For the three months ended September 30, 2026, pursuant to the Company’s dividend policy, we declared total non-cumulative dividends of $0.28 per Common Share in the aggregate amount of $66.5 million, which we paid during the same period (three months ended September 30, 2025—$0.275 per Common Share in the aggregate amount of $68.2 million).

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 three months ended September 30, 2026 and 2025, we did not repurchase Common Shares on the open market for potential settlement of awards under our “Long-Term Incentive Plans,” “Restricted Share Units (Other)” or other plans as described below.

During the three months ended September 30, 2026, we delivered to eligible participants 326,533 Common Shares at a cost of $9.7 million that were purchased in the open market in connection with the settlement of awards under our LTIP and other plans (three months ended September 30, 2025 —196,017 Common Shares at a cost of $7.6 million).

Our ESPP offers employees the opportunity to purchase our Common Shares at a purchase price discount of 15%. During the three months ended September 30, 2026, 358,367 Common Shares were eligible for issuance to employees enrolled in the ESPP (three months ended September 30, 2025—244,450 Common Shares). During the three months ended September 30, 2026, cash in the amount of $6.7 million was received from employees relating to the ESPP (three months ended September 30, 2025—$7.8 million).

In August 2026, the Company renewed its share repurchase plan, pursuant to which we may purchase for cancellation in open market transactions, from time to time over the 12-month period commencing on August 12, 2026 until August 11, 2027, if considered advisable, up to a maximum of 10% of the public float of our Common Shares (calculated in accordance with Toronto Stock Exchange (TSX) rules) on the TSX (as part of the Fiscal 2027 NCIB, defined below), the NASDAQ and/or alternative trading systems in Canada and/or the United States, if eligible, subject to applicable law and stock exchange rules (the Fiscal 2027 Repurchase Plan). The Fiscal 2027 Repurchase Plan includes a normal course issuer bid (the Fiscal 2027 NCIB) to provide means to execute purchases over the TSX. Further, as part of the renewal of the Fiscal 2027 NCIB, the Company established an automatic share purchase plan (ASPP) with its broker to facilitate repurchases of Common Shares.

During the three months ended September 30, 2026, we repurchased and cancelled 980,700 Common Shares for $23.4 million, inclusive of 2% Canadian excise taxes recorded (three months ended September 30, 2025— 3,156,323 Common Shares for $102.0 million).

Additionally, as of September 30, 2026, we recorded an accrual within Accounts payable and accrued liabilities and a corresponding charge to Retained earnings of $8.0 million, (as of September 30, 2025 — $25.0 million), representing the estimated value of Common Shares expected to be repurchased following the fiscal quarter ended September 30, 2026 pursuant to the ASPP.


	Three Months Ended September 30,
	2026		2025
Performance Share Units (issued under LTIP)	$	6,688	$	3,385
Restricted Share Units (issued under LTIP)	3,761		3,571
Restricted Share Units (other)	6,795		7,465
Stock Options (issued under Stock Option Plans)	341		1,006
Employee Stock Purchase Plan	1,226		1,340
Deferred Share Units (directors)	883		914
Total share-based compensation expense	$	19,694	$	17,681


	As of September 30, 2026
	Unrecognized Compensation Cost		Weighted Average Recognition Period (years)
Performance Share Units (issued under LTIP)	$	75,527	2.48
Restricted Share Units (issued under LTIP)	26,749		1.75
Restricted Share Units (other)	32,466		1.34
Stock Options (issued under Stock Option Plans)	23,674		2.38
Total unrecognized share-based compensation cost	$	158,416

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.

PSUs and RSUs granted under the LTIP have been measured at fair value as of the effective date, consistent with ASU Topic 718, “Compensation—Stock Compensation” (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. PSU and RSU grants are 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, 2026	1,770,651	$	50.01	1.68	$	39,220
Granted (1)	1,174,701	43.02

Forfeited or expired	(122,402)	48.30
Outstanding at September 30, 2026	2,822,950	$	47.17	2.15	$	63,291

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


	Three Months Ended September 30,
	2026			2025
Weighted–average fair value of PSUs granted	$	43.59		$	50.18
Weighted-average assumptions used:
Expected volatility	33.16		%	32.40		%
Risk–free interest rate	4.21		%	3.66		%
Expected dividend yield	—		%	—		%
Expected life (in years)	3.11			3.09

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, 2026	1,253,715	$	30.92	1.74	$	27,770
Granted	880,248	25.91
Vested	(326,528)	29.28
Forfeited or expired	(90,397)	29.05
Outstanding at September 30, 2026	1,717,038	$	28.76	2.28	$	38,496

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 one to 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, 2026	2,122,915	$	33.00	1.94	$	47,023
Granted	446,964	24.97

Forfeited or expired	(67,632)	32.66
Outstanding at September 30, 2026	2,502,247	$	31.58	1.79	$	56,100


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2026	7,563,510	$	34.23	4.25	$	—
Granted	152,500	25.66

Forfeited or expired	(715,512)	33.72
Outstanding at September 30, 2026	7,000,498	$	34.09	4.16	$	—
Exercisable at September 30, 2026	3,556,273	$	38.52	2.84	$	—

We estimate the fair value of stock options using the Black-Scholes option-pricing model consistent with the provisions of 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.


	Three Months Ended September 30,
	2026			2025
Weighted–average fair value of options granted	$	5.85		$	6.69
Weighted-average assumptions used:
Expected volatility	33.66		%	31.00		%
Risk–free interest rate	4.36		%	3.77		%
Expected dividend yield	4.29		%	3.52		%
Expected life (in years)	4.32			4.37
Forfeiture rate (based on historical rates)	7		%	7		%
Average exercise share price	$	25.66		$	30.22

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.


	Units	Weighted-Average Price		Weighted- Average Remaining Contractual Term (years)	Aggregate Intrinsic Value ($’000's)
Outstanding at June 30, 2026 (1)	790,968	$	31.80	0.44	$	17,070
Granted	13,144	24.02

Outstanding at September 30, 2026 (2)	804,112	$	31.67	0	$	18,028