Slides
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Alithya reports third quarter Fiscal 2026 results Fiscal 2026 third quarter ended December 31, 2025 Disclosed February 13, 2026
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Forward looking statements, financial outlook and non-IFRS measures Our presentations may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the U.S. Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbours (collectively “forward-looking statements”). Forward-looking statements include, without limitation, estimates, plans, expectations, forecasts, projections and other information and statements regarding the future growth, results of operations, performance and business prospects of Alithya which do not exclusively relate to historical facts or which refer to the characterizations of future events or circumstances. This includes statements regarding our expectations of clients' demands for our services, our ability to take advantage of business opportunities and meet our goals set in our three-year strategic plan, our ability to maintain and develop our business, including by broadening the scope of our service offerings, by leveraging artificial intelligence ("AI"), our geographic presence and our smart shore capabilities, our expertise, and our integrated offerings, and by entering into new contracts and penetrating new markets, our strategy, future operations, and prospects, including our expectations regarding future revenue resulting from bookings and backlog and providing stakeholders with long-term growing return on investment, our ability to service our debt and raise additional capital, our estimates regarding our financial performance, including our revenues, profitability, and costs and expenses, our ability to target suitable acquisitions and realize synergies, and our ability to balance, meet and exceed the needs of our stakeholders. Although management believes the expectations reflected in Alithya’s forward-looking statements were reasonable as at the date they were made, forward -looking statements are based on the opinions, assumptions and estimates of management and, as such, are subject to a variety of risks and uncertainties, many of which are beyond Alithya’s control, and which could cause actual events or results to differ materially from those expressed or implied in such statements. Such risks and uncertainties include but are not limited to those discussed in Alithya’s Management’s Discussion and Analysis (“MD&A”) for the year ended March 31, 2025 and for the three and nine months ended December 31, 2025, as well as in other materials made public, including documents filed with Canadian and U.S. securities regulatory authorities from time to time and which are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Forward-looking statements contained herein and expressed in our presentations are expressly qualified in their entirety by these cautionary statements and are made only as of the date hereof. Alithya expressly disclaims any obligation to update or revise any forward-looking statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on forward-looking statements since actual results may vary materially from them. Non-IFRS and other financial measures Alithya reports its financial results in accordance with International Financial Reporting Standards (“IFRS”). Alithya uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with IFRS. Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure (“Regulation 52-112”) prescribes disclosure requirements that apply to the following types of measures used by Alithya: (i) non-IFRS financial measures and (ii) other financial measures. In our presentations, the following non-IFRS and other financial measures may be used: Adjusted Net Earnings, Adjusted Net Earnings per Share; EBITDA; EBITDA Margin; Adjusted EBITDA; Adjusted EBITDA Margin; Constant Dollar Revenue; Constant Dollar Growth; Net Debt; Net Debt over Trailing Twelve Months (TTM) Adjusted EBITDA; Gross Margin as a Percentage of Revenues; Selling, General and Administrative Expenses (“SG&A”) as a Percentage of Revenues; Bookings; Book -to-Bill Ratio; Backlog. Additional details on these non-IFRS and other financial measures can be found in section 5 titled “Non-IFRS and Other