Slides
Page 1
Q2-26 INVESTOR PRESENTATION SEPTEMBER 10, 2026
Page 2
2 DISCLAIMER (1/2) In this presentation, all references to “$” and “C$” are to Canadian dollars. Forward-Looking Statements 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 regarding 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 and strategies 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 renovations 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), including those described under "Risk Factors" in the Company’s Annual Information Form dated March 31, 2026. 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.
Page 3
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 1, 2026, 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.
Page 4
4 Note: All figures and information indicated above with respect to the 13-week period ended August 1, 2026, 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. 3Adjusted SG&A margin is a non-IFRS ratio. See Slide 3. 4Adjusted EBITDA margin is a non- IFRS ratio. See Slide 3. ⁵ Reflects 7 gross new Garage store openings during the 13-week period ended August 1, 2026 (6 in the United States, 1 in the United Kingdom), together with 7 store closures during the same period (6 in Canada, 1 in the United States), resulting in no net change to total store count. See Slide 19 for total store portfolio by region. Q2- 26 HIGHLIGHTS $61.4mm E-COMMERCE REVENUE 10.3% COMPARABLE STORE SALES1 NEW GARAGE STORE OPENINGS 68.8% GROSS MARGIN2 ADJUSTED EBITDA MARGIN4 44.3% $423.6mm REVENUE 13-WEEK PERIOD ENDED AUGUST 1, 2026 29.8% YOY GROWTH YOY GROWTH 31.5% 7 520 bps YoY ADJUSTED SG&A MARGIN3 24.6% 12.3% CONSTANT CURRENCY BASIS COMPARABLE STORE SALES1 210 bps YoY 740 bps YoY
Page 5
5 Note: All figures and information indicated above with respect to the 52-week period ended January 31, 2026, have been reviewed by our auditors. 1Comparable Store Sales is a supplementary financial measure. See Slide 3.2This figure has not been audited, 9 net new stores, after 11 closures. 3Gross margin is a supplementary financial measure and is calculated as gross profit over revenue for the period. See Slide 3. 4Adjusted SG&A margin is a non-IFRS ratio. See Slide 3. 5Adjusted EBITDA margin is a non-IFRS ratio. See Slide 3. FY-25 HIGHLIGHTS $247.8mm E-COMMERCE REVENUE 26.7% COMPARABLE STORE SALES1 NEW STORE OPENINGS2 63.8% GROSS MARGIN3 ADJUSTED EBITDA MARGIN5 36.5% $1,310.2mm REVENUE 52-WEEK PERIOD ENDED JANUARY 31, 2026 36.7% YOY GROWTH YOY GROWTH 44.2% 20 490 bps YoY 100 bps YoY ADJUSTED SG&A MARGIN4 27.3% 390 bps YoY
Page 6
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. 119 to 21 store openings in North America and 5 store openings in the U.K. 2 Beginning Q2 2026, outlook is presented as new store openings, independent of closures; underlying expectations are unchanged. On a comparable basis, the prior outlook was 24 to 26 gross openings less 16 anticipated closures, or 8 to 10 net new stores FY-26 GUIDANCE COMPARABLE STORE SALES GROWTH REVISED FROM 11 – 14% NEW STORE OPENINGS1,2 24 – 26 39.50 – 40.50% ADJUSTED EBITDA MARGIN REVISED FROM 38.25% – 39.50% 12.0 – 14.0% CAPITAL EXPENDITURES $100 – $110mm TOTAL REVENUE GROWTH REVISED FROM 22.0 – 25.0% 25.0 – 27.0%
Page 7
7 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.
Page 8
8 GRGD: 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 FY25 reflects efficient cash flow management • 38.9% ROA1 and 73.5% ROCE1 as at August 1, 2026 • 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 (9.85x in FY25 1) • 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 ~350 STORE COUNT TARGET BY THE END OF FY28 ~25% E-COMMERCE PENETRATION OVER LONG-TERM • Store opening pipeline includes ~70 high-quality T1 to T3 locations (from FY26 to FY28) • Plan to strategically close 25 to 30 profitable but underperforming T4 and T5 stores (from FY26 to FY28) • The store count target includes a select number of stores in the UK as part of our international expansion strategy • Finalize migration to a headless e-commerce infrastructure to drive faster innovation, enhanced personalization, and expansion into the UK market • Elevate customer experience through creative disruption across digital UX, brand storytelling, and experiential loyalty programs • Scale 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.
