AGM 2025

Sep 10, 2025

Ladies and gentlemen, welcome to Alithya's annual general meeting of shareholders. To maximize the number of participants at the meeting and welcome our employees from around the world, Alithya has opted for a virtual meeting at which all shareholders, regardless of their geographical location, also have the opportunity to participate and vote. Alithya remains committed to providing a forum for all shareholders to properly participate, vote, and communicate during the meeting via the Lumi online platform. In this regard, all of the information required to participate in the meeting was sent to shareholders in advance of the meeting. I am now pleased to introduce my colleagues who are present with me today and who will be available to answer any questions you may have. Paul Raymond, President and CEO, Pierre Blanchette, CFO, Nathalie Forcier, Chief Legal Officer and Corporate Secretary, and Christine Garon, Director, Legal Affairs and Assistant Corporate Secretary. I also welcome our directors who are attending the meeting as well. In accordance with the notice of meeting that you received, we will cover the following items. Number 1, firstly, the receipt of the audited consolidated financial statements of Alithya for the fiscal year ended March 31st, 2025, and the auditor's report thereon. The election of the directors and finally, the appointment of the auditor for the year ending March 31st, 2026, and the authorization to the board of directors to fix the compensation of the auditor. Afterwards, Paul Raymond will present a review of the fiscal year 2025 and the 1st trimester of fiscal 2026, and a question period will follow. In accordance with Alithya's bylaws, I will act as president and chair of the meeting, and Christine Garon will act as secretary. In addition, I appoint Bertrand, Jolene, and Isabelle Vachon, representatives of TSX Trust Company, which is Alithya's transfer agent, as scrutineers for the meeting. Before we proceed, I would ask the secretary of the meeting to confirm that the meeting is duly constituted to conduct the business for which it was convened and to explain certain important aspects of procedures. Christine. Thank you, Mr. Turcotte. Before the meeting, I received confirmation from the scrutineers that a copy of the notice of meeting was sent to all shareholders entitled to vote at the meeting. A copy of the meeting documents, as well as the affidavits confirming mailing thereof, are tabled in the record of the meeting. With regards to the quorum, on the basis of the proxies received on behalf of the persons named by management, more than 2 shareholders holding approximately 68.58% of the voting rights are represented at the meeting. Accordingly, I confirm that there is quorum and therefore declare this meeting duly called and constituted to conduct the business items on the agenda. I ask the scrutineers to provide their final report as soon as finalized to table it in the record of the meeting. With regards to the vote, I would like to remind you that each proposal must be approved by a majority of the votes cast. To facilitate the process of the meeting, we ask certain employees duly appointed as proxy holders to move and second the motions or the proposals. Before we begin, I would like to remind you of certain basic features of the platform, such as how to view our presentation, vote, and ask questions at the meeting. To view a presentation while listening to the webcast, click on the Broadcast tab. You can also change the language of the presentations by clicking on the menu Stream Language and selecting the language of your choice from the drop-down menu: French, English, or Original, which is the original version of the presenter's speech. The platform allows you to submit your vote online on the motion of the proposals that will be submitted to a vote. However, as explained in our notice of meeting, only registered shareholders and duly appointed and registered proxy holders who join the meeting using their control number will be able to vote and ask questions. To simplify the voting procedure, Mr. Turcotte will open at the same time the polls on the two items of business for which a vote is required and will then present the two motions. This should therefore give you sufficient time to vote while he introduces each motion. After the presentation of the last motion, he will remind you to submit your vote on two motions if you haven't already done so, and will then close the poll. When he'll declare the polls open, you'll see the Voting tab appear. To vote, choose one of the available voting options, and a confirmation will appear. You may change or cancel your vote either by selecting another voting option or the option Cancel at any time before Mr. Turcotte declares the polls closed. To submit a question, please click on the Messaging tab and write your question in the field provided for such purpose. You should receive a receipt confirmation once your question has been submitted. Although you may submit questions at any time during the meeting, we kindly ask that you wait until after the formal part of the meeting before submitting questions that are not related to that part of the meeting. We will be pleased to answer your general questions after our presentations. Please also note that we will