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SEPTEMBER 10, 2025 Q2 -25 INVESTOR PRESENTATION
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2 DISCLAIMER (1/2) In this presentation, all references to “$” and “C$” are to Canadian dollars. Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may relate to the Company’s future financial outlook and anticipated events or results and may include information regarding our business, financial position, business strategy, growth plans, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “leading”, “invest”, “increase”, “grow”, “expand”, “optimize”, “aim”, “continue”, “capitalize”, “establish”, “expect”, “strategy”, “intends”, “anticipates”, “believes” or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking information in this presentation includes, among other things, statements relating to expectations regarding capital allocation priorities; industry trends, overall market growth rates and our growth rates and growth strategies; expectations on our ability to continue creating accessible fashion, delivering on-trend products and to drive customer lifetime value; our business plans, objectives, goals and strategies and operating model; expectations regarding our brand positioning, brand awareness, brand expansions and the consumer focus on a brand’s story and purpose; expectations regarding the expansion and optimization of our store footprint and the remodel and relocation of existing stores; expectations regarding the growth of our e-commerce and omnichannel opportunities; expectations regarding the pursuit of international markets and the opportunities, success and benefits thereof; and our competitive position in our industry. Forward-looking information is based on management's beliefs, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as on information currently available to management. Our assumptions underpinning forward-looking information include, but are not limited to, the following: expected short-, medium- and long-term discretionary spending and overall economic trends; successfully maintaining and enhancing our brands; marketing efforts, store enhancements and store expansions will be successful and drive our revenue; maintaining our supplier relationships and a steady, cost-effective supply of inventories; successfully managing expenses and driving gross margin improvements; growing our e-commerce business and making headway in our international expansion efforts; successfully retaining key personnel, including our chief executive officer; the absence of material changes to taxes, duties, tariffs and interest rates; the absence of material disruptions in the international trade; the economy generally; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include but are not limited to various risks described in the Company's filings with the Canadian securities regulatory authorities, which are available under the Company's profile on SEDAR+ (www.sedarplus.ca), those described under "Risk Factors" in the Company’s Annual Information Form dated April 14, 2025. Although the forward-looking information contained in this presentation is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this presentation is provided as of the date of this presentation, and the Company does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
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3 DISCLAIMER (2/2) Market and Industry Data Market and industry data presented throughout this presentation were obtained from third-party sources, industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by us or on our behalf, on the basis of our knowledge of the markets in which we operate, including information provided by other industry participants. We believe that these market and industry data are accurate and, with respect to data prepared by us or on our behalf, that our opinions, estimates and assumptions are currently appropriate and reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of these data are not guaranteed and the Company makes no representation as to the accuracy of these data. Actual outcomes may vary materially from those forecast in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although we believe it to be reliable, we have not independently verified any of these data, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Market and industry data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Non-IFRS Measures This presentation makes reference to certain non-IFRS measures, including non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and certain retail industry metrics. These measures are not recognized measures under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and do not have a standardized meaning prescribed by IFRS 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 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. We use non-IFRS financial measures including “adjusted EBITDA”, “adjusted EBITDA” (after rent equivalent expense), and “free cash flow”, and non-IFRS ratios including “adjusted EBITDA margin”, “adjusted EBITDA” (after rent equivalent expense) margin, and “return on assets”. We also use supplementary financial measures including “average unit retail”, “comparable store sales”, “4-Wall EBITDA”, “inventory turnover”, “retail sales per square foot”, “gross margin”, “operating margin”, and “CAPEX” and other operating metrics commonly used in the retail industry. These non-IFRS measures 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 measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures 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. See sections entitled "Selected Financial Information", "Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics", "Supplementary Financial Measures" and "Non- IFRS Financial Measures and Non-IFRS Ratios" in the Company's Management's Discussion and Analysis for the quarter ended August 2, 2025, available under the Company's profile on SEDAR+ (www.sedarplus.ca), which is incorporated by reference into this presentation, for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. See also additional information regarding the non-IFRS measures used in this presentation. Trademarks and Trade Names This presentation refers to certain trademarks, such as GARAGE and DYNAMITE, which are protected under applicable intellectual property laws and are our property. Solely for convenience, our trademarks and trade names referred to in this presentation may appear without the ® or symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and trade names.
