# EDGAR Filing Document

**Accession Number:** 0001690511
**File Stem:** 0001690511-25-000018
**Filing Date:** 2025-7
**Character Count:** 211104
**Document Hash:** 2b365976ed34ec6906511446710a4450
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001690511-25-000018.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001690511-25-000018

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250629

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Canada Goose Holdings Inc.
- **CENTRAL INDEX KEY:** 0001690511
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38027
- **FILM NUMBER:** 251169453

**BUSINESS ADDRESS:**
- **STREET 1:** 250 BOWIE AVENUE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M6E 4Y2
- **BUSINESS PHONE:** 416-780-9850

**MAIL ADDRESS:**
- **STREET 1:** 250 BOWIE AVENUE
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M6E 4Y2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Canada Goose Holdings, Inc.
- **DATE OF NAME CHANGE:** 20161118

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of July, 2025**

**Commission File Number: 001-38027**

**CANADA GOOSE HOLDINGS INC.**

**(Translation of registrant's name into English)**

**100 Queen's Quay East, 22**<sup>nd</sup> **Floor**

**Toronto, Ontario, Canada**

**(Address of principal executive office)** 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**EXHIBIT INDEX** 

Exhibits 99.1 and 99.2 to this report of a Foreign Private Issuer on Form 6-K are deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description** |
| 99.1 | <u>[Consolidated Interim Financial Statements for the First Quarter Ended June 29, 2025](cg6-kfinancialstatementsq1.htm)</u> |
| 99.2 | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operation for the First Quarter Ended June 29, 2025](cg6-kmdaq12026.htm)</u> |
| 99.3 | <u>[Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer](ceocertification-sox302q1f.htm)</u> |
| 99.4 | <u>[Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer](cfocertification-sox302q1f.htm)</u> |
| 99.5 | <u>[Press release of Canada Goose Holdings Inc., dated July 31, 2025](pressreleaseq12026.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Canada Goose Holdings Inc.**

---

| | | |
|:---|:---|:---|
|  | By: | */s/ Neil Bowden* |
|  | Name: | Neil Bowden |
|  | Title: | Chief Financial Officer |
| Date: July 31, 2025 |  |  |

---

## Exhibit 99.1

**Canada Goose Holdings Inc.** <br>

Condensed Consolidated Interim Financial Statements

As at and for the first quarter ended

June 29, 2025 and June 30, 2024

(Unaudited)

------

**Condensed Consolidated Interim Statements of Loss** 

**(unaudited)**

(in millions of Canadian dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
| | | **First quarter ended** | **First quarter ended** |
| | **Notes** | **June 29,<br>2025** | **June 30,<br>2024** |
| | | **$** | **$** |
| Revenue | 3 | 107.8 | 88.1 |
| Cost of sales | 6 | 41.6 | 35.5 |
| **Gross profit** |  | 66.2 | 52.6 |
| Selling, general & administrative expenses |  | 224.9 | 149.5 |
| **Operating loss** |  | (158.7) | (96.9) |
| Net interest, finance and other costs | 10 | 5.4 | 3.2 |
| **Loss before income taxes** |  | (164.1) | (100.1) |
| Income tax recovery |  | (38.6) | (26.1) |
| **Net loss** |  | (125.5) | (74.0) |
| Attributable to: |  |  |  |
| &nbsp;&nbsp;Shareholders of the Company |  | (125.2) | (77.4) |
| &nbsp;&nbsp;Non-controlling interest |  | (0.3) | 3.4 |
| **Net loss** |  | (125.5) | (74.0) |
| **Loss per share attributable to shareholders of the Company** |  |  |  |
| &nbsp;&nbsp;Basic and diluted | 4 | $(1.29) | $(0.80) |

---

*The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.*

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **1** of **31** |

---

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**Condensed Consolidated Interim Statements of Comprehensive Loss**

**(unaudited)**

(in millions of Canadian dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
| | | **First quarter ended** | **First quarter ended** |
| | **Notes** | **June 29, 2025** | **June 30,<br>2024** |
| | | **$** | **$** |
| **Net loss** |  | (125.5) | (74.0) |
| **Other comprehensive loss** |  |  |  |
| Items that may be reclassified to earnings, net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation adjustment gain |  | 13.1 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on derivatives designated as cash flow hedges | 15 | (1.7) | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of net loss (gain) on cash flow hedges to income | 15 | 0.1 | (0.1) |
| Other comprehensive income |  | 11.5 | 4.2 |
| **Comprehensive loss** |  | (114.0) | (69.8) |
| Attributable to: |  |  |  |
| &nbsp;&nbsp; Shareholders of the Company |  | (113.5) | (73.2) |
| &nbsp;&nbsp; Non-controlling interest |  | (0.5) | 3.4 |
| **Comprehensive loss** |  | (114.0) | (69.8) |

---

*The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.*

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **2** of **31** |

---

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**Condensed Consolidated Interim Statements of Financial Position**

**(unaudited)**

(in millions of Canadian dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Notes** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
| | | **$** | **$** | **$** |
| **Assets** |  |  | *Reclassified* | *Reclassified* |
| **Current assets** |  |  |  |  |
| Cash |  | 180.5 | 61.9 | 334.4 |
| Trade receivables | 2, 5 | 73.1 | 60.2 | 98.0 |
| Inventories | 6 | 439.5 | 484.3 | 384.0 |
| Income taxes receivable |  | 31.6 | 31.0 | 10.2 |
| Other current assets | 14 | 59.0 | 57.4 | 63.8 |
| **Total current assets** |  | 783.7 | 694.8 | 890.4 |
| Deferred income taxes |  | 114.6 | 96.8 | 95.7 |
| Property, plant and equipment |  | 159.2 | 165.7 | 161.6 |
| Intangible assets |  | 130.9 | 133.6 | 131.9 |
| Right-of-use assets | 7 | 268.9 | 293.8 | 280.2 |
| Goodwill |  | 72.0 | 70.4 | 72.0 |
| Other long-term assets | 14 | 1.2 | 5.4 | 0.1 |
| **Total assets** |  | 1530.5 | 1460.5 | 1631.9 |
| **Liabilities** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Accounts payable and accrued liabilities | 2, 8, 14 | 236.9 | 154.1 | 186.7 |
| Provisions | 9 | 35.7 | 40.8 | 40.1 |
| Income taxes payable |  | 19.2 | 15.2 | 28.6 |
| Short-term borrowings | 10 | 12.6 | 36.8 | 4.3 |
| Current portion of lease liabilities | 7 | 84.2 | 82.5 | 83.9 |
| **Total current liabilities** |  | 388.6 | 329.4 | 343.6 |
| Provisions | 9 | 16.3 | 14.6 | 16.0 |
| Deferred income taxes |  | 11.8 | 10.7 | 20.8 |
| Revolving Facility | 10 |  | 53.3 |  |
| Term Loan | 10 | 388.6 | 391.5 | 407.7 |
| Lease liabilities | 7 | 236.5 | 262.2 | 246.9 |
| Other long-term liabilities | 14 | 42.1 | 43.4 | 40.3 |
| **Total liabilities** |  | 1083.9 | 1105.1 | 1075.3 |
| **Equity** | 11 |  |  |  |
| Equity attributable to shareholders of the Company |  | 431.7 | 345.5 | 541.2 |
| Non-controlling interests |  | 14.9 | 9.9 | 15.4 |
| **Total equity** |  | 446.6 | 355.4 | 556.6 |
| **Total liabilities and equity** |  | 1530.5 | 1460.5 | 1631.9 |

---

*The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.* 

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **3** of **31** |

---

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**Condensed Consolidated Interim Statements of Changes in Equity**

**(unaudited)&nbsp;&nbsp;&nbsp;&nbsp;**

(in millions of Canadian dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Share capital** | **Share capital** | **Share capital** | **Contributed surplus** | **Retained earnings** | **Accumulated other comprehensive income** | **Total attributable to shareholders** | **Non-controlling interest** | **Total** |
| | **Notes** | **Multiple voting shares** | **Subordinate voting shares** | **Total** | | | | | | |
| | | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| **Balance at March 30, 2025** |  | 1.4 | 108.2 | 109.6 | 65.4 | 346.7 | 19.5 | 541.2 | 15.4 | 556.6 |
| Issuance of shares | 11 |  | 3.7 | 3.7 | (3.7) |  |  |  |  |  |
| Net loss |  |  |  |  |  | (125.2) |  | (125.2) | (0.3) | (125.5) |
| Other comprehensive income |  |  |  |  |  |  | 11.7 | 11.7 | (0.2) | 11.5 |
| Share-based payment | 12 |  |  |  | 4.0 |  |  | 4.0 |  | 4.0 |
| **Balance at June 29, 2025** |  | 1.4 | 111.9 | 113.3 | 65.7 | 221.5 | 31.2 | 431.7 | 14.9 | 446.6 |
| **Balance at March 31, 2024** |  | 1.4 | 103.5 | 104.9 | 54.4 | 252.5 | 5.2 | 417.0 | 6.5 | 423.5 |
| Tax on normal course issuer bid purchase of subordinate voting shares in fiscal 2024 | 11 |  |  |  |  | (0.6) |  | (0.6) |  | (0.6) |
| Issuance of shares | 11 |  | 3.9 | 3.9 | (3.9) |  |  |  |  |  |
| Net (loss) income |  |  |  |  |  | (77.4) |  | (77.4) | 3.4 | (74.0) |
| Other comprehensive income |  |  |  |  |  |  | 4.2 | 4.2 |  | 4.2 |
| Share-based payment | 12 |  |  |  | 2.3 |  |  | 2.3 |  | 2.3 |
| **Balance at June 30, 2024** |  | 1.4 | 107.4 | 108.8 | 52.8 | 174.5 | 9.4 | 345.5 | 9.9 | 355.4 |

---

*The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.*

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **4** of **31** |

---

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**Condensed Consolidated Interim Statements of Cash Flows**

**(unaudited)**

(in millions of Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
| | | **First quarter ended** | **First quarter ended** |
| | **Notes** | **June 29,<br>2025** | **June 30,<br>2024** |
| | | **$** | **$** |
| **Operating activities** |  |  |  |
| Net loss |  | (125.5) | (74.0) |
| Items not affecting cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 31.2 | 32.7 |
| &nbsp;&nbsp;&nbsp;Income tax recovery |  | (38.6) | (26.1) |
| &nbsp;&nbsp;&nbsp;Interest expense | 10 | 4.4 | 11.8 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain |  | (3.4) | (1.9) |
| &nbsp;&nbsp;&nbsp;Loss on disposal of assets |  | 0.2 |  |
| &nbsp;&nbsp;&nbsp;Share-based payment | 12 | 4.1 | 2.2 |
| &nbsp;&nbsp;&nbsp;Arbitration award | 8 | 43.8 |  |
| &nbsp;&nbsp;&nbsp;Remeasurement of put option | 14 | 1.1 | 2.1 |
| &nbsp;&nbsp;&nbsp;Remeasurement of contingent consideration | 14 | (0.1) | (10.7) |
|  |  | (82.8) | (63.9) |
| Changes in non-cash operating items | 16 | (29.2) | (63.1) |
| Income taxes paid |  | (22.3) | (5.4) |
| Interest paid |  | (8.5) | (10.5) |
| **Net cash used in operating activities** |  | (142.8) | (142.9) |
| **Investing activities** |  |  |  |
| Purchase of property, plant and equipment |  | (1.3) | (2.2) |
| Initial direct costs of right-of-use assets | 7 |  | (0.1) |
| **Net cash used in investing activities** |  | (1.3) | (2.3) |
| **Financing activities** |  |  |  |
| Mainland China Facilities borrowings | 10 |  | 16.6 |
| Japan Facility borrowings | 10 | 8.5 | 10.8 |
| Term Loan repayments | 10 | (1.1) | (1.0) |
| Revolving Facility borrowings | 10 |  | 54.3 |
| Transaction costs on financing activities | 10 |  | (0.2) |
| Principal payments on lease liabilities | 7 | (19.4) | (20.8) |
| **Net cash (used in) from financing activities** |  | (12.0) | 59.7 |
| Effects of foreign currency exchange rate changes on cash |  | 2.2 | 2.5 |
| Decrease in cash |  | (153.9) | (83.0) |
| **Cash, beginning of period** |  | 334.4 | 144.9 |
| **Cash, end of period** |  | 180.5 | 61.9 |

---

*The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.*

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **5** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 1. &nbsp;&nbsp;&nbsp;&nbsp;The Company**

*Organization*

Canada Goose Holdings Inc. and its subsidiaries (the "Company") design, manufacture, and sell performance luxury apparel for men, women, youth, children, and babies. The Company's product offerings include various styles of down-filled outerwear, rain and everyday jackets, fleece, vests, apparel, footwear, and accessories for the fall, winter, and spring seasons. The Company's head office is located at 100 Queens Quay East, Toronto, Canada, M5E 1V3. The use of the terms "Canada Goose", "we", and "our" throughout these notes to the condensed consolidated interim financial statements ("Interim Financial Statements") refer to the Company.

Canada Goose is a public company listed on the Toronto Stock Exchange and the New York Stock Exchange under the trading symbol "GOOS". The principal shareholders of the Company are investment funds advised by Bain Capital LP and its affiliates ("Bain Capital"), and DTR LLC ("DTR"), an entity indirectly controlled by the Chairman and Chief Executive Officer of the Company. The principal shareholders hold multiple voting shares representing 52.5% of the total shares outstanding as at June 29, 2025, or 91.7% of the combined voting power of the total voting shares outstanding. Subordinate voting shares that trade on public markets represent 47.5% of the total shares outstanding as at June 29, 2025, or 8.3% of the combined voting power of the total voting shares outstanding.

*Statement of compliance*

The Interim Financial Statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), specifically IAS 34, *Interim Financial Reporting*. Certain information, which is considered material to the understanding of the Interim Financial Statements and is normally included in the audited annual consolidated financial statements prepared in accordance with IFRS Accounting Standards, is not provided in these notes. These Interim Financial Statements should be read in conjunction with the Company's audited annual consolidated financial statements for the year ended March 30, 2025.

The Interim Financial Statements were authorized for issuance in accordance with a resolution of the Company's Board of Directors on July 30, 2025.

*Fiscal year*

The Company's fiscal year is a 52 or 53-week reporting cycle with the fiscal year ending on the Sunday closest to March 31. Each fiscal quarter is 13 weeks for a 52-week fiscal year. Fiscal 2026 is a 52-week fiscal year.

*Operating segments*

The Company classifies its business in three operating and reportable segments: Direct-to-Consumer ("DTC"), Wholesale, and Other. The DTC segment comprises sales through country-specific e-Commerce platforms available across numerous markets, which includes the recommerce platform Canada Goose Generations, currently available in the United States and Canada, and our Company-owned retail stores.

The Wholesale segment comprises sales made to a mix of retailers and international distributors, who are partners that have exclusive rights to an entire market, and travel retail locations.

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **6** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

The Other segment comprises revenue and costs that are not related to the Company's DTC or Wholesale segments, such as sales to employees and friends and family sales.

*Seasonality*

The business is seasonal, and we have historically realized a significant portion of our Wholesale revenue and operating income in the second and third quarters of the fiscal year and DTC revenue and operating income in the third and fourth quarters of the fiscal year. Thus, lower-than-expected revenue in these periods could have an adverse impact on our annual operating results.

Cash flows from operating activities are typically highest in the third and fourth quarters of the fiscal year due to revenue from the DTC segment and the collection of trade receivables from Wholesale revenue earlier in the year. Working capital requirements typically increase as inventory builds. Borrowings have historically increased in the first and second quarters and been repaid in the balance of the year.

**Note 2.&nbsp;&nbsp;&nbsp;&nbsp;Material accounting policy information**

*Basis of presentation*

The accounting policies and critical accounting estimates and judgments as disclosed in the Company's audited annual financial statements for the year ended March 30, 2025 have been applied consistently in the preparation of these Interim Financial Statements except as noted below. The Interim Financial Statements are presented in Canadian dollars, the Company's functional and presentation currency.

Certain comparative figures have been reclassified to conform with the current year presentation.

Management identified an immaterial reclassification to the interim statement of financial position as at June 30, 2024, the annual statement of financial position as at March 30, 2025, and related note disclosures for comparative figures pertaining to sales taxes receivables presented in trade receivables, and sales taxes payables presented in accounts payable and accrued liabilities. Management reclassified $9.8m and $15.2m from accounts payable and accrued liabilities to trade receivables as at June 30, 2024 and March 30, 2025, respectively. These reclassifications did not impact the interim statement of loss, the annual statement of income, and (loss) earnings per share for either reporting period. Comparative figures have been appropriately reclassified in the interim statement of financial position as at June 30, 2024, annual statement of financial position as at March 30, 2025, and related note disclosures.

*Principles of consolidation*

The Interim Financial Statements include the accounts of the Company and its subsidiaries and those investments over which the Company has control. All intercompany transactions and balances have been eliminated.

*Standards issued and not yet adopted*

Certain new standards, amendments, and interpretations to existing IFRS Accounting Standards have been published but are not yet effective and have not been adopted early by the Company. Management anticipates that pronouncements will be adopted in the Company's accounting policy for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments, and interpretations is provided below.

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **7** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

In May 2024, the International Accounting Standards Board ("IASB") issued amendments to IFRS 9, *Financial Instruments* and IFRS 7, *Financial Instruments: Disclosure* to clarify the timing of recognition and derecognition of financial assets and liabilities, the settlement of financial liabilities using an electronic payment system, and the assessment of contractual cash flow characteristics, classification and disclosure of financial assets with environmental, social, and governance linked or other contingent features. The IASB also amended the disclosure requirements for investments in equity instruments designated as fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features. These amendments are effective for annual reporting periods beginning on or after January 1, 2026. The Company is currently evaluating the impact of these amendments on the consolidated financial statements.

In April 2024, the IASB issued IFRS 18, *Presentation and Disclosure in Financial Statements* to improve reporting of financial performance. IFRS 18 replaces IAS 1, *Presentation of Financial Statements*. Many requirements from IAS 1 remain unchanged into IFRS 18. The standard sets out requirements on presentation and disclosures in financial statements. It introduces a defined structure for the statement of income composed of required categories and subtotals. The standard also introduces specific disclosure requirements for management-defined performance measures and a reconciliation between these measures and the most similar subtotal specified in IFRS Accounting Standards, which must be disclosed in a single note. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company is currently evaluating the impact of the adoption of IFRS 18 on the consolidated financial statements.

**Note 3.&nbsp;&nbsp;&nbsp;&nbsp;Segment information**

The Company has three reportable operating segments: DTC, Wholesale, and Other. The Company measures each reportable operating segment's performance based on revenue and segment operating loss, which is the profit metric utilized by the Company's chief operating decision maker, the Chairman and Chief Executive Officer, for assessing the performance of operating segments. No single customer contributed 10 per cent or more to the Company's revenue for the first quarters ended June 29, 2025 and June 30, 2024.

Corporate expenses comprises costs that do not occur through the DTC, Wholesale, or Other segments, including the cost of marketing expenditures to build brand awareness across all segments, management overhead costs in support of manufacturing operations, other corporate costs, and foreign exchange gains and losses not specifically associated with segment operations.

