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Interim Condensed Consolidated
Financial Statements
of Alithya Group inc.

For the three months ended June 30, 2025 and 2024
(unaudited)

Exhibit 99.1


TABLE OF CONTENTS
Interim Consolidated Statements of Operations and Comprehensive Loss
Interim Consolidated Statements of Cash Flows
Notes to Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
1.
2.
3.
4.
5.
Goodwill
6.
7.
8.
9.
Earnings (loss) per share
10.
11.
12.
13.
14.
15.


INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the three months ended June 30,
(in thousands of Canadian dollars, except per share data) (unaudited)20252024
Notes$$
Revenues14124,158 120,875 
Cost of revenues1084,365 82,345 
Gross margin39,793 38,530 
Operating expenses
Selling, general and administrative expenses1030,573 31,659 
Business acquisition, integration and reorganization costs112,047 783 
Depreciation101,065 1,095 
Amortization of intangibles44,955 4,644 
Foreign exchange loss (gain)1,166 (17)
39,806 38,164 
Operating (loss) income(13)366 
Net financial expenses122,840 2,372 
Loss before income taxes(2,853)(2,006)
Income tax (recovery) expense
Current302 104 
Deferred(3,340)652 
(3,038)756 
Net earnings (loss)185 (2,762)
Other comprehensive (loss) income
Items that may be classified subsequently to profit or loss
Cumulative translation adjustment on consolidation of foreign subsidiaries(2,365)544 
(2,365)544 
Comprehensive loss(2,180)(2,218)
Basic and diluted earnings (loss) per share9— (0.03)
The accompanying notes are an integral part of these interim condensed consolidated financial statements.


Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As atJune 30,March 31,
(in thousands of Canadian dollars) (unaudited)20252025
Notes$$
Assets
Current assets
Cash19,084 15,956
Accounts receivable and other receivables87,127 95,270
Unbilled revenues22,382 14,803
Tax credits receivable10,921 10,996
Prepaids 8,551 8,680
148,065 145,705
Non-current assets
Tax credits receivable11,305 9,979
Other assets1,257 1,327 
Property and equipment3,961 3,960
Right-of-use assets3,451 4,277
Intangibles475,148 74,450
Deferred tax assets5,342 4,875
Goodwill5196,605 181,407
445,134 425,980
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities77,776 80,899 
Deferred revenues18,172 25,024
Current portion of lease liabilities2,575 3,546
Current portion of long-term debt612,648 8,059
111,171 117,528
Non-current liabilities
Contingent consideration310,131 5,359
Long-term debt6124,750 101,860
Lease liabilities5,035 5,449
Deferred tax liabilities10,235 11,228
261,322 241,424
Shareholders' equity
Share capital7316,785 316,685
Deficit(154,110)(155,075)
Accumulated other comprehensive income5,633 7,998
Contributed surplus15,504 14,948
183,812 184,556
445,134 425,980
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the three months ended June 30,
(in thousands of Canadian dollars, except share data) (unaudited)
NotesShares
issued		Share capitalDeficitAccumulated other
comprehensive
income		Contributed
surplus		Total
Number$$$$$
Balance as at March 31, 202599,305,100 316,685 (155,075)7,998 14,948 184,556 
Net earnings— — 185 — — 185 
Other comprehensive loss— — — (2,365)— (2,365)
Total comprehensive loss— — 185 (2,365)— (2,180)
Share-based compensation8— — — — 1,301 1,301 
Share-based compensation granted on business acquisitions8— — — — 743 743 
Issuance of Multiple Voting Shares from exercise of stock options7,852,632 178 — — (78)100 
Shares purchased for settlement of RSUs7(78,486)(266)71 — — (195)
Delivery of Subordinate Voting Shares upon settlement of RSUs7,878,486 188 — — (248)(60)
Change from equity-settled to cash-settled DSUs— — — — (453)(453)
Transfer upon forfeiture and cancellation of PSUs— — 709 — (709)— 
Total contributions by shareholders52,632 100 780 — 556 1,436 
Balance as at June 30, 202599,357,732 316,785 (154,110)5,633 15,504 183,812 
Balance as at March 31, 202495,415,248 312,409 (157,370)4,606 15,559 175,204 
Net loss— — (2,762)— — (2,762)
Other comprehensive income— — — 544 — 544 
Total comprehensive (loss) income— — (2,762)544 — (2,218)
Share-based compensation— — — — 931 931 
Share-based compensation granted on business acquisition— — — — 410 410 
Shares purchased for cancellation(82,273)(287)115 — — (172)
Shares purchased for settlement of RSUs(63,856)(223)85 — — (138)
Delivery of Subordinate Voting Shares upon settlement of RSUs63,856 159 — — (245)(86)
Total contributions by, and distributions to, shareholders(82,273)(351)200 — 1,096 945 
Balance as at June 30, 202495,332,975 312,058 (159,932)5,150 16,655 173,931 
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended June 30,
(in thousands of Canadian dollars) (unaudited)20252024
Notes$$
Operating activities
Net earnings (loss)185(2,762)
Adjustments for:
Depreciation and amortization6,0205,739
Net financial expenses122,8402,372
Share-based compensation82,0441,341
Unrealized foreign exchange loss (gain)776(54)
Realized foreign exchange (gain) loss on repayment of long-term debt(39)54