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4 Note: All figures and information indicated above with respect to the 13-week period ended August 2, 2025, have not been reviewed by our auditors. 1Comparable Store Sales is a supplementary financial measure. See Slide 3. 2Gross margin is a supplementary financial measure and is calculated as gross profit over revenue for the period. See Slide 3. 3 Adjusted EBITDA margin is a non-IFRS ratio. See Slide 3. Q2-25 HIGHLIGHTS $46.7mm E-COMMERCE REVENUE 28.6% COMPARABLE STORE SALES1 NEW GARAGE USA STORE OPENINGS 63.6% GROSS MARGIN2 ADJUSTED EBITDA MARGIN3 36.9% $326.4mm REVENUE 13-WEEK PERIOD ENDED AUGUST 2, 2025 36.5% YOY GROWTH YOY GROWTH 32.2% 8 310 bps YoY
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5 Note: All figures and information indicated above with respect to the 52-week period ended February 1, 2025, have been reviewed by our auditors. 1 Comparable Store Sales is a supplementary financial measure. See Slide 3. 2 Gross margin is a supplementary financial measure and is calculated as gross profit over revenue for the period. See Slide 3. 3This figure has not been audited. 4Adjusted EBITDA margin is a non-IFRS ratio. See Slide 3. FY-24 HIGHLIGHTS $171.8mm E-COMMERCE REVENUE 12.3% COMPARABLE STORE SALES1 NET NEW STORES, CONSISTING OF 20 OPENINGS AND 12 CLOSURES3 8 62.8% GROSS MARGIN2 ADJUSTED EBITDA MARGIN4 31.6% $958.5mm REVENUE 52-WEEK PERIOD ENDED FEBRUARY 1, 2025 19.7% YOY GROWTH YOY GROWTH EXCL. 53rd WEEK (FY23)3 21.4% 450 bps YoY 200 bps YoY YOY GROWTH EXCL. 53rd WEEK (FY23)3 18.5%
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6 Note: All figures and information indicated above are preliminary, have not been reviewed by our auditors and are subject to change as our financial results are finalized. This information constitutes forward-looking information within the meaning of applicable Canadian securities regulations, is based on several assumptions and is subject to risks and uncertainties. See Slide 2. FY-25 GUIDANCE REVISED FROM 7.5% - 9.0 % COMPARABLE STORE SALES GROWTH NEW STORE OPENINGS (8 TO 9 NET NEW STORES) 18 to 20 32.0 – 33.5 % REVISED FROM 30.3% - 32.3% ADJUSTED EBITDA MARGIN INCLUSIVE OF $4-5MM OF INCREMENTAL PUBLIC COMPANY COSTS CAPITAL EXPENDITURES $95 to $105mm 17.0 – 19.0 %
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7 Body Text 0 0 0 7 OUR SHARED VALUES CUSTOMER FOCUS CUSTOMER COMES FIRST. OWNERSHIP DO WHAT YOU SAY . PASSION LOVE WHAT YOU DO. CURIOSITY GROW THROUGH DISCOVERY . EMPATHY PRIORITIZE UNDERSTANDING. KNOW THE CUSTOMER ANYWHERE AND WOW THEM EVERYWHERE. BOLDLY DRIVING GREAT WORK AND CELEBRATING OUR ACHIEVEMENTS. PASSION AND OPTIMISM CAN CHANGE THE COURSE OF A DAY OR A MEETING, AND EVEN THE FUTURE OF THE COMPANY . CURIOUS MINDS UNLOCK CREATIVITY , DRIVE ACCELERATION, AND CULTIVATE GROWTH. A SUPPORTIVE AND INCLUSIVE ENVIRONMENT THAT BUILDS STRONGER RELATIONSHIPS AND TRUST AND ENHANCES TEAMWORK.
