ARITZIA ANNOUNCES NORMAL COURSE ISSUER BID

• Aritzia Inc. received TSX acceptance for a new Normal Course Issuer Bid (NCIB) effective May 13, 2026 to May 12, 2027.
• The program authorizes repurchase of up to 4,308,739 subordinate voting shares, representing approximately 5% of the public float.
• Daily trading limit set at 145,437 shares (approx. 25% of average daily volume).
• Cash position stands at $592 million as of March 1, 2026, supporting the buyback capacity.
• Previous NCIB (May 2025-May 2026) repurchased 1,820,409 shares at a weighted average price of $107.31 for $195.3 million.
• Shares purchased under this bid will be cancelled immediately.
• This follows the Q4 Fiscal 2026 earnings release (May 7) which reported record net revenue of $1.2 billion and achieved fiscal targets one year early.

• The NCIB is a positive signal of management confidence in cash flow generation but is categorized as Routine - Positive rather than Game Changer because buybacks are standard capital allocation for profitable retailers with strong balance sheets.
• The material driver remains the Q4 earnings beat (May 7) where revenue growth accelerated to 35% YoY and net income surged 83.8%.
• The secondary offering in January 2026 ($208M proceeds to selling shareholders) diluted equity; this NCIB partially offsets dilution but does not fund operational expansion directly.
• Brian Hill's exit from subordinate voting shares (Jan 2026) reduces his economic alignment with minority shareholders, a subtle risk factor despite retained voting control.
• No new strategic investors or M&A activity is announced in the most recent release; therefore, no immediate valuation re-rating catalyst exists beyond organic growth confirmation.

• Business Model: Retail apparel company operating "Everyday Luxury" brand portfolio through physical boutiques and digital channels.
• Flagship Project: Expansion of boutique footprint and digital infrastructure (mobile app).
• Boutique Count: 144 total as of Q4 FY26, with plans for 12-13 new locations in Fiscal 2027.
• Geographic Mix: United States revenue ($755M in Q4) now exceeds Canada ($431M), indicating successful cross-border expansion.
• Digital Strategy: Mobile app launch driving client engagement; eCommerce revenue grew 29% YoY in Q4.