SEDAR Interim Financial Statements

Interim Condensed Consolidated Financial Statements of Alithya Group inc. For the three and nine months ended December 31, 2025 and 2024 (unaudited) TABLE OF CONTENTS Interim Consolidated Statements of Operations and Comprehensive Loss .......................................................... 2 Interim Consolidated Statements of Financial Position ............................................................................................. 3 Interim Consolidated Statements of Changes in Shareholders’ Equity .................................................................. 4 Interim Consolidated Statements of Cash Flows ....................................................................................................... 5 Notes to Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 1. Governing statutes and nature of operations ....................................................................................... 6 2. Basis of preparation ................................................................................................................................. 6 3. Business acquisition ................................................................................................................................. 8 4. Intangibles ................................................................................................................................................. 11 5. Goodwill ..................................................................................................................................................... 12 6. Contingent consideration ......................................................................................................................... 13 7. Long-term debt .......................................................................................................................................... 14 8. Share capital ............................................................................................................................................. 15 9. Share-based compensation .................................................................................................................... 16 10. Earnings (loss) per share ........................................................................................................................ 19 11. Additional information on consolidated loss ......................................................................................... 20 12. Business acquisition, integration and reorganization costs (recovery) ............................................ 21 13. Net financial expenses ............................................................................................................................. 21 14. Supplementary cash flow information ................................................................................................... 22 15. Segment information ................................................................................................................................ 22 16. Financial instruments ............................................................................................................................... 26 INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the three months ended December 31, For the nine months ended December 31, (in thousands of Canadian dollars, except per share data) (unau --- dited) 2025 2024 2025 2024 Notes $ $ $ $ Revenues 15 115,162 115,761 363,612 348,150 Cost of revenues 11 78,648 78,376 244,525 238,107 Gross margin 36,514 37,385 119,087 110,043 Operating expenses Selling, general and administrative expenses 11 28,460 28,814 90,329 86,342 Business acquisition, integration and reorganization costs (recovery) 12 (372) (1,244) (2,210) 88 Depreciation 11 668 1,168 2,711 3,365 Amortization of intangibles 4 4,125 4,810 14,397 14,089 Impairment of goodwill and intangibles 4,5 — 5,144 38,028 5,144 Foreign exchange loss (gain) 581 (687) 1,278 (445) 33,462 38,005 144,533 108,583 Operating income (loss) 3,052 (620) (25,446) 1,460 Net financial expenses 13 2,339 2,372 7,305 6,246 Earnings (loss) before income taxes 713 (2,992) (32,751) (4,786) Income tax expense (recovery) Current 1,503 479 2,291 778 Deferred (1,466) 245 (4,942) 1,184 37 724 (2,651) 1,962 Net earnings (loss) 676 (3,716) (30,100) (6,748) Other comprehensive (loss) income Items that may be classified subsequently to profit or loss Cumulative translation adjustment on consolidation of foreign subsidiaries (778) 2,918 (2,153) 3,133 (778) 2,918 (2,153) 3,133 Comprehensive loss (102) (798) (32,253) (3,615) Basic and diluted earnings (loss) per share 10 0.01 (0.04) (0.31) (0.07) The accompanying notes are an integral part of these interim condensed consolidated financial statements. Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 2 INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at December 31, March 31, (in thousands of Canadian dollars) (unaudited) 2025 2025 Notes $ $ Assets Current assets Cash 12,944 15,956 Accounts receivable and other receivables 76,982 95,270 Unbilled revenues 24,624 14,803 Tax credits receivable 8,855 10,996 Prepaids 7,176 8,680 130,581 145,705 Non-current assets Tax credits receivable 6,500 9,979 Other assets 1,113 1,327 Property and equipment 3,821 3,960 Right-of-use assets 2,952 4,277 Intangibles 4 63,915 74,450 Deferred tax assets 5,441 4,875 Goodwill 5 159,630 181,407 373,953 425,980 Liabilities and Shareholders' Equity Current liabilities Accounts payable and accrued liabilities 64,691 80,899 Deferred revenues 21,258 25,024 Current portion of lease liabilities 1,793 3,546 Current portion of long-term debt 7 8,318 8,059 Current portion of contingent consideration 6 1,519 — 97,579 117,528 Non-current liabilities Contingent consideration 6 1,276 5,359 Long-term debt 7 106,491 101,860 Lease liabilities 4,598 5,449 Deferred tax liabilities 8,611 11,228 218,555 241,424 Shareholders' equity Share capital 8 317,702 316,685 Deficit (183,336) (155,075) Accumulated other comprehensive income 5,845 7,998 Contributed surplus 15,187 14,948 155,398 184,556 373,953 425,980 The accompanying notes are an integral part of these interim condensed consolidated financial statements. Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 3 INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY For the nine months ended December 31, (in thousands of Canadian dollars, except share data) (unaudited) Notes Shares issued Share capital Deficit Accumulated other comprehensive income Contributed surplus Total Number $ $ $ $ $ Balance as at March 31, 2025 99,305,100 316,685 (155,075) 7,998 14,948 184,556 Net loss — — (30,100) — — (30,100) Other comprehensive loss — — --- — (2,153) — (2,153) Total comprehensive loss — — (30,100) (2,153) — (32,253) Share-based compensation 9 — — — — 3,117 3,117 Share-based compensation granted on business acquisitions 9 — — — — 1,217 1,217 Issuance of Subordinate Voting Shares pursuant to vesting of share-based compensation granted on business acquisitions 8 622,420 1,966 — — (1,966) — Issuance of Multiple Voting Shares from exercise of stock options 8,9 52,632 178 — — (78) 100 Issuance of Subordinate Voting Shares upon settlement of DSUs 8,9 256,191 620 — — (620) — Shares purchased for cancellation 8 (347,160) (1,176) 567 — — (609) Shares purchased for settlement of RSUs 8 (84,470) (286) 81 — — (205) Delivery of Subordinate Voting Shares upon settlement of RSUs 8,9 84,470 197 — — (269) (72) Change from equity-settled to cash-settled DSUs — — — — (453) (453) Forfeiture and cancellation of PSUs — — 709 — (709) — Shares cancelled 8 (142,318) (482) 482 — — — Total contributions by shareholders 441,765 1,017 1,839 — 239 3,095 Balance as at December 31, 2025 99,746,865 317,702 (183,336) 5,845 15,187 155,398 Balance as at March 31, 2024 95,415,248 312,409 (157,370) 4,606 15,559 175,204 Net loss — — (6,748) — — (6,748) Other comprehensive income — — — 3,133 — 3,133 Total comprehensive (loss) income — — (6,748) 3,133 — (3,615) Share-based compensation — — — — 2,448 2,448 Share-based compensation granted on business acquisitions — — — — 964 964 Share-based compensation related to contingent consideration adjustment, granted on Datum Acquisition, to be settled in shares — — — — (642) (642) Issuance of Subordinate Voting Shares pursuant to vesting of share-based compensation granted on business acquisition 622,420 1,971 — — (1,971) — Issuance of Subordinate Voting Shares pursuant to the XRM Acquisition 3,449,103 2,875 — — — 2,875 Shares purchased for cancellation (205,483) (717) 315 — — (402) Cash settlement of DSUs issued as share-based compensation — — 20 — (107) (87) Shares purchased for settlement of RSUs (69,840) (244) 96 — — (148) Delivery of Subordinate Voting Shares upon settlement of RSUs 69,840 169 — — (266) (97) Issuance of Subordinate Voting Shares upon settlement of PSUs 23,812 222 245 — (521) (54) Cash settlement of PSUs issued as share-based compensation — — 274 — (346) (72) Total contributions by, and distributions to, shareholders 3,889,852 4,276 950 — (441) 4,785 Balance as at December 31, 2024 99,305,100 316,685 (163,168) 7,739 15,118 176,374 The accompanying notes are an integral part of these interim condensed consolidated financial statements. Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 4 INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended December 31, For the nine months ended December 31, (in thousands of Canadian dollars) (unaudited) 2025 2024 2025 2024 Notes $ $ $ $ Operating activities Net earnings (loss) 676 (3,716) (30,100) (6,748) Adjustments for: Depreciation and amortization 4,793 5,978 17,108 17,454 Contingent consideration adjustment 12 — (2,738) — (2,738) Change in fair value of contingent consideration 12 (914) — (5,086) — Net financial expenses 13 2,339 2,372 7,305 6,246 Share-based compensation 9 1,317 1,375 4,323 3,412 Unrealized foreign exchange loss (gain) 1,449 (447) 2,186 (564) Realized foreign exchange (gain) loss on repayment of long-term debt (360) 98 (817) 224 Impairment of goodwill and intangibles 4,5 — 5,144 38,028 5,144 --- Loss on disposal of property and equipment, intangible and lease modification 11 273 — 518 — Deferred taxes (1,466) 245 (4,942) 1,184 8,107 8,311 28,523 23,614 Changes in non-cash working capital items 14 17,367 3,374 (6,168) 7,749 Net cash from operating activities 25,474 11,685 22,355 31,363 Investing activities Additions to property and equipment (384) (146) (1,008) (754) Additions to intangibles 4 (181) (141) (278) (205) Business acquisitions, net of cash acquired 3,14 (1,348) (6,382) (10,842) (6,382) Net cash used in investing activities (1,913) (6,669) (12,128) (7,341) Financing activities Advances on the Credit Facility, net of related transaction costs 9,000 22,999 52,385 89,331 Repayment of the Credit Facility (30,021) (22,878) (46,675) (85,051) Repayment of secured loans — — — (8,537) Repayment of balances of purchase price payable (3,450) — (7,712) (4,268) Repayment of other long-term debt (87) (362) (262) (362) Repayment of lease liabilities, including lease termination costs (1,053) (960) (3,318) (3,672) Settlement of RSUs and PSUs, including witholding taxes paid 9 (12) (310) (72) (310) Exercise of stock options 8 — — 100 — Shares purchased for settlement of RSUs 8 (10) (10) (205) (148) Shares purchased for cancellation 8 (559) — (609) (402) Financial expenses paid 13 (1,981) (2,200) (6,245) (5,810) Net cash used in financing activities (28,173) (3,721) (12,613) (19,229) Effect of exchange rate changes on cash (253) 369 (626) 441 Net change in cash (4,865) 1,664 (3,012) 5,234 Cash, beginning of period 17,809 12,429 15,956 8,859 Cash, end of period 12,944 14,093 12,944 14,093 Cash paid (included in cash flow from operating activities) Income taxes paid 665 279 2,042 638 The accompanying notes are an integral part of these interim condensed consolidated financial statements. Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 5 1. GOVERNING STATUTES AND NATURE OF OPERATIONS Alithya Group inc. (together with its subsidiaries, “Alithya” or the “Company”) is a professional services firm providing IT services and solutions through the optimal use of digital technologies in the areas of strategic consulting, enterprise transformation and business enablement. The Company’s Class A subordinate voting shares (the “Subordinate Voting Shares”) trade on the Toronto Stock Exchange (“TSX”) under the symbol “ALYA”. The Company’s head office is located at 700, René Lévesque West Blvd, Suite 400, Montréal, Québec, Canada, H3B 1X8. 2. BASIS OF PREPARATION Statement of Compliance These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting. They do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and should be read in conjunction with the annual audited consolidated financial statements for the year ended March 31, 2025. The Company applied the accounting policies adopted in its most recent annual audited consolidated financial statements for the year ended March 31, 2025, except for changes as detailed below. These interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors (the “Board”) on February 12, 2026. Basis of Measurement These interim condensed consolidated financial --- statements have been prepared under the historical cost basis except for: • Identifiable assets acquired and liabilities and contingent liabilities resulting from a business acquisition, which are generally measured initially at their fair values at the acquisition date and contingent purchase considerations which are measured at the acquisition date and subsequently at fair value; • Lease obligations, which are initially measured at the present value of the lease payments that are not paid at the lease commencement date; • Equity classified share-based payment arrangements which are measured at fair value at grant date pursuant to IFRS 2, Share-Based Payment; and • Liabilities for cash-settled share-based payment arrangements which are initially and subsequently measured at fair value. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 6 2. BASIS OF PREPARATION (CONT’D) NEW ACCOUNTING STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE At the date of authorization of these interim condensed consolidated financial statements, certain new standards, amendments and interpretations, and improvements to existing standards have been published by the IASB but are not yet effective and have not been adopted early by the Company. Management anticipates that all the relevant pronouncements will be adopted in the first reporting period following the date of application. Information on new standards, amendments and interpretations, and improvements to existing standards, which could potentially impact the Company’s consolidated financial statements, are detailed as follows: IFRS 7 and IFRS 9 - Classification and measurement of Financial Instruments In May 2024, the IASB issued amendments to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures. The standard amendments 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. Furthermore, they clarify the description of non-recourse assets and contractually linked instruments and they introduce additional disclosures for financial instruments with contractual terms that can change cash flows, and equity instruments classified at fair value through other comprehensive income. The amendments to IFRS 7 and IFRS 9 apply retrospectively and are effective for annual periods beginning on or after January 1, 2026, with earlier application permitted. The amendments to IFRS 7 and IFRS 9 will have no significant impact on the Company’s consolidated financial statements. IFRS 18 - Presentation and Disclosures in Financial Statements On April 9, 2024, the IASB published the new IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 – Presentation of Financial Statements. IFRS 18 covers four main areas: • Introduction of defined subtotals and categories in the statement of profit or loss; • Introduction of requirements to improve aggregation and disaggregation; • Introduction of disclosures about management-defined performance measures (MPMs) in the notes to the financial statements; and • Targeted --- improvements to the statement of cash flows by amending IAS 7 – Statement of Cash Flows. IFRS 18 applies retrospectively and is effective for annual periods beginning on or after January 1, 2027, with earlier application permitted. Management is currently evaluating the impact of the new accounting standard on its consolidated financial statements. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 7 3. BUSINESS ACQUISITION eVerge Overview On May 31, 2025, the Company acquired all of the issued and outstanding shares of U.S.-based eVerge Interests, Inc. and its subsidiaries (“eVerge”) (the “eVerge Acquisition”), a group specialized in enterprise applications and transformation services. Management expects that eVerge’s expertise will complement its existing Oracle business, will increase its AI capabilities, and will reinforce it’s smart shoring capabilities. The eVerge Acquisition was completed for total consideration of US$23,500,000 ($32,292,000), before working capital and other adjustments, all payable in cash. The total purchase consideration, in the amount of US$20,640,000 ($28,363,000) once adjusted for working capital and other adjustments, consisted of: (i) US$7,557,000 ($10,385,000) paid in cash on closing; (ii) US$283,000 ($389,000) of final working capital adjustment (iii) US$580,000 ($797,000) of holdback, included in accounts payable and accrued liabilities; (iv) US$7,520,000 ($10,334,000) of balance of sale payable in two installments of US$3,760,000 ($5,167,000) on May 31st, 2026 and 2027 (each an "Anniversary Date"); and (v) potential earn-out consideration of US$4,700,000 ($6,458,000), payable in two installments (50% within 90 days of the first Anniversary Date and 50% on the second Anniversary Date). The total earn-out consideration of US$4,700,000 ($6,458,000) is contingent upon the future financial performance of the acquired business over the 12-month period following the acquisition date. The contingent consideration included in the purchase consideration is classified as a financial liability recorded at fair value through profit and loss and comprised an undiscounted scenario-based weighted average expected payout amount. The contingent consideration liability is included in Level 3 of the fair value hierarchy and will be remeasured at fair value at each reporting date. The fair value was determined using a scenario-based method, under which the Company identifies multiple outcomes, probability-weights the contingent consideration payoff under each outcome, and discounts the result to arrive at the expected present value of the contingent consideration. At acquisition date, the discount rate used was 17.8%. For the three and nine months ended December 31, 2025, the Company incurred acquisition-related costs pertaining to the eVerge Acquisition of approximately nil and $883,000, respectively. These costs have been recorded in the interim consolidated statement of operations in business acquisition, integration and reorganization costs. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of C --- anadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 8 3. BUSINESS ACQUISITION (CONT’D) Purchase Price Allocation The allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows: Acquisition of eVerge As at December 31, 2025 Preliminary at acquisition date Adjustments $ $ $ Current assets Cash 843 891 (48) Accounts receivable and other receivables 5,416 5,376 40 Prepaids 342 339 3 6,601 6,606 (5) Non-current assets Property and equipment 62 62 — Intangibles (note 4) 6,895 7,376 (481) Goodwill (note 5) 18,604 20,025 (1,421) Total assets acquired 32,162 34,069 (1,907) Current liabilities Accounts payable and accrued liabilities 6,430 6,448 (18) Income taxes payable 69 31 38 Deferred revenue 524 431 93 7,023 6,910 113 Non-current liabilities Deferred tax liabilities 1,820 1,948 (128) Total liabilities assumed 8,843 8,858 (15) Net assets acquired 23,319 25,211 (1,892) As at December 31, 2025, upon completion of the purchase price allocation, the determination of the fair value of intangible assets and earn-out consideration, closing adjustments and related deferred tax considerations have been completed. The goodwill adjustment resulted primarily from adjustments to the fair value of the intangibles and the earn-out consideration. The eVerge Acquisition is being accounted for using the acquisition method of accounting. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 9 3. BUSINESS ACQUISITION (CONT’D) Goodwill The goodwill recognized consists mainly of the future economic value attributable to the profitability of the acquired business, as well as its workforce and expected synergies from the integration of eVerge into the Company's existing business. The Company does not expect the goodwill to be deductible for income tax purposes. Purchase consideration The following table summarizes the acquisition date fair value of each class of purchase consideration as follows: Acquisition of eVerge As at December 31, 2025 Preliminary at acquisition date Adjustments $ $ $ Cash consideration 10,385 10,385 — Working capital adjustment settled in cash 389 — 389 Holdback presented in accounts payable and accrued liabilities (a) 797 797 — Balance of purchase price payable with a nominal value of US$7,520,000 ($10,334,000) (note 7) (b) 9,214 9,214 — Contingent consideration of US$4,700,000 ($6,458,000), recorded at fair value (b) 2,534 4,815 (2,281) Total purchase consideration 23,319 25,211 (1,892) (a) As at December 31, 2025, $279,000 of the holdback has been used. (b) Non-cash financing activities eVerge’s contribution to the Company’s results For the three months ended December 31, 2025, the eVerge business contributed revenues of approximately $7,027,000 and a loss before income taxes in the amount of $867,000, including amortization, primarily related to the