Loss on disposal of assets and on remeasurement of lease liabilities245—
Deferred taxes(3,340)652
8,7317,342
Changes in non-cash working capital items13(12,905)9,354
Net cash (used in) from operating activities(4,174)16,696
Investing activities
Additions to property and equipment(412)(239)
Additions to intangibles4(65)—
Business acquisition, net of cash acquired3(9,494)—
Net cash used in investing activities(9,971)(239)
Financing activities
Advances on the Credit Facility, net of related transaction costs28,38534,294
Repayment of the Credit Facility(6,400)(36,268)
Repayment of secured loans—(8,537)
Repayment of other debt(87)—
Repayment of lease liabilities, including lease termination costs(1,366)(1,514)
Withholding taxes paid pursuant to the settlement of RSUs 8(60)—
Exercise of stock options7100—
Shares purchased for settlement of RSUs7(195)(138)
Shares purchased for cancellation—(172)
Financial expenses paid12(2,528)(2,207)
Net cash from (used in) financing activities17,849(14,542)
Effect of exchange rate changes on cash(576)58
Net change in cash3,1281,973
Cash, beginning of period15,9568,859
Cash, end of period19,08410,832
Cash paid (included in cash flow (used in) from operating activities)
Income taxes paid 946216
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
1. GOVERNING STATUTES AND NATURE OF OPERATIONS
Alithya Group inc. (together with its subsidiaries, “Alithya” or the “Company”) is a professional services firm providing IT services and solutions through the optimal use of digital technologies in the areas of strategic consulting, enterprise transformation and business enablement.
The Company’s Class A subordinate voting shares (the “Subordinate Voting Shares”) trade on the Toronto Stock Exchange (“TSX”) under the symbol “ALYA”.
The Company’s head office is located at 700, René Lévesque West Blvd, Suite 400, Montréal, Québec, Canada, H3B 1X8.
2. BASIS OF PREPARATION
Statement of Compliance
These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting. They do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and should be read in conjunction with the annual audited consolidated financial statements for the year ended March 31, 2025. The Company applied the accounting policies adopted in its most recent annual audited consolidated financial statements for the year ended March 31, 2025, except for changes as detailed below.
These interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors (the “Board”) on August 12, 2025.
Basis of Measurement
These interim condensed consolidated financial statements have been prepared under the historical cost basis except for:
•Identifiable assets acquired and liabilities and contingent liabilities resulting from a business acquisition, which are generally measured initially at their fair values at the acquisition date and contingent purchase considerations which are measured at the acquisition date and subsequently at fair value;
•Lease obligations, which are initially measured at the present value of the lease payments that are not paid at the lease commencement date;
•Equity classified share-based payment arrangements which are measured at fair value at grant date pursuant to IFRS 2, Share-Based Payment; and
•Liabilities for cash-settled share-based payment arrangements which are initially and subsequently measured at fair value.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
2. BASIS OF PREPARATION (CONT’D)
NEW ACCOUNTING STANDARDS AND INTERPRETATIONS ISSUED BUT NOT YET EFFECTIVE
At the date of authorization of these interim condensed consolidated financial statements, certain new standards, amendments and interpretations, and improvements to existing standards have been published by the IASB but are not yet effective and have not been adopted early by the Company. Management anticipates that all the relevant pronouncements will be adopted in the first reporting period following the date of application. Information on new standards, amendments and interpretations, and improvements to existing standards, which could potentially impact the Company’s consolidated financial statements, are detailed as follows:
IFRS 7 and IFRS 9 - Classification and measurement of Financial Instruments
In May 2024, the IASB issued amendments to IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures. The standard amendments clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system. Furthermore, they clarify the description of non-recourse assets and contractually linked instruments and they introduce additional disclosures for financial instruments with contractual terms that can change cash flows, and equity instruments classified at fair value through other comprehensive income. The amendments to IFRS 7 and IFRS 9 apply retrospectively and are effective for annual periods beginning on or after January 1, 2026, with earlier application permitted. Management is currently evaluating the impact of the amendment on its consolidated financial statements.
