SEDAR Interim Financial Statements

Aritzia Inc. Condensed Interim Consolidated Financial Statements Third Quarter of Fiscal 2026 For the 13-week and 39-week periods ended November 30, 2025 and December 1, 2024 Note November 30, 2025 March 2, 2025 Assets Cash and cash equivalents $ 620,501 $ 285,635 Accounts receivable 37,346 26,311 Income taxes recoverable 2,111 4,342 Inventory 5 508,196 379,316 Prepaid expenses and other current assets 12 112,815 61,239 Total current assets $ 1,280,969 $ 756,843 Property and equipment 6 773,546 656,966 Intangible assets 7 105,200 104,221 Goodwill 7 198,846 198,846 Right-of-use assets 8 783,951 722,558 Other assets 12 3,992 11,564 Deferred tax assets 18 24,182 4,816 Total assets $ 3,170,686 $ 2,455,814 Liabilities Accounts payable and accrued liabilities 9 $ 566,091 $ 293,412 Income taxes payable 41,540 12,983 Current portion of lease liabilities 8 116,576 107,755 Deferred revenue 166,955 111,158 Total current liabilities $ 891,162 $ 525,308 Lease liabilities 8 922,531 811,468 Other non-current liabilities 10 3,704 3,829 Deferred tax liabilities 18 11,133 20,626 Total liabilities $ 1,828,530 $ 1,361,231 Shareholders’ equity Share capital 13 $ 430,462 $ 383,482 Contributed surplus 114,962 101,568 Retained earnings 800,233 609,695 Accumulated other comprehensive loss (3,501) (162) Total shareholders’ equity 1,342,156 1,094,583 Total liabilities and shareholders’ equity $ 3,170,686 $ 2,455,814 Commitments and contingencies 20 Aritzia Inc. Condensed Interim Consolidated Statements of Financial Position As at November 30, 2025 and March 2, 2025 (Unaudited, in thousands of Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. (2) 13-week periods ended 39-week periods ended Note November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Net revenue 16, 19 $ 1,040,263 $ 728,701 $ 2,515,633 $ 1,842,994 Cost of goods sold 17 561,354 395,216 1,368,297 1,042,479 Gross profit 478,909 333,485 1,147,336 800,515 Selling, general and administrative 290,380 215,649 763,076 591,441 Stock-based compensation expense 14, 17 18,880 10,244 43,226 30,997 Income from operations 169,649 107,592 341,034 178,077 Finance expense 8, 11, 17 14,769 12,750 41,402 38,173 Other expense (income) 12, 17 (34,478) (9,918) (39,222) (15,409) Income before income taxes 189,358 104,760 338,854 155,313 Income tax expense 18 50,472 30,692 91,276 47,165 Net income $ 138,886 $ 74,068 $ 247,578 $ 108,148 Net income per share Basic 15 $ 1.20 $ 0.66 $ 2.15 $ 0.96 Diluted 15 $ 1.16 $ 0.63 $ 2.08 $ 0.93 Weighted average number of shares outstanding (thousands) Basic 15 115,361 112,784 114,898 112,201 Diluted 15 119,740 116,836 119,127 115,860 Aritzia Inc. Condensed Interim Consolidated Statements of Operations For the 13-week and 39-week periods ended November 30, 2025 and December 1, 2024 (Unaudited, in thousands of Canadian dollars, except number of shares and per share amounts) The accompanying notes are an integral part of these condensed interim consolidated financial statements. (3) 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Net income $ 138,886 $ 74,068 $ 247,578 $ 108,148 Other comprehensive income Items that are or may be reclassified subsequently to net income: Foreign currency translation adjustment 3,676 1,180 (3,339) 575 Comprehensive income $ 142,562 $ 75,248 $ 244,239 $ 108,723 Aritzia Inc. Condensed Interim Consolidated Stat --- ements of Comprehensive Income For the 13-week and 39-week periods ended November 30, 2025 and December 1, 2024 (Unaudited, in thousands of Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. (4) Multiple Subordinate voting shares voting shares Shares Amounts Shares Amounts Contributed surplus Retained earnings Accumulated other comprehensive loss Total shareholders’ equity Balance, March 3, 2024 20,437,349 $ 14,774 90,723,027 $ 292,963 $ 96,249 $ 407,337 $ (3,828) $ 807,495 Net Income — — — — — 108,148 — 108,148 Shares issued for equity settled plans (note 14) — — 1,858,776 38,902 (17,064) — — 21,838 Stock-based compensation expense on equity- settled plans (note 14) — — — — 24,772 — — 24,772 Shares repurchased for cancellation (note 13) — — (134,200) (474) — (5,432) — (5,906) Foreign currency translation adjustment — — — — — — 575 575 Balance, December 1, 2024 20,437,349 $ 14,774 92,447,603 $ 331,391 $ 103,957 $ 510,053 $ (3,253) $ 956,922 Balance, March 2, 2025 19,679,244 $ 14,226 94,702,652 $ 369,256 $ 101,568 $ 609,695 $ (162) $ 1,094,583 Net Income — — — — — 247,578 — 247,578 Shares issued for equity settled plans (note 14) — — 1,505,328 49,039 (25,061) — — 23,978 Stock-based compensation expense on equity- settled plans (note 14) — — — — 30,530 — — 30,530 Shares repurchased for cancellation (note 13) — — (473,700) (1,951) — (39,307) — (41,258) Shares held in trust (note 13) — — (270,000) (1,060) — (17,733) — (18,793) Shares released from trust (note 13) — — 244,116 952 (952) — — — Tax impact related to stock-based compensation — — — — 8,877 — — 8,877 Foreign currency translation adjustment — — — — — — (3,339) (3,339) Balance, November 30, 2025 19,679,244 $ 14,226 95,708,396 $ 416,236 $ 114,962 $ 800,233 $ (3,501) $ 1,342,156 Aritzia Inc. Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity For the 39-week periods ended November 30, 2025 and December 1, 2024 (Unaudited, in thousands of Canadian dollars, except number of shares) The accompanying notes are an integral part of these condensed interim consolidated financial statements. (5) 13-week periods ended 39-week periods ended Note November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Operating activities Net income for the period $ 138,886 $ 74,068 $ 247,578 $ 108,148 Adjustments for: Depreciation and amortization 27,571 20,275 80,567 59,052 Depreciation on right-of-use assets 8 26,534 26,459 75,163 79,690 Finance expense 17 14,769 12,750 41,402 38,173 Stock-based compensation expense 14, 17 18,880 10,244 43,226 30,997 Unrealized loss (gain) on equity derivative contracts 12, 17 (23,190) (292) (33,982) (6,129) Income tax expense 18 50,472 30,692 91,276 47,165 Fair value adjustments related to acquisition of CYC Design Corporation ("CYC") 12, 17 (6,000) — (6,000) — Other (238) (91) (574) 754 Cash generated before non-cash working capital balances and interest and income taxes 247,684 174,105 538,656 357,850 Net change in non-cash working capital 22 149,964 68,868 185,515 14,213 Cash generated before interest and income taxes 397,648 242,973 724,171 372,063 Interest paid (852) (1,431) (2,491) (3,086) Interest paid on lease liabilities 8 (10,616) (13,023) (38,946) (36,641) Income taxes paid (29,044) (13,652) (80,155) (35,175) Net cash generated from (used in) operating activities 357,136 214,867 602,579 297,161 Financing activities Repayment of principal on lease liabili --- ties 8 (16,022) (30,354) (64,202) (83,072) Proceeds from lease incentives 10,699 3,559 26,600 10,409 Proceeds from options exercised 14 7,241 4,531 23,978 21,838 Shares repurchased and held in trust 13 (1,933) — (18,793) — Shares repurchased for cancellation 13 (25,025) (5,906) (41,258) (5,906) Net cash generated from (used in) financing activities (25,040) (28,170) (73,675) (56,731) Investing activities Purchase of property and equipment 6 (64,134) (83,609) (187,740) (191,068) Purchase of intangible assets 7 (2,192) (1,898) (6,381) (6,516) Cash generated from (used in) investing activities (66,326) (85,507) (194,121) (197,584) Effect of exchange rate changes on cash and cash equivalents 2,382 1,834 83 884 Change in cash and cash equivalents 268,152 103,024 334,866 43,730 Cash and cash equivalents – Beginning of period 352,349 103,983 285,635 163,277 Cash and cash equivalents – End of period $ 620,501 $ 207,007 $ 620,501 $ 207,007 Supplemental cash flow information 22 Aritzia Inc. Condensed Interim Consolidated Statements of Cash Flows For the 13-week and 39-week periods ended November 30, 2025 and December 1, 2024 (Unaudited, in thousands of Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. (6) 1 Nature of operations and basis of presentation Nature of operations Aritzia Inc. and its subsidiaries (collectively referred to as the “Company”) are a design house with a global platform. The Company is a creator and purveyor of Everyday Luxury™, home to an extensive portfolio of exclusive brands for every function and individual aesthetic. The Company provides immersive and highly personal shopping experiences at aritzia.com and in 139 boutiques throughout Canada and the United States. Aritzia Inc. is a corporation governed by the Business Corporations Act (British Columbia). The address of its registered office is 1055 Dunsmuir Street, Suite 3000, Vancouver, B.C., Canada, V7X 1K8. The Company’s subordinate voting shares are listed on the Toronto Stock Exchange ("TSX") under the stock symbol “ATZ”. Basis of presentation These unaudited condensed interim consolidated financial statements have been prepared under International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting, on a basis consistent with those accounting policies followed by the Company in the most recent audited annual consolidated financial statements for the fiscal year ended March 2, 2025 ("Fiscal 2025") except as noted in notes 2 and 3. Certain information, in particular the accompanying notes normally included in the audited annual consolidated financial statements prepared in accordance with IFRS Accounting Standards, has been omitted or condensed. Accordingly, these unaudited condensed interim consolidated financial statements do not include all the information required for full audited annual consolidated financial statements, and, therefore, should be read in conjunction with the Fiscal 2025 audited annual consolidated financial statements and the notes thereto. These unaudited condensed interim consolidated financial statements are presented in Canadian dollars, unless otherwise noted. Seasonality of operations The Company’s business is affected by the pattern of seasonality common to most retail apparel businesses. Historically, the --- Company has recognized a significant portion of its operating profit in the third and fourth quarters of each fiscal year as a result of increased net revenue during the back-to-school and holiday seasons. These unaudited condensed interim consolidated financial statements were authorized for issue on January 8, 2026 by the Audit Committee on behalf of the Company’s Board of Directors. 