Aritzia Announces Financial Results for the Second Quarter of Fiscal Year 2027
PR Newswire
1h ago
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Aritzia reported a 44.1% increase in net revenue to $1.17 billion for the second fiscal quarter, with comparable sales growing by 34.5%. Adjusted EBITDA increased by 99.7% to $246.2 million, and the adjusted EBITDA rate rose to 21.0%. The company also provided guidance for the third fiscal quarter and fiscal year 2027, and announced that Val and rie Hermann will join the board of directors.
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Aritzia CEO Jennifer Wong stated that the company continued its strong momentum in the second quarter, with net revenue growing by 44% and comparable sales increasing by 35%. The widespread growth across various regions, channels, and product categories continues to reflect the brand's attractiveness.

She said that this performance was due to the strong demand for the summer and autumn collections, as well as inventory levels being at an ideal level; at the same time, the company's strategic investments in real estate, digitalization, and marketing continued to expand reach and deepen customer engagement. She also mentioned that digital channels performed particularly well, with net revenue growing by 68%, and the United States remaining the company's largest market, with net revenue increasing by 60%. Driven by strong revenue and profit-making measures, the adjusted EBITDA ratio increased by 590 basis points to reach a record 21% in the second fiscal quarter; diluted adjusted earnings per share more than doubled compared to the same period last year. She stated that these results demonstrate the strong profitability of the company's business model.

Wong added that the momentum continued into the third quarter, driven by positive feedback on autumn products and an enhanced brand appeal. She expressed her pride in the team's ability to consistently demonstrate differentiated execution and looked forward to sharing how the company will sustain this momentum and embark on the next phase of growth at the Investor Day on October 27, 2026.

Key Points of the Second Quarter

  • As of the second quarter of fiscal year 2027, net revenue increased by 44.1% year-over-year to $1.17 billion, with comparable sales growing by 34.5%.
  • U.S. net revenue increased by 60.3% to $779.4 million, accounting for 66.6% of total net revenue.
  • Canadian net revenue increased by 19.8% to $390.4 million, accounting for 33.4% of total net revenue.
  • Retail net revenue increased by 34.1% to $766.9 million, accounting for 65.6% of total net revenue.
  • Digital net revenue increased by 67.7% to $402.9 million, accounting for 34.4% of total net revenue.
  • After excluding customs duty refund earnings, the adjusted gross margin increased by 490 basis points to 48.7%.
  • Gross margin increased by 1,330 basis points to 57.1% according to the reporting criteria.
  • Selling, general, and administrative expenses as a percentage of net revenue decreased by 130 basis points to 29.5%.
  • After adjustment, EBITDA increased by 99.7% to $246.2 million, and after adjustment, the rate of EBITDA increased by 590 basis points to 21.0%.
  • Net profit increased by 204.2% to $201.7 million, with the net profit margin rising to 17.2%; diluted earnings per share increased by 203.6% to $1.70, compared to $0.56 in the same period last year.
  • After adjustment, net profit increased by 122.1% to $156 million, and diluted adjusted earnings per share increased by 122.0% to $1.31, compared to $0.59 in the same period last year.

Second Quarter Earnings

Compared to the second quarter of fiscal year 2026, net revenue increased by 44.1% to $1.17 billion, compared to $812.1 million in the same period last year; when calculated using a fixed exchange rate, the growth was 42.1%. The increase mainly came from strong performance in comparable sales, as well as the good performance of newly opened and repositioned stores. Comparable sales grew by 34.5%, with double-digit positive growth across all channels and regions, due to strong product demand, as well as digital initiatives and strategic marketing investments.

U.S. net revenue increased by 60.3% to $779.4 million, compared with $486.1 million in the same period last year, mainly driven by strong growth in digital and retail comparable sales as well as the real estate expansion strategy.

Canada's net revenue increased by 19.8% to $390.4 million, compared to $326.0 million in the same period last year, also driven by growth in digital and retail comparable sales as well as an estate expansion strategy.

Retail net revenue increased by 34.1% to $766.9 million, compared to $571.7 million in the same period last year, mainly driven by strong comparable sales in the United States and Canada, as well as the good performance of newly opened and repositioned stores. Over the past 12 months, the company opened 14 new stores and repositioned 5 stores. At the end of the second quarter of fiscal year 2027, the total number of stores was 146, compared to 134 at the end of the second quarter of fiscal year 2026.

