Canada Goose (NYSE: GOOS) grows Q1 sales but stays in loss

Q: How did Canada Goose (GOOS) perform in Q1 fiscal 2027?

Canada Goose generated $118.9 million in revenue in Q1 fiscal 2027, up 10.3%. Net loss narrowed to $93.0 million , with basic and diluted loss per share improving to $0.93 from $1.29 a year earlier.

Q: What changed in Canada Goose (GOOS) operating loss this quarter?

Operating loss improved to $103.8 million from $158.7 million, a 34.6% reduction. Corporate expenses fell to $81.6 million from $127.2 million; the prior-year quarter included a $43.8 million arbitration award recognized in SG&A.

Q: What is the financial position of Canada Goose (GOOS) as of June 28, 2026?

As of June 28, 2026, Canada Goose held $206.9 million in cash and $489.9 million of inventories. Total assets were $1,692.3 million , total non-current liabilities $789.3 million, and equity $543.3 million .

Q: How did Canada Goose (GOOS) DTC and Wholesale segments perform in Q1 2027?

Direct-to-Consumer revenue was $84.8 million versus $78.1 million last year, while Wholesale revenue was $29.8 million versus $17.9 million. Total segment operating loss improved to $22.2 million from $31.5 million.

Q: Where is Canada Goose (GOOS) seeing geographic revenue growth?

In Q1 fiscal 2027, Greater China revenue was $37.5 million versus $26.0 million a year earlier, and Asia Pacific excluding Greater China rose to $16.1 million from $13.0 million. North America revenue was $48.8 million compared with $51.3 million previously.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Canada Goose Holdings Inc. reported first-quarter fiscal 2027 results for the period ended June 28, 2026. Revenue was $118.9 million, up 10.3% from $107.8 million, with gross profit of $74.2 million and gross margin improving to 62.4% from 61.4%. Operating loss narrowed 34.6% to $103.8 million from $158.7 million as corporate expenses declined to $81.6 million from $127.2 million, while the prior-year quarter included a $43.8 million arbitration award. Net interest, finance and other costs increased to $21.1 million from $5.4 million, including $6.0 million of accelerated debt costs tied to a Term Loan repricing. Net loss was $93.0 million versus $125.5 million, and basic and diluted loss per share improved to $0.93 from $1.29.

Cash totaled $206.9 million at June 28, 2026, down from $408.2 million at March 29, 2026, reflecting net cash used in operating activities of $190.7 million, driven by working-capital movements including inventories of $489.9 million (versus $386.3 million at year-end). Total assets were $1,692.3 million and equity was $543.3 million. The USD300.0 million Term Loan had CAD principal of $424.8 million outstanding and was repriced on June 18, 2026 to SOFR plus 3.0% from SOFR plus 3.50%, with quarterly USD0.75 million principal repayments and compliance with all covenants.

Direct-to-Consumer revenue was $84.8 million (prior year $78.1 million), Wholesale revenue $29.8 million (prior year $17.9 million), and the Other segment $4.3 million. Total segment operating loss improved to $22.2 million from $31.5 million. By geography, revenue was $48.8 million in North America, $37.5 million in Greater China and $16.1 million in Asia Pacific excluding Greater China. The company operated 92 permanent retail stores at June 28, 2026, up from 88 at March 29, 2026.

Filing Explained

Completed equity-award settlements increased the share count, while debt repricing lowered the stated margin without reducing the aggregate principal.

As a Form 6-K, this interim report furnishes Canada Goose’s first-quarter fiscal 2027 information; the quarter is complete, and the filing records additional subordinate voting shares issued to settle equity awards and exercise options, increasing the common share count.

The company issued 518,712 subordinate voting shares in total, comprising option exercises, RSU settlements, and PSU settlements. With shares outstanding rising from 97,142,442 on March 29, 2026 to 97,661,154 on June 28, 2026, existing holders’ percentage ownership is reduced absent offsetting changes.

The filing also states that the Term Loan repricing amendment took effect on June 18, 2026. It reduced the stated SOFR margin from 3.50% to 3.00% without changing the aggregate principal amount, August 23, 2032 maturity, or quarterly repayments.

Liquidity remains partly dependent on committed facilities: the revolving facility had CAD 235.1 million of unused borrowing capacity at June 28, 2026, while total disclosed contractual obligations were CAD 1,423.9 million. The authorized normal-course issuer bid permits up to 4,578,677 share repurchases through November 9, 2026, but no repurchases had occurred by the reporting date.

The filing identifies August 19, 2026 as the date the additional U.S. duties were currently stated to come into effect; the next material update would be whether those duties take effect and how the company reports their treatment.

Key Figures

Revenue: 118.9 million CAD Gross margin: 62.4% Operating loss: 103.8 million CAD +5 more

8 metrics

Revenue 118.9 million CAD First quarter ended June 28, 2026

Gross margin 62.4% First quarter ended June 28, 2026

Operating loss 103.8 million CAD First quarter ended June 28, 2026

Net loss 93.0 million CAD First quarter ended June 28, 2026

Loss per share 0.93 CAD Basic and diluted, first quarter ended June 28, 2026

Net cash used in operating activities 190.7 million CAD First quarter ended June 28, 2026

Inventories 489.9 million CAD As of June 28, 2026

Term Loan principal 424.8 million CAD Outstanding as of June 28, 2026

Key Terms

right-of-use assets, asset retirement obligation, cross currency swaps, normal course issuer bid, +2 more

6 terms

right-of-use assets financial

"ARO assets were reclassified from PPE to right-of-use assets in the statement of financial position"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

asset retirement obligation financial

"an immaterial error related to the asset retirement obligation assets associated with its lease was identified"

A liability recorded for the future cost to retire, dismantle or clean up a long-lived asset — for example removing an oil rig, closing a mine, or decommissioning a plant. Investors care because it reduces reported profit and ties up capital: companies must estimate and set aside money now for a known future expense, and changes to that estimate can swing earnings, debt ratios and the company’s cash needs much like setting aside savings to repair or return a rented property later.

cross currency swaps financial

"entered into cross currency swaps terminating on December 31, 2030 to hedge a portion of Term Loan exposure"

A cross-currency swap is a contract where two parties agree to exchange amounts of money and the interest payments tied to those amounts in different currencies for a set period, then swap the original amounts back at maturity. Think of it like two neighbors swapping their local paychecks and agreeing to pay each other interest in the other's money; investors use these swaps to lock in borrowing costs, manage currency risk, or gain foreign-currency exposure without buying the actual currencies.

normal course issuer bid financial

"renewed its normal course issuer bid authorizing repurchases of up to 4,578,677 subordinate voting shares"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

cash flow hedges financial

"forward foreign exchange contracts and swaps were designated as cash flow hedges with gains and losses in OCI"

A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.

put option liability financial

"recorded an increase of $1.8m on the remeasurement of the put option liability during the first quarter"

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Available on EDGAR 07/30/2026 - 07:58 AM Accepted by SEC EDGAR 07/30/2026 - 07:58 AM

FAQ

How did Canada Goose (GOOS) perform in Q1 fiscal 2027?

Canada Goose generated $118.9 million in revenue in Q1 fiscal 2027, up 10.3%. Net loss narrowed to $93.0 million, with basic and diluted loss per share improving to $0.93 from $1.29 a year earlier.

What changed in Canada Goose (GOOS) operating loss this quarter?

Operating loss improved to $103.8 million from $158.7 million, a 34.6% reduction. Corporate expenses fell to $81.6 million from $127.2 million; the prior-year quarter included a $43.8 million arbitration award recognized in SG&A.

What is the financial position of Canada Goose (GOOS) as of June 28, 2026?

As of June 28, 2026, Canada Goose held $206.9 million in cash and $489.9 million of inventories. Total assets were $1,692.3 million, total non-current liabilities $789.3 million, and equity $543.3 million.

How did Canada Goose (GOOS) DTC and Wholesale segments perform in Q1 2027?

Direct-to-Consumer revenue was $84.8 million versus $78.1 million last year, while Wholesale revenue was $29.8 million versus $17.9 million. Total segment operating loss improved to $22.2 million from $31.5 million.

What is Canada Goose (GOOS) current debt structure and Term Loan rate?

Canada Goose’s USD300.0 million Term Loan had CAD principal of $424.8 million outstanding at June 28, 2026. Following a June 18, 2026 repricing, SOFR-based borrowings bear interest at SOFR + 3.0%, with quarterly USD0.75 million principal repayments and maturity on August 23, 2032.

How seasonal is Canada Goose (GOOS) business and how does that affect Q1?

The company realizes most Wholesale revenue in Q2–Q3 and most DTC revenue in Q3–Q4. In fiscal 2026, 77.0% of Wholesale revenue occurred in Q2–Q3 and 82.3% of DTC in Q3–Q4, so Q1 typically shows negative net income and adjusted EBIT.

Where is Canada Goose (GOOS) seeing geographic revenue growth?

In Q1 fiscal 2027, Greater China revenue was $37.5 million versus $26.0 million a year earlier, and Asia Pacific excluding Greater China rose to $16.1 million from $13.0 million. North America revenue was $48.8 million compared with $51.3 million previously.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2026

Commission File Number: 001-38027

CANADA GOOSE HOLDINGS INC.

(Translation of registrant’s name into English)

100 Queen’s Quay East, 22nd Floor

Toronto, Ontario, Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

EXHIBIT INDEX

Exhibits 99.1 and 99.2 to this report of a Foreign Private Issuer on Form 6-K are deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.



Exhibit No.						Description

99.1						Consolidated Interim Financial Statements for the First Quarter Ended June 28, 2026
99.2						Management’s Discussion and Analysis of Financial Condition and Results of Operation for the First Quarter Ended June 28, 2026
99.3						Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
99.4						Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
99.5						Press release of Canada Goose Holdings Inc., dated July 30, 2026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Canada Goose Holdings Inc.

By:

/s/ Neil Bowden

Name:

Neil Bowden

Title:

Chief Financial Officer

Date: July 30, 2026

Canada Goose Holdings Inc.

Condensed Consolidated Interim Financial Statements

As at and for the first quarter ended

June 28, 2026 and June 29, 2025

(Unaudited)

Condensed Consolidated Interim Statements of Loss

(unaudited)

(in millions of Canadian dollars, except per share amounts)


		First quarter ended
	Notes	June 28, 2026		June 29, 2025
		$		$
Revenue	3	118.9		107.8
Cost of sales	6	44.7		41.6
Gross profit		74.2		66.2
Selling, general & administrative expenses		178.0		224.9
Operating loss		(103.8)		(158.7)
Net interest, finance and other costs	10	21.1		5.4
Loss before income taxes		(124.9)		(164.1)
Income tax recovery		(31.9)		(38.6)
Net loss		(93.0)		(125.5)

Attributable to:
Shareholders of the Company		(90.8)		(125.2)
Non-controlling interest		(2.2)		(0.3)
Net loss		(93.0)		(125.5)

Loss per share attributable to shareholders of the Company
Basic and diluted	4	$	(0.93)	$	(1.29)

The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.


			Canada Goose Holdings Inc.			Page 1 of 32

Condensed Consolidated Interim Statements of Comprehensive Loss

(unaudited)

(in millions of Canadian dollars, except per share amounts)


		First quarter ended
	Notes	June 28, 2026	June 29, 2025
		$	$
Net loss		(93.0)	(125.5)

Other comprehensive loss
Items that will not be reclassified to earnings, net of tax:
Actuarial loss on post-employment obligation		(0.2)	—
Items that may be reclassified to earnings, net of tax:
Cumulative translation adjustment gain		3.5	13.1
Net loss on derivatives designated as cash flow hedges	15	(1.7)	(1.7)
Reclassification of net loss on cash flow hedges to income	15	—	0.1
Other comprehensive income		1.6	11.5
Comprehensive loss		(91.4)	(114.0)

Attributable to:
Shareholders of the Company		(89.4)	(113.5)
Non-controlling interest		(2.0)	(0.5)
Comprehensive loss		(91.4)	(114.0)

The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.


			Canada Goose Holdings Inc.			Page 2 of 32

Condensed Consolidated Interim Statements of Financial Position

(unaudited)

(in millions of Canadian dollars)


	Notes	June 28, 2026	June 29, 2025	March 29, 2026
		$	$	$
			Reclassified	Reclassified
Assets
Current assets
Cash		206.9	180.5	408.2
Trade receivables	5	86.6	73.1	108.4
Inventories	6	489.9	439.5	386.3
Income taxes receivable		19.5	31.6	19.9
Other current assets	14	35.3	59.0	45.6
Total current assets		838.2	783.7	968.4

Deferred income taxes		102.7	114.6	76.9
Property, plant and equipment	2	162.8	153.7	161.5
Intangible assets		127.3	130.9	127.9
Right-of-use assets	2, 7	353.5	274.4	332.1
Goodwill		71.1	72.0	71.1
Other long-term assets	14	36.7	1.2	15.3
Total assets		1,692.3	1,530.5	1,753.2

Liabilities
Current liabilities
Accounts payable and accrued liabilities	8, 14	205.0	236.9	214.0
Provisions	9	37.5	35.7	45.8
Income taxes payable		5.8	19.2	11.7
Short-term borrowings	10	17.1	12.6	4.2
Current portion of lease liabilities	7	94.3	84.2	92.8
Total current liabilities		359.7	388.6	368.5

Provisions	9	20.0	16.3	19.0
Deferred income taxes		5.3	11.8	11.0

Term Loan	10	419.2	388.6	406.4
Lease liabilities	7	302.8	236.5	281.8
Other long-term liabilities	14	42.0	42.1	38.7
Total liabilities		1,149.0	1,083.9	1,125.4

Equity	11
Equity attributable to shareholders of the Company		525.9	431.7	608.4
Non-controlling interests		17.4	14.9	19.4
Total equity		543.3	446.6	627.8
Total liabilities and equity		1,692.3	1,530.5	1,753.2

The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.


			Canada Goose Holdings Inc.			Page 3 of 32

Condensed Consolidated Interim Statements of Changes in Equity

(unaudited)

(in millions of Canadian dollars)


		Share capital			Contributed surplus	Retained earnings	Accumulated other comprehensive income	Total attributable to shareholders	Non-controlling interest	Total
	Notes	Multiple voting shares	Subordinate voting shares	Total
		$	$	$	$	$	$	$	$	$
Balance at March 29, 2026		1.4	112.7	114.1	84.3	369.2	40.8	608.4	19.4	627.8




Issuance of shares	11	—	10.6	10.6	(8.9)	—	—	1.7	—	1.7
Net loss		—	—	—	—	(90.8)	—	(90.8)	(2.2)	(93.0)
Other comprehensive income		—	—	—	—	—	1.4	1.4	0.2	1.6
Share-based payment	12	—	—	—	5.2	—	—	5.2	—	5.2
Balance at June 28, 2026		1.4	123.3	124.7	80.6	278.4	42.2	525.9	17.4	543.3

Balance at March 30, 2025		1.4	108.2	109.6	65.4	346.7	19.5	541.2	15.4	556.6



Issuance of shares	11	—	3.7	3.7	(3.7)	—	—	—	—	—
Net loss		—	—	—	—	(125.2)	—	(125.2)	(0.3)	(125.5)
Other comprehensive income (loss)		—	—	—	—	—	11.7	11.7	(0.2)	11.5
Share-based payment	12	—	—	—	4.0	—	—	4.0	—	4.0
Balance at June 29, 2025		1.4	111.9	113.3	65.7	221.5	31.2	431.7	14.9	446.6

The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.


			Canada Goose Holdings Inc.			Page 4 of 32

Condensed Consolidated Interim Statements of Cash Flows

(unaudited)

(in millions of Canadian dollars)


		First quarter ended
	Notes	June 28, 2026	June 29, 2025
		$	$
			Reclassified
Operating activities
Net loss		(93.0)	(125.5)
Items not affecting cash:
Depreciation and amortization		36.1	31.2
Income tax recovery		(31.9)	(38.6)
Interest expense	10	13.3	4.4
Foreign exchange gain		(1.8)	(3.4)
Acceleration of unamortized costs on debt extinguishment	10	6.0	—

(Gain) loss on disposal of assets		(0.9)	0.2
Share-based payment	12	5.1	4.1
Arbitration Award	8	—	43.8
Remeasurement of put option	14	1.8	1.1
Remeasurement of contingent consideration	14	—	(0.1)
		(65.3)	(82.8)
Changes in non-cash operating items	16	(105.3)	(30.0)

Income taxes paid		(7.0)	(22.3)
Interest paid		(13.1)	(8.5)
Net cash used in operating activities		(190.7)	(143.6)
Investing activities
Purchase of property, plant and equipment		(4.7)	(0.5)



Net cash used in investing activities		(4.7)	(0.5)
Financing activities
Mainland China Facilities borrowings	10	0.5	—
Japan Facility borrowings	10	12.3	8.5
Revolving Facility repayments	10	—	(1.1)
Term Loan repayments	10	(1.0)	—
Transaction costs on financing activities	10	(1.3)	—


Principal payments on lease liabilities	7	(22.7)	(19.4)

Issuance of shares	11	1.7	—
Net cash used in financing activities		(10.5)	(12.0)
Effects of foreign currency exchange rate changes on cash		4.6	2.2
Decrease in cash		(201.3)	(153.9)
Cash, beginning of period		408.2	334.4
Cash, end of period		206.9	180.5

The accompanying notes to the condensed consolidated interim financial statements are an integral part of these financial statements.


