Slides
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EARNINGS PRESENTATION Q2 FY27
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DISCLAIMER Q2 FY27 EARNINGS 2 All references in this presentation to “Canada Goose”, the “Company”, “we”, “our”, “us” or similar terms refer to Canada Goose Holdings Inc., together with its subsidiaries. This presentation has been prepared by Canada Goose solely for information purposes. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. Unless otherwise indicated, all amounts are presented in Canadian dollars. FORWARD-LOOKING INFORMATION This presentation contains forward-looking statements within the meaning of applicable securities laws, including statements relating to our fiscal 2027 financial outlook, the related assumptions included herein, the execution of our proposed strategy, and our operating performance and prospects. These forward-looking statements generally can be identified by the use of words such as “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “potential,” “would,” “will,” and other words of similar meaning. Each forward-looking statement contained in this presentation is subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the impact on our operations of the current global economic conditions and their evolution and are discussed under “Cautionary Note regarding Forward-Looking Statements” and “Factors Affecting our Performance” in our Management's Discussion and Analysis ("MD&A") for the year ended March 29, 2026 and for the second quarter ended September 27, 2026, as well as under “Risk Factors” in our Annual Report on Form 20-F for the year ended March 29, 2026. You are also encouraged to read our filings with the SEC, available at www.sec.gov, and our filings with Canadian securities regulatory authorities available at www.sedarplus.ca for a discussion of these and other risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this presentation when making an investment decision in our securities. The fiscal year 2027 financial outlook discussed in this presentation also constitutes "financial outlook" within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. The purpose of this outlook is to provide a description of management's expectations regarding the Company's annual financial performance and may not be appropriate for other purposes. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond the company’s control. Please refer to our earnings release dated November 5, 2026 for more information on the assumptions underlying our fiscal year 2027 outlook. Although we base the forward-looking statements contained in this presentation on assumptions that we believe are reasonable, we caution readers that actual results and developments (including our results of operations, financial condition and liquidity, and the development of the industry in which we operate) may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. Additional impacts may arise that we are not aware of currently. The potential of such additional impacts intensifies the business and operating risks which we face, and these should be considered when reading the forward-looking statements contained in this presentation. In addition, even if results and developments are consistent with the forward- looking statements contained in this presentation, those results and developments may not be indicative of results or developments in subsequent periods. As a result, any or all of our forward- looking statements in this presentation may prove to be inaccurate. No forward-looking statement is a guarantee of future results. Moreover, we operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for our management to predict all risks, nor can we assess the impact of all 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 we may make. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements. You should read this presentation and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained herein are made as of the date of this presentation (or as of the date specifically indicated therein), and we do not assume any obligation to update any forward-looking statements except as required by applicable laws. GENERAL
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DISCLAIMER Q2 FY27 EARNINGS 3 NON-IFRS FINANCIAL MEASURES AND OTHER SPECIFIED FINANCIAL MEASURES This presentation includes references to certain non-IFRS financial measures such as adjusted EBITDA, adjusted EBIT, adjusted net income (loss) attributable to shareholders of the Company, net debt and constant currency revenue and certain non-IFRS ratios such as adjusted EBIT margin and adjusted net income (loss) per basic and diluted share attributable to the shareholders of the Company. These financial measures are employed by the Company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s operating and financial performance. These financial measures are not defined under IFRS nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. This presentation also includes references to DTC comparable sales (decline) growth and inventory turnover which are supplementary financial measures. Unless otherwise noted, non-IFRS financial measures presented herein reflect continuing operations only, with amounts attributable to discontinued operations in connection with the Baffin Sale excluded from both current and comparative periods. Adjusted EBIT, adjusted EBIT margin, adjusted net income attributable to shareholders of the Company, and adjusted net income per basic and diluted share attributable to shareholders of the Company. These measures exclude the impact of certain non-cash items and certain other adjustments related to events that are non-recurring or unusual in nature, that we believe are not otherwise reflective of our ongoing operations and/or that make comparisons of underlying financial performance between periods difficult. We use, and believe that certain investors and analysts use, this information to evaluate our core financial and operating performance for business planning purposes, as well as to analyze how our business operates in, or responds to, swings in economic cycles or to other events that impact the apparel industry. PRESENTATION OF FINANCIAL INFORMATION On August 10, 2026, the Company closed the sale of Baffin Limited, reflecting the Company's continued focus on simplifying the business and on its key strategic priorities. As a result, the financial results are presented on a continuing basis, excluding Baffin discontinued operations, and prior periods have been reclassified accordingly.
