Alithya Group

SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 
FORM 40-F
☐  Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934
or
☒ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended March 31, 2025
Commission file number 001-38705
ALITHYA GROUP INC.
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant’s name into English (if applicable))
Québec, Canada
(Province or other jurisdiction of incorporation or organization)
7370
(Primary Standard Industrial Classification Code Number (if applicable))
N/A
(I.R.S. Employer Identification Number) (if applicable)
1100, Robert-Bourassa Boulevard, Suite 400
Montréal, Québec, Canada H3B 3A5
+1 (514) 285-5552
(Address and telephone number of Registrant’s principal executive offices)
C T Corporation System
28 Liberty Street
New York, New York, USA 10005
+1 (212) 894-8940
(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
None
Securities registered or to be registered to Section 12(g) of the Act:
Class A subordinate voting shares

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
For annual reports, indicate by check mark the information filed with this form:
☒  Annual Information Form                ☒  Audited Annual Financial Statements
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close 
of the period covered by the annual report:
92,030,852 Class A subordinate voting shares and 7,274,248 Class B multiple voting shares
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of 
the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file 
such reports); and (2) has been subject to such filing requirements for the past 90 days:
Yes   ☒  
No   ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be 
submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or 
such shorter period that the registrant was required to submit such files):
Yes   ☒  
No   ☐ 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the 
Exchange Act:
Emerging growth company  ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by 
check mark if the registrant has elected not to use the extended transition period for complying with any new or 
revised accounting standards† provided pursuant to Section 13(a) of the Exchange Act: ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its 
Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of 
the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 
U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report: ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial 
statements of the registrant included in the filing reflect the correction of an error to previously issued financial 
statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of 
incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery 
period pursuant to §240.10D-1(b). ☐
2

EXPLANATORY NOTE
Alithya Group inc. (“Alithya”, the “Company” or the “Registrant”) is a Canadian issuer eligible to prepare and file 
this annual report on Form 40-F (collectively with the exhibits filed herein, the “Annual Report”) pursuant to 
Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Registrant is a “foreign 
private issuer” as defined in Rule 3b-4 under the Exchange Act and Rule 405 under the Securities Act of 1933, as 
amended. Accordingly, equity securities of the Registrant are exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 
of the Exchange Act pursuant to Rule 3a12-3 thereunder. The Registrant’s class A subordinate voting shares started 
trading on the Toronto Stock Exchange and the Nasdaq Stock Market LLC (“Nasdaq”) on November 2, 2018, but 
were voluntarily delisted from Nasdaq on February 19, 2024. Accordingly, section 12(b) of the Exchange Act does 
not apply to the Registrant, but sections 12(g) and 15(d) of the Exchange Act will continue to apply so long as the 
class A subordinate voting shares remain registered with the U.S. Securities Exchange Commission.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Annual Report contains or incorporates by reference statements that may constitute “forward-looking 
information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within 
the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbours 
(collectively “forward-looking statements”). Statements that do not exclusively relate to historical facts, as well as 
statements relating to management’s expectations regarding the future growth, results of operations, performance 
and business prospects of the Company, and other information related to the Company’s business strategy and future 
plans or which refer to the characterizations of future events or circumstances represent forward-looking statements. 
Such statements often contain the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” 
“estimates,” “could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “should,” “project,” “target,” and 
similar expressions and variations thereof, although not all forward-looking statements contain these identifying 
words.
Forward-looking statements are presented for the sole purpose of assisting investors and others in understanding the 
Company’s objectives, strategies and business outlook as well as its anticipated operating environment and may not 
be appropriate for other purposes. Although management believes the expectations reflected in the Company’s 
forward-looking statements were reasonable as at the date they were made, forward-looking statements are based on 
the opinions, assumptions and estimates of management and, as such, are subject to a variety of risks and 
uncertainties and other factors, many of which are beyond the Company’s control, and which could cause actual 
events or results to differ materially from those expressed or implied in such statements. Such risks and uncertainties 
include but are not limited to those discussed in the section titled “Risk and Uncertainties” of our Management’s 
Discussion and Analysis for the fiscal years ended March 31, 2025 and March 31, 2024, included in and 
incorporated into this Annual Report as Exhibit 99.3, and in the Company’s other materials made public, including 
documents filed with Canadian and U.S. securities regulatory authorities from time to time and which are available 
on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Additional risks and uncertainties not currently 
known to the Company or that the Company currently deems to be immaterial could also have a material adverse 
effect on its financial position, financial performance, cash flows, business or reputation.
Forward-looking statements contained or incorporated by reference in this Annual Report are qualified by these 
cautionary statements. Forward-looking statements contained herein are made only as of the date of this Annual 
Report and those contained in other documents incorporated by reference are made only as of the date of such other 
documents. The Company expressly disclaims any obligation to update or alter forward-looking statements, or the 
factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except 
as required by applicable law. Investors are cautioned not to place undue reliance on forward-looking statements 
since actual results may vary materially from them.
3

DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES
The Registrant is permitted, under the multijurisdictional disclosure system adopted by the United States, to prepare 
this Annual Report mainly in accordance with Canadian disclosure requirements, which are different from those of 
the United States. The Registrant also prepares its consolidated financial statements in accordance with International 
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. IFRS differ in 
some significant respects from United States generally accepted accounting principles (“U.S. GAAP”) and thus the 
Registrant’s financial statements may not be comparable to financial statements of United States companies. In 
addition, differences may arise in subsequent periods related to changes in IFRS or U.S. GAAP or due to new 
transactions that the Registrant enters into. The Registrant is not required to prepare a reconciliation of its 
consolidated financial statements and related footnote disclosures between IFRS and U.S. GAAP and has not 
quantified such differences. 
PRINCIPAL DOCUMENTS
A. Annual Information Form
The Registrant’s Annual Information Form for the fiscal year ended March 31, 2025 (the “2025 AIF”) is attached as 
Exhibit 99.1 to this Annual Report and incorporated herein by reference.
B. Audited Annual Financial Statements
The Registrant’s audited annual consolidated financial statements for the fiscal years ended March 31, 2025 and 
March 31, 2024, including the reports of the independent registered public accounting firm, KPMG LLP, Montréal, 
Canada (Auditor Firm ID: 85) (“KPMG”), are attached as Exhibit 99.2 to this Annual Report and incorporated 
herein by reference.
C. Management’s Discussion and Analysis
The Registrant’s Management’s Discussion and Analysis for the fiscal years ended March 31, 2025 and March 31, 
2024 (the “2025 MD&A”) is attached as Exhibit 99.3 to this Annual Report and incorporated herein by reference.
CONTROLS AND PROCEDURES
A. Certifications
The certifications required by Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act are attached as Exhibits 99.4, 
99.5, 99.6 and 99.7 to this Annual Report and incorporated herein by reference.
B. Disclosure Control and Procedures
The information provided under the headings “Management’s Evaluation of Disclosure Controls and Procedures and 
Internal Control over Financial Reporting – Management’s Report on Disclosure Controls and Procedures” and 
“Management’s Evaluation of Disclosure Controls and Procedures and Internal Control over Financial Reporting – 
Limitations on Effectiveness of Disclosure Control and Procedures and Internal Control over Financial Reporting” 
in the Registrant’s 2025 MD&A attached as Exhibit 99.3 to this Annual Report is incorporated by reference herein.
C. Management’s Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting. The 
information provided under the headings “Management’s Evaluation of Disclosure Controls and Procedures and 
Internal Control over Financial Reporting – Management’s Report on Internal Control over Financial Reporting”, 
“Management’s Evaluation of Disclosure Controls and Procedures and Internal Control over Financial Reporting – 
Status on Management’s Remediation Plan” and “Management’s Evaluation of Disclosure Controls and Procedures 
– Limitations on Effectiveness of Disclosure Control and Procedures and Internal Control over Financial Reporting” 
in the Registrant’s 2025 MD&A attached as Exhibit 99.3 to this Annual Report is incorporated by reference herein.
4

D. Attestation Report of the Registered Public Accounting Firm
The effectiveness of the Registrant's internal control over financial reporting as of March 31, 2025 has been audited 
by KPMG, the independent registered public accounting firm who also audited the Registrant’s audited annual 
consolidated financial statements for the fiscal years ended March 31, 2025 and 2024. KPMG’s report is included as 
part of the Registrant’s audited annual consolidated financial statements attached as Exhibit 99.2 to this Annual 
Report and is incorporated by reference herein.
E. Changes in Internal Control over Financial Reporting
The information provided under the heading “Management’s Evaluation of Disclosure Controls and Procedures and 
Internal Control over Financial Reporting – Changes in Internal Control over Financial Reporting” in the 
Registrant’s 2025 MD&A attached as Exhibit 99.3 to this Annual Report is incorporated by reference herein.
AUDIT COMMITTEE FINANCIAL EXPERT
The Registrant’s board of directors (the “Board”) has determined that it has at least one “audit committee financial 
expert” (as such term is defined in item 8(b) of General Instruction B to Form 40-F) serving on its Audit and Risk 
Management Committee (the “Audit Committee”). The Board has determined that Robert Comeau is an audit 
committee financial expert and is independent within the meaning of applicable U.S. Securities and Exchange 
Commission (“SEC”) regulations and of the Nasdaq Stock Market LLC rules. 
Mr. Comeau is a corporate director who serves as lead director of the Registrant. Before becoming a corporate 
director in 2018, he acted as a consultant between 2015 and 2018, and served as Chief Financial Officer of both 
public and private companies, including Lumenpulse Inc., from 2012 to 2015, Aveos Fleet Performance Inc., from 
2009 to 2011, and Emergis Inc., from 2005 to 2008. Mr. Comeau also held various positions over 17 years at Nortel 
Networks Corporation, including as Vice-President, Finance and Operations. Mr. Comeau previously served as 
director and Chair of the Audit Committee of H2O Innovation Inc. from 2017 to 2021 as well as Special Committee 
Member of Groupe Conseil FXInnovation Inc. from 2014 to 2017. Mr. Comeau was a Chartered Professional 
Accountant (CPA) from 2013 to 2021. He holds a Bachelor’s degree in accounting from HEC Montréal.
Form 40-F rules indicate that the designation of Mr. Comeau as an audit committee financial expert does not 
(i) result in him being deemed an “expert” including without limitation for purposes of Section 11 of the Securities 
Act of 1933, as amended, (ii) impose on him any duties, obligations or liability that are greater than the duties, 
obligations and liability imposed on him as a member of the Audit Committee and of the Board in absence of such 
designation, or (iii) affect the duties, obligations or liability of any other member of the Audit Committee or the 
Board.
CODE OF ETHICS
The Registrant has adopted a code of business conduct (the “Code”) applicable to its principal executive officer, 
principal financial officer, principal accounting officer or controller and persons performing similar functions. This 
Code is intended to qualify as a “code of ethics” within the meaning of Form 40-F rules. The Code is available on 
the Registrant’s website at www.alithya.com/investors/governance. No waivers (i.e. a material departure from a 
provision) or implicit waivers to the Code were granted in favor of the principal executive officer, principal financial 
officer, principal accounting officer or controller and persons performing similar functions. Unless specifically 
referred to herein, information on the Registrant’s website shall not be deemed to be incorporated by reference in 
this Annual Report.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
KPMG, Montréal, Canada (Auditor Firm ID: 85), acted as the Registrant’s independent registered public accounting 
firm for the fiscal years ended March 31, 2025 and 2024. See section titled “External Auditor Service Fee” in the 
Registrant’s 2025 AIF, for the amounts billed to the Registrant by KPMG for services performed in the last two 
fiscal years by category of service (audit fees, audit-related fees, tax fees and all other fees), and section titled “Audit 
and Risk Management Committee – Pre-approval Policy and Procedures” in the Registrant’s 2025 AIF, for a 
description of the Registrant’s pre-approval policy and procedures and the services approved thereunder, which 
sections are incorporated herein by reference.
5

