GROUPE DYNAMITE REPORTS FIRST QUARTER FISCAL 2025 RESULTS, MARKING 10 CONSECUTIVE QUARTERS OF POSITIVE COMPARABLE STORE SALES GROWTH

• 13.0% comparable store sales growth in Q1 2025, over and above 16.4% in Q1 2024
• Guidance raised to a range of 7.5% to 9.0% on comparable store sales growth for Fiscal 2025
• Market-leading inventory turnover of 8.5x, driven by our remarkable agility
• Reduction by more than 50% of China receipts into the U.S. in response to tariffs
• Share buyback program initiated and expanded with the adoption of an automatic share purchase plan

MONTRÉAL, June 17, 2025 /CNW/ - Groupe Dynamite Inc. ("Groupe Dynamite" or the "Company") (TSX: GRGD) today reported its financial results for the fiscal year 2025's first quarter ended May 3, 2025.

"We're marking a milestone quarter in every sense. As we celebrate Garage's 50th anniversary, we're also celebrating performance that speaks for itself: 13.0% comparable store sales growth on top of last year's 16.4%, and strong momentum carrying into Q2, with comps trending even higher. Our luxury-inspired business model continues to deliver, driven by agility, emotional connection, and a culture that shows up every day with purpose. With the launch of our inaugural ESG report and our Shared Success Program, we remain focused on building lasting value for our customers, our people, and our shareholders," said Andrew Lutfy, Chief Executive Officer and Chair of the Board.

"This quarter, we saw what's possible when product, marketing, and the field are fully aligned. Our collections were supported by strong storytelling across every channel—and brought to life by a community that believes in the brand, from store teams to influencers to loyal customers. With strong execution and momentum across the business, and the launch of our U.S. distribution center next quarter, we're set to deliver even faster, sharper, and more connected brand experiences," added Stacie Beaver, President & Chief Operating Officer. 

Fiscal 2025 First Quarter Highlights

• Revenue increased by 20.0% to $226.7 million in Q1 2025, compared to $188.9 million in Q1 2024.
• Comparable store sales growth⁽¹⁾ of 13.0% in Q1 2025, over and above comparable store sales growth of 16.4% in Q1 2024.
• Retail sales per square foot⁽¹⁾ increased by 16.0% compared to Q1 2024, reaching $756 in Q1 2025.
• SG&A increased to $74.7 million in Q1 2025, compared to $66.2 million in Q1 2024, and adjusted SG&A as a percentage of sales⁽¹⁾ decreased to 32.4% from 34.6% over the same period in Fiscal 2024.
• Operating income increased by 16.2% to $44.3 million in Q1 2025, compared to $38.2 million in Q1 2024.
• Adjusted EBITDA⁽¹⁾ increased by 19.8% to $66.8 million in Q1 2025, representing an adjusted EBITDA margin⁽¹⁾ of 29.5%, unchanged from the same period in Fiscal 2024.
• Diluted net earnings per share increased to $0.24 in Q1 2025, compared to $0.22 in Q1 2024 and adjusted diluted net earnings per share ⁽¹⁾ increased by 8.7% to $0.25 in Q1 2025, compared to $0.23 in Q1 2024.
• Real estate activity for Q1 2025 includes:
  • Opening of 1 gross new store in the United States under the Garage banner
  • Closure of 2 stores: 1 in the United States under the Dynamite banner and 1 in Canada also under the Dynamite banner
  • Relocation of 3 stores: 1 in the United States under the Garage banner and 2 in Canada also under the Garage banner.

Ratios and Recent Developments

• Inventory turnover ⁽¹⁾ improved to 8.50x in Q1 2025, compared to 7.59x in Q1 2024.
• Net leverage ratio ⁽¹⁾ was 0.92x in Q1 2025, down from 1.79x in Q1 2024.
• Return on assets ("ROA") ⁽¹⁾ improved to 23.8% in Q1 2025, compared to 20.0% in Q1 2024.
• Return on capital employed ("ROCE") ⁽¹⁾ reached 44.5% in Q1 2025, compared to 37.4% in Q1 2024.
• During the quarter, the Company repurchased 168,900 shares at an average price of $13.74 for a total of approximately $2.3 million. As of June 13, a total of 393,600 shares have been repurchased since the inception of the normal course issuer bid.