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DISCLAIMER Q2 FY27 EARNINGS 4 CONSTANT CURRENCY REVENUE Constant currency revenue is calculated by translating the prior year reported amounts into comparable amounts using a single foreign exchange rate for each currency calculated based on the current period exchange rates. We use, and believe that certain investors and analysts use, this information to assess how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations. NET DEBT We define net debt as cash less total borrowings and lease liabilities. We use, and believe that certain investors and analysts use non-IFRS financial measure to determine the Company’s financial leverage and ability to meet its debt obligations. DTC COMPARABLE SALES (DECLINE) GROWTH DTC comparable sales (decline) growth which is a supplementary financial measure defined as a rate of growth or decline of sales on a constant currency basis from e-Commerce sites and stores which have been operating for one full year (12 successive fiscal months). The measure excludes store sales from both periods for the specific trading days when the stores were closed, whether those closures occurred in the current period or the comparative period. The DTC comparable sales metric reported by the Company may not be equivalent to similarly titled measures presented by other companies. INVENTORY TURNOVER Inventory turnover is a supplementary financial measure defined as the ratio of rolling 12-month cost of goods sold to average inventory, calculated as the average inventory balances for the last five quarters. The measure is used to assess inventory management efficiency and the rate at which inventory is sold and replenished. The inventory turnover metric reported by the Company may not be equivalent to similarly titled measures presented by other companies.
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DANI REISS Chief Executive Officer Q2 FY27 EARNINGS NEIL BOWDEN Chief Financial Officer CARRIE BAKER President, Brand & Commercial BETH CLYMER President, Chief Operating Officer 5
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DANI REISS Chief Executive Officer Q2 FY27 EARNINGS 6
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DEEPEN BRAND DESIRE AND TRANSLATE MOMENTUM INTO DEMAND BUILD A REPEATABLE PRODUCT PLAYBOOK IMPROVE CHANNEL PRODUCTIVITY AND CAPITAL EFFICIENCY FY27 STRATEGIC PRIORITIES Q2 FY27 EARNINGS 7
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Q2 FY27 EARNINGS Natural Intelligence, our new brand platform, drove reach and brand engagement that exceeded benchmarks Expanded cultural relevance through collaborations with Keanu Reeves and ARCH Motorcycle Racing, and Ewan McGregor’s TRUE WIND documentary Brand awareness, consideration, and desire improved Y/Y in markets, including UK, France and Mainland China DEEPEN BRAND DESIRE AND TRANSLATE MOMENTUM INTO DEMAND 8
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Apparel, wind wear, and rainwear continued to perform well in Q2 FY27, building on the strong response in Q1 FY27 Continued growth in core cold-weather outerwear with growth across key styles year-over-year BUILD A REPEATABLE PRODUCT PLAYBOOK Q2 FY27 EARNINGS 9
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VANCOUVER, CANADA IMPROVE CHANNEL PRODUCTIVITY AND CAPITAL EFFICIENCY Strong performance reflects partner confidence in brand and growing demand for broader product assortment DIRECT-TO-CONSUMER WHOLESALE Spring/Summer 2027 order book grew significantly over last year Advanced DTC capabilities with clienteling program and a new Shopify-powered commerce platform, improving customer engagement and inventory visibility Opened three new stores, bringing total store count to 94 at the end of Q2 FY27 DTC revenue increased Y/Y, while DTC comparable sales1 declined primarily due to softer store traffic. Customer engagement remained encouraging, with higher conversion, UPT and AUR Y/Y Q2 FY27 EARNINGS 10 1 DTC comparable sales (decline) growth is a supplementary financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information.