Digital net revenue increased by 67.7% to $402.9 million, compared to $240.3 million in the same period last year. The growth was mainly driven by a strong increase in customer traffic, due to high demand for products, new mobile applications, and investment in digital marketing.

Gross profit increased by 87.7% to $667.4 million according to the reported figures, including $97.4 million in tariff refund benefits; the same period last year was $355.6 million. Excluding the tariff refund benefits, the adjusted gross margin was 48.7%, higher than 43.8% in the second quarter of fiscal year 2026. The adjusted gross margin increased by 490 basis points, mainly driven by improvements in IMU, store occupancy, and other fixed cost leverage, as well as a decrease in discount intensity.

Within the 13 weeks up to August 30, 2026, the company confirmed receiving approximately $97.4 million in tariff refunds under the International Emergency Economic Powers Act ( IEEPA ). These amounts have been separately listed as tariff refund recoveries in the unaudited condensed interim consolidated income statement and comprehensive income statement.

Selling, general, and administrative expenses increased by 38.1% to $345.4 million, compared to $250.2 million in the same period last year; these expenses accounted for 29.5% of net revenue, which is lower than the 30.8% in the same period last year. The improvement of 130 basis points was mainly driven by cost leverage and savings resulting from the “smart spending” initiatives.

The net profit according to the reporting criteria was $201.7 million, accounting for 17.2% of the net revenue, which includes a tariff refund benefit of $97.4 million; this represents a growth of 204.2% compared to $66.3 million in the second quarter of fiscal year 2026 (accounting for 8.2% of net revenue). The diluted earnings per share based on the reporting criteria were $1.70, also including the $97.4 million tariff refund benefit; this is a 203.6% increase from $0.56 in the same period last year.

After adjustment, EBITDA amounted to 246.2 million US dollars, accounting for 21.0% of net revenue, representing a growth of 99.7% compared to 123.3 million US dollars (15.2% of net revenue) in the second quarter of fiscal year 2026.

The adjusted net profit was $156 million, representing a 122.1% increase from $70.2 million in the second quarter of fiscal year 2026. The diluted adjusted earnings per share were $1.31, which is a 122.0% increase from $0.59 in the same period last year.

Starting from the first quarter of the fiscal year 2027, the company updated the composition of adjusted EBITDA, incorporating the foreign exchange gains and losses from internal transactions into the adjustment. The relevant tables show the impact of these foreign exchange gains and losses on the adjusted EBITDA and the adjusted net profit.

As of the end of the quarter, cash and cash equivalents amounted to $528.1 million, higher than $352.3 million at the end of the second quarter of fiscal year 2026. Inventories were $714.9 million, representing a year-over-year increase of 35.8%, compared to $526.6 million in the same period last year. Capital expenditures (excluding lease incentives) amounted to $62.4 million, up from $59.6 million in the same period last year, and were primarily used for capital investment in new and repositioned stores.

Under the normal issuer repurchase program ( NCIB ), the company repurchased 912,800 secondary voting shares ( SVS ) for a amount of $125.3 million; during the same period last year, 202,500 shares were repurchased for $15.3 million.

Comparison from the beginning of fiscal year 2027 to date with the beginning of fiscal year 2026 to date

As of the current fiscal year 2027, net revenue increased by 43.7% to $2.12 billion, compared to $1.48 billion in the same period last year; when calculated using a fixed exchange rate, the growth was also 43.7%. The increase mainly came from strong comparable sales, as well as the good performance of newly opened and repositioned stores. Comparable sales grew by 34.8%, driven by high product demand, digital initiatives, and strategic marketing investments. Performance continued to be led by the U.S. market, where net revenue increased by 57.7% to $1.42 billion, compared to $899.1 million in the same period last year. Net revenue in Canada increased by 22.0% to $703.3 million, from $576.3 million in the same period last year.

Retail net revenue increased by 36.2% to $1.43 billion, compared to $1.05 billion in the same period last year, mainly driven by double-digit comparable sales growth in both countries and the strong performance of newly opened and repositioned stores. Digital net revenue grew by 62.4% to $687.6 million, from $423.3 million in the same period last year, primarily due to strong customer traffic growth, which was attributed to high demand for products, new mobile applications, and investment in digital marketing.

Gross profit increased by 71.4% to $1.15 billion according to the reported figures, including $97.4 million in tariff refund benefits; the same period last year was $668.4 million. Excluding the tariff refund benefits, the adjusted gross margin was 49.4%, higher than the 45.3% from the beginning of fiscal year 2026 to date. The adjusted gross margin increased by 410 basis points, mainly driven by improvements in IMU, leverage of store occupancy and other fixed costs, and a decrease in discounts, but this was partially offset by the impact of additional tariffs and the cancellation of the low-value tax exemption policy.