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|:---|:---|
| Canada Goose Holdings Inc. | Page **8** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

The following table presents key performance information of the Company's reportable operating segments:

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **$** | **$** |
| **Revenue** |  |  |
| DTC | 78.1 | 63.1 |
| Wholesale | 17.9 | 16.0 |
| Other | 11.8 | 9.0 |
| **Total segment revenue** | 107.8 | 88.1 |
| **Operating loss** |  |  |
| DTC | (23.4) | (23.1) |
| Wholesale | (3.5) | (4.1) |
| Other | (4.6) | (0.7) |
| **Total segment operating loss** | (31.5) | (27.9) |

---

The following table reconciles the Company's reportable total segment operating loss to loss before income taxes:

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **$** | **$** |
| **Total segment operating loss** | (31.5) | (27.9) |
| Corporate expenses | (127.2) | (69.0) |
| **Total operating loss** | (158.7) | (96.9) |
| Net interest, finance and other costs | 5.4 | 3.2 |
| **Loss before income taxes** | (164.1) | (100.1) |

---

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|:---|:---|
| Canada Goose Holdings Inc. | Page **9** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

The following table summarizes depreciation and amortization in SG&A expenses of each reportable operating segment and depreciation and amortization included in corporate expenses:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **$** | **$** |
| **Depreciation and amortization expense** |  |  |
| DTC | 23.1 | 24.7 |
| Wholesale | 0.8 | 1.0 |
| Other | 0.3 | 0.3 |
| **Total segment depreciation and amortization expense** | 24.2 | 26.0 |
| Corporate expenses | 4.0 | 4.0 |
| **Total depreciation and amortization expense** | 28.2 | 30.0 |

---

*Geographic information*

The Company determines the geographic location of revenue based on the location of its customers.

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** |
|  | **$** | **$** |
| Canada | 24.4 | 21.9 |
| United States | 26.9 | 18.5 |
| North America | 51.3 | 40.4 |
| Greater China<sup>1</sup> | 26.0 | 21.9 |
| Asia Pacific (excluding Greater China<sup>1</sup>) | 13.0 | 8.9 |
| Asia Pacific | 39.0 | 30.8 |
| EMEA<sup>2</sup> | 17.5 | 16.9 |
| **Total revenue** | 107.8 | 88.1 |

---

*1Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan.*

*2EMEA comprises Europe, the Middle East, Africa, and Latin America.*

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **10** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

The Company's non-current, non-financial assets (comprising property, plant and equipment, intangible assets and right-of-use assets) are geographically located as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
| | **$** | **$** | **$** |
| Canada | 201.4 | 216.1 | 202.2 |
| United States | 107.0 | 134.3 | 118.7 |
| North America | 308.4 | 350.4 | 320.9 |
| Greater China<sup>1</sup> | 49.5 | 72.9 | 60.0 |
| Asia Pacific (excluding Greater China<sup>1</sup>) | 47.4 | 43.2 | 47.5 |
| Asia Pacific | 96.9 | 116.1 | 107.5 |
| EMEA<sup>2</sup> | 153.7 | 126.6 | 145.3 |
| **Non-current, non-financial assets** | 559.0 | 593.1 | 573.7 |

---

*1Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan.*

*2EMEA comprises Europe, the Middle East, Africa, and Latin America.*

**Note 4. &nbsp;&nbsp;&nbsp;&nbsp;Earnings per share**

The following table presents details for the calculation of basic and diluted earnings per share:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars, except share and per share amounts)** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Net loss attributable to shareholders of the Company** | $(125.2) | $(77.4) |
| Weighted average number of multiple and subordinate voting shares outstanding<sup>1</sup> | 96913707 | 96611725 |
| **Loss per share attributable to shareholders of the Company** |  |  |
| &nbsp;&nbsp;Basic and diluted | $(1.29) | $(0.80) |

---

*1Subordinate voting shares issuable on exercise of stock options are not treated as dilutive if including them would decrease the loss per share. For the first quarter ended June 29, 2025, 1,544,848 potentially dilutive shares have been excluded from the calculation of diluted loss per share because their effect was anti-dilutive (first quarter ended June 30, 2024 - 1,138,989 shares).*

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **11** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 5.&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables**

---

| | | | |
|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
|  | **$** | **$** | **$** |
|  |  | *Reclassified* | *Reclassified* |
| Trade accounts receivable | 45.3 | 37.6 | 68.6 |
| Sales tax receivables | 24.4 | 21.2 | 22.9 |
| Credit card receivables | 3.5 | 2.3 | 4.5 |
| Other receivables | 2.3 | 1.4 | 4.5 |
|  | 75.5 | 62.5 | 100.5 |
| Less: expected credit loss and sales allowances | (2.4) | (2.3) | (2.5) |
| **Trade receivables** | 73.1 | 60.2 | 98.0 |

---

**Note 6. &nbsp;&nbsp;&nbsp;&nbsp;Inventories**

---

| | | | |
|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
|  | **$** | **$** | **$** |
| Raw materials | 33.2 | 44.6 | 35.7 |
| Work in progress | 17.8 | 19.6 | 17.1 |
| Finished goods | 388.5 | 420.1 | 331.2 |
| **Total inventories at the lower of cost and net realizable value** | 439.5 | 484.3 | 384.0 |

---

Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining rate of sale.

The breakdown of the provision for inventory obsolescence is presented as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
|  | **$** | **$** | **$** |
| Raw material reserves | 17.6 | 22.9 | 18.6 |
| Finished goods reserves | 31.5 | 39.5 | 32.2 |
| **Provision for inventory obsolescence** | 49.1 | 62.4 | 50.8 |

---

Amounts charged to cost of sales comprise the following:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** |
|  | **$** | **$** |
| Cost of goods manufactured | 38.6 | 32.8 |
| Depreciation and amortization included in costs of sales | 3.0 | 2.7 |
| **Cost of sales** | 41.6 | 35.5 |

---

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **12** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 7.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

*Right-of-use assets*

The following table presents changes in the cost and the accumulated depreciation of the Company's right-of-use assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **Retail stores** | **Manufacturing facilities** | **Other** | **Total** |
| **Cost** | **$** | **$** | **$** | **$** |
| **March 30, 2025** | 520.4 | 49.6 | 65.9 | 635.9 |
| Additions | 5.1 |  | 1.3 | 6.4 |
| Lease modifications | 0.1 | 7.2 | 0.2 | 7.5 |
| Derecognition on termination | (1.1) | (3.1) |  | (4.2) |
| Impact of foreign currency translation | (9.3) |  | (0.3) | (9.6) |
| **June 29, 2025** | 515.2 | 53.7 | 67.1 | 636.0 |
| **March 31, 2024** | 450.3 | 44.2 | 60.9 | 555.4 |
| Additions | 30.1 |  | 0.9 | 31.0 |
| Lease modifications | 2.9 |  | (0.1) | 2.8 |
| Impact of foreign currency translation | 2.2 |  | 0.1 | 2.3 |
| **June 30, 2024** | 485.5 | 44.2 | 61.8 | 591.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **Retail stores** | **Manufacturing facilities** | **Other** | **Total** |
| **Accumulated depreciation** | **$** | **$** | **$** | **$** |
| **March 30, 2025** | 295.7 | 29.6 | 30.4 | 355.7 |
| Depreciation | 16.8 | 1.8 | 1.7 | 20.3 |
| Derecognition on termination | (1.1) | (1.8) |  | (2.9) |
| Impact of foreign currency translation | (5.6) |  | (0.4) | (6.0) |
| **June 29, 2025** | 305.8 | 29.6 | 31.7 | 367.1 |
| **March 31, 2024** | 229.7 | 24.0 | 21.9 | 275.6 |
| Depreciation | 17.2 | 1.3 | 2.2 | 20.7 |
| Impact of foreign currency translation | 1.3 |  | 0.1 | 1.4 |
| **June 30, 2024** | 248.2 | 25.3 | 24.2 | 297.7 |
| **Net book value** |  |  |  |  |
| **June 29, 2025** | 209.4 | 24.1 | 35.4 | 268.9 |
| **June 30, 2024** | 237.3 | 18.9 | 37.6 | 293.8 |
| **March 30, 2025** | 224.7 | 20.0 | 35.5 | 280.2 |

---

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **13** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

*Lease liabilities* 

The following table presents the changes in the Company's lease liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **Retail stores** | **Manufacturing facilities** | **Other** | **Total** |
|  | **$** | **$** | **$** | **$** |
| **March 30, 2025** | 260.0 | 23.3 | 47.5 | 330.8 |
| Additions | 5.1 |  | 1.3 | 6.4 |
| Lease modifications | 0.1 | 7.2 | 0.1 | 7.4 |
| Principal payments | (15.8) | (1.5) | (2.1) | (19.4) |
| Impact of foreign currency translation | (4.6) |  | 0.1 | (4.5) |
| **June 29, 2025** | 244.8 | 29.0 | 46.9 | 320.7 |
| **March 31, 2024** | 255.7 | 23.8 | 51.0 | 330.5 |
| Additions | 29.9 |  | 1.0 | 30.9 |
| Lease modifications | 2.9 |  | (0.1) | 2.8 |
| Principal payments | (17.3) | (1.4) | (2.1) | (20.8) |
| Impact of foreign currency translation | 1.2 |  | 0.1 | 1.3 |
| **June 30, 2024** | 272.4 | 22.4 | 49.9 | 344.7 |

---

Lease liabilities are classified as current and non-current liabilities as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **Retail stores** | **Manufacturing facilities** | **Other** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Current lease liabilities | 69.1 | 7.3 | 7.8 | 84.2 |
| Non-current lease liabilities | 175.7 | 21.7 | 39.1 | 236.5 |
| **June 29, 2025** | 244.8 | 29.0 | 46.9 | 320.7 |
| Current lease liabilities | 68.2 | 6.3 | 8.0 | 82.5 |
| Non-current lease liabilities | 204.2 | 16.1 | 41.9 | 262.2 |
| **June 30, 2024** | 272.4 | 22.4 | 49.9 | 344.7 |
| Current lease liabilities | 70.3 | 6.1 | 7.5 | 83.9 |
| Non-current lease liabilities | 189.7 | 17.2 | 40.0 | 246.9 |
| **March 30, 2025** | 260.0 | 23.3 | 47.5 | 330.8 |

---

For the first quarter ended June 29, 2025, $4.6m of lease payments were not included in the measurement of lease liabilities (first quarter ended June 30, 2024 - $3.1m). The majority of these balances related to short-term leases and variable rent payments, which are expensed as incurred.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **14** of **31** |

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------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 8. &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities**

During the first quarter ended June 29, 2025, an arbitration that took place in fiscal 2024 concluded between the Company and a former supplier of the Company in connection with a previously announced commercial dispute relating to the termination of a contract in 2021. The arbitration resulted in an unfavourable judgment against the Company with financial compensation to be awarded to the former supplier.

Refer to *"Note 23. Litigation and other contingencies*" in our fiscal 2025 Annual Financial Statements for previously disclosed information on the matter.

As a result of the arbitration, the Company is required to make a one-time financial award to the former supplier of USD32.0m ($43.8m), inclusive of legal costs. The Company recorded an accrued liability of USD32.0m ($43.8m) for the financial award in the Interim Financial Statements for the first quarter ended June 29, 2025, which was recognized in SG&A expenses in the interim statements of loss. Subsequent to the first quarter ended June 29, 2025, the award and legal costs were paid to the former supplier.

Accounts payable and accrued liabilities consist of the following:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
|  | **$** | **$** | **$** |
|  |  | *Reclassified* | *Reclassified* |
| Trade payables | 64.7 | 39.9 | 51.4 |
| Accrued liabilities | 130.4 | 68.2 | 86.8 |
| Employee benefits | 27.0 | 30.5 | 31.6 |
| Derivative financial instruments | 4.3 | 1.6 | 2.6 |
| Other payables | 10.5 | 13.9 | 14.3 |
| **Accounts payable and accrued liabilities** | 236.9 | 154.1 | 186.7 |

---

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **15** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 9.&nbsp;&nbsp;&nbsp;&nbsp;Provisions**

Provisions are classified as current and non-current liabilities based on legal rights which exist as at the reporting date as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **Warranty** | **Sales returns** | **Asset retirement obligations** | **Total** |
|  | **$** | **$** | **$** | **$** |
| Current provisions | 27.9 | 7.8 |  | 35.7 |
| Non-current provisions |  |  | 16.3 | 16.3 |
| **June 29, 2025** | 27.9 | 7.8 | 16.3 | 52.0 |
| Current provisions | 28.6 | 12.2 |  | 40.8 |
| Non-current provisions |  |  | 14.6 | 14.6 |
| **June 30, 2024** | 28.6 | 12.2 | 14.6 | 55.4 |
| Current provisions | 29.0 | 11.1 |  | 40.1 |
| Non-current provisions |  |  | 16.0 | 16.0 |
| **March 30, 2025** | 29.0 | 11.1 | 16.0 | 56.1 |

---

**Note 10. &nbsp;&nbsp;&nbsp;&nbsp;Borrowings**

*Revolving Facility*

The Company has an agreement with a syndicate of lenders for a senior secured asset-based revolving credit facility ("Revolving Facility") in the amount of $467.5m, with an increase in commitments to $517.5m during the peak season (June 1 - November 30). The Revolving Facility matures on May 15, 2028. Amounts owing under the Revolving Facility may be borrowed, repaid and re-borrowed for general corporate purposes. The Company has pledged substantially all of its assets as collateral for the Revolving Facility. The Revolving Facility contains financial and non-financial covenants which could impact the Company's ability to draw funds.

The Revolving Facility has multiple interest rate charge options that are based on the Canadian prime rate, Canadian Overnight Repo Rate Average, the lenders' Alternate Base Rate, European Base Rate, SOFR rate, or EURIBOR rate plus an applicable margin, with interest payable the earlier of quarterly or at the end of the then current interest period (whichever is earlier).

As at June 29, 2025, the Company had no borrowings outstanding on the Revolving Facility (June 30, 2024 - $54.3m, March 30, 2025 - $nil). As at June 29, 2025, less than $0.1m of interest and administrative fees remain outstanding (June 30, 2024 - $0.3m, March 30, 2025 - $nil). There were deferred financing charges of $0.7m as at June 29, 2025 that were included in other long-term liabilities (March 30, 2025 - $0.7m). As at June 30, 2024, there were deferred financing charges of $1.0m included in the Revolving Facility balance. As at and during the first quarter ended June 29, 2025, the Company was in compliance with all covenants.

The Company had unused borrowing capacity available under the Revolving Facility of $271.2m as at June 29, 2025 (June 30, 2024 - $335.2m, March 30, 2025 - $134.0m).

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **16** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

The revolving credit commitment also includes a letter of credit commitment in the amount of $25.0m, with a $5.0m sub-commitment for letters of credit issued in a currency other than Canadian dollars, U.S. dollars, euros or British pounds sterling, and a swingline commitment for $25.0m. As at June 29, 2025, the Company had letters of credit outstanding under the Revolving Facility of $4.6m (June 30, 2024 - $1.6m, March 30, 2025 - $4.4m).

*Term Loan*

The Company has a senior secured loan agreement with a syndicate of lenders that is secured on a split collateral basis ("Term Loan") alongside the Revolving Facility. The Term Loan has an aggregate principal amount of USD300.0m, with quarterly repayments of USD0.75m on the principal amount and a maturity date of October 7, 2027. Moreover, the Term Loan has an interest rate of SOFR plus a term SOFR adjustment of 0.11448% with an applicable margin of 3.50% payable monthly in arrears. SOFR plus the term SOFR adjustment may not be less than 0.75%.

Voluntary prepayments of amounts owing under the Term Loan may be made at any time without premium or penalty, once repaid may not be reborrowed. As at June 29, 2025, the Company had USD287.3m (June 30, 2024 - USD289.5m, March 30, 2025 - USD288.0m) aggregate principal amount outstanding under the Term Loan. The Company has pledged substantially all of its assets as collateral for the Term Loan. The Term Loan contains financial and non-financial covenants which could impact the Company's ability to draw funds. As at and during the first quarter ended June 29, 2025, the Company was in compliance with all covenants.

As the Term Loan is denominated in U.S. dollars, the Company remeasures the outstanding balance plus accrued interest at each balance sheet date.

The amount outstanding with respect to the Term Loan is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
|  | **$** | **$** | **$** |
| Term Loan | 393.0 | 396.0 | 412.4 |
| Unamortized portion of deferred transaction costs | (0.3) | (0.5) | (0.4) |
| **Term Loan, net of unamortized deferred transaction costs** | 392.7 | 395.5 | 412.0 |

---

*Mainland China Facilities*

A subsidiary of the Company in Mainland China has uncommitted loan facilities in the aggregate amount of RMB560.0m ($106.8m) ("Mainland China Facilities"). The term of each draw on the loans is one, three or six months or such other period as agreed upon and shall not exceed 12 months (including any extension or rollover). The interest rate on each facility is equal to 3.1% or the loan prime rate of 1 year, minus a marginal rate between 0.2% to 0.6%, and payable quarterly. Proceeds drawn on the Mainland China Facilities are being used to support working capital requirements and build up of inventory for peak season sales. As at June 29, 2025, the Company had no amounts owing on the Mainland China Facilities (June 30, 2024 - $16.6m (RMB88.3m), March 30, 2025 - no amounts owing).

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **17** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

*Japan Facility*

A subsidiary of the Company in Japan has a loan facility in the aggregate amount of JPY4,000.0m ($37.8m) ("Japan Facility") with a floating interest rate of Japanese Bankers Association Tokyo Interbank Offered Rate plus an applicable margin of 0.30%. The term of the facility is 12 months and each draw on the facility is payable within the term. Proceeds drawn on the Japan Facility are being used to support build up of inventory for peak season sales. As at June 29, 2025, the Company had $8.5m (JPY900.0m) owing on the Japan Facility (June 30, 2024 - $16.2m (JPY1,900.0m), March 30, 2025 - no amounts owing).

*Short-term Borrowings*

Short-term borrowings consist of the following:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
|  | **$** | **$** | **$** |
| Mainland China Facilities |  | 16.6 |  |
| Japan Facility | 8.5 | 16.2 |  |
| Term Loan | 4.1 | 4.0 | 4.3 |
| **Total short-term borrowings** | 12.6 | 36.8 | 4.3 |

---

Short-term borrowings are all due within the next 12 months. The Term Loan amount above reflects the quarterly principal repayments.

Net interest, finance and other costs consist of the following:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** |
|  | **$** | **$** |
| Interest expense |  |  |
| &nbsp;&nbsp;&nbsp;Mainland China Facilities<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Japan Facility<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Facility | 0.1 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term Loan | 4.8 | 5.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 4.1 | 4.3 |
| Standby fees | 0.3 | 0.3 |
| Foreign exchange (gains) losses on Term Loan net of hedges | (3.5) | 1.7 |
| Fair value remeasurement on the put option liability (note 14) | 1.1 | 2.1 |
| Fair value remeasurement on the contingent consideration (note 14) | (0.1) | (10.7) |
| Interest income | (1.6) | (0.3) |
| Other costs | 0.2 | 0.2 |
| **Net interest, finance and other costs** | 5.4 | 3.2 |

---

*1The net interest expense for the Mainland China Facilities and Japan Facility is $nil and less than $0.1m, respectively, for the first quarter ended June 29, 2025 (first quarter ended June 30, 2024 - less than $0.1m and less than $0.1m, respectively).*

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **18** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 11. &nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity**

***Share capital transactions for the first quarter ended June 29, 2025***

*Normal course issuer bid for Fiscal 2025*

The Board of Directors authorized the Company to initiate a normal course issuer bid, in accordance with the requirements of the Toronto Stock Exchange, to purchase up to 4,556,841 subordinate voting shares over the 12-month period from November 22, 2024 and ending no later than November 21, 2025 (the "Fiscal 2025 NCIB"). Purchased subordinate voting shares will be cancelled.