_________
Notes:
^(1)	Refer to "Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics" section of this press release for further details concerning these measures including definitions and reconciliations of each non-IFRS financial measure to the relevant reported IFRS financial measure. Non-IFRS financial measures and non-IFRS ratios do not have a standardized meaning under IFRSÒ Accounting Standards, as issued by the International Accounting Standards Board (IASB) ("IFRS Accounting Standards") which are used to prepare the Company's financial statements and might not be comparable to similar financial measures presented by other entities.
^(2)	All references to "Q1 2025" are to the Company's 13-week period ended May 3, 2025; to "Q1 2024" are to the Company's 13-week period ended May 4, 2024; to "Fiscal 2024" are to the Company's fiscal year ended February 1, 2025; to "Fiscal 2025" are to the Company's fiscal year ending January 31, 2026.

Outlook 

The table below outlines the Company's revised financial annual guidance ranges for Fiscal 2025 replacing our previously disclosed guidance:

	Revised Fiscal 2025 Guidance	Original Fiscal 2025 Guidance
Real estate activity	18 to 20 gross new store openings 9 to 10 net new store openings	18 to 20 gross new store openings 9 to 10 net new store openings
Comparable store sales growth	↑ 7.5% to 9.0%	5.0% to 6.5%
Adjusted EBITDA margin	30.3% to 32.3%	30.3% to 32.3%
CAPEX	$95.0 to $105.0 million	$95.0 to $105.0 million

Our achievement of these targets is subject to several risks and uncertainties, including the following:⁽¹⁾

• Adverse effects from future policy or legislative changes, tariffs (in addition to those currently in place) that may be imposed by the United States, or retaliatory tariffs from other countries and the United States.
•  Failing to successfully locate our stores in suitable locations and any impairment of a store location, including any decrease in customer traffic.
• Failing to negotiate lease agreements for the store pipeline for Fiscal 2025, along with the risk of delays in construction activities beyond our control, and substantial increases in occupancy costs.
• Failing to complete the renovations and relocations scheduled for Fiscal 2025, which is expected to be between approximately 10 to 15, including 3 DYN 3.0 store concepts in Canada.
• Headwinds of $4 to $5 million in incremental public company costs, or a 40-basis point impact on adjusted EBITDA margin, which is included in the outlook table above.
• Maintaining recent levels of comparable store sales or retail sales per square foot.
• Disruption of our strategic relationships with suppliers, impairing open-to-buy visibility.
• Failing to optimize merchandise and anticipate and respond to constantly changing consumer demands and fashion trends.
• Failing to protect and enhance our brands.
• Failing to attract new customers, or retain existing customers, or to maintain or increase sales to those customers.
• Failing to actively manage product margins, including the implementation of effective pricing strategies.
• Obstacles to the ongoing implementation of in-store productivity initiatives and the achievement of cost savings intended to improve operating expenses.
• Any material disruption in our information technology systems and e-commerce business.
• The occurrence of unusually adverse weather, particularly during peak seasons.
• Adverse changes in the general economic conditions and consumer spending in Canada, the United States and other parts of the world.

___________
Note:
^(1)	The guidance ranges included in this section are forward-looking statements within the meaning of applicable securities laws, are based on assumptions that we believe to be reasonable, are subject to several risks and uncertainties, and should be read in conjunction with the "Forward-Looking Statements" section of this press release, which outlines such assumptions and describes certain of such risks.

