Slide 1: Q4-25 Investor Presentation
Q4-25 INVESTOR P R E S E N TAT I O N APRIL 1, 2026
Slide 2: Disclaimer (1/2)
DISCLAIMER (1/2) In this presentation, all references to “$” and “C$” are to Canadian dollars. Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may relate to the Company’
Slide 3: Disclaimer (2/2)
DISCLAIMER (2/2) Market and Industry Data Market and industry data presented throughout this presentation were obtained from third-party sources, industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by us or on our behalf,
Slide 4: Q4-25 Highlights
Q4-25 HIGHLIGHTS 13-WEEK PERIOD ENDED JANUARY 31, 2026 $394.2mm 45.0% REVENUE YOY GROWTH 30.4% 3 $100.6mm 63.3% COMPARABLE STORE SALES1 NEW GARAGE USA STORE OPENINGS YOY GROWTH E-COMMERCE REVENUE 63.0% 400 bps 26.2% 340 bps 36.6% 740 bps YoY YoY YoY ADJUSTED EBITDA MARGIN4 GROSS MARGIN2 ADJUSTED SG&
Slide 5: FY-25 Highlights
FY-25 HIGHLIGHTS 52-WEEK PERIOD ENDED JANUARY 31, 2026 $1,310.2mm 36.7% REVENUE YOY GROWTH 26.7% 9 $247.8mm 44.2% COMPARABLE STORE SALES1 NET NEW STORES, CONSISTING OF 20 YOY GROWTH OPENINGS AND 11 CLOSURES2 E-COMMERCE REVENUE 63.8% 100 bps 27.3% 390 bps 36.5% 490 bps YoY YoY YoY ADJUSTED EBITDA MAR
Slide 6: FY-26 Guidance
FY-26 GUIDANCE 11.0 – 14.0 % 22.0 – 25.0 % COMPARABLE STORE SALES GROWTH TOTAL REVENUE GROWTH 24 - 261 37.75 – 39.25 % NEW STORE OPENINGS ADJUSTED EBITDA MARGIN (10 - 12 NET NEW STORES) $100 to $110mm CAPITAL EXPENDITURES Note: All figures and information indicated above are preliminary, have not be
Slide 7: Our Shared Values
OUR SHARED VALUES OWNERSHIP BOLDLY DRIVING GREAT WORK AND CELEBRATING DO WHAT YOU SAY. OUR ACHIEVEMENTS. CUSTOMER FOCUS KNOW THE CUSTOMER ANYWHERE AND WOW THEM CUSTOMER COMES FIRST. EVERYWHERE. CURIOSITY CURIOUS MINDS UNLOCK CREATIVITY, DRIVE GROW THROUGH DISCOVERY. ACCELERATION, AND CULTIVATE GROWT
Slide 8: GRGD: Positioned for Long-Term Value Creation
GRGD: POSITIONED FOR LONG -TERM VALUE CREATION MARGIN 1. LEADERSHIP 2. RESILIENT REVENUE PROFILE 3. SUSTAINABILITY • A committed leadership team supported by • Our locations in prime real estate • Agility removes uncertainty, de-risks extensive retail experience and diverse surrounded by luxury allo
Slide 9: GDI's Leadership Team
GDI’S LEADERSHIP TEAM CHAIR OF THE BOARD PRESIDENT & CHIEF CHIEF FINANCIAL & CHIEF EXECUTIVE CHIEF OPERATING TECHNOLOGY OFFICER OFFICER OFFICER OFFICER SVP, SVP, LEGAL SVP, COMMERCIAL SVP, AFFAIRS & TALENT & OPERATIONS BRAND GARAGE CULTURE CORPORATE SECRETARY A COMMITTED LEADERSHIP TEAM SUPPORTED BY
Slide 10: Our Journey Started More Than 50 Years Ago…
OUR JOURNEY STARTED MORE THAN 50 YEARS AGO… Andrew Lutfy and related entities complete acquisition of all shares of GDI GDI implements Opens in Place Launches in GDI grows transformation plan GDI IPOs at $21 per Targeting a total store Versailles mall in Carrefour Laval mall significantly in Launche
Slide 11: …And Accelerated in 2019 With Key Structural Pivots
…AND ACCELERATED IN 2019 WITH KEY STRUCTURAL PIVOTS COMPARABLE STORE SALES1 Shifted from a family business to a growth-oriented company, establishing a board, up-tiering STRUCTURAL CONTINOUS SUSTAINABLE the leadership team, and forming an employee ownership program¹ to align employees' interests TRA
Slide 12: We Thrive at the Intersection of Art & Science
WE THRIVE AT THE INTERSECTION OF ART & SCIENCE WITH A LUXURY-INSPIRED BUSINESS MODEL OUR LEFT BRAIN We obsess about taking time out of the supply chain, leading to increasing focus on speed, flexibility and data to effectively "de-risk" the business of fashion This rigorous approach is what allows u
Slide 13: Hot Unapologetic