			Canada Goose Holdings Inc.			Page 5 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Note 1. The Company

Organization

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 52.2% of the total shares outstanding as at June 28, 2026, or 91.6% of the combined voting power of the total voting shares outstanding. Subordinate voting shares that trade on public markets represent 47.8% of the total shares outstanding as at June 28, 2026, or 8.4% of the combined voting power of the total voting shares outstanding.

Statement of compliance

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 29, 2026.

The Interim Financial Statements were authorized for issuance in accordance with a resolution of the Company’s Board of Directors on July 29, 2026.

Fiscal year

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 2027 is a 52-week fiscal year.

Operating segments

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

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.


			Canada Goose Holdings Inc.			Page 6 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

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, and results from the Paola Confectii business.

Seasonality

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 higher 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.

Note 2. Material accounting policy information

Basis of presentation

The accounting policies and critical accounting estimates and judgments as disclosed in the Company's audited annual financial statements for the year ended March 29, 2026 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.

During the quarter ended June 28, 2026, Management identified an immaterial error/reclassification related to the asset retirement obligation ("ARO") assets associated with its lease. It was determined that ARO assets should be presented as part of the carrying amount of the related right-of-use ("ROU") assets rather than within property, plant and equipment ("PPE"). As a result, ARO assets were reclassified from PPE to ROU assets in the interim statement of financial position as at June 29, 2025 and the annual statement of financial position as at March 29, 2026, together with the related note disclosures. The reclassification amounted to a net book value of $5.5m and $6.1m as at June 29, 2025 and March 29, 2026, respectively. These reclassifications had no impact on the interim statements of loss, the annual statement of income, and (loss) earnings per share for either period. Comparative information has been adjusted accordingly, and current-period balances as at June 28, 2026 have been presented on a consistent basis.

Principles of consolidation

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.


			Canada Goose Holdings Inc.			Page 7 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Standards issued and adopted

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 adopted the standard beginning March 30, 2026 and has determined that there are no material impacts to the consolidated interim financial statements as a result of these amendments.

Standards issued and not yet adopted

Certain new standards, amendments, and interpretations to existing IFRS Accounting Standards have been published but are not yet effective and have not been adopted early by the Company. Management anticipates that pronouncements will be adopted in the Company’s accounting policy for the first period beginning after the effective date of the pronouncement. Information on new standards, amendments, and interpretations is provided below.

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1, Presentation of Financial Statements. Many requirements from IAS 1 remain unchanged into IFRS 18. The standard sets out requirements on presentation and disclosures in financial statements. It introduces a defined structure for the statement of income composed of required categories and subtotals. The standard also introduces specific disclosure requirements for management-defined performance measures and a reconciliation between these measures and the most similar subtotal specified in IFRS Accounting Standards, which must be disclosed in a single note. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company is currently evaluating the impact of the adoption of IFRS 18 on the consolidated financial statements.

Note 3. Segment information

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 income (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 28, 2026 and June 29, 2025.

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.


			Canada Goose Holdings Inc.			Page 8 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

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


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
Revenue
DTC	84.8	78.1
Wholesale	29.8	17.9
Other	4.3	11.8
Total segment revenue	118.9	107.8

Operating loss
DTC	(22.2)	(23.4)
Wholesale	1.3	(3.5)
Other	(1.3)	(4.6)
Total segment operating loss	(22.2)	(31.5)

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


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
Total segment operating loss	(22.2)	(31.5)
Corporate expenses	81.6	127.2
Total operating loss	(103.8)	(158.7)
Net interest, finance and other costs	21.1	5.4
Loss before income taxes	(124.9)	(164.1)


			Canada Goose Holdings Inc.			Page 9 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

The following table summarizes depreciation and amortization in selling, general and administrative ("SG&A") expenses of each reportable operating segment and depreciation and amortization included in corporate expenses:


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
Depreciation and amortization expense
DTC	28.1	23.1
Wholesale	1.2	0.8
Other	0.3	0.3
Total segment depreciation and amortization expense	29.6	24.2
Corporate expenses	3.5	4.0
Total depreciation and amortization expense	33.1	28.2

Geographic information

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


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
Canada	27.0	24.4
United States	21.8	26.9
North America	48.8	51.3
Greater China1	37.5	26.0
Asia Pacific (excluding Greater China1)	16.1	13.0
Asia Pacific	53.6	39.0
EMEA2	16.5	17.5
Total revenue	118.9	107.8

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

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


			Canada Goose Holdings Inc.			Page 10 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

The Company’s non-current, non-financial assets (comprising of PPE, intangible assets and ROU assets) are geographically located as follows:


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$

Canada	194.0	201.4	194.7
United States	186.2	107.0	160.0
North America	380.2	308.4	354.7
Greater China1	55.7	49.5	56.4
Asia Pacific (excluding Greater China1)	40.3	47.4	40.8
Asia Pacific	96.0	96.9	97.2
EMEA2	167.4	153.7	169.6
Non-current, non-financial assets	643.6	559.0	621.5

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

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

Note 4. Earnings per share

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


	First quarter ended
(in millions of Canadian dollars, except share and per share amounts)	June 28, 2026		June 29, 2025
Net loss attributable to shareholders of the Company	$	(90.8)	$	(125.2)
Weighted average number of multiple and subordinate voting shares outstanding1	97,313,923		96,913,707


Loss per share attributable to shareholders of the Company
Basic and diluted	$	(0.93)	$	(1.29)

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 average daily closing share price for the period was greater than the exercise price. Accordingly, for the first quarter ended June 28, 2026, 2,276,282 potentially dilutive shares have been excluded from the calculation of diluted loss per share because their effect was anti-dilutive (for the first quarter ended June 29, 2025 - 1,544,848 shares).


			Canada Goose Holdings Inc.			Page 11 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Note 5. Trade receivables


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
Trade accounts receivable	49.7	45.3	92.1
Sales tax receivables	30.8	24.4	27.8
Credit card receivables	5.2	3.5	4.5
Other receivables	3.4	2.3	2.7
	89.1	75.5	127.1
Less: expected credit loss and sales allowances	(2.5)	(2.4)	(18.7)
Trade receivables	86.6	73.1	108.4

Note 6. Inventories


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
Raw materials	46.6	33.2	35.2
Work in progress	21.0	17.8	18.8
Finished goods	422.3	388.5	332.3
Total inventories at the lower of cost and net realizable value	489.9	439.5	386.3

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:


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
Raw material shrink reserves	0.1	0.1	0.1
Finished goods shrink reserves	0.8	1.0	0.8
Raw material obsolete inventory reserves	14.6	17.5	15.3
Finished goods obsolete inventory reserves	30.9	30.5	28.2
Provision for obsolescence	46.4	49.1	44.4

Amounts charged to cost of sales comprise the following:


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
Cost of goods manufactured	41.7	38.6
Depreciation and amortization included in costs of sales	3.0	3.0
Cost of sales	44.7	41.6


			Canada Goose Holdings Inc.			Page 12 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Note 7. Leases

Right-of-use assets

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


(in millions of Canadian dollars)	Retail stores	Manufacturing facilities	Other	Total
Cost	$	$	$	$
March 29, 2026 (Reclassified)	620.2	54.6	65.0	739.8
Additions	18.7	—	0.1	18.8

Lease modifications	18.0	1.2	2.9	22.1
Derecognition on termination	(12.9)	—	—	(12.9)
Impact of foreign currency translation	13.0	—	0.5	13.5
June 28, 2026	657.0	55.8	68.5	781.3

Reclassified
March 30, 2025	531.4	50.3	67.4	649.1
Additions	5.9	—	1.3	7.2

Lease modifications	0.1	7.2	0.2	7.5
Derecognition on termination	(1.2)	(3.1)	—	(4.3)
Impact of foreign currency translation	(9.5)	—	(0.3)	(9.8)
June 29, 2025	526.7	54.4	68.6	649.7


			Canada Goose Holdings Inc.			Page 13 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)


(in millions of Canadian dollars)	Retail stores	Manufacturing facilities	Other	Total
Accumulated depreciation	$	$	$	$
March 29, 2026 (Reclassified)	342.6	34.5	30.6	407.7
Depreciation	21.3	1.4	2.1	24.8
Derecognition on termination	(12.5)	—	—	(12.5)

Impact of foreign currency translation	7.6	—	0.2	7.8
June 28, 2026	359.0	35.9	32.9	427.8

Reclassified
March 30, 2025	302.3	30.1	31.4	363.8
Depreciation	17.2	1.8	1.7	20.7
Derecognition on termination	(1.2)	(1.8)	—	(3.0)
Impact of foreign currency translation	(5.8)	—	(0.4)	(6.2)
June 29, 2025	312.5	30.1	32.7	375.3

Net book value
June 28, 2026	298.0	19.9	35.6	353.5
June 29, 2025 (Reclassified)	214.2	24.3	35.9	274.4
March 29, 2026 (Reclassified)	277.6	20.1	34.4	332.1


			Canada Goose Holdings Inc.			Page 14 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Lease liabilities

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


(in millions of Canadian dollars)	Retail stores	Manufacturing facilities	Other	Total
	$	$	$	$
March 29, 2026	304.4	24.6	45.6	374.6
Additions	18.3	—	—	18.3

Lease modifications	18.1	1.2	2.7	22.0
Derecognition on termination	(1.2)	—	—	(1.2)
Principal payments	(19.0)	(1.7)	(2.0)	(22.7)
Impact of foreign currency translation	5.8	—	0.3	6.1
June 28, 2026	326.4	24.1	46.6	397.1

March 30, 2025	260.0	23.3	47.5	330.8
Additions	5.1	—	1.3	6.4

Lease modifications	0.1	7.2	0.1	7.4

Principal payments	(15.8)	(1.5)	(2.1)	(19.4)
Impact of foreign currency translation	(4.6)	—	0.1	(4.5)
June 29, 2025	244.8	29.0	46.9	320.7

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


(in millions of Canadian dollars)	Retail stores	Manufacturing facilities	Other	Total
	$	$	$	$
Current lease liabilities	78.5	7.5	8.3	94.3
Non-current lease liabilities	247.9	16.6	38.3	302.8
June 28, 2026	326.4	24.1	46.6	397.1

Current lease liabilities	69.1	7.3	7.8	84.2
Non-current lease liabilities	175.7	21.7	39.1	236.5
June 29, 2025	244.8	29.0	46.9	320.7

Current lease liabilities	77.1	7.6	8.1	92.8
Non-current lease liabilities	227.3	17.0	37.5	281.8
March 29, 2026	304.4	24.6	45.6	374.6

For the first quarter ended June 28, 2026, $5.8m of lease payments were not included in the measurement of lease liabilities (first quarter ended June 29, 2025 - $4.6m). The majority of these balances related to short-term leases and variable rent payments, which are expensed as incurred.


			Canada Goose Holdings Inc.			Page 15 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Note 8. Accounts payable and accrued liabilities

Accounts payable and accrued liabilities consist of the following:


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
Trade payables	69.2	64.7	58.6
Accrued liabilities	92.5	130.4	83.0
Employee benefits	28.9	27.0	46.5
Derivative financial instruments	6.1	4.3	2.8

Other payables	8.3	10.5	23.1
Accounts payable and accrued liabilities	205.0	236.9	214.0

During the first quarter of fiscal 2026, an arbitration that took place in fiscal 2024 concluded between the Company and a former supplier relating to the termination of a contract in 2021. The arbitration resulted in financial compensation awarded to the former supplier resulting in a one-time payment of USD32.0m ($43.8m) which was recognized in SG&A expenses in the interim statements of loss. The award and legal costs were paid to the former supplier during the second quarter ended September 28, 2025.

Note 9. Provisions

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


(in millions of Canadian dollars)	Warranty	Sales returns	Asset retirement obligations	Total
	$	$	$	$
Current provisions	28.0	9.5	—	37.5
Non-current provisions	—	—	20.0	20.0
June 28, 2026	28.0	9.5	20.0	57.5


Current provisions	27.9	7.8	—	35.7
Non-current provisions	—	—	16.3	16.3
June 29, 2025	27.9	7.8	16.3	52.0


Current provisions	28.9	16.9	—	45.8
Non-current provisions	—	—	19.0	19.0
March 29, 2026	28.9	16.9	19.0	64.8


			Canada Goose Holdings Inc.			Page 16 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Note 10. Borrowings

Revolving Facility

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, the lenders' Alternate Base Rate, European Base Rate, secured overnight financing rate ("SOFR"), EURIBOR rate or Canadian Overnight Repo Rate Average ("CORRA") plus an applicable margin, with interest payable quarterly or at the end of the then current interest period (whichever is earlier), as applicable.

As at June 28, 2026, the Company had repaid all amounts owing on the Revolving Facility (June 29, 2025 - no amounts owing, March 29, 2026 - no amounts owing). As at June 28, 2026, no interest and administrative fees remained outstanding (June 29, 2025 - less than $0.1m, March 29, 2026 - less than $0.1m). There were deferred financing charges of $0.4m as at June 28, 2026 (June 29, 2025 - $0.7m, March 29, 2026 - $0.5m). These expenses were included in other long-term liabilities. As at and during the first quarter ended June 28, 2026, the Company was in compliance with all covenants.

The Company had unused borrowing capacity available under the Revolving Facility of $235.1m as at June 28, 2026 (June 29, 2025 - $271.2m, March 29, 2026 - $130.0m).

The revolving credit commitment also includes a letter of credit commitment in the amount of $25.0m. As at June 28, 2026, the Company had letters of credit outstanding under the Revolving Facility of $8.4m (June 29, 2025 - $4.6m, March 29, 2026 - $8.4m).

Term Loan

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. On June 18, 2026, the Company entered into a repricing amendment to its existing Term Loan ("Fiscal 2027 Amendment to Term Loan").

Following the Fiscal 2027 Amendment to Term Loan, the applicable interest rate applied to SOFR borrowings decreased to a rate of three-year term SOFR +3.0% from SOFR +3.50%, payable quarterly in arrears. 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 the Term Loan is denominated in U.S. dollars, the Company remeasures the outstanding balance plus accrued interest at each balance sheet date. The Company is required to make quarterly principal repayments of USD0.75m, with the first payment made on June 30, 2026.


			Canada Goose Holdings Inc.			Page 17 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

other costs in the interim statements of loss. The Company incurred transaction costs related to the Fiscal 2027 Amendment to Term Loan of $1.2m (USD0.8m) and an OID of $0.1m (USD0.1m), which are being amortized using the effective interest rate method.

As a result of the Fiscal 2027 Amendment to Term Loan, there were no changes to the aggregate principal amount of USD300.0m, the maturity date of August 23, 2032, SOFR subject to a floor of 0.50%, and the quarterly repayments on the principal amount of USD0.75m.

Refer to “Note 15. Financial risk management objectives and policies” for details on amendments to derivative transactions related to the Fiscal 2027 Amendment to Term Loan.

As at June 28, 2026, the Company had USD299.3m (June 29, 2025 - USD287.3m, March 29, 2026 - USD300.0m) aggregate principal amount outstanding under the Term Loan. As at and during the first quarter ended June 28, 2026, the Company was in compliance with all covenants.

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


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
Term Loan	424.8	393.0	416.8
Unamortized portion of deferred transaction costs	(1.1)	(0.3)	(5.2)
OID	(0.2)	—	(1.0)
Term Loan, net of unamortized deferred transaction costs and OID	423.5	392.7	410.6

Mainland China Facilities

A subsidiary of the Company in Mainland China has uncommitted loan facilities in the aggregate amount of RMB560.0m ($116.9m) ("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 0.45% to 0.5%, 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 28, 2026, the Company had $0.5m (RMB2.2m) on the Mainland China Facilities (June 29, 2025 - no amounts owing, March 29, 2026 - no amounts owing).

