Aritzia (ATZ) investor relations material

FY27 performance and plan transition

• FY27 net revenue guidance of $4.78–4.88B vs. the FY23–FY27 target of $3.5–3.8B; revenue CAGR of 21%–22% vs. 15%–17% target.

• FY27 adjusted EBITDA margin guidance of ~20%, vs. 19% target, despite 300 bps of tariff and de minimis headwinds.

• FY26 adjusted EBITDA margin was 17.8%; net income was 10.3% of net revenue.

FY32 financial outlook and growth mix

• FY32 net revenue target of $9.5–10.5B, representing 15%–17% CAGR from FY27; adjusted EBITDA margin target of 21%, ~100 bps above the FY27 outlook.

• The U.S. is expected to contribute just over 85% of incremental growth, Canada ~5%, and international markets ~10%; U.S. revenue CAGR is targeted in the high teens.

• Retail comps are planned at low-to-mid single digits; total comps at the high end are targeted in the high single digits to low double digits.

• Margin drivers include IMU improvements, fixed-cost leverage, smart spending, and channel and geographic mix shifts; EPS growth is expected to outpace revenue growth.

Customer, digital and boutique growth

• Active client count nearly doubled, with a 16% CAGR from FY23 to FY27; the goal is to double client count again by FY32.

• Client growth drivers include full-funnel marketing, boutiques, digital and loyalty initiatives; marketing spend remains a low-single-digit percentage of sales.

• U.S. and Canadian digital revenue target of $4.1–4.5B by FY32, at ~20% CAGR and contributing ~50% of growth; digital is expected to remain profitable.

• Plan for 12–14 U.S. boutique openings and 5–7 repositionings annually, entering 15–18 new U.S. markets; targeted new-boutique payback is 12–18 months.

• Retail footprint is planned to double by FY32, with mid-teens annual square-footage growth; U.S. boutique count is projected at 160, with potential for 200 at maturity.