IFRS 18 - Presentation and Disclosures in Financial Statements
On April 9, 2024, the IASB published the new IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 – Presentation of Financial Statements.
IFRS 18 covers four main areas:
•Introduction of defined subtotals and categories in the statement of profit or loss;
•Introduction of requirements to improve aggregation and disaggregation;
•Introduction of disclosures about management-defined performance measures (MPMs) in the notes to the financial statements; and
•Targeted improvements to the statement of cash flows by amending IAS 7 – Statement of Cash Flows.
IFRS 18 applies retrospectively and is effective for annual periods beginning on or after January 1, 2027, with earlier application permitted. Management is currently evaluating the impact of the amendment on its consolidated financial statements.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
3. BUSINESS ACQUISITION
eVerge
Overview
On May 31, 2025, the Company acquired all of the issued and outstanding shares of U.S.-based eVerge Interests, Inc. and its subsidiaries (“eVerge”) (the “eVerge Acquisition”), a group specialized in enterprise applications and transformation services. Management expects that eVerge’s expertise will complement its existing Oracle business, will increase its AI capabilities, and will reinforce it’s smart shoring capabilities.
The eVerge Acquisition was completed for total consideration of US$23,500,000 ($32,292,000), before working capital and other adjustments, all payable in cash.
The total preliminary purchase consideration, in the amount of US$20,357,000 ($27,974,000) once adjusted for working capital and other adjustments, consisted of: (i) US$7,557,000 ($10,385,000) paid in cash on closing; (ii) US$580,000 ($797,000) of holdback, included in accounts payable and accrued liabilities as at June 30, 2025; (iii) US$7,520,000 ($10,334,000) of balance of sale payable in two installments of US$3,760,000 ($5,167,000) on May 31st, 2026 and 2027 (each an "Anniversary Date"); and (iv) potential earn-out consideration of US$4,700,000 ($6,458,000), payable in two installments (50% within 90 days of the first Anniversary Date and 50% on the second Anniversary Date).
The final purchase consideration could be adjusted based on post-closing conditions related to revenues and gross margin.
The total earn-out consideration of US$4,700,000 ($6,458,000) is contingent upon the future financial performance of the acquired business over the 12-month period following the acquisition date. The contingent consideration included in the purchase consideration is classified as a financial liability recorded at fair value through profit and loss and comprised an undiscounted scenario-based weighted average expected payout amount. The contingent consideration liability is included in Level 3 of the fair value hierarchy and will be remeasured at fair value at each reporting date. The fair value was determined using a scenario-based method, under which the Company identifies multiple outcomes, probability-weights the contingent consideration payoff under each outcome, and discounts the result to arrive at the expected present value of the contingent consideration. At acquisition date, the discount rate used was 17.8%.
Due to the short period of time between the acquisition date and reporting period, the determination of the fair value of intangible assets and earn-out consideration, closing adjustments and related deferred tax considerations is preliminary pending completion of selection and application of appropriate valuation techniques. Accordingly, the related preliminary values in the below allocation of the fair value of the assets acquired and the liabilities assumed and fair value of the earn-out consideration are subject to change within the measurement period, which could be significant. The eVerge Acquisition is being accounted for using the acquisition method.
For the three months ended June 30, 2025, the Company incurred acquisition-related costs pertaining to the eVerge Acquisition of approximately $870,000. These costs have been recorded in the interim consolidated statement of operations in business acquisition, integration and reorganization costs.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
3. BUSINESS ACQUISITION (CONT’D)
Purchase Price Allocation

The allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows:
Acquisition of eVerge$
Current assets
Cash891 
Accounts receivable and other receivables5,376 
Prepaids339 
6,606 
Non-current assets
Property and equipment62 
Intangibles (note 4)
7,376 
Goodwill (note 5)
20,025 
Total assets acquired34,069 
Current liabilities
Accounts payable and accrued liabilities6,448 
Income taxes payable31 
Deferred revenue431 
6,910 
Non-current liabilities
Deferred tax liabilities1,948 
Total liabilities assumed8,858 
Net assets acquired25,211 
Goodwill
The goodwill recognized consists mainly of the future economic value attributable to the profitability of the acquired business, as well as its workforce and expected synergies from the integration of eVerge into the Company's existing business. The Company does not expect the goodwill to be deductible for income tax purposes.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
3. BUSINESS ACQUISITION (CONT’D)
Purchase consideration
The following table summarizes the acquisition date fair value of each class of purchase consideration as follows:
Acquisition of eVerge$
Cash consideration10,385 
Holdback presented in accounts payable and accrued liabilities797 
Balance of purchase price payable with a nominal value of US$7,520,000 ($10,334,000) (note 6) (a)
9,214 
Contingent consideration of US$4,700,000 ($6,458,000), recorded at fair value (a)
4,815 
Total purchase consideration25,211 
a) Non-cash financing activities
eVerge’s contribution to the Company’s results
For the three months ended June 30, 2025, the eVerge business contributed revenues of approximately $3,066,000 and a loss before income taxes in the amount of $890,000, including amortization, primarily related to the acquired customer relationships, of $618,000, interest accretion of $59,000 and business acquisition costs of $870,000 (note 11).
