Canada Goose : Q4 2024 Financial Statements

Canada Goose Holdings Inc.

Annual Consolidated Financial Statements

March 31, 2024

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Canada Goose Holdings Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of Canada Goose Holdings Inc. and subsidiaries (the "Company") as of March 31, 2024 and April 2, 2023, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the three years in the period ended March 31, 2024, and the related notes and the schedule of Condensed Financial Information of Canada Goose Holdings Inc. (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2024 and April 2, 2023 and its financial performance and its cash flows for each of the three years in the period ended March 31, 2024, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of March 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated May 15, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the

PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

F-2

Inventory Obsolescence- Refer to Notes 2k, 3 and 10 to the financial statements

Critical Audit Matter Description

Inventory comprises raw materials, work-in-process and finished goods and is carried at the lower of cost and net realizable value. In estimating net realizable value, the Company uses estimates related to fluctuations in inventory levels, planned production, customer behaviour, obsolescence, future selling prices, seasonality and costs necessary to sell the inventory. As a result of management's analysis, included in inventory are provisions for obsolete inventory.

Given the importance of inventory to the Company's operations and the judgement involved in determining net realizable value related to finished goods inventory, specifically estimated future revenue (future selling prices and product demand); our audit procedures involved a high degree of auditor judgement and an increased extent of audit effort.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the future revenue used in determining net realizable value related to finished good inventory included the following, among others:

• Evaluated the effectiveness of controls, including those related to management's process for developing the estimates used in the determination of net realizable value and the provisions for obsolete inventory.
• Analyzed inventory levels and revenue to evaluate the completeness of management's identified population of inventory with obsolescence exposure.
• Performed a retrospective review on the prior year estimated future revenue and compared it to current year activity to evaluate management's ability to accurately estimate the net realizable value.
• Evaluated the reasonableness of future selling prices and product demand by:
• • Comparing future selling price assumptions to historical trends and recent transactions.
  • Assessing management's merchandising strategy to evaluate the reasonableness of management's assumptions relating to the expected impact on overall product demand.
  • Considering industry trends and evidence obtained in other areas of the audit.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

May 15, 2024

We have served as the Company's auditor since fiscal 2010.

F-3

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Canada Goose Holdings Inc.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Canada Goose Holdings Inc. and subsidiaries (the "Company") as of March 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2024, based on criteria established in Internal Control-IntegratedFramework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended March 31, 2024, of the Company and our report dated May 15, 2024, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are

F-4

subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte LLP

Chartered Professional Accountants

Licensed Public Accountants

Toronto, Canada

May 15, 2024

F-5

Consolidated Statements of Income

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

					Year ended
	Notes	March 31,		April 2,		April 3,
		2024		2023		2022
				Reclassified	Reclassified
			$		$		$
Revenue	6		1,333.8		1,217.0		1,098.4
Cost of sales	10		416.4		401.8		364.8
Gross profit			917.4		815.2		733.6
Selling, general & administrative expenses	11, 12, 13		792.9		667.6		574.1
Operating income	6		124.5		147.6		159.5
Net interest, finance and other costs	17		48.8		54.1		41.8
Income before income taxes			75.7		93.5		117.7
Income tax expense	7		17.6		24.6		23.1
Net income			58.1		68.9		94.6
Attributable to:
Shareholders of the Company			58.4		72.7		94.6
Non-controlling interest			(0.3)		(3.8)		-
Net income			58.1		68.9		94.6
Earnings per share attributable to
shareholders of the Company
Basic	8	$	0.58	$	0.69	$	0.87
Diluted	8	$	0.57	$	0.69	$	0.87

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

F-6

Consolidated Statements of Comprehensive Income (in millions of Canadian dollars, except per share amounts)

