Slides
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5-Year Strategic PlanInvestor Day 2026
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This presentation has been prepared by Aritzia Inc. (the “Company”) solely for information purposes. Certain statements made in this presentation may constitute forward-looking information under applicable securities laws. Statements containing forward-looking information are neither historical facts nor assurances of future performance, but instead, provide insights regarding management’s current expectations and plans and allows investors and others to better understand the Company’s anticipated business strategy, financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Although the Company believes that the forward-looking statements are based on information, assumptions and beliefs that are current, reasonable, and complete, such information is necessarily subject to a number of business, economic, regulatory, competitive and other risk factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information. This presentation also refers to certain non-IFRS financial measures. See “Forward-Looking Information” and “Non-IFRS Financial Measures and Retail Industry Metrics” starting on page 103 of this presentation for further details. 2 Important Information
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Presentation10:15AM – 1:30PMIntroduction 10:15 – 10:25The World of Aritzia —Today and Tomorrow10:25 – 10:35Amplify the Core10:35 – 11:30Break 11:30 – 11:40Build the Future11:40 – 12:00Financial Projections12:00 – 12:20Lunch Service12:20 – 12:45Q&A 12:45 – 1:30 3 Agenda
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Today’s Presenters 4 Brian HillFounder and Executive Chair42-Year Tenure Todd IngledewChief Financial Officer10-Year Tenure Karen JanesExecutive Vice President, Real Estate9-Year Tenure Jennifer WongChief Executive Officer39-Year Tenure Margot JohnsonChief Digital Officer3-Year Tenure
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Brian HillFounder and Executive Chair 5
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Jennifer WongChief Executive Officer 7
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8 The World of Aritzia
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9 We are uniquely positioned in the global fashion landscape. LuxurySub-Luxury Mid-MarketFast FashionDiscount Ultra Everyday Luxury®
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10 Everyday Luxury is what we’ve created. ®LuxurySub-Luxury Mid-MarketFast FashionDiscount Ultra Everyday Luxury®
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11 The World of Aritzia is what we’re building.
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Demonstrated Results12
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The strength of our model continues to drive exceptional results. 13
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14 We consistently exceed our goals, raising the bar for what’s next.FY16 – FY22 FY23 – FY27IPO GOALFY22 ACTUALTARGETGUIDANCE NET REVENUE$1.1–1.2B$1.5B$3.5–3.8B$4.78–4.88B NET REVENUE CAGR15–17%18%15–17%21–22% ADJ. EBITDA MARGIN1,218%19%19%20% 1 Adjusted EBITDA margin is a non-IFRS ratio. See "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation.2 Adjusted EBITDA margin was 17.8% for Fiscal 2026. Net income as a percentage of net revenue for Fiscal 2026 was 10.3%.See "Forward-Looking Information" starting on page 103 of this presentation.
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15 Over the last four years, we focused on three growth levers to help support our exceptional performance. GEOGRAPHIC EXPANSIONDIGITAL GROWTH AWARENESS PURCHASE DIGITAL PHYSICAL ENGAGEMENTADVOCACY INCREASED BRAND AWARENESS1 2 3 LuxurySub-Luxury Mid-MarketFast FashionDiscount Ultra
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Everyday Luxury is resonating.We have created meaningful momentum as we enter our next multi-year plan. 16
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The Opportunity Ahead 17
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18 Amplify the Core. Capture More of Their ClosetDeliver Sustained Digital GrowthExpand Our Boutique NetworkIncrease Brand Awareness
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19 Build the Future. Bring Aritzia to The WorldScale the Enterprise
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20 By FY32, we expect to achieve… $9.5–10.5 billion in net revenue. 1 Adjusted EBITDA margin is a non-IFRS ratio. See "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation.2 Adjusted EBITDA margin was 17.8% for Fiscal 2026. Net income as a percentage of net revenue for Fiscal 2026 was 10.3%.See "Forward-Looking Information" starting on page 103 of this presentation. Adjusted EBITDA margin of 21%.1,2
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21 Amplify the Core.Topic PresenterDurationIncrease Brand AwarenessJennifer Wong10 MINExpand Our Boutique NetworkKaren Janes15 MINDeliver Sustained Digital GrowthMargot Johnson15 MINCapture More of Their ClosetBrian Hill15 MIN
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22 Increase Brand Awareness
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Our brand is the foundation of our marketing strategy. 23
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24 ® Everyday Luxury .The appeal extends far and wide.