OFF-BALANCE SHEET ARRANGEMENTS
The information provided under the headings “Off-Balance Sheet Arrangements” and “Contractual Obligations” in 
the Registrant’s 2025 MD&A attached as Exhibit 99.3 as well as under note 15 titled “Commitments and 
Contingencies” in the Registrant’s audited annual consolidated financial statements for the fiscal years ended March 
31, 2025 and March 31, 2024 attached as Exhibit 99.2 are incorporated by reference herein.
DISCLOSURE OF CONTRACTUAL OBLIGATIONS
The information provided under the heading “Contractual Obligations” in the Registrant’s 2025 MD&A attached as 
Exhibit 99.3 is incorporated by reference herein.
IDENTIFICATION OF THE AUDIT COMMITTEE
The Registrant has a separately designated standing audit committee, named the Audit and Risk Management 
Committee, established in accordance with section 3(a)(58)(A) of the Exchange Act. The members of the Audit and 
Risk Management Committee are Dana Ades-Landy, Robert Comeau and C. Lee Thomas.
INTERACTIVE DATA FILE
The Registrant is submitting its Interactive Data File as Exhibit 101 to this Annual Report.
MINE SAFETY DISCLOSURE
Not applicable.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made 
by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to: the 
securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report 
on Form 40-F arises; or transactions in said securities. The Registrant has previously filed with the SEC a Form F-X 
in connection with the class of securities in relation to which the obligation to file this annual report on Form 40-F 
arises.
6

SIGNATURE 
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for 
filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto 
duly authorized.
ALITHYA GROUP INC.
By: /s/ Nathalie Forcier
Name: Nathalie Forcier
Title: Chief Legal Officer and Corporate 
Secretary
Date: June 12, 2025
EXHIBIT INDEX
99.1
Annual Information Form for the fiscal year ended March 31, 2025
99.2
Audited Annual Consolidated Financial Statements for the fiscal years ended March 31, 2025 and 
March 31, 2024
99.3
Management’s Discussion and Analysis of Financial Position and Results of Operations for the fiscal 
years ended March 31, 2025 and March 31, 2024
99.4
Certification of the Registrant’s Chief Executive Officer required pursuant to Rule 13a-14(a)
99.5
Certification of the Registrant’s Chief Financial Officer required pursuant to Rule 13a-14(a)
99.6
Certification of the Registrant’s Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted 
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.7
Certification of the Registrant’s Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted 
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.8
Consent of KPMG LLP
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File
because its XBRL tags are embedded within the Inline XBRL document
101.SCH Inline Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Extension Definition Document
101.LAB Inline XBRL Taxonomy Extension Labels Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
7

Annual Information Form 
of Alithya Group inc.
For the year ended March 31, 2025
June 12, 2025
Exhibit 99.1

TABLE OF CONTENTS
TABLE OF CONTENTS
I
DIVIDENDS
10
GENERAL INFORMATION
2
MARKET FOR SECURITIES
10
FORWARD-LOOKING STATEMENTS
2
Trading Price and Volume
10
CORPORATE STRUCTURE
3
Normal Course Issuer Bid and Share Purchases for 
Cancellation
11
Name, Address and Incorporation
3
DIRECTORS AND OFFICERS
11
Intercorporate Relationships
3
Board of Directors
11
GENERAL DEVELOPMENT OF THE BUSINESS
4
Executive Officers
12
Recently Announced Developments
4
Directors’ and Executive Officers’ Share Ownership
13
Fiscal 2025 Developments
4
Cease Trade Orders, Bankruptcies, Penalties or Sanctions
13
Fiscal 2024 Developments
4
Conflicts of Interest
13
Fiscal 2023 Developments
4
AUDIT AND RISK MANAGEMENT COMMITTEE
13
DESCRIPTION OF THE BUSINESS
5
Relevant Education and Experience
13
Corporate Overview
5
Pre-approval Policy and Procedures
14
Business Offerings
5
EXTERNAL AUDITOR SERVICE FEE
14
Business Structure
6
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
14
Competitive Environment
6
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL 
TRANSACTIONS
15
Strategic Business Plan
6
TRANSFER AGENT AND REGISTRAR
15
Clients by Market Sectors
7
MATERIAL CONTRACTS
15
Client Approach Philosophy
7
INTERESTS OF EXPERTS
15
Sales, Marketing and Strategic Partners
7
ADDITIONAL INFORMATION
15
Human Capital
7
APPENDIX A - AUDIT AND RISK MANAGEMENT COMMITTEE 
CHARTER
16
Specialized Skills and Knowledge
7
Principal Offices Locations
8
Intellectual Property
8
RISK AND UNCERTAINTIES
9
CAPITAL STRUCTURE
9
Description of Securities
9
Voting Rights
9
Rights to Dividends and Rights upon Winding-up 
and Dissolution
9
Conversion Rights
10
Restrictions on Transfer
10
Securities Subject to Contractual Restrictions on 
Transfer
10
ALITHYA - Annual Information Form   i

GENERAL INFORMATION
This Annual Information Form is dated June 12, 2025. Unless otherwise indicated, all information disclosed herein is 
provided as at March 31, 2025, references to “Alithya”, “we”, “our”, “us”, “the Company” or similar terms refer to Alithya 
Group inc. and its subsidiaries, references to the “Board” refer to the board of directors of Alithya Group inc., references to 
“subordinate voting shares” and “multiple voting shares” refer to the Class A subordinate voting shares and the Class B 
multiple voting shares of Alithya Group inc., respectively, and all monetary amounts are in Canadian dollars.
FORWARD-LOOKING STATEMENTS
This Annual Information Form contains or incorporates by reference statements that may constitute “forward-looking 
information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning 
of the U.S. Private Securities Litigation Reform Act of 1995 and other applicable U.S. safe harbours (collectively “forward-
looking statements”). Statements that do not exclusively relate to historical facts, as well as statements relating to 
management’s expectations regarding the future growth, results of operations, performance and business prospects of the 
Company, and other information related to the Company’s business strategy and future plans or which refer to the 
characterizations of future events or circumstances represent forward-looking statements. Such statements often contain 
the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “could,” “would,” “will,” 
“may,” “can,” “continue,” “potential,” “should,” “project,” “target,” and similar expressions and variations thereof, although 
not all forward-looking statements contain these identifying words.
Forward-looking statements contained or incorporated by reference in this Annual Information Form include, among other 
things, information or statements about: (i) the Company’s ability to generate sufficient earnings to support its operations; 
(ii) the Company’s ability to take advantage of business opportunities and meet its goals set in its three-year strategic plan; 
(iii) the Company’s ability to maintain and develop its business, including by broadening the scope of its service offerings, 
leveraging artificial intelligence (“AI”), its geographic presence and its smart shore capabilities, its expertise, and its 
integrated offerings, and by entering into new contracts and penetrating new markets; (iv) the Company’s growth strategy, 
future operations, and prospects, including its expectations regarding future revenue resulting from bookings and backlog 
and providing stakeholders with long-term growing return on investment; (v) the Company’s ability to service its debt and 
raise additional capital; (vi) the Company’s estimates regarding its financial performance, including its revenues, 
profitability, costs and expenses, gross margins, liquidity, capital resources, and capital expenditures; (vii) the Company’s 
ability to identify suitable acquisition targets and realize the expected synergies or cost savings relating to the integration of 
such acquisitions; and (viii) the Company’s ability to balance, meet and exceed the needs of its stakeholders. 
Forward-looking statements are presented for the sole purpose of assisting investors and others in understanding the 
Company’s objectives, strategies and business outlook as well as its anticipated operating environment and may not be 
appropriate for other purposes. Although management believes the expectations reflected in the Company’s forward-looking 
statements were reasonable as at the date they were made, forward-looking statements are based on the opinions, 
assumptions and estimates of management and, as such, are subject to a variety of risks and uncertainties and other 
factors, many of which are beyond the Company’s control, and which could cause actual events or results to differ materially 
from those expressed or implied in such statements. Such risks and uncertainties include but are not limited to the factors 
discussed under the section titled “Risks and Uncertainties” of the Company’s management’s discussion and analysis for the 
fiscal years ended March 31, 2025 and 2024, incorporated by reference into this Annual Information Form under the section 
titled “Risks and Uncertainties”, and the Company’s other materials made public, including documents filed with Canadian 
and U.S. securities regulatory authorities from time to time and which are available on SEDAR+ at www.sedarplus.ca and 
EDGAR at www.sec.gov. Additional risks and uncertainties not currently known to the Company or that the Company 
currently deems to be immaterial could also have a material adverse effect on its financial position, financial performance, 
cash flows, business or reputation.
Forward-looking statements contained or incorporated by reference in this Annual Information Form are qualified by these 
cautionary statements. Unless otherwise indicated, forward-looking statements contained herein are made only as of the 
date of this Annual Information Form and those contained in other documents incorporated by reference are made only as 
of the date of such other documents. The Company expressly disclaims any obligation to update or alter forward-looking 
statements, or the factors or assumptions underlying them, whether as a result of new information, future events or 
otherwise, except as required by applicable law. Investors are cautioned not to place undue reliance on forward looking 
statements since actual results may vary materially from them.
ALITHYA - Annual Information Form   2