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NEIL BOWDEN Chief Financial Officer Q2 FY27 EARNINGS 11
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$274m +6% Reported;+5% cc1 1 Constant currency revenue (cc) is a non-IFRS financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. 2 DTC comparable sales (decline) growth is a supplementary financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. Q2 FY27 REVENUE RESULTS Q2 FY27 EARNINGS 12 Q2 FY27 total revenue increased 5% Y/Y with growth across all our channels DTC comparable sales2 declined 7.5%, driven primarily by lower store traffic, not sufficiently offset by conversion gains and strength in ecommerce
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NORTH AMERICA Growth driven by both DTC and Wholesale DTC comparable sales2 declined 4% Y/Y Comparable sales in Canada was flat while US performance was impacted by softer store traffic EMEA Revenue declined Y/Y with weakness in both wholesale and DTC DTC comparable sales2 declined 27% Y/Y due to softer local and tourist demand as well as product availability constraints ASIA PACIFIC Solid growth in both DTC and wholesale channels DTC comparable sales2 declined 4% Y/Y, as softer store traffic and product availability constraints outweighed strong conversion gains Wholesale performed well with continued momentum in Hainan Island and Korea (in $M of Canadian dollars) (unaudited) (Y/Y variances in constant currency1) 1 Constant currency revenue is a non-IFRS financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. 2 DTC comparable sales (decline) growth is a supplementary financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. Q2 FY27 GEOGRAPHIC PERFORMANCE 13 80.1 68.9 99.5 107.6 79.2 97.5 EMEA NA APAC Q2 FY26 Q2 FY27 8% 21% (14%) 5% Q2 FY27 EARNINGS
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DTC DTC up 1% Y/Y supported by mew store sales and e-commerce growth, partially offset by lower DTC comparable sales2 E-commerce delivered positive comparable sales2, led by North America and Asia-Pacific OTHER Higher friends and family revenue Y/Y due to a shift in activity from Q1 to Q2 FY27 WHOLESALE Wholesale up 5% Y/Y, benefitting from higher in-season demand and an increase in order book shipments 10.0 16.2 122.6 128.2 126.2 129.6 Others Wholesale DTC 5% 1% 5% 63% Q2 FY26 Q2 FY27 1 Constant currency revenue is a non-IFRS financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. 2 DTC comparable sales (decline) growth is a supplementary financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. (in $M of Canadian dollars) (unaudited) (Y/Y variances in constant currency1) Q2 FY27 CHANNEL PERFORMANCE 14 Q2 FY27 EARNINGS
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Q2FY27 % of Revenue Q2FY26 % of Revenue Revenue 274.0 258.8 Y/Y change (reported) 6% Gross profit 182.9 66.8% 165.7 64.0% SG&A 204.5 74.6% 183.3 70.8% Adjusted EBIT1 (21.6) (7.9%) (14.2) (5.5%) Net loss attributable to shareholders Net loss per basic and diluted share attributable to shareholders2 (18.8) $(0.19) (15.2) $(0.16) Adjusted net loss attributable to shareholders 1 Adjusted net loss per basic and diluted share attributable to shareholders1,2 (19.3) $(0.20) (13.3) $(0.14) Gross Margin up 280 basis points Y/Y to 66.8% due to favorable product mix, production efficiencies, and favorability from freight and duty SG&A expense increased 12% Y/Y, reflecting costs associated with our expanded store network, higher marketing and, increased personnel and IT expenses • Marketing spend as a % of revenue increased approximately 140 basis points Y/Y • Channel operating costs (excl D&A) lower Y/Y reflecting disciplined approach to store labor • Well-managed corporate expenses 1 Adjusted EBIT and adjusted net loss attributable to shareholders are non-IFRS financial measures, and adjusted net loss per basic and diluted share attributable to shareholders is a non-IFRS financial ratio. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. 2. Subordinate voting shares issuable on the exercise of stock options are not treated as dilutive if including them would decrease the loss per share or if the average daily closing share price for the period was lower than the exercise price. Accordingly, for the second quarter ended September 27, 2026, 2,564,903 potentially dilutive shares were excluded from the calcu lation of diluted loss per share because their effect was anti-dilutive (second quarter ended September 28, 2025 - 2,149,295 shares). (in $M of Canadian dollars) INCOME STATEMENT 15 Q2 FY27 EARNINGS