If the acquisition had occurred on April 1, 2025, the Company’s pro-forma consolidated revenues and loss before income taxes would have been $130,411,000 and $3,020,000, respectively, for the three months ended June 30, 2025. These amounts have been calculated using eVerge’s results and adjusting for:
•differences in accounting policies between the Company and eVerge;
•the removal of transaction costs incurred by eVerge from April 1, 2025 to May 31, 2025; and
•the additional amortization that would have been charged assuming the fair value adjustments to intangibles had been applied from April 1, 2025.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
4. INTANGIBLES
As atJune 30, 2025March 31, 2025
Customer relationshipsSoftware
Tradenames (a)
Non-compete agreementsTotalCustomer
relationships		Software
Tradenames (a)
Non-compete agreementsTotal
$$$$$$$$$$
Opening cost175,492 16,833 3,020 8,806 204,151 163,297 15,866 2,844 7,738 189,745 
Additions, purchased— — — — — — 116 — — 116 
Additions through business acquisition (note 3)
7,008 24 — 344 7,376 7,800 300 — 1,600 9,700 
Additions, internally generated— 65 — — 65 — 123 — — 123 
Disposals / retirements— (46)— — (46)(424)(338)— (810)(1,572)
Foreign currency translation adjustment(4,435)(700)(159)(255)(5,549)4,819 766 176 278 6,039 
Ending cost178,065 16,176 2,861 8,895 205,997 175,492 —16,833 — 3,020 —8,806 —204,151 
Opening accumulated amortization107,441 15,206 — 7,054 129,701 91,530 10,578 — 6,364 108,472 
Amortization3,848 994 — 113 4,955 13,321 4,361 — 1,244 18,926 
Disposals / retirements— — — — — (424)(338)— (810)(1,572)
Foreign currency translation adjustment(2,914)(654)— (239)(3,807)3,014 605 — 256 3,875 
Ending accumulated amortization108,375 15,546 — 6,928 130,849 107,441 15,206 — 7,054 129,701 
Net carrying amount69,690 630 2,861 1,967 75,148 68,051 1,627 3,020 1,752 74,450 
(a) Tradenames are allocated to the Industry Solutions CGU for the purpose of impairment testing.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
5. GOODWILL
As atJune 30, 2025
CanadaFranceEPM-USERP-USERP-CAN
Industry Solutions
Not allocatedTotal
$$$$$$$$
Beginning balance78,405 143 10,196 67,893 — 10,108 14,662 181,407 
Allocation (a)
— — — — 14,662 — (14,662)— 
Business acquisition (note 3)
— — 20,025 — — — — 20,025 
Foreign currency translation adjustment— 5 (715)(3,583)— (534)— (4,827)
Net carrying amount78,405 148 29,506 64,310 14,662 9,574 — 196,605 
As atMarch 31, 2025
CanadaFranceEPM-USERP-USERP-CAN
Industry Solutions
Not allocatedTotal
$$$$$$$$
Beginning balance78,405 135 9,603 63,941 — 14,409 — 166,493 
Business acquisition— — — — — — 14,662 14,662 
Impairment loss— — — — — (5,144)— (5,144)
Foreign currency translation adjustment— 8 593 3,952 — 843 — 5,396 
Net carrying amount78,405 143 10,196 67,893 — 10,108 14,662 181,407 
(a) During the three months ended June 30, 2025, upon completion of the purchase price allocation, the Company allocated the goodwill from the acquisition of XRM Vision Inc. and its affiliates (the “XRM Acquisition”) to the ERP-CAN CGU for the purpose of impairment testing. There were no other changes to the purchase price allocation.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
6. LONG-TERM DEBT
The following table summarizes the Company’s long-term debt:
As atJune 30,March 31,
20252025
$$
Senior secured revolving credit facility (the "Credit Facility") (a)
96,086 77,729 
Subordinated unsecured loans (b)
20,000 20,000 
Balance of purchase price payable with a nominal value of US$3,115,000 ($4,243,000) (March 31, 2025 - US$3,115,000 ($4,479,000)), non-interest bearing (4.4% effective interest rate), payable in annual installments of US$3,115,000 ($4,243,000), maturing on July 1, 2025
4,243 4,431 
Balance of purchase price payable with a nominal value of $8,625,000, non-interest bearing (8.0% effective interest rate), payable in annual installments of $3,450,000 for the first and second anniversaries, and $1,725,000 for the third anniversary, maturing on December 1, 2027
7,867 7,718 
Balance of purchase price payable with a nominal value of US$7,520,000 ($10,242,000), non-interest bearing (8.0% effective interest rate), payable in annual installments of US$3,760,000 ($5,121,000), maturing on May 31, 2027 (note 3)
9,191 — 
Other debt 292 379 
Unamortized transaction costs (net of accumulated amortization of $461,000 and $403,000)
(281)(338)
137,398 109,919 
Current portion of long-term debt12,648 8,059 
124,750 101,860 
(a) The Credit Facility is available to a maximum amount of $140,000,000 which can be increased under an accordion provision to $190,000,000, under certain conditions, and can be drawn in Canadian dollars and the equivalent amount in U.S. dollars. It is available in prime rate advances, CORRA advances, SOFR advances and letters of credit of up to $2,500,000.