Financial Measures” of Alithya’s MD&As filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.edgar.gov, which includes explanations of the composition and usefulness of these non-IFRS and other financial measures and which is hereby incorporated by reference. Reconciliations of non-IFRS measures to the most directly comparable IFRS measures are also provided in the MD&As. These measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from our perspective. They do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. They should be considered as supplemental in nature and not as a substitute for the related financial information prepared in accordance with IFRS. They are used to provide investors with additional insight of our operating performance and thus highlight trends in Alithya's business that may not otherwise be apparent when relying solely on IFRS measures. All amounts are in Canadian dollars unless otherwise indicated. F2026-Q3 Disclosure – February 13, 2026 / 2
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Presenters Paul Raymond President and Chief Executive Officer Bernard Dockrill Chief Operating Officer F2026-Q3 Disclosure – February 13, 2026 / 3 Pierre Blanchette Chief Financial Officer
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F2026-Q3 highlights ⁄ Bookings over $130M, with several key renewals as well as new engagements in strategic areas that include our AI-driven capabilities. ⁄ U.S. segment maintained its strong trajectory, achieving 12.7% year-over-year revenue growth. ⁄ Strong cash position and reduced debt support strategic growth and value-driven capital allocation. F2026-Q3 Disclosure – February 13, 2026 / 4
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F2026-Q3 quarterly performance F2026-Q3 F2025-Q3 YoY F2026-Q2 QoQ Revenues $115.2M $115.8M (0.5%) $124.3M (7.3%) Gross margin $36.5M $37.4M (2.4%) $42.8M (14.7%) Gross margin as a percentage of revenues(1) 31.7% 32.3% (60 bps) 34.4% (270 bps) SG&A expenses $28.5M $28.8M (1.0%) $31.3M (8.9%) SG&A expenses as a percentage of revenues(1) 24.7% 24.9% (20 bps) 25.2% (50 bps) Net Earnings (loss) 0.7M ($3.7M) n.m. ($31.0M) n.m. Adjusted net earnings(2) $5.1M $5.7M (10.5%) $9.5M (46.3%) Adjusted EBITDA(2) $10.0M $10.3M (2.9%) $12.8M (21.9%) Adjusted EBITDA margin(2) 8.7% 8.9% (20 bps) 10.3% (160 bps) (1) These are other financial measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. See "Non-IFRS and Other Financial Measures" at the beginning of this presentation. (2) These are non-IFRS financial measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. More information and quantitative reconciliations of these non-IFRS measures to the most directly comparable IFRS measures are presented in section 5 titled “Non-IFRS and Other Financial Measures” as well as the sections titled "Adjusted Net Earnings and Adjusted Net Earnings per Shares" and “EBITDA and Adjusted EBITDA” of Alithya's MD&As for the relevant periods. F2026-Q3 Disclosure – February 13, 2026 / 5
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Long-term performance trends 120,5 120,9 111,5 115,8 125,3 124,2 124,3 115,2 Q4-F24 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Q1-F26 Q2-F26 Q3-F26 38,7 38,5 34,1 37,4 46,1 39,8 42,8 36,5 Q4-F24 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Q1-F26 Q2-F26 Q3-F26 32,1% 31,9% 30,6% 32,3% 32,1% 34,4% 31,7% Revenues (in millions of $) Gross margin (in millions of $, except for gross margin as a percentage of revenues(1)) (1) This is another financial measure without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. See "Non-IFRS and Other Financial Measures" at the beginning of this presentation. F2026-Q3 Disclosure – February 13, 2026 / 6 36,8%
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Long-term profitability trends 9,5 10,5 10,1 9,3 10,3 18,0 11,6 12,8 10,0 Q3-F24 Q4-F24 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Q1-F26 Q2-F26 Q3-F26 7,8% 8,7% 8,3% 8,3% 8,9% 14,4% 9,4% 10,3% 8,7% -2,5 2,3 -2,8 -0,3 -3,7 8,0 0,2 -31,0 0,7 3,9 6,1 4,9 5,3 5,7 12,2 6,5 9,5 5,1 Q3-F24 Q4-F24 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Q1-F26 Q2-F26 Q3-F26 Adjusted EBITDA margin Net earnings (loss)Adjusted EBITDA Adjusted net earnings (1) 1) Net earnings includes a $1.0M tax credit recovery from a previous acquisition. 2) Net loss includes an impairment of $38.0M on the Canada and Industry Solutions cash-generating units. (in millions of $) (2) F2026-Q3 Disclosure – February 13, 2026 / 7