Japan Facility

A subsidiary of the Company in Japan has entered into an uncommitted loan facility in the aggregate amount of JPY4,000.0m ($35.1m) ("Japan Facility") with a floating reference interest rate set by the issuing bank, plus an applicable margin of 0.30%. Proceeds drawn on the Japan Facility are being used to support build up of inventory for peak season sales. As at June 28, 2026, the Company had $12.3m (JPY1,400.0m) owing on the Japan Facility (June 29, 2025 - $8.5m (JPY900.0m), March 29, 2026 - no amounts owing).


			Canada Goose Holdings Inc.			Page 18 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Short-term Borrowings

Short-term borrowings consist of the following:


(in millions of Canadian dollars)	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
Mainland China Facilities	0.5	—	—
Japan Facility	12.3	8.5	—
Term Loan	4.3	4.1	4.2
Total short-term borrowings	17.1	12.6	4.2

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:


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
Interest expense
Mainland China Facilities1	—	—
Japan Facility1	—	—
Revolving Facility	0.1	0.1
Term Loan	7.5	4.8
Lease liabilities	6.0	4.1
Standby fees	0.3	0.3
Acceleration of unamortized costs on debt extinguishment	6.0	—
Foreign exchange losses (gains) on Term Loan net of hedges	0.9	(3.5)
Fair value remeasurement on the put option liability (note 14)	1.8	1.1
Fair value remeasurement on the contingent consideration (note 14)	—	(0.1)
Interest income	(1.8)	(1.6)
Other costs	0.3	0.2
Net interest, finance and other costs	21.1	5.4

1The net interest expense for the Mainland China Facilities and Japan Facility is less than $0.1m and less than $0.1m, respectively, for the first quarter ended June 28, 2026 (first quarter ended June 29, 2025 - $nil and less than $0.1m, respectively).

Note 11. Shareholders' equity

Share capital transactions for the first quarter ended June 28, 2026

Normal course issuer bid for Fiscal 2026


			Canada Goose Holdings Inc.			Page 19 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Company has authorized the Company to repurchase up to 4,578,677 subordinate voting shares, representing approximately 10.0% of the Public Float (as defined in the rules of the TSX) for the subordinate voting shares as at October 27, 2025. Purchases will be made by means of open market transactions on both the TSX and the New York Stock Exchange (the “NYSE”), or alternative trading systems, if eligible, and will conform to their regulations. Under the Fiscal 2026 NCIB, the Company is allowed to repurchase daily, through the facilities of the TSX, a maximum of 58,127 subordinate voting shares, representing 25% of the average daily trading volume, as calculated per the TSX rules for the six-month period starting on May 1, 2025 and ending on October 31, 2025.

In connection with the Fiscal 2026 NCIB, the Company also entered into an automatic share purchase plan (the “ASPP”) under which a designated broker may purchase subordinate voting shares under the Fiscal 2026 NCIB during the regularly scheduled quarterly trading blackout periods of the Company. The repurchases made under the ASPP will be made in accordance with certain purchasing parameters and will continue until the earlier of the date on which the Company has purchased the maximum value of subordinate voting shares pursuant to the Fiscal 2026 NCIB or upon the date of expiry of the Fiscal 2026 NCIB.

During the first quarter ended June 28, 2026, and the first quarter ended June 29, 2025, the Company made no repurchases under the normal course issuer bid in place.

Since the commencement of the bid on November 10, 2025, the Company has made no repurchases under the Fiscal 2026 NCIB.

The transactions affecting the issued and outstanding share capital of the Company are described below:


(in millions of Canadian dollars, except share amounts)	Multiple voting shares		Subordinate voting shares		Total
	Number	$	Number	$	Number	$
March 29, 2026	51,004,076	1.4	46,138,366	112.7	97,142,442	114.1



Exercise of stock options	—	—	11,111	1.7	11,111	1.7
Settlement of RSUs	—	—	324,191	4.8	324,191	4.8
Settlement of PSUs	—	—	183,410	4.1	183,410	4.1
Total share issuances	—	—	518,712	10.6	518,712	10.6
June 28, 2026	51,004,076	1.4	46,657,078	123.3	97,661,154	124.7

Share capital transactions for the first quarter ended June 29, 2025

Normal course issuer bid for Fiscal 2025

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 were 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 were to be made in accordance with certain purchasing parameters and were to continue until


			Canada Goose Holdings Inc.			Page 20 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

the earlier of the date on which the Company 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.

During the first quarter ended June 29, 2025, the Company made no repurchases under the Fiscal 2025 NCIB.

Since the commencement of the bid on November 22, 2024, the Company has made no repurchases under the Fiscal 2025 NCIB.

The transactions affecting the issued and outstanding share capital of the Company are described below:


(in millions of Canadian dollars, except share amounts)	Multiple voting shares		Subordinate voting shares		Total
	Number	$	Number	$	Number	$
March 30, 2025	51,004,076	1.4	45,830,391	108.2	96,834,467	109.6




Settlement of RSUs	—	—	233,585	3.7	233,585	3.7
Total share issuances	—	—	233,585	3.7	233,585	3.7
June 29, 2025	51,004,076	1.4	46,063,976	111.9	97,068,052	113.3

Note 12. Share-based payments

Stock options

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:


	First quarter ended
	June 28, 2026			June 29, 2025
(in millions of Canadian dollars, except share and per share amounts)	Weighted average exercise price		Number of shares	Weighted average exercise price		Number of shares
Options outstanding, beginning of period	$	28.21	5,751,224	$	30.78	4,757,953
Granted	$	13.81	1,422,130	$	16.82	1,151,845
Exercised	$	8.94	(11,111)	$	—	—
Cancelled	$	18.38	(115,926)	$	22.28	(36,589)
Options outstanding, end of period	$	25.50	7,046,317	$	28.09	5,873,209

Restricted share units

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.


			Canada Goose Holdings Inc.			Page 21 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

RSU transactions are as follows:


	First quarter ended
	June 28, 2026	June 29, 2025
	Number of shares	Number of shares
RSUs outstanding, beginning of period	895,338	615,158
Granted	591,991	462,184
Settled	(324,191)	(233,585)
Cancelled	(23,002)	(13,951)
RSUs outstanding, end of period	1,140,136	829,806

Performance share units

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. PSUs are treated as equity instruments for accounting purposes.

PSU transactions are as follows:


	First quarter ended
	June 28, 2026	June 29, 2025
	Number of shares	Number of shares
PSUs outstanding, beginning of period	1,146,988	676,031
Granted	630,460	488,260
Settled	(183,410)	—
Cancelled	(134,763)	(4,069)
PSUs outstanding, end of period	1,459,275	1,160,222

Shares reserved for issuance

As at June 28, 2026, subordinate voting shares, to a maximum of (213,724) 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 28, 2026, the Company recorded $5.1m as compensation expense for the vesting of stock options, RSUs and PSUs (first quarter ended June 29, 2025 - $4.1m). Share-based compensation expense is included in SG&A expenses.


			Canada Goose Holdings Inc.			Page 22 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

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:


	First quarter ended
(in millions of Canadian dollars, except share and per share amounts)	June 28, 2026			June 29, 2025
Weighted average stock price valuation	$	13.81		$	16.82
Weighted average exercise price	$	13.81		$	16.82
Risk-free interest rate	2.87		%	2.69		%
Expected life in years	5			5
Expected dividend yield	—		%	—		%
Volatility	40		%	40		%
Weighted average fair value of options issued	$	4.47		$	5.40

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 28, 2026, the weighted average fair value of RSUs was $13.81 (June 29, 2025 - $16.82). As at June 28, 2026, the weighted average fair value of PSUs was $13.81 (June 29, 2025 - $16.82).

Note 13. Related party transactions

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. During the first quarter ended June 28, 2026, the Company recorded transactions with related parties totalling $0.8m (first quarter ended June 29, 2025 - $0.8m) of business service expenses and less than $0.1m of revenue (first quarter ended June 29, 2025 - less than $0.1m), with entities related to certain shareholders. Balances owing to related parties as at June 28, 2026 totaled $0.3m (June 29, 2025 - $0.5m, March 29, 2026 - $0.4m), while balances due from related parties as at June 28, 2026 were less than $0.1m (June 29, 2025 - less than $0.1m, March 29, 2026 - less than $0.1m).

A lease liability due to the former controlling shareholder of the acquired Baffin Inc. business (the "Baffin Vendor") for leased premises was $5.0m as at June 28, 2026 (June 29, 2025 - $1.4m, March 29, 2026 - $0.6m), reflecting the impact of a lease term extension executed during the period. During the first quarter ended June 28, 2026, the Company paid principal and interest on the lease liability and other operating costs to entities affiliated with the Baffin Vendor totalling $0.5m (first quarter ended June 29, 2025 - $0.4m). No amounts were owing to Baffin entities as at June 28, 2026, June 29, 2025, and March 29, 2026.

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 $0.9m as at June 28, 2026 (June 29, 2025 - $1.4m, March 29, 2026 - $0.9m). During the first quarter ended June 28, 2026, the Company recorded transactions with Sazaby League relating to principal and interest on lease liabilities, royalty fees, and other operating costs totalling $1.3m (first quarter ended June 29, 2025 - $1.5m). Balances owing to Sazaby League as at June 28, 2026 were $0.3m (June 29, 2025 - $0.3m, March 29, 2026 - $0.3m).

During the first quarter ended June 28, 2026, the Japan Joint Venture sold inventory of less than $0.1m to companies wholly owned by Sazaby League (first quarter ended June 29, 2025 - less than $0.1m). As at June 28, 2026, the Japan Joint Venture recognized a trade receivable of less than $0.1m from these companies (June 29, 2025 - less than $0.1m, March 29, 2026 - $0.1m).


			Canada Goose Holdings Inc.			Page 23 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

In connection with the Paola Confectii business combination completed on November 1, 2023, the Company was required to make an Earn-Out payment to the controlling shareholders of Paola Confectii SRL ("PCML Vendors"), subject to their continued employment through November 1, 2025 and the achievement of certain performance conditions based on financial results. The Earn-Out was fully settled as at March 29, 2026.

A lease liability due to one of the PCML Vendors for leased premises was $1.1m as at June 28, 2026 (June 29, 2025 - $1.2m, March 29, 2026 - $1.1m). During the first quarter ended June 28, 2026, the Company made principal and interest payments on this lease liability totalling less than $0.1m (first quarter ended June 29, 2025 - less than $0.1m). No amounts were owing to one of the PCML Vendors as at June 28, 2026, June 29, 2025, and March 29, 2026.

Note 14. Financial instruments and fair value

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, where fair value approximates carrying values:


	June 28, 2026
(in millions of Canadian dollars)	Level 1	Level 2	Level 3	Carrying value	Fair value
	$	$	$	$	$
Financial assets
Derivatives included in other current assets	—	5.5	—	5.5	5.5
Derivatives included in other long-term assets	—	4.2	—	4.2	4.2
Financial liabilities
Derivatives included in accounts payable and accrued liabilities	—	6.1	—	6.1	6.1

Mainland China Facilities	—	0.5	—	0.5	0.5
Japan Facility	—	12.3	—	12.3	12.3

Term Loan	—	423.5	—	423.5	424.9

Put option liability included in other long-term liabilities	—	—	39.7	39.7	39.7
Contingent consideration included in other long-term liabilities	—	—	0.5	0.5	0.5


			Canada Goose Holdings Inc.			Page 24 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)


	June 29, 2025
(in millions of Canadian dollars)	Level 1	Level 2	Level 3	Carrying value	Fair value
	$	$	$	$	$
Financial assets
Derivatives included in other current assets	—	10.8	—	10.8	10.8

Financial liabilities
Derivatives included in accounts payable and accrued liabilities	—	4.3	—	4.3	4.3

Earn-Out included in accounts payable and accrued liabilities (note 13)	—	—	17.6	17.6	17.6
Japan Facility	—	8.5	—	8.5	8.5

Term Loan	—	392.7	—	392.7	393.8

Put option liability included in other long-term liabilities	—	—	39.7	39.7	39.7
Contingent consideration included in other long-term liabilities	—	—	1.4	1.4	1.4


	March 29, 2026
(in millions of Canadian dollars)	Level 1	Level 2	Level 3	Carrying value	Fair value
	$	$	$	$	$
Financial assets
Derivatives included in other current assets	—	4.4	—	4.4	4.4
Derivatives included in other long-term assets	—	0.2	—	0.2	0.2
Financial liabilities
Derivatives included in accounts payable and accrued liabilities	—	2.8	—	2.8	2.8




Term Loan	—	410.6	—	410.6	417.6
Derivatives included in other long-term liabilities	—	0.3	—	0.3	0.3
Put option liability included in other long-term liabilities	—	—	37.4	37.4	37.4
Contingent consideration included in other long-term liabilities	—	—	0.5	0.5	0.5

In connection with the Japan Joint Venture, for the first quarter ended June 28, 2026, the Company recorded a decrease of JPY1.6m (less than $0.1m, excluding translation losses of less than $0.1m) on the remeasurement of the contingent consideration. The Company recorded an increase of JPY208.0m ($1.8m, excluding translation losses of $0.5m) on the remeasurement of the put option liability during the first quarter ended June 28, 2026. The change in fair value of the put option liability was driven by progression through the 10-year term.


			Canada Goose Holdings Inc.			Page 25 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

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.

Note 15. Financial risk management objectives and policies

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.

Capital management

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

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.


			Canada Goose Holdings Inc.			Page 26 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

The following table summarizes the amount of contractual undiscounted future cash flow requirements by fiscal year as at June 28, 2026:


(in millions of Canadian dollars)	Q2 to Q4 2027	2028	2029	2030	2031	2032	Thereafter	Total
	$	$	$	$	$	$	$	$
Accounts payable and accrued liabilities	205.0	—	—	—	—	—	—	205.0
Mainland China Facilities	0.5	—	—	—	—	—	—	0.5
Japan Facility	12.3	—	—	—	—	—	—	12.3

Term Loan	3.2	4.3	4.3	4.3	4.3	4.3	400.1	424.8
Interest commitments relating to borrowings1	21.4	28.3	28.3	28.3	28.3	28.3	11.2	174.1

Lease obligations	85.8	115.1	97.4	76.7	64.5	44.4	104.6	588.5
Pension obligation	—	—	—	—	—	—	1.2	1.2
Warehousing and logistics	6.6	6.6	4.3	—	—	—	—	17.5
Total contractual obligations	334.8	154.3	134.3	109.3	97.1	77.0	517.1	1,423.9

1Interest commitments are calculated based on the outstanding loan balance and the interest rate payable on the Mainland China Facilities, Japan Facility and the Term Loan of 2.55% 1.25% and 6.67% respectively, as at June 28, 2026.

As at June 28, 2026, we had additional liabilities which included provisions for warranty, sales returns, ARO, 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.

Letter of guarantee facilities

Canada Goose Inc. and its subsidiaries have entered into various letter of guarantee facilities with banking partners to support working capital and retail operations through letters of guarantee, standby letters of credit, performance bonds, counter-guarantees, counter standby letters of credit, and similar credit instruments. Letters of guarantee are generally issued for terms of up to 12 months and are subject to a fee of 1.0% per annum based on the face value of the guarantee, plus applicable administrative costs, for the period the guarantee remains outstanding. As at June 28, 2026, outstanding amounts under these facilities totalled $30.1m, comprising $9.9m in North America, $16.2m in Mainland China, and $4.0m in Europe.

Credit risk

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 processes. A third-party insurer provides coverage on customers’ trade accounts receivable balances, with ongoing monitoring of customer creditworthiness. This insurance covers a specified portion of revenue, which may be less than the Company's total revenue with a given customer. Under the Company’s agreement with the insurer, approved credit limits are established for certain designated customers and up to 90% of their trade accounts receivable balances are insured. The policy includes a deductible of $0.1m and an annual coverage limit of $30.0m. As at June 28, 2026, trade accounts receivable totalling approximately $18.8m (June 29, 2025 - $9.0m, March 29, 2026 - $17.0m) were insured subject to the policy cap and customer credit limits. In addition to insurance, the Company mitigates credit risk by establishing payment terms with customers and closely monitoring its


			Canada Goose Holdings Inc.			Page 27 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

accounts receivable exposure. As at June 28, 2026, expected credit losses and sales allowances totalled $2.5m (June 29, 2025 - $2.4m, March 29, 2026 - $18.7m).