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Everyday Luxury is resonating — we’ve nearly doubled our client base in four years. FY23FY24FY25FY26FY27Guidance Aritzia Total Client Count FY23 - FY27 Guidance 16% CAGR 25See "Forward-Looking Information" starting on page 103 of this presentation. ®
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26 Our marketing works. We are expanding our reach and deepening client engagement at scale.
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Brand awareness in the United States continues to grow, with significant upside still ahead.Brand awareness in Canada is twice as high as in the United States. Source: YPulse, Brand Awareness as of Oct 202627
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28 We've nearly doubled our client base. Now we're aiming to do it again by FY32.•Full-Funnel Marketing Investments•Boutique Expansion•Digital Initiatives•Loyalty Initiatives See "Forward-Looking Information" starting on page 103 of this presentation.
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29 Amplify the Core.Topic PresenterDurationIncrease Brand AwarenessJennifer Wong10 MINExpand Our Boutique NetworkKaren Janes15 MIN
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Karen JanesExecutive Vice President, Real Estate30
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31 Expand Our Boutique Network
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32 Over the past four years, we’ve strategically expanded our boutique network. 68 68 67 68 65 46 51 63 76 87 FY23FY24FY25FY26FY27 114 119 130 144 15217% Boutique Count CAGR Canada USA 25% Sq. Ft. CAGR Sq. Ft. (000) 873 917 1,1221,3031,468 USAUSA Sq. Ft. CAGR TOTAL14% Boutique Count CAGR TOTAL7% Guidance Projected boutique count to the end of Fiscal 2027. Four existing Reigning Champ boutiques are excluded from this boutique count.See "Forward-Looking Information" starting on page 103 of this presentation.
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33 We are on track to exceed our real estate goals. FY23 – FY27TARGETPROJECTED Average 11 per yearNEW BOUTIQUES8–10 per year 19NEW MARKETS18 Approximately 70%SQUARE FOOTAGE GROWTHUp to 60% Average 4 per year3–5 per yearREPOSITIONED BOUTIQUES See "Forward-Looking Information" starting on page 103 of this presentation.
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Los Angeles 14 4 Dallas San Jose Portland SeattleVictoria Edmonton CalgarySaskatoon Winnipeg ChicagoDetroit Toronto MontrealOttawa Halifax BostonSuburban New YorkManhattan 12 1 2 7 3 1 1 62 4616 2 1 4 24 2 Whistler Philadelphia2Denver 2Minneapolis 2Houston1Austin 2 1Quebec City 6 2Atlanta 1Charlotte DC 1 1Columbus 1Kansas City 1Nashville 1Salt Lake City 1San Antonio 1Jacksonville 1Durham 1Cincinnati Niagara 1Indianapolis Tampa 1Sacramento 1Pittsburgh 1Kelowna 1Connecticut Vancouver Miami Scottsdale2 San Francisco3 1New Orleans 1Birmingham 1St. Louis 1Cleveland1 1Orlando San Diego2 713CabazonLas Vegas 34 At maturity, our United States footprint should reach 200 boutiques, up from 87.Map excludes Ala Moana Center in Hawaii.1 Projected boutique count to the end of Fiscal 2027. Four existing Reigning Champ boutiques are excluded from this boutique count.See "Forward-Looking Information" starting on page 103 of this presentation. We have significant opportunity to expand our market presence across the United States.PROJECTEDEND OF FY271 65CANADAUSATOTAL87152 TARGETEND OF FY32 60160220
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35 We secure premier real estate through a disciplined selection process.•Preferred tenant among landlords•AAA locations in high-performing retail areas•Prominent, highly visible locations with strong foot traffic •Traffic and volume driving adjacencies
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36 See "Forward-Looking Information" starting on page 103 of this presentation. We plan to open 12–14 boutiques annually across the United States through FY32.Our targeted payback period for new boutiques is 12–18 months.