MEET ALEX THE CONFIDENT GIRL WHOSE NEW SENSE OF INDEPENDENCE HAS HER PUSHING BOUNDARIES ● 24 years old ● Unapologetic with a sexy femininity to her ● UCLA masters degree underway; figuring out her next move ● Her friends are her LIFE and capturing the content is KEY! ● Prioritizes wellness - Pilates
Slide 14: Magnetic
MEET RACHEL DRESSING HER SOCIAL LIFE - WHEREVER IT TAKES HER ● 34 years old ● She’s a Digital Content Creator in NYC ● She portrays herself as a Brand ; protects her equity ● She maintains her body with daily discipline & care ● Lives a highly curated & social life anchored in her inner circle ● Glo
Slide 15: Clear & Distinct Competitive Advantages…
CLEAR & DISTINCT COMPETITIVE ADVANTAGES… DISTINCT BRAND STRATEGY & UNDERSTANDING OF OUR CONSUMER PREMIER STORE PORTFOLIO STORES COMPLEMENTED BY A PROFITABLE E-COMMERCE BUSINESS WITH ROOM TO GROW DE-RISKED FASHION MODEL WITH INCREASED SPEED- TO-MARKET & FLEXIBILITY MARKET-LEADING INVENTORY MANAGEMENT
Slide 16: …Delivering Differentiated Outcomes
… DELIVERING DIFFERENTIATED OUTCOMES +20% ~12% 63.8% ~60% U.S. REVENUE CAGR AVERAGE UNIT RETAIL CAGR GROSS MARGIN ~40% OF STORE NETWORK (FY21-FY25) (FY19-25)1,2 (FY25)1 CONTRIBUTED TO ~60% OF 4-WALL EBITDA (FY25)1,2 9.85x ~6% ~50% < 8 weeks INVENTORY TURNOVER MARKDOWN RATE OF PURCHASING DECISIONS ~4
Slide 17: GRGD: A Luxury-Inspired Business Model
GRGD: A LUXURY-INSPIRED BUSINESS MODEL SPECIALTY LUXURY SPECIALTY LUXURY 37% 35% 37% 36% 36% 11% 11% 20% 20% 8% 7% 5% 18% 6% 5% 5% 3% 3% 2% 14% 13% 12% 11% 12% GRGD ATZ URBN FAST ANF LULU ITX AEO GAP AVG. GRGD RICH HER PRA 10% 9% 9% 0% 7% 7% 8% TOTAL REVENUE -3% -5% AVG. 5% HM GROWTH YOY%1 LVMH 0% -
Slide 18: Two Brands With Distinct Identities
TWO BRANDS WITH DISTINCT IDENTITIES AND A CLEAR UNDERSTANDING OF OUR CONSUMER SUPPORTED BY MULTIDISCIPLINARY TEAMS An Off-Duty brand that pushes the limits Multidisciplinary Teams A social calendar dressing brand. and raises the volume. driving shared insights Defined by refined sensuality. Owned We
Slide 19: Premier Store Portfolio
PREMIER STORE PORTFOLIO RETAIL FOOTPRINT Canada STORE LOCATIONS 73 173 Stores 100 U.S. 3 134 Stores 131 Total 76 We operate a premier store portfolio that is profitable across regions, with a strong and expanding U.S. footprint spanning 39 of 50 states. 307 Stores 231 19 Note: Reflects store count a
Slide 20: Stores Complemented by a Profitable E-Commerce Business With Room to Grow
STORES COMPLEMENTED BY A PROFITABLE E-COMMERCE BUSINESS WITH ROOM TO GROW DRIVE WEB TRAFFIC MAXIMIZE SALES PER SESSION • Leverage technology to elevate creativity • Expand internationally into the UK and and storytelling on web and mobile apps beyond • Leverage data to optimize creatives • Reach new
Slide 21: De-Risked Fashion Model With Increased Speed-To-Market & Flexibility
DE-RISKED FASHION MODEL WITH INCREASED SPEED -TO- MARKET & FLEXIBILITY KEY STRATEGIES OUTCOMES Long Lead HIGH % OF OPEN-TO-BUY¹ 8% (> 15 weeks) We have grown the open purchasing dollars at the beginning of the season to HIGH % OF 47% make ~50% of our purchasing decisions in-season and respond to tre
Slide 22: Market-Leading Inventory Management System Drives Lower Markdowns & Obsolescence
MARKET-LEADING INVENTORY MANAGEMENT SYSTEM DRIVES LOWER MARKDOWNS & OBSOLESCENCE OVERVIEW OF “THE BRAIN” “THE BRAIN” DECISION MODEL CHART “The Brain” is a proprietary algorithm that determines the optimal shipping location for each order by optimizing for both customer Shipping Handling Location LEV
Slide 23: Disciplined & Data-Driven Approach to Marketing
DISCIPLINED & DATA -DRIVEN APPROACH TO MARKETING DATA-DRIVEN MULTI-CHANNEL COMMUNITY-FOCUSED ALWAYS RELEVANT Disciplined marketing investment Channel mix designed to power Creating a community at the forefront of Always on trend with a pulse and approach through centralized continuous growth and mom