First Quarter Fiscal 2025 Financial Results

Revenue

Total revenue for Q1 2025 increased by $37.8 million or 20.0% compared to Q1 2024. This growth was primarily due to a 13.0% increase in comparable store sales and contributions from new stores. Penetration of online revenue for the quarter has therefore increased by 0.1% from 16.3% in Q1 2024 to 16.4% in Q1 2025.

Cost of sales and gross profit

Gross profit for Q1 2025 increased by $20.1 million or 16.6% compared to Q1 2024, with gross margin⁽¹⁾ declining by 180 basis points to 62.1%, reflecting the impact of additional tariffs, partly offset by our mitigation efforts.

SG&A and Adjusted SG&A as a percentage of sales

SG&A for Q1 2025 increased by $8.5 million or 12.8% compared to Q1 2024. This increase was primarily driven by the Company's growing scale and activities, leading to a $3.3 million increase in wages, salaries, and employee benefits. Additionally, during Q1 2025, the Company strategically increased its marketing investment by launching more initiatives aimed at driving brand awareness, resulting in a $3.1 million increase in selling and marketing expenses compared to Q1 2024. Administrative costs increased by $2.1 million, negatively impacted by $0.5 million of professional fees related to the IPO. Adjusted SG&A as a percentage of sales improved to 32.4% in Q1 2025 down from 34.6% in Q1 2024.

Net earnings and adjusted net earnings

Net earnings for Q1 2025 increased by $3.4 million or 14.2% compared to Q1 2024. This growth is mainly attributed to higher revenue, partially offset by higher net financing costs and increased depreciation and amortization. Adjusted net earnings⁽¹⁾ for Q1 2025 increased by $3.6 million or 14.5% compared to Q1 2024.

Operating income and adjusted EBITDA

Operating income for Q1 2025 increased by $6.2 million or 16.2% to reach $44.3 million in Q1 2025 compared to $38.2 million in Q1 2024. Similarly, adjusted EBITDA for Q1 2025 increased by $11.1 million or 19.8% to reach $66.8 million compared to $55.8 million in Q1 2024. The adjusted EBITDA margin remained stable at 29.5% in Q1 2025, compared to the same period last year despite a decrease in gross margin. This reflects the benefits of operating leverage and effective cost management in a dynamic and challenging environment.

Working capital

As of May 3, 2025, we have maintained a strong inventory turnover ratio of 8.50x, compared to 7.59x as of May 4, 2024, with current assets of $198.8 million (including $106.6 million in cash) and current liabilities of $184.8 million. Inventory continues to be minimized through agile product development and strategic sourcing, driven by our high open-to-buy ratio.

Free cash flow

The Company reported robust free cash flow⁽¹⁾, achieving $41.6 million in Q1 2025, up from $36.6 million in Q1 2024, reflecting stronger cash generation despite a $10.8 million increase in CAPEX to $21.1 million.

Net leverage ratio

The Company's net leverage ratio decreased to 0.92x compared to 1.79x last year. This improvement is due to the increase in adjusted EBITDA, coupled with the repayment of all of its outstanding borrowings under the credit facilities which has more than offset the increase in lease liabilities and allowed the Company to reduce leverage significantly. At the end of Q1 2025, the Company has over $106.6 million in cash and $312 million available under credit facilities, providing flexibility to drive growth, invest in strategic initiatives and manage market volatility.

Return metrics

ROA of 23.8% for Q1 2025 has increased from the ROA of 20.0% for Q1 2024. This improvement indicates a significant boost in the Company's ability to leverage its assets more effectively than in previous periods.

For Q1 2025, our ROCE reached 44.5%, compared to 37.4% in Q1 2024, highlighting the effectiveness of our recent strategies and investments.

_______________
Note:
^(1)	Refer to "Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics" section of this press release for further details concerning these measures including definitions and reconciliations of each non-IFRS financial measure to the relevant reported IFRS financial measure. Non-IFRS financial measures and non-IFRS ratios do not have a standardized meaning under IFRS Accounting Standards, which are used to prepare the Company's financial statements and might not be comparable to similar financial measures presented by other entities.