acquired customer relationships, of $763,000, integration cost of $291,000 and interest accretion of $186,000. For the nine months ended December 31, 2025, the eVerge business contri --- buted revenues of approximately $18,703,000, and a loss before income taxes in the amount of $2,072,000, including amortization, primarily related to the acquired customer relationships, of $3,245,000, integration cost of $386,000, change in fair value of contingent consideration of $272,000, interest accretion of $426,000 and business acquisition costs of $883,000 (note 12). If the acquisition had occurred on April 1, 2025, the Company’s pro-forma consolidated revenues and loss before income taxes would have been $369,865,000 and $32,918,000, respectively, for the nine months ended December 31, 2025. These amounts have been calculated using eVerge’s results and adjusting for: • differences in accounting policies between the Company and eVerge; • the removal of transaction costs incurred by eVerge from April 1, 2025 to May 31, 2025; and • the additional amortization that would have been charged assuming the fair value adjustments to intangibles had been applied from April 1, 2025. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 10 4. INTANGIBLES As at December 31, 2025 March 31, 2025 Customer relationships Software Tradenames (a) Non-compete agreements Total Customer relationships Software Tradenames (a) Non-compete agreements Total $ $ $ $ $ $ $ $ $ $ Opening cost 175,492 16,833 3,020 8,806 204,151 163,297 15,866 2,844 7,738 189,745 Additions, purchased — — — — — — 116 — — 116 Additions through business acquisition (note 3) 6,527 24 — 344 6,895 7,800 300 — 1,600 9,700 Additions, internally generated — 278 — — 278 — 123 — — 123 Disposals / retirements (3,058) (46) — (6,289) (9,393) (424) (338) — (810) (1,572) Foreign currency translation adjustment (3,962) (631) (144) (228) (4,965) 4,819 766 176 278 6,039 Ending cost 174,999 16,458 2,876 2,633 196,966 175,492 16,833 3,020 8,806 204,151 Opening accumulated amortization 107,441 15,206 — 7,054 129,701 91,530 10,578 — 6,364 108,472 Amortization 12,841 1,193 — 363 14,397 13,321 4,361 — 1,244 18,926 Impairment loss (note 5) 1,072 — 733 — 1,805 — — — — — Disposals / retirements (3,058) — — (6,289) (9,347) (424) (338) — (810) (1,572) Foreign currency translation adjustment (2,695) (587) (7) (216) (3,505) 3,014 605 — 256 3,875 Ending accumulated amortization 115,601 15,812 726 912 133,051 107,441 15,206 — 7,054 129,701 Net carrying amount 59,398 646 2,150 1,721 63,915 68,051 1,627 3,020 1,752 74,450 (a) Tradenames are allocated to the Industry Solutions cash-generating unit (“CGU”) for the purpose of impairment testing. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 11 5. GOODWILL As at December 31, 2025 Canada France EPM-US ERP-US ERP-CAN Industry Solutions Not allocated Total $ $ $ $ $ $ $ $ Beginning balance 78,405 143 10,196 67,893 — 10,108 14,662 181,407 Allocation (a) — — — — 14,662 — (14,662) — Business acquisition (note 3) — — 18,604 — — — — 18,604 Im --- pairment loss (26,500) — — — — (9,723) — (36,223) Foreign currency translation adjustment — 4 (548) (3,229) — (385) — (4,158) Net carrying amount 51,905 147 28,252 64,664 14,662 — — 159,630 As at March 31, 2025 Canada France EPM-US ERP-US ERP-CAN Industry Solutions Not allocated Total $ $ $ $ $ $ $ $ Beginning balance 78,405 135 9,603 63,941 — 14,409 — 166,493 Business acquisition — — — — — — 14,662 14,662 Impairment loss — — — — — (5,144) — (5,144) Foreign currency translation adjustment — 8 593 3,952 — 843 — 5,396 Net carrying amount 78,405 143 10,196 67,893 — 10,108 14,662 181,407 (a) During the nine months ended December 31, 2025, upon completion of the purchase price allocation, the Company allocated the goodwill from the acquisition of XRM Vision Inc. and its affiliates (the “XRM Acquisition”) to the ERP-CAN CGU for the purpose of impairment testing. There were no other changes to the purchase price allocation. The carrying amounts of the Company's goodwill are reviewed for impairment when events or changes in circumstances indicate that the carrying value may be impaired. At each reporting date, the Company assesses whether there is any indication of impairment. During the three months ended September 30, 2025, management concluded that profitability targets not being achieved for the Canada and Industry Solutions CGUs constituted an indication of impairment. Consequently, management performed impairment tests for the Canada and Industry Solutions CGUs. In assessing whether the goodwill is impaired, the carrying amount of the CGU was compared to its recoverable amount. The recoverable amount of the CGU is based on the higher of the value in use and fair value less costs of disposal. The recoverable amount of the Canada and Industry Solutions CGUs were determined based on their value-in- use. The value-in-use calculations covered a forty-two months forecast, followed by an extrapolation of future expected net operating cash flows for the remaining useful lives using the long-term growth rate determined by management. The present value of the future expected operating cash flows is determined by applying a suitable pre-tax weighted average cost of capital (“WACC”) reflecting current market assessments of the time value of money and the CGU-specific risks. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 12 5. GOODWILL (CONT'D) Key assumptions used in the impairment testing of the Canada and Industry Solutions CGUs were as follows: As at September 30, 2025 March 31, 2025 Canada Industry Solutions Canada Industry Solutions % % % % Pre-tax WACC 14.4 14.1 14.0 17.5 Long-term growth rate of net operating cash flows 2.0 2.2 1.9 2.1 As a result of the impairment tests performed, management concluded that the recoverable amount of the Canada and Industry Solutions CGUs were less than their carrying amount, resulting in an impairment of goodwill of $26,500,000 and $9,723,000, respectively, and an impairment of intangibles of $1,805,000 for the Industry Solutions CGU as at September 30, 2025. Varying the key assumptions in the values of the recoverable amount calculations, individually, as indicated below, assuming all other --- variables remain constant, would have the following effects on the net earnings: As at September 30, 2025 Increase Decrease $ $ Canada After-tax WACC (1% movement (100 basis points)) (16,310) 20,401 Long-term growth rate of net operating cash flows (1% movement (100 basis points)) 15,788 (12,753) Furthermore, a decrease of 5% of the forty-two months forecasts would result in the increase of impairment in the amount of $8,149,000 for the Canada CGU. 6. CONTINGENT CONSIDERATION The following table presents information concerning contingent consideration activity for the period: As at December 31, March 31, 2025 2025 $ $ Beginning balance 5,359 4,082 Business acquisition (note 3) 2,534 5,104 Change in fair value (note 12) (5,086) — Recovery from change in estimate — (4,056) Foreign currency translation adjustment (12) 229 2,795 5,359 Current portion of contingent consideration 1,519 — 1,276 5,359 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 13 7. LONG-TERM DEBT The following table summarizes the Company’s long-term debt: As at December 31, March 31, 2025 2025 $ $ Senior secured revolving credit facility (the "Credit Facility") (a) 80,571 