Within the 13 weeks up to August 30, 2026, the company confirmed receipt of approximately $97.4 million in IEEPA tariff refunds, which were separately listed as revenue from the recovery of tariff refunds in the unaudited condensed interim consolidated income statement and comprehensive income statement.

Selling, general, and administrative expenses increased by 37.5% to $650.1 million, compared to $472.7 million in the same period last year; these expenses accounted for 30.7% of net revenue, which is lower than the 32.0% in the same period last year. The improvement of 140 basis points was mainly driven by cost leverage and savings from the “smart spending” initiatives.

The net profit according to the reporting criteria is $319 million, accounting for 15.0% of the net revenue, which includes a tariff refund benefit of $97.4 million; this represents a growth of 193.4% compared to $108.7 million (accounting for 7.4% of net revenue) from the beginning of fiscal year 2026 to date. The diluted earnings per share based on the reporting criteria are $2.68, which also includes the $97.4 million tariff refund benefit; this represents a growth of 191.3% compared to $0.92 from the beginning of fiscal year 2026 to date.

After adjustment, EBITDA amounted to $437.7 million, accounting for 20.6% of net revenue, representing a 90.8% increase from $229.4 million (accounting for 15.5% of net revenue) since the beginning of the fiscal year 2026.

The adjusted net profit was $269.9 million, representing a 111.4% increase from $127.7 million since the beginning of fiscal year 2026. The diluted adjusted earnings per share were $2.27, a 110.2% increase from $1.08 in the same period last year.

Capital cash expenditures (excluding rental incentives) amounted to $125.3 million, compared to $111.9 million in the same period last year. The funds were primarily used for opening new stores and repositioning existing ones, as well as for the construction of a new distribution center by the company in British Columbia.

The company repurchased 1,477,300 shares of SVS under NCIB, for a total amount of $191.6 million; during the same period last year, it repurchased 217,700 shares for $16.2 million.

Performance Outlook

Aritzia expects its net revenue for the third quarter of fiscal year 2027 to be between $1.275 billion and $1.325 billion, representing a growth of approximately 23% to 27% compared to the third quarter of fiscal year 2026. The company anticipates that its adjusted gross margin for the third quarter will increase by about 100 to 150 basis points from 46.0% in the third quarter of fiscal year 2026, and the proportion of selling, general, and administrative expenses as a percentage of net revenue is expected to rise by about 50 to 100 basis points from 27.9% in the third quarter of fiscal year 2026.

For the fiscal year 2027, the company expects:

  • Net revenue ranged between $4.78 billion and $4.88 billion, representing a growth of approximately 29% to 32% compared to the fiscal year 2026. This includes contributions from retail expansion, with plans to open 12 to 13 new stores and reposition 4 to 5 existing stores; it is expected that 11 to 12 new stores and 2 to 3 repositioned stores will be located in the United States, with the remainder in Canada.
  • The adjusted gross margin has increased by approximately 225 to 275 basis points from 44.9% in the fiscal year 2026.
  • Selling, general, and administrative expenses as a percentage of net revenue remained roughly stable or decreased by 50 basis points, representing an improvement from 29.1% in the fiscal year 2026.
  • After adjustment, the EBITDA rate is approximately 20.0%, which is higher than the 17.8% in fiscal year 2026. This improvement is mainly driven by the enhancement of IMU, savings from the “smart spending” plan, and cost leverage.
  • Capital cash expenditures (excluding rental incentives) amounted to approximately $250 million, of which about $210 million was used for investments in new stores expected to open in fiscal years 2027 and 2028, as well as for the repositioning of existing stores.
  • Depreciation and amortization amounted to approximately $130 million.
  • The exchange rate assumption for the remaining period of the fiscal year 2027 is US$1.38 to CAD.

The company stated that the aforementioned outlook is based on the management's current strategy and may constitute forward-looking information under the securities laws. This outlook is based on the management's estimates and assumptions regarding the overall economic and geopolitical environment, competitive landscape, and other factors, and is intended to provide readers with the company's forecasts as of the date of this press release. The outlook does not include any benefits from tariff refunds. The company reminds that actual results may differ significantly from this outlook, and such information may not be applicable for other purposes.