In connection with the Fiscal 2025 NCIB, the Company also entered into an automatic share purchase plan (the "Fiscal 2025 ASPP") under which a designated broker may purchase subordinate voting shares under the Fiscal 2025 NCIB during the regularly scheduled quarterly trading blackout periods of the Company. The repurchases made under the Fiscal 2025 ASPP will be made in accordance with certain purchasing parameters and will continue until the earlier of the date in which the Company has acquired the maximum limit of subordinate voting shares pursuant to the Fiscal 2025 ASPP or upon the date of expiry of the Fiscal 2025 NCIB.

During the first quarter ended June 29, 2025, the Company made no repurchases under the Fiscal 2025 NCIB.

Since the commencement of the bid on November 22, 2024, the Company made no repurchases under the Fiscal 2025 NCIB.

The transactions affecting the issued and outstanding share capital of the Company are described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars, except share amounts)** | **Multiple voting shares** | **Subordinate voting shares** | **Total** | **Total** |
| **(in millions of Canadian dollars, except share amounts)** | **Number** | $**Number** | $**Number** | **$** |
| **March 30, 2025** | 51004076 | 45830391 | 96834467 | 109.6 |
| &nbsp;&nbsp;Exercise of stock options |  |  |  |  |
| &nbsp;&nbsp;Settlement of RSUs |  | 233585 | 233585 | 3.7 |
| Total share issuances |  | 233585 | 233585 | 3.7 |
| **June 29, 2025** | 51004076 | 46063976 | 97068052 | 113.3 |

---

***Share capital transactions for the first quarter ended June 30, 2024***

*Normal course issuer bid for Fiscal 2024*

The Board of Directors authorized the Company to initiate a normal course issuer bid, in accordance with the requirements of the Toronto Stock Exchange, to purchase up to 4,980,505 subordinate voting shares over the 12-month period which started on November 22, 2023 and concluded on November 21, 2024 (the "Fiscal 2024 NCIB"). Purchased subordinate voting shares were cancelled.

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **19** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

In connection with the Fiscal 2024 NCIB, the Company also entered an automatic share purchase plan (the "Fiscal 2024 ASPP") under which a designated broker may purchase subordinate voting shares under the Fiscal 2024 NCIB during the regularly scheduled quarterly trading blackout periods of the Company. The repurchases made under the Fiscal 2024 ASPP were made in accordance with certain purchasing parameters and continued until the earlier of the date in which the Company acquired the maximum limit of subordinate voting shares pursuant to the Fiscal 2024 ASPP or upon the date of expiry of the Fiscal 2024 NCIB.

During the first quarter ended June 30, 2024, the Company had made no repurchases under the Fiscal 2024 NCIB.

Since the commencement of the Fiscal 2024 NCIB, the Company purchased 3,586,124 subordinate voting shares for total cash consideration of $56.9m. Of the 3,586,124 subordinate voting shares purchased, 3,088,648 were purchased under the Fiscal 2024 ASPP for total cash consideration of $49.6m.

On June 20, 2024, the tax on share repurchases was enacted in Canada. The rules pertain to transactions that occur on or after January 1, 2024. During the first quarter ended June 30, 2024, there were no repurchases made. However, due to repurchases made during fiscal 2024, $0.6m in taxes on the repurchase of subordinate voting shares was recorded in the first quarter ended June 30, 2024 and charged to retained earnings.

The transactions affecting the issued and outstanding share capital of the Company are described below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions of Canadian dollars, except share amounts)** | **Multiple voting shares** | **Subordinate voting shares** | **Total** | **Total** |
| **(in millions of Canadian dollars, except share amounts)** | **Number** | $**Number** | $**Number** | **$** |
| **March 31, 2024** | 51004076 | 45528438 | 96532514 | 104.9 |
| &nbsp;&nbsp;Exercise of stock options |  | 26484 | 26484 |  |
| &nbsp;&nbsp;Settlement of RSUs |  | 171875 | 171875 | 3.9 |
| Total share issuances |  | 198359 | 198359 | 3.9 |
| **June 30, 2024** | 51004076 | 45726797 | 96730873 | 108.8 |

---

**Note 12.&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments**

*Stock options*

The Company has issued stock options to purchase subordinate voting shares under its incentive plans, prior to the public share offering on March 21, 2017, the Legacy Plan, and subsequently, the Omnibus Plan. All options are issued at an exercise price that is not less than market value at the time of grant and expire ten years after the grant date.

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|:---|:---|
| Canada Goose Holdings Inc. | Page **20** of **31** |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

Stock option transactions are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
| **(in millions of Canadian dollars, except share and per share amounts)** | **Weighted average exercise price** | **Number of shares** | **Weighted average exercise price** | **Number of shares** |
| **Options outstanding, beginning of period** | $30.78 | 4757953 | $33.51 | 4608777 |
| Granted | $16.82 | 1151845 | $18.98 | 770434 |
| Exercised | $— |  | $0.76 | (26484) |
| Cancelled | $22.28 | (36589) | $37.70 | (398184) |
| **Options outstanding, end of period** | $28.09 | 5873209 | $31.09 | 4954543 |

---

*Restricted share units* 

The Company has granted shares as part of the Restricted Share Unit ("RSU") program under the Omnibus Plan to employees of the Company. The RSUs are treated as equity instruments for accounting purposes. We expect that vested RSUs will be paid at settlement through the issuance of one subordinate voting share per RSU. The RSUs vest over a period of three years, a third on each anniversary of the date of grant.

RSU transactions are as follows:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **Number of shares** | **Number of shares** |
| **RSUs outstanding, beginning of period** | 615158 | 480518 |
| Granted | 462184 | 402440 |
| Settled | (233585) | (171875) |
| Cancelled | (13951) | (36278) |
| **RSUs outstanding, end of period** | 829806 | 674805 |

---

*Performance share units* 

The Company has granted shares as part of the Performance Share Unit ("PSU") program under the Omnibus Plan. A PSU represents the right to receive a subordinate voting share settled by the issuance of shares at the vesting date. PSUs vest on the third anniversary of the award date and are earned only if certain performance targets are achieved. Shares issued per PSU at the vesting date can decrease or increase if minimum or maximum performance targets are achieved ranging from 0% to 200% of the PSU award granted. If performance targets are achieved, the Company expects that those vested PSUs will be paid at settlement through the issuance of one subordinate voting share per PSU. PSUs are treated as equity instruments for accounting purposes.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **21** of **31** |

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------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

PSU transactions are as follows:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **Number of shares** | **Number of shares** |
| **PSUs outstanding, beginning of period** | 676031 | 342925 |
| Granted | 488260 | 415892 |
| Cancelled | (4069) | (41540) |
| **PSUs outstanding, end of period** | 1160222 | 717277 |

---

*Shares reserved for issuance*

As at June 29, 2025, subordinate voting shares, to a maximum of 2,228,536 shares, have been reserved for issuance under equity incentive plans to select employees of the Company, with vesting contingent upon meeting the service, performance goals and other conditions of the Omnibus Plan.

*Accounting for share-based award*s

For the first quarter ended June 29, 2025, the Company recorded $4.1m as compensation expense for the vesting of stock options, RSUs and PSUs (first quarter ended June 30, 2024 - $2.2m). Share-based compensation expense is included in SG&A expenses.

The assumptions used to measure the fair value of options granted under the Black-Scholes option pricing model at the grant date were as follows:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars, except share and per share amounts)** | **June 29,<br>2025** | **June 30,<br>2024** |
| Weighted average stock price valuation | $16.82 | $18.98 |
| Weighted average exercise price | $16.82 | $18.98 |
| Risk-free interest rate | 2.69% | 4.17% |
| Expected life in years | 5 | 5 |
| Expected dividend yield | —% | —% |
| Volatility | 40% | 40% |
| Weighted average fair value of options issued | $5.40 | $6.43 |

---

RSU and PSU fair values are determined based on the market value of the subordinate voting shares at the time of grant. As at June 29, 2025, the weighted average fair value of RSUs was $16.82 (June 30, 2024 - $18.98). As at June 29, 2025, the weighted average fair value of PSUs was $16.82 (June 30, 2024 - $18.98).

**Note 13.&nbsp;&nbsp;&nbsp;&nbsp;Related party transactions**

The Company enters into transactions from time to time with its principal shareholders, as well as organizations affiliated with members of the Board of Directors and key management personnel by incurring expenses for business services. During the first quarter ended June 29, 2025, the Company had transactions with related parties of $0.8m (first quarter ended June 30,

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **22** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

2024 - $0.5m) from companies related to certain shareholders. Balances owing to related parties as at June 29, 2025 were $0.5m (June 30, 2024 - $0.4m, March 30, 2025 - $0.4m).

A lease liability due to the former controlling shareholder of the acquired Baffin Inc. business (the "Baffin Vendor") for leased premises was $1.4m as at June 29, 2025 (June 30, 2024 - $2.3m, March 30, 2025 - $1.7m). During the first quarter ended June 29, 2025, the Company paid principal and interest on the lease liability and other operating costs to entities affiliated with the Baffin Vendor totalling $0.4m (first quarter ended June 30, 2024 - $0.4m). No amounts were owing to Baffin entities as at June 29, 2025, June 30, 2024, and March 30, 2025.

The joint venture between the Company and Sazaby League ("Japan Joint Venture"), has lease liabilities due to the non-controlling shareholder, Sazaby League for leased premises. Lease liabilities were $1.4m as at June 29, 2025 (June 30, 2024 - $1.6m, March 30, 2025 - $1.4m). During the first quarter ended June 29, 2025, the Company incurred principal and interest on lease liabilities, royalty fees, and other operating costs to Sazaby League totalling $1.5m (first quarter ended June 30, 2024 - $1.3m). Balances owing to Sazaby League as at June 29, 2025 were $0.3m (June 30, 2024 - $0.3m, March 30, 2025 - $0.4m).

During the first quarter ended June 29, 2025, the Japan Joint Venture sold inventory of less than $0.1m to companies wholly owned by Sazaby League (first quarter ended June 30, 2024 - less than $0.1m). As at June 29, 2025, the Japan Joint Venture recognized a trade receivable of less than $0.1m from these companies (June 30, 2024 - less than $0.1m, March 30, 2025 - $0.1m).

In connection with the Paola Confectii business combination that occurred on November 1, 2023, subject to the controlling shareholders of Paola Confectii SRL ("PCML Vendors") remaining employees through November 1, 2025, a further amount is payable to the PCML Vendors if certain performance conditions are met based on financial results ("Earn-Out"). During the first quarter ended June 29, 2025, the Company recognized $8.5m of remuneration costs (first quarter ended June 30, 2024 - $0.9m) related to the Earn-Out based on the estimated value of $23.0m for the payout. These costs have been included in accounts payable and accrued liabilities on the statement of financial position, and reflects the amount owing to the PCML Vendors as at June 29, 2025.

A lease liability due to one of the PCML Vendors for leased premises was $1.2m as at June 29, 2025 (June 30, 2024 - $1.2m, March 30, 2025 - $1.2m). During the first quarter ended June 29, 2025, the Company paid principal and interest on the lease liability, to one of the PCML Vendors totalling less than $0.1m (first quarter ended June 30, 2024 - less than $0.1m). No amounts were owing to one of the PCML Vendors as at June 29, 2025, June 30, 2024, and March 30, 2025.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **23** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

**Note 14.&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments and fair value**

The following table presents the fair values and fair value hierarchy of the Company's financial instruments and excludes financial instruments carried at amortized cost that are short-term in nature:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 29,<br>2025** | **June 29,<br>2025** | **June 29,<br>2025** |
| **(in millions of Canadian dollars)** | **Level 1** | **Level 2** | **Level 3** | **Carrying value** | **Fair value** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Financial assets** |  |  |  |  |  |
| Derivatives included in other current assets |  | 10.8 |  | 10.8 | 10.8 |
| **Financial liabilities** |  |  |  |  |  |
| Derivatives included in accounts payable and accrued liabilities |  | 4.3 |  | 4.3 | 4.3 |
| Earn-Out included in accounts payable and accrued liabilities (note 13) |  |  | 17.6 | 17.6 | 17.6 |
| Japan Facility |  | 8.5 |  | 8.5 | 8.5 |
| Term Loan |  | 392.7 |  | 392.7 | 393.8 |
| Put option liability included in other long-term liabilities |  |  | 39.7 | 39.7 | 39.7 |
| Contingent consideration included in other long-term liabilities |  |  | 1.4 | 1.4 | 1.4 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30,<br>2024** | **June 30,<br>2024** | **June 30,<br>2024** | **June 30,<br>2024** | **June 30,<br>2024** |
| **(in millions of Canadian dollars)** | **Level 1** | **Level 2** | **Level 3** | **Carrying value** | **Fair value** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Financial assets** |  |  |  |  |  |
| Derivatives included in other current assets |  | 14.7 |  | 14.7 | 14.7 |
| Derivatives included in other long-term assets |  | 5.1 |  | 5.1 | 5.1 |
| **Financial liabilities** |  |  |  |  |  |
| Derivatives included in accounts payable and accrued liabilities |  | 1.6 |  | 1.6 | 1.6 |
| Mainland China Facilities |  | 16.6 |  | 16.6 | 16.6 |
| Japan Facility |  | 16.2 |  | 16.2 | 16.2 |
| Revolving Facility |  | 54.3 |  | 54.3 | 54.3 |
| Term Loan |  | 395.5 |  | 395.5 | 394.0 |
| Derivatives included in other long-term liabilities |  | 2.9 |  | 2.9 | 2.9 |
| Put option liability included in other long-term liabilities |  |  | 30.0 | 30.0 | 30.0 |
| Contingent consideration included in other long-term liabilities |  |  | 6.2 | 6.2 | 6.2 |
| Earn-Out included in other long-term liabilities (note 13) |  |  | 2.3 | 2.3 | 2.3 |

---

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **24** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 30,<br>2025** | **March 30,<br>2025** | **March 30,<br>2025** | **March 30,<br>2025** | **March 30,<br>2025** |
| **(in millions of Canadian dollars)** | **Level 1** | **Level 2** | **Level 3** | **Carrying value** | **Fair value** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Financial assets** |  |  |  |  |  |
| Derivatives included in other current assets |  | 24.2 |  | 24.2 | 24.2 |
| **Financial liabilities** |  |  |  |  |  |
| Derivatives included in accounts payable and accrued liabilities |  | 2.6 |  | 2.6 | 2.6 |
| Earn-Out included in accounts payable and accrued liabilities (note 13) |  |  | 9.0 | 9.0 | 9.0 |
| Term Loan |  | 412.0 |  | 412.0 | 413.1 |
| Put option liability included in other long-term liabilities |  |  | 39.0 | 39.0 | 39.0 |
| Contingent consideration included in other long-term liabilities |  |  | 1.5 | 1.5 | 1.5 |

---

In connection with the Japan Joint Venture, for the first quarter ended June 29, 2025, the Company recorded a decrease of JPY8.0m ($0.1m, excluding translation losses of less than $0.1m) on the remeasurement of the contingent consideration. The Company recorded an increase of JPY115.8m ($0.7m, excluding translation losses of $0.4m) on the remeasurement of the put option liability during the first quarter ended June 29, 2025. The change in fair value of the contingent consideration and the put option liability was driven by progression through the 10-year term.

For the first quarter ended June 30, 2024, the Company recorded a decrease of JPY1,259.1m ($11.6m, excluding translation losses of $0.9m) on the remeasurement of the contingent consideration. The Company recorded an increase of JPY242.5m ($0.6m, excluding translation losses of $1.5m) on the remeasurement of the put option liability during the first quarter ended June 30, 2024.

**Note 15.&nbsp;&nbsp;&nbsp;&nbsp;Financial risk management objectives and policies**

The Company's primary risk management objective is to protect the Company's assets and cash flow, in order to increase the Company's enterprise value.

The Company is exposed to capital management risk, liquidity risk, credit risk, market risk, foreign exchange risk, and interest rate risk. The Company's senior management and Board of Directors oversee the management of these risks. The Board of Directors reviews and agrees upon policies for managing each of these risks which are summarized below.

***Capital management***

The Company manages its capital and capital structure with the objectives of safeguarding sufficient working capital over the annual operating cycle and providing sufficient financial resources to grow operations to meet long-term consumer demand. The Board of Directors of the Company monitors the Company's capital management on a regular basis. The Company will continually assess the adequacy of the Company's capital structure and capacity and make adjustments within the context of the Company's strategy, economic conditions, and risk characteristics of the business.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **25** of **31** |

---

------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

***Liquidity risk***

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to satisfy the requirements for business operations, capital expenditures, debt service and general corporate purposes, under normal and stressed conditions. The primary source of liquidity is funds generated by operating activities; the Company also relies on the Mainland China Facilities, the Japan Facility, and the Revolving Facility as sources of funds for short-term working capital needs. The Company continuously reviews both actual and forecasted cash flows to ensure that the Company has appropriate capital capacity.

The following table summarizes the amount of contractual undiscounted future cash flow requirements as at June 29, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual obligations by fiscal year** | **Q2 to Q4 2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **Thereafter** | **Total** |
| **(in millions of Canadian dollars)** | **$** | **$** | **$** | **$** | **$** | **$** | **$** | **$** |
| Accounts payable and accrued liabilities | 236.9 |  |  |  |  |  |  | 236.9 |
| Japan Facility | 8.5 |  |  |  |  |  |  | 8.5 |
| Term Loan | 3.0 | 4.1 | 385.9 |  |  |  |  | 393.0 |
| Interest commitments relating to borrowings<sup>1</sup> | 23.5 | 31.2 | 15.6 |  |  |  |  | 70.3 |
| Lease obligations | 83.4 | 89.5 | 61.6 | 51.7 | 40.7 | 32.1 | 47.3 | 406.3 |
| Pension obligation |  |  |  |  |  |  | 0.9 | 0.9 |
| **Total contractual obligations** | **355.3** | **124.8** | **463.1** | **51.7** | **40.7** | **32.1** | **48.2** | **1115.9** |

---

*1Interest commitments are calculated based on the loan balance and the interest rate payable on the Japan Facility and the Term Loan of 0.93% and 7.94% respectively, as at June 29, 2025.* 

As at June 29, 2025, we had additional liabilities which included provisions for warranty, sales returns, asset retirement obligations, deferred income tax liabilities, the put option liability and the contingent consideration on the Japan Joint Venture. These liabilities have not been included in the table above as the timing and amount of future payments are uncertain.

*Letter of guarantee facility*

On April 14, 2020, Canada Goose Inc. entered into a letter of guarantee facility in the amount of $10.0m. Within the facility, letters of guarantee are available for terms of up to 12 months from the date of issuance and will be charged a fee equal to 1.0% per annum calculated against the face amount and over the term of the guarantee. Amounts issued on the facility will be used to finance working capital requirements through letters of guarantee, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit, or similar credits. The Company immediately reimburses the issuing bank for amounts drawn on issued letters of guarantees. At June 29, 2025, the Company had $8.3m outstanding.

In addition, a subsidiary of the Company in Mainland China entered into letters of guarantee and as at June 29, 2025 the amount outstanding was $9.3m. Amounts will be used to support retail operations of such subsidiaries through letters of guarantee, standby letters of credit, performance bonds, counter guarantees, counter standby letters of credit, or similar credits.

***Credit risk***

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **26** of **31** |

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------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

Credit risk arises from the possibility that certain parties will be unable to discharge their obligations. The Company manages its credit risk through a combination of third party credit insurance and internal house risk. Credit insurance is provided by a third party for customers and is subject to continuous monitoring of the credit worthiness of the Company's customers. Insurance covers a specific amount of revenue, which may be less than the Company's total revenue with a specific customer. The Company has an agreement with a third party who has insured the risk of loss for up to 90% of trade accounts receivable from certain designated customers subject to a total deductible of $0.1m, to a maximum of $30.0m per year. As at June 29, 2025, trade accounts receivable totalling approximately $9.0m (June 30, 2024 - $12.0m, March 30, 2025 - $10.7m) were insured subject to the policy cap. Complementary to the third party insurance, the Company establishes payment terms with customers to mitigate credit risk and continues to closely monitor its trade accounts receivable credit risk exposure.

