiry date. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 13 A summary of the DSUs outstanding are as follows: DSUs (1) # Balance, March 31, 2025 372,602 Issued 106,120 Exercised (126,262) Balance, December 31, 2025 352,460 (1) Includes DSUs issued under cash settlement plan Note 8(e). During the three and nine months ended De --- cember 31, 2025, DSU recovery of $0.5 million and expense of $0.7 million, respectively (three and nine months ended December 31, 2024 – recovery of $0.3 million and expense of $0.8 million, respectively) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). (d) Performance Share Units (“PSUs”) Under the terms of the Company’s Performance Share Unit Plan (the “PSU Plan”), officers, employees and consultants of the Company may be granted PSUs that are released as Common Shares or are paid in cash to the participant equal to the market price of Common Shares on the entitlement date multiplied by the number of performance share units being settled. In each case upon the 3-year cliff vesting date the performance shares units are subject to performance conditions multiplied by the achieved performance ratio. If the performance criteria are not met at the time of vesting the PSU will expire. The PSUs are amortized on a straight line basis over the three year period and expire after three years. A summary of the PSUs outstanding are as follows: PSUs(1) # Balance, March 31, 2025 1,164,474 Granted 803,003 Vested (8,975) Forfeited (43,314) Expired (121,128) Balance, December 31, 2025 1,794,060 (1) Includes PSUs issued under cash settlement plan Note 8(e). During the three and nine months ended December 31, 2025, total PSU recovery of $1.3 million and expense of $1.3 million, respectively (three and nine months ended December 31, 2024 – expense of $0.4 million and $2.5 million, respectively) was recognized in share-based compensation in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). (e) Cash Settled DSUs and PSUs During the three and nine months ended December 31, 2025, the Company issued DSU’s and PSU’s, which will be settled in cash, pursuant to the DSU Plan and PSU Plan, respectively. The DSUs and PSUs issued under these plans are included in the continuities above. The DSUs subject to cash settlement are classified as a derivative liability in the interim condensed consolidated statements of financial position and are initially measured at fair value. DSUs are issued in recognition of past service for Directors and are expensed immediately at fair value to share-based compensation expense in the interim condensed consolidated statements of income (loss) and comprehensive income (loss). The DSUs are remeasured each reporting period with the difference recorded to share-based compensation expense. Upon settlement, the DSU’s are re-measured and the derivative liability is extinguished at the remeasured amount. As at December 31, 2025, the related derivative liability was $1.8 million (March 31, 2025 – $2.0 million). The PSUs subject to cash settlement are classified as a derivative liability in the interim condensed consolidated statements of financial position. They are initially measured at fair value using a Monte Carlo simulation model. The PSUs have a service requirement of three years and are amortized ratably over that period. The PSUs are re-measured at fair value each reporting period with the change in value reflected in share- based compensation expense. As at December 31, 2025, the related derivative liability was $3.0 million (March 31, 2025 – $2.4 million). AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ --- thousands of Canadian dollars, unless otherwise noted) 14 Note 9 Income (loss) per Share The following is a reconciliation of basic income (loss) per share: Three months ended December 31, Nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Net income (loss) from continuing operations attributable to Aurora shareholders $1,980 $28,436 ($64,335) $35,617 Net income (loss) from discontinued operations attributable to Aurora shareholders ($160) $115 ($528) ($14,221) Net income (loss) attributable to Aurora shareholders $1,820 $28,551 ($64,863) $21,396 Weighted average number of Common Shares outstanding 56,700,794 54,877,295 56,467,927 54,704,625 Basic income (loss) per share, continuing operations $0.03 $0.52 ($1.14) $0.65 Basic income (loss) per share, discontinued operations $— $— ($0.01) ($0.26) Basic income (loss) per share $0.03 $0.52 ($1.15) $0.39 The following is a reconciliation of diluted income (loss) per share: Three months ended December 31, Nine months ended December 31, 2025 2024 2025(1) 2024 $ $ $ $ Net income (loss) from continuing operations attributable to Aurora shareholders $1,980 $28,436 ($64,335) $ 35,617 Net income (loss) from discontinued operations