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8 GDI: POSITIONED FOR LONG -TERM VALUE CREATION RESILIENT REVENUE PROFILE MARGIN SUSTAINABILITY Note: 1This is a non-IFRS measure. See Slide 3. STRONG FCF CONVERSION • Capital-light operating model drives consistent and predictable cash generation • ~60% FCF-to-Adjusted EBITDA conversion1 from FY21 to FY24 reflects efficient cash flow management • 26.0% ROA1 as at February 1st, 2025 • Agility removes uncertainty, de-risks fashion, and delivers customer value — even in volatile markets • This approach reduces markdown risk, supports margin performance and drives our market-leading inventory turns (~8.5x in FY241) • Our locations in prime real estate surrounded by luxury allow us to sell most items at full price (~95%). This gives us room to reevaluate our pricing if need be and continue elevating the brand • We offer accessible options that deliver great value, well below many peers in comparable real estate STORE COUNT TARGET OF ~350 BY THE END OF FY28 ~25% E-COMMERCE PENETRATION OVER LONG-TERM • Store opening pipeline includes ~80 high- quality T1 to T3 locations • Plan to strategically close ~30 profitable but underperforming T4 and T5 stores • The store count target includes a select number of stores in the UK as part of our international expansion strategy • Migrating to a headless e-commerce infrastructure to drive faster innovation, enhanced personalization, and expansion into the UK market • Elevating customer experience through creative disruption across digital UX, brand storytelling, and immersive loyalty programs • Scaling omni-channel customer acquisition through optimized digital marketing channels LEADERSHIP • A committed leadership team supported by extensive retail experience and diverse backgrounds • Values-led and inclusive, our leadership team over indexes on our shared values— setting the tone from the top 1. 2. 3. 4. 5. 6.
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9 9 GDI’S LEADERSHIP TEAM CHAIR OF THE BOARD AND CHIEF EXECUTIVE OFFICER CHIEF TECHNOLOGY OFFICER CHIEF FINANCIAL OFFICER CHIEF DIGITAL OFFICER SVP, COMMERCIAL OPERATIONS SVP, TALENT & CULTURE PRESIDENT & CHIEF OPERATING OFFICER A COMMITTED LEADERSHIP TEAM SUPPORTED BY EXTENSIVE RETAIL EXPERIENCE AND DIVERSE BACKGROUNDS SVP, LEGAL AFFAIRS & CORPORATE SECRETARY
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10 Note: ¹ During the same period, we anticipate up to 11 strategic store closures. ² This is "forward-looking information". See Slide 2. Assumes among other things, that we will continue to open approximately 18 to 20 new stores per year, which is relatively consistent with our historical rate of store openings over the prior three years and that we will slow our strategic store closures now that we have progressed our store network reorientation. Actual results may vary and are subject to many risks and uncertainties. See Slide 2. OUR JOURNEY STARTED 50 YEARS AGO… 2013 Opens first store in the U.S. Launches digital platform 1982 Andrew Lutfy starts as stock clerk at the age of 18 1999 Reaches national retailer status with a presence in all Canadian provinces Opens first store in the U.S. 2007 2021 GDI restructures to accelerate transformation with a more favorable lease portfolio 1984 Launches in Carrefour Laval mall in Montréal 2002 – 2003 Andrew Lutfy and related entities complete acquisition of all shares of GDI re-brand Opens in Place Versailles mall in Montréal 1975 2010 Launches digital platform 2018-19 GDI implements transformation plan with new strategy for omnichannel growth 2024 GDI IPOs at $21 per share on the TSX under the GRGD ticker 1980s Andrew Lutfy becomes minority owner of the company 1986 – 2003 GDI grows significantly in profitability 2025 - 2028 Aim to open 18 - 20 additional stores through FY251 Targeting a total store count of 350 by the end of FY282 Entry into the U.K. starting in FY26