Page 9
9 9 GDI’S LEADERSHIP TEAM A COMMITTED LEADERSHIP TEAM SUPPORTED BY EXTENSIVE RETAIL EXPERIENCE AND DIVERSE BACKGROUNDS CHIEF TECHNOLOGY OFFICER SVP, BRAND GARAGE SVP, LEGAL AFFAIRS & CORPORATE SECRETARY PRESIDENT & CHIEF OPERATING OFFICER CHAIR OF THE BOARD & CHIEF EXECUTIVE OFFICER SVP, TALENT & CULTURE CHIEF CUSTOMER OFFICER CHIEF FINANCIAL OFFICER
Page 10
10Note: ¹This is "forward-looking information". See Slide 2. Assumes among other things, that we will continue to open approximately 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 MORE THAN 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 2026 Launches digital platform in the U.K. Targeting a total store count of 350 by the end of FY281 2028 Opens first store in the U.K.
Page 11
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 % 26.7 % 15.2 % FY18 FY19 FY21 FY22 FY23 FY24 FY25 YTDFY26 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 2 2
Page 12
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 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
Page 13
● 24 years old ● Unapologetic with a sexy femininity to her ● UCLA masters degree underway; figuring out her next move ● Her friends are her LIFE and capturing the content is KEY! ● Prioritizes wellness - pilates and skincare ● Drives around the city in her G-Wagon, picking up her friends and blasting her go to Spotify playlist HOT EFFORTLESS UNAPOLOGETIC AUTHENTIC DAYTIME MEET ALEX THE CONFIDENT GIRL WHOSE NEW SENSE OF INDEPENDENCE HAS HER PUSHING BOUNDARIES 13
Page 14
14 She’s the friend who brings everyone together — the one who knows the best spots, the night everyone's still talking about, and makes every room feel more alive. Feminine with a Playful Edge. Romantic, but not soft about it. Confident without trying. Curious, and not sorry about it. 34, living in Upper East Side. Brand Director in Fashion. Confident, feminine, and impossible to ignore. Spontaneous by nature. Somehow always dressed for it. Her calendar is full. Her social life is the reason why. She always has a driver on call. MEET RACHEL She is 34, effortlessly cool & lives for the energy of the city. MAGNETIC POLISHED REFINED & SENSUAL CURATED UNAPOLOGETIC
Page 15
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 STORES COMPLEMENTED BY A PROFITABLE E-COMMERCE BUSINESS WITH ROOM TO GROW DE-RISKED FASHION MODEL WITH INCREASED SPEED-TO-MARKET & FLEXIBILITY
Page 16
16 Note: 1 This is a non-IFRS financial measure or supplemental financial measure. See Slide 3. 2 These figures have not been audited. 3Average unit retail (or AUR) is calculated as the average unit retail price of products sold to customers, calculated as revenue divided by the total number of units sold during the prior 12-month period. 44-wall EBITDA is calculated as operating income generated by a store during the period plus depreciation and amortization attributable to that store for that period. This metric provides an indication of individual store performance and allows management to compare stores, without the effect of expenses incurred outside the four walls of the store. … DELIVERING DIFFERENTIATED OUTCOMES ~50% OF PURCHASING DECISIONS MADE IN-SEASON < 8 weeks ~47% OF PRODUCT FROM DESIGN TO DISTRIBUTION CENTER IN UNDER 8 WEEKS 9.85x INVENTORY TURNOVER (FY25)1 MARKDOWN RATE (FY25)2 ~6% +20% REVENUE CAGR (FY21-FY25) 63.8% GROSS MARGIN (FY25)1 ~12% AVERAGE UNIT RETAIL CAGR (FY19-25)1,2,3 ~60% U.S. ~40% OF STORE NETWORK CONTRIBUTED TO ~60% OF 4-WALL EBITDA (FY25)1,2,4