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37 See "Forward-Looking Information" starting on page 103 of this presentation. We will enter 15–18 new markets across the United States by FY32.With every new market, digital continues to grow meaningfully.We are seeing an average lift of approximately 65% in digital when we open a new boutique in a new market.
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We will reposition 5–7 existing boutiques annually. 38 See "Forward-Looking Information" starting on page 103 of this presentation.
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39 See "Forward-Looking Information" starting on page 103 of this presentation. We will double our retail footprint by FY32.We expect mid-teens annual square footage growth, with 160 boutiques in the United States by FY32.
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We have the strategy, capabilities and scale to support our next chapter of growth. 40
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41 Amplify the Core.Topic PresenterDurationIncrease Brand AwarenessJennifer Wong10 MINExpand Our Boutique NetworkKaren Janes15 MINDeliver Sustained Digital GrowthMargot Johnson15 MIN
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Margot JohnsonChief DigitalOfficer 42
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43 Deliver Sustained Digital Growth
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44 Our digital business has delivered significant growth.Aritzia Digital Net Revenue FY16 – FY27 GuidanceCanada and United States Revenue,CAD See "Forward-Looking Information" starting on page 103 of this presentation. 35% CAGR FY16FY17FY18FY19FY20FY21FY22Beginning of previous 4-year planFY23FY24FY25FY26Guidance On track to exceed 4Y plan by >$100M FY27
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45 Our digital business is expanding our reach and engagement. 23%Traffic 4-Year CAGR2xDigital TransactingClients 50%Boutique Purchases, Digitally Influenced2x Likely to Shop Across Channels
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46 Our digital results are powered by a proven playbook, strengthened by Brand, Product and Boutique. Meet the Client Where They AreDeepen Client RelationshipsCreate Digital DestinationsUnify Our Channels Invest In Infrastructure 01 02 03 04 05
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We built a full-funnel digital marketing program. 47 0102030405MEET THE CLIENT WHERE THEY ARE 47
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0102030405DEEPEN CLIENT RELATIONSHIPS 48 We connected with the client through our product.
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49 0102030405CREATE DIGITAL DESTINATIONS We launched the Aritzia App.®
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50 UNIFY OUR CHANNELS0102030405 We unlocked boutique inventory online.
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51 INVEST IN INFRASTRUCTURE0102030405 We built a world-class digital foundation, ready to scale.
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52 Deliver Sustained Digital Growth NewClothingOuterwearSweatfleeceDressesAccessories The New Fall CollectionExpertly Tailored Outerwear
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53 We will grow our Canada and United States digital business to $4.1–4.5 billion by FY32. •Deliver approximately 20% CAGR•Drive 50% of Company growth •Remain our most profitable channel See "Forward-Looking Information" starting on page 103 of this presentation.
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54 0102030405MEET THE CLIENT WHERE THEY ARE We will introduce Aritzia to even more new clients.
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55 0102030405DEEPEN CLIENT RELATIONSHIPS We will launch a differentiated Loyalty experience.
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56 0102030405CREATE DIGITAL DESTINATIONS We will create entertaining, immersive digital experiences.
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57 UNIFY OUR CHANNELS0102030405 We will create one seamless Aritzia journey.
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We will strengthen the foundation to make even more possible for our clients.58 0102030405INVEST IN INFRASTRUCTURE
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59 We will deliver $4.1–4.5 billion in Canada and United States digital revenue by FY32. Meet the Client Where They AreDeepen Client RelationshipsCreate Digital DestinationsUnify Our Channels Invest In Infrastructure 01 02 03 04 05 See "Forward-Looking Information" starting on page 103 of this presentation.
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60 Amplify the Core.Topic PresenterDurationIncrease Brand AwarenessJennifer Wong10 MINExpand Our Boutique NetworkKaren Janes15 MINDeliver Sustained Digital GrowthMargot Johnson15 MINCapture More of Their ClosetBrian Hill15 MIN
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61 Capture More of Their Closet
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We elevate our product across all our divisions.Our strategic approach to product extends across our client’s complete closet. We bring Everyday Luxury® to styling, fit and quality. 62
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63 We are raising the bar on denim.Denim has been central to Aritzia’s brand since 1984. We’re scaling our denim business to expand our ready-to-wear assortment.