CORPORATE STRUCTURE
Name, Address and Incorporation
Alithya Group inc. (formerly 9374-8572 Québec Inc.) was incorporated on March 8, 2018 under the Business Corporations 
Act (Québec) (the “QBCA”). The Company was created for the purpose of the business combination between 
Alithya Canada Inc. (formerly Alithya Group Inc.) (“Pre-IPO Alithya”), incorporated on April 2, 1992 under the Companies 
Act (Québec), Alithya USA, Inc. (formerly Edgewater Technology, Inc.) (“Edgewater”), a corporation incorporated on 
March 12, 1996 under the laws of Delaware and previously listed on the Nasdaq Stock Market LLC (“Nasdaq”), and 
9374-8572 Delaware Inc. (“U.S. Merger Sub”), a corporation governed under the laws of Delaware and a wholly-owned 
subsidiary of the Company. 
On March 15, 2018, the Company, Pre-IPO Alithya, Edgewater and U.S. Merger Sub entered into an arrangement 
agreement, which was amended on September 10, 2018 and October 17, 2018 (the “Arrangement Agreement”). On 
November 1, 2018, and pursuant to the terms of the Arrangement Agreement, among other things, (i) the Company 
acquired Pre-IPO Alithya, by way of a statutory plan of arrangement under the QBCA (the “Arrangement”), and (ii) U.S. 
Merger Sub merged with and into Edgewater, with Edgewater being the surviving corporation (the “Merger”). The 
Arrangement and the Merger are collectively referred to herein as the “Edgewater Transaction”. Following completion of the 
Edgewater Transaction, shareholders of Pre-IPO Alithya and Edgewater became shareholders of the Company, and each of 
Pre-IPO Alithya and Edgewater became wholly owned subsidiaries of the Company. On November 2, 2018, the Company’s 
subordinate voting shares commenced trading on the Toronto Stock Exchange (“TSX”) and on the Nasdaq under the symbol 
“ALYA”. The subordinate voting shares of the Company were subsequently voluntarily delisted from Nasdaq on February 19, 
2024.
Alithya’s head and registered office is located at 1100, Robert-Bourassa Boulevard, Suite 400, Montréal, Québec, Canada, 
H3B 3A5.
Intercorporate Relationships
Below is the list of the Company’s principal subsidiaries as at March 31, 2025, each of which is directly or indirectly 
wholly-owned by it. Certain subsidiaries whose total assets did not represent more than 10% of the Company’s consolidated 
assets or whose revenues did not represent more than 10% of the Company’s consolidated revenues as at March 31, 2025, 
based on the Company’s annual audited consolidated financial statements for the fiscal year ended March 31, 2025, have 
been omitted. These omitted subsidiaries represented as a group less than 20% of the consolidated assets and revenues of 
the Company as at March 31, 2025.
ENTITY
JURISDICTION
PERCENTAGE OWNERSHIP
Alithya Canada Inc.
Québec, Canada
100%
Alithya Consulting Inc.
Québec, Canada
100%
Alithya Digital Technology Corporation
Ontario, Canada
100%
Alithya Financial Solutions, Inc.
Delaware, USA
100%
Alithya France SAS
France
100%
Alithya Fullscope Solutions, Inc.
Delaware, USA
100%
Alithya Numérique Maroc SARLAU
Morocco
100%
Alithya Ranzal LLC
Delaware, USA
100%
Alithya USA, Inc.
Delaware, USA
100%
Alithya Zero2Ten, Inc.
Delaware, USA
100%
Datum Consulting Group, LLC
Indiana, USA
100%
Datum Cybertech India Pvt Ltd.
India
100%
DCG Team UK Limited
United Kingdom
100%
Vitalyst, LLC
Delaware, USA
100%
XRM Vision Inc.(1)
Québec, Canada
100%
XRM Vision Maroc SARLAU
Morocco
100%
(1) XRM Vision Inc. was amalgamated with Alithya Canada Inc. effective April 1, 2025.
ALITHYA - Annual Information Form   3

GENERAL DEVELOPMENT OF THE BUSINESS
Recently Announced Developments
On May 31, 2025, the Company acquired all of the issued and outstanding shares of US-based eVerge Interests, Inc. and its 
subsidiaries (“eVerge”), a group specializing in enterprise application and transformation services with expertise in 
Salesforce Customer Relationship Management (CRM), and Oracle Human Capital Management (HCM) and Customer 
Experience (CX), with offshoring capabilities in India, for a total consideration of US$23.5 million, all payable in cash, 
comprised of (i) US$18.8 million payable in three installments (60% at closing and 20% on each of May 31, 2026 and 2027 
(each, an “Anniversary Date”)); and (ii) a potential earnout consideration of US$4.7 million, subject to certain post-closing 
conditions, payable in two installments (50% within 90 days of the first Anniversary Date and 50% on the second 
Anniversary Date).
Fiscal 2025 Developments
Debbie Di Gregorio was appointed Interim Chief Financial Officer on June 28, 2024, succeeding Claude Thibault, a position 
she held until December 9, 2024, when Nicolas Lavoie was appointed Chief Financial Officer. Ms. Di Gregorio was 
reappointed Interim Chief Financial Officer on March 26, 2025 following Mr. Lavoie’s departure for personal reasons.
On December 1, 2024, the Company acquired all of the issued and outstanding shares of Canadian-based XRM Vision 
Group Inc. and XRM Vision World Inc. and their Canadian and Moroccan subsidiaries (the “XRM Acquisition”), a recognized 
Microsoft partner with offshoring capabilities in Morocco, for a total consideration of up to $34.4 million comprised of (i) $7.4 
million paid in cash at closing; (ii) final working capital adjustments of $0.6 million; (iii) $5.8 million paid by the issuance of 
3,449,103 subordinate voting shares at closing, including 1,724,553 subordinate voting shares subject to a contractual 
degressive clawback; (iii) $8.6 million of deferred cash consideration, payable over three years on December 1, 2025, 2026 
and 2027; and (iv) a potential earnout consideration of up to $12 million, subject to certain post-closing conditions, payable 
in cash (75%) and shares (25%).
On February 12, 2025, the Company’s second amended and restated credit agreement was amended to, among others, 
extend its maturity date from April 1, 2026 to April 1, 2027.
Fiscal 2024 Developments
On September 13, 2023, the Company announced the renewal of its normal course issuer bid (“NCIB”) to purchase for 
cancellation up to 2,411,570 subordinate voting shares, representing 5% of the Company’s public float as of the close of 
markets on September 7, 2023. Purchases for cancellation under the NCIB commenced on September 20, 2023 and ended 
on September 19, 2024. Purchases could be made on the open market through the facilities of the TSX, or through 
alternative trading systems, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities 
regulatory authorities. Purchases could also be made on the Nasdaq until February 9, 2024. The Company did not renew its 
NCIB following the end of the program on September 19, 2024.
On December 22, 2023, the Company entered into a second amended and restated credit agreement to, among others, 
extend its maturity date from April 1, 2024 to April 1, 2026 and allow for annual extensions, and increase the principal 
amount of the Company’s credit facility (the “Credit Facility”) to $140 million and the accordion to $50 million.
On January 30, 2024, the Company announced it was consolidating the trading of its subordinate voting shares on the TSX 
and that it was voluntarily delisting from the Nasdaq. On February 9, 2024, the subordinate voting shares ceased trading on 
the Nasdaq and were officially delisted on February 19, 2024.
During the year ended March 31, 2024, the Company purchased for cancellation 500,560 subordinate voting shares for 
approximately $1 million at a weighted average price of $1.91 under the previous and current NCIB. As at March 31, 2024, 
the Company could still purchase up to 2,007,049 subordinate voting shares for cancellation under the current NCIB.
Fiscal 2023 Developments
On April 1, 2022, the Company acquired all the issued and outstanding shares of Canadian-based Trafic 3W Inc., an 
information technology (“IT”) consulting firm specialized in the digital transformation in Québec, for total consideration of 
approximately $2 million, paid in cash and through the issuance of 83,449 subordinate voting shares. Immediately following 
the acquisition, Trafic 3W Inc. was amalgamated with Alithya Consulting Inc.
On July 1, 2022, the Company acquired all the issued and outstanding equity interests of US-based Datum Consulting 
Group, LLC and its international affiliates, a leader in IP digital transformation services for data-rich entities specialized in 
application modernization and data migration and with offshoring capabilities in India and Eastern Europe, for a total 
consideration of approximately up to US$45.5 million, consisting of (i) US$13.6 million paid in cash at closing; (ii) US$4.3 
million paid by the issuance of 1,867,262 subordinate voting shares at closing; (iii) US$10.3 million of deferred cash 
consideration, payable over three years on July 1, 2023, 2024 and 2025; (iv) deferred share consideration of 1,867,261 
subordinate voting shares with a value of US$4.3 million; and (v) a potential earnout consideration of up to US$13 million, 
subject to certain post-closing conditions, payable over three years in 2023, 2024 and 2025, in cash (75%) and shares 
(25%). The consideration payable in cash at closing was financed by a $2.5 million draw on the Company’s IQ Loan, and the 
remainder through available funds under the Company’s Credit Facility.
ALITHYA - Annual Information Form   4