2 Summary of material accounting policies These unaudited condensed interim consolidated financial statements have been prepared using the accounting policies as outlined in note 2 of the Fiscal 2025 audited consolidated financial statements, with the exception of any accounting standards adopted for the Company's fiscal year ending March 1, 2026 ("Fiscal 2026"). Employee benefits The Company maintains a voluntary deferred compensation plan, whereby eligible employees may elect to defer a portion of their compensation to be held by the Company and received at a future date, along with related returns. The amount voluntarily deferred is expensed in the period it is earned and included in other non-current liabilities. The amount held by the Company is recorded in other assets. Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (7) 3 Accounting policy developments IFRS 9 Financial Instruments ("IFRS 9") and IFRS Financial Instruments: Disclosures ("IFRS 7") In May 2024, the International Accounting Standards Board ("IASB") issued amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments: Disclosures to clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system, clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest ("SPPI") criterion, add new disclosures for certain instruments with contractual terms that can change cash flows (such as instruments with features linked to the achievement of environmental and social targets), and update the disclosure of equity instruments designated at fair value through other comprehensive income ("FVOCI"). These amendments are effective for annual reporting periods beginning on or after January 1, 2026. Early adoption is permitted, with an option to early adopt only the amendments to the classification of financial assets. The Company is currently assessing the impact of these amendments on the consolidated financial statements. IFRS 18 - Presentation and Disclosure in Financial Statements ("IFRS 18") The IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, in April 2024 which is effective for annual reporting periods beginning on or after January 1, 2027. The new standard will establish a revised structure for the consolidated statements of comprehensive income and improve comparability across entities and reporting periods. The standard will be applied retroactively, with certain transition provisions. The Company is currently assessing the impact of IFRS 18 on the consolidated financial statements, which will be effective for the Company's fiscal year ending February 27, 2028 (including comparatives for the Company's fiscal year ending February 28, 2027). 4 Judgements and estimates The preparation of unaudited condensed interim consolidated financial statements in a --- ccordance with IFRS Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and assumptions are continuously evaluated and are based on management’s best judgements and experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Actual results may differ from these estimates. In preparing these condensed interim consolidated financial statements, the significant judgements made by management in applying the Company’s accounting policies and key sources of estimation of uncertainty were the same as those applied in note 4 of the Fiscal 2025 audited annual consolidated financial statements. 5 Inventory November 30, 2025 March 2, 2025 Finished goods $ 398,790 $ 310,234 Finished goods-in-transit 100,159 64,469 Raw materials 9,247 4,613 Inventory $ 508,196 $ 379,316 The Company records a reserve to value inventory to its estimated net realizable value. This resulted in a reduction to cost of goods sold of $7.2 million for the 13-week period ended November 30, 2025 and an Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (8) expense of $6.1 million, for the 39-week period ended November 30, 2025 (13-week and 39-week periods ended December 1, 2024 - reduction to cost of goods sold of $3.4 million and an expense of $9.3 million, respectively). All of the Company’s inventory is pledged as security for the Company's revolving credit facility (note 11). 