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11 Note: ¹The year-over-year comparison for Fiscal 2021 is measured against Fiscal 2019 rather than Fiscal 2020, as we believe that the comparison to Fiscal 2019 provides a more accurate comparison of the performance of our business in light of the impact of the onset of COVID-19 during Fiscal 2020. 2 Comparable store sales growth figures for Fiscal 2018 and Fiscal 2019 were prepared under Canadian accounting standards applicable to private enterprises, which is different from IFRS. The comparable store sales growth figures for Fiscal 2018 and Fiscal 2019 have not been audited. …AND ACCELERATED IN 2019 WITH KEY STRUCTURAL PIVOTS (7.0)% 5.9 % 4.7 % 9.5 % 8.2 % 12.3 % 21.8 % FY18³ FY19³ FY21 FY22 FY23 FY24 YTDFY25 SUSTAINABLE GROWTH STRUCTURAL TRANSFORMATION COMPARABLE STORE SALES1 Development and implementation of our unique inventory management platform: “The Brain” Implementation of speed to market and in-season flexibility to de-risk our trend driven model Acceleration of our strategic real estate framework to optimize our store network Investment in data capabilities across the business Shifted from a family business to a growth-oriented company, establishing a board, up-tiering the leadership team, and forming an employee ownership program¹ to align employees' interests with a values- and performance-driven culture WE APPROACH OUR LUXURY-INSPIRED MODEL WITH A CULTURE OF CONTINUOUS IMPROVEMENT, CREATING MORE OPPORTUNITY AHEAD 11 CONTINOUS IMPROVEMENT Expansion of Garage into the U.S., leaning on operational learnings and opening the doors for global talent Deep dive into our customer, evolving our muses and redefining brand positioning, lifestyles, and product categories with a luxury mindset, elevating AUR and decreasing markdowns
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12 WE THRIVE AT THE INTERSECTION OF ART & SCIENCE WITH A LUXURY -INSPIRED BUSINESS MODEL OUR LEFT BRAIN We obsess about taking time out of the supply chain, leading to increasing focus on speed, flexibility and data to effectively "de-risk" the business of fashion This rigorous approach is what allows us to deliver differentiated outcomes 12 OUR RIGHT BRAIN Creativity drives every aspect of what we do, allowing us to connect with our customers on a deeper level We focus on creating clothing collections, campaigns, and experiences that foster an emotional connection with our customers
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● 24 years old ● Unapologetic with a sexy femininity to her ● UCLA masters degree underway; figuring out her next move ● Thrives at intersection of fashion and pop culture; constantly connected to her phone ● Prioritizes self care from skincare to Pilates to hot girl walks ● Private club privileges include parking for her G-wagon ● Her friends are her LIFE and capturing the content is KEY! HOT EFFORTLESS UNAPOLOGETIC AUTHENTIC DAYTIME MEET ALEX SHE OWNS IT, UNAPOLOGETICALLY 13
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● 34 years old ● She’s magnetic with an eagerness for life ● She got a workout in today ● Her suitcase is always ready to be packed ● Her place is the go-to spot for pre dinner martinis ● Sundays are synonymous with brunch ● She keeps a pair of designer heels in her car for impromptu client lunches or happy hours MEET RACHELLE LIFE IS FULL, AND SHE IS FULLY IN LOVE WITH IT MAGNETIC LIVES WITH INTENTION EVERYDAY SEXY ELEVATED KEEPS IT REAL 14