			Year ended
	Notes	March 31,	April 2,	April 3,
	2024	2023	2022
		$	$	$
Net income		58.1	68.9	94.6
Other comprehensive income (loss)
Items that will not be reclassified to earnings,
net of tax:
Actuarial gain on post-employment		-	0.6	0.1
obligation
Items that may be reclassified to earnings,
net of tax:
Cumulative translation adjustment (loss)		(0.2)	16.1	(25.5)
gain
Net (loss) gain on derivatives designated	22	(0.5)	0.4	8.7
as cash flow hedges
Reclassification of net (gain) loss on cash	22	(1.1)	6.0	4.7
flow hedges to income
Other comprehensive (loss) income		(1.8)	23.1	(12.0)
Comprehensive income		56.3	92.0	82.6
Attributable to:
Shareholders of the Company		57.8	95.7	82.6
Non-controlling interest		(1.5)	(3.7)	-
Comprehensive income		56.3	92.0	82.6

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

F-7

Consolidated Statements of Financial Position

(in millions of Canadian dollars)

	Notes	March 31,	April 2,
	2024	2023
Assets		$	$
Current assets
Cash		144.9	286.5
Trade receivables	5, 9	70.4	50.9
Inventories	5, 10	445.2	472.6
Income taxes receivable		28.0	0.9
Other current assets	21	52.3	52.3
Total current assets		740.8	863.2
Deferred income taxes	7	76.3	67.5
Property, plant and equipment	5, 11	171.8	156.0
Intangible assets	12	135.1	135.1
Right-of-use assets	5, 13	279.8	291.8
Goodwill	5, 14	70.8	63.9
Other long-term assets	21	7.0	12.5
Total assets		1,481.6	1,590.0
Liabilities
Current liabilities
Accounts payable and accrued liabilities	5, 15, 21	177.7	195.6
Provisions	16	26.1	21.6
Income taxes payable		16.8	31.5
Short-term borrowings	17	9.4	27.6
Current portion of lease liabilities	5, 13	79.9	76.1
Total current liabilities		309.9	352.4
Provisions	16	37.3	36.5
Deferred income taxes	7	17.2	16.4
Revolving Facility	17	-	-
Term Loan	17	388.5	391.6
Lease liabilities	5, 13	250.6	258.7
Other long-term liabilities	21	54.6	56.9
Total liabilities		1,058.1	1,112.5
Equity	18
Equity attributable to shareholders of the Company		417.0	469.5
Non-controlling interests		6.5	8.0
Total equity		423.5	477.5
Total liabilities and equity		1,481.6	1,590.0

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

F-8

Consolidated Statements of Changes in Equity

(in millions of Canadian dollars)

					Contributed	Retained	Accumulated other	Total	Non-
			Share capital	comprehensive	attributable to	controlling	Total
			surplus	earnings	(loss) income	shareholders	interest
		Multiple	Subordinate
	Notes	voting	voting	Total
	shares	shares
		$	$	$	$	$	$	$	$	$
Balance at March 28, 2021		1.4	119.1	120.5	25.2	437.1	(5.2)	577.6	-	577.6
Normal course issuer bid purchase of	18	-	(11.9)	(11.9)	-	(241.3)	-	(253.2)	-	(253.2)
subordinate voting shares
Issuance of shares	18	-	9.9	9.9	(2.8)	-	-	7.1	-	7.1
Net income		-	-	-	-	94.6	-	94.6	-	94.6
Other comprehensive loss		-	-	-	-	-	(12.0)	(12.0)	-	(12.0)
Share-based payment	19	-	-	-	14.0	-	-	14.0	-	14.0
Deferred tax on share-based payment		-	-	-	(0.2)	-	-	(0.2)	-	(0.2)
Balance at April 3, 2022		1.4	117.1	118.5	36.2	290.4	(17.2)	427.9	-	427.9
Non-controlling interest on business		-	-	-	-	-	-	-	11.7	11.7
combination
Put option for non-controlling interest		-	-	-	-	(21.2)	-	(21.2)	-	(21.2)
Normal course issuer bid purchase of	18	-	(2.4)	(2.4)	-	(24.3)	-	(26.7)	-	(26.7)
subordinate voting shares
Normal course issuer bid purchase of	18	-	(0.1)	(0.1)	-	(1.1)	-	(1.2)	-	(1.2)
subordinate voting shares held for cancellation
Liability to broker under automatic share	18	-	-	-	(20.0)	-	-	(20.0)	-	(20.0)
purchase plan
Issuance of shares	18	-	2.7	2.7	(2.7)	-	-	-	-	-
Net income (loss)		-	-	-	-	72.7	-	72.7	(3.8)	68.9
Other comprehensive income		-	-	-	-	-	23.0	23.0	0.1	23.1
Share-based payment	19	-	-	-	15.0	-	-	15.0	-	15.0
Balance at April 2, 2023		1.4	117.3	118.7	28.5	316.5	5.8	469.5	8.0	477.5
Normal course issuer bid purchase of	18	-	(17.8)	(17.8)	-	(122.4)	-	(140.2)	-	(140.2)
subordinate voting shares
Liability to broker under automatic share	18	-	-	-	20.0	-	-	20.0	-	20.0
purchase plan
Issuance of shares	18	-	4.0	4.0	(3.9)	-	-	0.1	-	0.1
Net income (loss)		-	-	-	-	58.4	-	58.4	(0.3)	58.1
Other comprehensive loss		-	-	-	-	-	(0.6)	(0.6)	(1.2)	(1.8)
Share-based payment	19	-	-	-	9.8	-	-	9.8	-	9.8
Balance at March 31, 2024		1.4	103.5	104.9	54.4	252.5	5.2	417.0	6.5	423.5