In addition, discussions regarding the company's long-term financial plan can be found in its press release issued on October 27, 2022, titled " Aritzia Presents its Fiscal 2027 Strategic and Financial Plan , Powering Stronger ". Updates on these discussions can also be found in the company's financial report press releases issued on May 1, 2025, October 9, 2025, and May 7, 2026. These press releases are available for viewing at SEDAR + ( www.sedarplus.com ) as well as on the company's investor website investors.aritzia.com.

Normal issuer repurchase plan

On May 11, 2026, the company announced that the Toronto Stock Exchange had approved its NCIB (“2026 NCIB”), allowing the company to repurchase and cancel up to 4,308,739 shares of SVS over a 12-month period from May 13, 2026, to May 12, 2027. This represents approximately 5% of the 86,174,782 shares of SVS that were publicly traded as of April 30, 2026. On May 28, 2026, the company also announced the signing of an automatic share purchase plan (“2026 ASPP”) with a designated broker. This plan took effect immediately and will terminate upon the expiration of 2026 NCIB, unless it is terminated in advance in accordance with the terms.

On May 5, 2025, the company announced that the Toronto Stock Exchange approved its 2025 NCIB plan, allowing the company to repurchase and cancel up to 4,226,994 shares of SVS over a 12-month period from May 7, 2025, to May 6, 2026. This represents approximately 5% of the 84,539,881 shares of SVS that were publicly traded as of April 30, 2025. The company signed consecutive automatic share purchase plans ("2025 ASPPs") with designated brokers on May 27, 2025, and February 27, 2026, respectively. These plans took effect immediately and will terminate upon the expiration of the 2025 NCIB period.

Within the 26 weeks ending August 30, 2026, the company repurchased a total of 1,477,300 shares of SVS under 2026 NCIB and 2025 NCIB for cancellation, at an average price of $129.68 per share, with a total cash consideration of $191.6 million (including commissions). From August 31, 2026, to October 7, 2026, the company repurchased an additional 654,038 shares of SVS under 2026 NCIB for cancellation, at an average price of $122.33 per share, with a total cash consideration of $80 million (including commissions).

Appoint Val, rie, and Hermann to join the board of directors.

The company also announced that Val, rie, and Hermann will join the board of Aritzia starting from October 8, 2026. Hermann has served as the Managing Director of the Fashion and Luxury Goods Department at EPI Group since 2020. She has held leadership positions at Yves Saint Laurent, Reed Krakoff, and Ralph Lauren before, and was also a member of the board of directors at Lacoste Holding previously. Hermann graduated from HEC Paris and has been awarded the Knight of the French Legion of Honor.

Aritzia indicates that we look forward to welcoming Hermann to join the board of directors.

Telephone Conference Arrangement

The company will hold a teleconference on Thursday, October 8, 2026, at 1:30 PM (Pacific Time) / 4:30 PM (Eastern Time) to discuss the second-quarter results. Participants can call 1-833-821-0201 (free in North America) or 1-647-846-2331 (long distance from Toronto and overseas). The meeting is also available for live streaming at the URL: https :// investors.aritzia.com / events-and-presentations. A recording of the meeting will be available shortly after it concludes. For replay, please call 1-855-669-9658 (free in North America) or 1-412-317-0088 (long distance from overseas); the replay access code is 8784174. A live streaming archive will also be available on the Aritzia website.

About Aritzia

Exquisitely crafted clothing. Exceptional experience. Everyday luxury ®.

Aritzia is a design company that possesses an innovative global platform. The company creates and sells desirable styles, offering a rich portfolio of exclusive brands that cater to various scenarios and personal aesthetics. They focus on excellent design, high-quality materials, and creating items that can be worn repeatedly, while also taking into account the well-being of their employees and the planet.

The company was founded in 1984 and is headquartered in Vancouver, Canada. It provides highly personalized and immersive shopping experiences for consumers worldwide through its website at aritzia.com, its mobile applications, and over 145 stores across North America.

Comparable sales

Comparable sales is a commonly used metric in the retail industry, which indicates the total combined revenue growth (or decline) of digital channels and established stores over a comparable reporting period, expressed in either absolute amount or percentage.