6 Property and equipment During the 13-week and 39-week periods ended November 30, 2025, the Company had property and equipment additions of $84.5 million and $206.8 million, respectively (13-week and 39-week periods ended December 1, 2024 - $103.5 million and $237.0 million, respectively), the majority of which were related to leasehold improvements made to its boutiques and distribution centers, and the respective purchase of furniture and equipment for those spaces. Additions include capitalized right-of-use depreciation and borrowing costs totaling $4.2 million and $13.4 million for the 13-week and 39-week periods ended November 30, 2025 (13-week and 39-week periods ended December 1, 2024 - $nil). 7 Goodwill and intangible assets During the 13-week and 39-week periods ended November 30, 2025, the Company had intangible asset additions of $1.7 million and $5.5 million, respectively (13-week and 39-week periods ended December 1, 2024 - $1.6 million and $6.6 million, respectively), the majority of which was related to internally developed computer software. 8 Leases The Company has the right to use real estate properties for its boutiques, distribution centers and support offices under non-cancellable lease agreements, together with periods covered by an option to extend or terminate, if the Company is reasonably certain it will exercise those options. The following table reconciles the change in right-of-use assets for the 39-week periods ended November 30, 2025 and December 1, 2024: November 30, 2025 December 1, 2024 Cost Opening balance $ 1,182,364 $ 996,699 Additions, net of lease incentives 119,426 131,567 Modifications and --- other 26,595 10,500 Foreign exchange (21,767) 23,146 Closing balance $ 1,306,618 $ 1,161,912 Accumulated depreciation Opening balance $ 459,806 $ 364,408 Depreciation 75,163 79,251 Amortization of fair value adjustment on CYC Design corporation ("CYC") leases — 439 Modifications and other (3,615) 2,023 Foreign exchange (8,687) 8,577 Closing balance $ 522,667 $ 454,698 Net carrying value, closing balance $ 783,951 $ 707,214 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (9) The following table reconciles the change in the lease liabilities for the 39-week periods ended November 30, 2025 and December 1, 2024: November 30, 2025 December 1, 2024 Opening balance $ 919,223 $ 805,886 Additions 169,339 142,496 Interest expense on lease liabilities 38,606 34,860 Repayment of interest and principal on lease liabilities (103,148) (119,713) Modifications and other 32,113 12,847 Foreign exchange (17,026) 18,434 Closing balance $ 1,039,107 $ 894,810 Current portion of lease liabilities 116,576 88,718 Long-term portion of lease liabilities 922,531 806,092 Lease liabilities $ 1,039,107 $ 894,810 The following table summarizes the Company's rent and rent-related expenses: 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Depreciation on right-of-use assets, excluding fair value adjustments $ 26,534 $ 26,392 $ 75,163 $ 79,251 Interest expense on lease liabilities (note 17) 13,763 11,242 38,606 34,860 Variable lease expense 12,527 3,724 28,601 13,955 Lease payments relating to short-term or low value leases 389 403 610 1,427 Common area maintenance, property taxes and other 20,185 17,502 58,393 51,238 Total rent and rent-related expenses $ 73,398 $ 59,263 $ 201,373 $ 180,731 9 Accounts payable and accrued liabilities November 30, 2025 March 2, 2025 Trade accounts payable $ 388,340 $ 189,222 Employee benefits payable 70,010 64,692 Other non-trade payables 86,498 21,790 Restricted Share Unit ("RSU") and Deferred Share Unit ("DSU") plans liabilities (note 14) 21,243 17,708 Accounts payable and accrued liabilities $ 566,091 $ 293,412 As at November 30, 2025, $95.2 million of trade accounts payable was outstanding as part of a payable services arrangement with a third party financial institution (March 2, 2025 - $nil), of which $24.5 million were elected by suppliers to be paid by the financial institution prior to the maturity date. Balances outstanding under the payable services arrangement allows eligible suppliers to elect to be paid by the financial institution earlier than the maturity date (generally 90 days) of the invoices subject to a discount. The Company's rights and Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (10) obligations to suppliers with respect to those invoices are not impacted. The Company will pay the full amount owing to the financial institution according to the maturity dates and terms negotiated with the supplier. The amounts paid by the Company to the financial institution related to this program is classified as an operating activity within the condensed interim consolidated statements of cash flows. 