The advances bear interest at the Canadian or U.S. prime rate, plus an applicable margin ranging from 0.75% to 1.75%, or CORRA or SOFR rates, plus an applicable margin ranging from 2.00% to 3.00%, as applicable for Canadian and U.S. advances, respectively. The applicable margin is determined based on certain financial ratios. As security for the Credit Facility, Alithya provided a first ranking hypothec on the universality of its assets excluding any leased equipment and Investissement Québec’s first ranking lien on tax credits receivable for the financing related to refundable tax credits. Under the terms of the agreement, the Company is required to maintain certain financial covenants which are measured on a quarterly basis.
The Credit Facility matures on April 1, 2027 and is renewable for additional one-year periods at the lender’s discretion, provided that the term of the Credit Facility never exceeds three years at a given time.
As at June 30, 2025, the amount outstanding under the Credit Facility includes $72,186,000 (March 31, 2025 - $61,829,000) payable in U.S. dollars (US$53,000,000; March 31, 2025 - US$43,000,000).
The Company has an additional operating credit facility available to a maximum amount of $2,724,000 (US$2,000,000), bearing interest at the U.S. prime rate plus 1.00%. This operating credit facility can be terminated by the lender at any time. There was no amount outstanding under this additional operating credit facility as at June 30, 2025.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
6. LONG-TERM DEBT (CONT’D)
(b) The subordinated unsecured loans with Investissement Québec, in the amount of $20,000,000, mature on October 1, 2026 and are renewable for one additional year at the lender’s discretion. For the period up to October 1, 2025, the first $10,000,000 bears fixed interest rates ranging between 6.00% and 7.25% and the additional $10,000,000 bears interest ranging between 7.10% and 8.35%, determined and payable quarterly, based on certain financial ratios. The interest rates for the period between October 1, 2025 to October 1, 2026 will be communicated by the lender at the latest fifteen days prior to October 1, 2025. Once communicated, the Company will have the option to partially or fully repay the loans, without penalties, by October 1, 2025 at the latest.
Under the terms of the loans, the Company is required to maintain compliance with certain financial covenants which are measured on a quarterly basis.
(a)(b) The Company was in compliance with all of its financial covenants as at June 30, 2025 and March 31, 2025.
Subsequent to June 30, 2025, the Company amended the subordinated unsecured loans with Investissement Québec to extend the maturity from October 1, 2026 to October 1, 2027. There were no other significant changes.
7. SHARE CAPITAL
The following table presents information concerning issued share capital activity for the period:
Subordinate Voting SharesMultiple Voting Shares
Number of shares$Number of shares$
Beginning balance as at April 1, 202592,030,852 311,861 7,274,248 4,824 
Exercise of stock options— — 52,632 178 
Shares purchased for settlement of RSUs(78,486)(266)— — 
Delivery of shares upon settlement of RSUs78,486 188 — — 
Ending balance as at June 30, 2025 (a)
92,030,852 311,783 7,326,880 5,002 
(a) Includes 1,724,553 Subordinate Voting Shares issued as part of the XRM Acquisition subject to forfeitures which are not considered as outstanding as per IFRS.

During the three months ended June 30, 2025, the following transactions occurred:
•52,632 stock options were exercised and 52,632 Multiple Voting Shares were issued with a carrying value of $178,000, for cash consideration of $100,000, with $78,000 reclassified from contributed surplus.
