For the year ended June 30, 2026, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $1.10 per Common Share in the aggregate amount of $268.4 million, which we paid during the same period (year ended June 30, 2025 and 2024—$1.05 and $1.00 per Common Share, respectively, in the aggregate amount of $271.5 million and $267.4 million, respectively).

From time to time, we may provide funds to a third-party agent to facilitate repurchases of our Common Shares in connection with the settlement of awards under the Long-Term Incentive Plans (LTIP) or other plans.

During the year ended June 30, 2026, we repurchased 2,400,492 Common Shares on the open market at a cost of $56.2 million for potential settlement of awards under “Long-Term Incentive Plans” and “Restricted Share Units (Other)” or other plans as described below (year ended June 30, 2025 and 2024—4,619,276 and 1,400,000 Common Shares, respectively, at a cost of $133.1 million and $53.1 million, respectively).

During the year ended June 30, 2026, we delivered to eligible participants 2,297,271 Common Shares at a cost of $70.5 million that were purchased in the open market in connection with the settlement of awards and other plans (year ended June 30, 2025 and 2024—3,107,220 and 1,800,395 Common Shares, respectively, at a cost of $118.2 million and $81.4 million, respectively).

Our ESPP offers employees the opportunity to purchase our Common Shares at a purchase price discount of 15%. During the year ended June 30, 2026, 1,279,333 Common Shares were eligible for issuance to employees enrolled in the ESPP (year ended June 30, 2025 and 2024—1,291,351 and 1,176,466 Common Shares, respectively). During the year ended June 30, 2026, cash in the amount of $29.3 million was received from employees relating to the ESPP (year ended June 30, 2025 and 2024—$31.6 million and $33.9 million, respectively).

On August 6, 2025, the Company renewed its share repurchase plan, pursuant to which we were authorized to purchase for cancellation, over the 12-month period commencing on August 12, 2025 until August 11, 2026, up to an aggregate of $300 million of our Common Shares on the Toronto Stock Exchange (TSX) (as part of the Fiscal 2026 NCIB, as defined below), the NASDAQ and/or alternative trading systems in Canada and/or the U.S. (the Fiscal 2026 Repurchase Plan). On February 10, 2026, we increased the authorized limit of the Fiscal 2026 Repurchase Plan by $200 million to $500 million. The Fiscal 2026 Repurchase Plan included a normal course issuer bid (the Fiscal 2026 NCIB) to provide means to execute purchases over the TSX. Further, as part of the renewal of the Fiscal 2026 NCIB, the Company established an automatic share purchase plan (ASPP) with its broker to facilitate repurchases of Common Shares.

During the year ended June 30, 2026, we repurchased and cancelled 14,761,123 Common Shares for $415.7 million, inclusive of 2% Canadian excise taxes recorded (year ended June 30, 2025 and 2024— 14,524,664 and 5,073,913 Common Shares for $418.3 million and $152.3 million, respectively).

Additionally, as of June 30, 2026, we recorded an accrual and a corresponding charge to retained earnings of $10.6 million (year ended June 30, 2025 and 2024— $24.8 million and nil, respectively), representing the estimated value of Common Shares expected to be repurchased following the fiscal quarter ended June 30, 2026 pursuant to the ASPP.


	Year Ended June 30,
	2026		2025		2024
Performance Share Units (issued under LTIP)	$	20,506	$	21,121	$	26,415
Restricted Share Units (issued under LTIP)	15,212		15,418		10,677
Restricted Share Units (other)	26,405		42,706		75,642
Stock Options (issued under Stock Option Plans)	9,525		15,694		18,167
Employee Stock Purchase Plan	5,278		5,979		6,016
Deferred Share Units (directors)	3,710		3,922		3,162
Total share-based compensation expense	$	80,636	$	104,840	$	140,079

No cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented. We have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.


	As of June 30, 2026
	Unrecognized Compensation Cost		Weighted Average Recognition Period (years)
Performance Share Units (issued under LTIP)	$	38,230	1.87
Restricted Share Units (issued under LTIP)	10,957		1.36
Restricted Share Units (other)	30,481		1.54
Stock Options (issued under Stock Option Plans)	27,048		2.42
Total unrecognized share-based compensation cost	$	106,716

We incentivize certain eligible employees, in part, with long-term compensation pursuant to our LTIP. The LTIP is a rolling three-year program that grants eligible employees a certain number of target Performance Share Units (PSUs) and/or Restricted Share Units (RSUs). Target PSUs become vested upon the achievement of certain financial and/or operational performance criteria (the Performance Conditions) that are determined at the time of the grant. The Performance Conditions for vesting of the outstanding PSUs are based on market conditions or performance-based revenue conditions. RSUs are employee service-based awards and vest subject to an eligible

employee’s continued employment throughout the applicable vesting period. For the year ended June 30, 2026, we settled LTIP awards that vested by delivering to eligible participants 825,551 Common Shares that were purchased in the open market at a cost of $27.5 million.