Page 17
17 38% 37% 15% 11% 7% 5% 4% 2% 1% -5% 9% 38% 8% 7% 3% -4% -8% 1% GRGD ATZ FAST URBN AEO ANF ITX LULU GAP AVG. GRGD RICH PRA HER GRGD: A LUXURY -INSPIRED BUSINESS MODEL Company names correspond to the following symbols: Abercrombie & Fitch (ANF), American Eagle (AEO), Aritzia (ATZ), Fast Retailing (FAST), Gap (GAP), Groupe Dynamite (GRGD), H&M (HM), Inditex (ITX), Lululemon (LULU), Urban Outfitters (URBN), Hermès (HER), Kering (KER), LVMH, Prada (PRA), Richemont (RICH) Note: Metrics are presented on a last-twelve-month (LTM) basis, based on each company’s most recent reporting period ending closest to August 1, 2026 (at the latest as at September 4, 2026); Averages exclude GRGD Source: Capital IQ, FactSet and company filings 1Total revenue growth is calculated as the percentage change between the most recent last-twelve-month (LTM) period and the prior corresponding twelve-month period 2Return on assets is calculated as LTM Net Earnings/Average Total Assets for the period. For GRGD, LTM adjusted net earnings are used 3,4 Adj. EBITDA margin is calculated as LTM Adj. EBITDA/LTM Total Revenue; EBITDA adjusted to reflect operating lease expenses (IFRS 16) for companies reporting under U.S. GAAP 5Inventory Turnover calculated as LTM Total Cost of Sales/Average Inventory for the period SPECIALTY LUXURY SPECIALTY LUXURY SPECIALTY LUXURY ADJ. EBITDA MARGIN3,4 RETURN ON ASSETS2 INVENTORY TURNOVER5 SPECIALTY LUXURY KER LVMHHM AVG. REVENUE Y/Y1 40% 28% 25% 25% 25% 22% 20% 18% 17% 16% 22% 47% 40% 35% 31% 27% 25% 33% GRGD ITX LULU ANF FAST ATZ HM GAP AEO URBN AVG. HER GRGD PRA LVMH RICH KER AVG. 39% 18% 16% 16% 13% 13% 10% 7% 7% 6% 12% 39% 19% 16% 8% 8% 0% 10% GRGD ITX LULU ATZ ANF FAST URBN HM AEO GAP AVG. GRGD HER PRA RICH LVMH KER AVG. 7.7x 5.6x 4.8x 4.5x 4.4x 4.0x 3.7x 3.4x 2.8x 2.7x 4.0x 7.7x 1.7x 1.2x 1.1x 1.1x 0.9x 1.2x GRGD URBN AEO ATZ ITX GAP FAST ANF LULU HM AVG. GRGD HER LVMH PRA KER RICH AVG.
Page 18
18 TWO BRANDS WITH DISTINCT IDENTITIES AND A CLEAR UNDERSTANDING OF OUR CONSUMER SUPPORTED BY MULTIDISCIPLINARY TEAMS 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 An Off-Duty brand that pushes the limits and raises the volume. We own it unapologetically. A social calendar dressing brand. Defined by refined sensuality. Owned through dresses. TARGET AGE: 24 TARGET AGE: 34 CASUAL STREET ACTIVEOFF-DUTY DAY SOCIAL NIGHT SOCIAL OCCASION
Page 19
1919Note: Reflects store count as of August 1, 2026. During the 26-week period ended August 1, 2026, the Company opened 12 new stores (9 in the United States and 3 in the United Kingdom, both under the GARAGE banner) and closed 12 stores (10 in Canada and 2 in the United States), resulting in no net change to total store count. PREMIER STORE PORTFOLIO 96 67 163 Stores 139 2 141 Stores 238 69 307 Stores Canada Total U.S. STORE LOCATIONS We operate a premier, profitable store portfolio across regions, with a growing U.S. footprint spanning 41 states and a recent entry into the U.K. 3 3 Stores U.K. Hawaiian Islands
Page 20