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15 CLEAR & DISTINCT COMPETITIVE ADVANTAGES… DISTINCT BRAND STRATEGY & UNDERSTANDING OF OUR CONSUMER DISCIPLINED AND DATA-DRIVEN APPROACH TO MARKETING PREMIER STORE PORTFOLIO MARKET-LEADING INVENTORY MANAGEMENT SYSTEM OMNICHANNEL MODEL WITH GROWING E-COMMERCE PLATFORM DE-RISKED FASHION MODEL WITH INCREASED SPEED- TO-MARKET & FLEXIBILITY 15
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16 Note: 1 This is a non-IFRS financial measure or supplemental financial measure. See Slide 3. 2 These figures have not been audited … DELIVERING DIFFERENTIATED OUTCOMES ~50% OF PURCHASING DECISIONS MADE IN-SEASON < 8 weeks ~31% OF PRODUCT FROM DESIGN TO DISTRIBUTION CENTER IN UNDER 8 WEEKS ~8.5x INVENTORY TURNOVER (FY24)1 MARKDOWN RATE (FY24)2 ~6% +15% REVENUE CAGR (FY21-FY24) 62.8% GROSS MARGIN (FY24)1 ~11% AVERAGE UNIT RETAIL CAGR (FY19-24)1,2 ~56% U.S. ~37% OF STORE NETWORK CONTRIBUTED TO ~56% OF 4-WALL EBITDA (FY24)1,2
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17 Note: ¹ Reflects store count as of August 2, 2025. TWO BRANDS WITH DISTINCT IDENTITIES AND A CLEAR UNDERSTANDING OF OUR CONSUMER SUPPORTED BY MULTIDISCIPLINARY TEAMS Total 220 Canada 100 U.S. 120 79Total 76Canada 3U.S. Multidisciplinary Teams driving shared insights EXECUTIVE TEAM DIGITAL & TECHNOLOGY REAL ESTATE & STORE OPERATIONS DATA & CONSUMER INSIGHTS LOGISTICS FINANCE Dedicated Brand Teams CONCEPT FASHION OFFICE DESIGNERS MERCHANDISING, PLANNING & ALLOCATION MARKETING A casual street-active brand that inspires rewriting the rules, breaking boundaries, and owning your individuality The epitome of femininity and versatility, created for the multifaceted woman on the move CASUAL STREET OFF DUTY TARGET AGE: 24 IN THE CITY ON THE DAILY NIGHTS OUT TARGET AGE: 34 STORE COUNTS¹ STORE COUNTS¹
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18 18 PREMIER STORE PORTFOLIO RETAIL FOOTPRINT 100 76 176 Stores 120 3 123 Stores 220 79 299 Stores Canada Total U.S. 18 STORE LOCATIONS Note: Reflects store count as of August 2, 2025. We operate a premier store portfolio that is profitable across regions
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19 STORES COMPLEMENTED BY A PROFITABLE E-COMMERCE BUSINESS WITH ROOM TO GROW MAXIMIZE SALES PER SESSION • Optimize website and mobile apps, making it easier and faster for our customers to navigate • Leverage data to optimize creatives • Complement core product offering with online exclusives • Leverage AI tools to personalize and target product recommendations • Streamline checkout process and fulfillment options • Provide product reviews DRIVE WEB TRAFFIC • Reach new audiences with paid media, search engine optimization, social media, affiliates, and influencers • Drive retention with innovation around loyalty, customer relationship management, and customer care NO SIGNIFICANT INVESTMENT REQUIRED NEAR-TERM TO SERVE E-COMMERCE GROWTH
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20 OMNICHANNEL MODEL WITH GROWING E -COMMERCE PLATFORM DRIVING HIGHER CUSTOMER LIFETIME VALUE PHYSICAL & DIGITAL CHANNELS ARE COMPLEMENTARY of identifiable customers are omnichannel shoppers of revenue from identifiable customers generated from omnichannel shoppers ... LEADING TO IMPRESSIVE RESULTS Stores grow brand awareness and drive traffic to digital In-store brand ambassadors and stylists direct customers online for additional sizes and styles Stores serve as a network of fulfillment centers for online orders Loyalty program operates across in-store and online for a seamless experience across channels ~20% ~40%