77,729 Subordinated unsecured loans (b) 20,000 20,000 Balance of purchase price payable with a nominal value as at March 31, 2025 of US$3,115,000 ($4,479,000), non-interest bearing (4.4% effective interest rate), matured on July 1, 2025 — 4,431 Balance of purchase price payable with a nominal value of $5,175,000 (March 31, 2025 - $8,625,000), non-interest bearing (8.0% effective interest rate), payable in annual installments of $3,450,000 for the first and second anniversaries, and $1,725,000 for the third anniversary, maturing on December 1, 2027 4,703 7,718 Balance of purchase price payable with a nominal value of US$7,520,000 ($10,299,000), non- interest bearing (8.0% effective interest rate), payable in annual installments of US$3,760,000 ($5,149,000), maturing on May 31, 2027 (note 3) 9,604 — Other debt 117 379 Unamortized transaction costs (net of accumulated amortization of $287,000 and $403,000) (186) (338) 114,809 109,919 Current portion of long-term debt 8,318 8,059 106,491 101,860 (a) The Credit Facility is available to a maximum amount of $140,000,000 which can be increased under an accordion provision to $190,000,000, under certain conditions, and can be drawn in Canadian dollars and the equivalent amount in U.S. dollars. It is available in prime rate advances, CORRA advances, SOFR advances and letters of credit of up to $2,500,000. The advances bear interest at the Canadian or U.S. prime rate, plus an applicable margin ranging from 0.75% to 1.75%, or CORRA or SOFR rates, plus an applicable margin ranging from 2.00% to 3.00%, as applicable for Canadian and U.S. advances, respectively. The applicable margin is determined based on certain financial ratios. As security for the Credit Facility, Alithya provided a first ranking hypothec on the universality of its assets excluding any leased equipment and Investissement Québec’s first ranking lien on tax credits receivable for the financing related to refundable tax credits. Under the terms of the agreement, the Company is requ --- ired to maintain certain financial covenants which are measured on a quarterly basis. The Credit Facility matures on April 1, 2027 and is renewable for additional one-year periods at the lender’s discretion, provided that the term of the Credit Facility never exceeds three years at a given time. As at December 31, 2025, the amount outstanding under the Credit Facility includes $50,671,000 (March 31, 2025 - $61,829,000) payable in U.S. dollars (US$37,000,000; March 31, 2025 - US$43,000,000). The Company has an additional operating credit facility available to a maximum amount of $2,739,000 (US$2,000,000), bearing interest at the U.S. prime rate plus 1.00%. This operating credit facility can be terminated by the lender at any time. There was no amount outstanding under this additional operating credit facility as at December 31, 2025. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 14 7. LONG-TERM DEBT (CONT’D) (b) The subordinated unsecured loans with Investissement Québec, in the amount of $20,000,000, mature on October 1, 2027 and are renewable for one additional year at the lender’s discretion. For the period up to November 1, 2025, the first $10,000,000 bears fixed interest rates ranging between 6.00% and 7.25% and the additional $10,000,000 bears interest ranging between 7.10% and 8.35%, determined and payable quarterly, based on certain financial ratios. Starting November 1, 2025, the total amount of $20,000,000 bears variable interest rate at Canadian prime rate, plus an applicable margin ranging from 3.21% to 4.46%, determined and payable quarterly based on certain financial ratios. Under the terms of the loans, the Company is required to maintain compliance with certain financial covenants which are measured on a quarterly basis. (a)(b) The Company was in compliance with all of its financial covenants as at December 31, 2025 and March 31, 2025. 8. SHARE CAPITAL The following table presents information concerning issued share capital activity for the period: Subordinate Voting Shares Multiple Voting Shares Number of shares $ Number of shares $ Beginning balance as at April 1, 2025 92,030,852 311,861 7,274,248 4,824 Shares issued pursuant to vesting of share-based compensation granted on business acquisition 622,420 1,966 — — Exercise of stock options — — 52,632 178 Shares purchased for cancellation (347,160) (1,176) — — Settlement of DSUs 256,191 620 — — Shares purchased for settlement of RSUs (84,470) (286) — — Delivery of shares upon settlement of RSUs 84,470 197 — — Shares cancelled (142,318) (482) — — Ending balance as at December 31, 2025 (a) 92,419,985 312,700 7,326,880 5,002 (a) Includes 1,149,702 Subordinate Voting Shares issued as part of the XRM Acquisition subject to forfeitures which are not considered as outstanding as per IFRS. During the nine months ended December 31, 2025, the following transactions occurred: • As part of the acquisition of Datum Consulting Group, LLC and its international affiliates (the “Datum Acquisition’’), 622,420 Subordinate Voting Shares, with a total value of $1,966,000 (US$1,438,000), reclassified from contributed surplus, were issued as settlement of the third anniversa --- ry share consideration. • 52,632 stock options were exercised and 52,632 Multiple Voting Shares were issued with a carrying value of $178,000, for cash consideration of $100,000, with $78,000 reclassified from contributed surplus. • 347,160 Subordinate Voting Shares were purchased for cancellation under the Company's normal course issuer bid for a total cash consideration of $609,000 and a carrying value of $1,176,000. The excess of the carrying value over the purchase price in the amount of $567,000 was recorded as a reduction to deficit. • 256,191 DSUs were settled and 256,191 Subordinate Voting Shares were issued with a carrying value of $620,000, which was reclassified from contributed surplus. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 15 8. SHARE CAPITAL (CONT’D) • 84,470 Subordinate Voting Shares were purchased on the open market in connection with the settlement of RSUs for a total cash consideration of $205,000 and a carrying value of $286,000. The excess of the carrying value over the purchase price in the amount of $81,000 was recorded as a reduction to deficit. A total of 116,567 RSUs were settled net of withholding tax and 84,470 Subordinate Voting Shares were delivered with a carrying value of $197,000, which was reclassified from contributed surplus. The purchase and delivery of Subordinate Voting Shares upon settlement of RSUs were completed by the administrative agent of the Share Unit Plan (“SUP”), in accordance with the terms of the SUP and the Services Agreement entered into between the Company and the administrative agent. • 142,318 Subordinate Voting Shares were cancelled in accordance with the application of a sunset clause as per the November 1, 2018 agreement with Edgewater Technology, Inc., with a carrying value of $482,000 reclassified to deficit. Normal Course Issuer Bid ("NCIB") On September 9, 2025, the Company’s Board of Directors authorized and subsequently the TSX approved the implementation of a NCIB. Under the NCIB, the Company is allowed to purchase for cancellation up to 5,939,183 Subordinate Voting Shares, representing 10% of the Company’s public float as of the close of markets on September 2, 2025. The NCIB plan commenced on September 12, 2025 and will end on the earlier of September 11, 2026 and the date on which the Company will have acquired the maximum number of Subordinate Voting Shares allowable under the NCIB or will otherwise have decided not to make any further purchases. All purchases of Subordinate Voting Shares are made by means of open market transactions at their market price at the time of acquisition. Concurrently, the Company entered into an automatic share purchase plan (“ASPP”) with a designated broker in connection with its NCIB. The ASPP allows the designated broker to purchase for cancellation Subordinate Voting Shares, on behalf of the Company, subject to certain trading parameters established, from time to time, by the Company. 