Within Japan, the Company has an agreement with a third party who has insured the risk of trade accounts receivable for certain designated customers for a maximum of JPY540.0m per annum subject to a deductible of 10% and applicable only to accounts with receivables over JPY100k. As at June 29, 2025, trade accounts receivable totalling $0.1m (JPY8.6m) were insured subject to the policy cap (June 30, 2024 - less than $0.1m (JPY2.9m), March 30, 2025 - $0.9m (JPY90.7m)).

*Trade accounts receivable factoring program*

A subsidiary of the Company in Europe had an agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of EUR20.0m in exchange for advanced funding equal to 100% of the principal value of the invoice. On April 12, 2024, this agreement was terminated with an immaterial impact to the Company's trade accounts receivables.

Refer to *"Note 22. Financial risk management objectives and policies"* in the Annual Financial Statements for details on the termination of this program.

***Market risk***

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise foreign exchange risk and interest rate risk.

***Foreign exchange risk***

*Foreign exchange risk in operating cash flows*

The Company's Interim Financial Statements are expressed in Canadian dollars, but a substantial portion of the Company's revenues, purchases, and expenses are denominated in other currencies, principally U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, Hong Kong dollars, Japanese yen, Taiwanese dollars, and Australian dollars. The Company has entered into forward foreign exchange contracts to reduce the foreign exchange risk associated with revenues, purchases, and expenses denominated in these currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **27** of **31** |

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------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

Revenues and expenses of all foreign operations are translated into Canadian dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, we are exposed to foreign currency translation gains and losses. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income by increasing our revenue, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact.

The Company recognized the following unrealized losses and gains in the fair value of derivatives designated as cash flow hedges in other comprehensive loss:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
| **(in millions of Canadian dollars)** | **Net loss** | **Tax expense** | **Net gain** | **Tax expense** |
|  | **$** | **$** | **$** | **$** |
| Forward foreign exchange contracts designated as cash flow hedges | (0.1) | (0.1) | 0.1 | (0.3) |

---

The Company reclassified the following gains and losses from other comprehensive loss on derivatives designated as cash flow hedges to locations in the Interim Financial Statements described below:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** |
| **(Gain) loss from other comprehensive loss** | | |
| Forward foreign exchange contracts designated as cash flow hedges | **$** | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue | (0.5) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG&A expenses | (0.2) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | (0.1) |  |

---

For the first quarter ended June 29, 2025, unrealized gains of $1.9m (first quarter ended June 30, 2024 - unrealized gains of $0.3m) on forward exchange contracts that were not treated as hedges were recognized in SG&A expenses in the interim statements of loss.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **28** of **31** |

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------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

Foreign currency forward exchange contracts outstanding as at June 29, 2025 related to operating cash flows were:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **Aggregate Amounts** | **Currency** |
| Forward contract to purchase Canadian dollars | 48.5 | U.S. dollars |
| Forward contract to purchase Canadian dollars | 57.5 | euros |
| Forward contract to purchase Canadian dollars | ¥2936.7 | Japanese yen |
| Forward contract to sell Canadian dollars | 60.0 | U.S. dollars |
| Forward contract to sell Canadian dollars | 42.8 | euros |
| Forward contract to purchase euros | 742.9 | Chinese yuan |
| Forward contract to purchase euros | £3.0 | British pounds sterling |
| Forward contract to purchase euros |  |  |
| Forward contract to sell euros | 9.3 | Chinese yuan |
| Forward contract to sell euros | £0.8 | British pounds sterling |
| Forward contract to sell euros | 3.5 | Australian Dollar |

---

*Foreign exchange risk on borrowings*

The Company enters into derivative transactions to hedge a portion of its exposure to interest rate risk and foreign currency exchange risk related to principal and interest payments on the Term Loan denominated in U.S. dollars (see *"Note 10. Borrowings"*). The Company also entered into a five-year forward exchange contract by selling $368.5m and receiving USD270.0m as measured on the trade date, to fix the foreign exchange risk on a portion of the Term Loan borrowings.

The Company recognized the following unrealized losses in the fair value of derivatives designated as hedging instruments in other comprehensive loss:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |
| **(in millions of Canadian dollars)** | **Net loss** | **Tax recovery** | **Net loss** | **Tax recovery** |
|  | **$** | **$** | **$** | **$** |
| Swaps designated as cash flow hedges | (1.6) | 0.6 | (1.2) | 0.4 |

---

The Company reclassified the following losses and gains from other comprehensive loss on derivatives designated as hedging instruments to net interest, finance and other costs:

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Loss (gain) from other comprehensive loss** | **$** | **$** |
| Swaps designated as cash flow hedges | 0.8 | (0.3) |

---

For the first quarter ended June 29, 2025, unrealized losses of $14.7m (first quarter ended June 30, 2024 - unrealized gains of $2.2m) in the fair value of the long-dated forward exchange contract related to a portion of the Term Loan balance were recognized in net interest, finance and other costs in the interim statements of loss.

---

| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **29** of **31** |

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------

**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

***Interest rate risk***

The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Japan Facility and the Term Loan, which currently bear interest rates at 0.93% and 7.94%, respectively.

Interest rate risk on the Term Loan is partially mitigated by interest rate swap hedges. The Company has entered into five-year interest rate swap agreements terminating December 31, 2025 to pay fixing interest rates and receive floating interest rates on notional debt of USD270.0m. The floating interest benchmark reference rate contained within the swap agreements is SOFR with the average fixed rates of 1.76%. These swap agreements fix the interest rate on the USD300.0m Term Loan. The interest rate swaps continue to be designated and accounted for as cash flow hedges.

Based on the closing balance of outstanding borrowings, a 1.00% increase in the closing interest rate during the first quarter ended June 29, 2025 would have increased interest expense on the Japan Facility and the Term Loan before hedging by less than $0.1m and $1.0m, respectively (first quarter ended June 30, 2024 - less than $0.1m and $1.0m, respectively). In the comparative period, as at June 30, 2024, along with the Japan Facility and Term Loan, the Company also had outstanding borrowings on the Mainland China Facilities and Revolving Facility, for which a 1.00% increase in the closing interest rate would have increased interest expense by less than $0.1m and $0.1m.

**Note 16.&nbsp;&nbsp;&nbsp;&nbsp;Selected cash flow information**

*Changes in non-cash operating items*

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **(in millions of Canadian dollars)** | **June 29,<br>2025** | **June 30,<br>2024** |
|  |  | *Reclassified* |
|  | **$** | **$** |
| Trade receivables | 24.3 | 10.7 |
| Inventories | (57.6) | (39.2) |
| Other current assets | (8.6) | (5.5) |
| Accounts payable and accrued liabilities | (4.4) | (25.3) |
| Provisions | (4.4) | (7.8) |
| Other | 21.5 | 4.0 |
| **Change in non-cash operating items** | (29.2) | (63.1) |

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**Notes to the Condensed Consolidated Interim Financial Statements**

**(unaudited)**

*Changes in liabilities and equity arising from financing activities*

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mainland China Facilities** | **Japan Facility** | **Revolving Facility** | **Term Loan** | **Lease liabilities** | **Share capital** |
| | **$** | **$** | **$** | **$** | **$** | **$** |
| **March 30, 2025** |  |  | (0.7) | 412.0 | 330.8 | 109.6 |
| Cash flows: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan Facility borrowings |  | 8.5 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan repayments |  |  |  | (1.1) |  |  |
| &nbsp;&nbsp;&nbsp;Principal payments on lease liabilities |  |  |  |  | (19.4) |  |
| Non-cash items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred transaction costs |  |  |  | 0.1 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain |  |  |  | (18.3) | (4.5) |  |
| &nbsp;&nbsp;&nbsp;Additions and amendments to lease liabilities (note 7) |  |  |  |  | 13.8 |  |
| &nbsp;&nbsp;&nbsp;Contributed surplus on share issuances (note 11) |  |  |  |  |  | 3.7 |
| **June 29, 2025** |  | 8.5 | (0.7) | 392.7 | 320.7 | 113.3 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Mainland China Facilities** | **Japan Facility** | **Revolving Facility** | **Term Loan** | **Lease liabilities** | **Share capital** |
| | **$** | **$** | **$** | **$** | **$** | **$** |
| **March 31, 2024** |  | 5.4 | (1.0) | 392.5 | 330.5 | 104.9 |
| Cash flows: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mainland China Facilities borrowings | 16.6 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Japan Facility borrowings |  | 10.8 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revolving Facility borrowings |  |  | 54.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Term Loan repayments |  |  |  | (1.0) |  |  |
| &nbsp;&nbsp;&nbsp;Transaction costs on financing activities |  |  | (0.2) |  |  |  |
| &nbsp;&nbsp;&nbsp;Principal payments on lease liabilities |  |  |  |  | (20.8) |  |
| Non-cash items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred transaction costs |  |  | 0.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized foreign exchange loss |  |  |  | 4.0 | 1.3 |  |
| &nbsp;&nbsp;&nbsp;Additions and amendments to lease liabilities (note 7) |  |  |  |  | 33.7 |  |
| &nbsp;&nbsp;&nbsp;Contributed surplus on share issuances (note 11) |  |  |  |  |  | 3.9 |
| **June 30, 2024** | 16.6 | 16.2 | 53.3 | 395.5 | 344.7 | 108.8 |

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## Exhibit 99.2

**CANADA GOOSE HOLDINGS INC.** 

 **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

For the first quarter ended June 29, 2025

*The following Management's Discussion and Analysis ("MD&A") for Canada Goose Holdings Inc. ("us," "we," "our," "Canada Goose" or the "Company") is dated July 30, 2025 and provides information concerning our results of operations and financial condition for the first quarter ended June 29, 2025. You should read this MD&A together with our unaudited condensed consolidated interim financial statements and the related notes as at and for the first quarter ended June 29, 2025 ("Interim Financial Statements") and our audited consolidated financial statements and the related notes for the fiscal year ended March 30, 2025 ("Annual Financial Statements"). Additional information about Canada Goose is available on our website at www.canadagoose.com, on the SEDAR+ website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission (the "SEC") website at www.sec.gov, including our Annual Report on Form 20-F for the fiscal year ended March 30, 2025 ("Annual Report").* 

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This MD&A contains forward-looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, and other future conditions. Forward-looking statements can be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "predict," "project," "potential," "should," "will," "would," and other similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. They appear in many places throughout this MD&A and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, our results of operations, financial condition, liquidity, business prospects, growth, strategies, expectations regarding industry trends and the size and growth rates of addressable markets, our business plan, and our growth strategies, including plans for expansion to new markets and new products, expectations for seasonal trends, and the industry in which we operate.

Certain assumptions made in preparing the forward-looking statements contained in this MD&A include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to implement our growth strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain strong business relationships with our customers, suppliers, wholesalers, and distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to keep pace with changing consumer preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to adapt to changes to our business as a whole due to environmental, social and governance ("ESG") considerations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continued absence of material global supply chain disruptions to our business, and our ability to fulfill demand and maintain sufficient inventory levels, which we continue to monitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to adapt to changing macroeconomic and international trade conditions, including interest rates, currency exchange rates, or the recently imposed tariffs (and retaliatory measures), possible changes therefrom and other trade restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of material adverse changes in our industry or the global economy.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those described in the "Risk Factors" section of our Annual Report and other risk factors described herein, which include, but are not limited to, the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not open retail stores or expand e-Commerce access on our planned timelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be adversely impacted by trade barriers, including recently enacted and prospective additional tariffs and regulations in the United States, China and the European Union, which could increase the prices of the raw materials for our products, and export requirements, tariffs, taxes and other restrictions and expenses, which could increase the prices of our products and make us less competitive in some countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to maintain the strength of our brand or to expand our brand to new products and geographies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in the effective tax rate or adverse outcomes from audit examinations of corporate income or other tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our indebtedness may adversely affect our financial condition, and we may not be able to refinance or renegotiate such indebtedness on favourable or satisfactory terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn and general economic conditions (for example, more elevated inflation and rising interest rates) may further affect discretionary consumer spending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to satisfy changing consumer preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global political events, including the impact of political disruptions and protests, which may cause business interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to procure high quality raw materials and certain finished goods globally at consistent pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage inventory and forecast our inventory need, which we continuously monitor, and to manage our production distribution networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not be able to protect or preserve our brand image and proprietary rights globally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the success of our business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our exposure to data security and cyber security events;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions to manufacturing and distribution activities due to factors such as operational issues, disruptions in transportation logistic functions or labour shortages or disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks and global disruptions associated with geopolitical events, as well as the international trade environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• flagging consumer sentiment and ongoing demand for luxury goods in our key markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in raw material costs, interest rates and currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with and manage risks associated with complex and changing laws, regulations and global standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to maintain effective internal controls over financial reporting.

Although we base the forward-looking statements contained in this MD&A on assumptions that we believe are reasonable, we caution you that actual results and developments (including our results of operations, financial condition, liquidity and capital resources, 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 MD&A. 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 MD&A. In addition, even if results and developments are consistent with the forward-looking statements contained in this MD&A, 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 MD&A 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.

You should read this MD&A 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 MD&A, and we do not assume any obligation to update any forward-looking statements except as required by applicable laws.

**BASIS OF PRESENTATION**

The Interim Financial Statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), specifically IAS 34, *Interim Financial Reporting*. The Interim Financial Statements do not include all of the information required for Annual Financial Statements and should be read in conjunction with the Annual Financial Statements. Certain financial measures contained in this MD&A are non-IFRS financial measures and are discussed further under "*Non-IFRS Financial Measures and Other Specified Financial Measures*" below.

The Interim Financial Statements and the accompanying notes have been prepared using the accounting policies described in *"Note 2. Material accounting policy information"* in the Interim Financial Statements and the Annual Financial Statements.

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All references to "$", "CAD" and "dollars" refer to Canadian dollars, "USD" refers to U.S. dollars, "GBP" refers to British pounds sterling, "EUR" refers to euros, "CHF" refers to Swiss francs, "CNY" refers to Chinese yuan, "RMB" refers to Chinese renminbi, "HKD" refers to Hong Kong dollars, and "JPY" refers to Japanese yen unless otherwise indicated. Certain totals, subtotals and percentages throughout this MD&A may not reconcile due to rounding. This MD&A and the accompanying Interim Financial Statements are presented in millions of Canadian dollars except where otherwise indicated.

All references to "fiscal 2024" are to the Company's fiscal year ended March 31, 2024; to "fiscal 2025" are to the Company's fiscal year ended March 30, 2025; and to "fiscal 2026" are to the Company's fiscal year ending March 29, 2026.

The Company's fiscal year is a 52 or 53-week reporting cycle with the fiscal year ending on the Sunday closest to March 31. Each fiscal quarter is 13 weeks for a 52-week fiscal year. The additional week in a 53-week fiscal year is added to the third quarter. Fiscal 2024, fiscal 2025 and fiscal 2026 are each a 52-week fiscal year.

Refer to "*Basis of Presentation"* in the Annual Report for additional details on the updates made to the comparable period**.**

Refer to "*Components of Our Results of Operations"* in the MD&A section of our fiscal 2025 Annual Report for a description of the Company's financial measures in accordance with IFRS Accounting Standards. There have been no material changes in the Company's components of our results of operations since March 30, 2025.

**SUMMARY OF FINANCIAL PERFORMANCE**

The following table summarizes results of operations for the first quarter ended June 29, 2025, compared to the first quarter ended June 30, 2024, and expresses the percentage relationship to revenue of certain financial statement captions. Basis points ("bps") expresses the changes between percentages. See "*Results of Operations*" for additional details.

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| | | | | |
|:---|:---|:---|:---|:---|
| **CAD $ millions<br>(except per share data)** | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** |
| **CAD $ millions<br>(except per share data)** | **June 29,<br>2025** | **June 30,<br>2024** | **% <br>Change** | **% <br>Change** |
| **Statement of Operations data:** | | | | |
| Revenue | 107.8 | 88.1 | 22.4 | % |
| Gross profit | 66.2 | 52.6 | 25.9 | % |
| *Gross margin* | *61.4 %* | *59.7 %* | *170* | *bps* |
| Operating loss | (158.7) | (96.9) | (63.8) | % |
| Net loss | (125.5) | (74.0) | (69.6) | % |
| Net income attributable to shareholders of the Company | (125.2) | (77.4) | (61.8) | % |
| **Loss per share attributable to shareholders of the Company** |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted<sup>1</sup> | $(1.29) | $(0.80) | (61.3) | % |

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<sup>1</sup>*Subordinate voting shares issuable on exercise of stock options are not treated as dilutive if including them would decrease the loss per share, or if the weighted average daily closing share price for the period was greater than the exercise price. Accordingly, for the first quarter ended June 29, 2025, 1,544,848 potentially dilutive shares have been excluded from the calculation of diluted loss per share because their effect was anti-dilutive (first quarter ended June 30, 2024 - 1,138,989 shares).*

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| | | | |
|:---|:---|:---|:---|
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
| **Financial Position:** |  | *Reclassified* | *Reclassified* |
| Cash | 180.5 | 61.9 | 334.4 |
| Inventories | 439.5 | 484.3 | 384.0 |
| Total assets<sup>1</sup> | 1530.5 | 1460.5 | 1631.9 |
| Total non-current liabilities | 695.3 | 775.7 | 731.7 |
| Equity | 446.6 | 355.4 | 556.6 |

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<sup>1</sup>*The Company identified an immaterial reclassification to the interim statement of financial position as at June 30, 2024, the annual statement of financial position as at March 30, 2025, and related note disclosures for comparative figures pertaining to sales taxes receivables presented in trade receivables, and sales taxes payables presented in accounts payable and accrued liabilities. As a result, the Company reclassified $9.8m and $15.2m from accounts payable and accrued liabilities to trade receivables as at June 30, 2024 and March 30, 2025, respectively. See "Note 2. Material accounting policy information" in our Interim Financial Statements for more details on the reclassification.*

**FACTORS AFFECTING OUR PERFORMANCE**

We believe that our performance depends on many factors, including those discussed below.

*• Brand and Marketing.* We have made significant marketing investments to enhance our brand and attract new customers. We expect to continue to make significant marketing investments to promote our current products to new customers and new products to current and new customers, including through our e-Commerce platforms and retail store presence. Such marketing investments can be expensive and may not result in increased sales and may unfavourably impact operating margin.

*• New Products*. We intend to continue investing in design, innovation, merchandising, and the development and introduction of new products, including talent development, as well as expanding offerings in our existing product categories, across styles, uses, and climates that have varying margin profiles. This includes the launch of our Creative Director's capsules, reintroducing our Snow Goose label, as well as the introduction of our eyewear collection. As our product mix evolves, our gross margin has been and may continue to be unfavourably impacted by a lower proportion of down-filled outerwear sales, currently our highest margin products. Our gross margin is also impacted by our development cycle, given that there is a longer time horizon to realize the return on investment from our new products.

*• Growth in Our Direct to Consumer ("DTC") Channel*. We plan to continue executing our global strategy through retail and e-Commerce expansion, though the scale of such expansion may be delayed due to current global economic conditions. We continue to monitor these conditions and their potential impact on our ability to achieve positive DTC comparable sales growth<sup>1</sup>.

<sup>1</sup>*DTC comparable sales (decline) growth is a supplementary financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

*• Wholesale*. Our wholesale channel is complementary to our DTC channel. We have streamlined our wholesale partnerships as part of our global strategy, to reset and refresh our wholesale footprint, focusing our efforts on partners who align with our luxury brand positioning. This reset will impact the portion of revenue this channel represents in total revenue as well as year over year results from this channel.