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21 Note: ¹ Open-to-Buy is the % of purchases made in-season remaining at the beginning of the season. ² Product Development Ratio reflects the number of styles designed (~6,500) for every product developed (~2,100). ³ As of FY24. DE -RISKED FASHION MODEL WITH INCREASED SPEED -TO- MARKET & FLEXIBILITY KEY STRATEGIES OUTCOMES HIGH % OF OPEN-TO-BUY¹ We have grown the open purchasing dollars at the beginning of the season to make ~50% of our purchasing decisions in-season and respond to trends in real-time HIGH DEVELOPMENT RATIO We design ~6,500 styles and purchase ~2,100 styles annually, resulting in a 3:1 development ratio2, leaving us with lots of choices for pivoting into different trends SUPPORTIVE & AGILE SUPPLIER BASE We have significant relationships ensuring that we receive the appropriate prioritization from our supply chain partners 6.9 x 8.5 x 2021 2024 Chase 31 % (< 8 weeks) Short Lead 58 % (9-15 weeks) Long Lead 11 % (> 15 weeks) HIGH % OF TOTAL REVENUE HAS SHORTER LEAD TIMES3 LEADING INVENTORY TURNOVER 31% of product moves from design to distribution center in under 8 weeks
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22 MARKDOWN REDUCTION MARKET -LEADING INVENTORY MANAGEMENT SYSTEM DRIVES LOWER MARKDOWNS & OBSOLESCENCE OVERVIEW OF “THE BRAIN” “THE BRAIN” DECISION MODEL CHART Optimal Shipping Location Selected for Pick / Pack / Ship Level 1 Value Selling Price Difference (Markdown Reduction) Backlog / Capacity Shipping Costs Handling Costs Location ProximityLEVEL 1 LEVEL 2 Combinations that result in higher costs than the best value are discarded “The Brain” is a proprietary algorithm that determines the optimal shipping location for each order by optimizing for both customer experience and margin profile specifically through: SPLIT SHIPMENT REDUCTION STOCK TURN EFFICIENCIES TRANSPORT / HANDLING COST REDUCTION DUAL PURPOSE STORES: SHOPPING & DISTRIBUTION ADDITIONAL INVENTORY FLEXIBILITY
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23 DISCIPLINED & DATA -DRIVEN APPROACH TO MARKETING DATA-DRIVEN Disciplined marketing investment approach through centralized measurement and decision systems COMMUNITY-FOCUSED Creating a community at the forefront of our customer’s culture MULTI-CHANNEL Channel mix designed to power continuous growth and momentum ALWAYS RELEVANT Always on trend with a pulse and influence on what is defining culture PROPRIETARY DATA ATTRIBUTION MODEL COLLABORATIONS & EVENTS BRAND AMBASSADOR PROGRAM BRAND MUSESMULTI-CHANNEL STRATEGY HOT CONFIDENT UNAPOLOGETIC MAGNETIC EVERYDAY SEXY ELEVATED REAL-TIME MONITORING SPEND ALLOCATION DATA & INSIGHTS CENTRALIZED FRAMEWORK TO MEASURE & OPTIMIZE RETURN ON AD SPEND
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24 Note: ¹This is a non-IFRS financial measure or non-IFRS ratio. See Slide 3. FINANCIAL PROFILE WITH COMPELLING REVENUE GROWTH & ENHANCED MARGINS % Comparable Store Sales 5% 10% 8% 12%1 $ 628 $ 697 $ 801 $ 959 $ 1,084 FY21 FY22 FY23 FY24 LTM Q2-25 CAGR: 17% % Margin1 56% 60% 61% 63% 62% $ 354 $ 420 $ 487 $ 602 $ 671 FY21 FY22 FY23 FY24 LTM Q2-25 % Margin¹ 18% 26% 27% 32% 33% $ 112 $ 182 $ 217 $ 303 $ 354 FY21 FY22 FY23 FY24 LTM Q2-25 CAGR: 39% REVENUE GROSS PROFIT¹ ADJUSTED EBITDA¹ % Margin1 7% 16% 18% 22% 24% $ 45 $ 112 $ 145 $ 212 $ 255 $ 109 $ 63 $ 86 $ 136 $ 163 FY21 FY22 FY23 FY24 LTM Q2-25 CAGR: 64% OPERATING INCOME & NET EARNINGS Operating Income Net Earnings Adjusted EBITDA (After Rent Equivalent Expense)¹ / % Margin1 $ 76 / 12% $ 135 / 19% $ 152 / 19% $ 226 / 24% $ 271 / 25% CAGR: 20%
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25 Note: ¹This is a non-IFRS financial measure or non-IFRS ratio. See Slide 3. CASH GENERATIVE PROFILE WITH STRONG RETURNS • Supported by higher margins and highly efficient capital spend • Investments are aligned with returns thresholds and long-term strategic goals to strengthen our financial position and drive earnings growth RETURN ON ASSETS1 10% 19% 18% 26% 24% FY21 FY22 FY23 FY24 Q2-25 1,400 bps CAPEX1 $9 $20 $53 $63 $63 $ 117 $ 106 $ 92 $ 164 $ 212 $ 126 $ 126 $ 146 $ 227 $ 274 FY21 FY22 FY23 FY24 LTM Q2-25 CASH GENERATED FROM OPERATING ACTIVITIES AND FREE CASH FLOW¹ Free Cash Flow Cash Generated from Operating Activities