Selected Financial Information	13-week periods ended
In thousands of Canadian dollars, except per share data and retail sales per square foot	May 3, 2025	May 4, 2024
	$	$
Revenue	226,656	188,884
Cost of sales	85,945	68,232
Gross profit	140,711	120,652
Operating expenses
Selling, general and administrative expenses	74,691	66,233
Depreciation and amortization	21,299	16,754
Foreign exchange (gain) loss	398	(487)
Total operating expenses	96,388	82,500
Operating income	44,323	38,152
Net financing costs	6,818	5,203
Earnings before income taxes	37,505	32,949
Income taxes	10,169	9,012
Net earnings	27,336	23,937
Net earnings per share
Basic	$0.25	$0.22
Diluted	$0.24	$0.22
Additional financial measures
Retail revenue	189,401	158,149
Comparable store sales growth^(1)	13.0 %	16.4 %
Retail sales per square foot^(1)	$756	$652
Adjusted EBITDA^(1)	66,825	55,765
Adjusted net earnings^(1)	28,395	24,796
Adjusted net earnings per share^(1) (3)
Basic	$0.26	$0.23
Diluted	$0.25	$0.23
Gross margin^(1)	62.1 %	63.9 %
SG&A as a percentage of sales^(1)	33.0 %	35.1 %
Adjusted SG&A as a percentage of sales^(1)	32.4 %	34.6 %
Adjusted EBITDA margin^(1)	29.5 %	29.5 %
Ratios and other metrics:
ROA^(1)	23.8 %	20.0 %
ROCE^(1)	44.5 %	37.4 %
Net leverage ratio^(1)	0.92	1.79
Free cash flow^(1)	41,624	36,581
Inventory turnover^(1)	8.50	7.59
CAPEX^(1)	21,071	10,235
Number of stores^(2)	297	292

	As at
In thousands of Canadian dollars	May 3, 2025	Feb 1, 2025
	$	$
Cash	106,572	74,195
Inventories	46,147	44,952
Total current assets	198,843	161,568
Property and equipment	117,243	107,465
Right-of-use assets	346,507	330,105
Total assets	683,882	618,637
Long-term portion of lease liabilities	352,671	340,102
Total non-current liabilities	352,671	340,102
Total liabilities	537,499	477,323
Total shareholders' equity	146,383	141,314
Total debt^(1)	394,987	372,581
Net debt^(1)	288,415	298,386

_______________
Notes:
^(1)	Refer to "Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics" section of this Press Release for further details concerning these measures including definitions and reconciliations of each non-IFRS financial measure to the relevant reported IFRS financial measure. Non-IFRS financial measures and non-IFRS ratios do not have a standardized meaning under IFRS Accounting Standards, which are used to prepare the Company's financial statements and might not be comparable to similar financial measures presented by other entities
^(2)	Number of stores is as at end of period.
^(3)	Net earnings per share and Adjusted net earnings per share are calculated, after giving the effect, on a retrospective basis, to the Share Consolidation that occurred in connection with the Pre-Closing Reorganization on November 20, 2024.

First quarter results conference call

Groupe Dynamite will hold a conference call to discuss its Q1 2025 results today, June 17, 2025, at 10:30 a.m. (ET), followed by a question-and-answer period for financial analysts. Other interested parties may participate in the call on a listen-only basis via live audio webcast, accessible through the "Events & Presentations" tab on Groupe Dynamite's website at https://investors.groupedynamite.com/.

About Groupe Dynamite Inc.