take note of the questions received during the presentations and could group those that are similar together before submitting them to the chair of the meeting for a response by the relevant person to the appropriate time. Should we encounter any technical difficulties, the meeting will be adjourned for a brief moment to allow us to resolve the situation. Should we be unable to resume the meeting within a reasonable time, we might have to adjourn the meeting until a later date, which would then be communicated publicly. This concludes the presentation of the running of the meeting and the functionalities of the platform. I now give the floor back to the chair of the meeting, Pierre. Thank you very much, Christine. Let's start the formal part of the meeting with the first item on the agenda, that is the receipt of Alithya's audited consolidated financial statements for the year ended March 31, 2025, including the auditor's report and the MD&A. These documents are available on our website as well as on the website SEDAR+ and EDGAR. A copy was also sent to all shareholders who requested them. I ask therefore the secretary of the meeting to table these documents in the record of the meeting. Let's now proceed to the second item of business, the election of the directors. I now declare the polls open for the items of business on which a vote is required. Please click on the voting tab to vote, and feel free to vote while I present each item submitted to a vote. The board has fixed at 8 the number of directors to be elected at the meeting. The experience and expertise of each nominee are described in Alithya's management information circular. Management proposes and motions that the following 8 nominees be elected as directors: Dana Ades-Landy, André P. Brosseau, Ines Gbegan, Lucie Martel, Paul Raymond, Ghyslain Rivard, C. Lee Thomas, and myself, Pierre Turcotte. All candidates were elected at the company's last annual meeting. We now would like to take this opportunity to thank sincerely Robert Comeau, who is not standing for re-election, for his valuable contribution over the past years. His exemplary leadership and dedication have enabled us to make important decisions, strengthen our governance, and advance our mission of becoming a trusted advisor. It has been a privilege to work with Robert, and we wish him much success in his future endeavors. As explained in Alithya's management information circular, only the persons nominated in accordance with the advance notice bylaw may be proposed and motioned as director nominee. In this regard, I confirm that no other director or nominees were received in accordance with the advance notice bylaw. I would therefore ask someone to propose and motion the nomination of the eight director nominees for election of the Board of Directors Alithya. My name is Sophie Cabana, and I am proxyholder of proposed the nomination of each of the eight persons you named for election as a director of the company. Thank you, Sophie. I would now ask someone to second the motion. Hi, Mr. Chair. Hello, Mr. Turcotte. My name is Sophie Lagenès, and I am a proxyholder, and I second the motion. Thank you, Sophie. The third item on the agenda is the appointment of the auditor for the year ending March 31, 2026, and the authorization of the board of directors to fix its compensation. The management and board of directors of Alithya motion that KPMG be appointed as auditor of Alithya for the fiscal year ending March 31, 2026. I would now ask someone to make the necessary motion relating to the nomination compensation of the auditor. Hello, Mr. Turcotte. My name is Sophie Cabana. I am a proxyholder. I motion that KPMG be appointed as auditor of Alithya for the year ending March 31, 2026, and that the board of directors be authorized to set its compensation. Thank you very much, Sophie. I would now ask someone to second the motion. Hello, Mr. Turcotte. My name is Sophie Lagenès, and I am a proxyholder, and I second the motion. Thank you very much, Sophie. We will now open the floor for questions relating to the items on the agenda. If you have a question, please click on the messages tab, enter your question, and submit it. We will take a short 1-minute break to allow you to submit your questions if this was not already done. To avoid your questions being received after the end of the question period, please submit them as soon as possible. We are back. Christine, are there questions relating to one of the items of the business of today's meeting? Thank you, Mr. Turcotte. I confirm that we have not received any questions related to the items of business of today's meeting. Thank you very much, Christine. There are no questions, we are now asking you to finalize and submit your votes if you haven't done so already. We will wait a few seconds to allow you to submit your votes, and we will then close the polls. I declare the polls closed. Also, I confirm there are no further questions. We can continue the meeting. Everything will be submitted after the meeting. This being said, based on the proxies received on behalf of the persons named by management for the meeting, we can however confirm the preliminary results. The scrutineers indicated before the meeting that each director nominee received at least 95.71% of the votes cast by proxies received on behalf