attributable to Aurora shareholders ($160) $115 ($528) $ (14,221) Net income (loss) attributable to Aurora shareholders $1,820 $28,551 ($64,863) $21,396 Weighted average number of Common Shares outstanding 56,700,794 54,877,295 56,467,927 54,704,625 Dilutive shares outstanding (1) Stock options — — N/A — RSUs 573,918 428,306 N/A 362,429 PSUs — 375,978 N/A 335,591 DSUs 49,462 71,398 N/A 71,398 623,380 875,682 — 769,418 Weighted average dilutive Common Shares 57,324,174 55,752,977 56,467,927 55,474,043 Diluted income (loss) per share, continuing operations(1) $0.03 $0.51 ($1.14) $0.64 Diluted income (loss) per share, discontinued operations(1) $— $— ($0.01) ($0.26) Diluted income (loss) per share $0.03 $0.51 ($1.15) $0.38 (1) Diluted earnings per share is not applicable when the impact will decrease loss per share or increase earnings per share. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 15 Note 10 Supplemental Cash Flow Information The changes in non-cash working capital are as follows: Nine months ended December 31, 2025 2024 $ $ Accounts receivable (1,713) 9,830 Biological assets (34,145) (42,088) Inventory 34,040 32,518 Prepaid and other current assets (4,173) (1,197) Accounts payable and accrued liabilities (6,980) 2,250 Income taxes payable (1,177) 417 Deferred revenue 840 1,454 Provisions 327 79 Changes in non-cash working capital (12,981) 3,263 Additional supplementary cash flow information is as follows: Nine months ended December 31, 2025 2024 $ $ Property, plant and equipment in accounts payable 480 28 Right-of-use asset additions 581 6,106 Amortization of prepaids 12,908 10,153 Interest paid 4,452 3,013 Interest received (3,501) (5,830) Income taxes paid 759 928 Included in restricted cash as of December 31, 2025 is $2.6 million (March 31, 2025 – $3.4 million) attributed to collateral held for letters of credit and corporate credit cards, $0.1 million (March 31, 2025 – $0.1 million) attributed to international subsidiaries and $43.3 million (March 31, 2025 – $43.9 million) of funds reserved for the segregated cell program for insurance coverage and not held for the purpose of meeting short term cash --- commitments. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 16 Note 11 Revenue The Company generates revenue from the transfer of goods at a point-in-time from the revenue streams below. Net revenue from sale of goods reflects the net of actual returns and estimated variable consideration for future returns and price adjustments. The estimated variable consideration is based on historical experience and management’s expectation of future returns and price adjustments. Three months ended December 31, 2025 Medical Consumer Wholesale bulk cannabis Total cannabis Plant propagation Total $ $ $ $ $ $ Canada 28,248 5,160 1,486 34,894 6,052 40,946 Australia and New Zealand 10,873 — — 10,873 — 10,873 Europe 37,124 — — 37,124 — 37,124 U.S. — — — — 5,248 5,248 Total net revenue 76,245 5,160 1,486 82,891 11,300 94,191 Three months ended December 31, 2024 Medical Consumer Wholesale bulk cannabis Total cannabis Plant propagation Total $ $ $ $ $ $ Canada 27,295 9,912 1,240 38,447 5,603 44,050 Australia and New Zealand 14,554 — — 14,554 — 14,554 Europe 26,300 — — 26,300 — 26,300 U.S. — — — — 3,294 3,294 Total net revenue 68,149 9,912 1,240 79,301 8,897 88,198 Nine months ended December 31, 2025 Medical Consumer Wholesale bulk cannabis Total cannabis Plant propagation Total $ $ $ $ $ $ Canada 83,801 19,903 4,330 108,034 12,140 120,174 Australia and New Zealand 34,598 — — 34,598 — 34,598 Europe 93,144 — — 93,144 — 93,144 U.S. — — — — 34,664 34,664 Total net revenue 211,543 19,903 4,330 235,776 46,804 282,580 Nine months ended December 31, 2024 Medical Consumer Wholesale bulk cannabis Total cannabis Plant propagation Total $ $ $ $ $ $ Canada 80,681 31,867 3,610 116,158 11,261 127,419 Australia and New Zealand 38,985 — — 38,985 — 38,985 Europe 57,000 — — 57,000 — 57,000 U.S. — — — — 29,351 29,351 Total net revenue 176,666 31,867 3,610 212,143 40,612 252,755 AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 17 Note 12 Segmented Information Operating Segments Notes Cannabis Plant propagation Corporate Total $ $ $ $ Three months ended December 31, 2025 Revenue 87,873 11,300 — 99,173 Excise tax (4,982) — — (4,982) Net revenue 82,891 11,300 — 94,191 Cost of sales 34,527 13,496 — 48,023 Gross profit (loss) before fair value adjustments 48,364 (2,196) — 46,168 General and administration 20,648 1,894 3,214 25,756 Sales and marketing 14,860 4 — 14,864 Three months ended December 31, 2024 Revenue 87,081 8,897 — 95,978 Excise tax (7,780) — — (7,780) Net revenue 79,301 8,897 — 88,198 Cost of sales 2(c) 37,957 6,919 — 44,876 Gross profit before fair value adjustments 41,344 1,978 — 43,322 General and administration 2(c) 19,026 1,528 3,133 23,687 