On September 14, 2022, the Company announced the renewal of its NCIB to purchase for cancellation up to 2,491,128 
subordinate voting shares, representing 5% of the Company’s public float as of the close of markets on September 8, 2022. 
Purchases for cancellation under the then current NCIB commenced on September 20, 2022 and ended on September 19, 
2023. Purchases could be made on the open market through the facilities of the TSX and Nasdaq, or through alternative 
trading systems, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities regulatory 
authorities. 
On January 30, 2023, Bernard Dockrill joined the Company as Chief Operating Officer and Claude Rousseau, the former 
Chief Operating Officer, was appointed Special Advisor to the President and Chief Executive Officer, a position he held until 
his retirement on March 31, 2023.
On September 29, 2022 and February 13, 2023, the Company’s amended and restated credit agreement was amended to, 
among others, include an accordion provision pursuant to which the maximum amount of the Credit Facility was increased 
from $125 million to $140 million during a period ending no later than January 31, 2023 (the “Bulge Period”), and to change 
applicable margins during the Bulge Period.
During the year ended March 31, 2023, the Company purchased for cancellation 378,425 subordinate voting shares for 
approximately $1 million at a weighted average price of $2.77 under the then current NCIB. As at March 31, 2023, the 
Company could still purchase up to 2,396,589 subordinate voting shares for cancellation under the then current NCIB.
DESCRIPTION OF THE BUSINESS
Corporate Overview
With professionals in Canada, the U.S. and internationally, Alithya provides technology advisory services based on deep 
expertise in strategy and digital transformation. The Company guides and supports its clients in the pursuit of their business 
objectives, leveraging the latest innovations and delivery excellence in the application of digital technologies.
Alithya’s collective intelligence and expertise targets three main pillars: strategic consulting, enterprise transformation, and 
business enablement. With collaboration at the core of its business model, Alithya professionals identify optimal technology 
applications, including AI driven solutions, to deliver practical IT services and solutions to tackle complex business 
challenges for clients in the financial services, insurance, healthcare, manufacturing, government, energy, higher education, 
telecommunications, transportation and logistics, professional services, and other sectors. By developing industry-specific 
solutions and services deployable via a global delivery model for many of these industries, Alithya aims to address sector-
specific business challenges and accelerate the value realization of clients’ technology investments.
Business Offerings
Alithya's expertise with respect to its main pillars, offered in each reportable segment, includes:
•
Strategic Consulting: Alithya provides advisory services for digital strategy, organization performance, 
cybersecurity, enterprise architecture, and change management. Business outcomes in this area include refining 
business processes to reflect real-world scenarios; boosting systems security from cyberattacks; migrating critical 
applications and data to the cloud; understanding the optimal enterprise architecture approach; defining change 
management strategies; and facilitating project planning activities for software selections, strategic roadmaps, or 
agile/scrum delivery teams.
•
Enterprise Transformation: Alithya has business transformation and enterprise applications implementation 
experience with enterprise resource planning (ERP), supply chain management (SCM), enterprise performance 
management (EPM), customer relationship management (CRM), and human capital management (HCM). Also, 
leveraging AI and machine learning technologies as a foundation, the Company provides transformational solutions 
and services for cloud infrastructure, custom applications development, legacy systems modernization, control/
software engineering, data and analytics, and intelligent document processing. Alithya not only helps clients 
modernize enterprise applications through upgrades and the consolidation of multiple systems, but also helps to 
define overall technology ecosystems, to envision the use and impact of AI throughout an organization, and to 
build custom applications to address unique client needs. 
•
Business Enablement: Alithya offers ongoing paths to drive value through the provision of digital adoption and 
training, managed services, change enablement, and quality engineering. This practice area enables Alithya to 
move beyond advisory, implementations and project go-lives to provide ongoing value, including using AI to mine 
data for important insights for making faster, smarter business decisions; realizing a return on investment on 
digital projects by driving adoption and consumption of technology; helping clients to train and retain their 
workforce; bookending a change management strategy with a change enablement plan that converts visions into 
reality; and providing a routine, consistent way to test updates and fixes before deploying any new software 
products.
ALITHYA - Annual Information Form   5

Business Structure
Alithya has three operating and reportable segments based on the regional geographic areas in which it operates: Canada, 
the U.S. and International.
The following table presents Alithya’s revenues, in total and by reportable segment, for the fiscal years ended March 31, 
2025 and 2024:
FISCAL YEAR ENDED MARCH 31
Reportable Segments
2025
2024
Canada
$ 
251,902,000 $ 
277,544,000 
U.S.
$ 
200,515,000 $ 
192,493,000 
International
$ 
21,064,000 $ 
21,088,000 
Total
$ 
473,481,000 $ 
491,125,000 
For additional information on our operating and reportable segments and the Company’s revenues from customers for each 
category of services per reportable segments, please refer to note 23 “Segment and Geographical Information” of the 
Company’s annual consolidated financial statements for the fiscal years ended March 31, 2025 and 2024, which is 
incorporated herein by reference. The annual consolidated financial statements for the fiscal years ended March 31, 2025 
and 2024 are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and on the Company’s website at 
www.alithya.com under the “Investors” section. 
Competitive Environment
Digital systems and infrastructures have become indispensable strategic assets for businesses. These assets require 
continuous investment and increasingly serve as crucial drivers of growth and differentiation, especially in delivering 
customer focused solutions.
As a result, businesses increasingly seek solutions that support business processes and enable product and service 
customization. This imperative drives digital transformation efforts, pushing businesses to move beyond traditional IT 
systems toward adaptive, AI-enabled, and cloud-based digital technologies that offer agility, scalability, and innovation at 
speed.
As businesses’ technology spending continues to increase, digital technology firms such as Alithya are focused on delivering 
not just innovation, but measurable outcomes through industry specialization and AI-enabled business transformation. We 
are committed to helping clients modernize operations, enhance customer experiences, and unlock new growth 
opportunities with the most effective digital solutions and services.
Alithya believes it is well positioned to respond to evolving client priorities. Alithya’s business model is built on a philosophy 
of focusing on our clients’ complex business challenges, offering industry-focused solutions that leverage AI technologies, 
and enabling clients to realize maximum benefits from their digital technology investments. Alithya positions itself as an 
agile trusted advisor and partner capable of delivering rapid results for its clients.
Alithya’s competitors in each of its operating and reportable segments include systems integration firms, application 
software companies, cloud computing service providers, large or traditional consulting firms, professional services groups of 
computer equipment companies, infrastructure management and outsourcing companies and boutique digital companies. In 
addition, Alithya competes with numerous smaller local companies in the various geographic markets in which it operates.
Alithya competes based on the following principal differentiating factors: vision and strategic advisory ability, digital services 
capabilities, performance and reliability, quality of technical support, training and services, global presence, responsiveness 
to client needs, reputation and experience, financial stability, strong corporate governance and competitive pricing of 
services.
Alithya also relies on the following measures to compete effectively: (a) investments to scale its services practice areas; 
(b) a well-developed recruiting, training and retention model; (c) a successful service delivery model; (d) intrapreneurial 
culture and approach; (e) a broad referral base; (f) continual investment in process improvement and knowledge capture; 
(g) investment in infrastructure and research and development; (h) continued focus on responsiveness to client needs, 
quality of services and competitive prices; and (i) project management capabilities and technical expertise.
Strategic Business Plan
Alithya is on a journey to be recognized as the trusted technology advisor of its clients. By the end of the fiscal year ending 
March 31, 2027, management believes that the achievement of its new scale and scope would allow it to leverage its 
industry knowledge, geographic presence and global delivery model, expertise, integrated offerings, and its position on the 
value chain to target higher value IT segments.
ALITHYA - Annual Information Form   6

Alithya’s strategic process begins with its agile approach to aligning its offerings with the most pressing challenges being 
experienced within the sectors that it services, and in its ability to continuously reinforce the building blocks of trusted 
relationships with its clients, employees, investors and partners. To ensure that it remains innovative and relevant, Alithya 
strives to meet or exceed the expectations of its stakeholders, including optimizing employee experiences, assisting its 
clients in achieving their missions, and creating greater value for its investors.
Clients by Market Sectors
Alithya’s clients are mainly concentrated in the financial services, insurance, healthcare, manufacturing, government, 
energy, higher education, telecommunications, transportation and logistics, and professional services sectors. The majority 
are large multinational to upper mid-market companies. Alithya seeks to cultivate collaborative and flexible service 
engagements that are designed to adapt to clients’ evolving priorities and challenges.
Client Approach Philosophy
With a client-centric and flexible service delivery philosophy, Alithya focuses on diligently supporting its clients in identifying 
and achieving their evolving objectives through a deep understanding of their industry and the ability to deliver solutions 
and services that address their specific business needs. Alithya strives to sustain high levels of client satisfaction and exceed 
client expectations which is key to the renewal of existing contracts and entry into new ones. Alithya’s agile approach aims 
at providing an optimal alignment with clients, in order to enable them to overcome their challenges and attain their goals 
with strategic consulting, enterprise transformation and business enablement services. Alithya’s goal is to become its clients’ 
trusted advisor by developing long-term relationships that extend beyond just project delivery.
Alithya also seeks to be an active participant in the ongoing consolidation and evolution of the digital technology industry 
and to leverage its expertise and solutions to offer clients an alternative to larger traditional digital technology solution 
providers. Alithya is continually looking to expand its capacity and broaden the scope of its service offerings through 
targeted business acquisitions. Growth through business acquisitions can offer Alithya opportunities to better serve existing 
clients with additional talent, technology, complementary services and greater scale. Through such business acquisitions, 
Alithya aims at expanding its existing client relationships by adding capacity in new geographic locations, while opening 
doors for existing capabilities into new client relationships.
Alithya believes that its growth strategy through business acquisitions also represents an opportunity to achieve the scale 
that is increasingly required for mandates awarded by government and private organizations, as well as an opportunity for 
potential business acquisition candidates to benefit from Alithya’s established relationships, access to market and preferred 
supplier status.
Sales, Marketing and Strategic Partners
Alithya markets and sells its services directly through its professional staff, senior management and direct sales personnel 
operating out of its offices, which are strategically located in Canada, the U.S. and internationally. 
To provide its clients with the solutions best suited to their needs, Alithya maintains strategic partnerships with industry 
leaders, including Microsoft, Oracle, Amazon Web Services (AWS), Salesforce (since the acquisition of eVerge) and others. 
Such partnerships are, however, generally terminable at will by either party.
Human Capital
With more than 2,800 professionals as at March 31, 2025, none of which were covered by collective bargaining agreements, 
Alithya views its professionals as its greatest asset and an important competitive advantage and therefore strives on 
offering them a world-class work experience. As such, as part of its three-year strategic plan, Alithya has set to achieve 
best-in-class employee engagement by fostering a culture of collaboration, diversity and ownership, by cultivating employee 
well-being and personal growth and by investing in the development of its leaders and employees. 
Alithya also prides itself on offering to eligible professionals the right to acquire subordinate voting shares of Alithya 
pursuant to its Employee Share Purchase Plan (“ESPP”). The ESPP allows Alithya’s professionals to participate in the success 
they create, instills the ownership culture envisioned by Alithya and ensures strong dedication to offering quality services to 
clients.
Specialized Skills and Knowledge
Alithya operates in an industry where the skills and knowledge required to serve its clients are constantly evolving and are 
in high demand from market competitors. Alithya relies on a threefold approach to ensure it always lines-up the right team 
to meet its clients’ needs. Firstly, to retain and maintain highly-skilled professionals, Alithya offers its professionals 
competitive compensation packages along with leadership and core competencies development programs. These programs 
include the Mercuriades award-winning Alithya Leadership Academy and the Leading@Alithya as a People Manager, two 
programs offered in collaboration with the Executive Institute of McGill University. Secondly, Alithya actively seeks talented 
and skilled professionals through various recruitment strategies, including an employee referral bonus program, a skilled 
recruitment team, participation at career fairs, and widespread job postings. Thirdly, Alithya is always on the lookout for 
opportunities to complement its team’s expertise and industry knowledge through targeted business acquisitions.
ALITHYA - Annual Information Form   7