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64 We will expand our assortment to capture more of our clients' closets.•Soft Accessories•Handbags•Footwear•Beauty (Fragrance, Skincare, Makeup)•Jewellery
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65 We offer climate-appropriate fabrics, styles and colours year-round to better serve clients in warmer markets. We have unlocked new growth opportunities in warmer climates.
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66 Product expansion will contribute an incremental$1.5 billion in net revenue by FY32. See "Forward-Looking Information" starting on page 103 of this presentation.
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Break
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68 Build the Future.Topic PresenterDurationBring Aritzia to The WorldJennifer Wong10 MINScale the EnterpriseJennifer Wong10 MIN
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Jennifer WongChief Executive Officer 69
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70 Bring Aritzia to The World
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International expansion is Aritzia’s next growth platform.An engine for sustained growth beyond FY32. 71
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72 We have significant runway in the United States. And a world of opportunity beyond.
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73 Our reputation precedes us — we've built a following far beyond our borders.~40% of our social media followers live outside Canada and the United States.1International markets create 1 in 5 earned posts about Aritzia.2 Source 1: Internal analysis of Instagram follower location analytics as of Oct 13, 2026. Location analytics are estimated and have not been independently verified. Includes ~3% of followers who do not have a reported location. Source 2: Internal analysis of publicly available social media posts referencing Aritzia across various platforms, limited to posts from authors with identifiable locations outside the USA and Canada through Oct 14, 2026. Results are estimates and have not been independently verified.
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74 We are turning global interest into a growing international business.International sales have doubled since the launch of our new global ecommerce site. Select your country Select your currency NewClothingOuterwearSweatfleeceActivewearAccessoriesDiscover
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We will bring Aritzia to the world with intention.We'll prioritize markets that align with our brand and operating model to maximize our likelihood of success, while refining our playbook for future expansion. 75
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76 International expansion will contribute up to $500M in net revenue by FY32. See "Forward-Looking Information" starting on page 103 of this presentation.
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77 Build the Future.Topic PresenterDurationBring Aritzia to The WorldJennifer Wong10 MINScale the EnterpriseJennifer Wong10 MIN
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Scale the Enterprise 78
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79 We always build for what's next.Our long-term infrastructure investments have enabled 40+ years of profitable growth.
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We will invest in the technology that powers our future. 80
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We will expand our physical operating capacity to deliver more for our clients.•Expand our distribution centre network across the United States.•Expand our Concierge facilities and language capabilities. 81
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We will bring Everyday Luxury to the world through a connected network of support offices. 8282 ®
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83 Our world-class people make our greatest ambitions possible.
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84 We are building for FY32 — and beyond.
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Todd IngledewChief FinancialOfficer 85
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86 Driving Sustainable Long-Term Growth
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FY27Guidance 87 We have a proven track record of exceptional growth.$4.78–4.88B Aritzia Net Revenue FY16 –FY27 GuidanceRevenue,CAD 22% CAGR $0.5B FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26 See "Forward-Looking Information" starting on page 103 of this presentation.
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88 We delivered results exceeding our high expectations.FY23 – FY27TARGETGUIDANCE $4.78–4.88BNET REVENUE$3.5–3.8B $1.8B (24% CAGR)DIGITAL NET REVENUE$1.5–1.7B Approximately 70%Up to 60%RETAIL SQUARE FOOTAGE GROWTH 20%ADJ. EBITDA MARGIN1,219% 21–22%NET REVENUE CAGR15–17% 1 Adjusted EBITDA margin is a non-IFRS ratio. See "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation.2 Adjusted EBITDA margin was 17.8% for Fiscal 2026. Net income as a percentage of net revenue for Fiscal 2026 was 10.3%.See "Forward-Looking Information" starting on page 103 of this presentation.