Groupe Dynamite Inc. (TSX: GRGD) is a growth-oriented company striving for excellence in the fashion industry. Operating retail stores and digital experiences under two complementary and spirited banners—GARAGE and DYNAMITE—we offer a wide range of women's fashion apparel, catering to the needs of Generation Z and Millennials. With leading key operating metrics and a commitment to innovation and disciplined execution, we are proud to continue our ambitious growth plans. Guided by our mission, "Empowering YOU to be YOU, one outfit at a time," we are a values-led, inclusive organization committed to inspiring confidence and self-expression. Proudly rooted in the chic and vibrant city of Montréal, our culture, values and distinct brands position us to shape the future of fashion while attracting and inspiring the next generation of leaders and creators. Our ownership-mentality and entrepreneurial mindset is reflected in our Shared Success Program, through which all our 6,500 employees have ownership exposure. This alignment of interests and values fosters collaboration, fuels innovation, and creates meaningful long-term value for our team and stakeholders alike.

Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics

This press release makes reference to certain non-IFRS measures, including non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and certain retail industry metrics. These measures are not recognized measures under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. In this press release, we use non-IFRS financial measures including "adjusted EBITDA", "adjusted EBITDA (after rent equivalent expense)", "free cash flow", "adjusted net earnings" and "adjusted net earnings per share" and non-IFRS ratios including "EBITDA margin", "adjusted EBITDA margin", "adjusted EBITDA (after rent equivalent expense) margin", "return on assets", "return on capital employed" and "net leverage ratio". We also use supplementary financial measures including "inventory turnover", "retail sales per square foot", "comparable store sales", "gross margin", "SG&A as a percentage of sales", "Adjusted SG&A as a percentage of sales" and "CAPEX" and other operating metrics commonly used in the retail industry.

Additional details for these non-IFRS and other financial measures, which are incorporated by reference herein, can be found in our Management's Discussion & Analysis for Q1 2025 under the section "Non-IFRS Measures including Non-IFRS Financial Measures, Non-IFRS Ratios, Supplementary Financial Measures and Retail Industry Metrics", which is posted on our website at https://groupedynamite.com/, and filed on SEDAR+ at www.sedarplus.ca. Reconciliations for each non-IFRS financial measure to the most directly comparable IFRS measures are provided below.

These non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.

Non-IFRS Financial Measures and Non-IFRS Ratios

Earnings before interests, taxes, depreciation, amortization ("EBITDA"), adjusted EBITDA and adjusted EBITDA (after rent equivalent expense)

EBITDA margin, adjusted EBITDA margin and adjusted EBITDA (after rent equivalent expense) margin.

	13-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
	$	$
Operating income	44,323	38,152
Depreciation and amortization	21,299	16,754
EBITDA	65,622	54,906
EBITDA margin	29.0 %	29.1 %

	13-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
EBITDA	$ 65,622	$ 54,906
Adjustments to EBITDA
Stock-based compensation expense	660	859
Professional fees related to the IPO	543	-
Total adjustments	1,203	859
Adjusted EBITDA	66,825	55,765
Adjusted EBITDA margin	29.5 %	29.5 %

	13-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
	$	$
Adjusted EBITDA	66,825	55,765
Depreciation of right-of-use assets	(14,459)	(12,605)
Interest expense on lease liabilities	(6,525)	(5,419)
Adjusted EBITDA (After Rent Equivalent Expense)	45,841	37,741
Adjusted EBITDA (After Rent Equivalent Expense) margin	20.2 %	20.0 %

Adjusted SG&A as a percentage of sales

	13-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
	$	$
SG&A	74,691	66,233
Adjustments to SG&A
Stock-based compensation expense	660	859
Professional fees related to the IPO	543	-
Total adjustments	1,203	859
Adjusted SG&A	73,488	65,374
Adjusted SG&A as a percentage of sales	32.4 %	34.6 %

Adjusted net earnings

	13-week periods ended
In thousands of Canadian dollars, except per share data	May 3, 2025	May 4, 2024
	$	$
Net earnings	27,336	23,937
Adjustments to net earnings
Stock-based compensation expense	660	859
Professional fees related to the IPO	543	-
Income tax (recovery) expense on taxable items above	(144)	-
Total adjustments	1,059	859
Adjusted net earnings	28,395	24,796
Adjusted net earnings per share
Basic	$0.26	$0.23
Diluted	$0.25	$0.23