Principal Offices Locations
Alithya has a presence in Canada, the U.S. and internationally and services its clients from its principal offices in the 
locations listed in the table below.
CANADA
UNITED STATES
INTERNATIONAL
Montréal, Québec
Alpharetta, GA
Aix-en-Provence, France
Québec, Québec
Austin, TX
Sophia-Antipolis, France
Pickering, Ontario
Bala Cynwyd, PA
Bangalore, India*
Toronto, Ontario
Hyderabad, India*
Kenitra Morocco*
Tangier, Morocco*
*Identifies locations where Alithya operates offshore delivery centers.
Intellectual Property
Through its practices and expertise, Alithya leverages its proprietary innovations, accelerators, methodologies and other 
intellectual property when providing strategic advice to its clients. Alithya relies on a combination of trademarks, laws that 
protect intellectual property rights, regardless of whether such rights are registered, as well as contractual restrictions, such 
as confidentiality agreements, assignment of rights and licenses, to protect its intellectual property rights. Alithya also owns 
licenses in a number of trademarks, copyrights, and other intellectual property rights relating to its solutions and services.
Alithya’s intellectual property portfolio includes the following solutions: 
•
Alithya Adaptive LearningTM: This on-demand, subscription-based platform helps drive usage and awareness of
Microsoft applications as well as other key software tools, enabling organizations to improve their return on
investment by enhancing user proficiency and productivity and supporting transformative change enablement.
•
Alithya AI-FITM solutions: These solutions leverage Alithya’s range of proprietary applications using AI and machine
learning technologies. A play on the term hi-fi, short for high fidelity, the Alithya AI-FITM solutions brand integrates
the concepts of AI and fidelity (FI). The Alithya AI-FITM solutions include a variety of solutions for the trading
industry, the energy industry and others.
•
Alithya CoPlanTM: A Microsoft-based solution designed to help businesses go from planning to project execution.
With a focus on ease of use, rapid time to value, financial controls and taking the administrative overhead out of
project management, Alithya CoPlanTM lets businesses deliver work across their entire portfolio while aligning their
strategic objectives and business goals.  
•
Alithya Rapid Migration ToolTM: This solution provides the ability to migrate legacy solutions to more modern robotic
process automation (“RPA”) solutions. lt facilitates the ability to analyze code insights, prioritize process migrations,
and transform and generate migrated processes code into a selected RPA solution. This solution saves time and
costs, and reduces errors and risks.
•
Alithya Rapid QATM: This solution allows clients to test the functionality of applications on all platforms and in any
programming language by running a series of systematic and repeatable tests and presents the results and status
through sophisticated dashboards. Alithya offers versions of this solution designed to automate testing of Oracle
modules and Microsoft D365 applications.
•
Alithya Rapid SuiteTM: This suite of solutions streamlines and automates time-consuming manual processes using
the power of intelligent document processing. It uses AI to transform unstructured content into structured data,
analyzes and categorizes the information, and helps manage business-critical documents.
•
Alithya SIDERTM: This solution facilitates distribution of medical results to healthcare facilities and to centralized
electronic health records. It acts as an integrated system for the electronic distribution of results, facilitating the
work of healthcare professionals, health clinics and laboratory managers involved in monitoring medical results.
•
CASSITM Analytics and KPIs: These solutions help nuclear plants and the energy sector reduce the work needed to
generate and distribute maintenance performance reports and provide insight into opportunities to streamline
maintenance. The CASSITM software drives accountability and tracks progress against corporate and site-based
performance goals for work week leaders, planners, schedulers, operations and maintenance staff.
Alithya also offers a range of accelerators and intellectual property designed to bolster enterprise application 
implementations, such as Microsoft, Oracle and Salesforce (since the acquisition of eVerge). The intellectual property, 
methods, and add-on modules used by Alithya are designed to meet the specific requirements of various industries. These 
customized intellectual assets effectively support business processes and help address the unique needs of each sector.
While its proprietary intellectual property is important to its success, Alithya believes its business as a whole is not currently 
materially dependent on any particular intellectual property right, as its expertise spans from its practices and from 
providing high-end consulting advice to its client base.
ALITHYA - Annual Information Form   8

RISK AND UNCERTAINTIES
A discussion of the risks and uncertainties to which the Company is subject is presented in the section titled “Risks and 
Uncertainties” of the Company’s management’s discussion and analysis for the fiscal years ended March 31, 2025 and 2024, 
incorporated herein by reference, and in the Company’s other materials that are made public from time to time, all of which 
are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and on the Company’s website at 
www.alithya.com under the “Investors” section. Additional risks and uncertainties not currently known to the Company or 
that the Company currently deems to be immaterial could also have a material adverse effect on its financial position, 
financial performance, cash flows, business or reputation. Please refer to the section titled “Forward-Looking Statements” of 
this Annual Information Form for a discussion of the risks associated with forward-looking statements.
CAPITAL STRUCTURE
Description of Securities
The authorized share capital of the Company consists of (i) an unlimited number of subordinate voting shares, without par 
value, which are listed under the symbol ALYA on the TSX, (ii) an unlimited number of multiple voting shares, without par 
value, which are held by a limited number of holders, except that no further multiple voting shares can be issued, except 
pursuant to the exercise of options to purchase multiple voting shares that were issued and outstanding as at November 1, 
2018, and (iii) an unlimited number of preferred shares, without par value, issuable in series. On January 1, 2025, in 
connection with an internal reorganization, the Company amended its articles to create two series of preferred shares, each 
consisting of an unlimited number of shares: the Series A preferred shares and the Series B preferred shares. As at March 
31, 2025, 92,030,852 subordinate voting shares,  7,274,248 multiple voting shares and no preferred shares were issued 
and outstanding.
The following summary of the material features of the Company’s authorized share capital is given subject to the detailed 
provisions of its articles.
Voting Rights
Each subordinate voting share entitles its holder to one vote per share, and each multiple voting share entitles its holder to 
ten votes per share at any meeting of shareholders, other than meetings at which only the holders of a particular class or 
series of shares are entitled to vote due to statutory provisions or the specific attributes of this class or series. If and when 
issued, preferred shares will have such voting rights as may be determined by the Board at the time of issuance thereof. 
Subject to the provisions of the QBCA or as otherwise provided in the Company’s articles, the Series A preferred shares and 
Series B preferred shares are not entitled to receive notice of, nor to attend or vote at, meetings of the shareholders of the 
Company.
The subordinate voting shares are “restricted securities” within the meaning of such term under applicable Canadian 
securities laws in that they do not carry equal voting rights with the multiple voting shares. In the aggregate, all of the 
voting rights associated with the subordinate voting shares represented, as at March 31, 2025, 55.85% of the voting rights 
attached to all of the issued and outstanding shares.
Rights to Dividends and Rights upon Winding-up and Dissolution
Subject to the prior rights of holders of preferred shares which rank prior to subordinate voting shares and multiple voting 
shares, if and when issued, holders of subordinate voting shares and multiple voting shares are entitled to receive pari 
passu any dividends and the remainder of the Company’s property in the event of a voluntary or involuntary winding up or 
dissolution, or any other distribution of assets among shareholders for the purposes of winding up the Company’s affairs.
The holders of Series A preferred shares and Series B preferred shares are entitled to receive, as and when declared by the 
Board, in preference and priority to any payment of distributions on the subordinate voting shares and the multiple voting 
shares and over any other shares of any other class ranking junior to the Series A preferred shares and Series B preferred 
shares, pari passu with the holders of each series of preferred shares, non-cumulative preferential dividends.
In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Corporation or any other distribution 
of assets among shareholders for the purposes of winding up the Company’s affairs, the holders of Series A preferred shares 
and Series B preferred shares are entitled to receive for each Series A or Series B preferred share, as applicable, in 
preference and priority to any distribution of the property of the Company to the holders of subordinate voting shares and 
multiple voting shares or to any other shares of any other class ranking junior to the Series A or Series B preferred shares, 
as applicable, but pari passu with the holders of each series of preferred shares, an amount equal to the Series A or Series B 
Preferred Redemption Price (as defined in Section C paragraph 6.1 of the Company’s articles) plus all declared and unpaid 
dividends thereon, but shall not be entitled to share any further in the distribution of the property of the Company.
ALITHYA - Annual Information Form   9