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 JPY0.1m. As at June 28, 2026, trade accounts receivable totalling $0.1m (JPY12.9m) were insured subject to the policy cap (June 29, 2025 - $0.1m (JPY8.6m), March 29, 2026 - $0.6m (JPY71.6m)).

Market risk

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.

Foreign exchange risk

Foreign exchange risk in operating cash flows

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 foreign 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 gains and losses in the fair value of derivatives designated as cash flow hedges in other comprehensive loss:

First quarter ended

June 28,
2026

June 29,
2025

(in millions of Canadian dollars)

Net gain

Tax recovery

Net loss

Tax expense

Forward foreign exchange contracts designated as cash flow hedges

less than 0.1

(0.1)


			Canada Goose Holdings Inc.			Page 28 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

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


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
Loss (gain) from other comprehensive loss	$	$
Forward foreign exchange contracts designated as cash flow hedges
Revenue	—	(0.5)
SG&A expenses	—	(0.2)
Inventory	less than 0.1	(0.1)

For the first quarter ended June 28, 2026, an unrealized loss of $2.8m (first quarter ended June 29, 2025 - unrealized gain of $1.9m) 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 28, 2026 related to operating cash flows were:


(in millions)	Aggregate Amounts		Currency
Forward contract to purchase Canadian dollars	USD	8.9	U.S. dollars
	€	30.3	Euros
	¥	2,969.0	Japanese yen

Forward contract to sell Canadian dollars	USD	30.4	U.S. dollars
	€	42.4	Euros



Forward contract to purchase euros	CNY	801.9	Chinese yuan
	£	6.7	British pounds sterling


	AUD	7.3	Australian Dollar

Foreign exchange risk on borrowings

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.

In fiscal 2026, the Company entered into cross currency swap agreements terminating on December 31, 2030 to hedge a portion of its exposure to interest rate risk and foreign currency exchange risk. The cross currency swaps involve a periodic exchange of floating rate interest payments in USD, for fixed rate interest payments in CAD. At the hedge maturity date, there will be an exchange of notional principal amounts of USD270.0m for $373.6m. The cross currency swaps are designated and accounted for as cash flow hedges.

Following the Fiscal 2027 Amendment to Term Loan, the related cross currency swaps were amended to align with the revised interest rate terms of the underlying Term Loan, resulting in changes to both the floating-rate and fixed-rate legs of the swap. All other contractual terms of the derivatives and the associated hedging relationship remained unchanged.

Refer to "Note 10. Borrowings" for more details on the Fiscal 2027 Amendment to Term Loan.


			Canada Goose Holdings Inc.			Page 29 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

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


	First quarter ended
	June 28, 2026		June 29, 2025
(in millions of Canadian dollars)	Net loss	Tax recovery	Net loss	Tax recovery
	$	$	$	$
Swaps designated as cash flow hedges	(1.7)	0.6	(1.6)	0.6

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


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
Loss from other comprehensive loss	$	$
Swaps designated as cash flow hedges	—	0.8

There were no forward exchange contracts in place during the first quarter ended June 28, 2026. For the first quarter ended June 29, 2025 unrealized losses of $14.7m in the fair value of the forward exchange contracts related to a portion of the Term Loan balance were recognized in net interest, finance and other costs in the interim statements of loss.

Interest rate risk

The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Mainland China Facilities, Japan Facility and the Term Loan, which currently bear interest rates of 2.55%, 1.25% and 6.67%, respectively.

Interest rate risk on the Term Loan is partially mitigated by cross currency swap hedges. Refer to "Foreign exchange risk on borrowings" above for more details.

Based on the closing balance of outstanding borrowings, a 1.00% increase in the closing interest rate during the first quarter ended June 28, 2026 would have increased interest expense on the Mainland China Facilities, Japan Facility and the Term Loan before hedging by less than $0.1m, less than $0.1m and $1.1m, respectively (first quarter ended June 29, 2025 - $nil, less than $0.1m and $1.0m, respectively). As at June 28, 2026, the Company has repaid all amounts outstanding on its other borrowing facilities.


			Canada Goose Holdings Inc.			Page 30 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)

Note 16. Selected cash flow information

Changes in non-cash operating items


	First quarter ended
(in millions of Canadian dollars)	June 28, 2026	June 29, 2025
	$	$
		Reclassified
Trade receivables	21.3	24.3
Inventories	(98.3)	(57.6)
Other current assets	11.6	(8.6)
Accounts payable and accrued liabilities	(16.1)	(4.4)
Provisions	(8.1)	(5.2)
Other	(15.7)	21.5
Change in non-cash operating items	(105.3)	(30.0)

Changes in liabilities and equity arising from financing activities


	Mainland China Facilities	Japan Facility	Revolving Facility	Term Loan	Lease liabilities	Share capital
	$	$	$	$	$	$
March 29, 2026	—	—	(0.5)	410.6	374.6	114.1
Cash flows:

Mainland China Facilities borrowings	0.5	—	—	—	—	—
Japan Facility borrowings	—	12.3	—	—	—	—

Term Loan repayments	—	—	—	(1.0)	—	—
Transactions costs on financing activities	—	—	—	(1.2)	—	—
Term loan original issued discount	—	—	—	(0.1)	—	—

Principal payments on lease liabilities	—	—	—	—	(22.7)	—

Issuance of shares	—	—	—	—	—	1.7
Non-cash items:
Accrued transaction costs	—	—	—	—	—	—
Amortization of deferred transaction costs	—	—	0.1	0.2	—	—
Acceleration of unamortized costs on debt extinguishment	—	—	—	6.0	—	—

Unrealized foreign exchange gain	—	—	—	9.0	6.1	—
Additions and amendments to lease liabilities (note 7)	—	—	—	—	40.3	—
Derecognition on termination of lease liabilities (note 7)	—	—	—	—	(1.2)	—


Contributed surplus on share issuances (note 11)	—	—	—	—	—	8.9
June 28, 2026	0.5	12.3	(0.4)	423.5	397.1	124.7


			Canada Goose Holdings Inc.			Page 31 of 32

Notes to the Condensed Consolidated Interim Financial Statements

(unaudited)


	Mainland China Facilities	Japan Facility	Revolving Facility	Term Loan	Lease liabilities	Share capital
	$	$	$	$	$	$
March 30, 2025	—	—	(0.7)	412.0	330.8	109.6
Cash flows:


Japan Facility borrowings	—	8.5	—	—	—	—

Term Loan repayments	—	—	—	(1.1)	—	—


Principal payments on lease liabilities	—	—	—	—	(19.4)	—


Non-cash items:

Amortization of deferred transaction costs	—	—	—	0.1	—	—
Unrealized foreign exchange gain	—	—	—	(18.3)	(4.5)	—
Additions and amendments to lease liabilities (note 7)	—	—	—	—	13.8	—



Contributed surplus on share issuances (note 11)	—	—	—	—	—	3.7
June 29, 2025	—	8.5	(0.7)	392.7	320.7	113.3


			Canada Goose Holdings Inc.			Page 32 of 32

CANADA GOOSE HOLDINGS INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the first quarter ended June 28, 2026

The following Management’s Discussion and Analysis (“MD&A”) for Canada Goose Holdings Inc. (“us,” “we,” “our,” “Canada Goose” or the “Company”) is dated July 29, 2026 and provides information concerning our results of operations and financial condition for the first quarter ended June 28, 2026. You should read this MD&A together with our unaudited condensed consolidated interim financial statements and the related notes as at and for the first quarter ended June 28, 2026 (“Interim Financial Statements”) and our audited consolidated financial statements and the related notes for the fiscal year ended March 29, 2026 (“Annual Financial Statements”). Additional information about Canada Goose is available on our website at www.canadagoose.com, on the SEDAR+ website at www.sedarplus.ca, and on the EDGAR section of the U.S. Securities and Exchange Commission (the “SEC”) website at www.sec.gov, including our Annual Report on Form 20-F for the fiscal year ended March 29, 2026 (“Annual Report”).

CAUTIONARY NOTE REGARDING FORWARD‑LOOKING STATEMENTS

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,” “target,” “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;


			Canada Goose Holdings Inc.			Page 1 of 30

•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 enacted 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 enacted and prospective additional tariffs and regulations in the United States, China, the United Kingdom and the European Union, which could increase the prices of the raw materials for our products. For example, on July 20, 2026, the United States announced additional U.S. duties, which are currently stated to come into effect on August 19, 2026 (the “August 2026 Duties”). Such August 2026 Duties, if and when in effect, would currently be expected to apply to a broad-range of Canadian and other goods globally, including goods qualifying under the Canada-United States-Mexico Agreement (CUSMA) such as certain of the Company’s products. These duties, once effective, together with any related retaliatory measures or further changes in trade policy, could increase the cost of selling our products in the United States, require changes to our pricing or supply chain, reduce demand for our products and adversely affect our margins, results of operations and competitive position. Export requirements, tariffs, taxes and other restrictions and expenses could also increase the prices of our products and make us less competitive in some countries or markets;

•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, energy costs 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;


			Canada Goose Holdings Inc.			Page 2 of 30

•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 needs, 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 cybersecurity events;

•disruptions to manufacturing, distribution activities and product quality 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 that we face, and 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.

BASIS OF PRESENTATION


			Canada Goose Holdings Inc.			Page 3 of 30

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; “fiscal 2025” are to the Company’s fiscal year ended March 30, 2025; to “fiscal 2026” are to the Company’s fiscal year ended March 29, 2026; and to “fiscal 2027” are to the Company’s fiscal year ending March 28, 2027.

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 2025, fiscal 2026 and fiscal 2027 are each a 52-week fiscal year.

Refer to “Basis of Presentation” in the Interim Financial Statements 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 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 results of operations since March 29, 2026.


			Canada Goose Holdings Inc.			Page 4 of 30

SUMMARY OF FINANCIAL PERFORMANCE

The following table summarizes results of operations for the first quarter ended June 28, 2026, compared to the first quarter ended June 29, 2025, 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.


CAD $ millions (except per share data)	First quarter ended
	June 28, 2026			June 29, 2025			% Change
Statement of Operations data:
Revenue	118.9			107.8			10.3	%
Gross profit	74.2			66.2			12.1	%
Gross margin	62.4		%	61.4		%	100	bps
Operating loss	(103.8)			(158.7)			34.6	%
Net loss	(93.0)			(125.5)			25.9	%
Net loss attributable to shareholders of the Company	(90.8)			(125.2)			27.5	%
Loss per share attributable to shareholders of the Company
Basic and diluted1	$	(0.93)		$	(1.29)		27.9	%

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 average daily closing share price for the period was greater than the exercise price. Accordingly, for the first quarter ended June 28, 2026, 2,276,282 potentially dilutive shares have been excluded from the calculation of diluted loss per share because their effect was anti-dilutive (first quarter ended June 29, 2025 - 1,544,848 shares).


CAD $ millions	June 28, 2026	June 29, 2025	March 29, 2026
Financial Position:
Cash	206.9	180.5	408.2
Inventories	489.9	439.5	386.3
Total assets1	1,692.3	1,530.5	1,753.2
Total non-current liabilities	789.3	695.3	756.9
Equity	543.3	446.6	627.8

1The Company identified an immaterial error/reclassification related to asset retirement obligation (“ARO”) assets associated with its capital leases. It was determined that ARO assets should be presented as part of the carrying amount of the related right-of-use (“ROU”) assets rather than within property, plant and equipment (“PPE”). As a result, ARO assets were reclassified from PPE to ROU assets in the interim statement of financial position as at June 29, 2025 and the annual statement of financial position as at March 29, 2026, together with the related note disclosures. The Company reclassified $5.5m and $6.1m from PPE to ROU assets as at June 29, 2025 and March 29, 2026, respectively. Refer to “Note 2. Material accounting policy information” in our Interim Financial Statements for further details regarding the reclassification.

FACTORS AFFECTING OUR PERFORMANCE

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.


			Canada Goose Holdings Inc.			Page 5 of 30

•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. 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, as we have tailored our wholesale partnerships to complement our global DTC strategy. We continue to focus on strengthening our wholesale footprint, as our success in this channel is driven by engaging with partners who align with our luxury brand positioning.

•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 new or existing tariffs or trade restrictions, including tariffs imposed by the United States, including the August 2026 Duties, if and when effected, ongoing trade discussions and potential changes in trade relations between Canada and the United States, Mainland China and the United Kingdom, 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 realize 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, as we expand our product offering and become an all-season brand. We generated 77.0% and 81.7% of our annual wholesale revenue in the combined second and third fiscal quarters of fiscal 2026 and fiscal 2025, respectively. Additionally, we generated 82.3% and 83.3% of our annual DTC revenue in the combined third and fourth fiscal quarters of fiscal 2026 and fiscal 2025, 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 quarter. 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.


			Canada Goose Holdings Inc.			Page 6 of 30

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. During the three-month period ended June 28, 2026 and in fiscal years 2026 and 2025, we generated 55.9%, 73.6% and 70.5%, respectively, 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, customs 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.

SEGMENTS

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.

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.


			Canada Goose Holdings Inc.			Page 7 of 30

The Other segment comprises sales and costs not directly allocated to the DTC or Wholesale segments, such as sales to employees, friends and family events and certain selling, general and administrative (“SG&A”) expenses, and results from the Paola Confectii knitwear manufacturing business.

As at June 28, 2026, our DTC segment by geography included the following directly operated permanent retail stores:


		Fiscal 2027
	March 29, 2026	Q1 Activity3	June 28, 2026
Canada	10	1	11
United States	19	1	20
North America	29	2	31
Greater China1	32	2	34
Asia Pacific (excluding Greater China1)	13	—	13
Asia Pacific	45	2	47
EMEA2	14	—	14
Total permanent stores	88	4	92


		Fiscal 2026
	March 30, 2025	Q1 Activity	Q2 Activity	Q3 Activity	Q4 Activity4	March 29, 2026
Canada	10	—	—	—	—	10
United States	16	—	—	1	2	19
North America	26	—	—	1	2	29
Greater China1	28	(1)	1	2	2	32
Asia Pacific (excluding Greater China1)	10	2	—	—	1	13
Asia Pacific	38	1	1	2	3	45
EMEA2	10	1	—	1	2	14
Total permanent stores	74	2	1	4	7	88

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

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

3The conversion of two temporary stores to permanent stores is included in the Q1 fiscal 2027 activity. This conversion occurred due to a change in the definition of permanent stores, which, as of Q4 fiscal 2026, are now defined as directly operated retail locations with an executed lease term greater than 12 months, or locations operating under a lease intended to be ongoing or permanent in nature.

4The conversion of three temporary stores to permanent stores is included in the Q4 fiscal 2026 activity, as per the change in the definition described above.


			Canada Goose Holdings Inc.			Page 8 of 30

RESULTS OF OPERATIONS

For the first quarter ended June 28, 2026 compared to the first quarter ended June 29, 2025

The following table summarizes results of operations and expresses the percentage relationship to revenue of certain financial statement captions. Basis points (“bps”) expresses the changes between percentages.


CAD $ millions (except share and per share data)	First quarter ended						$ Change	% Change
	June 28, 2026			June 29, 2025
Revenue	118.9			107.8			11.1	10.3	%
Cost of sales	44.7			41.6			(3.1)	(7.5)	%
Gross profit	74.2			66.2			8.0	12.1	%
Gross margin	62.4		%	61.4		%		100	bps
SG&A expenses	178.0			224.9			46.9	20.9	%
SG&A expenses as % of revenue	149.7		%	208.6		%		5,890	bps
Operating loss	(103.8)			(158.7)			54.9	34.6	%
Operating margin	(87.3)		%	(147.2)		%		5,990	bps
Net interest, finance and other costs	21.1			5.4			(15.7)	(290.7)	%
Loss before income taxes	(124.9)			(164.1)			39.2	23.9	%
Income tax recovery	(31.9)			(38.6)			(6.7)	(17.4)	%
Effective tax rate	25.5		%	23.5		%		(200)	bps
Net loss	(93.0)			(125.5)			32.5	25.9	%
Net loss attributable to non-controlling interest	(2.2)			(0.3)			(1.9)	(633.3)	%
Net loss attributable to shareholders of the Company	(90.8)			(125.2)			34.4	27.5	%
Weighted average number of shares outstanding
Basic and diluted1	97,313,923			96,913,707

Loss per share attributable to shareholders of the Company
Basic and diluted1	$	(0.93)		$	(1.29)		0.36	27.9	%

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 average daily closing share price for the period was greater than the exercise price. Accordingly, for the first quarter ended June 28, 2026, 2,276,282 potentially dilutive shares have been excluded from the calculation of diluted loss per share because their effect was anti-dilutive (first quarter ended June 29, 2025 - 1,544,848 shares).