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Sep 27, 2026 Sep 28, 2025 (reclassified) Cash 87.1 94.2 Net debt1 781.9 707.1 Inventory 496.6 460.7 Y/Y inventory change 8% (3%) 1 Net debt is a non-IFRS financial measure and inventory turnover is a supplementary financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. (in $M of Canadian dollars) KEY BALANCE SHEET ITEMS 16 Inventory dollars increased Y/Y reflecting lower than planned DTC sales, an expanded product assortment, larger wholesale order book, and planned production growth to support anticipated demand for FW26 Inventory turnover 1 up 8% Y/Y Net debt1 increased Y/Y reflecting an increase in store lease liabilities Repurchased approximately 2.1M shares for a total cash consideration of approximately $24M Q2 FY27 EARNINGS
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Metric Outlook Drivers Total Revenue Growth (%) Increase by approximately low-single digits Y/Y on a constant currency basis2 • Supported by DTC and Wholesale growth Adjusted EBIT Margin3 11% to 12% • Gross margin expansion • Balancing investments in strategic channels with more efficient marketing and tight control of corporate costs 1 This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. The purpose of the outlook is to provide a description of management's expectation regarding the Company's annual financial performance and may not be appropriate for other purposes. Actual results may differ and such differences may be material. See Forward-looking Information on slide 2, 3 and 4 of this presentation. 2 Constant currency revenue is a non-IFRS financial measure. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. 3 Adjusted EBIT margin is a non-IFRS financial ratio. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information. Reiterating FY27 Financial Outlook1 17 Our FY27 outlook assumes: • Revenue growth is driven by pricing actions already implemented, increased depth in our product assortment, a larger wholesale order book, and new store openings, partially offset by lower consumer demand relative to fiscal 2026, including softer traffic in key markets, reduced consumer confidence, and lower travel • Gross margin expands, reflecting the benefit of pricing actions and operational efficiencies embedded in fiscal 2026 production and favourable channel mix, partially offset by product mix, raw material inflation, and supply chain cost pressures from current disruptions • SG&A declines as a percentage of revenue, as we balance disciplined cost management with targeted investments across channels, marketing, and technology, driving operating leverage on a consolidated basis • U.S. tariffs announced on July 20, 2026 and effective as of August 22, 2026 to impact adjusted EBIT margin by approximately 100 basis points for fiscal 2027 • Our FY27 outlook incorporates the expected impact of the Baffin Sale and reflects our current assessment of operating conditions, underlying demand trends, and the level of execution we believe is achievable Q2 FY27 EARNINGS
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Drivers H1 FY27 H2 FY27 Revenue Growth Growth in DTC and Wholesale Channels ~25% of full-year revenue ~75% of full-year revenue Gross Margin Expansion Tailwind Pricing and manufacturing and operational efficiencies Headwind Newly enacted US Tariffs SG&A Leverage Fixed costs are evenly spread through the full fiscal year, excluding strategic channel investments Marketing More efficient spend allocation Channel Costs Headwind Investments in e-commerce capabilities & EMEA logistics network plus costs to expand retail network Tailwind Cost leverage as revenue scales Non-recurrence of FY26 U.S. wholesale bad- debt expense and store impairment charges Corporate Overhead Disciplined headcount and tight discretionary controls 18 Q2 FY27 EARNINGS FY27 Outlook1 - Adjusted EBIT Margin2 Drivers 1 This information constitutes forward-looking information, based on multiple estimates and assumptions about future events. The purpose of the outlook is to provide a description of management's expectation regarding the Company's annual financial performance and may not be appropriate for other purposes. Actual results may differ and such differences may be material. See Forward-looking Information on slide 2, 3 and 4 of this presentation. 2 Adjusted EBIT margin is a non-IFRS financial ratio. See Non-IFRS Financial Measures and Other Specified Financial Measures for more information.
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Q&A 19 Q2 FY27 EARNINGS