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26 CAPITAL ALLOCATION STRATEGY AIMED TO GROW AND DELIVER SHAREHOLDER VALUE CAPITAL ALLOCATION PRIORITIES PRUDENT CAPITAL STRUCTURE UNDERPINNED BY A STRONG BALANCE SHEET Capital return strategy includes a share repurchase program, with the potential for dividends in the future Invest in growing and optimizing our omnichannel footprint with a disciplined investment framework, allocating most of the investment toward growth initiatives
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27 Note: 1 This is "forward-looking information". See Slide 2. Assumes among other things, that we will continue to open approximately 18 new stores per year, which is relatively consistent with our historical rate of store openings over the prior three years and that we will slow our strategic store closures now that we have progressed our store network reorientation. Actual results may vary and are subject to many risks and uncertainties. LEVERS FOR GROWTH: TARGETED STRATEGIES TO ACCELERATE COMPARABLE STORE SALES AND EXPAND INTO NEW MARKETS G ROW C O M PA R A B L E S TO R E S A L E S Increase Average Unit Retail • ~11% CAGR since FY19 to ~$43 at the end of FY24 Optimize Store Portfolio Mix • Focused on top 10% of malls or high street to drive long-term EBITDA growth • Seek to gain traffic share as top-tier centers concentrate footfall E X P A N D & O P T I M I Z E S T O R E N E T W O R K I N N O R T H A M E R I C A Expand reach of brands within select attractive global markets, such as the U.K. Establish international e-commerce business, investing in marketing to grow awareness and acquisition Bringing our brand as-is to new markets by keeping same product assortment and brand to each new market WE BELIEVE THERE IS AN OPPORTUNITY TO GROW TO ~350 STORES1 BY THE END OF FY28 & ~25% E-COMMERCE PENETRATION IN THE LONG-TERM A C C E L E R A T E E- C O M M E R C E & O M N I- C H A N N E L G R O W T H P U R S U E I N T E R N A T I O N A L M A R K E T S Aim to open 18 - 20 additional stores through FY251 Optimize store network for high-tier locations Existing store network of strategic renovations (10-15 stores for FY251) <24-month payback period for stores Migrating to a headless e-commerce infrastructure to drive faster innovation, enhanced personalization, and expansion into the UK market Elevating customer experience through creative disruption across digital UX, brand storytelling, and immersive loyalty programs Scaling omni-channel customer acquisition through optimized digital marketing channels
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28 28 MERCI – THANK YOU I n v e s t o r R e l a t i o n s C o n t a c t : A l e x L i m o s a n i C FA , M a n a g e r, I n v e s t o r R e l a t i o n s & C o r p o r a t e F i n a n c e i n v e s t o r s @ d y n a m i t e . c a
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29 Source: Management Financials Note: See Disclaimer – Non-IFRS Measures. NON -IFRS TO IFRS RECONCILIATION: ADJ. EBITDA AND ADJ. EBITDA MARGIN (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A LTM Q2-25A Revenue $ 628,043 $ 697,442 $ 800,833 $ 958,525 $ 1,083,618 Operating Income $ 45,343 $ 111,986 $ 145,191 $ 212,206 $ 255,352 % Margin 7.2 % 16.1 % 18.1 % 22.1 % 23.6 % (+) Depreciation & Amortization $ 58,049 $ 66,852 $ 69,370 $ 76,759 $ 86,213 EBITDA $ 103,392 $ 178,838 $ 214,561 $ 288,965 $ 341,565 (+) Stock-based Compensation Expense $ 8,962 $ 2,819 $ 2,804 $ 5,557 $ 5,846 (+) Canada Emergency Wage & Rent Subsidies (8,841) - - - - (+) COVID Retention Bonus 3,778 - - - - (+) CCAA Legal Fees 4,748 28 - - - (+) Professional Fees Related to the IPO - - - 8,745 7,438 (+) Lease Disposal Costs - - - - (813) Adjusted EBITDA $ 112,039 $ 181,685 $ 217,365 $ 303,267 $ 354,036