of the persons named by management. As such, on this basis, I declare each of the eight director nominees duly elected. Congratulations to the directors and thank you again for your commitment to the Alithya board of directors for the next year. With regard to the nominee of the auditor, the scrutineers indicated before the meeting that 99.81% of the votes cast by proxies received on behalf of the persons named by management are in favor of the appointment of KPMG as auditor. On this basis, and as such, I declare the proposal and motion adopted. KPMG is therefore appointed auditor of Alithya for the year ending March 31, 2026, and the board of directors is authorized to set its compensation. Before ending the formal part of the meeting, I would ask the secretary of the meeting to confirm if questions relating to this part of the meeting have been received. Mr. Turcotte, I confirm that no questions relating to this part of the meeting have been received. Thank you very much, Christine. Given that there are no questions, I declare the formal part of the meeting adjourned. I now invite registered shareholders and duly appointed and registered proxy holders to submit their questions of a general nature through the online platform during the presentations that will follow. Questions will be addressed at the end of the meeting. Now, on behalf of the board of directors, I wish to thank the management team and all our dedicated professionals for continuing to safeguard the interests of all of our stakeholders. Your professionalism and expertise are key in continuing the strategic journey and growth of Alithya as we reach the halfway point of our three-year strategic plan that began on April 1st, 2024. Now, dear shareholders, I am very pleased to pass it over to our President, Chairman, and CEO, Paul Raymond. Paul, over to you. Thank you, Pierre. Good morning, everyone, and thank you for joining us today. I am Paul Raymond, President and Chief Executive Officer of Alithya. Before we begin, I would like to thank our Board of Directors and senior management team. Their support, dedication, and hard work have been instrumental in driving our success. I would also like to acknowledge our new CFO, Pierre Blanchet, whose contributions are already being felt within Alithya. I also want to use this platform to thank our clients. We have the privilege to work every day with leaders across many industries, helping them solve some of their most critical challenges and unlock new opportunities. Their continued trust in Alithya is both an honor and a driving force behind everything we do. I will now share with you some of the highlights of our 2025 fiscal year and the first quarter of our 2026 fiscal year. I will then outline the progress we've made against our 3-year strategic plan. I will also share a few case studies that demonstrate our industry-leading capabilities, followed by some highlights about our people. Let's dive into our last completed fiscal year. Alithya delivered another year of improvements in fiscal 2025. This is the result of our disciplined approach and commitment to the execution of our strategic plan launched on April 1, 2024. The progress of our higher value services approach can be seen in the growth of our gross margins as a percentage of revenue, closing the year at 33%. This momentum was sustained in the first quarter of 2026, with year-over-year growth in our quarterly gross margins as well. In the first quarter of 2026, 84.8% of our revenue has came from clients that worked with Alithya in the same quarter last year. This reflects our positioning as trusted advisors who are consistently called upon, sorry, to deliver complex higher value projects. Over and above this fact, we also added 93 new clients this past fiscal year, and another 20 in the most recent quarter of fiscal 2026. Management believe that these statistics together show we have a healthy balance of new and existing clients. Since the beginning of our current strategic cycle, we have continued to pursue incremental efficiency gains. In fiscal 2025, this enabled us to reduce SG&A spending by 4.5% year-over-year. A combination of reduced costs and increased gross margins drove our adjusted EBITDA margin from 7.2% in fiscal 2024 to 10.1% in fiscal 2025. We continued along this positive trajectory in the first quarter of 2026, which corresponded to a trailing 12-month adjusted EBITDA of CAD 49.2 billion as of June 30th, 2025. At the end of the first quarter of 2026, on a trailing 12-months basis, we generated year-over-year revenue growth. We delivered double-digit organic growth in our U.S. operations, improved our margins, and added two key complementary acquisitions. Over this period, we have demonstrated our ability to generate cash and quickly repay debt following acquisitions. For example, the eVerge acquisition in fiscal 2026 was completed entirely with cash. I'd like to take a moment to spotlight a few other key milestones and takeaways. Not only have we signed 93 new clients, we are also working with 11 of the top 25 Fortune 100 companies. The Alithya team continued to meet or exceed our clients' expectations, as demonstrated by the 194 customer satisfaction surveys completed in fiscal 2025, with an average rating of 9 out of 10. We acquired XRM Vision, deepening our Microsoft expertise