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Our meaningful cash generation fuels investments and shareholder returns.•Capital investment1 of approximately $900M from FY24 to FY27 in boutiquesand infrastructure.•Shareholder returnsof approximately $500M through share repurchases from FY24 to FY27. 89 1 Capital cash expenditures (net of proceeds from lease incentives), or capital investment, is a capital management measure. See "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation for additional information.See "Forward-Looking Information" starting on page 103 of this presentation.
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90 We are entering our next multi-year plan from a position of strength.
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We will deliver significant revenue growth, supported by multiple strategic levers.$9.5–10.5B net revenueby FY3215–17%CAGR FY27-32 91 See "Forward-Looking Information" starting on page 103 of this presentation.
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92 Our next phase of growth will be led by the United States. See "Forward-Looking Information" starting on page 103 of this presentation. UNITED STATESHigh-teensCAGR FY27-32CANADAContinued modest growthFY27-32 INTERNATIONALUp to $500Mby FY32
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United States85% InternationalApproximately 10%Canada5%See "Forward-Looking Information" starting on page 103 of this presentation. Flatiron, New York We plan for the United States to generate approximately 85% of our growth. 93
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94 We will deliver meaningful growth across both our digital and retail channels in North America.DIGITALApprox. 20%Net Revenue CAGRFY27-32 RETAILLow Double-Digit Net Revenue CAGRFY27-32 See "Forward-Looking Information" starting on page 103 of this presentation.
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95 Product expansion and increased brand awareness will drive growth across geographies and channels.
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We expect to deliver an adjusted EBITDA margin1,2 of 21% by FY32. •IMU improvements•Fixed cost leverage•Smart spending•Channel mix shift•Geographic mix shift •Technology•Digital•International expansion OUR MARGIN DRIVERSOUR INVESTMENTS Balancing margin expansion with investments in the business. 1 Adjusted EBITDA margin is a non-IFRS ratio. See "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation.2 Adjusted EBITDA margin was 17.8% for Fiscal 2026. Net income as a percentage of net revenue for Fiscal 2026 was 10.3%.See "Forward-Looking Information" starting on page 103 of this presentation. 96
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97 We have targeted priorities for capital allocation. UTC, San Diego Investing in GrowthBuilding InfrastructureReturning Cash to Shareholders
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98 We will invest strategically to power our long-term growth. $2.0 billionCumulative net capital expenditures1FY28–FY32 Retail Square Footage Growth$1.1B Distribution Centres$500MDigital & Technology Growth Enablement$200M Support Office & Maintenance$200M 1 Capital cash expenditures (net of proceeds from lease incentives), or capital investment, is a capital management measure. See "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation for additional information.See "Forward-Looking Information" starting on page 103 of this presentation.
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99 We will return meaningful capital to shareholders. UTC, San Diego 50% free cash flow1 to shareholdersApprox. $2B of share repurchasesFY28-32 1 Free Cash Flow is a capital management measure, see "Non-IFRS Financial Measures and Retail Industry Metrics" on page 105 of this presentation for additional information.See "Forward-Looking Information" starting on page 103 of this presentation.