10 Other non-current liabilities November 30, 2025 March 2, 2025 Deferred lease inducements 2,580 $ 3,323 Asset retirement obligations and ot --- her 1,124 506 Other non-current liabilities $ 3,704 $ 3,829 11 Bank indebtedness The Company has a $300.0 million revolving credit facility which bears interest at Canadian Overnight Repo Rate Average ("CORRA"), Secured Overnight Financing Rate ("SOFR") (prior to June 30, 2023, London Inter- Bank Offered Rate ("LIBOR")) or Canadian prime or base rate, plus a marginal rate between 0.45% and 2.45% (March 2, 2025 – 0.75% and 2.75%), and a maturity date of October 8, 2030 (previously October 27, 2026). Up to $10.0 million of the facility can be drawn upon by way of a swingline loan. As at November 30, 2025, no amounts were drawn under the revolving credit facility (March 2, 2025 - $nil). The Company also has a revolving line of credit with a limit of US$10.0 million and expiring on December 14, 2026. The revolving line of credit bears interest at the daily SOFR, plus a marginal rate between 1.45% and 2.45% (March 2, 2025 – 1.75% and 2.75%). As at November 30, 2025, no amounts were drawn under the revolving line of credit (March 2, 2025 - $nil). The Company also has an uncommitted revolving demand credit facility for general cash management needs with a limit of $5.0 million. The revolving demand credit facility bears interest at the daily Royal Bank Prime ("RBP") rate or Royal Bank U.S. Base Rate ("RBUSBR"), plus a marginal rate between 0.75% and 2.00%. As at November 30, 2025, no amounts were drawn under the revolving demand credit facility. The Company also has available a $25.0 million cash-secured letter of credit as part of the revolving credit facility and other letters of credit facilities of CAD$30.0 million and US$25.0 million (March 2, 2025 - CAD$30.0 million and US$25.0 million) secured pari passu with the revolving credit facility and the revolving line of credit. The interest rate for the letters of credit is between 1.17% and 2.75%. As at November 30, 2025, the amount available under these facilities, which excludes the undrawn cash-secured letter of credit, was increased to $60.2 million (March 2, 2025 - $57.8 million) by certain open letters of credit (note 20). The revolving credit facility is collateralized by a first priority lien on all property and equipment, leased real property interests and inventory. In addition, the Company is required to maintain certain financial covenants. As at November 30, 2025 and March 2, 2025, the Company was in compliance with all financial covenants. 12 Financial instruments Equity derivative contracts The Company has equity derivative contracts (total return swaps) to hedge the share price exposure on its cash-settled DSUs and RSUs and open market-settled RSUs and PSUs, as applicable. These contracts are not designated as hedging instruments for accounting purposes. Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (11) 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Unrealized loss (gain) on equity derivative contracts $ (23,190) $ (292) $ (33,982) $ (6,129) As at November 30, 2025 March 2, 2025 Fair value of equity derivative contracts, asset (liability) $ 55,192 $ 21,210 Unrealized gains and losses for the change in fair value for equity derivative contracts are recorded in other expense (income) in the condensed interim consolidated statements of operations. The positive and negative fair values of these cont --- racts are recorded in prepaid expenses and other current assets and accounts payable and accrued liabilities, respectively, in the condensed interim consolidated statements of financial position. 100% Acquisition of CYC On May 26, 2023, as part of the acquisition of the remaining 25% ownership interest of CYC, the Company issued 419,047 subordinate voting shares ("Upfront Shares") and the right to receive additional subordinate voting shares ("Additional Shares") by March 31, 2026. The Upfront Shares were recognized in share capital ($15.4 million) and the Additional Shares with an estimated value up to $9.4 million were treated as compensation for future services with a portion recognized in contributed surplus ($6.6 million) and the remainder, net of any changes estimated or final value, to be recognized over the period ending in Fiscal 2026. The Upfront Shares are also subject to an escrow agreement with one third to be released at the end of each of Fiscal 2024, 2025 and 2026 (or earlier as agreed to by the Company and the CYC exchangeable shareholders) and subject to future adjustments ("Share Adjustments"). The Share Adjustments are treated as an embedded derivative and recorded within prepaid expenses and other current assets with a value of $14.5 million as at November 30, 2025 (March 2, 2025 - $8.5 million). 