Return on assets or ROA 

	52-week and 53-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
	$	$
Adjusted net earnings	151,352	108,108
Average total assets	636,407	541,226
Return on assets	23.8 %	20.0 %

Return on capital employed or ROCE 

	52-week and 53-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
	$	$
Adjusted EBITDA	314,327	244,870
Depreciation and amortization	(81,304)	(69,884)
Adjusted EBITDA reduced by depreciation and amortization	233,023	174,986
Capital employed
Average total Assets	636,407	541,226
- Average total current liabilities	(155,780)	(122,043)
+ Average short-term portion of long-term debt	9,924	19,820
+ Average short-term portion of lease liabilities	32,713	28,671
Average total capital employed	523,264	467,674
Return on capital employed	44.5 %	37.4 %

Free cash flow 

	13-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
	$	$
Cash from operating activities	62,695	46,816
Additions to property and equipment	(18,774)	(8,470)
Additions to intangible assets	(2,297)	(1,765)
Free cash flow	41,624	36,581

Net leverage ratio 

	52-week and 53-week periods ended
In thousands of Canadian dollars	May 3, 2025	May 4, 2024
Net debt	$	$
Long-term debt including current portion	-	165,135
Lease liabilities including current portion	394,987	306,297
- Cash	(106,572)	(33,933)
Total net debt	288,415	437,499
Adjusted EBITDA	314,327	244,870
Net leverage ratio	0.92	1.79

Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information may relate to our future financial outlook (including our revised guidance for Fiscal 2025) and anticipated events or results and may include statements relating to: our business, brand positioning, brand awareness and brand expansions, the expected opening (and timing) of our U.S. distribution center, our planned U.K expansion, our expectations on our ability to continue creating accessible fashion and delivering on-trend products, our expectations regarding the expansion and optimization of our store footprint and the achievements that can be derived therefrom, our expectations regarding reinvestment in our business, our financial performance, financial position and use of liquidity, the remodeling and relocation of existing stores, our expectations regarding our growth rates and growth strategies, and the impact of any tariffs imposed by the United States, Canada and other countries on the Company's operations and financial position. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding possible future events or circumstances.

Forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Our assumptions underpinning forward-looking information include, but are not limited to, the following: expected short-, medium- and long-term discretionary spending and overall economic trends; successfully maintaining and enhancing our brands; marketing efforts, store renovations and store expansions will be successful and drive our revenue; maintaining our supplier relationships and a steady, cost-effective supply of inventories; successfully managing expenses and driving gross margin improvements; growing our e-commerce business and making headway in our international expansion efforts; successfully retaining key personnel including our chief executive officer; the absence of material changes to taxes, duties, tariffs and interest rates; the absence of further material disruptions in the international trade; the economy generally; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied.

Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Risks and uncertainties are discussed in the "Risk Factors" section of the Company's annual information form for Fiscal 2024 (the "AIF") which is incorporated by reference into this document. A copy of the AIF and the Company's other publicly filed documents can be accessed under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The risks, uncertainties, opinions, estimates and assumptions referred to elsewhere in this press release should be considered carefully by readers. Accordingly, readers should not place undue reliance on forward-looking information. To the extent any forward-looking information in this press release constitutes future-oriented financial information or financial outlook, within the meaning of applicable Canadian securities legislation, such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlook, as with forward-looking information generally, are based on current assumptions and subject to risks, uncertainties and other factors. Furthermore, the forward-looking information contained in this press release represents our expectations as of the date of this press release (or as of the date it is otherwise stated to be made) and is subject to change after such date. We disclaim any intention, obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable Canadian securities legislation. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

SOURCE GROUPE DYNAMITE INC

Contacts: Questions from investors - Investor Relations: Alex Limosani, Manager, Investor Relations and Corporate Finance - [email protected]; Questions from media - Media Relations: Youann Blouin, Director of Corporate Communications - [email protected]