Non-IFRS financial indicators and retail industry indicators

This press release mentions several non-IFRS accounting standard indicators and retail industry indicators. These indicators are not recognized under the IFRS accounting standards issued by the International Accounting Standards Board, nor do they have a unified definition; therefore, they may not be directly comparable to similar indicators disclosed by other companies. The company provides these indicators as a supplement to the IFRS accounting standard indicators in order to better understand the operating results from a management perspective. As such, these indicators should not be considered in isolation, nor should they replace the analysis of the financial information reported by the company in accordance with the IFRS accounting standards. The non-IFRS financial indicators used by the company include EBITDA, adjusted gross profit, adjusted EBITDA, and adjusted net profit; non-IFRS ratios include adjusted gross margin, diluted adjusted earnings per share, adjusted EBITDA as a percentage of net revenue, adjusted net profit as a percentage of net revenue, comparable sales, and net revenue at constant exchange rates; capital management indicators include capital expenditures (excluding lease incentives) and free cash flow. This press release also mentions "gross margin," which is a commonly used operating indicator in the retail industry, but the calculation methods may vary among different retailers. According to applicable securities laws, gross margin is considered a supplementary financial indicator. The aforementioned non-IFRS financial indicators and retail industry indicators are provided to investors as a supplementary measure of operating performance and to highlight core business trends that may not be apparent when relying solely on the IFRS accounting standard indicators. The company believes that securities analysts, investors, and other stakeholders frequently use these indicators when evaluating the issuer. Management also uses these indicators to facilitate the comparison of operating performance over different periods, to prepare annual operating budgets and forecasts, and to determine components of management compensation. For more information on these indicators, please refer to the 2027 fiscal year second quarter MD &A, which is incorporated into this press release by reference.Relevant information can be found in sections such as "How to Evaluate Our Business Performance," "Non-IFRS Financial Indicators and Retail Industry Indicators," and "Selected Financial Information" of the 2027 fiscal year second quarter MD &A report. The document can be accessed on the SEDAR + ( www.sedarplus.com ) company profile page. Adjustment tables for various non-IFRS financial indicators are provided in the "Selected Financial Information" section of this press release.

Forward-looking Information

Certain statements in this document may constitute forward-looking information under the securities laws. Statements that contain forward-looking information are not historical facts, nor do they constitute guarantees of future performance. Instead, they reflect the current expectations and plans of management and are intended to help investors and others better understand the company's expected business strategy, financial condition, operating results, and operating environment. Readers should be aware that such information may not be applicable for other purposes. Although the company believes that these forward-looking statements are based on current, reasonable, and complete information, assumptions, and judgments, such information is still subject to various business, economic, competitive, and other risk factors, which may lead to significant differences between actual results and the expectations and plans expressed by management in the forward-looking information.

The specific forward-looking information in this document includes, but is not limited to:

  • Company's 2027 Fiscal Year Strategy and Financial Plan, along with Expected Outcomes
  • Company's financial outlook for the third quarter of fiscal year 2027, including net revenue and related impacts, adjusted gross margin, as well as the proportion of sales, general and administrative expenses to net revenue.
  • Company's financial outlook for the fiscal year 2027, including net revenue, new and repositioned store openings and opening times, adjusted gross margin, sales, general and administrative expenses as a percentage of net revenue, adjusted EBITDA as a percentage of net revenue, capital cash expenditures (excluding lease incentives) and their composition, depreciation and amortization, as well as exchange rates.
  • The direct and indirect impacts of tariffs, retaliatory tariffs, or other trade protection measures, as well as any ongoing or newly arising conflicts, on the company.
  • While continuing to drive key growth factors, the company's ability to adapt to different economic environments, including developments related to tariffs, is also being enhanced.
  • The company's confidence in its long-term goals, as well as its ability to achieve profit growth for shareholders.
  • Quantity of SVS available for purchase in 2026 NCIB

In particular, statements regarding the company's future results, objectives, performance achievement, intentions, prospects, opportunities, or other future events or market developments are considered forward-looking information. Forward-looking statements can typically be identified by the use of forward-looking language such as "plans," "objectives," "expects," "is expected to," "opportunities exist," "budgets," "arrangements," "estimates," "outlook," "predictions," "prospects," "strategies," "intends," "anticipates," "believes," etc., as well as their positive or negative variations. These may also include words like "may," "could," "will," "perhaps," "would," "shall be taken," "occur," "continue," or "achieve."