•78,486 Subordinate Voting Shares were purchased on the open market in connection with the settlement of RSUs for a total cash consideration of $195,000 and a carrying value of $266,000. The excess of the carrying value over the purchase price in the amount of $71,000 was recorded as a reduction to deficit. A total of 103,749 RSUs were settled net of withholding tax and 78,486 Subordinate Voting Shares were delivered with a carrying value of $188,000, which was reclassified from contributed surplus. The purchase and delivery of Subordinate Voting Shares upon settlement of RSUs were completed by the administrative agent of the Share Unit Plan (“SUP”), in accordance with the terms of the SUP and the Services Agreement entered into between the Company and the administrative agent.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
8. SHARE-BASED COMPENSATION
Stock options
The following table presents information concerning outstanding stock options for the period:
Number of stock options
Weighted average exercise price (a)
$
Beginning balance as at April 1, 20253,547,141 3.29 
Expired(140,000)3.15 
Exercised(52,632)1.90 
Ending balance as at June 30, 20253,354,509 3.32 
Exercisable at period end2,999,126 3.32 
(a) Following the delisting from Nasdaq, the Company converted the U.S. dollar exercise prices in Canadian dollars.
Included in the 2,999,126 stock options exercisable issued, 200,000 stock options are available to purchase Multiple Voting Shares at a weighted average exercise price of $3.38 as at June 30, 2025.
Deferred Share Units (“DSUs”)
The following table presents information concerning the outstanding number of DSUs for the period:
Number of DSUs
Beginning balance as at April 1, 20251,471,139 
Granted to non-employee directors86,835 
Granted to employees251,967 
Ending balance as at June 30, 20251,809,941 
During the three months ended June 30, 2025, 86,835 fully vested DSUs, in aggregate, were granted under the Long Term Incentive Plan (“LTIP”) to non-employee directors of the Company at an average grant date fair value of $2.45, per DSU, for an aggregate fair value of $213,000.
During the three months ended June 30, 2025, 251,967 DSUs, in aggregate, were granted under the SUP at a grant date fair value of $1.91, per DSU, for an aggregate fair value of $481,000. The expense was recorded as at March 31, 2025 as the related services were performed and the performance conditions were met at that date.
As at June 30, 2025, included in the 1,809,941 DSUs are 1,360,923 DSUs issued under the LTIP and 449,018 DSUs issued under the SUP.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
8. SHARE-BASED COMPENSATION (CONT’D)
Restricted Share Units (“RSUs”)
The following table presents information concerning the outstanding number of RSUs for the period:
Number of RSUs
Beginning balance as at April 1, 20252,155,231 
Granted1,534,791 
Forfeited(247,616)
Settled(103,749)
Ending balance as at June 30, 20253,338,657 
RSUs issued under the SUP are settled in Subordinate Voting Shares purchased on the open market through the SUP’s administrative agent, and to the extent that the Company has an obligation under tax laws to withhold an amount for an employee’s tax obligation associated with the settlement, the Company settles RSUs on a net basis.
During the three months ended June 30, 2025, 1,534,791 RSUs, in aggregate, vesting in June 2028, were granted under the SUP at an average grant date fair value of $2.34, per RSU, for an aggregate fair value of $3,591,000.
During the three months ended June 30, 2025, 103,749 RSUs issued under the SUP with a carrying value of $248,000, were settled on a net basis. 78,486 Subordinate Voting Shares were purchased on the open market and delivered, with an amount of $188,000 previously credited to contributed surplus transferred to share capital. The balance of 25,263 RSUs, representing an amount of $60,000, were surrendered for cancellation to satisfy the employee’s statutory withholding tax requirements.
As at June 30, 2025, all 3,338,657 RSUs were issued under the SUP.
Performance Share Units (“PSUs”)
The following table presents information concerning the outstanding number of PSUs for the period:
Number of PSUs
Beginning balance as at April 1, 20253,072,867 
Granted1,400,099 
Forfeited(521,992)
Ending balance as at June 30, 20253,950,974 
During the three months ended June 30, 2025, 1,400,099 PSUs, in aggregate, vesting in June 2028, were granted under the SUP at an average grant date fair value of $2.34, per PSU, for an aggregate fair value of $3,276,000.
As at June 30, 2025, included in the 3,950,974 PSUs are 2,550,875 PSUs issued under the LTIP and 1,400,099 PSUs under the SUP.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
8. SHARE-BASED COMPENSATION (CONT’D)
Share-Based Compensation expense
Total share-based compensation expense for the period is summarized as follows:
For the three months ended June 30,
20252024
$$
Stock options58 50 
Share purchase plan – employer contribution328 344 
Share-based compensation granted on business acquisitions743 410 
DSUs213 182 
RSUs554 307 
PSUs476 392 
2,372 1,685 
9. EARNINGS (LOSS) PER SHARE
For the three months ended June 30,
20252024
$$
Net earnings (loss)185(2,762)
Weighted average number of Shares outstanding - basic and diluted (a) (b)
97,582,86095,386,001
Basic and diluted earnings (loss) per share—(0.03)
(a) "Shares" include the Subordinate Voting Shares and Multiple Voting Shares.