			Canada Goose Holdings Inc.			Page 9 of 30

Revenue


	First quarter ended		$ Change			% Change
CAD $ millions	June 28, 2026	June 29, 2025	As reported	Foreign exchange impact	In constant currency1	As reported		In constant currency1
DTC	84.8	78.1	6.7	(1.5)	5.2	8.6	%	6.7	%
Wholesale	29.8	17.9	11.9	(0.2)	11.7	66.5	%	65.4	%
Other	4.3	11.8	(7.5)	(0.1)	(7.6)	(63.6)	%	(64.4)	%
Total revenue	118.9	107.8	11.1	(1.8)	9.3	10.3	%	8.6	%

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

Revenue by geography


	First quarter ended		$ Change			% Change
CAD $ millions	June 28, 2026	June 29, 2025	As reported	Foreign exchange impact	In constant currency3	As reported		In constant currency3
Canada	27.0	24.4	2.6	—	2.6	10.7	%	10.7	%
United States	21.8	26.9	(5.1)	(0.4)	(5.5)	(19.0)	%	(20.4)	%
North America	48.8	51.3	(2.5)	(0.4)	(2.9)	(4.9)	%	(5.7)	%
Greater China1	37.5	26.0	11.5	(1.2)	10.3	44.2	%	39.6	%
Asia Pacific (excluding Greater China1)	16.1	13.0	3.1	0.1	3.2	23.8	%	24.6	%
Asia Pacific	53.6	39.0	14.6	(1.1)	13.5	37.4	%	34.6	%
EMEA2	16.5	17.5	(1.0)	(0.3)	(1.3)	(5.7)	%	(7.4)	%
Total revenue	118.9	107.8	11.1	(1.8)	9.3	10.3	%	8.6	%

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

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

3Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.

Revenue for the first quarter ended June 28, 2026 was $118.9m, an increase of $11.1m, or 10.3%, from $107.8m for the first quarter ended June 29, 2025. On a constant currency1 basis, revenue increased by 8.6% for the first quarter ended June 28, 2026 compared to the first quarter ended June 29, 2025, reflecting the strengthening of the Chinese yuan and U.S. dollar relative to the Canadian dollar in the current quarter.

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


			Canada Goose Holdings Inc.			Page 10 of 30

DTC

Revenue from our DTC segment was $84.8m for the first quarter ended June 28, 2026 compared to $78.1m for the first quarter ended June 29, 2025. The increase of $6.7m, or 8.6%, was driven by the following factors:

•Retail expansion with four new directly operated permanent store openings during the first quarter of fiscal 2027, and 14 new directly operated permanent store openings in the prior year running for the full quarter in fiscal 2027.

•DTC comparable sales decline1 of 3.2%, primarily driven by lower comparable store sales, partially offset by strong e-Commerce growth across all regions. DTC comparable sales decline was led by EMEA, followed by North America, while Asia Pacific was flat.

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

Revenue from our Wholesale segment was $29.8m for the first quarter ended June 28, 2026, compared to $17.9m for the first quarter ended June 29, 2025. The increase of $11.9m, or 66.5%, was primarily driven by growth in the order book, both continuation of Spring/Summer ‘26 and Fall/Winter ‘26 shipments, higher re-order activity, and the timing of shipments, particularly in the Asia Pacific and EMEA regions.

Other

Revenue from our Other segment was $4.3m for the first quarter ended June 28, 2026, compared to $11.8m for the first quarter ended June 29, 2025. The decrease of $7.5m was primarily attributable to minimal activity related to friends and family events in the United States during the current quarter compared to the first quarter ended June 29, 2025.

Gross Profit


	First quarter ended
	June 28, 2026			June 29, 2025
CAD $ millions	Reported	Gross margin		Reported	Gross margin		$ Change	Change in bps
Gross profit	74.2	62.4	%	66.2	61.4	%	8.0	100	bps

Gross profit and gross margin for the first quarter ended June 28, 2026 were $74.2m and 62.4%, respectively, compared to $66.2m and 61.4%, respectively, for the first quarter ended June 29, 2025. The increase in gross profit of $8.0m was primarily attributable to higher revenue and gross margin expansion. Gross margin in the current quarter was favourably impacted by channel mix, driven by a higher proportion of DTC and Wholesale revenue and region mix driven by a higher proportion of revenue in Asia Pacific. Pricing favourability helped offset moderate inflation on cost per unit.


			Canada Goose Holdings Inc.			Page 11 of 30

SG&A Expenses


	First quarter ended
	June 28, 2026			June 29, 2025
CAD $ millions	Reported	% of revenue		Reported	% of revenue		$ Change	Change in bps
SG&A expenses	178.0	149.7	%	224.9	208.6	%	46.9	5,890	bps

SG&A expenses were $178.0m for the first quarter ended June 28, 2026 compared to $224.9m for the first quarter ended June 29, 2025. SG&A expenses are comprised of:

•$96.4m of costs from our operating segments for the first quarter ended June 28, 2026 compared to $97.7m for the first quarter ended June 29, 2025; and

•Corporate expenses of $81.6m for the first quarter ended June 28, 2026 compared to $127.2m for the first quarter ended June 29, 2025.

Within operating segments and corporate expenses, the Company incurs marketing expenses. These expenses are primarily focused on building brand awareness, with region-specific allocation across channels and selective use of paid media.

•$22.1m of marketing expenses were incurred in the first quarter ended June 28, 2026, compared to $25.3m in the first quarter ended June 29, 2025.

◦The decrease of $3.2m was primarily driven by the timing of marketing expenditures, with spending shifted to better align with the peak selling season.

The decrease of $46.9m or (20.9)% in SG&A expenses was primarily attributable to:

•A decrease of $45.6m in costs related to corporate expenses, mainly driven by:

◦$43.8m related to the financial award recognized in the first quarter of fiscal 2026 in connection with the arbitration proceeding initiated in fiscal 2024 between the Company and a former supplier of the Company, which did not recur in the current period; and

◦$4.5m of favourable foreign exchange impacts.

•A decrease of $1.3m in costs related to our operating segments, mainly driven by:

▪An $8.5m decrease in costs related to the remuneration payout associated with the Paola Confectii business combination (“Earn-Out”), which was recognized in the prior year, subsequently settled, and did not recur in fiscal 2027.

▪Partially offset by $7.5m of higher costs attributable to the global retail network, primarily driven by increased variable rent, rent associated with our short-term leases, and depreciation and amortization costs, as well as higher costs from new stores and prior year store openings which have run for the full duration of the quarter and costs incurred on future planned store openings.

SG&A expenses as a percentage of revenue decreased by 5,890 bps to 149.7% in the first quarter ended June 28, 2026, compared to 208.6% for the first quarter ended June 29, 2025.


			Canada Goose Holdings Inc.			Page 12 of 30

Operating Loss and Operating Margin


	First quarter ended
	June 28, 2026			June 29, 2025
CAD $ millions	Reported	Operating margin		Reported	Operating margin		$ Change	Change in bps
DTC	(22.2)	(26.2)	%	(23.4)	(30.0)	%	1.2	380	bps
Wholesale	1.3	4.4	%	(3.5)	(19.6)	%	4.8	2,400	bps
Other	(1.3)	(30.2)	%	(4.6)	(39.0)	%	3.3	880	bps
Total segment operating loss1	(22.2)			(31.5)			9.3

	First quarter ended
	June 28, 2026			June 29, 2025
CAD $ millions	Reported	Operating margin		Reported	Operating margin		$ Change	Change in bps
Total segment operating loss1	(22.2)			(31.5)			9.3
Corporate expenses	(81.6)			(127.2)			45.6
Total operating loss	(103.8)	(87.3)	%	(158.7)	(147.2)	%	54.9	5,990	bps

1Total segment operating income is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of this measure.

Operating loss and operating margin were $103.8m and (87.3)% for the first quarter ended June 28, 2026 compared to $158.7m and (147.2)% for the first quarter ended June 29, 2025. The decrease in operating loss of $54.9m was attributable to decreased SG&A costs and higher gross profit as noted above. The increase in operating margin of 5,990 bps was primarily the result of lower operating costs.

DTC

DTC segment operating loss and operating margin were $22.2m and (26.2)% for the first quarter ended June 28, 2026 compared to $23.4m and (30.0)% for the first quarter ended June 29, 2025. The decrease in operating loss of $1.2m was attributable to improved revenue and gross profit, partially offset by higher operating costs associated with our global retail network.

The increase in operating margin of 380 bps was attributable to:

•Gross margin - favourably increased by 280 bps to 71.0% in the first quarter ended June 28, 2026, compared to 68.2% for the first quarter ended June 29, 2025. The increase in gross margin was mainly driven by favourability from region mix, with a higher proportion of revenue in Asia Pacific, and product mix.


			Canada Goose Holdings Inc.			Page 13 of 30

•SG&A expenses as a percentage of revenue - favourably decreased by 100 bps to 97.2% for the first quarter ended June 28, 2026, compared to 98.2% for the first quarter ended June 29, 2025. The decrease was primarily attributable to increased revenue in the segment from retail expansion and leverage from retail labour costs, positively impacting our operating leverage, despite an increase in operating costs primarily due to depreciation and amortization.

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

Wholesale segment operating income and operating margin were $1.3m and 4.4%, respectively, for the first quarter ended June 28, 2026 compared to operating loss and operating margin of $3.5m and (19.6)%, respectively, for the first quarter ended June 29, 2025. The increase in operating income of $4.8m was primarily attributable to higher gross profit.

The increase in operating margin of 2,400 bps was attributable to:

•Gross margin - favourably increased by 950 bps to 49.7% in the first quarter ended June 28, 2026, compared to 40.2% for the first quarter ended June 29, 2025. The increase in gross margin was mainly driven by product mix with a greater assortment of down-filled outerwear, favourability in region mix.

•SG&A expenses as a percentage of revenue - favourably decreased by 1,450 bps to 45.3% for the first quarter ended June 28, 2026, compared to 59.8% for the first quarter ended June 29, 2025. The decrease was primarily attributable to increased revenue in the segment from growth in the order book, higher re-order activity and timing of shipments in the current quarter. While operating costs increased in the quarter primarily due to logistics expenses in EMEA, they were partially offset by recovery of bad debt provisioning related to a wholesale partner in the United States.

Other

Other segment operating loss was $1.3m for the first quarter ended June 28, 2026 compared to operating loss of $4.6m for the first quarter ended June 29, 2025. The decrease in operating loss of $3.3m was attributable to the Earn-Out in the comparative quarter that did not recur.

Net Interest, Finance and Other Costs

First quarter ended

June 28,
2026

June 29,
2025

CAD $ millions

Reported

$
Change

%
Change

Net interest, finance and other costs

21.1

5.4

(15.7)

(290.7)

Net interest, finance and other costs were $21.1m for the first quarter ended June 28, 2026 compared to $5.4m for the first quarter ended June 29, 2025. The increase of $15.7m was primarily attributable to unfavourable foreign exchange fluctuations of $4.4m related to the term loan facility, net of hedging impacts, as well as an $8.7m increase attributable to interest expense and the write-off of deferred financing costs associated with our term loan facility, driven by the Fiscal 2027 Amendment to Term Loan (as defined below). The increase was


			Canada Goose Holdings Inc.			Page 14 of 30

further driven by a $0.8m increase in the fair value remeasurement of the put option and contingent consideration associated with the Company’s joint venture with Sazaby League (the “Japan Joint Venture”), along with $1.9m of higher interest related to principal payments on lease liabilities.

Income Taxes


	First quarter ended
	June 28, 2026			June 29, 2025
CAD $ millions	Reported	Effective tax rate		Reported	Effective tax rate		$ Change	Change in bps
Income tax recovery	(31.9)	25.5	%	(38.6)	23.5	%	(6.7)	(200)	bps

Income tax recovery was $31.9m for the first quarter ended June 28, 2026 compared to $38.6m for the first quarter ended June 29, 2025. For the first quarter ended June 28, 2026, the effective and statutory tax rates were 25.5% and 25.2%, respectively, compared to 23.5% and 25.3%, respectively, for the first quarter ended June 29, 2025. Given our global operations, the effective tax rate is impacted by our consolidated profit or loss, our profit or loss for tax purposes in each taxable jurisdiction, including the impact of amounts recorded for accounting purposes that are disregarded in the computation of income for tax purposes (such as a portion of share-based compensation expense and fair value remeasurement of the put option related to the Japan Joint Venture), and the statutory tax rate (taking account of relevant Pillar Two taxes) applicable in each jurisdiction.

Net Loss

Net loss for the first quarter ended June 28, 2026 was $93.0m compared to $125.5m for the first quarter ended June 29, 2025, driven by the factors described above.


			Canada Goose Holdings Inc.			Page 15 of 30

Quarterly Financial Information

The following is a summary of selected consolidated financial information for each of the eight most recently completed quarters:


CAD $ millions (except per share data)	Revenue				% of fiscal year revenue		Net (loss) income attributable to shareholders of the Company	(Loss) earnings per share attributable to shareholders of the Company				Operating (loss) income	Adjusted EBIT1	Adjusted net (loss) income per diluted share attributable to shareholders of the Company1
	DTC	Wholesale	Other	Total				Basic		Diluted
Fiscal 2027
First Quarter	84.8	29.8	4.3	118.9	—	%	(90.8)	$	(0.93)	$	(0.93)	(103.8)	(103.8)	$	(0.89)
Fiscal 2026
Fourth Quarter	361.7	49.1	42.5	453.3	29.7	%	28.1	$	0.29	$	0.28	64.9	64.9	$	0.37
Third Quarter	591.0	88.3	15.2	694.5	45.4	%	134.8	$	1.39	$	1.36	200.2	203.7	$	1.43
Second Quarter	126.6	135.9	10.1	272.6	17.8	%	(15.2)	$	(0.16)	$	(0.16)	(17.6)	(14.2)	$	(0.14)
First Quarter	78.1	17.9	11.8	107.8	7.1	%	(125.2)	$	(1.29)	$	(1.29)	(158.7)	(106.4)	$	(0.91)
Fiscal 2025
Fourth Quarter	314.1	31.8	38.7	384.6	28.5	%	27.1	$	0.28	$	0.28	55.1	59.7	$	0.33
Third Quarter	517.8	75.7	14.4	607.9	45.1	%	139.7	$	1.44	$	1.42	204.3	205.2	$	1.51
Second Quarter	103.9	137.3	26.6	267.8	19.9	%	5.4	$	0.06	$	0.06	1.6	2.5	$	0.05

1Adjusted EBIT and adjusted net (loss) income attributable to shareholders of the Company are non-IFRS financial measures, and adjusted net (loss) income per diluted share attributable to shareholders of the Company is a non-IFRS ratio. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of these measures and a reconciliation to the nearest IFRS Accounting Standards measure.

Revenue is highest in our Wholesale segment in our second and third quarters as we fulfill wholesale customer orders in time for their Fall and Winter retail seasons, and, in our DTC segment, in the third and fourth quarters. Our net income is typically negative in the first quarter and negative or reduced in the fourth quarter as we invest ahead of our peak season. As part of our global DTC strategy, we have been streamlining our wholesale partnerships and shifting sales to our DTC channel. We expect that the portion of revenue in our Wholesale segment will represent a smaller proportion of total revenue as we execute our DTC strategy.

Revenue

Over the last eight quarters, revenue has been impacted by the following:

•introduction of new stores and timing of store openings;

•launch and expansion of international e-Commerce sites;

•timing and extent of SG&A expenses, including demand generation activities;

•increased manufacturing flexibility with higher in-house production, which has an impact on the timing of wholesale order shipments and customer demand;

•timing of end-consumer purchasing in the DTC segment and the availability of new products;

•successful execution of our global pricing strategy, including varying levels of annual price increases on carry over product;


			Canada Goose Holdings Inc.			Page 16 of 30

•shift in mix of revenue from Wholesale to DTC, which has impacted the seasonality of our financial performance;

•shift in geographic mix of sales to increase sales outside of Canada, where average unit retail pricing is generally higher;

•fluctuation of foreign currencies relative to the Canadian dollar; and

•extent of activities in Other revenue.