Conversion Rights
Multiple voting shares are, at the holder’s entire discretion, convertible into subordinate voting shares on a share for share 
basis and shall be automatically converted upon their transfer to a person who is not a Permitted Holder (as defined below) 
or upon the death of a Permitted Holder, unless acquired by any of the remaining Permitted Holders in accordance with the 
terms of the voting agreement dated November 1, 2018 entered into between the Permitted Holders (the “Voting 
Agreement”), a copy of which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The multiple 
voting shares are not convertible into any other class of shares. Under applicable Canadian laws, an offer to purchase 
multiple voting shares would not necessarily require that an offer be made to purchase subordinate voting 
shares. However, as indicated above, multiple voting shares shall be automatically converted into subordinate voting 
shares on a share for share basis upon their transfer to a person who is not a Permitted Holder.
If and when issued, preferred shares will have such conversion rights as may be determined by the Board at the time of 
issuance thereof. The Series A and Series B preferred shares are not convertible into, or exchangeable for, any other class 
of shares of the Company.
For purposes of the above and below paragraphs, a “Permitted Holder” means each of Paul Raymond, Ghyslain Rivard, and 
Pierre Turcotte, and the entities over which they have control.
Restrictions on Transfer
Subject to the terms of the Voting Agreement, Permitted Holders cannot sell or otherwise transfer multiple voting shares to 
a person who is not a Permitted Holder, unless they first convert those shares into subordinate voting shares on a share for 
share basis, and then transfer such subordinate voting shares.
Securities Subject to Contractual Restrictions on Transfer
On December 1, 2024, the Company issued 3,449,103 subordinate voting shares as part of the XRM Acquisition, of which a 
portion is subject to a contractual degressive clawback. The table below outlines the number of securities that are subject to 
a contractual restriction and the percentage that number represents of the outstanding securities of that class for the 
Company’s most recently completed financial year:
DESIGNATION OF CLASS
NUMBER OF SECURITIES THAT ARE 
SUBJECT TO A CONTRACTUAL 
RESTRICTION ON TRANSFER(1)
PERCENTAGE OF CLASS
(%)
subordinate voting shares
1,724,553
1.87
(1) One sixth of the securities that are subject to the contractual restriction on transfer are scheduled to be released on each of December 1, 
2025, 2026 and 2027, provided, however, that the shareholders entitled to the release are still employed by, or rendering services to, the 
Company on such dates. If a shareholder ceases to do so, subordinate voting shares that remain subject to restrictions at such time shall be 
surrendered for cancellation for no consideration or forfeited to the Company.
DIVIDENDS
The Company does not currently expect to pay dividends in the foreseeable future. The Company anticipates that it will 
retain all earnings, if any, to support its operations. Any future determination as to the payment of dividends will, subject to 
Canadian legal requirements and the Company’s articles, be at the sole discretion of the Board and will depend on the 
Company’s financial condition, results of operations, capital requirements and other factors the Board deems relevant. 
Currently, the provisions of the Company’s Credit Facility place certain limitations on the amount of dividends that the 
Company could pay.
MARKET FOR SECURITIES
Trading Price and Volume
Alithya’s subordinate voting shares started trading on the TSX and Nasdaq under the symbol “ALYA” on November 2, 2018, 
but were voluntarily delisted from the Nasdaq on February 19, 2024. As required by securities regulation, the table below 
shows the monthly range of high and low prices per share and the total monthly volumes for Alithya’s subordinate voting 
shares on the TSX for the fiscal year ended March 31, 2025.
April 2024
2.18
1.97
 
381,884 
May 2024
2.18
2.02
 
287,806 
June 2024
2.30
2.06
 
740,453 
July 2024
2.17
1.78
 
511,377 
August 2024
2.01
1.75
 
511,575 
MONTH
HIGH ($)
LOW ($)
MONTHLY VOLUME
ALITHYA - Annual Information Form   10

September 2024
1.86
1.67
 
936,125 
October 2024
1.91
1.67
 
399,118 
November 2024
1.86
1.55
 
542,235 
December 2024
1.80
1.48
 
945,414 
January 2025
1.72
1.54
 
593,571 
February 2025
2.31
1.56
 
1,120,034 
March 2025
2.12
1.67
 
369,889 
MONTH
HIGH ($)
LOW ($)
MONTHLY VOLUME
Normal Course Issuer Bid and Share Purchases for Cancellation
On September 13, 2023, the Company announced that it was renewing its NCIB to purchase for cancellation up to 
2,411,570 subordinate voting shares, representing 5% of the Company’s public float as of the close of markets on 
September 7, 2023. Purchases for cancellation under the NCIB commenced on September 20, 2023 and ended on 
September 19, 2024. The Company did not renew its NCIB following the end of the program on September 19, 2024. Please 
refer to the section titled “General Development of the Business – Fiscal 2024 Developments” earlier in this Annual 
Information Form for more information on the Company’s former NCIB.
DIRECTORS AND OFFICERS
Board of Directors
The articles of the Company provide that the Board shall consist of a minimum of 3 and a maximum of 15 directors. As at 
March 31, 2025, the Board was comprised of 9 directors. The following table lists the name and place of residence of the 
directors, as well as their current principal occupation and other positions they have held over the past five years, if any.
Dana Ades-Landy
Québec (Canada)
Director
Contract Position in the Special 
Loans Group, National Bank of 
Canada (Canadian chartered 
bank)
November 2016
Chief Executive Officer, Heart 
& Stroke Foundation of 
Canada (Québec)
André P. Brosseau
Québec (Canada)
Director
President and Chief Executive 
Officer, Du Musée Investments 
Inc. (family office)
September 2022
-
Robert Comeau
Québec (Canada)
Lead Director
Corporate Director and Lead 
Director of the Company
May 2018
-
Ines Gbegan
Québec (Canada)
Director
Vice President of Finance, Biron 
Health Group Inc. (company 
offering medical laboratory 
expertise)
March 2024
Senior Director, Finance, 
Biron Health Group Inc.
Vice President, Finance, 
Quebec and Maritimes, 
Transdev Canada Inc.
Manager, Corporate 
Accounting, Enerkem Inc.
Lucie Martel
Québec (Canada)
Director
Corporate Director
September 2019
Senior Vice President and 
Chief Human Resources 
Officer, Intact Financial 
Corporation
Paul Raymond
Québec (Canada)
President and Chief 
Executive Officer, 
and Director
President and Chief Executive 
Officer of the Company
June 2011
-
Ghyslain Rivard
Québec (Canada)
Director
Founder of the Company and 
Corporate Director
April 1992
-
C. Lee Thomas
Ohio (USA)
Director
Chair of the Board of Trustees 
of Baldwin Wallace University
November 2018
Executive in Residence at the 
School of Business of Baldwin 
Wallace University
Pierre Turcotte
Québec (Canada)
Chair of the Board, 
and Director
Corporate Director and Chair of 
the Board of the Company
June 2011
-
NAME AND PLACE 
OF RESIDENCE
POSITION WITH 
THE COMPANY
PRINCIPAL OCCUPATION
DIRECTOR 
SINCE(1)
OTHER POSITIONS HELD 
OVER THE PAST FIVE YEARS
(1)  Includes periods during which certain directors served as directors of Pre-IPO Alithya. 
ALITHYA - Annual Information Form   11

The directors of the Company are elected annually at the Company’s annual meeting of shareholders. They hold office until 
their term expires at the following annual meeting of shareholders, subject to re-election, retirement, resignation or earlier 
vacancy. 9429-1143 Québec Inc. (a subsidiary of Quebecor Media Inc.) (“Quebecor”) and La Capitale Civil Service Insurer 
Inc. (which was amalgamated with SSQ, Life Insurance Company Inc. to form Beneva Inc. on January 1, 2023) (“Beneva”) 
are each party to an Investor Rights Agreement entered into with the Company on April 1, 2021 and pursuant to which the 
Company shall propose for election a candidate designated by each of Quebecor and Beneva until each of them ceases to 
beneficially own at least 10% of the issued and outstanding subordinate voting shares of the Company. André P. Brosseau 
was proposed by Quebecor and Ines Gbegan was proposed by Beneva for appointment to the Board.
The mandate for the Board provides that the Board shall be constituted at all times of a majority of individuals who are 
independent directors within the meaning of applicable Canadian and U.S. securities laws (the “Independence Rules”). 
Based on the information received from each director and having taken into account the independence criteria set forth in 
the Independence Rules, the Board concluded that all directors are independent, with the exception of Paul Raymond, who 
is not independent as he is the President and Chief Executive Officer of the Company. All other directors of the Company, 
namely Dana Ades-Landy, André P. Brosseau, Robert Comeau, Ines Gbegan, Lucie Martel, Ghyslain Rivard, C. Lee Thomas 
and Pierre Turcotte, have no material relationship with the Company and are, in the reasonable opinion of the Board, 
independent directors within the meaning of the Independence Rules.
The Board has an Audit and Risk Management Committee, a Corporate Governance and Nominating Committee and a 
Human Capital and Compensation Committee. The table below sets out the composition of each committee.
AUDIT AND RISK MANAGEMENT 
COMMITTEE(1)
CORPORATE GOVERNANCE AND 
NOMINATING COMMITTEE
HUMAN CAPITAL AND COMPENSATION 
COMMITTEE
Dana Ades-Landy
Lucie Martel
Lucie Martel (Chair)
Robert Comeau (Chair)
Ghyslain Rivard
Ghyslain Rivard
C. Lee Thomas
Pierre Turcotte (Chair)
Pierre Turcotte
(1) Ines Gbegan also attends the meetings of the Audit and Risk Management Committee as an observer.
Executive Officers
The following table lists the name and place of residence of the executive officers of the Company as at June 12, 2025, as 
well as their current position with the Company and other positions they have held over the past five years, if any.
Amar Bukkasagaram
Indiana (USA)
Senior Vice President, Industry 
Solutions
June 2023
Senior Vice President, Data Solutions, 
Alithya
President, Datum Consulting Group, LLC
Giulia Cirillo
Québec (Canada)
Chief Human Capital Officer
April 2023
Senior Vice President and Chief Human 
Resources and Global Communications 
Officer, PSP Investments
Debbie Di Gregorio(2)
Québec (Canada)
Interim Chief Financial Officer
June 2024
Vice President Finance, Alithya
Bernard Dockrill
New Hampshire (USA)
Chief Operating Officer
January 2023
Senior Vice President, CGI Information 
Technologies & Solutions Inc.
Mike Feldman
Idaho (USA)
Senior Vice President, 
Enterprise Applications and 
Transformation
July 2025
Senior Vice President, Oracle, Alithya
Vice President, Oracle Healthcare, Alithya
Nigel Fonseca
Ontario (Canada)
Senior Vice President, Ontario 
and Western Canada
June 2018
-
Nathalie Forcier
Québec (Canada)
Chief Legal Officer and 
Corporate Secretary
September 2018
-
Robert Lamarre
Québec (Canada)
Chief Information Officer
April 2016
-
Dany Paradis
Québec (Canada)
Senior Vice President, Québec
November 2018
Senior Vice President, Québec and Oracle 
Practices Canada, Alithya
Senior Vice President, Integrated 
Management Solutions, Alithya
Paul Raymond
Québec (Canada)
President and Chief Executive 
Officer, and Director
April 2011
-
John Scandar
Québec (Canada)
Senior Vice President, Microsoft
November 2018
-
NAME
CURRENT POSITION
EXECUTIVE OFFICER 
SINCE (1)
OTHER POSITIONS HELD OVER THE 
PAST FIVE YEARS 
(1) Includes periods during which certain executive officers served as executive officers of Pre-IPO Alithya. 
ALITHYA - Annual Information Form   12