Forward-looking statements are based on information currently available to management, as well as estimates and assumptions, including assumptions regarding future economic conditions and courses of action. The significant estimates, assumptions, and judgments made by management in preparing such forward-looking statements include, but are not limited to:

  • Expected growth in retail and digital channels
  • Expected growth in the United States and Canada
  • The overall economic and geopolitical situation, including any new or significant changes in tariffs, taxes, trade restrictions, or similar measures (as well as any retaliatory measures), and any ongoing or newly emerging conflicts.
  • Changes in laws, regulations, rules, and global standards
  • The company's competitive position in the industry
  • The company's ability to keep up with changes in consumer preferences
  • There are no public health restrictions that affect customers' shopping patterns, nor are there any additional direct costs related to health and safety measures.
  • Company's Future Financial Outlook
  • The company's continuous ability to drive the development and innovation of exclusive brands and product categories
  • The company's ability to implement the eCommerce 2.0 strategy and optimize its omnichannel capabilities
  • The company's expectations for consistently strong inventory levels
  • The company's expectations for the new distribution center and the renovation of existing distribution centers
  • The company's ability to recruit and retain outstanding talent
  • The company's plans for the opening of new stores, the repositioning of existing stores and their timing, as well as expectations for the growth of the store network and annual area coverage.
  • The company's ability to mitigate business disruptions, including procurement and production activities
  • The company's expectations for capital expenditure
  • The company's ability to generate positive cash flow
  • The expected savings speed brought by the “smart spending” plan
  • Is there sufficient liquidity?
  • Storage costs and expedited shipping costs
  • Exchange Rates and Interest Rates

In addition to the assumptions mentioned above, the specific assumptions supporting the outlook for the fiscal year 2027 also include:

  • Macroeconomic Uncertainty
  • Product Portfolio Improvement
  • Expected benefits from the improvement in product gross margin, including the impact of IMU (if any) and discounts, as well as the leverage of occupancy costs.
  • Estimated impacts of newly proposed and contemplated tariffs, as well as assumptions regarding the duration, scope, and estimated impacts of the cancellation of the low-value duty-free policy
  • The company's approach and expectations regarding its real estate expansion strategy, including the expected payback period for stores and opening times, plan to open new stores and reposition existing ones will be carried out as anticipated and on time.
  • Expected growth in total store area
  • Infrastructure investment, including the opening of new and repositioned flagship stores, the expansion of support office space, as well as the advancement of digital technologies for eCommerce 2.0
  • Temporary cost pressures are gradually easing, including warehousing costs related to inventory management.
  • Exchange rate assumptions for the remaining period of the 2027 fiscal year: US dollar to Canadian dollar at 1.38

In light of the current challenging business environment, the following cannot be guaranteed: (a) the impact of the macroeconomy on the business, operations, workforce, supply chain performance, and growth strategy of Aritzia; (b) Aritzia's ability to mitigate these impacts, including ongoing measures to enhance short-term liquidity, control costs, and ensure business continuity; (c) the overall economic conditions and their impact on consumer behavior and shopping habits (including changes in interest rate environments); (d) credit, market, exchange rate, commodity market, inflation, interest rate, global supply chain, operational, and liquidity risks; (e) global uncertainties, such as those related to international trade policies and tariffs, geopolitical events, and international conflicts (including those in the Middle East); (f) possible public health-related restrictions that may be imposed on serving customers, or the duration of such restrictions; and (g) other inherent risks of Aritzia's business and/or factors beyond its control that could have a significant adverse effect on the company.

Many factors may lead to significant differences between the actual results, performance, achievements, or future events of the company and those stated or implied in the forward-looking statements. These factors include, but are not limited to, those mentioned in the "Risk Factors" section of the 2027 fiscal year second quarter MD &A referenced in this document, as well as related factors in the company's 2026 fiscal year AIF. Copies of the 2027 fiscal year second quarter MD &A, 2026 fiscal year AIF, and other publicly submitted documents of the company can be found on the company's information page at SEDAR + ( www.sedarplus.com ).

The company reminds that the aforementioned risk factors and uncertainties are not exhaustive, and other factors may also have an adverse effect on its performance. The company operates in a highly competitive and rapidly changing environment where new risks frequently arise. Management is unable to predict all risks, nor can it assess the impact of all risk factors on the business, or the extent to which any single factor or combination of factors could lead to a significant difference between actual results and forward-looking statements. Readers should carefully consider the relevant risks, uncertainties, and assumptions when evaluating forward-looking information and should be cautious not to rely too heavily on such information. The forward-looking information contained in this document represents the company's expectations as of the date of this document (or another specified date), and these expectations may change thereafter. Except as required by securities laws, the company assumes no intention, obligation, or commitment to update or revise any written or oral forward-looking information due to new information, future events, or other reasons.

More information

Investor contact: Beth Reed, Vice President of Investor Relations, 646-603-9844, [ email protected ]

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