Net (Loss) Income

Over the last eight quarters, net (loss) income has been affected by the following factors:

•impact of the items affecting revenue, as discussed above;

•change in product mix, specifically growth of revenue in our newer product categories;

•increase and timing of our investment in brand, marketing, and administrative support as well as increased investment in property, plant, and equipment and intangible assets to support growth initiatives;

•increase in fixed SG&A costs associated with our business, particularly the headcount growth and premises costs associated with our expanding DTC channel, resulting in net losses in our seasonally low-revenue first and fourth quarters, respectively;

•impact of foreign exchange;

•fluctuations in average cost of borrowings to address growing net working capital requirements and higher seasonal borrowings in the first and second quarters of each fiscal year to address the seasonal nature of revenue;

•pre-store opening costs incurred, timing of leases signed, and opening of stores;

•store impairment costs;

•costs of the financial award for the arbitration proceedings between the Company and the former supplier of the Company;

•costs of increased bad debt provisioning and recoveries relating to a Wholesale partner in the United States;

•impact of fair value remeasurement of the put option and contingent consideration and any amendments thereto, and costs associated with the Japan Joint Venture;

•the proportion of taxable income in non-Canadian jurisdictions and changes to rates and tax legislation in those jurisdictions;

•increased freight and duty costs, limitations on shipping and other disruptions in the transportation and shipping infrastructure;

•increased product costs due to cost inflation and interest rate fluctuations; and

•costs associated with the business combination resulting in the acquisition of Paola Confectii on November 1, 2023, including costs associated with the payment of the Earn-Out.


			Canada Goose Holdings Inc.			Page 17 of 30

NON-IFRS FINANCIAL MEASURES AND OTHER SPECIFIED FINANCIAL MEASURES

The Company uses certain financial measures that are “non-IFRS financial measures”, including adjusted EBIT, adjusted EBITDA, adjusted net loss attributable to the shareholders of the Company, constant currency revenue, total segment operating loss, and net debt, certain financial measures that are “non-IFRS ratios”, including adjusted EBIT margin, adjusted net loss per basic and diluted share attributable to shareholders of the Company and, net debt leverage, as well as DTC comparable sales (decline) growth which is a “supplementary financial measure”, in each case in this document and other documents. These financial measures are employed by the Company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain investors and analysts use this information to evaluate the Company’s operating and financial performance and its financial position. These financial measures are not defined under IFRS Accounting Standards, nor do they replace or supersede any standardized measure under IFRS Accounting Standards. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.


	First quarter ended
CAD $ millions (except per share data)	June 28, 2026			June 29, 2025

Adjusted EBIT	(103.8)			(106.4)
Adjusted EBIT margin	(87.3)		%	(98.7)		%
Adjusted EBITDA	(67.7)			(75.2)
Adjusted net loss attributable to shareholders of the Company	(86.5)			(88.2)
Adjusted net loss per basic and diluted share attributable to shareholders of the Company	$	(0.89)		$	(0.91)

CAD $ millions

June 28,
2026

June 29,
2025

March 29,
2026

Net debt

(627.8)

(541.7)

(383.2)

Adjusted EBIT, adjusted EBIT margin, adjusted EBITDA, adjusted net loss attributable to shareholders of the Company, and adjusted net loss per basic and diluted share attributable to shareholders of the Company.

These measures exclude the impact of certain non-cash items and certain other adjustments related to events that are non-recurring or unusual in nature, that we believe are not otherwise reflective of our ongoing operations and/or that make comparisons of underlying financial performance between periods difficult. We use, and believe that certain investors and analysts use, this information to evaluate our core financial and operating performance for business planning purposes, as well as to analyze how our business operates in, or responds to, swings in economic cycles or to other events that impact the apparel industry.

Constant currency revenue

Constant currency revenue is calculated by translating the prior year reported amounts into comparable amounts using a single foreign exchange rate for each currency calculated based on the current period exchange rates. We use, and believe that certain investors and analysts


			Canada Goose Holdings Inc.			Page 18 of 30

use, this information to assess how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations. See “Results of Operations - Revenue” for a reconciliation of reported revenue and revenue on a constant currency basis.

Net debt and net debt leverage

We define net debt as cash less total borrowings and lease liabilities, and net debt leverage as the ratio of net debt to adjusted EBITDA, measured on a spot basis. We use, and believe that certain investors and analysts use, these non-IFRS financial measures and ratios to determine the Company’s financial leverage and ability to meet its debt obligations. See “Liquidity and Capital Resources - Indebtedness” below for a table providing the calculation of net debt and discussion of net debt leverage.

DTC comparable sales (decline) growth

DTC comparable sales (decline) growth is a supplementary financial measure defined as a rate of growth/decline of sales on a constant currency basis from e-Commerce sites and stores which have been operating for one full year (12 successive fiscal months). The measure excludes store sales from both periods for the specific trading days when the stores were closed, whether those closures occurred in the current period or the comparative period. The DTC comparable sales (decline) growth metric we report may not be equivalent to similarly titled metrics reported by other companies.

Total Segment Operating (Loss) Income

Total segment operating (loss) income is a non-IFRS financial measure defined as revenue minus cost of goods sold and SG&A expenses directly related to the operating segment. The total segment operating (loss) income metric we report may not be equivalent to similarly titled metrics reported by other companies. See “Operating Loss and Operating Margin” discussion above for reconciliation.

The tables below reconcile net loss to adjusted EBIT, adjusted EBITDA, and adjusted net loss attributable to shareholders of the Company for the periods indicated. Adjusted EBIT margin is equal to adjusted EBIT for the period presented as a percentage of revenue for the same period.


	First quarter ended
CAD $ millions	June 28, 2026		June 29, 2025
Net loss	(93.0)		(125.5)
Add (deduct) the impact of:
Income tax recovery	(31.9)		(38.6)
Net interest, finance and other costs	21.1		5.4
Operating loss	(103.8)		(158.7)
Arbitration award (a)	—		43.8
Paola Confectii Earn-Out costs (b)	—		8.5
Total adjustments	—		52.3
Adjusted EBIT	(103.8)		(106.4)
Adjusted EBIT margin	(87.3)	%	(98.7)	%


			Canada Goose Holdings Inc.			Page 19 of 30


	First quarter ended
CAD $ millions	June 28, 2026	June 29, 2025
Net loss	(93.0)	(125.5)
Add (deduct) the impact of:
Income tax recovery	(31.9)	(38.6)
Net interest, finance and other costs	21.1	5.4
Operating loss	(103.8)	(158.7)
Arbitration award (a)	—	43.8
Paola Confectii Earn-Out costs (b)	—	8.5
Depreciation and amortization (e)	36.1	31.2
Total adjustments	36.1	83.5
Adjusted EBITDA	(67.7)	(75.2)


	First quarter ended
CAD $ millions	June 28, 2026		June 29, 2025
Net loss	(93.0)		(125.5)
Add (deduct) the impact of:
Arbitration award (a)	—		43.8
Paola Confectii Earn-Out costs (b)	—		8.5
Acceleration of unamortized costs on debt extinguishment (g)	6.0		—
Japan Joint Venture remeasurement loss on contingent consideration and put option (c)	2.3		1.0
Unrealized foreign exchange loss (gain) on term loan facility (d)	0.9		(3.5)
	9.2		49.8
Tax effect of adjustments	(1.6)		(12.0)
Adjusted net loss	(85.4)		(87.7)
Adjusted net loss attributable to non-controlling interest (f)	(1.1)		(0.5)
Adjusted net loss attributable to shareholders of the Company	(86.5)		(88.2)


Weighted average number of shares outstanding	97,313,923		96,913,707

Adjusted net loss per basic and diluted share attributable to shareholders of the Company	$	(0.89)	$	(0.91)

(a)During the first quarter ended June 29, 2025, an arbitral decision was rendered in respect of an arbitration proceeding 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 judgment against the Company with financial compensation to be awarded to the former supplier. As a result, the Company was required to make a one-time payment to the former supplier of USD32.0m ($43.8m), inclusive of legal costs, which was recognized in SG&A expenses in the interim statements of loss and was paid to the former supplier during the second quarter of fiscal 2026.

(b)Value of the Earn-Out, which was paid in fiscal 2026.

(c)Changes to the fair value remeasurement of the contingent consideration and put option liability, inclusive of translation gains and losses, related to the Japan Joint Venture. The


			Canada Goose Holdings Inc.			Page 20 of 30

Company recorded a loss of $2.3m, on the fair value remeasurement of the contingent consideration and put option during the first quarter ended June 28, 2026 (first quarter ended June 29, 2025 - a loss of $1.0m). These losses are included in net interest, finance and other costs within the interim statements of loss.

(d)Unrealized gains and losses on the translation of the term loan facility from USD to CAD, net of the effect of derivative transactions entered into to hedge a portion of the exposure to foreign currency exchange risk. These costs are included in net interest, finance and other costs within the interim statements of loss.

(e)Calculated as depreciation and amortization as determined in accordance with IFRS Accounting Standards. Depreciation and amortization includes depreciation on ROU assets under IFRS 16, Leases.

(f)Calculated as net loss attributable to non-controlling interest within the interim statements of loss of $(1.1)m for the put option liability and contingent consideration revaluation related to the non-controlling interest within the Japan Joint Venture for the first quarter ended June 28, 2026 (first quarter ended June 29, 2025 - net loss attributable to non-controlling interest of $(0.5)m).

(g)The non-cash unamortized costs accelerated in connection with the debt extinguishment due to the Fiscal 2027 Amendment to Term Loan (as defined below).

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

The following table summarizes the Company’s consolidated statement of cash flows for the first quarter ended June 28, 2026 compared to the first quarter ended June 29, 2025.


	First quarter ended
CAD $ millions	June 28, 2026	June 29, 2025	$ Change
		Reclassified1
Total cash (used in) from:
Operating activities	(190.7)	(143.6)	(47.1)
Investing activities	(4.7)	(0.5)	(4.2)
Financing activities	(10.5)	(12.0)	1.5
Effects of foreign currency exchange rate changes on cash	4.6	2.2	2.4
Decrease in cash	(201.3)	(153.9)	(47.4)
Cash, beginning of period	408.2	334.4	73.8
Cash, end of period	206.9	180.5	26.4

1 Refer to the “Summary of Financial Performance” section above and “Note 2. Material accounting policy information” in our Interim Financial Statements for additional details regarding the reclassification. As a result, $0.8m was reclassified from total cash used in investing activities to cash used in operating activities.

Cash Requirements

Our primary need for liquidity is to fund net working capital, capital expenditures including new stores, general corporate requirements of our business and debt services. Our primary source of liquidity to meet our cash requirements is cash generated from operating activities over our


			Canada Goose Holdings Inc.			Page 21 of 30

annual operating cycle. We also utilize the Mainland China credit facilities, the Japan credit facility, and the revolving credit facility, to provide short-term liquidity and to have funds available for net working capital. Our ability to fund our operations, invest in planned capital expenditures, meet debt obligations, and repay or refinance indebtedness depends on our future operating performance and cash flows, which are subject to, but not limited to, prevailing economic, financial, and business conditions, some of which are beyond our control. Cash generated from operating activities is significantly impacted by the seasonality of our business. Historically, cash flows from operating activities 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 recognized earlier in the year.

As at June 28, 2026, total inventory was $489.9m, compared to $439.5m as at June 29, 2025. This increase of $50.4m was driven by higher finished goods due to greater sales units demand, expanded product assortments, increased product newness and a larger wholesale order book, as well as an increase in raw materials and work in progress ahead of our Fall/Winter ‘26 collection launch.

As at June 28, 2026, the increase in total inventory compared to March 29, 2026 of $103.6m, was attributable to planned higher finished goods inventory, due to the drivers described above.

We continue to monitor the levels of inventory in each of our sales channels and across geographic regions and intend to continue to align inventory with demand that we forecast in each region.

Cash flows used in operating activities

Cash flows used in operating activities were $190.7m for the first quarter ended June 28, 2026 compared to $143.6m for the first quarter ended June 29, 2025. The increase in cash flows used in operating activities of $47.1m was primarily driven by movement in working capital, mainly reflecting a higher investment in inventory compared to the prior period, as well as lower contributions from accounts payable and accrued liabilities.

Cash flows used in investing activities

Cash flows used in investing activities were $4.7m for the first quarter ended June 28, 2026 compared to $0.5m for the first quarter ended June 29, 2025. The increase in cash flows used in investing activities of $4.2m was primarily due to higher capital expenditures related to upcoming and newly opened retail stores.

Cash flows used in financing activities

Cash flows used in financing activities were $10.5m for the first quarter ended June 28, 2026 compared to cash flows used in financing activities of $12.0m for the first quarter ended June 29, 2025. The decrease in cash flows used in financing activities of $1.5m was primarily attributable to higher borrowings under the Japan credit facility of $3.8m and proceeds from share issuances related to employee stock option exercises of $1.7m during the quarter, partially offset by higher principal payments on lease liabilities of $3.3m.


			Canada Goose Holdings Inc.			Page 22 of 30

Indebtedness

The following table presents our net debt1 as at June 28, 2026, June 29, 2025, and March 29, 2026.


CAD $ millions	June 28, 2026	June 29, 2025	$ Change	March 29, 2026	$ Change
Cash	206.9	180.5	26.4	408.2	(201.3)
Mainland China credit facilities	(0.5)	—	(0.5)	—	(0.5)
Japan credit facility	(12.3)	(8.5)	(3.8)	—	(12.3)

Term loan facility	(424.8)	(393.0)	(31.8)	(416.8)	(8.0)
Lease liabilities	(397.1)	(320.7)	(76.4)	(374.6)	(22.5)
Net debt1	(627.8)	(541.7)	(86.1)	(383.2)	(244.6)

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

As at June 28, 2026, net debt1 was $627.8m compared to $541.7m as at June 29, 2025. The increase of $86.1m was driven by higher borrowings on our debt facilities and an increase in lease liabilities. Net debt leverage1 as at June 28, 2026 was 2.1 times adjusted EBITDA, compared to 1.8 times adjusted EBITDA as at June 29, 2025.

Net debt1 was $383.2m as at March 29, 2026. The increase of $244.6m as at June 28, 2026 was primarily driven by a decrease in cash of $201.3m.

1Net debt is a non-IFRS financial measure and net debt leverage is a non-IFRS ratio. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for a description of these measures.

See “Note 10. Borrowings” in our Interim Financial Statements, “Note 17. Borrowings” in our Annual Financial Statements and, “Factors Affecting Our Performance” and “Indebtedness” in the MD&A section of our Annual Report for detailed information on our debt facilities and seasonality of the business.

Amendment to Term Loan Facility

On June 18, 2026, the Company entered into a repricing amendment to its existing term loan facility ("Fiscal 2027 Amendment to Term Loan"). Following the Fiscal 2027 Amendment to Term Loan, the applicable interest rate applied to SOFR borrowings decreased to a rate of three-year SOFR +3.0% from SOFR +3.50%, payable quarterly in arrears.

The Company accounted for the Fiscal 2027 Amendment to Term Loan as a debt extinguishment due to a change in the syndicate lenders. As a result, deferred financing costs of $5.1m and original issue discount ("OID") of $0.9m related to the previous Term Loan were written off during the first quarter ended June 28, 2026 and recorded to net interest, finance and other costs in the interim statements of loss. The Company incurred transaction costs related to the Fiscal 2027 Amendment to Term Loan of $1.2m (USD0.8m) and an OID of $0.1m (USD0.1m), which are being amortized using the effective interest rate method.


			Canada Goose Holdings Inc.			Page 23 of 30

Normal Course Issuer Bid

Normal course issuer bid for Fiscal 2026

In November 2025, the Company renewed its normal course issuer bid in relation to its subordinate voting shares (“Fiscal 2026 NCIB”). The Company is authorized to make purchases under the Fiscal 2026 NCIB from November 10, 2025 to November 9, 2026, in accordance with the requirements of the Toronto Stock Exchange (the “TSX”). The Board of Directors of the Company has authorized the Company to repurchase up to 4,578,677 subordinate voting shares, representing approximately 10.0% of the Public Float (as defined in the rules of the TSX) for the subordinate voting shares as at October 27, 2025. Purchases will be made by means of open market transactions on both the TSX and the New York Stock Exchange (the “NYSE”), or alternative trading systems, if eligible, and will conform to their regulations. Under the Fiscal 2026 NCIB, the Company is allowed to repurchase daily, through the facilities of the TSX, a maximum of 58,127 subordinate voting shares, representing 25% of the average daily trading volume, as calculated per the TSX rules for the six-month period starting on May 1, 2025 and ending on October 31, 2025. A copy of the Company’s notice of intention to commence a normal course issuer bid through the facilities of the TSX may be obtained, without charge, by contacting the Company.