9. SHARE-BASED COMPENSATION Stock options The following table presents information concerning outstanding stock options for the period: Number of stock options Weighted average exercise price (a) $ Beginning balance as at April --- 1, 2025 3,547,141 3.29 Forfeited (34,016) 3.25 Expired (216,000) 3.11 Exercised (52,632) 1.90 Ending balance as at December 31, 2025 3,244,493 3.32 Exercisable at period end 2,923,126 3.33 (a) Following the delisting from Nasdaq, the Company converted the U.S. dollar exercise prices in Canadian dollars. Included in the 2,923,126 stock options exercisable issued, 200,000 stock options are available to purchase Multiple Voting Shares at a weighted average exercise price of $3.38 with a weighted average exercise period of 0.8 year as at December 31, 2025. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 16 9. SHARE-BASED COMPENSATION (CONT’D) Deferred Share Units (“DSUs”) The following table presents information concerning the outstanding number of DSUs for the period: Number of DSUs Beginning balance as at April 1, 2025 1,471,139 Granted to non-employee directors 300,395 Granted to employees 251,967 Forfeited (4,493) Settled (256,191) Ending balance as at December 31, 2025 1,762,817 During the nine months ended December 31, 2025, 300,395 fully vested DSUs, in aggregate, were granted under the Long Term Incentive Plan (“LTIP”) to non-employee directors of the Company at an average grant date fair value of $1.90, per DSU, for an aggregate fair value of $571,000. During the nine months ended December 31, 2025, 251,967 DSUs, in aggregate, were granted under the SUP at a grant date fair value of $1.91, per DSU, for an aggregate fair value of $481,000. The expense was recorded as at March 31, 2025 as the related services were performed and the performance conditions were met at that date. As at December 31, 2025, included in the 1,762,817 DSUs are 1,318,292 DSUs issued under the LTIP and 444,525 DSUs issued under the SUP. Restricted Share Units (“RSUs”) The following table presents information concerning the outstanding number of RSUs for the period: Number of RSUs Beginning balance as at April 1, 2025 2,155,231 Granted 1,747,743 Forfeited (572,846) Settled (116,567) Ending balance as at December 31, 2025 3,213,561 RSUs issued under the SUP are settled in Subordinate Voting Shares purchased on the open market through the SUP’s administrative agent, and to the extent that the Company has an obligation under tax laws to withhold an amount for an employee’s tax obligation associated with the settlement, the Company settles RSUs on a net basis. During the nine months ended December 31, 2025, 1,747,743 RSUs, in aggregate, vesting in June 2028, were granted under the SUP at an average grant date fair value of $2.29, per RSU, for an aggregate fair value of $4,002,000. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 17 9. SHARE-BASED COMPENSATION (CONT’D) During the nine months ended December 31, 2025, 116,567 RSUs issued under the SUP with a carrying value of $269,000, were settled on a net basis. 84,470 Subordinate --- Voting Shares were purchased on the open market and delivered, with an amount of $197,000 previously credited to contributed surplus transferred to share capital. The balance of 32,097 RSUs, representing an amount of $72,000, were surrendered for cancellation to satisfy the employee’s statutory withholding tax requirements. As at December 31, 2025, all 3,213,561 RSUs were issued under the SUP. Performance Share Units (“PSUs”) The following table presents information concerning the outstanding number of PSUs for the period: Number of PSUs Beginning balance as at April 1, 2025 3,072,867 Granted 1,555,823 Forfeited (761,618) Ending balance as at December 31, 2025 3,867,072 During the nine months ended December 31, 2025, 1,555,823 PSUs, in aggregate, vesting in June 2028, were granted under the SUP at an average grant date fair value of $2.29, per PSU, for an aggregate fair value of $3,563,000. As at December 31, 2025, included in the 3,867,072 PSUs are 2,415,808 PSUs issued under the LTIP and 1,451,264 PSUs under the SUP. Share-Based Compensation expense Total share-based compensation expense for the period is summarized as follows: For the three months ended December 31, For the nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Stock options 15 66 65 135 Share purchase plan – employer contribution 338 329 1,008 1,016 Share-based compensation granted on business acquisitions 289 391 1,217 964 DSUs 171 182 562 546 RSUs 418 290 1,400 850 PSUs 424 446 1,079 917 1,655 1,704 5,331 4,428 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 18 10. EARNINGS (LOSS) PER SHARE For the three months ended December 31, For the nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Net earnings (loss) 676 (3,716) (30,100) (6,748) Weighted average number of Shares outstanding - basic and diluted (a) (b) 98,249,877 96,418,719 98,031,465 95,900,402 Basic and diluted earnings (loss) per share 0.01 (0.04) (0.31) (0.07) (a) "Shares" include the Subordinate Voting Shares and Multiple Voting Shares. (b) The weighted average number of basic Shares calculation for the three and nine months ended December 31, 2025 excludes the impact of 1,149,702 (2024 - 1,724,553) Subordinate Voting Shares issued as part of the XRM Acquisition as they were subject to forfeitures. For the nine months ended December 31, 2025 and for the three and nine months ended December 31, 2024, the potentially dilutive outstanding equity instruments, which are the DSUs, PSUs and options mentioned in Note 9 granted under the LTIP, certain shares to be issued as part of anniversary payments related to business acquisition, and the Subordinate Voting Shares issued as part of the XRM acquisition subject to forfeiture, were not included in the calculation of diluted earnings per share since the Company incurred losses and the inclusion of these equity instruments would have an antidilutive effect. For the three months ended December 31, 2025, the basic and diluted earnings per share are the same as the inclusion of the instruments listed above had no impact on the result. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEM --- BER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 19 11. ADDITIONAL INFORMATION ON CONSOLIDATED LOSS The following table provides additional information on the consolidated loss: For the three months ended December 31, For the nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Expenses by Nature Employee compensation and subcontractor costs 98,855 101,093 311,939 305,386 Tax credits (a) (1,432) (1,795) (4,492) (5,684) Licenses and telecommunications 3,773 3,215 10,472 9,792 Professional fees 2,287 1,696 7,657 5,433 Other expenses 3,352 2,981 8,968 9,522 Loss on disposal of property and equipment, intangible and lease modification 273 — 310 — Depreciation of property and equipment 193 515 1,156 1,510 Depreciation of right-of-use assets 475 653 1,555 1,855 107,776 108,358 337,565 327,814 Expenses by Function Cost of revenues 78,648 78,376 244,525 238,107 Selling, general and administrative expenses (b) 28,460 28,814 90,329 86,342 Depreciation 668 1,168 2,711 3,365 107,776 108,358 337,565 327,814 (a) Tax credits are included in cost of revenues. (b) For the nine months ended December 31, 2025, selling, general and administrative expenses include termination and benefit costs for management personnel of nil (2024 - $1,502,000) and nil (2024 - $246,000) of reversal of share-based compensation expense for forfeited equity instruments. Deferred income tax recovery During the nine months ended December 31, 2025, the Company recognized a deferred tax asset in the amount of $1,820,000 that was probable of being realized as a result of the deferred tax liability pursuant to the eVerge Acquisition (note 3). The recognized deferred tax asset relates to previous years' net operating losses of the Company in the U.S. available for carryforwards in the amount of approximately $6,838,000 that was previously not recognized. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 20 12. BUSINESS ACQUISITION, INTEGRATION AND REORGANIZATION COSTS (RECOVERY) The following table summarizes business acquisition, integration and reorganization costs (recovery): For the three months ended December 31, For the nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Acquisition costs (a) 95 1,082 1,019 1,082 Integration costs (b) 447 375 1,397 1,011 Reorganization costs (c) — — 423 566 Employee compensation on business acquisition (d) — 37 37 167 Contingent consideration adjustment (e) — (2,738) — (2,738) Change in fair value of contingent consideration (f) (914) — (5,086) — (372) (1,244) (2,210) 88 (a) The acquisition costs consisted mainly of professional fees incurred in relation to business acquisition (note 3). (b) For the three months ended December 31, 2025, integration costs consisted mainly of common area expenses on vacated premises in relation to business acquisitions and transition costs related to system integrations. For the nine months ended December 31, 2025, integration costs consisted mainly of loss on termina --- ted lease previously acquired as part of business combinations, transition costs related to system integrations and common area expenses on vacated premises in relation to business acquisitions. For the three and nine months ended December 31, 2024 , integration costs consisted mainly of transition costs related to system integrations and common area expenses on vacated premises in relation to business acquisitions. (c) Reorganization costs consisted of employee termination and benefits costs. (d) Employee compensation on business acquisition included deferred cash consideration from acquisition. (e) For the three and nine months ended December 31, 2024, contingent consideration adjustment includes a recovery from changes in the estimated amount payable of $2,096,000 related to the portion payable in cash and $642,000 related to the portion to be settled in shares as per the earn-out consideration of the Datum Acquisition. (f) Change in fair value of contingent consideration, as a result of changes in estimate of profitability targets and weighting of scenarios, consisted of $914,000 of unrealized gain related to the XRM Acquisition for the three months ended December 31, 2025 and $5,358,000 of unrealized gain related to the XRM Acquisition (note 16) net of $272,000 of unrealized loss related to the eVerge Acquisition (note 3) for the nine months ended December 31, 2025. The contingent consideration is presented within Level 3 of the fair value hierarchy. 13. NET FINANCIAL EXPENSES The following table summarizes net financial expenses: For the three months ended December 31, For the nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Interest on long-term debt 1,912 2,002 5,519 5,454 Interest on lease liabilities 80 118 266 355 Amortization of finance costs 38 55 152 187 Interest accretion on balances of purchase price payable 320 117 908 249 Financing fees 208 155 810 338 Interest income (219) (75) (350) (337) 2,339 2,372 7,305 6,246 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 21 14. SUPPLEMENTARY CASH FLOW INFORMATION Changes in non-cash working capital items are as follows: For the three months ended December 31, For the nine months ended December 31, 2025 2024 2025 2024 $ $ $ $ Accounts receivable and other receivables 14,686 14,539 21,969 21,026 Unbilled revenues 272 (7,805) (10,210) (7,675) Tax credits receivable 8,453 (1,795) 5,653 4,139 Prepaids 1,117 287 1,706 285 Other assets 72 87 213 870 Accounts payable and accrued liabilities (8,063) (1,412) (21,921) (8,987) Deferred revenues 830 (527) (3,578) (1,909) 17,367 3,374 (6,168) 7,749 During the three and nine months ended December 31, 2025, non-cash investing and financing activities included additions to right-of-use assets and lease liabilities in the amount of $393,000 and $802,000, respectively (2024 - 782,000 and $965,000, respectively). During the three and nine months ended December 31, 2025, the Company paid an amount of $632,000 in relation to the working capital adjustment for the XRM Acquisition. 15. SEGMENT INFORMATION The following tables present the Company's operations based on reportable segments: For the three months ended December 3 --- 1, 2025 U.S. Canada International Total $ $ $ $ Revenues 54,953 54,024 6,185 115,162 Cost of revenues and operating expenses Employee compensation and subcontractor costs 42,591 44,460 4,951 92,002 Tax credits — (1,432) — (1,432) Licenses and telecommunication 2,050 1,100 162 3,312 Other expenses 1,817 1,406 244 3,467 46,458 45,534 5,357 97,349 Operating income by segment 8,495 8,490 828 17,813 Head office general and administrative expenses 9,759 Business acquisition, integration and reorganization costs recovery (a) (372) Foreign exchange loss 581 Operating income before depreciation and amortization 7,845 Depreciation and amortization 4,793 Operating income 3,052 (a) The change in fair value of the contingent consideration, representing a gain of $914,000 included in business acquisition, integration and reorganization costs recovery, relates to the Canada segment (note 12). NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 22 15. SEGMENT INFORMATION (CONT’D) For the three months ended December 31, 2024 U.S. Canada International Total $ $ $ $ Revenues 48,848 61,695 5,218 115,761 Cost of revenues and operating expenses Employee compensation and subcontractor costs 36,409 52,576 4,216 93,201 Tax credits — (1,795) — (1,795) Licenses and telecommunication 1,445 813 110 2,368 Other expenses 1,499 1,272 223 2,994 39,353 52,866 4,549 96,768 Operating income by segment 9,495 8,829 669 18,993 Head office general and administrative expenses 10,422 Business acquisition, integration and reorganization costs recovery (a) (1,244) Foreign exchange gain (687) Operating income before depreciation, amortization and impairment 10,502 Depreciation and