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• *Macroeconomic Conditions*. We are subject to risks and exposures from the evolving macroeconomic environment, including supply chain disruptions, economic uncertainty, customer budgetary constraints, the imposition of tariffs or trade restrictions, including the tariffs recently imposed by the United States, inflation, and resulting fears of potential economic slowdowns or recessions, all of which may negatively impact consumer demand for our products. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results.

*• Seasonality.* We experience seasonal fluctuations in our revenue and operating results and have historically realized a significant portion of our annual wholesale revenue during our second and third fiscal quarters, and our annual DTC revenue in our third and fourth fiscal quarters. We generated 81.7% and 78.1% of our annual wholesale revenue in the combined second and third fiscal quarters of fiscal 2025 and fiscal 2024, respectively. Additionally, we generated 83.3% and 82.6% of our annual DTC revenue in the combined third and fourth fiscal quarters of fiscal 2025 and fiscal 2024, respectively. Because of seasonal fluctuations in revenue and fixed costs associated with our business, particularly the headcount growth and premises costs associated with our expanding DTC channel, we typically experience negative and substantially reduced net income and adjusted EBIT<sup>1</sup> in the first and fourth quarters, respectively. As a result of our seasonality, changes that impact gross margin and adjusted EBIT<sup>1</sup>, among others can have a disproportionate impact on the quarterly results when they are recorded in our off-peak revenue periods. Business performance can also be impacted by the timing and intensity of cold weather, which may affect purchasing behaviour, including causing earlier or later purchases relative to prior periods, especially in our DTC channel.

<sup>1</sup>*&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBIT is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

Working capital requirements typically increase as inventory builds. We finance these needs through a combination of cash on hand and borrowings on our revolving credit facility, the Mainland China credit facilities, and the Japan credit facility. Historically, cash flows from operations have been highest in the third and fourth fiscal quarters of the fiscal year due to revenue from the DTC channel and the collection of receivables from wholesale revenue earlier in the year.

*• Global Climate Trends.* A portion of our business is dependent on cold-weather seasons and patterns to generate consumer demand for our products. Consumer demand for our products may be negatively affected to the extent global climate patterns trend warmer, reducing typical patterns of cold-weather events or increasing weather volatility.

*• Foreign Exchange.* We sell a significant portion of our products to customers outside of Canada, which exposes us to fluctuations in foreign currency exchange rates. In both fiscal years 2025 and 2024, we generated 70.5%, of our revenue in currencies other than Canadian dollars.

Refer to "*Quantitative and Qualitative Disclosures About Market Risk - Foreign exchange risk"* below for more details on foreign exchange.

*• Global Social, Economic and Political Events and Other Disruptions.* We are conscious of risks related to social, economic, and political instability, including geopolitical tensions, regulatory matters, market volatility, risks related to the international trade and tax environment (including tariffs, quotas and custom and other restrictions), and social unrest,

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each of which may be affecting consumer spending, international travel, credit markets, logistics, and foreign exchange in certain countries and travel corridors.

We remain concerned about the conflicts in Ukraine and the Middle East and continue to suspend all wholesale and e-Commerce sales to Russia. We continue to monitor these ongoing conflicts and their impacts on human life.

We have been, and may in the future be, impacted by protests and other disruptions. To the extent that such disruptions persist, we expect that operations and traffic at our retail stores may be impacted.

**BUSINESS DEVELOPMENTS**

During the first quarter ended June 29, 2025, an arbitral decision was rendered in respect of an arbitration that took place in fiscal 2024 between the Company and a former supplier of the Company in connection with a previously announced commercial dispute relating to the termination of a contract in 2021. The arbitration resulted in an unfavourable decision against the Company with financial compensation to be awarded to the former supplier.

Refer to *"Note 23. Litigation and other contingencies*" in our Annual Financial Statements for previously disclosed information on the matter.

As a result of the financial award under the arbitration, the Company is required to make a one-time payment to the former supplier of USD32.0m ($43.8m), inclusive of legal costs. The Company recorded an accrued liability of USD32.0m ($43.8m) for the financial award in the Interim Financial Statements for the first quarter ended June 29, 2025, which was recognized in SG&A expenses in the interim statements of loss. Subsequent to the first quarter ended June 29, 2025, the award and legal costs were paid to the former supplier.

**SEGMENTS**

Our reporting segments align with our sales channels: DTC, Wholesale, and Other. We measure each reportable operating segment's performance based on revenue and operating income.

Our DTC segment includes sales to customers through our retail stores and our e-Commerce website available across numerous markets, which includes the recommerce platform Canada Goose Generations, currently available in the United States and Canada.

Through our Wholesale segment, we sell to a mix of retailers and international distributors, who are partners that have partial or full exclusive territory rights to sell our products to a particular market through their own DTC channels or local wholesalers. The Wholesale segment also includes travel retail locations.

The Other segment comprises sales and costs not directly allocated the DTC or Wholesale segments, such as sales to employees and friends and family sales and certain SG&A expenses.

Corporate expenses comprise costs that do not occur through the DTC, Wholesale, or Other segments, including the cost of marketing expenditures to build brand awareness across all segments, management overhead costs in support of manufacturing operations, other corporate costs, and foreign exchange gains and losses not specifically associated with segment operations.

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As at June 29, 2025, our DTC segment by geography included the following directly operated permanent retail stores:

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| | | | |
|:---|:---|:---|:---|
| | | **Fiscal 2026** | |
| |<br>**March 30,<br>2025** | **Q1 Activity** |<br>**June 29,<br>2025** |
| Canada | 10 |  | 10 |
| United States | 16 |  | 16 |
| North America | 26 |  | 26 |
| Greater China<sup>1</sup> | 28 | (1) | 27 |
| Asia Pacific (excluding Greater China<sup>1</sup>) | 10 | 2 | 12 |
| Asia Pacific | 38 | 1 | 39 |
| EMEA<sup>2</sup> | 10 | 1 | 11 |
| Total permanent stores | 74 | 2 | 76 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | |
| |<br>**March 31,<br>2024** | **Q1 Activity** | **Q2 Activity** | **Q3 Activity** | **Q4 Activity** |<br>**March 30,<br>2025** |
| Canada | 9 |  | 1 |  |  | 10 |
| United States | 16 |  |  |  |  | 16 |
| North America | 25 |  | 1 |  |  | 26 |
| Greater China<sup>1</sup> | 26 |  | 2 |  |  | 28 |
| Asia Pacific (excluding Greater China<sup>1</sup>) | 8 |  |  | 2 |  | 10 |
| Asia Pacific | 34 |  | 2 | 2 |  | 38 |
| EMEA<sup>2</sup> | 9 |  | 1 |  |  | 10 |
| Total permanent stores | 68 |  | 4 | 2 |  | 74 |

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<sup>1</sup>*Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan.*

<sup>2</sup>*EMEA comprises Europe, the Middle East, Africa, and Latin America.*

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**RESULTS OF OPERATIONS**

***For the first quarter ended June 29, 2025 compared to the first quarter ended June 30, 2024***

The following table summarizes results of operations and expresses the percentage relationship to revenue of certain financial statement captions. Basis points ("bps") expresses the changes between percentages.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CAD $ millions<br>(except share and per share data)** | **First quarter ended** | **First quarter ended** | **$ Change** | **% <br>Change** | **% <br>Change** |
| **CAD $ millions<br>(except share and per share data)** | **June 29,<br>2025** | **June 30,<br>2024** | **$ Change** | **% <br>Change** | **% <br>Change** |
| **Revenue** | 107.8 | 88.1 | 19.7 | 22.4 | % |
| Cost of sales | 41.6 | 35.5 | (6.1) | (17.2) | % |
| **Gross profit** | 66.2 | 52.6 | 13.6 | 25.9 | % |
| &nbsp;&nbsp;*Gross margin* | *61.4 %* | *59.7 %* |  | *170* | *bps* |
| SG&A expenses | 224.9 | 149.5 | (75.4) | (50.4) | % |
| &nbsp;&nbsp;*SG&A expenses as % of revenue* | *208.6 %* | *169.7 %* |  | *(3890)* | *bps* |
| **Operating loss** | (158.7) | (96.9) | (61.8) | (63.8) | % |
| &nbsp;&nbsp;*Operating margin* | *(147.2) %* | *(110.0) %* |  | *(3720)* | *bps* |
| Net interest, finance and other costs | 5.4 | 3.2 | (2.2) | (68.8) | % |
| **Loss before income taxes** | (164.1) | (100.1) | (64.0) | (63.9) | % |
| Income tax recovery | (38.6) | (26.1) | 12.5 | 47.9 | % |
| &nbsp;&nbsp;*Effective tax rate* | *23.5 %* | *26.1 %* |  | *260* | *bps* |
| **Net loss** | (125.5) | (74.0) | (51.5) | (69.6) | % |
| &nbsp;&nbsp;&nbsp;Net (loss) income attributable to non-controlling interest | (0.3) | 3.4 | (3.7) | (108.8) | % |
| &nbsp;&nbsp;&nbsp;Net loss attributable to shareholders of the Company | (125.2) | (77.4) | (47.8) | (61.8) | % |
| **Weighted average number of shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted<sup>1</sup> | 96913707 | 96611725 |  |  |  |
| **Loss per share attributable to shareholders of the Company** |  |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted<sup>1</sup> | $(1.29) | $(0.80) | (0.49) | (61.3) | % |

---

<sup>1</sup>*Subordinate voting shares issuable on exercise of stock options are not treated as dilutive if including them would decrease the loss per share, or if the weighted average daily closing share price for the period was greater than the exercise price. Accordingly, for the first quarter ended June 29, 2025, 1,544,848 potentially dilutive shares have been excluded from the calculation of diluted loss per share because their effect was anti-dilutive (first quarter ended June 30, 2024 - 1,138,989 shares).*

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***Revenue***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **$ Change** | **$ Change** | **$ Change** | **% Change** | **% Change** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **As reported** | **Foreign exchange impact** | **In constant currency**<sup>1</sup> | **As reported** | **In constant currency**<sup>1</sup> |
| DTC | 78.1 | 63.1 | 15.0 | (0.6) | 14.4 | 23.8% | 22.8% |
| Wholesale | 17.9 | 16.0 | 1.9 | (0.1) | 1.8 | 11.9% | 11.3% |
| Other | 11.8 | 9.0 | 2.8 | (0.1) | 2.7 | 31.1% | 30.0% |
| Total revenue | 107.8 | 88.1 | 19.7 | (0.8) | 18.9 | 22.4% | 21.5% |

---

<sup>1</sup>*Constant currency revenue is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

*Revenue by geography*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **$ Change** | **$ Change** | **$ Change** | **% Change** | **% Change** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **As reported** | **Foreign exchange impact** | **In constant currency**<sup>3</sup> | **As reported** | **In constant currency**<sup>3</sup> |
| Canada | 24.4 | 21.9 | 2.5 |  | 2.5 | 11.4% | 11.4% |
| United States | 26.9 | 18.5 | 8.4 | (0.2) | 8.2 | 45.4% | 44.3% |
| North America | 51.3 | 40.4 | 10.9 | (0.2) | 10.7 | 27.0% | 26.5% |
| Greater China<sup>1</sup> | 26.0 | 21.9 | 4.1 | 0.3 | 4.4 | 18.7% | 20.1% |
| Asia Pacific (excluding Greater China<sup>1</sup>) | 13.0 | 8.9 | 4.1 | (0.2) | 3.9 | 46.1% | 43.8% |
| Asia Pacific | 39.0 | 30.8 | 8.2 | 0.1 | 8.3 | 26.6% | 26.9% |
| EMEA<sup>2</sup> | 17.5 | 16.9 | 0.6 | (0.7) | (0.1) | 3.6% | (0.6)% |
| Total revenue | 107.8 | 88.1 | 19.7 | (0.8) | 18.9 | 22.4% | 21.5% |

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<sup>1</sup>*Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan.*

<sup>2</sup>*EMEA comprises Europe, the Middle East, Africa, and Latin America.*

<sup>3</sup>*Constant currency revenue is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

Revenue for the first quarter ended June 29, 2025 was $107.8m, an increase of $19.7m or 22.4%, from $88.1m for the first quarter ended June 30, 2024. On a constant currency<sup>1</sup> basis, revenue increased by 21.5% for the first quarter ended June 29, 2025 compared to the first quarter ended June 30, 2024, reflecting the strengthening of the U.S. dollar and euro relative to the Canadian dollar in the current quarter.

<sup>1</sup>*Constant currency revenue is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

Within our product categories, apparel and everyday grew compared to the first quarter ended June 30, 2024 and expanded their share of revenue and units within the overall mix across all geographies. Down-filled outerwear also expanded its share of revenue and units within the overall mix across North America and Asia Pacific.

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*DTC* 

Revenue from our DTC segment was $78.1m for the first quarter ended June 29, 2025 compared to $63.1m for the first quarter ended June 30, 2024. The increase of $15.0m or 23.8% was driven by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* DTC comparable sales growth<sup>1</sup> of 14.8%, which included DTC comparable sales growth<sup>1</sup> in North America and Asia Pacific, which was slightly offset by DTC comparable sales decline<sup>1</sup> in EMEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All regions experienced positive revenue growth within both the retail and e-Commerce channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue growth was also due to retail expansion with one new directly operated permanent store during the first quarter of fiscal 2026, and six new directly operated permanent store openings in the prior year running for the full quarter in fiscal 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher traffic in stores and on e-Commerce sessions, primarily as a result of live streaming on Douyin, were further supported by increased conversion in stores; partially offset by slightly lower conversion on e-Commerce sessions, compared to the first quarter ended June 30, 2024.

<sup>1</sup>*DTC comparable sales (decline) growth is a supplementary financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

*Wholesale*

Revenue from our Wholesale segment was $17.9m for the first quarter ended June 29, 2025 compared to $16.0m for the first quarter ended June 30, 2024. The increase of $1.9m or 11.9% was primarily due to timing of shipments and increased demand from our wholesale partners.

*Other*

Revenue from our Other segment was $11.8m, for the first quarter ended June 29, 2025, compared to $9.0m for the first quarter ended June 30, 2024. The increase of $2.8m was primarily attributable to two friends and family events in the current quarter compared to one event in the first quarter ended June 30, 2024, consistent with our exit inventory strategy of management of slow moving inventory.

***Gross Profit***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** | | | |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** | | | |
| **CAD $ millions** | **Reported** | **Gross margin** | **Reported** | **Gross margin** |<br>**$ Change** | **Change <br>in bps** | **Change <br>in bps** |
| Gross profit | 66.2 | *61.4 %* | 52.6 | *59.7 %* | 13.6 | *170* | *bps* |

---

Gross profit and gross margin for the first quarter ended June 29, 2025 were $66.2m and 61.4%, compared to $52.6m and 59.7% for the first quarter ended June 30, 2024. The increase in gross profit of $13.6m was attributable to higher revenue and gross margin expansion. Gross margin in the current quarter was favourably impacted by margin expansion from our knitwear manufacturer, partially offset by cost variances, and higher freight and duty costs primarily due to higher duties on imports into the United Kingdom in EMEA.

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***SG&A Expenses***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** | | | |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** | | | |
| **CAD $ millions** | **Reported** | **% of revenue** | **Reported** | **% of revenue** |<br>**$ Change** | **Change <br>in bps** | **Change <br>in bps** |
| SG&A expenses | 224.9 | *208.6 %* | 149.5 | *169.7 %* | (75.4) | *(3890)* | *bps* |

---

SG&A expenses were $224.9m for the first quarter ended June 29, 2025 compared to $149.5m for the first quarter ended June 30, 2024. SG&A expenses as a percentage of revenue increased by 3,890 bps to 208.6% in the first quarter ended June 29, 2025, compared to 169.7% for the first quarter ended June 30, 2024 primarily due to the increase in corporate expenses.

The increase of $75.4m or (50.4)% was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher corporate expenses of $58.2m, driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $43.8m for the financial award for the arbitration proceeding instituted in fiscal 2024 between the Company and a former supplier of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $6.8m from increased investment in marketing, driven by the timing of spend which occurred earlier in fiscal 2026 than in fiscal 2025, mainly due to the launch of Snow Goose by Haider Ackermann's second capsule collection in the first quarter of fiscal 2026, as well as higher spend on brand awareness activities in fiscal 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $5.7m of increased personnel costs primarily attributable to higher incentive compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $2.3m of unfavourable foreign exchange fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Higher costs related to our operating segments of $17.2m, driven by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $7.6m increase in costs due to an update to the estimated value of the remuneration payout, subject to the controlling shareholders of Paola Confectii SRL ("PCML Vendors") remaining employees through November 1, 2025, in connection with the Paola Confectii business combination, that is payable to the PCML Vendors if certain performance conditions are met based on financial results ("Earn-Out"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $6.7m of higher costs attributable to the continued global retail expansion from new stores and prior year store openings running for the full quarter in fiscal 2026 primarily from personnel costs and increased rent incurred from our short-term leases.

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***Operating Loss and Operating Margin***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** | | | |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** | | | |
| **CAD $ millions** | **Reported** | **Operating margin** | **Reported** | **Operating margin** |<br>**$ Change** | **Change <br>in bps** | **Change <br>in bps** |
| DTC | (23.4) | *(30.0) %* | (23.1) | *(36.6) %* | (0.3) | *660* | *bps* |
| Wholesale | (3.5) | *(19.6) %* | (4.1) | *(25.6) %* | 0.6 | *600* | *bps* |
| Other | (4.6) | *(39.0) %* | (0.7) | *(7.8) %* | (3.9) | *(3120)* | *bps* |
| Total segment operating loss<sup>1</sup> | (31.5) |  | (27.9) |  | (3.6) |  |  |
|  | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** |  |  |  |
|  | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** |  |  |  |
| **CAD $ millions** | **Reported** | **Operating margin** | **Reported** | **Operating margin** | **$ Change** | **Change<br>in bps** | **Change<br>in bps** |
| Total segment operating loss<sup>1</sup> | (31.5) |  | (27.9) |  | (3.6) |  |  |
| Corporate expenses | (127.2) |  | (69.0) |  | (58.2) |  |  |
| Total operating loss | (158.7) | *(147.2) %* | (96.9) | *(110.0) %* | (61.8) | *(3720)* | *bps* |

---

<sup>1</sup>*Total segment operating income is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

Operating loss and operating margin were $158.7m and (147.2)% for the first quarter ended June 29, 2025 compared to $96.9m and (110.0)% for the first quarter ended June 30, 2024. The increase in operating loss of $61.8m was attributable to increased SG&A costs, partially offset by higher gross profit as noted above. The decrease in operating margin of (3,720) bps was primarily the result of the financial award for the arbitration proceeding.

*DTC*

DTC segment operating loss and operating margin were $23.4m and (30.0)% for the first quarter ended June 29, 2025 compared to $23.1m and (36.6)% for the first quarter ended June 30, 2024. The increase in operating loss of $0.3m was attributable to higher operating costs associated with the expansion of the retail network, partially offset by improved revenue and gross profit.

The increase in operating margin of 660 bps was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gross margin* - unfavourably decreased by (410) bps to 68.2% in the first quarter ended June 29, 2025, compared to 72.3% for the first quarter ended June 30, 2024. The decrease in gross margin was mainly driven by product mix due to increased revenue from lower margin product categories such as non-down filled outerwear, and higher freight and duty costs due to higher duties on imports into the United Kingdom in EMEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *SG&A expenses as a percentage of revenue* - favourably decreased by 1,070 bps to 98.2% for the first quarter ended June 29, 2025, compared to 108.9% for the first quarter

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ended June 30, 2024. The segment experienced DTC comparable sales growth<sup>1</sup> which positively impacted our operating leverage, despite higher costs from our retail network.