Directors’ and Executive Officers’ Share Ownership
As at June 12, 2025, the directors and executive officers of the Company, as a group, beneficially owned, directly or 
indirectly, or exercised control or direction over 6,027,320 subordinate voting shares and 7,274,248 multiple voting shares, 
representing respectively 6.55% of the issued and outstanding subordinate voting shares and 100% of the issued and 
outstanding multiple voting shares.
Cease Trade Orders, Bankruptcies, Penalties or Sanctions
To the knowledge of the Company and based upon information provided to it by the Company’s directors and executive 
officers, no such person (including any personal holding company), is or has been, in the last ten years, a director, chief 
executive officer or chief financial officer of a company, including Alithya, that: (a) was the subject of a cease trade or 
similar order or an order that denied the relevant company access to any exemption under securities legislation for a period 
of more than 30 consecutive days while the director or executive officer was acting in that capacity; or (b) was the subject 
of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities 
legislation for a period of more than 30 consecutive days that was issued after the director or executive officer ceased to act 
in that capacity, but which resulted from an event that occurred while the director or executive officer was acting in that 
capacity.
Other than as disclosed below, to the knowledge of the Company and based upon information provided to it by the 
Company’s directors, executive officers and shareholders holding sufficient securities to affect materially the control of the 
Company, as applicable, no such person (including any personal holding company): (a) is, or has been in the last ten years, 
a director or executive officer of any company (including Alithya) that, while that person was acting in that capacity, or 
within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation 
relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with 
creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or (b) has, in the last ten years, 
become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or 
instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee 
appointed to hold their assets. Mr. Rivard was a director of Facilis Inc. (“Facilis”) from November 1, 2021 to March 8, 2023. 
On March 8, 2023, Facilis initiated bankruptcy proceedings and a trustee was appointed to hold its assets.
To the knowledge of the Company and based upon information provided to it by the Company’s directors, executive officers 
and shareholders holding sufficient securities to affect materially the control of the Company, as applicable, no such person 
(including any personal holding company) has been subject to: (a) any penalties or sanctions imposed by a court relating to 
securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities 
regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be 
considered important to a reasonable investor making an investment decision.
Conflicts of Interest
To the knowledge of the Company, no director or officer of the Company has any existing or potential material conflicts of 
interest with the Company or any of its subsidiaries.
AUDIT AND RISK MANAGEMENT COMMITTEE
The Audit and Risk Management Committee (the “Audit Committee”), of which the charter is attached as Appendix “A” to 
this Annual Information Form, is currently composed of 3 members: Robert Comeau (Chair), Dana Ades-Landy and C. Lee 
Thomas, who have been members of the Audit Committee since at least the Company’s annual meeting of shareholders held 
on September 10, 2024. Each member of the Audit Committee is “independent” and “financially literate” within the meaning 
of the Independence Rules.
Relevant Education and Experience
The education and experience of each Audit Committee member that is relevant to the performance of his or her 
responsibilities as an Audit Committee member is as follows:
•
Robert Comeau brings significant financial expertise to the Audit Committee. He served as Chief Financial Officer of 
both public and private companies from 2005 to 2015 and acted as Chair of the Audit Committee of H2O 
Innovation Inc., from 2017 to 2021. Mr. Comeau holds a Bachelor’s degree in accounting from HEC Montreal and 
was a Chartered Professional Accountant (CPA) from 2013 to 2021.
•
Dana Ades-Landy has extensive financial expertise. With more than 25 years of experience as an executive in the 
banking industry, including executive leadership positions at Scotiabank, Laurentian Bank and National Bank of 
Canada, she currently works in the Special Loans Group of National Bank of Canada which she had run for over 
seven years in her previous time at this institution. Ms. Ades-Landy also serves as director and member of the 
Audit Committee of Sagen MI Canada Inc. since 2021 and as member of the Departmental Audit Committee of the 
National Research Council of Canada since September 2024. She previously acted as director and member of the 
Audit Committee of First Lion Holdings Inc. from 2018 to 2024, as Chair of the Audit Committee of First Lion 
Holdings Inc. from 2018 to 2022, as well as director and Chair of the Audit Committee of the Canada Mortgage and 
ALITHYA - Annual Information Form   13

Housing Corporation from 2017 to 2020. Ms. Ades-Landy holds a Master of Business Administration in Finance and 
Accounting from Concordia University. 
•
C. Lee Thomas brings valuable financial expertise to the Audit Committee. He held various roles at 
Ernst & Young LLP from 1976 to 2014, including that of Managing Partner of its Cleveland office, Leader of its 
Northeast Ohio Market Segment, and global client serving audit partner. Mr. Thomas currently acts as Chair of the 
Board of Trustees of Baldwin Wallace University and as financial consultant for Regional Brands Inc. He previously 
served as director and Chair of the Audit Committee of Technical Consumer Products International. Mr. Thomas 
holds a Bachelor’s degree in accounting from Baldwin Wallace University and is a Certified Public Accountant (CPA).
Pre-approval Policy and Procedures
The Audit Committee has adopted a policy and procedures for the pre-approval of engagement for services of its external 
auditor, which list prohibited services that the external auditor may not provide and require pre-approval of all audit and 
non-audit services provided by the external auditor. 
For all permitted services, a request for pre-approval must be submitted to the Audit Committee through the Chief Financial 
Officer prior to engaging the external auditor to perform the services. The Audit Committee considers such requests, if 
applicable, on a quarterly basis, and, if acceptable, pre-approves such audit and non-audit services. During its deliberations, 
the Audit Committee assesses, among other factors, whether the services requested are prohibited and whether they, and 
the fees related thereto, could impair the independence of the Company's external auditor. 
Notwithstanding the foregoing, in the interest of efficiency:
•
The Audit Committee has delegated to the Chair of the Audit Committee the authority to pre-approve services from 
time to time. The Chair must, however, present all pre-approved non-audit services to the Audit Committee at the 
next regularly scheduled meeting.
•
Certain permitted services are pre-approved with an envelope by the Audit Committee and thereafter only require 
approval by the Chief Financial Officer prior to the engagement. For services not covered by the pre-approved 
envelopes and costs in excess of the pre-approved amounts, separate requests for pre-approval must be submitted 
to the Audit Committee.
•
At each meeting of the Audit Committee, a consolidated summary of all fees by service type is presented including 
a breakdown of fees incurred within each of the pre-approved envelopes.
The Board also approves, on an annual basis, on the recommendation of the Audit Committee, the proposed fees to be 
charged to the Company by the external auditor for the next audit.
EXTERNAL AUDITOR SERVICE FEE
For the years ended March 31, 2025 and 2024, the following fees were billed to the Company by KPMG LLP (“KPMG”), the 
Company’s external auditor:
FISCAL YEAR ENDED MARCH 31
2025
2024
Audit fees(1)
 
$1,557,118  
$1,887,250 
Audit-related fees(2)
 
$133,750 
—
Tax fees(3)
—
—
All other fees(4)
—  
$45,000 
Total
 
$1,690,868  
$1,932,250 
(1) 
“Audit fees” means the aggregate fees billed for professional services rendered by the external auditor for the audit of the Company’s 
annual consolidated financial statements and internal control over financial reporting, the review of the Company’s interim condensed 
consolidated financial statements, and the audit of the Company’s internal controls over financial reporting.
(2) 
“Audit-related fees” are fees billed for assurance and related services rendered by the external auditor that are reasonably related to the 
performance of the audit of the Company’s annual consolidated financial statements and that are not included in audit services which are 
included in the “Audit fees” category. For the fiscal year ended March 31, 2025, audit-related fees consisted of fees billed in connection 
with financial due diligence assistance.
(3) 
“Tax fees” means the aggregate fees billed for professional services rendered by the external auditor for tax compliance and tax advice. 
(4) 
“All other fees” includes the aggregate of all other fees. For the fiscal year ended March 31, 2024, other fees consisted of fees billed in 
connection with IT advisory services.
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
During the ordinary course of conducting its business, Alithya may be threatened with or become subject to legal 
proceedings initiated by third parties or Alithya’s clients or regulatory proceedings from the authorities. Alithya currently has 
no material legal or regulatory proceedings pending.
ALITHYA - Annual Information Form   14