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Net debt leverage ratio (1) This is a non-IFRS measure without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. More information and a quantitative reconciliation of this non-IFRS measure to the most directly comparable IFRS measure are presented in section 5 titled “Non-IFRS and Other Financial Measures” as well as the section titled “Long-Term Debt and Net Debt" of Alithya's MD&As for the relevant periods. (2) This is a non-IFRS measure without a standardized definition under IFRS, which may not be comparable to similar measures used byother issuers. The Net Debt / Trailing Twelve Months (TTM) Adjusted EBITDA ratio is calculated by dividing the Net Debt by the Adjusted EBITDA, on a trailing twelve-month basis. Management believes that this ratio provides information as to the company’s leverage level, similar to bank covenants. 123,0 117,4 107,9 109,0 122,2 109,9 137,4 139,9 114,8 112,2 108,5 97,1 96,6 108,1 94,0 118,3 122,1 101,9 Q3-F24 Q4-F24 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Q1-F26 Q2-F26 Q3-F26 8,9 Net Debt (C$M)(1) Net Debt / TTM Reported Adjusted EBITDA(2) Cash Long-Term Debt 3,2 3,1 2,7 2,5 2,6 2,0 2,4 2,3 1,9 10,8 10,8 12,4 14,1 15,9 19,1 F2026-Q3 Disclosure – February 13, 2026 / 8 17,8 12,9
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Q3 operational updates
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1) These are other financial measures without a standardized definition under IFRS, which may not be comparable to similar measures used by other issuers. See "Non-IFRS and Other Financial Measures" at the beginning of this presentation. $ 125,6 $ 133,9 $ 98,2 $ 84,0 $ 138,4 $ 100,1 $ 118,1 $ 90,9 $ 130,9 Q3-F24 Q4-F24 Q1-F25 Q2-F25 Q3-F25 Q4-F25 Q1-F26 Q2-F26 Q3-F26 Book-to-Bill Ratio when revenues from the two long-term contracts signed as part of an acquisition in F2022-Q1 are excluded. Bookings(1) and Book-to-Bill Ratio(1) Last 12 months Bookings $440.0 Book-to-Bill Ratio 0.90 Book-to-Bill Ratio when revenues from the two long-term contracts signed as part of an acquisition in F2022-Q1 are included. Bookings (in millions of $) Legend Book-to-Bill Ratio 1.00 When excluding revenues from the two long-term contracts signed as part of an acquisition in F2022-Q1. F2026-Q3 Disclosure – February 13, 2026 / 10 1,20 1,27 0,92 0,85 1,34 0,90 1,06 0,80 1,26 1,04 1,11 0,81 0,75 1,20 0,80 0,95 0,73 1,14
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Diversification trends Since the launch of our strategic plan 39% U.S. 57% Canada 4% Intl F2024 25,4 36,0 32,9 40,3 35,0 19,0 26,7 32,8 39,7 50,4 1,3 3,0 2,5 1,8 2,1 F2022 F2023 F2024 F2025 TTM Q3 F2026 Canada US Intl. 48% U.S. 47% Canada 5% Intl Operating income by segment (in millions of $) Revenues by segment Can 5.9 29% FY26-Q1 Op. Income $ Q3 F2026 F2026-Q3 Disclosure – February 13, 2026 / 11
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Accelerators Industries AI-designed options to deliver faster time to value: automated testing, document processing and data capture, digital training and skilling, shop floor operations, enterprise applications, compliance and more… Financial services ⁄ Insurance ⁄ Manufacturing ⁄ Healthcare ⁄ Telecommunications ⁄ Government ⁄ Energy ⁄ Retail and distribution ⁄ Higher education ⁄ Professional services Partners Strategic consulting Enterprise transformation Business enablement The Alithya team Right talent, right location, maximum value Differentiating with our industry knowledge and expertise F2026-Q3 Disclosure – February 13, 2026 / 12
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% of our workforce in countries where we have clients % of our workforce in our international delivery centers % of our workforce in countries where we have clients % of our workforce in our international delivery centers 47% 48% 5% % of our revenues in our target geographies for the third quarter 14% EASTERN EUROPE INDIA MOROCCO 54% 27% 5% Our global footprint As of December 31, 2025 F2026-Q3 Disclosure – February 13, 2026 / 13
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Question period