<sup>1</sup>*DTC comparable sales (decline) growth is a supplementary financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

*Wholesale*

Wholesale segment operating loss and operating margin were $3.5m and (19.6)% for the first quarter ended June 29, 2025 compared to $4.1m and (25.6)% for the first quarter ended June 30, 2024. The decrease in operating loss of $0.6m was primarily attributable to increased revenue and gross profit.

The increase in operating margin of 600 bps was attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Gross margin* - favourably increased by 210 bps to 40.2% in the first quarter ended June 29, 2025, compared to 38.1% for the first quarter ended June 30, 2024. The increase in gross margin was mainly driven by product mix and pricing, partially offset by higher freight and duty costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *SG&A expenses as a percentage of revenue* - favourably decreased by 390 bps to 59.8% for the first quarter ended June 29, 2025, compared to 63.7% for the first quarter ended June 30, 2024. The decrease was primarily attributable to increased revenue in the segment from the timing of shipments and increased demand from our wholesale partners, while operating costs declined in the quarter.

*Other*

Other segment operating loss was $4.6m for the first quarter ended June 29, 2025 compared to $0.7m for the first quarter ended June 30, 2024. The increase in operating loss of $3.9m was attributable to an increase in costs related to the Earn-Out, partially offset by higher revenue and gross profit from friends and family events related to advancing our exit inventory strategy.

***Net Interest, Finance and Other Costs***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | | |
| | **June 29,<br>2025** | **June 30,<br>2024** | | |
| **CAD $ millions** | **Reported** | **Reported** |<br>**$Change** |<br>**%<br>Change** |
| Net interest, finance and other costs | 5.4 | 3.2 | (2.2) | *(68.8) %* |

---

Net interest, finance and other costs were $5.4m for the first quarter ended June 29, 2025 compared to $3.2m for the first quarter ended June 30, 2024. Interest expense incurred from our debt facilities decreased by $0.8m due to lower borrowings in the current quarter. The increase of $2.2m was primarily the result of the increase of $9.6m on the fair value remeasurement of the put option and contingent consideration related to the Company's joint venture with Sazaby League ("Japan Joint Venture"). Incremental to lower interest expense, the increase was further offset by favourable foreign exchange fluctuations related to the term loan facility, which is denominated in USD, net of hedging impacts, of $5.3m and increased interest income of $1.3m.

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| Canada Goose Holdings Inc. | Page **14 of 29** |

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***Income Taxes***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **First quarter ended** | **First quarter ended** | | | |
| | **June 29,<br>2025** | **June 29,<br>2025** | **June 30,<br>2024** | **June 30,<br>2024** | | | |
| **CAD $ millions** | **Reported** | **Effective tax rate** | **Reported** | **Effective tax rate** |<br>**$Change** | **Change in bps** | **Change in bps** |
| Income tax recovery | (38.6) | *23.5 %* | (26.1) | *26.1 %* | 12.5 | *260* | *bps* |

---

Income tax recovery was $38.6m for the first quarter ended June 29, 2025 compared to $26.1m for the first quarter ended June 30, 2024. For the first quarter ended June 29, 2025, the effective and statutory tax rates were 23.5% and 25.3%, respectively, compared to 26.1% and 25.5% for the first quarter ended June 30, 2024, respectively. Given our global operations, the quarter to date effective tax rate is largely impacted by our profit or loss in taxable jurisdictions relative to the applicable tax and by the fair value remeasurement of the put option liability related to the Japan Joint Venture.

***Net Loss***

Net loss for the first quarter ended June 29, 2025 was $125.5m compared to $74.0m for the first quarter ended June 30, 2024, driven by the factors described above.

**Quarterly Financial Information** 

The following is a summary of selected consolidated financial information for each of the eight most recently completed quarters:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CAD $ millions (except per share data)** | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **% of fiscal year revenue** | **Net (loss) income attributable to shareholders of the Company** | **(Loss) earnings per share attributable to shareholders of the Company** | **(Loss) earnings per share attributable to shareholders of the Company** | **Operating (loss) income** | **Adjusted EBIT**<sup>1</sup>  | **Adjusted net (loss) income per diluted share attributable to shareholders of the Company**<sup>1</sup> |
| **CAD $ millions (except per share data)** | **DTC** | **Wholesale** | **Other** | **Total** | **% of fiscal year revenue** | **Net (loss) income attributable to shareholders of the Company** | **Basic** | **Diluted** | **Operating (loss) income** | **Adjusted EBIT**<sup>1</sup>  | **Adjusted net (loss) income per diluted share attributable to shareholders of the Company**<sup>1</sup> |
| **Fiscal 2026** | | | | | | | | | | | |
| First Quarter | 78.1 | 17.9 | 11.8 | 107.8 | *— %* | (125.2) | $(1.29) | $(1.29) | (158.7) | (106.4) | $(0.91) |
| **Fiscal 2025** |  |  |  |  |  |  |  |  |  |  |  |
| Fourth Quarter | 314.1 | 31.8 | 38.7 | 384.6 | *28.5 %* | 27.1 | $0.28 | $0.28 | 55.1 | 59.7 | $0.33 |
| Third Quarter | 517.8 | 75.7 | 14.4 | 607.9 | *45.1 %* | 139.7 | $1.44 | $1.42 | 204.3 | 205.2 | $1.51 |
| Second Quarter | 103.9 | 137.3 | 26.6 | 267.8 | *19.9 %* | 5.4 | $0.06 | $0.06 | 1.6 | 2.5 | $0.05 |
| First Quarter | 63.1 | 16.0 | 9.0 | 88.1 | *6.5 %* | (77.4) | $(0.80) | $(0.80) | (96.9) | (96.0) | $(0.79) |
| **Fiscal 2024** |  |  |  |  |  |  |  |  |  |  |  |
| Fourth Quarter | 271.5 | 41.4 | 45.1 | 358.0 | *26.8 %* | 5.0 | $0.05 | $0.05 | 23.1 | 40.1 | $0.19 |
| Third Quarter | 514.0 | 81.8 | 14.1 | 609.9 | *45.7 %* | 130.6 | $1.30 | $1.29 | 198.8 | 207.2 | $1.37 |
| Second Quarter | 109.4 | 162.0 | 9.7 | 281.1 | *21.1 %* | 3.9 | $0.04 | $0.04 | 2.3 | 15.6 | $0.16 |

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<sup>1</sup>*Adjusted EBIT and adjusted net income (loss) attributable to shareholders of the Company are non-IFRS financial measures, and adjusted net income (loss) per diluted share attributable to shareholders of the Company is a non-IFRS ratio. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of these measures and a reconciliation to the nearest IFRS Accounting Standards measure.*

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Revenue is highest in our Wholesale segment in our second and third quarters as we fulfill wholesale customer orders in time for their Fall and Winter retail seasons, and, in our DTC segment, in the third and fourth quarters. Our net income is typically negative in the first quarter and negative or reduced in the fourth quarter as we invest ahead of our peak season. As part of our global DTC strategy, we streamlined our wholesale partnerships and shifted sales to our DTC channel. We expect that the portion of revenue in our Wholesale segment will represent a smaller proportion of total revenue as we execute our DTC strategy.

*Revenue* 

Over the last eight quarters, revenue has been impacted by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• introduction of new stores and timing of store openings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• launch and expansion of international e-Commerce sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• streamlining of wholesale partnerships, resulting in a lower order book;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timing and extent of SG&A, including demand generation activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased manufacturing flexibility with higher in-house production, which has an impact on the timing of wholesale order shipments and customer demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timing of end-consumer purchasing in the DTC segment and the availability of new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successful implementation of global pricing strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shift in mix of revenue from Wholesale to DTC, which has impacted the seasonality of our financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shift in geographic mix of sales to increase sales outside of Canada, where average unit retail pricing is generally higher;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuation of foreign currencies relative to the Canadian dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• revenue generated from the acquisition of Paola Confectii on November 1, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing proportion of Other revenue.

*Net (Loss) Income*

Over the last eight quarters, net (loss) income has been affected by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of the items affecting revenue, as discussed above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change in product mix, specifically the growth of non down-filled outerwear revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase and timing of our investment in marketing, brand, and administrative support as well as increased investment in property, plant, and equipment and intangible assets to support growth initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in fixed SG&A costs associated with our business, particularly the headcount growth and premises costs associated with our expanding DTC channel, resulting in net losses in our seasonally low-revenue first and fourth quarters, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of foreign exchange;

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| Canada Goose Holdings Inc. | Page **16 of 29** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in average cost of borrowings to address growing net working capital requirements and higher seasonal borrowings in the first and second quarters of each fiscal year to address the seasonal nature of revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-store opening costs incurred, timing of leases signed, and opening of stores;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of the financial award for the arbitration proceedings between the Company and the former supplier of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of fair value remeasurement of the put option and contingent consideration and, any amendments thereto, in connection with the Japan Joint Venture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact of the Earn-Out in connection with the business combination resulting in the acquisition of Paola Confectii on November 1, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proportion of taxable income in non-Canadian jurisdictions and changes to rates and tax legislation in those jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased freight and duty costs, limitations on shipping and other disruptions in the transportation and shipping infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased product costs due to cost inflation and interest rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the repurchase of our subordinate voting shares pursuant to our normal course issuer bids; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and expenses related to the continued implementation of our Transformation Program, including consulting fees and workforce reduction costs.

**NON-IFRS FINANCIAL MEASURES AND OTHER SPECIFIED FINANCIAL MEASURES**

The Company uses certain financial measures that are "non-IFRS financial measures", including adjusted EBIT, adjusted EBITDA, adjusted net loss attributable to the shareholders of the Company, constant currency revenue, total segment operating loss, and net debt, certain financial measures that are "non-IFRS ratios", including adjusted EBIT margin, adjusted net loss per basic and diluted share attributable to shareholders of the Company and, net debt leverage, as well as DTC comparable sales (decline) growth which is a "supplementary financial measure", in each case in this document and other documents. 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 Accounting Standards, certain investors and analysts use this information to evaluate the Company's operating and financial performance and its financial position. These financial measures are not defined under IFRS Accounting Standards, nor do they replace or supersede any standardized measure under IFRS Accounting Standards. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

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| Canada Goose Holdings Inc. | Page **17 of 29** |

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **CAD $ millions (except per share data)** | **June 29,<br>2025** | **June 30,<br>2024** |
| Adjusted EBIT | (106.4) | (96.0) |
| *Adjusted EBIT margin* | *(98.7) %* | *(109.0) %* |
| Adjusted EBITDA | (75.2) | (63.3) |
| Adjusted net loss attributable to shareholders of the Company | (88.2) | (76.1) |
| Adjusted net loss per basic and diluted share attributable to shareholders of the Company | $(0.91) | $(0.79) |

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| | | | |
|:---|:---|:---|:---|
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
| Net debt | (541.7) | (765.9) | (408.8) |

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*Adjusted EBIT, adjusted EBIT margin, adjusted EBITDA, adjusted net loss attributable to shareholders of the Company, and adjusted net loss 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.

*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. See *"Results of Operations - Revenue"* for a reconciliation of reported revenue and revenue on a constant currency basis.

*Net debt and net debt leverage* 

We define net debt as cash less total borrowings and lease liabilities, and net debt leverage as the ratio of net debt to adjusted EBITDA, measured on a spot basis. We use, and believe that certain investors and analysts use, these non-IFRS financial measures and ratios to determine the Company's financial leverage and ability to meet its debt obligations. See "*Liquidity and Capital Resources - Indebtedness*" below for a table providing the calculation of net debt and discussion of net debt leverage.

*DTC comparable sales (decline) growth*

DTC comparable sales (decline) growth is a supplementary financial measure defined as a rate of growth/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

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| Canada Goose Holdings Inc. | Page **18 of 29** |

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DTC comparable sales (decline) growth metric we report may not be equivalent to similarly titled metrics reported by other companies.

*Total Segment Operating (Loss) Income*

Total segment operating (loss) income is a non-IFRS financial measure defined as revenue minus cost of goods sold and SG&A expenses directly related to the operating segment. The total segment operating (loss) income metric we report may not be equivalent to similarly titled metrics reported by other companies. See "*Operating Loss and Operating Margin"* discussion above for reconciliation.

The tables below reconcile net loss to adjusted EBIT, adjusted EBITDA, and adjusted net loss attributable to shareholders of the Company for the periods indicated. Adjusted EBIT margin is equal to adjusted EBIT for the period presented as a percentage of revenue for the same period.

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Net loss** | (125.5) | (74.0) |
| *Add (deduct) the impact of:* |  |  |
| Income tax recovery | (38.6) | (26.1) |
| Net interest, finance and other costs | 5.4 | 3.2 |
| **Operating loss** | (158.7) | (96.9) |
| Arbitration award (a) | 43.8 |  |
| Paola Confectii Earn-Out costs (b) | 8.5 | 0.9 |
| Total adjustments | 52.3 | 0.9 |
| **Adjusted EBIT** | (106.4) | (96.0) |
| *Adjusted EBIT margin* | *(98.7) %* | *(109.0) %* |

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Net loss** | (125.5) | (74.0) |
| *Add (deduct) the impact of:* |  |  |
| Income tax recovery | (38.6) | (26.1) |
| Net interest, finance and other costs | 5.4 | 3.2 |
| **Operating loss** | (158.7) | (96.9) |
| Arbitration award (a) | 43.8 |  |
| Paola Confectii Earn-Out costs (b) | 8.5 | 0.9 |
| Net depreciation and amortization (e) | 31.2 | 32.7 |
| Total adjustments | 83.5 | 33.6 |
| **Adjusted EBITDA** | (75.2) | (63.3) |

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| Canada Goose Holdings Inc. | Page **19 of 29** |

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Net loss** | (125.5) | (74.0) |
| *Add (deduct) the impact of:* |  |  |
| Arbitration award (a) | 43.8 |  |
| Paola Confectii Earn-Out costs (b) | 8.5 | 0.9 |
| Japan Joint Venture remeasurement loss (gain) on contingent consideration and put option (c) | 1.0 | (8.6) |
| Unrealized foreign exchange (gain) loss on Term Loan (d) | (3.5) | 1.7 |
|  | 49.8 | (6.0) |
| Tax effect of adjustments | (12.0) | (0.4) |
| **Adjusted net loss** | (87.7) | (80.4) |
| Adjusted net (income) loss attributable to non-controlling interest (f) | (0.5) | 4.3 |
| **Adjusted net loss attributable to shareholders of the Company** | (88.2) | (76.1) |
| Weighted average number of shares outstanding | 96913707 | 96611725 |
| **Adjusted net loss per basic share attributable to shareholders of the Company** | $(0.91) | $(0.79) |

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(a)During the first quarter ended June 29, 2025, the Company recognized a charge of $43.8m (USD32.0m) in connection with the resolution of the arbitration proceedings instituted in fiscal 2024, between the Company and a former supplier of the Company from a previously announced commercial dispute relating to the termination of a contract. This amount comprises the financial award and legal costs, and was recorded in SG&A expenses within the interim statement of loss.

(b)Consideration payable to the PCML Vendors for the Earn-Out, recognized as remuneration expense.

(c)Changes to the fair value remeasurement of the contingent consideration and put option liability, inclusive of translation gains and losses, related to the Japan Joint Venture. The Company recorded a loss of $1.0m on the fair value remeasurement of the contingent consideration and put option during the first quarter ended June 29, 2025 (first quarter ended June 30, 2024 - a gain of $8.6m). These gains and losses are included in net interest, finance and other costs within the interim statements of loss.

(d)Unrealized gains and losses on the translation of the term loan facility from USD to CAD, net of the effect of derivative transactions entered into to hedge a portion of the exposure to foreign currency exchange risk. These costs are included in net interest, finance and other costs within the interim statements of loss.

(e)Calculated as depreciation and amortization as determined in accordance with IFRS Accounting Standards. Depreciation and amortization includes depreciation on right-of-use assets under IFRS 16, *Leases*.

(f)Calculated as net (loss) income attributable to non-controlling interest within the interim statements of loss of $(0.5)m for the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the first quarter ended June 29, 2025 (first quarter ended June 30, 2024 - net income attributable to non-controlling interest of $4.3m).

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| Canada Goose Holdings Inc. | Page **20 of 29** |

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**LIQUIDITY AND CAPITAL RESOURCES**

***Cash Flows***

The following table summarizes the Company's consolidated statement of cash flows for the first quarter ended June 29, 2025 compared to the first quarter ended June 30, 2024.

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| | | | |
|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** |<br>**$ Change** |
| Total cash (used in) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating activities | (142.8) | (142.9) | 0.1 |
| &nbsp;&nbsp;&nbsp;Investing activities | (1.3) | (2.3) | 1.0 |
| &nbsp;&nbsp;&nbsp;Financing activities | (12.0) | 59.7 | (71.7) |
| &nbsp;&nbsp;&nbsp;Effects of foreign currency exchange rate changes on cash | 2.2 | 2.5 | (0.3) |
| &nbsp;&nbsp;Decrease in cash | (153.9) | (83.0) | (70.9) |
| Cash, beginning of period | 334.4 | 144.9 | 189.5 |
| Cash, end of period | 180.5 | 61.9 | 118.6 |

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*Cash Requirements*

Our primary need for liquidity is to fund net working capital, capital expenditures including new stores, general corporate requirements of our business and debt services. Our primary source of liquidity to meet our cash requirements is cash generated from operating activities over our annual operating cycle. We also utilize the Mainland China credit facilities, the Japan credit facility, and the revolving credit facility, to provide short-term liquidity and to have funds available for net working capital. Our ability to fund our operations, invest in planned capital expenditures, meet debt obligations, and repay or refinance indebtedness depends on our future operating performance and cash flows, which are subject, but not limited to, prevailing economic, financial, and business conditions, some of which are beyond our control. Cash generated from operating activities is significantly impacted by the seasonality of our business. Historically, cash flows from operating activities have been highest in the third and fourth fiscal quarters of the fiscal year due to revenue from the DTC channel and the collection of receivables from wholesale revenue recognized earlier in the year.

As at June 29, 2025, total inventory was $439.5m, compared to $484.3m as at June 30, 2024, reflecting a decrease of $44.8m. Raw materials inventory decreased by $11.4m from the comparative quarter mainly due to lower packaging supplies and lower safety stock. Finished goods inventory decreased by $31.6m driven by increased revenue and inventory management of slow-moving inventory through revenue generated in the Other segment.

As at June 29, 2025, the increase in total inventory compared to March 30, 2025 was attributable to higher finished goods which is in line with the seasonality of our business as inventory levels increase ahead of peak selling season.

We continue to monitor the levels of inventory in each of our sales channels and across geographic regions and intend to continue to align inventory with demand that we forecast in each region.

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| Canada Goose Holdings Inc. | Page **21 of 29** |

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*Cash flows used in operating activities* 

Cash flows used in operating activities were $142.8m for the first quarter ended June 29, 2025 compared to $142.9m for the first quarter ended June 30, 2024. The decrease in cash flows used in operating activities of $0.1m was primarily due to higher net loss and higher income taxes paid, reduced by higher collection of trade receivables and lower interest paid.

*Cash flows used in investing activities* 

Cash flows used in investing activities were $1.3m for the first quarter ended June 29, 2025 compared to $2.3m for the first quarter ended June 30, 2024. The decrease in cash flows used in investing activities of $1.0m was primarily due to lower capital expenditures related to upcoming new retail locations.