amortization 5,978 Impairment of goodwill (a) 5,144 Operating loss (620) (a) The recovery of $2,738,000 included in business acquisition, integration and reorganization costs recovery and the impairment of goodwill relate to the U.S. segment (note 12). For the nine months ended December 31, 2025 U.S. Canada International Total $ $ $ $ Revenues 177,554 168,873 17,185 363,612 Cost of revenues and operating expenses Employee compensation and subcontractor costs 130,419 144,383 14,511 289,313 Tax credits — (4,406) (86) (4,492) Licenses and telecommunication 5,464 3,127 512 9,103 Other expenses 5,133 3,767 699 9,599 141,016 146,871 15,636 303,523 Operating income by segment 36,538 22,002 1,549 60,089 Head office general and administrative expenses 31,331 Business acquisition, integration and reorganization costs recovery (a) (2,210) Foreign exchange loss 1,278 Operating income before depreciation, amortization and impairment 29,690 Depreciation and amortization 17,108 Impairment of goodwill and intangibles (b) 38,028 Operating loss (25,446) (a) The change in fair value of the contingent consideration, representing a net gain of $5,086,000, and the reorganization costs included in business acquisition, integration and reorganization costs recovery, relate mostly to the Canada segment (note 12). (b) Impairment of goodwill in the amount of $26,500,000 relates to the Canada segment and impairment of goodwill and intangibles in the amount of $9,723,000 and $1,805,000, respectively, relate to the U.S. --- segment (note 5). NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 23 15. SEGMENT INFORMATION (CONT’D) For the nine months ended December 31, 2024 U.S. Canada International Total $ $ $ $ Revenues 146,364 186,472 15,314 348,150 Cost of revenues and operating expenses Employee compensation and subcontractor costs 111,194 158,682 13,035 282,911 Tax credits — (5,669) (15) (5,684) Licenses and telecommunication 4,407 2,472 313 7,192 Other expenses 4,893 3,591 676 9,160 120,494 159,076 14,009 293,579 Operating income by segment 25,870 27,396 1,305 54,571 Head office general and administrative expenses 30,870 Business acquisition, integration and reorganization costs (a) 88 Foreign exchange gain (445) Operating income before depreciation, amortization and impairment 24,058 Depreciation and amortization 17,454 Impairment of goodwill (a) 5,144 Operating income 1,460 (a) The recovery of $2,738,000 included in business acquisition, integration and reorganization costs (note 12) and the impairment of goodwill relate to the U.S. segment. Information about revenues An analysis of the Company’s revenues from customers for each major service category is as follows: For the three months ended December 31, 2025 U.S. Canada International Total $ $ $ $ Strategic consulting and enterprise transformation services - time and materials arrangements 29,402 42,578 5,857 77,837 Enterprise transformation services - fixed-fee arrangements 11,960 8,288 161 20,409 Business enablement services (a) 13,591 3,158 167 16,916 54,953 54,024 6,185 115,162 For the three months ended December 31, 2024 U.S. Canada International Total $ $ $ $ Strategic consulting and enterprise transformation services - time and materials arrangements 25,504 52,051 4,687 82,242 Enterprise transformation services - fixed-fee arrangements 8,863 5,510 363 14,736 Business enablement services (a) 14,481 4,134 168 18,783 48,848 61,695 5,218 115,761 (a) Including support revenues of $9,319,000 (2024 - $8,458,000) for U.S., $2,273,000 (2024 - $3,293,000) for Canada and $104,000 (2024 - $127,000) for the International operating segment for a total of $11,696,000 (2024 - $11,878,000) for the three months ended December 31, 2025. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 24 15. SEGMENT INFORMATION (CONT’D) For the nine months ended December 31, 2025 U.S. Canada International Total $ $ $ $ Strategic consulting and enterprise transformation services - time and materials arrangements 95,560 138,319 15,811 249,690 Enterprise transformation services - fixed-fee arrangements 37,434 20,408 888 58,730 Business enablement services (a) 44,560 10,146 486 55,192 177,554 168,873 17,185 363,612 For the nine months ended December 31, 2024 U.S. Canada International Total $ $ $ $ Strategic consulting and enterprise transformation services - time and materials arrangements 78,394 15 --- 7,688 13,864 249,946 Enterprise transformation services - fixed-fee arrangements 25,054 17,718 1,223 43,995 Business enablement services (a) 42,916 11,066 227 54,209 146,364 186,472 15,314 348,150 (a) Including support revenues of $29,866,000 (2024 - $24,202,000) for U.S., $7,180,000 (2024 - $8,497,000) for Canada and $322,000 (2024 - $127,000) for the International operating segment for a total of $37,368,000 (2024 - $32,826,000) for the nine months ended December 31, 2025. Major customer During the three months ended December 31, 2025, no customer generated more than 10% of total revenues (December 31, 2024 - One Canadian customer generated more than 10% of total revenues for $13,164,000 ). During the nine months ended December 31, 2025, no customer generated more than 10% of total revenues (December 31, 2024 - One Canadian customer generated more than 10% of total revenues for $41,785,000). As at December 31, 2025, accounts receivable and other receivables and unbilled revenues from one Canadian customer amounted to $11,587,000 or 11% (March 31, 2025 - One Canadian customer represented more than 10% of total accounts receivable and other receivables and unbilled revenues for $11,171,000 or 10%). NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 25 16. FINANCIAL INSTRUMENTS Fair Value of Financial Instruments The carrying amount of cash, accounts receivable and other receivables, other assets, accounts payable and accrued liabilities and long-term debt bearing interest at variable rates is a reasonable approximation of fair value. The fair value of the long-term debt bearing interest at fixed rates is estimated by discounting expected cash flows at rates that would be currently offered to the Company for debts of the same remaining maturities and conditions (Level 2). For both December 31, 2025 and March 31, 2025, the Company has determined that the fair value of the Credit Facility and the balances of purchase price payable are not significantly different than their carrying amount. The contingent consideration related to the XRM Acquisition is payable based on the achievement of growth in excess of the trailing twelve months gross margin over a consecutive 12 months period within the 18 months following the acquisition date and is included in Level 3 of the fair value hierarchy. The fair value was determined using a scenario-based method, under which the Company identifies multiple outcomes, probability-weights the contingent consideration payoff under each outcome, and discounts the result to arrive at the expected present value of the contingent consideration. The actual earn-out payout can range from nil to $10,500,000. The maximum potential impact on the results can be an increase of nil or a decrease of $10,500,000 in earnings. NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 (Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited) Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three and nine months ended December 31, 2025 and 2024 | 26