Sales and marketing 13,061 16 — 13,077 Operating Segments Cannabis Plant propagation Corporate Total $ $ $ $ Nine months ended December 31, 2025 Revenue 253,115 46,804 — 299,919 Excise tax (17,339) — — (17,339) Net revenue 235,776 46,804 — 282,580 Cost of sales 111,964 52,851 — 164,815 Gross profit before fair value adjustments 123,812 (6,047) — 117,765 General and administration 61,356 4,821 15,671 81,848 Sales and marketing 43,626 22 — 43,648 Nine months ended December 31, 2024 Revenue 236,336 40,612 — 276,948 Excise tax (24,193) --- — — (24,193) Net revenue 212,143 40,612 — 252,755 Cost of sales 2(c) 107,450 34,269 — 141,719 Gross profit before fair value adjustments 104,693 6,343 — 111,036 General and administration 2(c) 54,836 3,569 10,300 68,705 Sales and marketing 40,764 58 — 40,822 AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 18 Geographical Segments Canada EU Australia and New Zealand Total $ $ $ $ Non-current assets other than financial instruments December 31, 2025 265,414 33,349 26,459 325,222 March 31, 2025 294,204 29,751 40,908 364,863 Three months ended December 31, 2025 Net revenue 46,194 37,124 10,873 94,191 Gross profit before fair value adjustments 16,708 26,357 3,103 46,168 Three months ended December 31, 2024 Net revenue 47,344 26,300 14,554 88,198 Gross profit before fair value adjustments 16,943 18,871 7,508 43,322 Nine months ended December 31, 2025 Net revenue 154,838 93,144 34,598 282,580 Gross profit before fair value adjustments 38,864 62,806 16,095 117,765 Nine months ended December 31, 2024 Net revenue 156,770 57,000 38,985 252,755 Gross profit before fair value adjustments 47,323 41,055 22,658 111,036 During the three and nine months ended December 31, 2025 and 2024, there were no customers contributing 10% or more of the Company’s total net revenue. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 19 Note 13 Fair Value of Financial Instruments The carrying values of the financial instruments as at December 31, 2025 are summarized in the following table: Amortized cost FVTPL Total $ $ $ Financial Assets Cash and cash equivalents 56,363 — 56,363 Restricted cash 45,987 — 45,987 Short-term investments — 52,087 52,087 Accounts receivable, excluding sales taxes and lease receivable 41,210 — 41,210 Lease receivable 5,634 — 5,634 Financial Liabilities Accounts payable and accrued liabilities 68,026 — 68,026 Lease liabilities 39,220 — 39,220 Derivative liabilities — 4,921 4,921 Other long term liabilities 498 — 498 Loans and borrowings 61,775 — 61,775 The following is a summary of financial instruments measured at fair value segregated based on the various levels of inputs: Notes Level 1 Level 2 Level 3 Total $ $ $ $ As at December 31, 2025 Short-term investments 52,087 — — 52,087 Other long term liability 498 — 19,433 19,931 Derivative liabilities 7(c), 8(e) 1,912 3,009 — 4,921 As at March 31, 2025 Other long term liability 498 — 47,597 48,095 Derivative liabilities 7(c), 8(e) 3,111 2,420 — 5,531 Short term investments are highly liquid, invested in funds composed of high grade fixed rate or floating rate corporate debt securities, with no fixed maturity date, The funds are publicly traded, having observable inputs and are therefore classified as level 1 on the financial instruments hierarchy. There were no changes in the nature, characteristics and risks of financial instruments that would result in a change in classification of financial assets and financial liabilities disclosed above. There were no transfers between fair value measurement hierarchy levels during the three and nine months ended December 31, 2025. Other long-term liability includes the put option arising from the acquisition of Bevo. The put option is valued using a Monte Carlo --- simulation model. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. As at December 31, 2025, the present value of the amount payable on exercise of the put option was $19.4 million (March 31, 2025 – $47.6 million), which is recorded in other long-term liability in the interim condensed consolidated statements of financial position. The change during the nine months ended December 31, 2025 of $28.2 million (nine months ended December 31, 2024 – $11.3 million) is recorded in deficit in the interim condensed consolidated statements of changes in equity. Note 14 Commitments and Contingencies In the normal course of business, the Company is obligated to make future payments, including contractual obligations and non-cancellable commitments. The Company is also subject to litigation and similar claims in the ordinary course of our business. A discussion of these items is included in the ”Commitments and Contingency” section of the annual consolidated financial statements. Updates to material litigation matters for the three and nine months ended