13 Share capital Secondary offering From time to time, the Company will announce a secondary offering on a bought deal basis of its subordinate voting shares through a secondary sale of shares by certain entities owned and/or controlled, directly or indirectly, by Brian Hill, Founder and Executive chair of Aritzia and the ultimate owner, or Brian Hill and his immediate family (collectively, the "Selling Shareholders"). The Company does not receive any proceeds from the secondary offerings. Underwriting fees are paid by the Selling Shareholders and other expenses related to the secondary offerings are paid by the Company. On February 11, 2025, the Company announced a secondary offering (the "Secondary Offering"). As part of the Secondary Offering, the Selling Shareholders exchanged 758,105 of their multiple voting shares for subordinate voting shares. Details relating to the Secondary Offering are summarized in the following table: Completion date February 28, 2025 Number of subordinate voting shares 1,045,000 Price per subordinate voting share $ 69.85 Gross proceeds to the Selling Shareholders $ 72,993 Other expenses paid by the Company $ 550 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (12) Normal course issuer bid ("NCIB") and Automatic Share Purchase Plan ("ASPP") The TSX approved the Company's NCIB on May 5, 2025 ("2025 NCIB") allowing the Company to purchase up to 4,226,994 subordinate voting shares during the twelve-month period commencing May 7, 2025 and ending May 6, 2026. On May 27, 2025, the Company entered into an ASPP ("2025 ASPP") with its designated broker and which commenced immediately and will terminate upon the termination of the 2025 NCIB, unless terminated earlier in accordance with the terms of the ASPP. During the 39-week period ended November 30, 2025, the Company repurchased a total of 473,700 subordinate voting shares for cancellation under the 2025 NCIB at an average price of $87.10 per subordinate voting share for total cash consideration of $41.3 million (39-week period ended Decem --- ber 1, 2024 - 134,200 subordinate voting shares for total cash consideration of $5.9 million). As at November 30, 2025, there were 19,679,244 multiple voting shares and 95,708,396 subordinate voting shares issued and outstanding. There were no preferred shares issued and outstanding as at November 30, 2025. Neither the multiple voting shares nor the subordinate voting shares issued have a par value. Shares held in trust The Company established a trust for the RSU and PSU equity-settled plans to facilitate the purchase of shares for future settlement upon vesting of RSU and PSU grants. The Company is the sponsor of the trust and has assigned TSX Trust Company as the trustee. The trust is considered a structured entity and is consolidated in the Company's financial statements with the cost of the acquired shares recorded as a reduction to equity until released into circulation when the RSUs and PSUs settle. During the 39-week period ended November 30, 2025, the Company purchased 270,000 subordinate voting shares for $18.8 million, of which 244,116 shares were released. 14 Stock-based compensation Reflected in the condensed interim consolidated statements of operations as stock-based compensation expense are the following amounts: 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Equity-settled plans Stock options $ 5,171 $ 5,167 $ 14,428 $ 15,002 Restricted Share Units 3,420 2,749 8,650 6,512 Performance Share Units 3,571 1,587 7,452 3,258 Cash-settled plans 6,718 741 12,696 6,225 Stock-based compensation expense $ 18,880 $ 10,244 $ 43,226 $ 30,997 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (13) Stock Options Legacy Plan Transactions for options granted under the Legacy Plan for the 39-week periods ended November 30, 2025 and December 1, 2024 were as follows: November 30, 2025 December 1, 2024 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding, at beginning of period 703,039 6.23 1,703,211 5.56 Exercised (666,916) 6.19 (509,846) 4.55 Outstanding, at end of period 36,123 7.09 1,193,365 5.99 Exercisable, at end of period 36,123 7.09 1,193,365 5.99 Omnibus Plan Transactions for options granted under the Omnibus Plan for the 39-week periods ended November 30, 2025 and December 1, 2024 were as follows: November 30, 2025 December 1, 2024 Number of stock options Weighted average exercise price Number of stock options Weighted average exercise price Outstanding, at beginning of period 6,602,692 $ 31.72 8,239,589 $ 26.32 Granted 743,963 74.49 859,911 47.08 Exercised (773,700) 25.95 (1,223,435) 15.95 Forfeited (297,083) 33.89 (229,755) 33.14 Expired — — (10,064) 36.33 Outstanding, at end of period 6,275,872 $ 37.34 7,636,246 $ 30.11 Exercisable, at end of period 2,804,426 $ 30.15 3,363,593 $ 25.28 The weighted average fair value of stock options estimated at the grant date for the 39-week period ended November 30, 2025 was $35.58 (39-week period ended December 1, 2024 - $22.50), based on the Black- Scholes option pricing model using the following assumptions: Dividend yield 0.0% Expected volatility 44.8% to 47.0% Risk-free interest rate 2.7% to 3.3% Expected life 5.0 to 8.0 years Exercise price $56.42 to $86.00 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, --- 