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

F-9

Consolidated Statements of Cash Flows

(in millions of Canadian dollars)

				Year ended
	Notes	March 31,	April 2,	April 3,
	2024	2023	2022
		$	$	$
Operating activities
Net income		58.1	68.9	94.6
Items not affecting cash:
Depreciation and amortization	6, 11, 12, 13	126.0	109.1	95.8
Income tax expense	7	17.6	24.6	23.1
Interest expense	17	44.4	34.0	38.1
Foreign exchange loss		0.8	0.3	9.0
Acceleration of unamortized costs on debt	17	-	-	9.5
extinguishment
Impairment losses	11, 13	1.2	1.0	7.7
Loss (gain) on disposal of assets		0.1	(0.1)	0.1
Share-based payment	19	10.2	15.0	14.0
Remeasurement of put option	21	1.6	10.9	-
Remeasurement of contingent consideration	21	2.8	(2.9)	-
		262.8	260.8	291.9
Changes in non-cash operating items	23	10.5	(75.4)	(82.8)
Income taxes paid		(66.3)	(37.0)	(25.2)
Interest paid		(42.4)	(32.1)	(32.3)
Net cash from operating activities		164.6	116.3	151.6
Investing activities
Purchase of property, plant and equipment	11	(54.9)	(45.2)	(34.5)
Investment in intangible assets	12	(1.0)	(2.2)	(1.5)
Initial direct costs of right-of-use assets	13	(0.6)	(0.7)	(1.2)
Net cash (outflow) inflow from business combination	5	(15.9)	2.8	-
Net cash used in investing activities		(72.4)	(45.3)	(37.2)
Financing activities
Mainland China Facilities (repayments) borrowings	17	(9.8)	9.8	-
Japan Facility repayments	17	(8.3)	(5.7)	-
Term Loan repayments	17	(4.0)	(4.0)	(4.7)
Revolving Facility (repayments) borrowings	17	-	(0.5)	0.5
Transaction costs on financing activities	17	(0.2)	-	(1.0)
Normal course issuer bid purchase of subordinate voting	18	(141.4)	(26.7)	(253.2)
shares
Principal payments on lease liabilities	13	(69.2)	(62.2)	(46.9)
Settlement of term loan derivative contracts	22	-	8.6	-
Issuance of shares	19	0.1	-	7.1
Net cash used in financing activities		(232.8)	(80.7)	(298.2)
Effects of foreign currency exchange rate changes on		(1.0)	8.5	(6.4)
cash
Decrease in cash		(141.6)	(1.2)	(190.2)
Cash, beginning of period		286.5	287.7	477.9
Cash, end of period		144.9	286.5	287.7

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

F-10