in unlocking new opportunities. We also laid the ground for the acquisition of eVerge, which we concluded in May this year. Both are integrated into our operations and contribute to our growth. During this period, we deepened our partnership with industry leaders and hyperscalers. We have been selected by Microsoft for the 2025, 2026 Inner Circle for Microsoft AI Business Solutions, earning a spot for the 20th year in a row. We have also been named finalists for the 2024 Microsoft Dynamics 365 Supply Chain Global Partner of the Year Award. In addition, we have been selected by Oracle among a few select tier 1 partners to assist in building AI agents for Oracle Cloud. We are developing custom AI agents that address critical use cases with the goal of making them available on the Oracle Marketplace. As I mentioned earlier, we launched our current strategic cycle on April 1, 2024, marking a new chapter in Alithya's journey. Since then, we have made significant progress on the priorities that we have defined. As you know, we strive to be our clients' trusted advisors. Technology is evolving at an incredible pace, and we must stay at the forefront to better serve our clients. Whether it was embracing e-commerce capabilities 30 years ago, or cloud capabilities 10 years ago, or even more recently, AI, GenAI, and agentic AI, we've consistently adapted and stayed ahead of the curve to better advise our clients. This is what sets us apart. Our strategic objectives are grounded in our core values and reflect our commitment to delivering meaningful outcome for all of our stakeholders. Our clients, who rely on us as partners for the most critical initiatives, our employees who strive for growth opportunities and whose expertise and professionalism drive our success, and our investors, who place their confidence in our long-term vision and ability to generate value for their investments. Let's now look at the building blocks of our growth plan. Our approach is based on 4 strategic pillars. 1, leading with our deep industry knowledge and expertise. 2, accelerating time to value for our clients by leveraging asset-based solutions. 3, developing our strong partnerships with market-leading solution providers and hyperscalers. 4, increasing our access to global talent with our smart shore delivery centers and automation. I'll provide a few examples for each of these pillars. Our roadmap is inspired by our clients' needs. We advanced significantly in bolstering our expertise by leveraging niche complementary acquisitions. Through our 2 recent acquisitions in fiscal 2025 and 2026, we have supplemented our offerings. The addition of XRM Vision in December 2024 has enabled us to pursue opportunities that neither party could have been able to pursue before and introduce new Microsoft Project Operations capabilities. With the acquisition of eVerge in May 25, we added Oracle CX and Salesforce CRM capabilities, expanding our healthcare expertise and unlocking new cross-selling opportunities. This enabled us to identify opportunities within our existing client base to strengthen patient-focused engagement and provide more personalized data-driven experiences, such as leveraging Agentforce. As we continue to execute on this priority, our team is always seeking new opportunities for the right targets at the right time and at the right price. Our partnerships are a major driver of our services revenues. We continue to invest in the development of AI-powered intellectual property and proprietary accelerators that enhance our partners' offerings and accelerate time to value for our clients. For example, the Alithya Healthcare Planning Plus accelerator helps organizations harness the full potential of statistics and volumes in Oracle to drive accurate, scalable, and flexible planning processes. 4, our Alithya AI-Fi trade surveillance on Microsoft Azure, which helps financial institution detect fraud and keep up with rapid increases in trade volumes, market and trade complexity, and increasing regulatory obligations across all asset classes. Our teams have developed numerous proprietary technologies and methodologies with a broad range of applications. These innovations are rooted in decades of industry expertise and are purpose-built to address specific real-world challenges of our clients. I'm proud to say that over 25 of our solutions are currently available on our partners' marketplaces, with the latest being Alithya Rapid QA, made available in July on Microsoft Partner Center. Alithya Rapid Migration Tool has also been licensed to Microsoft under the name RPA Migration for UiPath and Blue Prism to Power Automate, making it accessible to all Microsoft customers and partners. This is a recognition of our deep expertise and the value we bring to our clients and industry-leading partners. As we continue to grow our collaboration, we will invest in the development of differentiating technologies that not only sets us apart, but also helps our clients achieve faster, more meaningful results. We want to get the best that technology has to offer, and the reputable partners we do business with share our goal of making our clients more efficient. Whether through strategic acquisitions, as achieved with XRM Vision and eVerge or internal capability building, we are actively expanding our offerings