December 31, 2025 are outlined below. • The claim filed on June 15, 2020 with the Court of King's Bench of Alberta against Aurora and a former officer alleging breach of obligations under a term sheet was dismissed by the court without liability; and • In the case of the purported securities class action filed on August 10, 2020 with the Court of the King's Bench of Alberta against the Company and certain former executive officers, the Company filed an appeal to the Court’s decision to dismiss the Company’s motion to disallow plaintiff’s Amended Statement of Claim. The appeal hearing is scheduled to occur in April 2026. As at December 31, 2025, the Company has recognized total legal provisions of $0.8 million (March 31, 2025 – $0.3 million) in provisions on the interim condensed consolidated statements of financial position. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 20 Note 15 Subsequent Events On February 4, 2026, the Company filed a prospectus supplement establishing a new at-the-market equity program (the "ATM Program") that allows the Company to issue and sell up to U.S. $100 million of Common Shares in the capital of the Company from treasury to the public, from time to time, at the Company's discretion, through "at-the-market distributions" as defined in National Instrument 44-102, through the NASDAQ Capital Market (the "NASDAQ") or other marketplace in the United States at the prevailing market price at the time of sale. The Company intends to use proceeds raised under the ATM Program, if any, for strategic and accretive purposes only, including for increased cultivation capacity and potential M&A. Subsequent to December 31, 2025, the Company made the decision to exit certain markets in the lower margin consumer segment in Canada and will further prioritize the allocation of product and resources to the higher margin global medical cannabis business. On February 3, 2026, Aurora and its wholly owned subsidiary entered into a definitive agreement with Bevo and Bevo Farms pursuant to which, among other things, Aurora agreed to exchange all of its common shares of Bevo for preferred shares (the “Bevo Preferred Shares”) of Bevo (the “ --- Bevo Transaction”). The closing of the Bevo Transaction remains subject to certain conditions, including Bevo shareholder approval and the consent of Bevo Farms’ lender. As holder of the Bevo Preferred Shares, Aurora will, among other things, be entitled to an annual 5% dividend on the value of the Bevo Preferred Shares and distributions of 30% of eligible Bevo cashflow (which will increase to 40% following the 15-year anniversary of closing of the Bevo Transaction), which cashflow will first be paid to satisfy any unpaid dividend entitlements on the Bevo Preferred Shares and then be used to redeem the outstanding Bevo Preferred Shares, and 30% of proceeds on a Bevo liquidation event, including any sale of Bevo. The remaining eligible Bevo cash flow and the proceeds on a liquidation event will be distributed to the holders of the common shares of Bevo. Aurora will also have certain customary preferred shareholder protections such as veto rights on the creation or issuance of shares ranking equal to or senior to the Bevo Preferred Shares. Upon the closing of the Bevo Transaction, the Aurora-nominated directors will resign from the board of Bevo and its subsidiaries, and Aurora will no longer have any right to appoint directors. Aurora will retain its entitlement to the earnouts of up to $25 million and $15 million related to the Aurora Sky facility in Edmonton, Alberta and Aurora Sun facility in Medicine Hat, Alberta, respectively, both of which are payable upon Bevo Farms successfully achieving certain financial milestones. As a result of the Bevo Transaction, the assets and liabilities of Bevo will be classified as held-for-sale and remeasured at the lower of their carrying amount and fair value. Any impairment losses which may be recognized upon initial classification as held-for-sale and subsequent gains and losses on re-measurement will be recognized in the consolidated statements of income (loss) and comprehensive income (loss), and the financial results of Bevo, including comparative periods, will be restated and presented as a discontinued operation, separate from continuing operations. The financial results of Bevo will no longer be consolidated in Aurora’s financial statements subsequent to the closing of the Bevo Transaction. In addition, on closing of the Bevo Transaction, Aurora will transfer the shareholder loans owing to Aurora by Bevo Farms in exchange for $5.5 million in cash. AURORA CANNABIS INC. Notes to the Interim Condensed Consolidated Financial Statements Three and nine months ended December 31, 2025 and 2024 ($ thousands of Canadian dollars, unless otherwise noted) 21