(b) The weighted average number of basic Shares calculation for the three months ended June 30, 2025 excludes the impact of 1,724,553 Subordinate Voting Shares issued as part of the XRM Acquisition as they were subject to forfeitures.
For the three months ended June 30, 2024, the potentially dilutive outstanding equity instruments, which are the DSUs, PSUs and options mentioned in Note 8 granted under the LTIP, certain shares to be issued as part of anniversary payments related to business acquisition, and the Subordinate Voting Shares issued as part of the XRM acquisition subject to forfeiture, were not included in the calculation of diluted earnings per share since the Company incurred losses and the inclusion of these equity instruments would have an antidilutive effect.
For the three months ended June 30, 2025, the basic and diluted earnings per share are the same as the inclusion of the instruments listed above had no impact on the result.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
10. ADDITIONAL INFORMATION ON CONSOLIDATED EARNINGS (LOSS)
The following table provides additional information on the consolidated earnings (loss):
For the three months ended June 30,
20252024
$$
Expenses by Nature
Employee compensation and subcontractor costs107,561 107,226 
Tax credits (a)
(1,481)(1,954)
Licenses and telecommunications3,307 3,297 
Professional fees2,604 2,047 
Other expenses2,910 3,388 
Impairment of property and equipment and intangible37 — 
Depreciation of property and equipment460 490 
Depreciation of right-of-use assets605 605 
116,003 115,099 
Expenses by Function
Cost of revenues84,365 82,345 
Selling, general and administrative expenses (b)
30,573 31,659 
Depreciation1,065 1,095 
116,003 115,099 
(a) Tax credits are included in cost of revenues.
(b) For the three months ended June 30, 2025, selling, general and administrative expenses include termination and benefit costs for management personnel of nil (2024 - $1,502,000) and nil (2024 - $246,000) of reversal of share-based compensation expense for forfeited equity instruments.
Deferred income tax recovery
During the three months ended June 30, 2025, the Company recognized a deferred tax asset in the amount of $1,948,000 that was probable of being realized as a result of the deferred tax liability pursuant to the eVerge Acquisition (note 3). The recognized deferred tax asset relates to previous years' net operating losses of the Company in the U.S. available for carryforwards in the amount of approximately $7,319,000 that was previously not recognized.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
11. BUSINESS ACQUISITION, INTEGRATION AND REORGANIZATION COSTS
The following table summarizes business acquisition, integration and reorganization costs:
For the three months ended June 30,
20252024
$$
Acquisition costs (a)
901 — 
Integration costs (b)
686 124 
Reorganization costs (c)
423 566 
Employee compensation on business acquisition (d)
3793
2,047783
(a) The acquisition costs consisted mainly of professional fees incurred in relation to business acquisition (note 3).
(b) For the three months ended June 30, 2025, integration costs consisted mainly of loss on terminated lease previously acquired as part of business combinations, transition costs related to system integrations and common area expenses on vacated premises in relation to business acquisitions (2024 - mainly common area expenses on vacated premises in relation to business acquisitions).
(c) Reorganization costs consisted of employee termination and benefits costs.
(d) Employee compensation on business acquisition included deferred cash consideration from acquisition.
12. NET FINANCIAL EXPENSES
The following table summarizes net financial expenses:
For the three months ended June 30,
20252024
$$
Interest on long-term debt2,116 2,137 
Interest on lease liabilities97 124 
Amortization of finance costs57 77 
Interest accretion on balances of purchase price payable255 88 
Financing fees383 108 
Interest income(68)(162)
2,8402,372
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
13. SUPPLEMENTARY CASH FLOW INFORMATION
Changes in non-cash working capital items are as follows:
For the three months ended June 30,
20252024
$$
Accounts receivable and other receivables11,464 15,068 
Unbilled revenues(7,973)(7,494)
Tax credits receivable(1,221)7,860 
Prepaids336 (916)
Other assets70 — 
Accounts payable and accrued liabilities(9,060)(3,673)
Deferred revenues(6,521)(1,491)
(12,905)9,354
During the three months ended June 30, 2025, non-cash investing and financing activities included additions to right-of-use assets and lease liabilities in the amount of $79,000 (2024 - $183,000).