with the Microsoft and Oracle ecosystems. The recognition we've received from Microsoft with Inner Circle and from Oracle for the development of AI agents highlights the impact of our ongoing efforts. We also strengthen our partnerships with AWS for legacy application modernization services and migration to the cloud. Now with Salesforce, we are better positioned with our existing clients and industries. This includes services to healthcare clients with Salesforce's Health Cloud. Our commitment to build strong partnership also extends to our people. Within our team, we count 8 Oracle ACEs, a prestigious recognition awarded to technical experts and leaders for their contributions to the Oracle community. We are also proud to have an AWS Golden Jacket recipient, an honor given by AWS to individuals who not only demonstrate exceptional technical expertise, but also inspire, mobilize, and lead transformative change within their organizations. Our team is in a stronger position than ever to provide clients with best-suited enterprise applications and solutions for their needs. Our four pillar is to leverage cost-effective smart shoring and automation, and I'm happy to share that we are progressing here as well. Looking back at our last three acquisitions, each company operated with approximately half of their operations delivered through smart shoring facilities. This strategic approach is a key consideration in our acquisition process, supporting our focus on efficiency, scalability, and strengthening our global delivery capabilities. For example, through the addition of XRM Vision and eVerge, we gain in-demand professionals in both Morocco and India. As of the end of the first quarter of 2026, we reached a new high of 13% of Alithya employees working from smart shore locations, a significant increase that has doubled our capability since launching our current strategic plan. These teams have played a vital role in delivering major projects for some of our largest clients. As we move forward, we anticipate even greater benefits from the collaboration and synergy between our global teams. Now, I'd like to take a moment to highlight a few of our client success stories. With hundreds of active clients, it's not possible to cover them all today, but the examples we've selected illustrate the tangible impact of our work and the range of our capabilities across various industries. For Oklahoma State University Medical Center, we successfully implemented Oracle Fusion Cloud Workforce Scheduling, the first live healthcare customer running Oracle Workforce Scheduling in the world. After the implementation, our client was awarded the prestigious Oracle Customer Excellence Award, reinforcing Alithya's role as a strategic partner in helping organizations navigate their digital transformation. For Hayward, one of the largest pool and outdoor living manufacturers, we were selected to deploy Microsoft Dynamics 365 around the globe. After a successful go live in Europe, Alithya is currently deploying the North American portion of the project. Hayward is also leveraging our organizational change management tools and training to ensure user adoption across the organization. For a Medicaid administrator in California, we developed AI agents that reduce human agent workloads by autonomously handling support needs for high volume, labor-intensive use cases. This resulted in faster service, higher patient satisfaction, and allows human agents to address more complex patient needs. For a large Canadian insurance company, we are currently implementing a scalable migration factory to accelerate the transition from legacy environments to the AWS cloud. This has helped reduce internal resource strain, share project risks, and ensure cost predictability for our client. The variety in these examples, both in application and solution mix, highlight Alithya's ability to provide end-to-end support across its 3 verticals: strategic consulting, enterprise transformation, and business enablement. All these important projects would not be possible without the dedication and commitment of our professionals globally, and I want to sincerely thank them for that. This is a great segue into providing a glimpse into our culture and our workforce. The Alithya team is committed to fostering an environment where every individual feels valued, supported, and empowered to thrive. This is captured in our employee value proposition or EVP. Our EVP is the set of offerings and values that we provide to employees in return for their contributions. It is a reflection of what we've built and how we continue to grow. In an industry often driven by technology alone, Alithya stands apart by putting humans at the heart of everything we do. We have collaborated with our employees to identify Alithya's key differentiators, and we are proud of the EVP they have identified. One of the ways we measure our progress and performance against our EVP is by actively seeking employee feedback on how to improve. Through Officevibe, we stay connected in real time to the voice and day-to-day reality of our people. Our current scores confirm that our efforts to create a positive work environment are resonating. Among the various key performance indicators we track, I want to highlight our employee net promoter score, an indicator of how