Since the commencement of the bid on November 10, 2025, the Company has made no repurchases under the Fiscal 2026 NCIB.

During the first quarter ended June 28, 2026 and the first quarter ended June 29, 2025, the Company made no repurchases under the normal course issuer bid then in place.

Contractual Obligations

Refer to “Contractual Obligations” in the MD&A section of our Annual Report and “Note 15. Financial risk management objectives and policies” of our Interim Financial Statements for a summary of the significant contractual obligations and other obligations of the Company. There have been no material changes since March 29, 2026.

OFF-BALANCE SHEET ARRANGEMENTS

The Company uses off-balance sheet arrangements including letters of credit and guarantees in connection with certain obligations including leases. Other than those items disclosed here and elsewhere in this MD&A and our financial statements, we did not have any material off-balance sheet arrangements or commitments as at June 28, 2026.

See “Note 15. Financial risk and management objectives and policies” in the Interim Financial Statements and “Off-Balance Sheet Arrangements” in the MD&A section of our Annual Report for detailed information on our off-balance sheet arrangements.


			Canada Goose Holdings Inc.			Page 24 of 30

OUTSTANDING SHARE CAPITAL

Canada Goose is a publicly traded company and the subordinate voting shares are listed on the New York Stock Exchange (NYSE: GOOS) and on the Toronto Stock Exchange (TSX: GOOS). As at July 23, 2026, there were 46,656,533 subordinate voting shares issued and outstanding, and 51,004,076 multiple voting shares issued and outstanding.

As at July 23, 2026, there were 6,906,362 options, 1,131,974 restricted share units, and 1,459,275 performance share units outstanding under the Company’s equity incentive plans, of which 3,771,723 options were vested as of such date. Each option is exercisable for one subordinate voting share. We expect that vested restricted share units and performance share units, including any additional performance share units, vested for performance achieved above target, will be paid at settlement through the issuance of one subordinate voting share per unit.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks arising from transactions in the normal course of our business. Such risk is principally associated with credit risk, foreign exchange risk, and interest rate risk.

Credit risk

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 risk processes. A third-party insurer provides coverage on customers’ trade accounts receivable balances, with ongoing monitoring of customer creditworthiness. This insurance covers a specified portion of revenue, which may be less than the Company's total revenue with a given customer. Under the Company’s agreement with the insurer, approved credit limits are established for certain designated customers and up to 90% of their trade accounts receivable balances are insured. The policy includes a deductible of $0.1m and an annual coverage limit of $30.0m.

Moreover, within Canada Goose 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 JPY0.1m.

Our exposure to credit risk has not significantly changed from the fiscal year ended March 29, 2026. See “Note 15. Financial Risk Management Objectives and Policies” of our Interim Financial Statements and “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report for detailed information on the Company’s credit risk.

Foreign exchange risk

Foreign exchange risk in operating cash flows

Our Interim Financial Statements are expressed in Canadian dollars, but a substantial portion of the Company’s revenues, purchases, and expenses are denominated in foreign currencies, primarily U.S. dollars, euros, British pounds sterling, Swiss francs, Chinese yuan, Hong Kong dollars, Japanese yen, Taiwanese dollars, and Australian dollars. Net monetary assets denominated in currencies other than Canadian dollars that are held in entities with Canadian


			Canada Goose Holdings Inc.			Page 25 of 30

dollar functional currency are translated into Canadian dollars at the foreign currency exchange rate in effect at the balance sheet date. 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 from our foreign operations into Canadian dollars. 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.

We are also exposed to fluctuations in the prices of U.S. dollar and euro denominated purchases as a result of changes in U.S. dollar or euro exchange rates. Most of our raw materials are sourced outside of Canada, primarily in U.S. dollars, and SG&A expenses are typically denominated in the currency of the country in which they are incurred. As a result, we are exposed to foreign currency exchange fluctuations on multiple currencies. A depreciating Canadian dollar relative to the U.S. dollar or euro will negatively impact operating income and net income by increasing our costs of raw materials, while an appreciating Canadian dollar relative to the U.S. dollar or euro will have the opposite impact.

As part of our risk management program, we have entered into foreign exchange derivative contracts to manage certain of our exposures to exchange rate fluctuations for future foreign currency transactions, which is intended to reduce the variability of our operating costs and future cash flows denominated in local currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges.

Foreign exchange risk on borrowings

We are further exposed to translation and transaction risks associated with foreign currency exchange fluctuations on foreign currencies denominated principal and interest amounts payable under the Mainland China credit facilities, the Japan credit facility, the revolving credit facility, and the term loan facility. To mitigate a portion of this exposure, the Company has entered into derivative contracts to hedge USD270.0m of the U.S. dollar denominated principal outstanding under the term loan facility.

Following the Fiscal 2027 Amendment to Term Loan, the related cross currency swaps were amended to align with the revised interest rate terms of the underlying term loan, resulting in changes to both the floating-rate and fixed-rate legs of the swap. All other contractual terms of the derivatives and the associated hedging relationship remained unchanged.

See “Note 15. Financial risk and management objectives and policies” in our Interim Financial Statements and the “Foreign Exchange Risk” section of the MD&A in our Annual Report, for detailed information about the Company’s hedging program.


			Canada Goose Holdings Inc.			Page 26 of 30

Interest rate risk

The Company is exposed to interest rate risk related to the effect of interest rate changes on the borrowings outstanding under the Mainland China credit facilities, Japan credit facility and the term loan facility, which currently bear interest rates of 2.55%, 1.25% and 6.67%, respectively.

Interest rate risk on the term loan facility is partially mitigated by cross currency swap hedges. Refer to "Foreign exchange risk on borrowings" above for more details.

Based on the closing balance of outstanding borrowings, a 1.00% increase in the closing interest rate during the first quarter ended June 28, 2026 would have increased interest expense on the Mainland China credit facilities, Japan credit facility and the term loan facility before hedging, by less than $0.1m, less than $0.1m and $1.1m, respectively (first quarter ended June 29, 2025 - $nil, less than $0.1m and $1.0m, respectively). As at June 28, 2026, the Company has repaid all amounts outstanding on its other borrowing facilities.

LITIGATION AND OTHER CONTINGENCIES

In the ordinary course of business, the Company may become subject to legal and regulatory proceedings and actions relating to its business, including matters involving its products, and contractual and employment relationships. The Company records contingent liabilities when a loss related to a claim is assessed to be probable and reasonably estimable.

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 was required to make a one-time payment to the former supplier of USD32.0m ($43.8m), inclusive of legal costs, which was recognized in SG&A expenses in the interim statements of loss. The award and legal costs were paid to the former supplier during the second quarter ended September 28, 2025.

RELATED PARTY TRANSACTIONS

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. During the first quarter ended June 28, 2026, the Company recorded transactions with related parties totalling $0.8m, (first quarter ended June 29, 2025 - $0.8m) of business service expenses and less than $0.1m of revenue (first quarter ended June 29, 2025 - less than $0.1m), with entities related to certain shareholders. Balances owing to related parties as at June 28, 2026 totaled $0.3m (June 29, 2025 - $0.5m, March 29, 2026 - $0.4m), while balances due from related parties as at June 28, 2026 were less than $0.1m (June 29, 2025 - less than $0.1m, March 29, 2026 - less than $0.1m).


			Canada Goose Holdings Inc.			Page 27 of 30

The Japan Joint Venture has lease liabilities due to the non-controlling shareholder, Sazaby League, for leased premises. Lease liabilities were $0.9m as at June 28, 2026 (June 29, 2025 - $1.4m, March 29, 2026 - $0.9m). During the first quarter ended June 28, 2026, the Company recorded transactions with Sazaby League relating to principal and interest on lease liabilities, royalty fees, and other operating costs totalling $1.3m (first quarter ended June 29, 2025 - $1.5m). Balances owing to Sazaby League as at June 28, 2026 were $0.3m (June 29, 2025 - $0.3m, March 29, 2026 - $0.3m).

In connection with the Paola Confectii business combination completed on November 1, 2023, the Company was required to make an Earn-Out payment to the controlling shareholders of Paola Confectii SRL (“PCML Vendors”), subject to their continued employment through November 1, 2025 and the achievement of certain performance conditions based on financial results. The Earn-Out was fully settled as at March 29, 2026.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our Interim Financial Statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”). The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. See “Critical Accounting Policies and Estimates” in our MD&A within the Annual Report for detailed information.


			Canada Goose Holdings Inc.			Page 28 of 30

CHANGES IN ACCOUNTING POLICIES

Standards issued and adopted

In May 2024, the 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 adopted the standard beginning March 30, 2026 and has determined that there are no material impacts to the consolidated interim financial statements as a result of these amendments.

Standards issued and not yet adopted

INTERNAL CONTROL OVER FINANCIAL REPORTING

Disclosure Controls and Procedures

Management, including the CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based on that evaluation, the CEO and CFO concluded that such disclosure controls and procedures were effective as of June 28, 2026, to provide reasonable assurance that the information required to be disclosed by the Company in reports it files is recorded, processed, summarized and reported within the appropriate time periods and is accumulated and communicated to management, as appropriate, to allow timely decisions regarding required disclosure.

Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under


			Canada Goose Holdings Inc.			Page 29 of 30

the supervision of, the CEO and the CFO and effected by the Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards. The Company’s internal control over financial reporting includes policies and procedures that:

•Pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions and dispositions of assets of the Company;

•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards and that the receipts and expenditures of the Company are made only in accordance with authorizations of management and directors; and

•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the assets of the Company that could have a material effect on the consolidated financial statements.

There has been no change in the Company’s internal control over financial reporting during the first quarter ended June 28, 2026 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. Management determined that the Company’s internal control over financial reporting was effective as of June 28, 2026.

Limitations of Controls and Procedures

Due to its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Management's projections of any evaluation of the effectiveness of internal control over financial reporting as to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.


			Canada Goose Holdings Inc.			Page 30 of 30

Exhibit 99.3

CERTIFICATION

I, Dani Reiss, certify that:


1.			I have reviewed the financial statements and MD&A for the first quarter ended June 28, 2026 of Canada Goose Holdings Inc.;


2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;


4.			The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and we have:


			a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

			b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


			c)			Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


			d)			Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (the company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and


5.			The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent function):


			a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and


			b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: July 30, 2026



By:						/s/ Dani Reiss
						Dani Reiss
						Chairman and Chief Executive Officer

-2-

Exhibit 99.4

CERTIFICATION

I, Neil Bowden, certify that:


1.			I have reviewed the financial statements and MD&A for the first quarter ended June 28, 2026 of Canada Goose Holdings Inc.;


2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;


4.			The company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and we have:


			a)			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

			b)			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


			c)			Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


			d)			Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter (the company’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and


5.			The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent function):


			a)			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and


			b)			Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: July 30, 2026



By:						/s/ Neil Bowden
						Neil Bowden
						Chief Financial Officer

-2-

Canada Goose Reports First Quarter Fiscal 2027 Results

•Delivered revenue of $118.9m, an increase of 10.3% on a reported basis (up 8.6% on a constant currency basis1) versus the prior year

•Expanded adjusted EBIT margin2 to (87.3)% from (98.7)% in the same period last year driven by gross margin expansion and SG&A leverage, reducing operating loss and adjusted EBIT2 to $(103.8)m

•DTC comparable sales decline3 was 3.2% in the first quarter, reflecting lower store comparable sales, partially offset by double-digit e-commerce growth across all regions

•Maintained strong balance sheet and healthy inventory position, with inventory turns increasing 11% year-over-year to 1.0x sales

Toronto – July 30, 2026 – Canada Goose Holdings Inc. (NYSE, TSX: GOOS) announced today financial results for the first quarter ended June 28, 2026. All amounts are in Canadian dollars unless otherwise indicated.

“Our first quarter is another proof point that our strategy is working,” said Dani Reiss, Chairman & CEO of Canada Goose. “We’re successfully evolving Canada Goose into a year-round luxury brand, with customers engaging across more seasons and categories. We expanded gross margin, improved profitability, and deepened engagement around the world. Together, those results are building a stronger, more productive, and more profitable business.”

First Quarter Fiscal 2027 Business Highlights

In the first quarter, we advanced initiatives across product, brand, and channels that are strengthening our operating model and positioning the business for sustainable long-term growth.

•Continued to expand year-round relevance with Apparel, Rainwear, and Windwear increasing their contribution to total revenue, supporting customer acquisition and driving engagement beyond traditional winter categories.

•Expanded brand visibility through our Spring/Summer '26 marketing campaigns, strengthening customer acquisition and expanding brand reach through a more disciplined mix of performance and brand-building investments, including our Snow Goose spring capsule and Natural Intelligence summer collection brand campaigns.

•Further strengthened our DTC operating model, with improvements in conversion and average order value, reflecting continued focus on delivering greater value from our retail network. In our first quarter, we opened four net new stores, bringing our store count to 92 as of the end of our first quarter.

•Subsequent to our first quarter, we published our fiscal 2026 Impact Report4, showcasing the progress of our sustainability impact strategy, including a 50% reduction in Scope 1 and Scope 2 emissions from our fiscal 2019 baseline.

1 Constant currency revenue is a non-IFRS financial measure. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for more information.

2 Adjusted EBIT, adjusted EBITDA, adjusted net loss attributable to shareholders of the Company, and net debt are non-IFRS financial measures, and adjusted EBIT margin, adjusted net loss per basic and diluted share attributable to the shareholders of the Company, and net debt leverage are non-IFRS financial ratios. See “Non-IFRS Financial Measures and Other Specified Financial Measures” for more information.

3 DTC 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.

4 A copy of our fiscal 2026 Impact Report can be accessed on Canada Goose’s website at www.canadagoose.com.

First Quarter Financial Highlights5

All Year-Over-Year Comparisons Unless Otherwise Noted

▪Total revenue increased 10.3% to $118.9m, up 8.6% on a constant currency basis1.

•DTC revenue increased 8.6% to $84.8m, or up 6.7% on a constant currency basis1 due to stronger performance in Asia Pacific and North America. DTC comparable sales decline3 was 3.2% primarily reflected softer store comparable sales, partially offset by double-digit e-commerce growth.

•Wholesale revenue increased 66.5% to $29.8m, or 65.4% on a constant currency basis1 driven by shipping a larger planned wholesale order book, stronger in-season orders from wholesale partners, and shipment timing.

•Other revenue decreased 63.6% to $4.3m, or 64.4% on a constant currency basis1 as a result of minimal friends and family activity in the United States compared to the same prior year period.

▪Gross profit increased 12.1% to $74.2m due to higher revenue. Gross margin was 62.4% compared to 61.4% in the first quarter of fiscal 2026, reflecting favourable channel mix and region mix.

▪Selling, general and administrative (SG&A) expenses were $178.0m, compared to $224.9m in the prior year period. The decrease is primarily due to non-recurrence of an arbitration award payment and an earn-out associated with our European knitwear manufacturer recognized in the prior year period.

▪Operating loss was $(103.8)m, compared to operating loss of $(158.7)m in the prior year period, attributable to higher gross profit and lower SG&A expenses.

▪Net loss attributable to shareholders was $(90.8)m, or $(0.93) per basic and diluted share, compared with a net loss attributable to shareholders of $(125.2)m, or $(1.29) per basic and diluted share in the prior year period.

▪Adjusted EBIT2 was $(103.8)m, compared to $(106.4)m in the prior year period. Adjusted EBIT margin2 was (87.3)%, compared to (98.7)% in the prior year period.

▪Adjusted net loss attributable to shareholders2 was $(86.5)m, or $(0.89) per basic and diluted share, compared with an adjusted net loss attributable to shareholders of $(88.2)m, or $(0.91) per basic and diluted share in the prior year period.

Balance Sheet Highlights

Inventory of $489.9m for the first quarter ended June 28, 2026 was up 11% year-over-year, primarily reflecting an expanded product assortment, a larger wholesale order book, and planned production growth to support anticipated demand for Fall/Winter '26.

The Company ended the first quarter of fiscal 2027 with net debt2 of $627.8m, compared to $541.7m at the end of the first quarter of fiscal 2026, with net debt leverage of 2.1 times adjusted EBITDA, compared to 1.8 times adjusted EBITDA in the same period last year. This increase was mainly due to an increase in lease liabilities.