20 STORES COMPLEMENTED BY A PROFITABLE E-COMMERCE BUSINESS WITH ROOM TO GROW MAXIMIZE SALES PER SESSION • Leverage technology to elevate creativity and storytelling on web and mobile apps • Leverage data to optimize creatives • Complement core product offering with online exclusives • Leverage AI tools to personalize and target product recommendations • Provide product reviews and user generated content • Streamline checkout process and fulfillment options DRIVE WEB TRAFFIC • Expand internationally into the UK and beyond • Reach new audiences with influencers, brand ambassadors, social, paid media, generative engine optimization, search engine optimization, and affiliates • Drive retention with innovation around loyalty, customer relationship management, and customer care NO SIGNIFICANT INVESTMENT REQUIRED NEAR-TERM TO SERVE E-COMMERCE GROWTH
Page 21
21Note: 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 (~7,200) for every product developed (~1,800). ³ As of FY25. 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 ~7,200 styles and purchase ~1,800 styles annually, resulting in a 4:1 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 6.87x 9.85x 2021 2025 Chase 47 % (< 8 weeks)Short Lead 45 % (9-15 weeks) Long Lead 8 % (> 15 weeks) HIGH % OF TOTAL REVENUE HAS SHORTER LEAD TIMES 3 LEADING INVENTORY TURNOVER 47% of product moves from design to distribution center in under 8 weeks
Page 22
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 CostsLEVEL 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 Location Proximity
Page 23
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, BRAND MOMENTS, BRAND AMBASSADOR PROGRAM BRAND MUSES, INFLUENCERS, CULTURAL RELEVANCEMULTI-CHANNEL STRATEGY HOT CONFIDENT UNAPOLOGETIC MAGNETIC REFINED & SENSUAL CURATED REAL-TIME MONITORING SPEND ALLOCATION DATA & INSIGHTS CENTRALIZED FRAMEWORK TO MEASURE & OPTIMIZE RETURN ON AD SPEND
Page 24
24 % Comparable Store Sales1 4.7% 9.5% 8.2% 12.3% 26.7% $628 $697 $801 $959 $1,310 $1,491 FY21 FY22 FY23 FY24 FY25 LTM Q2-26 CAGR: 21% Adjusted EBITDA (After Rent Equivalent Expense)¹ / % Margin1 $ 76 / 12.1% $ 135 / 19.3% $ 152 / 19.0% $ 226 / 23.5% $ 388 / 29.6% $ 494 / 33.1% $112 $182 $217 $303 $478 $593 FY21 FY22 FY23 FY24 FY25 LTM Q2-26 CAGR: 45% Note: ¹This is a non-IFRS financial measure or non-IFRS ratio. See Slide 3. FINANCIAL PROFILE WITH COMPELLING REVENUE GROWTH & ENHANCED MARGINS % Margin1 56.4% 60.2% 60.8% 62.8% 63.8% 66.3% $354 $420 $487 $602 $837 $989 FY21 FY22 FY23 FY24 FY25 LTM Q2-26 % Margin¹ 17.8% 26.1% 27.1% 31.6% 36.5% 39.7% REVENUE GROSS PROFIT¹ ADJUSTED EBITDA¹ % Margin1 7.2% 16.1% 18.1% 22.1% 28.8% 31.7% $45 $112 $145 $212 $378 $472 $109 $63 $86 $136 $252 $326 FY21 FY22 FY23 FY24 FY25 LTM Q2-26 CAGR: 69% OPERATING INCOME & NET EARNINGS Operating Income Net Earnings CAGR: 26%
Page 25
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% 36% 39% FY21 FY22 FY23 FY24 FY25 Q2-26 ~2,900 bps CAPEX1 $9 $20 $53 $63 $86 $106 $117 $106 $92 $164 $335 $334 $126 $126 $146 $227 $421 $441 FY21 FY22 FY23 FY24 FY25 LTM Q2-26 CASH GENERATED FROM OPERATING ACTIVITIES AND FREE CASH FLOW¹ Free Cash Flow Cash Generated from Operating Activities
Page 26