Slide 24: Financial Profile With Compelling Revenue Growth & Enhanced Margins
FINANCIAL PROFILE WITH COMPELLING REVENUE GROWTH & ENHANCED MARGINS REVENUE GROSS PROFIT¹ % % Margin1 56.4% 60.2% 60.8% 62.8% 63.8% Comparable 4.7% 9.5% 8.2% 12.3% 26.7%1 Store Sales CAGR: 24% CAGR: 20% $ 837 $ 1,310 $ 602 $ 959 $ 487 $ 801 $ 420 $ 628 $ 697 $ 354 FY21 FY22 FY23 FY24 FY25 FY21 FY22
Slide 25: Cash Generative Profile With Strong Returns
CASH GENERATIVE PROFILE WITH STRONG RETURNS • Supported by higher margins and highly efficient capital spend • Investments are aligned with returns thresholds and long-term strategic goals to strengthen our financial position and drive earnings growth CASH GENERATED FROM OPERATING ACTIVITIES RETURN
Slide 26: Capital Allocation Strategy Aimed to Grow and Deliver Shareholder Value
CAPITAL ALLOCATION STRATEGY AIMED TO GROW AND DELIVER SHAREHOLDER VALUE CAPITAL ALLOCATION PRIORITIES Capital return strategy includes our share repurchase program and Invest in growing and optimizing our omnichannel footprint with a the recently announced one-time $2.30 per share special dividend d
Slide 27: Levers for Growth: Targeted Strategies to Accelerate Comparable Store Sales and Expand Into New Markets
LEVERS FOR GROWTH: TARGETED STRATEGIES TO ACCELERATE COMPARABLE STORE SALES AND EXPAND INTO NEW MARKETS E X PA N D & O P T I M I Z E S T O R E G R O W C O M PA R A B L E S T O R E S A L E S NETWORK IN NORTH AMERICA Increase Average Unit Retail Aim to open 24 to 26 additional stores through FY261 • ~
Slide 28: Merci – Thank You
MERCI – THANK YOU Investor Relations Contact: A l e x L i m o s a n i C FA , M a n a g e r, I n v e s t o r R e l a t i o n s & C o r p o r a t e F i n a n c e investor s@dynamite.ca 28
Slide 29: Non-IFRS to IFRS Reconciliation: Adj. EBITDA and Adj. EBITDA Margin
NON-IFRS TO IFRS RECONCILIATION: ADJ. EBITDA AND ADJ. EBITDA MARGIN (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A 2025A Revenue $ 628,043 $ 697,442 $ 800,833 $ 958,525 $ 1,310,234 Operating Income $ 45,343 $ 111,986 $ 145,191 $ 212,206 $ 377,687 % Margin 7.2 % 16.1 % 18.1 % 22.1 % 28.8
Slide 30: Non-IFRS to IFRS Reconciliation: Adj. EBITDA and Adj. EBITDA Margin (After Rent Equivalent Expense)
NON-IFRS TO IFRS RECONCILIATION: ADJ. EBITDA AND ADJ. EBITDA MARGIN (AFTER RENT EQUIVALENT EXPENSE) (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A 2025A Adjusted EBITDA $ 112,039 $ 181,685 $ 217,365 $ 303,267 $ 477,850 % Margin 17.8 % 26.1 % 27.1 % 31.6 % 36.5 % (-) Depreciation of Right
Slide 31: Non-IFRS to IFRS Reconciliation: Free Cash Flow
NON-IFRS TO IFRS RECONCILIATION: FREE CASH FLOW (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A 2025A Cash Generated from Operating Activities $ 126,386 $ 125,980 $ 145,765 $ 226,974 $ 420,737 (-) Property and Equipment $(4,440) $(18,229) $(48,422) $(52,659) $(75,869) (-) Intangible Asset
Slide 32: Non-IFRS to IFRS Reconciliation: Return on Assets
NON-IFRS TO IFRS RECONCILIATION: RETURN ON ASSETS (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A 2025A Net Earnings $ 109,180 $ 62,846 $ 85,816 $ 135,768 $ 252,173 (+) Stock-based Compensation Expense $ 8,962 $ 2,819 $ 2,804 $ 5,557 $ 6,341 (+) Canada Emergency Wage & Rent Subsidies (8,8
Slide 33: Balance Sheet
BALANCE SHEET (In thousands of Canadian dollars) 2021A 2022A 2023A 2024A 2025A Cash $ 94,666 $ 33,694 $ 8,135 $ 74,195 $ 82,478 Inventories 42,214 40,028 38,627 44,952 51,219 Total Current Assets $ 156,509 $ 100,451 $ 83,458 $ 161,568 $ 206,789 Property and Equipment 34,077 37,132 65,419 107,465 164