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (14) Director Deferred Share Unit Plan The following table summarizes information related to DSUs: 39-week periods ended November 30, 2025 December 1, 2024 Number of units Outstanding, at beginning of period 239,902 232,207 Granted 15,382 26,557 Settled and issued (63,078) — Outstanding, at end of period 192,206 258,764 The fair value of the DSU liability as at November 30, 2025 was $21.2 million (March 2, 2025 - $16.0 million). Restricted Share Unit Plan The following tables summarize information related to RSUs: 39-week periods ended November 30, 2025 December 1, 2024 Cash-settled Equity-settled Cash-settled Equity-settled Number of units Outstanding, at beginning of period 1,046 1,074,896 319,699 786,568 Granted 8,618 296,095 3,584 350,925 Settled and issued (9,664) (273,551) (253,632) — Forfeited — (69,048) (7,415) (54,859) Outstanding, at end of period — 1,028,392 62,236 1,082,634 The fair value of the cash-settled RSU liability as at November 30, 2025 was $nil (March 2, 2025 - $56 thousand). Performance Share Unit Plan The following table summarizes information related to PSUs: 39-week periods ended November 30, 2025 December 1, 2024 Number of units Outstanding, at beginning of period 550,644 497,746 Granted 145,966 178,393 Settled and issued (34,741) (125,495) Forfeited (20,953) — Outstanding, at end of period 640,916 550,644 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (15) 15 Net income per share Basic 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Net income attributable to shareholders of the Company $ 138,886 $ 74,068 $ 247,578 $ 108,148 Weighted average number of shares outstanding during the period (thousands) 115,361 112,784 114,898 112,201 Basic net income per share $ 1.20 $ 0.66 $ 2.15 $ 0.96 Diluted 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Net income attributable to shareholders of the Company $ 138,886 $ 74,068 $ 247,578 $ 108,148 Weighted average number of shares for net income per diluted share (thousands) 119,740 116,836 119,127 115,860 Net income per diluted share $ 1.16 $ 0.63 $ 2.08 $ 0.93 For the 13-week and 39-week periods ended November 30, 2025, 1,259,250 and 1,366,166 stock options and equity-settled RSUs and PSUs, respectively, along with the Additional Shares were not included in the calculation of diluted net income per share as they were anti-dilutive or contingently issuable (13-week and 39- week periods ended December 1, 2024 – 1,656,980 and 2,591,686, stock options and equity-settled RSUs and PSU's, respectively, along with the Additional Shares). 16 Net Revenue Net revenue disaggregated for boutiques and eCommerce was as follows: 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Retail net revenue $ 657,296 $ 486,559 $ 1,709,319 $ 1,270,023 eCommerce net revenue 382,967 242,142 806,314 572,971 Net revenue $ 1,040,263 $ 728,701 $ 2,515,633 $ 1,842,994 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (16) 17 Expenses by nature 13-week periods ended 39-week periods ended November 30, 2025 December 1, 20 --- 24 November 30, 2025 December 1, 2024 Cost of goods sold Inventory and product-related costs and occupancy costs $ 514,360 $ 355,080 $ 1,234,771 $ 923,649 Depreciation on right-of-use assets 24,575 24,552 69,350 73,715 Depreciation on property and equipment 22,419 15,584 64,176 45,115 Cost of goods sold $ 561,354 $ 395,216 $ 1,368,297 $ 1,042,479 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Personnel expenses Salaries, wages and employee benefits $ 198,899 $ 155,841 $ 555,569 $ 437,379 Stock-based compensation expense relating to employees (note 14) 13,106 9,742 33,285 27,123 Personnel expenses $ 212,005 $ 165,583 $ 588,854 $ 464,502 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Finance expense Interest expense on lease liabilities (note 8) $ 13,763 $ 11,242 $ 38,606 $ 34,860 Interest expense and banking fees 851 1,433 2,489 3,086 Amortization of deferred financing fees 155 75 307 227 Finance expense $ 14,769 $ 12,750 $ 41,402 $ 38,173 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Other expense (income) Realized foreign exchange loss (gain) $ (1,247) $ 536 $ 5,925 $ (1,763) Unrealized foreign exchange loss (gain) (938) (9,290) 2,713 (6,177) Unrealized loss (gain) on equity derivative contracts (note 12) (23,190) (292) (33,982) (6,129) CYC integration costs and other (6,000) (134) (5,782) 2,487 Interest and other income (3,103) (738) (8,096) (3,827) Other expense (income) $ (34,478) $ (9,918) $ (39,222) $ (15,409) 18 Income taxes The income tax expense is recognized based on management’s best estimate of the weighted average annual income tax rate expected for the full fiscal year. To the extent that forecasts differ from actual results, adjustments are recognized in subsequent periods. The tax rates for the 13-week and 39-week periods ended November 30, 2025 were as follows: Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (17) 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Statutory income tax rate 26.8 % 26.8 % 26.8 % 26.8 % Effective income tax rate 26.7 % 29.3 % 26.9 % 30.4 % The effective tax rates are driven largely by the proportionate amount of deductible and non-deductible stock- based compensation expense on equity settled plans relative to net income before income taxes for the 13- week and 39-week periods ended November 30, 2025 and December 1, 2024. 