PSUs and RSUs granted under the LTIP have been measured at fair value as of the effective date, consistent with ASC Topic 718, and will be charged to share-based compensation expense over the remaining life of the plan. We estimate the fair value of PSUs with market-based conditions using the Monte Carlo pricing model and RSUs have been valued based upon their grant-date fair value. The fair value of PSUs with performance-based conditions have been valued based upon their grant-date fair value. Beginning in Fiscal 2023, certain PSU and RSU grants were eligible to receive dividend equivalent units that vest under the same conditions as the underlying grants.


	Units	Weighted-Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2025	1,972,941	$	49.87	1.52	$	51,956
Granted (1)	1,041,815	48.51
Vested (1)	(325,768)	51.19
Forfeited or expired	(918,337)	47.60
Outstanding at June 30, 2026	1,770,651	$	50.01	1.68	$	39,220

For the periods indicated, the weighted-average fair value of market-based PSUs issued under LTIP, and weighted-average assumptions estimated under the Monte Carlo pricing model were as follows:


	Year Ended June 30,
	2026			2025			2024
Weighted–average fair value of PSUs granted	$50.18			$47.96 - $47.96			$21.17 - $59.48
Weighted-average assumptions used:
Expected volatility	32.40		%	30.26		%	28.00		%
Risk–free interest rate	3.66		%	3.67		%	4.38% - 4.95%
Expected dividend yield	—		%	—		%	—		%
Expected life (in years)	3.09			3.11			3.00
Forfeiture rate (based on historical rates)	7		%	7		%	7		%
Weighted–average fair value of PSUs vested	$	53.05		$	75.14		$	—
Aggregate intrinsic value of PSUs vested ($ in ‘000’s)	$	11,253		$	8,020		$	—

The Company did not grant any performance-based PSUs for the years ended June 30, 2026 and 2025. The weighted average fair value of the performance-based PSUs granted was $40.14 for the year ended June 30, 2024.

Beginning in Fiscal 2025, grants of RSUs (issued under LTIP) vest on a straight-line basis over three years from the respective date of grants. Grants of RSUs (issued under LTIP) prior to Fiscal 2025 vest after three years from the respective date of grants.


	Units	Weighted-Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2025	1,272,015	$	33.11	1.70	$	37,143
Granted	839,657	29.44
Vested	(499,783)	34.42
Forfeited or expired	(358,174)	30.35
Outstanding at June 30, 2026	1,253,715	$	30.92	1.74	$	27,770


	Year Ended June 30,
	2026		2025		2024
Weighted–average fair value of RSUs granted	$	29.44	$	28.43	$	35.07
Weighted–average fair value of RSUs vested	$	34.42	$	49.92	$	43.40
Aggregate intrinsic value of RSUs vested ($ in ‘000’s)	$	16,259	$	5,111	$	9,093

In addition to the grants made in connection with the LTIP discussed above, from time to time, we may grant RSUs to certain employees in accordance with employment and other non-LTIP related agreements. RSUs (other) vest over a specified contract date, typically two or four years from the respective date of grants.


	Units	Weighted-Average Grant-Date Fair Value		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2025	2,639,883	$	33.11	2.00	$	77,084
Granted	945,505	34.05
Vested	(1,237,728)	33.82
Forfeited or expired	(224,745)	34.18
Outstanding at June 30, 2026	2,122,915	$	33.00	1.94	$	47,023


	Year Ended June 30,
	2026		2025		2024
Weighted–average fair value of RSUs (other) granted	$	34.05	$	27.37	$	38.04
Weighted–average fair value of RSUs (other) vested	$	33.82	$	35.63	$	40.94
Aggregate intrinsic value of RSUs (other) vested ($ in ‘000’s)	$	42,146	$	69,891	$	62,821

During the year ended June 30, 2026, we delivered to eligible participants 1,237,728 Common Shares that were purchased in the open market in connection with the settlement of vested RSUs, at a cost of $36.8 million