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30 Source: Management Financials Note: See Disclaimer – Non-IFRS Measures. NON -IFRS TO IFRS RECONCILIATION: ADJ. EBITDA AND ADJ. EBITDA MARGIN (AFTER RENT EQUIVALENT EXPENSE) (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A LTM Q2-25A Adjusted EBITDA $ 112,039 $ 181,685 $ 217,365 $ 303,267 $ 354,036 % Margin 17.8 % 26.1 % 27.1 % 31.6 % 32.7 % (-) Depreciation of Right-of-Use Assets $(31,195) $(36,902) $(45,929) $(53,902) $(57,452) (-) Interest Expense on Lease Liabilities (4,704) (9,850) (19,288) (23,768) (25,995) Adjusted EBITDA (After Rent Equivalent Expense) $ 76,140 $ 134,933 $ 152,148 $ 225,597 $ 270,589 % Margin 12.1 % 19.3 % 19.0 % 23.5 % 25.0 %
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31 Source: Management Financials Note: See Disclaimer – Non-IFRS Measures. NON -IFRS TO IFRS RECONCILIATION: FREE CASH FLOW (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A LTM Q2-25A Cash Generated from Operating Activities $ 126,386 $ 125,980 $ 145,765 $ 226,974 $ 274,378 (-) Property and Equipment $(4,440) $(18,229) $(48,422) $(52,659) $(51,178) (-) Intangible Assets (4,620) (1,304) (4,970) (10,648) (11,496) Free Cash Flow $ 117,326 $ 106,447 $ 92,373 $ 163,667 $ 211,704 Adjusted EBITDA $ 112,039 $ 181,685 $ 217,365 $ 303,267 $ 354,036
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32 Source: Management Financials Note: See Disclaimer – Non-IFRS Measures. ¹ Average total assets is determined by taking the sum of the applicable year’s total assets and the total assets from twelve months ago and then dividing that sum by two. NON -IFRS TO IFRS RECONCILIATION: RETURN ON ASSETS (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A LTM Q2-25A Net Earnings $ 109,180 $ 62,846 $ 85,816 $ 135,768 $ 162,695 (+) Stock-based Compensation Expense $ 8,962 $ 2,819 $ 2,804 $ 5,557 $ 5,846 (+) Canada Emergency Wage & Rent Subsidies (8,841) - - - - (+) COVID Retention Bonus 3,778 - - - - (+) CCAA Legal Fees 4,748 28 - - - (+) Professional Fees Related to the IPO - - - 8,745 7,438 (+) CCAA Debt Forgiveness (104,747) 12,184 - - - (+) Income Tax (Recovery) Expense 18,568 (3,236) - (2,317) (1,756) (+) Lease Disposal Costs - - - - (813) Adjusted Net Earnings $ 31,648 $ 74,641 $ 88,620 $ 147,753 $ 173,410 Average Total Assets¹ $ 304,045 $ 386,775 $ 494,054 $ 567,557 $ 719,992 Return on Assets 10.4 % 19.3 % 17.9 % 26.0 % 24.1 %
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33 Source: Management Financials Note: See Disclaimer – Non-IFRS Measures. BALANCE SHEET (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A Q2 2025A Cash $ 94,666 $ 33,694 $ 8,135 $ 74,195 $ 151,221 Inventories 42,214 40,028 38,627 44,952 57,378 Total Current Assets $ 156,509 $ 100,451 $ 83,458 $ 161,568 $ 259,730 Property and Equipment 34,077 37,132 65,419 107,465 136,612 Right-of-Use Assets 89,395 210,708 246,240 330,105 379,105 Total Assets $ 301,918 $ 471,631 $ 516,476 $ 618,637 $ 795,533 Long-Term Portion of Long-Term Debt 73,476 223,273 145,100 - - Long-Term Portion of Lease Liabilities 67,146 194,624 240,301 340,102 396,968 Total Non-Current Liabilities 153,791 421,397 388,901 340,102 396,968 Total Liabilities $ 262,452 $ 547,585 $ 511,548 $ 477,323 $ 576,586 Total Shareholders' (Deficiency) Equity $ 39,466 $(75,954) $ 4,928 $ 141,314 $ 218,947 Total Debt¹ 182,778 469,183 433,275 372,581 431,061 Net Debt¹ 88,112 435,489 425,140 298,386 279,840 Memo: Adjusted EBITDA 112,039 181,685 217,365 303,267 354,036 Net Leverage Ratio 0.79 x 2.40 x 1.96 x 0.98 x 0.79 x