*Cash flows used in financing activities* 

Cash flows used in financing activities were $12.0m for the first quarter ended June 29, 2025 compared to cash flows from financing activities of $59.7m for the first quarter ended June 30, 2024. The increase in cash flows used in financing activities of $71.7m was driven by lower borrowings on the revolving credit facility and Mainland China credit facilities by $54.3m and $16.6m, respectively.

***Indebtedness***

The following table presents our net debt<sup>1</sup> as at June 29, 2025, June 30, 2024, and March 30, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **$ Change** | **March 30,<br>2025** | **$ Change** |
| Cash | 180.5 | 61.9 | 118.6 | 334.4 | (153.9) |
| Mainland China Facilities |  | (16.6) | 16.6 |  |  |
| Japan Facility | (8.5) | (16.2) | 7.7 |  | (8.5) |
| Revolving Facility |  | (54.3) | 54.3 |  |  |
| Term Loan | (393.0) | (396.0) | 3.0 | (412.4) | 19.4 |
| Lease liabilities | (320.7) | (344.7) | 24.0 | (330.8) | 10.1 |
| **Net debt**<sup>1</sup> | (541.7) | (765.9) | 224.2 | (408.8) | (132.9) |

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<sup>1</sup>*Net debt is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.*

As at June 29, 2025, net debt<sup>1</sup> was $541.7m compared to $765.9m as at June 30, 2024. The decrease of $224.2m was driven by an increase in cash and lower borrowings on our debt facilities. Net debt leverage<sup>1</sup> as at June 29, 2025 was 1.8 times adjusted EBITDA, compared to 2.8 times adjusted EBITDA as at June 30, 2024.

Net debt<sup>1</sup> was $408.8m as at March 30, 2025. The increase of $132.9m as at June 29, 2025 was primarily driven by a decrease in cash of $153.9m.

<sup>1</sup>*Net debt is a non-IFRS financial measure and net debt leverage is a non-IFRS ratio. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of these measures.*

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| Canada Goose Holdings Inc. | Page **22 of 29** |

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See "*Note 10. Borrowings*" in our Interim Financial Statements, "*Note 17. Borrowings*" in our Annual Financial Statements and, *"Factors Affecting Our Performance"* and "*Indebtedness*" in the MD&A section of our fiscal 2025 Annual Report for detailed information on our debt facilities and seasonality of the business.

***Normal Course Issuer Bid***

*Normal course issuer bid for Fiscal 2025*

During fiscal 2025, the Company renewed its normal course issuer bid in relation to its subordinate voting shares ("Fiscal 2025 NCIB"). The Company is authorized to make purchases under the Fiscal 2025 NCIB from November 22, 2024 to November 21, 2025, in accordance with the requirements of the Toronto Stock Exchange (the "TSX"). The Board of Directors of the Company has authorized the Company to repurchase up to 4,556,841 subordinate voting shares, representing 10.0% of the Public Float (as defined in the rules of the TSX) for the subordinate voting shares as at November 8, 2024. Purchases will be made by means of open market transactions on both the TSX and the New York Stock Exchange (the "NYSE"), or alternative trading systems, if eligible, and will conform to their regulations. Under the Fiscal 2025 NCIB, the Company is allowed to repurchase daily, through the facilities of the TSX, a maximum of 59,195 subordinate voting shares, representing 25% of the average daily trading volume, as calculated per the TSX rules for the six-month period starting on May 1, 2024 and ending on October 31, 2024. A copy of the Company's notice of intention to commence a NCIB through the facilities of the TSX may be obtained, without charge, by contacting the Company.

In connection with the Fiscal 2025 NCIB, the Company also entered an automatic share purchase plan (the "Fiscal 2025 ASPP") under which a designated broker may purchase subordinate voting shares under the Fiscal 2025 NCIB during the regularly scheduled quarterly trading blackout periods of the Company. The repurchases made under the Fiscal 2025 ASPP will be made in accordance with certain purchasing parameters and will continue until the earlier of the date in which the Company has purchased the maximum value of subordinate voting shares pursuant to the Fiscal 2025 NCIB or upon the date of expiry of the Fiscal 2025 NCIB.

During the first quarter ended June 29, 2025, the Company made no repurchases under the Fiscal 2025 NCIB.

Since the commencement of the bid on November 22, 2024, the Company made no repurchases under the Fiscal 2025 NCIB.

*Normal course issuer bid for Fiscal 2024*

The Board of Directors authorized the Company to initiate a normal course issuer bid, in accordance with the requirements of the Toronto Stock Exchange, to purchase and cancel up to 4,980,505 subordinate voting shares over the 12-month period from November 22, 2023 to November 21, 2024 (the "Fiscal 2024 NCIB").

During the first quarter ended June 30, 2024, the Company had made no repurchases under the Fiscal 2024 NCIB.

During the validity period of the Fiscal 2024 NCIB, the Company purchased 3,586,124 subordinate voting shares for cancellation for total cash consideration of $56.9m. The amount to purchase the subordinate voting shares was charged to share capital, with the remaining $48.8m charged to retained earnings.

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| Canada Goose Holdings Inc. | Page **23 of 29** |

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***Contractual Obligations***

Refer to "*Contractual Obligations*" in the MD&A section of our fiscal 2025 Annual Report and "*Note 15. Financial risk management objectives and policies"* of our Interim Financial Statements for a summary of the significant contractual obligations and other obligations of the Company. There have been no material changes since March 30, 2025.

**OFF-BALANCE SHEET ARRANGEMENTS** 

The Company uses off-balance sheet arrangements including letters of credit and guarantees in connection with certain obligations including leases. In Europe, a subsidiary of the Company maintained an agreement to factor, on a limited recourse basis, certain of its trade accounts receivable up to a limit of EUR20.0m in exchange for advanced funding equal to 100% of the principal value of the invoice. On April 12, 2024, this agreement was terminated. Other than those items disclosed here and elsewhere in this MD&A and our financial statements, we did not have any material off-balance sheet arrangements or commitments as at June 29, 2025.

See "*Note 15. Financial risk and management objectives and policies*" in the Interim Financial Statements and "*Off-Balance Sheet Arrangements*" in the MD&A section of our fiscal 2025 Annual Report for detailed information on our off-balance sheet arrangements.

**OUTSTANDING SHARE CAPITAL**

Canada Goose is a publicly traded company and the subordinate voting shares are listed on the New York Stock Exchange (NYSE: GOOS) and on the Toronto Stock Exchange (TSX: GOOS). As at July 24, 2025, there were 46,063,976 subordinate voting shares issued and outstanding, and 51,004,076 multiple voting shares issued and outstanding.

As at July 24, 2025, there were 5,865,625 options, 822,283 restricted share units, and 1,160,222 performance share units outstanding under the Company's equity incentive plans, of which 3,077,676 options were vested as of such date. Each option is exercisable for one subordinate voting share. We expect that vested restricted share units and performance share units, including any additional performance share units, vested for performance achieved above target, will be paid at settlement through the issuance of one subordinate voting share per unit.

**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** 

We are exposed to certain market risks arising from transactions in the normal course of our business. Such risk is principally associated with credit risk, foreign exchange risk, and interest rate risk.

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| Canada Goose Holdings Inc. | Page **24 of 29** |

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***Credit risk***

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk arises from the possibility that certain parties will be unable to discharge their obligations. The Company manages its credit risk through a combination of third party credit insurance and internal house risk. The Company has an agreement with a third-party who has insured the risk of loss for up to 90% of trade accounts receivable from certain designated customers subject to a total deductible of $0.1m, to a maximum of $30.0m per year. Moreover, within CG Japan, the Company has an agreement with a third party who has insured the risk of trade accounts receivable for certain designated customers for a maximum of JPY540.0m per annum subject to a deductible of 10% and applicable only to accounts with receivables over JPY100k.

Our exposure to credit risk has not significantly changed from the fiscal year ended March 30, 2025. See *"Quantitative and Qualitative Disclosures about Market Risk"* in our fiscal 2025 Annual Report for detailed information on the Company's credit risk.

***Foreign exchange risk***

*Foreign exchange risk in operating cash flows* 

Our Interim Financial Statements are expressed in Canadian dollars, but a substantial portion of the Company's revenues, purchases, and expenses are denominated in foreign currencies, primarily U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, Hong Kong dollars, Japanese yen, Taiwanese dollars, and Australian dollars. Net monetary assets denominated in currencies other than Canadian dollars that are held in entities with Canadian dollar functional currency are translated into Canadian dollars at the foreign currency exchange rate in effect at the balance sheet date. Revenues and expenses of all foreign operations are translated into Canadian dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, we are exposed to foreign currency translation gains and losses from our foreign operations into Canadian dollars. Appreciating foreign currencies relative to the Canadian dollar, to the extent they are not hedged, will positively impact operating income and net income by increasing our revenue, while depreciating foreign currencies relative to the Canadian dollar will have the opposite impact.

We are also exposed to fluctuations in the prices of U.S. dollar and euro denominated purchases as a result of changes in U.S. dollar or euro exchange rates. Most of our raw materials are sourced outside of Canada, primarily in U.S. dollars, and SG&A expenses are typically denominated in the currency of the country in which they are incurred. As a result, we are exposed to foreign currency exchange fluctuations on multiple currencies. A depreciating Canadian dollar relative to the U.S. dollar or euro will negatively impact operating income and net income by increasing our costs of raw materials, while an appreciating Canadian dollar relative to the U.S. dollar or euro will have the opposite impact.

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| Canada Goose Holdings Inc. | Page **25 of 29** |

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As part of our risk management program, we have entered into foreign exchange derivative contracts to manage certain of our exposures to exchange rate fluctuations for future foreign currency transactions, which is intended to reduce the variability of our operating costs and future cash flows denominated in local currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges.

*Foreign exchange risk on borrowings*

We are further exposed to translation and transaction risks associated with foreign currency exchange fluctuations on foreign currencies denominated principal and interest amounts payable under the Mainland China credit facilities, the Japan credit facility, the revolving credit facility, and the term loan facility. The Company has entered into foreign exchange forward contracts to hedge 90% or USD270.0m of its exposure to foreign currency exchange risk related to principal payments on the term loan facility denominated in U.S. dollars.

See "*Note 15. Financial risk and management objectives and policies*" in our Interim Financial Statements, and the "*Foreign exchange risk*" section of the MD&A section of our fiscal 2025 Annual Report for detailed information about the Company's hedging program.

***Interest rate risk***

The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Japan credit facility and the term loan facility, which currently bear interest rates at 0.93% and 7.94%, respectively.

Interest rate risk on the term loan facility is partially mitigated by interest rate swap hedges. The Company has entered into five-year interest rate swap agreements terminating December 31, 2025, to pay fixed interest rates and receive floating interest rates on notional debt of USD270.0m. The floating interest benchmark reference rate contained within the swap agreements is SOFR with the average fixed rates of 1.76%. These swap agreements fix the interest rate on the USD300.0m term loan. The interest rate swaps continue to be designated and accounted for as cash flow hedges.

Based on the closing balance of outstanding borrowings, a 1.00% increase in the closing interest rate during the first quarter ended June 29, 2025 would have increased interest expense on the Japan credit facility and the term loan facility before hedging, by less than $0.1m and $1.0m, respectively (first quarter ended June 30, 2024 - less than $0.1m and $1.0m, respectively). In the comparative period, as at June 30, 2024, along with the Japan credit facility and the term loan facility, the Company also had outstanding borrowings on the Mainland China credit facilities and the revolving credit facility, for which a 1.00% increase in the closing interest rate would have increased interest expense by less than $0.1m and $0.1m.

**LITIGATION AND OTHER CONTINGENCIES**

In the ordinary course of business, the Company may become subject to legal and regulatory proceedings and actions relating to its business, including matters involving its products, and contractual and employment relationships. The Company records contingent liabilities when a loss related to a claim is assessed to be probable and reasonably estimable.

Please refer to the "Business Developments" section of this MD&A for more information on the award for the arbitration proceeding instituted in fiscal 2024 between the Company and a former supplier of the Company.

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| Canada Goose Holdings Inc. | Page **26 of 29** |

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**RELATED PARTY TRANSACTIONS**

The Company enters into transactions from time to time with its principal shareholders, as well as organizations affiliated with members of the Board of Directors and key management personnel by incurring expenses for business services. During the first quarter ended June 29, 2025, the Company had transactions with related parties of $0.8m (first quarter ended June 30, 2024 - $0.5m) from companies related to certain shareholders. Balances owing to related parties as at June 29, 2025 were $0.5m (June 30, 2024 - $0.4m, March 30, 2025 - $0.4m).

A lease liability due to the former controlling shareholder of the acquired Baffin Inc. business (the "Baffin Vendor") for leased premises was $1.4m as at June 29, 2025 (June 30, 2024 - $2.3m, March 30, 2025 - $1.7m). During the first quarter ended June 29, 2025, the Company paid principal and interest on the lease liability and other operating costs to entities affiliated with the Baffin Vendor totalling $0.4m (first quarter ended June 30, 2024 - $0.4m). No amounts were owing to Baffin entities as at June 29, 2025, June 30, 2024, and March 30, 2025.

The Japan Joint Venture has lease liabilities due to the non-controlling shareholder, Sazaby League, for leased premises. Lease liabilities were $1.4m as at June 29, 2025 (June 30, 2024 - $1.6m, March 30, 2025 - $1.4m). During the first quarter ended June 29, 2025, the Company incurred principal and interest on lease liabilities, royalty fees, and other operating costs to Sazaby League totalling $1.5m (first quarter ended June 30, 2024 - $1.3m). Balances owing to Sazaby League as at June 29, 2025 were $0.3m (June 30, 2024 - $0.3m, March 30, 2025 - $0.4m).

During the first quarter ended June 29, 2025, the Japan Joint Venture sold inventory of less than $0.1m to companies wholly owned by Sazaby League (first quarter ended June 30, 2024 - less than $0.1m). As at June 29, 2025, the Japan Joint Venture recognized a trade receivable of less than $0.1m from these companies (June 30, 2024 - less than $0.1m, March 30, 2025 - $0.1m).

In connection with the Paola Confectii business combination that occurred on November 1, 2023, subject to the PCML Vendors remaining employees through November 1, 2025, an Earn-Out is payable to the PCML Vendors if certain performance conditions are met based on financial results. During the first quarter ended June 29, 2025, the Company recognized $8.5m, of remuneration costs related to the Earn-Out based on the estimated value of $23.0m for the payout (first quarter ended June 30, 2024 - $0.9m). These costs have been included in accounts payable and accrued liabilities on the statement of financial position, and reflects the amount owing to the PCML Vendors as at June 29, 2025.

A lease liability due to one of the PCML Vendors for leased premises was $1.2m as at June 29, 2025 (June 30, 2024 - $1.2m, March 30, 2025 - $1.2m). During the first quarter ended June 29, 2025, the Company paid principal and interest on the lease liability, to one of the PCML Vendors totalling less than $0.1m (first quarter ended June 30, 2024 - less than $0.1m). No amounts were owing to one of the PCML Vendors as at June 29, 2025, June 30, 2024, and March 30, 2025.

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **27 of 29** |

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**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Our Interim Financial Statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB"). The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. See "*Critical Accounting Policies and Estimates"* in our MD&A within the fiscal 2025 Annual Report for detailed information.

**CHANGES IN ACCOUNTING POLICIES**

***Standards issued and not yet adopted***

Certain new standards, amendments, and interpretations to existing IFRS Accounting Standards have been published but are not yet effective and have not been adopted early by the Company. Management anticipates that pronouncements will be adopted in the Company's accounting policy for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments, and interpretations is provided below.

In May 2024, the IASB issued amendments to IFRS 9, *Financial Instruments* and IFRS 7, *Financial Instruments: Disclosure* to clarify the timing of recognition and derecognition of financial assets and liabilities, the settlement of financial liabilities using an electronic payment system, and the assessment of contractual cash flow characteristics, classification and disclosure of financial assets with environmental, social, and governance linked or other contingent features. The IASB also amended the disclosure requirements for investments in equity instruments designated as fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features. These amendments are effective for annual reporting periods beginning on or after January 1, 2026. The Company is currently evaluating the impact of these amendments on the consolidated financial statements.

In April 2024, the IASB issued IFRS 18, *Presentation and Disclosure in Financial Statements* to improve reporting of financial performance. IFRS 18 replaces IAS 1, *Presentation of Financial Statements*. Many requirements from IAS 1 remain unchanged into IFRS 18. The standard sets out requirements on presentation and disclosures in financial statements. It introduces a defined structure for the statement of income composed of required categories and subtotals. The standard also introduces specific disclosure requirements for management-defined performance measures and a reconciliation between these measures and the most similar subtotal specified in IFRS Accounting Standards, which must be disclosed in a single note. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company is currently evaluating the impact of the adoption of IFRS 18 on the consolidated financial statements.

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **28 of 29** |

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**INTERNAL CONTROL OVER FINANCIAL REPORTING**

**Disclosure Controls and Procedures**

Management, including the CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, the CEO and CFO concluded that such disclosure controls and procedures were effective as of June 29, 2025 to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported, within the appropriate time periods and is accumulated and communicated to management, as appropriate to allow timely decisions regarding required disclosure.

**Internal Control Over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the CEO and the CFO and effected by the Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards. The Company's internal control over financial reporting includes policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions and dispositions of assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards and that the receipts and expenditures of the Company are made only in accordance with authorizations of management and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the assets of the Company that could have a material effect on the consolidated financial statements.

There has been no change in the Company's internal control over financial reporting during the first quarter ended June 29, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Management determined that the Company's internal control over financial reporting was effective as of June 29, 2025.

**Limitations of Controls and Procedures**

Due to its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Management's projections of any evaluation of the effectiveness of internal control over financial reporting as to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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| | |
|:---|:---|
| Canada Goose Holdings Inc. | Page **29 of 29** |

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## Exhibit 99.3

**Exhibit 99.3**

**CERTIFICATION**

I, Dani Reiss, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed the financial statements and MD&A for the first quarter ended June 29, 2025 of Canada Goose Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and we have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the company's most recent fiscal quarter (the company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: July 31, 2025

---

| | |
|:---|:---|
| By: | */s/ Dani Reiss* |
|  | Dani Reiss |
|  | *Chairman and Chief Executive Officer* |

---

&nbsp;&nbsp;&nbsp;&nbsp;-2-

## Exhibit 99.4

**Exhibit 99.4**

**CERTIFICATION**

I, Neil Bowden, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed the financial statements and MD&A for the first quarter ended June 29, 2025 of Canada Goose Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and we have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the company's most recent fiscal quarter (the company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

 b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: July 31, 2025

---

| | |
|:---|:---|
| By: | */s/ Neil Bowden* |
|  | Neil Bowden |
|  | *Chief Financial Officer* |

---

&nbsp;&nbsp;&nbsp;&nbsp;-2-

## Exhibit 99.5

![earningspressreleaseimagea.jpg](earningspressreleaseimagea.jpg)

**Canada Goose Reports First Quarter Fiscal 2026 Results**

*First quarter revenue increased 22% year-over-year to $107.8M*

Toronto – July 31, 2025 – Canada Goose Holdings Inc. (NYSE, TSX: GOOS) announced today financial results for the first quarter of fiscal 2026 ending June 29, 2025. All amounts are in Canadian dollars unless otherwise indicated.

"We're off to a strong start, brand heat is rising, and our DTC performance is delivering," said Dani Reiss, Chairman & CEO of Canada Goose. "We're executing with precision, from bold storytelling to smarter retail moves, and it's showing up in results. I'm optimistic about the momentum we continue to see as we deliver more relevant product and run a tighter, more focused business."

**First Quarter Fiscal 2026 Business Highlights**

Notable highlights from our first quarter included the following:

• Launched our Spring-Summer 2025 collection through a highly stylized campaign, featuring styles that embody a fresh aesthetic while staying true to our heritage. Apparel was the fastest growing category within this collection.