Fiscal 2027 Outlook

This outlook constitutes forward-looking information within the meaning of applicable securities laws. The purpose of this outlook is to provide a description of management's expectations regarding the Company's annual financial performance and may not be appropriate for other purposes. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond the Company’s control. Please see “Cautionary Note Regarding Forward Looking Statements" below for more information.

Based on our current visibility into the business and the progress of initiatives already underway, we reiterate our fiscal 2027 outlook as set forth below. Our outlook reflects our current assessment of operating conditions, underlying demand trends, and the level of execution we believe is achievable.

5 Comparisons to first quarter ended June 29, 2025.

For fiscal 2027, we expect:

•Revenue to increase approximately low-single digits compared to the prior year.

•Adjusted EBIT margin2 to be in the range of 11% to 12%.

Our outlook assumes:

•Revenue growth is driven by pricing actions already implemented, increased depth in our product assortment, a larger wholesale order book, and new store openings, partially offset by lower consumer demand relative to fiscal 2026, including softer traffic in key markets, reduced consumer confidence, and lower travel.

•Gross margin expands, reflecting the benefit of pricing actions and operational efficiencies embedded in fiscal 2026 production and favourable channel mix, partially offset by product mix, raw material inflation, and supply chain cost pressures from current disruptions

•SG&A declines as a percentage of revenue, as we balance disciplined cost management with targeted investments across channels, marketing, and technology, driving operating leverage on a consolidated basis.

•No material impact from U.S. duties announced on July 20, 2026, and which are currently stated to come into effect on August 19, 2026. Such duties, if and when in effect, would currently be expected to apply to a broad range of Canadian and other goods globally, including goods qualifying under the Canada-United States-Mexico Agreement (CUSMA) such as certain of the Company’s products. Considering, among other things, the rapidly evolving Canada/U.S. trade environment and developments that may occur before or after such stated effective date, the extent to which such duties, together with any related retaliatory measures or further changes in trade policy, will affect the Company and impact its business and results of operations, remains uncertain.

Conference Call Information

The Company will host the conference call at 8:30 a.m. EDT on July 30, 2026. The conference call can be accessed by using the following link: https://events.q4inc.com/attendee/994265778. After registering, an email will be sent including dial-in details and a unique conference call pin required to join the live call. A live webcast of the conference call will also be available on the investor relations page of the Company's website at http://investor.canadagoose.com.

About Canada Goose

Canada Goose is dedicated to empowering discovery and pushing boundaries in design, functionality, and style. Inspired by our Canadian heritage, we craft high-performance outerwear, apparel, footwear, and accessories that elevate craftsmanship and embrace individuality. Rooted in resilience and driven by a pioneering spirit, we embolden explorers to thrive in all environments while preserving the planet they roam. For more information, visit www.canadagoose.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws, including statements relating to our fiscal 2027 financial outlook, the related assumptions included herein including developments relating to the U.S. duties announced on July 20, 2026 and their impacts, the execution of our proposed sustainability strategies, emission and energy consumption and targets, business strategy and our expected operating performance and prospects. These forward-looking statements generally can be identified by the use of words such as “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “potential,” “would,” “will,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the impact on our operations of the current global economic conditions and international trade environment and their evolution, including developments relating to the U.S. duties announced on July 20, 2026 and their impacts as further discussed herein, as well as the other risk factors that are discussed under “Cautionary Note Regarding Forward-Looking Statements” and “Factors Affecting Our Performance” in our Management’s Discussion and Analysis (“MD&A”) for the year ended March 29, 2026 and for the first quarter ended June 28, 2026, as well as under “Risk Factors” in our Annual Report on Form 20-F for the year ended March 29, 2026. In respect of our sustainability strategies and emission targets, risks and uncertainties also include scientific or technological developments, evolving sustainability strategies, changes in carbon markets, and evolving government

regulations or changes in circumstances of our business. You are also encouraged to read our filings with the SEC, available at www.sec.gov, and our filings with Canadian securities regulatory authorities available on SEDAR+ at www.sedarplus.ca for a discussion of these and other risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities.

Although we base the forward-looking statements contained in this press release on assumptions that we believe are reasonable, we caution readers that actual results and developments (including our results of operations, financial condition and liquidity, the achievement of our targets, goals and commitments (including our emission targets), 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 press release. 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 press release. In addition, even if results and developments are consistent with the forward-looking statements contained in this press release, 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 press release 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. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements. You should read this press release 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 press release (or as of the date specifically indicated therein), and we do not assume any obligation to update any forward-looking statements except as required by applicable laws.

Investors: ir@canadagoose.com

Media: media@canadagoose.com

Condensed Consolidated Interim Statements of Loss

(in millions of Canadian dollars, except per share amounts) (unaudited)


	First quarter ended
	June 28, 2026		June 29, 2025
	$		$
Revenue	118.9		107.8
Cost of sales	44.7		41.6
Gross profit	74.2		66.2
Selling, general & administrative expenses	178.0		224.9
Operating loss	(103.8)		(158.7)
Net interest, finance and other costs	21.1		5.4
Loss before income taxes	(124.9)		(164.1)
Income tax recovery	(31.9)		(38.6)
Net loss	(93.0)		(125.5)

Attributable to:
Shareholders of the Company	(90.8)		(125.2)
Non-controlling interest	(2.2)		(0.3)
Net loss	(93.0)		(125.5)

Loss per share attributable to shareholders of the Company
Basic and diluted1	$	(0.93)	$	(1.29)

Condensed Consolidated Interim Statements of Comprehensive Loss

(in millions of Canadian dollars, except per share amounts) (unaudited)


	First quarter ended
	June 28, 2026	June 29, 2025
	$	$
Net loss	(93.0)	(125.5)

Other comprehensive loss
Items that will not be reclassified to earnings, net of tax:
Actuarial loss on post-employment obligation	(0.2)	—
Items that may be reclassified to earnings, net of tax:
Cumulative translation adjustment gain	3.5	13.1
Net loss on derivatives designated as cash flow hedges	(1.7)	(1.7)
Reclassification of net loss on cash flow hedges to income	—	0.1
Other comprehensive income	1.6	11.5
Comprehensive loss	(91.4)	(114.0)

Attributable to:
Shareholders of the Company	(89.4)	(113.5)
Non-controlling interest	(2.0)	(0.5)
Comprehensive loss	(91.4)	(114.0)

Condensed Consolidated Interim Statements of Financial Position

(in millions of Canadian dollars) (unaudited)


	June 28, 2026	June 29, 2025	March 29, 2026
	$	$	$
		Reclassified	Reclassified
Assets
Current assets
Cash	206.9	180.5	408.2
Trade receivables	86.6	73.1	108.4
Inventories	489.9	439.5	386.3
Income taxes receivable	19.5	31.6	19.9
Other current assets	35.3	59.0	45.6
Total current assets	838.2	783.7	968.4

Deferred income taxes	102.7	114.6	76.9
Property, plant and equipment	162.8	153.7	161.5
Intangible assets	127.3	130.9	127.9
Right-of-use assets	353.5	274.4	332.1
Goodwill	71.1	72.0	71.1
Other long-term assets	36.7	1.2	15.3
Total assets	1,692.3	1,530.5	1,753.2

Liabilities
Current liabilities
Accounts payable and accrued liabilities	205.0	236.9	214.0
Provisions	37.5	35.7	45.8
Income taxes payable	5.8	19.2	11.7
Short-term borrowings	17.1	12.6	4.2
Current portion of lease liabilities	94.3	84.2	92.8
Total current liabilities	359.7	388.6	368.5

Provisions	20.0	16.3	19.0
Deferred income taxes	5.3	11.8	11.0

Term Loan	419.2	388.6	406.4
Lease liabilities	302.8	236.5	281.8
Other long-term liabilities	42.0	42.1	38.7
Total liabilities	1,149.0	1,083.9	1,125.4

Equity
Equity attributable to shareholders of the Company	525.9	431.7	608.4
Non-controlling interests	17.4	14.9	19.4
Total equity	543.3	446.6	627.8
Total liabilities and equity	1,692.3	1,530.5	1,753.2

Condensed Consolidated Interim Statements of Cash Flows

(in millions of Canadian dollars) (unaudited)


	First quarter ended
	June 28, 2026	June 29, 2025
	$	$
		Reclassified
Operating activities
Net loss	(93.0)	(125.5)
Items not affecting cash:
Depreciation and amortization	36.1	31.2
Income tax recovery	(31.9)	(38.6)
Interest expense	13.3	4.4
Foreign exchange gain	(1.8)	(3.4)
Acceleration of unamortized costs on debt extinguishment	6.0	—

(Gain) loss on disposal of assets	(0.9)	0.2
Share-based payment	5.1	4.1
Arbitration award	—	43.8
Remeasurement of put option	1.8	1.1
Remeasurement of contingent consideration	—	(0.1)
	(65.3)	(82.8)
Changes in non-cash operating items	(105.3)	(30.0)

Income taxes paid	(7.0)	(22.3)
Interest paid	(13.1)	(8.5)
Net cash used in operating activities	(190.7)	(143.6)
Investing activities
Purchase of property, plant and equipment	(4.7)	(0.5)



Net cash used in investing activities	(4.7)	(0.5)
Financing activities
Mainland China Facilities borrowings	0.5	—
Japan Facility borrowings	12.3	8.5
Revolving Facility repayments	—	(1.1)
Term Loan repayments	(1.0)	—
Transaction costs on financing activities	(1.3)	—


Principal payments on lease liabilities	(22.7)	(19.4)

Issuance of shares	1.7	—
Net cash used in financing activities	(10.5)	(12.0)
Effects of foreign currency exchange rate changes on cash	4.6	2.2
Decrease in cash	(201.3)	(153.9)
Cash, beginning of period	408.2	334.4
Cash, end of period	206.9	180.5

Non-IFRS Financial Measures and Other Specified Financial Measures

This press release includes references to certain non-IFRS financial measures such as adjusted EBIT, adjusted EBITDA, adjusted net loss attributable to shareholders of the Company, net debt, and constant currency revenue and certain non-IFRS ratios such as adjusted EBIT margin, adjusted net loss per basic and diluted share attributable to the shareholders of the Company and net debt leverage. These financial measures are employed by the Company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS Accounting Standards, certain investors and analysts use this information to evaluate the Company’s operating and financial performance. These financial measures are not defined under IFRS Accounting Standards nor do they replace or supersede any standardized measure under IFRS Accounting Standards. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Additional information, including definitions and reconciliations of non-IFRS financial measures to the nearest IFRS financial measure can be found in our MD&A for the first quarter ended June 28, 2026, under “Non-IFRS Financial Measures and Other Specified Financial Measures”. Such reconciliations can also be found in this press release under “Reconciliation of Non-IFRS Measures” below.

This press release also includes references to DTC comparable sales (decline) growth which is a supplementary financial measure defined as a rate of (decline) growth of sales on a constant currency basis from e-Commerce sites and stores which have been operating for one full year (12 successive fiscal months). The measure excludes store sales from both periods for the specific trading days when the stores were closed, whether those closures occurred in the current period or the comparative period.

Reconciliation of Non-IFRS Measures

The tables below reconcile net loss to adjusted EBIT, adjusted EBITDA, adjusted net loss attributable to shareholders of the Company for the periods indicated, constant currency revenue to revenue across segments and geographies, and net debt for purposes of presenting its calculation.


	First quarter ended
CAD $ millions	June 28, 2026		June 29, 2025
Net loss (unaudited)	(93.0)		(125.5)
Add (deduct) the impact of:
Income tax recovery	(31.9)		(38.6)
Net interest, finance and other costs	21.1		5.4
Operating loss	(103.8)		(158.7)
Arbitration award (a)	—		43.8


Paola Confectii Earn-Out costs (b)	—		8.5
Total adjustments	—		52.3
Adjusted EBIT	(103.8)		(106.4)
Adjusted EBIT margin	(87.3)	%	(98.7)	%


	First quarter ended
CAD $ millions	June 28, 2026	June 29, 2025
Net loss (unaudited)	(93.0)	(125.5)
Add (deduct) the impact of:
Income tax recovery	(31.9)	(38.6)
Net interest, finance and other costs	21.1	5.4
Operating loss	(103.8)	(158.7)
Arbitration award (a)	—	43.8


Paola Confectii Earn-Out costs (b)	—	8.5
Depreciation and amortization (e)	36.1	31.2
Total adjustments	36.1	83.5
Adjusted EBITDA	(67.7)	(75.2)


	First quarter ended
CAD $ millions	June 28, 2026		June 29, 2025
Net loss (unaudited)	(93.0)		(125.5)
Add (deduct) the impact of:
Arbitration award (a)	—		43.8
Paola Confectii Earn-Out costs (b)	—		8.5
Acceleration of unamortized costs on debt extinguishment (g)	6.0		—
Japan Joint Venture remeasurement loss on contingent consideration and put option (c)	2.3		1.0
Unrealized foreign exchange loss (gain) on term loan facility (d)	0.9		(3.5)
	9.2		49.8
Tax effect of adjustments	(1.6)		(12.0)
Adjusted net loss	(85.4)		(87.7)
Adjusted net loss attributable to non-controlling interest (f)	(1.1)		(0.5)
Adjusted net loss attributable to shareholders of the Company	(86.5)		(88.2)


Weighted average number of shares outstanding	97,313,923		96,913,707

Adjusted net loss per basic and diluted share attributable to shareholders of the Company	$	(0.89)	$	(0.91)

(b)Value of the Earn-Out, which was paid in fiscal 2026.

(c)Changes to the fair value remeasurement of the contingent consideration and put option liability, inclusive of translation gains and losses, related to the Company’s joint venture with Sazaby League (“Japan Joint Venture”). The Company recorded a loss of $2.3m on the fair value remeasurement of the contingent consideration and put option during the first quarter ended June 28, 2026 (first quarter ended June 29, 2025 - a loss of $1.0m). These losses are included in net interest, finance and other costs within the interim statements of loss.

(e)Calculated as depreciation and amortization as determined in accordance with IFRS Accounting Standards. Depreciation and amortization includes depreciation on right-of-use assets under IFRS 16, Leases.

(g)The non-cash unamortized costs accelerated in connection with the debt extinguishment due to the Fiscal 2027 Amendment to Term Loan.

Revenue by Segment


	First quarter ended		$ Change			% Change
CAD $ millions	June 28, 2026 (unaudited)	June 29, 2025	As reported	Foreign exchange impact	In constant currency	As reported		In constant currency
DTC	84.8	78.1	6.7	(1.5)	5.2	8.6	%	6.7	%
Wholesale	29.8	17.9	11.9	(0.2)	11.7	66.5	%	65.4	%
Other	4.3	11.8	(7.5)	(0.1)	(7.6)	(63.6)	%	(64.4)	%
Total revenue	118.9	107.8	11.1	(1.8)	9.3	10.3	%	8.6	%

Revenue by Geography


	First quarter ended		$ Change			% Change
CAD $ millions	June 28, 2026 (unaudited)	June 29, 2025	As reported	Foreign exchange impact	In constant currency	As reported		In constant currency
Canada	27.0	24.4	2.6	—	2.6	10.7	%	10.7	%
United States	21.8	26.9	(5.1)	(0.4)	(5.5)	(19.0)	%	(20.4)	%
North America	48.8	51.3	(2.5)	(0.4)	(2.9)	(4.9)	%	(5.7)	%
Greater China1	37.5	26.0	11.5	(1.2)	10.3	44.2	%	39.6	%
Asia Pacific (excluding Greater China1)	16.1	13.0	3.1	0.1	3.2	23.8	%	24.6	%
Asia Pacific	53.6	39.0	14.6	(1.1)	13.5	37.4	%	34.6	%
EMEA2	16.5	17.5	(1.0)	(0.3)	(1.3)	(5.7)	%	(7.4)	%
Total revenue	118.9	107.8	11.1	(1.8)	9.3	10.3	%	8.6	%

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

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

Indebtedness


CAD $ millions	June 28, 2026 (unaudited)	June 29, 2025	$ Change
Cash	206.9	180.5	26.4
Mainland China credit facilities	(0.5)	—	(0.5)
Japan credit facility	(12.3)	(8.5)	(3.8)

Term loan facility	(424.8)	(393.0)	(31.8)
Lease liabilities	(397.1)	(320.7)	(76.4)
Net debt	(627.8)	(541.7)	(86.1)

Source: View Original Filing on SEC EDGAR

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Canada Goose (NYSE: GOOS) grows Q1 sales but stays in loss

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