			2004 Stock Option Plan
Date of inception			Oct-04
Eligibility			Eligible employees, as determined by the Board of Directors
Options granted to date			52,636,819
Options exercised to date			(23,958,258)
Options cancelled to date			(21,115,051)
Options outstanding			7,563,510
Options available for issuance			8,641,512
Termination grace periods			Immediately “for cause”; 90 days for any other reason; 180 days due to death
Vesting schedule			25% per year, unless otherwise specified
Exercise price range			$24.72 - $52.62
Expiration dates			July 3, 2026 - May 11, 2033

Our stock options vest over four years and expire after seven years from the date of the grant. The exercise price of all our options is set at an amount that is not less than the closing price of our Common Shares on the NASDAQ on the trading day immediately preceding the applicable grant date.

We estimate the fair value of stock options using the Black-Scholes option-pricing model, consistent with the provisions of ASC Topic 718, “Compensation—Stock Compensation” (Topic 718) and SEC Staff Accounting Bulletin No. 107. The option-pricing models require input of subjective assumptions, including the estimated life of the option and the expected volatility of the underlying stock over the estimated life of the option. We use historical volatility as a basis for projecting the expected volatility of the underlying stock and estimate the expected life of our stock options based upon historical data.

We believe that the valuation techniques and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair value of our stock option grants. Estimates of fair value are not intended, however, to predict actual future events or the value ultimately realized by employees who receive equity awards.


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2025	12,306,554	$	36.73	3.93	$	5,942
Granted	2,001,322	28.71
Exercised	(882,080)	30.96
Forfeited or expired	(5,862,286)	38.08
Outstanding at June 30, 2026	7,563,510	$	34.23	4.25	$	—
Exercisable at June 30, 2026	3,688,466	$	38.81	2.85	$	—


	Year Ended June 30,
	2026			2025			2024
Weighted–average fair value of options granted	$	6.36		$	5.80		$	9.00
Weighted-average assumptions used:
Expected volatility	32.06		%	28.96		%	30.46		%
Risk–free interest rate	3.80		%	3.81		%	4.44		%
Expected dividend yield	3.88		%	3.60		%	2.73		%
Expected life (in years)	4.32			4.32			4.26
Forfeiture rate (based on historical rates)	7		%	7		%	7		%
Average exercise share price	$	30.96		$	26.81		$	36.55

The aggregate intrinsic value of options exercised during the year ended June 30, 2026 was $5.4 million (year ended June 30, 2025 and 2024—$0.4 million and $7.0 million, respectively). For the year ended June 30, 2026, cash in the amount of $27.3 million was received as the result of the exercise of options granted under share-based compensation arrangements (year ended June 30, 2025 and 2024—$3.7 million and $31.4 million, respectively). The tax benefit realized by us during the year ended June 30, 2026 from the exercise of options eligible for a tax deduction was $1.4 million (year ended June 30, 2025 and 2024—$0.1 million and $1.5 million, respectively).

The DSUs are granted to certain non-employee directors. DSUs are issued under our Deferred Share Unit Plan. DSUs granted as compensation for director fees vest immediately, whereas all other DSUs granted vest at our next annual general meeting following the granting of the DSUs. DSUs granted have been measured at fair value as of the effective date, consistent with ASC Topic 718. DSU grants are eligible to receive dividend equivalent units that vest under the same conditions as the underlying grants. No DSUs are payable by us until the director ceases to be a member of the Board.

During the year ended June 30, 2026, we settled 233,992 DSUs at a cost of $6.2 million (year ended June 30, 2025 and 2024—296,831 and 0 Common Shares, respectively, with a cost of $7.6 million and nil, respectively).

A summary of activity under our DSUs issued for the year ended June 30, 2026 is as follows:


	Units	Weighted-Average Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000’s)
Outstanding at June 30, 2025 (1)	903,970	$	31.04	0.34	$	26,415
Granted (2)	120,990	30.84
Settled	(233,992)	28.37
Outstanding at June 30, 2026 (2)	790,968	$	31.80	0.44	$	17,070


	Year Ended June 30,
	2026		2025		2024
Weighted–average fair value of deferred share units granted	$	30.84	$	31.03	$	38.43
Weighted–average fair value of deferred share units vested	$	30.24	$	34.21	$	36.81
Aggregate intrinsic value of deferred share units vested ($ in ‘000’s)	$	3,838	$	3,194	$	1,461