14. SEGMENT INFORMATION
The following tables present the Company's operations based on reportable segments:

For the three months ended June 30, 2025
CanadaU.S.InternationalTotal
$$$$
Revenues59,607 59,486 5,065 124,158 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs52,899 42,091 4,565 99,555 
Tax credits(1,395)— (86)(1,481)
Licenses and telecommunication1,018 1,633 176 2,827 
Other expenses1,186 1,547 212 2,945 
53,708 45,271 4,867 103,846 
Operating income by segment5,899 14,215 198 20,312 
Head office general and administrative expenses11,092 
Business acquisition, integration and reorganization costs (a)
2,047 
Foreign exchange loss1,166 
Operating income before depreciation and amortization6,007 
Depreciation and amortization6,020 
Operating loss(13)
(a) The reorganization costs included in Business acquisition, integration and reorganization costs relate to the Canada segment.
Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
14. SEGMENT INFORMATION (CONT’D)
For the three months ended June 30, 2024
CanadaU.S.InternationalTotal
$$$$
Revenues65,135 50,708 5,032 120,875 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs55,226 38,658 4,585 98,469 
Tax credits(1,948)— (6)(1,954)
Licenses and telecommunication801 1,484 98 2,383 
Other expenses1,133 1,728 234 3,095 
55,212 41,870 4,911 101,993 
Operating income by segment9,923 8,838 121 18,882 
Head office general and administrative expenses12,011 
Business acquisition, integration and reorganization costs (a)
783 
Foreign exchange gain(17)
Operating income before depreciation and amortization6,105 
Depreciation and amortization5,739 
Operating income366 
(a) The reorganization costs included in Business acquisition, integration and reorganization costs mostly relate to the Canada segment.
Information about revenues
An analysis of the Company’s revenues from customers for each major service category is as follows:
For the three months ended June 30, 2025
CanadaU.S.InternationalTotal
$$$$
Strategic consulting and enterprise transformation services - time and materials arrangements (a)
50,895 30,599 4,579 86,073 
Enterprise transformation services - fixed-fee arrangements4,905 12,747 341 17,993 
Business enablement services (b)
3,807 16,140 145 20,092 
59,607 59,486 5,065 124,158 

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables) (unaudited)
14. SEGMENT INFORMATION (CONT’D)
For the three months ended June 30, 2024
CanadaU.S.InternationalTotal
$$$$
Strategic consulting and enterprise transformation services - time and materials arrangements (a)
55,861 27,000 4,653 87,514 
Enterprise transformation services - fixed-fee arrangements5,808 9,154 379 15,341 
Business enablement services (b)
3,466 14,554 — 18,020 
65,135 50,708 5,032 120,875 
(a) Including $34,100,000 (2024 - $31,948,000) of time and materials arrangements applying the Input Method for the three months ended June 30, 2025.
(b) Including support revenues of $2,865,000 (2024 - $2,633,000) for Canada, $11,287,000 (2024 - $7,590,000) for U.S. and $105,000 (2024 - nil) for the International operating segment for a total of $14,257,000 (2024 - $10,223,000) for the three months ended June 30, 2025.
Major customer
During the three months ended June 30, 2025, no customer generated more than 10% of total revenues (June 30, 2024 - one Canadian customer generated more than 10% of total revenues for $15,648,000).
As at June 30, 2025, accounts receivable and other receivables from one Canadian customer amounted to $11,413,000 or 13% (March 31, 2025 - one Canadian customer represented more than 10% of total accounts receivable and other receivables for $10,210,000 or 11%).
15. FINANCIAL INSTRUMENTS
Fair Value of Financial Instruments
The carrying amount of cash, accounts receivable and other receivables, other assets, accounts payable and accrued liabilities and long-term debt bearing interest at variable rates is a reasonable approximation of fair value.
The fair value of the long-term debt bearing interest at fixed rates is estimated by discounting expected cash flows at rates that would be currently offered to the Company for debts of the same remaining maturities and conditions (Level 2). For both June 30, 2025 and March 31, 2025, the Company has determined that the fair value of the Credit Facility, the subordinated unsecured loans and the balances of purchase price payable are not significantly different than their carrying amount.
The contingent consideration related to the XRM Acquisition is payable based on the achievement of growth in excess of the trailing twelve months gross margin over a consecutive 12 months period within the 18 months following the acquisition date and is included in Level 3 of the fair value hierarchy. The fair value was determined using a scenario-based method, under which the Company identifies multiple outcomes, probability-weights the contingent consideration payoff under each outcome, and discounts the result to arrive at the expected present value of the contingent consideration. The actual earn-out payout can range from nil to $10,500,000. The maximum potential impact on the results can be an increase of $5,104,000 or a decrease of $5,396,000 in earnings.

Alithya Group inc. – Interim Condensed Consolidated Financial Statements for the three months ended June 30, 2025 and 2024
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