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We will continue to drive long-term profitable growth and create value for our shareholders.•Accelerated brand momentum•Multiple growth pillars•Proven record of successful execution•Continued gross margin tailwinds•Strong balance sheet 100
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Lunch Service
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Question & Answer Period102
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Forward-Looking InformationCertain statements made in this presentation may constitute forward-looking information under applicable securities laws. Statements containing forward-looking information are neither historical facts nor assurances of future performance, but instead, provide insights regarding management’s current expectations and plans and allow investors and others to better understand the Company’s anticipated business strategy, financial position, results of operations and operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Although the Company believes that the forward-looking statements are based on information, assumptions and beliefs that are current, reasonable, and complete, such information is necessarily subject to a number of business, economic, regulatory, competitive and other risk factors that could cause actual results to differ materially from management’s expectations and plans as set forth in such forward-looking information.Specific forward-looking information in this presentation include, but are not limited to, statements relating to:•our expectations as to the Company’s 5-year strategic plan including the results therefrom, and our ability to advance strategic growth levers underpinning our 5-year strategic plan, including increasing brand awareness, expanding our boutique network, delivering sustained Digital growth, capturing more of their closet, bringing Aritzia to the world, scaling the enterprise,•our estimates of FY27 net revenues, compound annual growth rate (“CAGR”), Digital net revenue, Adjusted EBITDA margin, client count, boutique count; FY23 to FY27 retail square footage growth, and FY24 to FY27 capital cash expenditures (net of proceeds from lease incentives), or capital investments or net capital expenditures, and share repurchases,•our estimates of FY32 net revenues, geographical and channel composition thereof, retail net revenue growth, and CAGR,•our net revenue growth expectations for the United States, Canada and international markets,•our expectations of Adjusted EBITDA margin and assumptions such as:•drivers such as IMU improvements, fixed cost leverage, smart spending, channel mix shift, and geographic mix shift, and•investments in technology, digital and international expansion,•our estimate of EPS growth outpacing revenue growth,•our targeted priorities for capital allocation,•our estimate of share repurchases and return of free cash flow to shareholders from FY28 to FY32,•our expectations for our client count growth,•our expectations for significant upside in United States brand awareness,•our expectations and assumptions with respect to expanding our boutique network including:•expanding our market presence across the United States including our target number of boutiques,•anticipated boutique repositions,•targeted payback period for new boutiques,•total boutique count in the United States by FY32,•annual square footage growth and size of our retail footprint by FY32,•our expectations regarding our sustained Digital growth, including:•Digital net revenues,•Canada & United States Digital business net revenues,•launching of a Loyalty experience, expansion of our Digital marketing program and other Digital initiatives•our plan to capture more of our client’s closets including:•expanding the breadth of our assortment,•product expansion contribution to net revenue,•our expectations with respect to international expansion and the anticipated contribution to net revenue,•our plans to scale our enterprise including:•modernizing our technology foundation,•expanding our distribution center network in the United States,•expanding our concierge facilities and language capabilities, and•our anticipated cumulative capital cash expenditures (net of proceeds from lease incentives) from FY28 to FY32, and•our assumption of taxation rates being consistent with historical levels.103
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Forward-Looking Information (continued)Forward-looking information includes information regarding our expectations of future results, targets, performance achievements, intentions, prospects, opportunities or other characterizations of future events or developments or the markets in which we operate. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or positive or negative variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur”, “continue”, or “be achieved”.Forward-looking statements are based on information currently available to management and on estimates and assumptions, including assumptions about future economic conditions and courses of action. Examples of material estimates, assumptions and beliefs made by management in preparing such forward-looking statements include, but are not limited to:•anticipated growth across our retail and digital channels,•anticipated growth in the United States, Canada and international,•general economic and geopolitical conditions, including the imposition of any new, or any material changes to applicable duties, tariffs and trade restrictions or similar measures (and any retaliatory measures) and any ongoing or new conflicts,•changes in laws, rules, regulations, and global standards,•our competitive position in our industry,•our ability to keep pace with changing consumer preferences,•no public health related restrictions impacting client shopping patterns or incremental direct costs related to health and safety measures,•our future financial outlook,•our ability to drive ongoing development and innovation of our exclusive brands and product categories,•our ability to realize our Digital strategy and optimize our omni-channel capabilities,•our expectations for continuing strong inventory position,•our expectations regarding any new distribution centers and retrofitting of existing distribution centers,•our ability to recruit and retain exceptional