19 Segment information The Company defines an operating segment on the same basis that it uses to evaluate performance internally and to allocate resources by the Chief Operating Decision Maker (the “CODM”). The Company has determined that the Chief Executive Officer together with the Founder, Executive Chair are its CODM and there is one operating segment. Therefore, the Company reports as a single segment. This includes all sales channels accessed by the Company’s clients, including sales through the Company’s eCommerce website and sales at the Company’s boutiques. The following table summarizes net revenue by geographic location of the Company’s clients: 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 United States $ 621,079 $ 403,72 --- 0 $ 1,520,155 $ 1,033,776 Canada 419,184 324,981 995,478 809,218 Net revenue $ 1,040,263 $ 728,701 $ 2,515,633 $ 1,842,994 The Company’s non-current, non-financial assets (property and equipment, intangible assets, goodwill, and right-of-use assets) are geographically located as follows: November 30, 2025 March 2, 2025 United States $ 1,001,108 $ 891,160 Canada 860,435 791,431 Non-current, non-financial assets $ 1,861,543 $ 1,682,591 20 Commitments and contingencies Product purchase obligations At November 30, 2025, the Company had purchase obligations of $154.3 million (March 2, 2025 - $157.2 million), which represent commitments for fabric expected to be used during upcoming seasons, made in the normal course of business. Letters of credit At November 30, 2025, the Company had open letters of credit of $4.7 million (March 2, 2025 - $8.3 million). Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (18) 21 Related party transactions The Company is ultimately controlled by AHI Holdings Inc. and related entities which are controlled by a director and officer of the Company. The Company entered into the following transactions with related parties: a) During the 13-week and 39-week periods ended November 30, 2025, the Company made payments of $2.6 million and $7.9 million, respectively (13-week and 39-week periods ended December 1, 2024 - $2.6 million and $7.7 million, respectively), for lease of premises and management services and $0.1 million and $0.7 million, respectively (13-week and 39-week periods ended December 1, 2024 - $0.3 million and $1.1 million, respectively) for the use of an asset wholly or partially owned by companies that are owned by a director and officer of the Company. As at November 30, 2025, $0.7 million was included in accounts payable and accrued liabilities (March 2, 2025 - $0.6 million) and a nominal amount was included in prepaid expenses and other current assets for the lease of premises (March 2, 2025 - $0.8 million). As at November 30, 2025, the outstanding balance of lease liabilities owed to these companies was $71.8 million (March 2, 2025 - $40.5 million). These transactions were measured at the amount of consideration established at market terms. b) Key management includes the Company’s directors and executive team. Compensation awarded to key management includes: 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Salaries, directors’ fees and short-term benefits $ 3,048 $ 1,922 $ 8,656 $ 4,819 Stock-based compensation expense 10,773 3,299 21,225 10,778 Key management compensation $ 13,821 $ 5,221 $ 29,881 $ 15,597 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (19) 22 Supplemental cash flow information The net change in non-cash working capital balances for the 13-week and 39-week periods ended November 30, 2025 and December 1, 2024 were as follows: 13-week periods ended 39-week periods ended November 30, 2025 December 1, 2024 November 30, 2025 December 1, 2024 Accounts receivable $ (1,323) $ 491 $ 911 $ (3,737) Inventory 21,980 26,657 (132,323) (116,811) Prepaid expenses and other current assets (2,738) (4,674) (3,419) (8,412) Other assets (944) (1,176) (1,232) (1,086) Accounts payable and accrued liabilities 80,997 (2, --- 065) 263,436 91,610 Deferred revenue 51,992 49,635 58,142 52,649 Net change in non-cash working capital balances $ 149,964 $ 68,868 $ 185,515 $ 14,213 Accrued purchases of property and equipment $ 45,158 $ 61,450 Accrued purchases of intangible assets $ 383 $ 123 Aritzia Inc. Notes to Condensed Interim Consolidated Financial Statements November 30, 2025 (Unaudited, in thousands of Canadian dollars, unless otherwise noted) (20)