likely our team members are to recommend Alithya as a great place to work. One area we're also proud of is the strong score related to employee relationships with their direct managers. This reflects our ongoing investment in leadership development and our commitment to fostering a culture of trust, communication, and support. These are our key drivers of engagement and long-term talent retention and development. As many of you know, I have long championed the importance of education and continuous improvement. At Alithya, we support this belief by offering all employees free access to Udemy, a leading online learning platform with thousands of courses. In the last fiscal year, our teams have dedicated over 30,000 hours to professional development on this platform. Our employees also have access to Udemy AI Assistant, a virtual learning companion that guides learners on every step of their skill development and journey, and other internal academies. Before concluding this presentation, I would like to circle back to a few financial highlights and discuss some industry trends. While our results naturally vary from quarter to quarter due to seasonality, the figures demonstrate a clear upward trend in our margins. This is the results of our ongoing strategy to increase our revenues from higher value consulting and projects and pursuing incremental efficiency gains. The progress against our plan is also reflected in our improved gross margin, adjusted EBITDA margin, and cash flows. These results underscore the financial discipline and operational efficiency we have built into our approach. When we break down our performance by geography, we can see a clear shift taking place. I'd like to draw your attention to the evolution of our revenues by operating income by geography. Since 2022, we've achieved steady growth across all our segments, with U.S. operations now representing a significant portion of our revenues and even more significant portion of our operating income. This highlights the strength of our diversification strategy and the growing efficiency of our global delivery model. Gartner estimates that worldwide enterprise IT spending will exceed $4 trillion by 2028, most of it expected to be in the North American market, especially in the U.S. It's a market we therefore expect to grow faster than other geographies. I would now like to discuss recent transactions in our industry. Over the last year and a half, we have seen companies sold or taken private at an average enterprise value multiple of 14 times EBITDA. Even when comparing these companies with similar EBITDA margins, we are trading well below those benchmarks. When we compare these numbers against our revenue and EBITDA multiples today, even when factoring in the sizable premium paid in recent deals, the disconnect between our performance and our market valuation presents a compelling opportunity. We believe in the strength of our business, and our past acquisitions would lead us to conclude that Alithya is a wise investment for us right now. This is why we launched our normal course issuer bid program this morning. While we cannot control the stock price, I'd like to remind our investors that we don't manage our business for quarterly optics. We focus on building long-term value for our stakeholders. We remain confident that our market positioning, disciplined execution, and continued progress will eventually be reflected in our valuation. Until then, we will continue to maintain a prudent capital allocation approach, and we will seize opportunities to buy back our stock and complete complementary acquisitions as means to create shareholder value. In closing, I'd like to thank you, our shareholders, for your continued support and confidence in Alithya. I would also like to use this opportunity to express my gratitude to all of our employees around the world for their hard work and dedication. Together, we will continue to create value for our clients, our people, and our investors. Back to you, Pierre. [Foreign language]Merci beaucoup, Paul. Encore une fois, une autre année impressionnante et exceptionnelle de bout en bout. Sur tous les volets de nos affaires, c'est incroyable.[/Foreign language] Thank you very much, Paul. Another exceptional year, and congratulations to all. Nous avons maintenant la période de questions. We will now open the question period. If you have any questions, just click in the chat box and submit them. We will pause for 1 minute to allow you to submit. [Foreign language] We are back. Christine, avons-nous reçu des questions? Christine, have we received any questions? Monsieur Turcotte, je confirme que nous n'avons reçu aucune question. Mr. Turcotte, I confirm that no questions have been received. [Foreign language] Christine. Thank you very much, Christine. Mesdames et messieurs, chers actionnaires, ceci conclut la période de questions de cette assemblée générale annuelle pour l'année 2025. Je vous remercie infiniment d'avoir été avec nous aujourd'hui et nous avons hâte de vous revoir en 2026. Merci et passe une excellente journée. Ladies and gentlemen, dear shareholders, this concludes the question period in our annual meeting of shareholders for the year 2025. We thank you for having been with us today and look forward to seeing you in 2026. Thank you and have a great day.