talent,•our expectations regarding new boutique openings, repositioning of existing boutiques, and the timing thereof, and growth of our boutique network and annual square footage,•our ability to mitigate business disruptions, including our sourcing and production activities,•our expectations for capital expenditures,•our ability to generate positive cash flow,•the anticipated benefits of our smart spending initiative,•availability of sufficient liquidity,•warehousing costs and expedited freight costs,•the price of our shares, and•currency exchange and interest rates.In addition to the assumptions noted above, specific assumptions in support of our Fiscal 2032 outlook include:•continued strength of retail and Digital businesses,•total boutique count of 220 by Fiscal 2032, driven by 12 to 14 new boutique openings annually in the United States,•five to seven repositions annually,•entry into new markets in the United States,•retail square footage CAGR in the mid-teens,•product expansion contributing an incremental $1.5 billion in net revenue by FY32,•international expansion contribution of up to $500 million in net revenue by FY32,•estimated FY28 to FY32 capital cash expenditures (net of proceeds from lease incentives) of approximately $2 billion and the composition thereof,•50% of free cash flow returned to shareholders through approximately $2 billion of share repurchases over the five-year period,•foreign exchange rate assumption from Fiscal 2028 to Fiscal 2032: USD:CAD = 1.36, and•taxation rates consistent with historical levels.104
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Forward-Looking Information (continued)Given the current challenging operating environment, there can be no assurances regarding: (a) the macroeconomic impacts on Aritzia's business, operations, labour force, supply chain performance and growth strategies; (b) Aritzia's ability to mitigate such impacts, including ongoing measures to enhance short-term liquidity, contain costs and safeguard the business; (c) general economic conditions and impacts to consumer discretionary spending and shopping habits (including impacts from changes to interest rate environments); (d) credit, market, currency, commodity market, inflation, interest rates, global supply chains, operational, and liquidity risks generally; (e) global uncertainty such as uncertainty with respect to international trade policies and tariffs, geopolitical events and international conflicts (including the conflict in the Middle East); (f) public health related limitations or restrictions that may be placed on servicing our clients or the duration of any such limitations or restrictions; and (g) other risks inherent to Aritzia's business and/or factors beyond its control which could have a material adverse effect on the Company.Many factors could cause our actual results, performance, achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the "Risk Factors" section of our Q2 2027 MD&A dated October 8, 2026 (the “Q2 2027 MD&A”), the Fiscal 2026 MD&A dated May 7, 2026 (the “Fiscal 2026 MD&A”), and the Company's annual information form for Fiscal 2026 dated May 7, 2026 (“Fiscal 2026 AIF”), which are incorporated by reference into this presentation. A copy of the Q2 2027 MD&A, Fiscal 2026 MD&A and the Fiscal 2026 AIF and the Company's other publicly filed documents can be accessed under the Company's profile on SEDAR+ at www.sedarplus.com.The Company cautions that the foregoing list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. We operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for management to predict all risks, nor assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this document represents our expectations as of the date of this document (or as of the date they are otherwise stated to be made) and are subject to change after such date. We disclaim any intention, obligation or undertaking to update or revise any forward-looking information, whether written or oral, as a result of new information, future events or otherwise, except as required under applicable securities laws.Non-IFRS Financial Measures and Retail Industry MetricsThis presentation makes reference to certain non-IFRS Accounting Standards measures (“non-IFRS financial measures”) and certain retail industry metrics. These measures are not recognized measures under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), do not have a standardized meaning prescribed by IFRS Accounting Standards, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS Accounting Standards measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS Accounting Standards. We use non-IFRS financial measures including “EBITDA”, and “Adjusted EBITDA”; non-IFRS Accounting Standards ratios ("non-IFRS ratios") including "Adjusted EBITDA as a percentage of net revenue" (or “Adjusted EBITDA margin”), “comparable sales” and capital management measures including ”capital cash expenditures (net of proceeds from lease incentives)” (or “net capital expenditures”), and “free cash flow.” These non-IFRS financial measures and retail industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS Accounting Standards measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures and retail industry metrics in the evaluation of issuers. Our management also uses non-IFRS financial measures and retail industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. For additional information regarding measures, please see the "How We Assess the Performance of Our Business" and "Selected Financial Information" sections of our Q2 2027 MD&A and Fiscal 2026 MD&A, available on SEDAR+ at www.sedarplus.com, which are incorporated herein by reference.Certain Other MattersAll dollar amounts included in this presentation refer to Canadian dollars unless otherwise indicated. Note that calculated figures may not add up precisely due to rounding. Unless otherwise expressly stated herein, all information provided in this presentation is presented as of October 27, 2026. Any graphs, tables or other information demonstrating our historical performance, or any other entity contained in this presentation, are intended only to illustrate past performance of such entities and are not necessarily indicative of our future performance. All references to FY32 are to our 52-week period ending February 29, 2032. 105