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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Amounts charged to cost of sales comprise the following:

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

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

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

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

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

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

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

Accounts payable and accrued liabilities consist of the following:

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

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

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

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

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

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

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

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

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

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

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

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

Short-term borrowings consist of the following:

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

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

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

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

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

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

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

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

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

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

Stock option transactions are as follows:

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

RSU transactions are as follows:

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

PSU transactions are as follows:

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

Accounting for share-based awards

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For the first quarter ended June 29, 2025

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

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

•our ability to implement our growth strategies;

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

•our ability to keep pace with changing consumer preferences;

•our ability to protect our intellectual property;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

•the success of our business strategy;

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

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

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

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

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

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

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

Although we base the forward-looking statements contained in this MD&A on assumptions that we believe are reasonable, we caution you that actual results and developments (including our results of operations, financial condition, liquidity and capital resources, and the development of the industry in which we operate) may differ materially from those made in or suggested by the forward-looking statements contained in this MD&A. Additional impacts may arise that we are not aware of currently. The potential of such additional impacts intensifies the business and operating risks which we face, and these should be considered when reading the forward-looking statements contained in this MD&A. In addition, even if results and developments are consistent with the forward-looking statements contained in this MD&A, those results and developments may not be indicative of results or developments in subsequent periods. As a result, any or all of our forward-looking statements in this MD&A may prove to be inaccurate. No forward-looking statement is a guarantee of future results. Moreover, we operate in a highly competitive and rapidly changing environment in which new risks often emerge. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

You should read this MD&A and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained herein are made as of the date of this MD&A, and we do not assume any obligation to update any forward-looking statements except as required by applicable laws.

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

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

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

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

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

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

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

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

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

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

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

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

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

•Growth in Our Direct to Consumer (“DTC”) Channel. We plan to continue executing our global strategy through retail and e-Commerce expansion, though the scale of such expansion may be delayed due to current global economic conditions. We continue to monitor these conditions and their potential impact on our ability to achieve positive DTC comparable sales growth1.

1DTC comparable sales (decline) growth is a supplementary financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.

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

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

•Seasonality. We experience seasonal fluctuations in our revenue and operating results and have historically realized a significant portion of our annual wholesale revenue during our second and third fiscal quarters, and our annual DTC revenue in our third and fourth fiscal quarters. We generated 81.7% and 78.1% of our annual wholesale revenue in the combined second and third fiscal quarters of fiscal 2025 and fiscal 2024, respectively. Additionally, we generated 83.3% and 82.6% of our annual DTC revenue in the combined third and fourth fiscal quarters of fiscal 2025 and fiscal 2024, respectively. Because of seasonal fluctuations in revenue and fixed costs associated with our business, particularly the headcount growth and premises costs associated with our expanding DTC channel, we typically experience negative and substantially reduced net income and adjusted EBIT1 in the first and fourth quarters, respectively. As a result of our seasonality, changes that impact gross margin and adjusted EBIT1, among others can have a disproportionate impact on the quarterly results when they are recorded in our off-peak revenue periods. Business performance can also be impacted by the timing and intensity of cold weather, which may affect purchasing behaviour, including causing earlier or later purchases relative to prior periods, especially in our DTC channel.

1    Adjusted EBIT is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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