Claret Asset Management reports 3.89% stake in Alithya Group (ALYAF)

Rhea-AI Filing Summary

Claret Asset Management Corporation filed an amended Schedule 13G reporting its beneficial ownership in Alithya Group inc Class A subordinate voting stock. As of December 31, 2025, Claret reports beneficial ownership of 3,589,055 shares, representing 3.89% of this class.

The ownership percentage is calculated using 92,363,474 Subordinated Voting Shares outstanding as of November 12, 2025, as disclosed by Alithya. Claret has sole voting and dispositive power over all reported shares and certifies the holdings are in the ordinary course of business, not for changing or influencing control.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

Alithya Group inc

(Name of Issuer)

Class A subordinate voting stock

(Title of Class of Securities)

01643B106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 01643B106

1

Names of Reporting Persons

Claret Asset Management Corporation

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,589,055.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,589,055.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,589,055.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.89 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Alithya Group inc
(b)	Address of issuer's principal executive offices: 700, Rene-Levesque Boulevard West, Suite 400, Montreal, Quebec, Canada H3B1X8
Item 2.
(a)	Name of person filing: Claret Asset Management Corporation ("CAMC")
(b)	Address or principal business office or, if none, residence: 900 de Maisonneuve O., Suite 1900, Montreal, Quebec, Canada H3A 0A8
(c)	Citizenship: Quebec, Canada
(d)	Title of class of securities: Class A subordinate voting stock
(e)	CUSIP No.: 01643B106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,589,055
(b)	Percent of class: 3.89 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,589,055
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,589,055
	(iv) Shared power to dispose or to direct the disposition of: 0 Percent of class is based on (i) the number of Common Shares that may be deemed to be beneficially owned by CAMC as of December 31, 2025, and (ii) 92,363,474 Subordinated Voting Shares issued and outstanding as of November 12, 2025, as reported by the issuer in its Management's Discussion and Analysis of Financial Condition and Results of Operations filed as an exhibit to its Form 6-K filed with the Securities and Exchange Commission on November 14, 2025.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Other persons have the right to receive proceeds from the sale of securities reflected herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Claret Asset Management Corporation

Signature:	/s/ Brian Kwok
Name/Title:	Brian Kwok/Chief Operating Officer / Chief Compliance Officer
Date:	02/10/2026

FAQ

What stake does Claret Asset Management hold in Alithya Group (ALYAF)?

Claret Asset Management reports beneficial ownership of 3,589,055 Alithya Group Class A subordinate voting shares, representing 3.89% of the class. This percentage is based on 92,363,474 Subordinated Voting Shares outstanding as of November 12, 2025, as disclosed by Alithya.

As of what date is Claret Asset Management’s Alithya ownership calculated?

Claret Asset Management’s beneficial ownership is stated as of December 31, 2025. The 3.89% ownership figure uses Alithya’s reported 92,363,474 Subordinated Voting Shares outstanding as of November 12, 2025, taken from the company’s Management’s Discussion and Analysis filing.

How many Alithya shares does Claret Asset Management control the voting for?

Claret Asset Management has sole voting power over 3,589,055 Alithya Class A subordinate voting shares. It reports no shared voting power, meaning all reported voting authority is held directly by Claret for these securities under the Schedule 13G/A filing.

Does Claret Asset Management share dispositive power over Alithya Group shares?

No. Claret Asset Management reports sole dispositive power over 3,589,055 Alithya shares and zero shared dispositive power. This indicates only Claret decides how these securities are disposed of, according to the ownership breakdown in the Schedule 13G/A.

Is Claret Asset Management’s Alithya stake intended to influence control of the company?

Claret certifies the Alithya securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control. The filing states they are not held in connection with any transaction aimed at altering control.

On what share count is Claret’s 3.89% Alithya ownership based?

The 3.89% ownership is calculated using 92,363,474 Subordinated Voting Shares outstanding as of November 12, 2025. This outstanding share figure comes from Alithya’s Management’s Discussion and Analysis filed as an exhibit to its Form 6-K.