Kinaxis Announces Intention to Maximize Size of Normal Course Issuer Bid

Executive Summary

• Kinaxis intends to amend its Normal Course Issuer Bid (NCIB) to increase the maximum repurchasable shares from ~5% to ~10% of the public float as of October 31, 2025.
• The amendment would raise the total potential investment under the NCIB by approximately US $284 million, on top of the US $54 million already invested.
• The company has repurchased 447,738 shares to date at an average price of C$167.50 per share; the amended NCIB remains in effect until February 3, 2026 (or earlier upon termination).

Key Details

• Current NCIB capacity: 1,403,042 shares (≈5% of issued and outstanding shares as of Oct 31, 2025).
• Proposed NCIB capacity: Approximately 2,799,843 shares (≈10% of the public float as of Oct 31, 2025), which is the maximum allowed under TSX rules.
• Additional investment required: Roughly US $284 million at the average price paid to date.
• Total amount already invested under current NCIB: US $54 million.
• Shares repurchased to date (as of Feb 3, 2026): 447,738 shares at an average price of C$167.50 per share.
• NCIB period: Commenced November 12, 2025; scheduled to end November 11, 2026, or earlier upon completion/termination.
• Conditions for amendment: Subject to the end of Kinaxis’s regularly scheduled blackout period, market conditions, and required approvals (including TSX approval).
• CEO statement: Razat Gaurav highlighted that generative AI may cause market mispricing and expressed confidence in maximizing shareholder value through an expanded buy‑back program.

Notable Quotes

“There is a fundamental misunderstanding of the opportunities and threats from generative and agentic AI to mission-critical enterprise software… We see value to shareholders in maximizing our ability to buy back Shares under the NCIB structure or other structures that may also be available to Kinaxis.” – Razat Gaurav, CEO

Materiality Assessment: Material – Positive (the amendment significantly expands a share repurchase program, indicating confidence in valuation and providing potential upside to shareholders).