• Launched the second Snow Goose capsule with a striking summer campaign set in the deserts of Utah. The expedition featured celebrity guests and other influencers, including our star campaigner Lara Stone. The campaign is building brand momentum, supported by our 360-degree marketing approach, which continues to resonate strongly with consumers.

• Strengthened our presence in key markets, including two temporary store conversions, bringing the total permanent store count to 76.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Showcased our new store design concept in our newly renovated Amsterdam store with elevated finishes, statement ceiling artwork, and a dedicated VIP space for a more luxurious experience.

• Published our fiscal year 2025 Impact Report<sup>1</sup>, which provides an update on the progress of our sustainable impact strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved a 9% reduction in Scope 1 emissions and a 25% reduction in Scope 3 emissions year-over-year. We also invested in 10 renewable energy projects to fully match our Scope 2 emission in fiscal 2025.

<sup>1</sup> A copy of our fiscal 2025 Impact Report can be accessed on Canada Goose's website at www.canadagoose.com.

------

**First Quarter Financial Highlights**<sup>2</sup>

*All Year-Over-Year Comparisons Unless Otherwise Noted*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ Total revenue** increased 22.4% to $107.8m, up 21.5% on a constant currency basis<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **DTC revenue** increased 23.8% to $78.1m, or up 22.8% on a constant currency basis<sup>3</sup> driven by DTC comparable sales<sup>4</sup> growth of 14.8% and revenue from non-comparable stores.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Wholesale revenue** increased 11.9% to $17.9m or 11.3% on a constant currency basis<sup>3</sup> primarily due to timing of shipments and increased demand from our wholesale partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other revenue** increased 31.1% to $11.8m or 30.0% on a constant currency basis<sup>3</sup> due to higher number of Friends & Family events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Gross profit** increased 25.9% to $66.2m. Gross margin for the quarter was 61.4% compared to 59.7% in the first quarter of fiscal 2026 primarily due to higher margin contribution from our European knitwear facility. Pricing, product mix and channel mix did not have a significant impact on a year-on-year basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Selling, general and administrative (SG&A) expenses** were $224.9m, compared to $149.5m in the prior year period. The increase in SG&A was primarily driven by a one-time financial award of $43.8m (32.0m USD) resulting from the resolution of an arbitration with a former supplier. Additionally, the company incurred costs to expand the global retail network, increased marketing spend with Spring-Summer 25 and Snow Goose campaigns, and invested in product design and merchandising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Operating loss** was $(158.7)m, compared to $(96.9)m in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Net loss attributable to shareholders** was $(125.2)m, or $(1.29) per basic and diluted share, compared with a net loss attributable to shareholders of $(77.4)m, or $(0.80) per basic and diluted share in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjusted EBIT**<sup>5</sup> was $(106.4)m, compared to $(96.0)m in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Adjusted net loss attributable to shareholders**<sup>5</sup> was $(88.2)m, or $(0.91) per basic and diluted share, compared with an adjusted net less attributed to shareholders of $(76.1)m, or $(0.79) per basic and diluted share in the prior year period.

**Balance Sheet Highlights** 

Inventory of $439.5m for the first quarter ended June 29, 2025, was down 9% year-over-year, reflecting higher demand and our continued proactive approach to managing inventory.

The Company ended the first quarter of fiscal 2026 with net debt<sup>4</sup> of $541.7m, compared with $765.9m at the end of the first quarter of fiscal 2025. This reduction was mainly due to higher cash balances and lower borrowings from our credit facilities compared to the previous year. We began the fiscal year with a larger cash balance, supported by disciplined working capital management and cash generated from operating activities in recent quarters.

<sup>2</sup> Comparisons to first quarter ended June 30, 2024.

<sup>3</sup> Constant currency revenue is a non-IFRS financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for more information.

<sup>4</sup> DTC comparable sales (decline) growth is a supplementary financial measure. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for a description of this measure.

<sup>5</sup> Adjusted EBIT, adjusted net loss attributable to shareholders of the Company, and net debt are non-IFRS financial measures, and adjusted net loss per basic share attributable to the shareholders of the Company is a non-IFRS financial ratio. See "Non-IFRS Financial Measures and Other Specified Financial Measures" for more information.

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**Conference Call Information**

The Company will host the conference call at 8:30 a.m. EDT on July 31, 2025. The conference call can be accessed by using the following link: <u>https://events.q4inc.com/attendee/936149642</u>. After registering, an email will be sent including dial-in details and a unique conference call pin required to join the live call. A live webcast of the conference call will also be available on the investor relations page of the Company's website at <u>http://investor.canadagoose.com</u>.

**About Canada Goose**

Canada Goose is dedicated to empowering discovery and pushing boundaries in design, functionality, and style. Inspired by our Canadian heritage, we craft high-performance outerwear, apparel, footwear, and accessories that elevate craftsmanship and embrace individuality. Rooted in resilience and driven by a pioneering spirit, we embolden explorers to thrive in all environments while preserving the planet they roam. For more information, visit <u>www.canadagoose.com.</u>

**Cautionary Note Regarding Forward-Looking Statements**

"This press release contains forward looking statements within the meaning of applicable securities laws, including statements relating to the execution of our proposed sustainability strategies, emission and energy consumption and targets, business strategy and our expected 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 press release 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, in respect of our sustainability strategies and emission targets, assumptions not being realized, scientific or technological developments, evolving sustainability strategies, changes in carbon markets, evolving government regulations or changes in circumstances of our business, and more generally the impact on our operations of the current global economic conditions and international trade environment and their evolution, as well as the other risk factors that are discussed under "Cautionary Note regarding Forward-Looking Statements" and "Factors Affecting our Performance" in our Management's Discussion and Analysis ("MD&A") as well as under "Risk Factors" in our Annual Report on Form 20-F for the year ended March 30, 2025. 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 on SEDAR+ 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 press release when making an investment decision in our securities.

Although we base the forward-looking statements contained in this press release on assumptions that we believe are reasonable, we caution readers that actual results and developments (including our results of operations, financial condition and liquidity, the achievement of our targets, goals and commitments (including our emission targets) 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 press release. 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 press release. In addition, even if results and developments are consistent with the forward-looking statements contained in this press release, 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 press release 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 press release 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 press release (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.

Investors: ir@canadagoose.com

Media: media@canadagoose.com

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**Condensed Consolidated Interim Statements of Loss**

(in millions of Canadian dollars, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **$** | **$** |
| Revenue | 107.8 | 88.1 |
| Cost of sales | 41.6 | 35.5 |
| **Gross profit** | 66.2 | 52.6 |
| Selling, general & administrative expenses | 224.9 | 149.5 |
| **Operating loss** | (158.7) | (96.9) |
| Net interest, finance and other costs | 5.4 | 3.2 |
| **Loss before income taxes** | (164.1) | (100.1) |
| Income tax recovery | (38.6) | (26.1) |
| **Net loss** | (125.5) | (74.0) |
| Attributable to: |  |  |
| &nbsp;&nbsp;Shareholders of the Company | (125.2) | (77.4) |
| &nbsp;&nbsp;Non-controlling interest | (0.3) | 3.4 |
| **Net loss** | (125.5) | (74.0) |
| **Loss per share attributable to shareholders of the Company** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(1.29) | $(0.80) |

---

**Condensed Consolidated Interim Statements of Comprehensive Loss**

(in millions of Canadian dollars, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **$** | **$** |
| **Net loss** | (125.5) | (74.0) |
| **Other comprehensive loss** |  |  |
| Items that may be reclassified to earnings, net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative translation adjustment gain | 13.1 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on derivatives designated as cash flow hedges | (1.7) | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of net loss (gain) on cash flow hedges to income | 0.1 | (0.1) |
| Other comprehensive income | 11.5 | 4.2 |
| **Comprehensive loss** | (114.0) | (69.8) |
| Attributable to: |  |  |
| &nbsp;&nbsp; Shareholders of the Company | (113.5) | (73.2) |
| &nbsp;&nbsp; Non-controlling interest | (0.5) | 3.4 |
| **Comprehensive loss** | (114.0) | (69.8) |

---

------

**Condensed Consolidated Interim Statements of Financial Position** 

(in millions of Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
| | **June 29,<br>2025** | **June 30,<br>2024** | **March 30,<br>2025** |
| **Assets** | **$** | **$** | **$** |
| **Current assets** |  | *Reclassified* | *Reclassified* |
| Cash | 180.5 | 61.9 | 334.4 |
| Trade receivables | 73.1 | 60.2 | 98.0 |
| Inventories | 439.5 | 484.3 | 384.0 |
| Income taxes receivable | 31.6 | 31.0 | 10.2 |
| Other current assets | 59.0 | 57.4 | 63.8 |
| **Total current assets** | 783.7 | 694.8 | 890.4 |
| Deferred income taxes | 114.6 | 96.8 | 95.7 |
| Property, plant and equipment | 159.2 | 165.7 | 161.6 |
| Intangible assets | 130.9 | 133.6 | 131.9 |
| Right-of-use assets | 268.9 | 293.8 | 280.2 |
| Goodwill | 72.0 | 70.4 | 72.0 |
| Other long-term assets | 1.2 | 5.4 | 0.1 |
| **Total assets** | 1530.5 | 1460.5 | 1631.9 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Accounts payable and accrued liabilities | 236.9 | 154.1 | 186.7 |
| Provisions | 35.7 | 40.8 | 40.1 |
| Income taxes payable | 19.2 | 15.2 | 28.6 |
| Short-term borrowings | 12.6 | 36.8 | 4.3 |
| Current portion of lease liabilities | 84.2 | 82.5 | 83.9 |
| **Total current liabilities** | 388.6 | 329.4 | 343.6 |
| Provisions | 16.3 | 14.6 | 16.0 |
| Deferred income taxes | 11.8 | 10.7 | 20.8 |
| Revolving Facility |  | 53.3 |  |
| Term Loan | 388.6 | 391.5 | 407.7 |
| Lease liabilities | 236.5 | 262.2 | 246.9 |
| Other long-term liabilities | 42.1 | 43.4 | 40.3 |
| **Total liabilities** | 1083.9 | 1105.1 | 1075.3 |
| **Equity** |  |  |  |
| Equity attributable to shareholders of the Company | 431.7 | 345.5 | 541.2 |
| Non-controlling interests | 14.9 | 9.9 | 15.4 |
| **Total equity** | 446.6 | 355.4 | 556.6 |
| **Total liabilities and equity** | 1530.5 | 1460.5 | 1631.9 |

---

------

**Condensed Consolidated Interim Statements of Cash Flows**

(in millions of Canadian dollars)

---

| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| | **June 29,<br>2025** | **June 30,<br>2024** |
| | **$** | **$** |
| **Operating activities** |  |  |
| Net loss | (125.5) | (74.0) |
| Items not affecting cash: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 31.2 | 32.7 |
| &nbsp;&nbsp;&nbsp;Income tax recovery | (38.6) | (26.1) |
| &nbsp;&nbsp;&nbsp;Interest expense | 4.4 | 11.8 |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain | (3.4) | (1.9) |
| &nbsp;&nbsp;&nbsp;Loss on disposal of assets | 0.2 |  |
| &nbsp;&nbsp;&nbsp;Share-based payment | 4.1 | 2.2 |
| &nbsp;&nbsp;Arbitration award | 43.8 |  |
| &nbsp;&nbsp;&nbsp;Remeasurement of put option | 1.1 | 2.1 |
| &nbsp;&nbsp;&nbsp;Remeasurement of contingent consideration | (0.1) | (10.7) |
|  | (82.8) | (63.9) |
| Changes in non-cash operating items | (29.2) | (63.1) |
| Income taxes paid | (22.3) | (5.4) |
| Interest paid | (8.5) | (10.5) |
| **Net cash used in operating activities** | (142.8) | (142.9) |
| **Investing activities** |  |  |
| Purchase of property, plant and equipment | (1.3) | (2.2) |
| Initial direct costs of right-of-use assets |  | (0.1) |
| **Net cash used in investing activities** | (1.3) | (2.3) |
| **Financing activities** |  |  |
| Mainland China Facilities borrowings |  | 16.6 |
| Japan Facility borrowings | 8.5 | 10.8 |
| Term Loan repayments | (1.1) | (1.0) |
| Revolving Facility borrowings |  | 54.3 |
| Transaction costs on financing activities |  | (0.2) |
| Principal payments on lease liabilities | (19.4) | (20.8) |
| **Net cash (used in) from financing activities** | (12.0) | 59.7 |
| Effects of foreign currency exchange rate changes on cash | 2.2 | 2.5 |
| Decrease in cash | (153.9) | (83.0) |
| **Cash, beginning of period** | 334.4 | 144.9 |
| **Cash, end of period** | 180.5 | 61.9 |

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**Non-IFRS Financial Measures and Other Specified Financial Measures** 

This press release includes references to certain non-IFRS financial measures such as adjusted EBIT, adjusted net loss attributable to shareholders of the Company, net debt, and constant currency revenue and certain non-IFRS ratios such as adjusted net 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 Accounting Standards, certain investors and analysts use this information to evaluate the Company's operating and financial performance. These financial measures are not defined under IFRS Accounting Standards nor do they replace or supersede any standardized measure under IFRS Accounting Standards. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Additional information, including definitions and reconciliations of non-IFRS financial measures to the nearest IFRS financial measure can be found in our MD&A for the first quarter ended June 29, 2025, under "Non-IFRS Financial Measures and Other Specified Financial Measures". Such reconciliations can also be found in this press release under "Reconciliation of Non-IFRS Measures" below.

This press release also includes references to DTC comparable sales (decline) growth which is a supplementary financial measure defined as a rate of (decline) growth 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.

**Reconciliation of Non-IFRS Measures**

The tables below reconcile net loss to adjusted EBIT and adjusted net loss attributable to shareholders of the Company for the periods indicated, constant currency revenue to revenue across segments and geographies, and net debt for purposes of presenting its calculation.

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Net loss** | (125.5) | (74.0) |
| *Add (deduct) the impact of:* |  |  |
| Income tax recovery | (38.6) | (26.1) |
| Net interest, finance and other costs | 5.4 | 3.2 |
| **Operating loss** | (158.7) | (96.9) |
| Arbitration award (a) | 43.8 |  |
| Paola Confectii Earn-Out costs (b) | 8.5 | 0.9 |
| Total adjustments | 52.3 | 0.9 |
| **Adjusted EBIT** | (106.4) | (96.0) |

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| | | |
|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** |
| **Net loss** | (125.5) | (74.0) |
| *Add (deduct) the impact of:* |  |  |
| Arbitration award (a) | 43.8 |  |
| Paola Confectii Earn-Out costs (b) | 8.5 | 0.9 |
| Japan Joint Venture remeasurement loss (gain) on contingent consideration and put option (c) | 1.0 | (8.6) |
| Unrealized foreign exchange (gain) loss on Term Loan (d) | (3.5) | 1.7 |
|  | 49.8 | (6.0) |
| Tax effect of adjustments | (12.0) | (0.4) |
| **Adjusted net loss** | (87.7) | (80.4) |
| Adjusted net (income) loss attributable to non-controlling interest (e) | (0.5) | 4.3 |
| **Adjusted net loss attributable to shareholders of the Company** | (88.2) | (76.1) |
| Weighted average number of shares outstanding | 96913707 | 96611725 |
| **Adjusted net loss per basic share attributable to shareholders of the Company** | $(0.91) | $(0.79) |

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(a)During the first quarter ended June 29, 2025, the Company recognized a charge of $43.8m (USD32.0m) in connection with the resolution of the arbitration proceeding instituted in fiscal 2024, between the Company and a former supplier of the Company from a previously announced commercial dispute relating to the termination of a contract. This amount comprises the financial award and legal costs, and was recorded in SG&A expenses within the interim statement of loss.

(b)Consideration payable to the PCML Vendors for the Earn-Out, recognized as remuneration expense.

(c)Changes to the fair value remeasurement of the contingent consideration and put option liability, inclusive of translation gains and losses, related to the Japan Joint Venture. The Company recorded a loss of $1.0m on the fair value remeasurement of the contingent consideration and put option during the first quarter ended June 29, 2025 (first quarter ended June 30, 2024 - a gain of $8.6m). These gains and losses are included in net interest, finance and other costs within the interim statements of loss.

(d)Unrealized gains and losses on the translation of the term loan facility from USD to CAD, net of the effect of derivative transactions entered into to hedge a portion of the exposure to foreign currency exchange risk. These costs are included in net interest, finance and other costs within the interim statements of loss.

(e)Calculated as net (loss) income attributable to non-controlling interest within the interim statements of loss of $(0.5)m for the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the first quarter ended June 29, 2025 (first quarter ended June 30, 2024 - net income attributable to non-controlling interest of $4.3m).

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**Revenue By Segment**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **$ Change** | **$ Change** | **$ Change** | **% Change** | **% Change** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **As reported** | **Foreign exchange impact** | **In constant currency** | **As reported** | **In constant currency** |
| DTC | 78.1 | 63.1 | 15.0 | (0.6) | 14.4 | 23.8% | 22.8% |
| Wholesale | 17.9 | 16.0 | 1.9 | (0.1) | 1.8 | 11.9% | 11.3% |
| Other | 11.8 | 9.0 | 2.8 | (0.1) | 2.7 | 31.1% | 30.0% |
| Total revenue | 107.8 | 88.1 | 19.7 | (0.8) | 18.9 | 22.4% | 21.5% |

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**Revenue by Geography**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **First quarter ended** | **First quarter ended** | **$ Change** | **$ Change** | **$ Change** | **% Change** | **% Change** |
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **As reported** | **Foreign exchange impact** | **In constant currency** | **As reported** | **In constant currency** |
| Canada | 24.4 | 21.9 | 2.5 |  | 2.5 | 11.4% | 11.4% |
| United States | 26.9 | 18.5 | 8.4 | (0.2) | 8.2 | 45.4% | 44.3% |
| North America | 51.3 | 40.4 | 10.9 | (0.2) | 10.7 | 27.0% | 26.5% |
| Greater China<sup>1</sup> | 26.0 | 21.9 | 4.1 | 0.3 | 4.4 | 18.7% | 20.1% |
| Asia Pacific (excluding Greater China<sup>1</sup>) | 13.0 | 8.9 | 4.1 | (0.2) | 3.9 | 46.1% | 43.8% |
| Asia Pacific | 39.0 | 30.8 | 8.2 | 0.1 | 8.3 | 26.6% | 26.9% |
| EMEA<sup>2</sup> | 17.5 | 16.9 | 0.6 | (0.7) | (0.1) | 3.6% | (0.6)% |
| Total revenue | 107.8 | 88.1 | 19.7 | (0.8) | 18.9 | 22.4% | 21.5% |

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<sup>1</sup>*Greater China comprises Mainland China, Hong Kong, Macau, and Taiwan.*

<sup>2</sup>*EMEA comprises Europe, the Middle East, Africa, and Latin America.*

**Indebtedness**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CAD $ millions** | **June 29,<br>2025** | **June 30,<br>2024** | **$ Change** | **March 30,<br>2025** | **$ Change** |
| Cash | 180.5 | 61.9 | 118.6 | 334.4 | (153.9) |
| Mainland China Facilities |  | (16.6) | 16.6 |  |  |
| Japan Facility | (8.5) | (16.2) | 7.7 |  | (8.5) |
| Revolving Facility |  | (54.3) | 54.3 |  |  |
| Term Loan | (393.0) | (396.0) | 3.0 | (412.4) | 19.4 |
| Lease liabilities | (320.7) | (344.7) | 24.0 | (330.8) | 10.1 |
| **Net debt** | (541.7) | (765.9) | 224.2 | (408.8) | (132.9) |

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