26 CAPITAL ALLOCATION STRATEGY AIMED TO GROW AND DELIVER SHAREHOLDER VALUE CAPITAL ALLOCATION PRIORITIES PRUDENT CAPITAL STRUCTURE UNDERPINNED BY A STRONG BALANCE SHEET As a business that generates strong free cash flow we believe returning capital to shareholders is consistent with our commitment to enhancing long-term shareholder value. $63 million returned in Q2-26 under our share repurchase program, and $102 million year to date, together with a $51 million targeted buyback completed in connection with the secondary offering announced in Q1-26. Invest in growing and optimizing our omnichannel footprint with a disciplined investment framework, allocating most of the investment toward growth initiatives
Page 27
27 Note: 1Average unit retail (or AUR) is calculated as the average unit retail price of products sold to customers, calculated as revenue divided by the total number of units sold during the prior 12-month period.2 This is "forward-looking information". Includes 19 – 21 store openings in North America and 5 store openings in the U.K. See Slide 2. Assumes among other things, that we will continue to open approximately 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. LEVERS FOR GROWTH: TARGETED STRATEGIES TO ACCELERATE COMPARABLE STORE SALES AND EXPAND INTO NEW MARKETS GROW COMPARABLE STORE SALES Increase Average Unit Retail1 • ~12% CAGR since FY19 to ~$49 at the end of FY25 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 EXPAND & OPTIMIZE STORE NETWORK IN NORTH AMERICA 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 ACCELERATE E- COMMERCE & OMNI - CHANNEL GROWTH PURSUE INTERNATIONAL MARKETS Aim to open 24 to 26 additional stores through FY262 Optimize store network for high-tier locations Existing store network of strategic renovations (10-15 stores for FY261) <18-month payback period for stores Finalize migration to a headless e-commerce infrastructure to drive faster innovation, enhanced personalization, and expansion into the UK market Elevate customer experience through creative disruption across digital UX, brand storytelling, and immersive loyalty programs Scale omni-channel customer acquisition through optimized digital marketing channels
Page 28
2828 MERCI – THANK YOU Investor Relations Contact: Jean- Philippe D. Lachance, Chief Financial Officer investors@dynamite.ca
Page 29
29 Note: See Disclaimer – Non-IFRS Measures. NON- IFRS TO IFRS RECONCILIATION: ADJ. EBITDA AND ADJ. EBITDA MARGIN
Page 30
30 Note: See Disclaimer – Non-IFRS Measures. NON- IFRS TO IFRS RECONCILIATION: ADJ. EBITDA AND ADJ. EBITDA MARGIN (AFTER RENT EQUIVALENT EXPENSE)
Page 31
31 Note: See Disclaimer – Non-IFRS Measures. NON- IFRS TO IFRS RECONCILIATION: FREE CASH FLOW
Page 32
32 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 2025A LTM Q2-26A Net Earnings $ 109,180 $ 62,846 $ 85,816 $ 135,768 $ 252,173 $ 326,032 (+) Stock-based Compensation Expense $ 8,962 $ 2,819 $ 2,804 $ 5,557 $ 6,341 $ 14,437 (+) Canada Emergency Wage & Rent Subsidies (8,841) - - - - - (+) COVID Retention Bonus 3,778 - - - - - (+) CCAA Legal Fees 4,748 28 - - - - (+) Professional Fees Related to the IPO - - - 8,745 543 - (+) CCAA Debt Forgiveness (104,747) 12,184 - - - - (+) Income Tax (Recovery) Expense 18,568 (3,236) - (2,317) (438) (185) (+) Lease Disposal Costs - - - - (813) (104) (-) Recovery of Tariff Refund Claims - - - - - (9,368) Adjusted Net Earnings $ 31,648 $ 74,641 $ 88,620 $ 147,753 $ 257,806 $ 330,813 Average Total Assets¹ $ 304,045 $ 386,775 $ 494,054 $ 567,557 $ 712,263 $ 850,505 Return on Assets 10.4 % 19.3 % 17.9 % 26.0 % 36.2 % 38.9 %
Page 33
33 Note: See Disclaimer – Non-IFRS Measures. BALANCE SHEET