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL 
TRANSACTIONS
To the knowledge of the Company and based upon information provided to it by the Company’s directors and executive 
officers, there were no (a) directors or executive officers, (b) persons that beneficially own, or control or direct, directly or 
indirectly, more than 10% of Alithya’s subordinate voting shares or multiple voting shares, or (c) any associate or affiliate of 
persons referred to in (a) and (b), with a material interest in any transaction within the three most recently completed 
financial years that has materially affected the Company or is reasonably expected to materially affect the Company.
TRANSFER AGENT AND REGISTRAR
The Company’s transfer agent for the Company’s subordinate voting shares and multiple voting shares is TSX Trust 
Company (“TSX Trust”), whose head office is located in Toronto, Ontario. Share transfer service is available at TSX Trust’s 
Montréal (Québec) and Toronto (Ontario) offices in Canada.
MATERIAL CONTRACTS
Except for those contracts entered into in the ordinary course of business, the following material contract of the Company 
was entered into during the year ended March 31, 2025 and is still in effect as of the date hereof:
•
Amending Agreement no. 1 to the Second Amended and Restated Credit Agreement entered into on February 12, 
2025 among the Company, The Bank of Nova Scotia, as Administrative Agent, the other lenders identified therein 
and each of the guarantors party thereto. Please refer to the section titled “General Development of the Business – 
Fiscal 2025 Developments” earlier in this Annual Information Form for more information on the content of this 
agreement.
INTERESTS OF EXPERTS
KPMG is the external auditor of the Company and has prepared (i) the report relating to the audit of the Company’s annual 
consolidated financial statements for the fiscal years ended March 31, 2025 and 2024 and notes thereto, presented under 
the International Financial Reporting Standards as issued by the International Accounting Standards Board, and (ii) the 
report relating to the audit of the Company’s internal controls over financial reporting as at March 31, 2025, both of which 
are included with the Company’s annual consolidated financial statements for the fiscal year ended March 31, 2025. KPMG 
has confirmed that it is independent with respect to the Company within the meaning of the relevant rules and related 
interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and 
also that it is an independent accountant with respect to the Company under all relevant U.S. professional and regulatory 
standards.
ADDITIONAL INFORMATION
Additional information, including, without limitation, directors’ and officers’ remuneration and indebtedness, principal 
shareholders of the Company, and securities authorized for issuance under equity compensation plans is contained in the 
Company’s management information circular prepared in respect of its annual meeting of shareholders held on 
September 10, 2024. 
Additional information regarding the Company, including financial information, can be found on SEDAR+ at 
www.sedarplus.ca and on EDGAR at www.sec.gov, including the Company’s annual audited consolidated financial 
statements and management’s discussion and analysis for the fiscal years ended March 31, 2025 and 2024 and the 
aforementioned management information circular. Those documents may also be obtained from the Company at no charge 
upon request at:
Investor Relations
Alithya Group inc.
1100, Robert-Bourassa Boulevard
Suite 400
Montréal, Québec, H3B 3A5
Tel.: 1-844-985-5552
Email: investorrelations@alithya.com
Those documents, as well as all of the Company’s news releases, are also available on the Company’s website at 
www.alithya.com. Information contained in or otherwise accessible through the Company’s website is not incorporated by 
reference into this Annual Information Form.
ALITHYA - Annual Information Form   15

APPENDIX A - AUDIT AND RISK MANAGEMENT COMMITTEE 
CHARTER
PURPOSE
1.
The Audit and Risk Management Committee (the “Committee”) is a standing committee appointed by the board of 
directors (the “Board”) of Alithya Group inc. (the “Company”). The Committee is established to fulfil applicable public 
company obligations relating to audit committees and to assist the Board in fulfilling its oversight responsibilities with 
respect to financial reporting including responsibility to:
(a) oversee the integrity of the Company’s financial statements and financial reporting system, including the audit 
process, the Company’s internal control over financial reporting and disclosure controls and procedures, and 
compliance with related legal and regulatory requirements;
(b) oversee the qualifications and independence of the external auditor; 
(c) oversee the work of the Company's financial management, internal auditors, if any, and external auditor in these 
areas; and 
(d) provide an open avenue of communication between the external auditor, the internal auditors, if any, the Board 
and management, as applicable.
2.
In addition, the Committee shall review disclosure on matters related to the Committee and the external auditor to be 
made in the Company’s annual management information circular and other annual and periodic disclosure documents, 
in accordance with applicable rules and regulations. The Committee is also responsible for assisting the Board in 
fulfilling its responsibilities relating to pension matters, if any.
3.
The function of the Committee is oversight. It is not the duty or responsibility of the Committee or its members (i) to 
plan or conduct audits, (ii) to determine that the Company’s financial statements are complete and accurate and are in 
accordance with generally accepted accounting principles or (iii) to conduct other types of auditing or accounting 
reviews or similar procedures or investigations. The Committee, its Chair and its members are members of the Board 
of the Company, appointed to the Committee to provide broad oversight of the financial, risk and control related 
activities of the Company, and are not involved nor responsible for the day-to-day operations or performance of such 
activities.
4.
Management is responsible for the preparation, presentation and integrity of the Company’s financial statements. 
Management is also responsible for maintaining appropriate accounting and financial reporting principles and policies, 
systems of risk assessment, internal control over financial reporting and disclosure controls and procedures designed 
to provide reasonable assurance (i) that assets are safeguarded and transactions are properly authorized, recorded 
and reported, (ii) that material information relating to the Company is made known to the Chief Executive Officer and 
Chief Financial Officer, (iii) that information required to be disclosed by the Company in its annual, interim filings or 
other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported 
within the time periods specified in securities legislation, and (iv) regarding the effectiveness and efficiency of 
operations, the reliability of financial reporting and compliance with accounting standards and applicable laws and 
regulations. Management is also responsible for testing the effectiveness of the internal control over financial reporting 
and disclosure controls and procedures annually and reporting on such effectiveness. The external auditor is 
responsible for planning and carrying out an audit of the Company’s annual financial statements in accordance with 
generally accepted auditing standards to provide reasonable assurance that, among other things, such financial 
statements are in accordance with generally accepted accounting principles. Where required pursuant to applicable 
laws, the external auditor is also responsible for planning and carrying out an audit of the Company’s internal control 
over financial reporting.
PROCEDURES 
5.
Composition – The Committee shall be comprised of at least three members. None of the members of the Committee 
shall be an officer or employee of the Company or any of its subsidiaries and each member of the Committee shall be 
an independent director within the meaning of applicable Canadian securities laws.
All members of the Committee must be able to read and understand fundamental financial statements, including the 
Company’s balance sheet, income statement, and cash flow statement and be “financially literate” (as that term is 
defined from time to time under the requirements or guidelines for audit committee service under applicable Canadian 
and United States securities laws and the rules of the Toronto Stock Exchange). At least one member of the 
Committee must also be an “audit committee financial expert” (as that term is defined from time to time under the 
requirements or guidelines for audit committee service under applicable Canadian and United States securities laws 
and the rules of the Toronto Stock Exchange and Nasdaq). 
ALITHYA - Annual Information Form   16

6.
Appointment and Replacement of Committee Members – Any member of the Committee may be removed or replaced 
at any time by the Board and shall automatically cease to be a member of the Committee upon ceasing to be a 
director. The Board may fill vacancies on the Committee by appointing another director to the Committee. The Board 
shall fill any vacancy if the membership of the Committee is less than three directors. Whenever there is a vacancy on 
the Committee, the remaining members may exercise all of the Committee’s powers as long as a quorum remains in 
office. Subject to the foregoing, the members of the Committee shall be appointed or confirmed by the Board annually 
and each member of a Committee shall remain on the Committee until such member’s successor is duly appointed or 
such member ceases to be a director.
7.
Committee Chair – The Board shall designate the Chair by majority vote. If the Chair is absent from a meeting, the 
members shall select a Chair from those in attendance to act as Chair of the meeting. The Chair of the Committee 
shall be responsible for leadership of the Committee assignments and reporting to the Board.
8.
Conflicts of Interest – If a Committee member faces a potential or actual conflict of interest relating to a matter before 
the Committee, other than matters relating to the compensation of directors, that member shall be responsible for 
notifying the Committee Chair of such conflict. If the Committee Chair faces a potential or actual conflict of interest, 
the Committee Chair shall advise the Chair of the Board (or the Lead Director if the Committee Chair and the Chair of 
the Board are the same person). If the Committee Chair, the Chair of the Board or the Lead Director, as the case may 
be, concurs that a potential or actual conflict of interest exists, the member faced with such conflict shall disclose to 
the Committee his or her interest and shall not participate in consideration of the matter and shall not vote on the 
matter.
9.
Service on Multiple Audit Committees – Members of the Committee may not serve on the audit committee of more 
than two other publicly-traded companies unless the Board has first determined that such simultaneous service would 
not impair the ability of the applicable director to serve on the Committee.
10.
Compensation of Committee Members – The members of the Committee shall be entitled to receive such remuneration 
for acting as members of the Committee as the Board may from time to time determine. 
11.
Meetings – The Committee shall meet regularly at times necessary to perform the duties described herein in a timely 
manner, but not less than four times a year and any time the Company proposes to issue a press release with its 
quarterly or annual earnings information. Meetings may be held at any time deemed appropriate by the Committee. 
The Committee may meet in person and by telephone or electronic means.
(a) Calling of Meetings – The Committee shall meet as often as it deems appropriate to execute its responsibilities. 
Notice of the time and place of every meeting shall be given in writing, by any means of transmitted or recorded 
communication, including email or other electronic means that produces a written copy, to each member of the 
Committee at least 24 hours prior to the time fixed for such meeting, with a copy to the Chair of the Board, the 
Chief Executive Officer and the Corporate Secretary of the Company. However, a member may in any manner 
waive a notice of a meeting. Attendance of a member at a meeting constitutes a waiver of notice of such meeting, 
except where a member attends a meeting for the express purpose of objecting to the transaction of any business 
on the ground that the meeting has not been lawfully called. Whenever practicable, the agenda for the meeting 
and the meeting materials shall be provided to members before each Committee meeting in sufficient time to 
provide adequate opportunity for their review. The notice of meeting does not, however, need to state the 
purpose for which the meeting is being held.
(b) Quorum – A majority of the members constitute a quorum for the transaction of the Committee business.
(c) Secretary of Meeting – The Chair of the Committee shall designate a person who need not be a member of the 
Committee to act as secretary or, if the Chair of the Committee fails to designate such a person, the Corporate 
Secretary of the Company shall be secretary of the meeting of the Committee. The agenda of the Committee 
meeting will be prepared by the Chair of the Committee, working with the Corporate Secretary and, whenever 
reasonably practicable, circulated to each member prior to each meeting.
(d) Minutes – Minutes of the proceedings of the Committee shall be kept in a minute book provided for that purpose. 
The minutes of the Committee meetings shall accurately record the discussions of and decisions made by the 
Committee, including all recommendations to be made by the Committee to the Board and shall be distributed to 
all Committee members.
12.
Separate Executive and In-Camera Meetings – The Committee shall meet periodically with the Chief Financial Officer, 
the head of the internal audit function (if other than the Chief Financial Officer) and the external auditor in separate 
executive sessions to discuss any matters that the Committee or each of these groups believes should be discussed 
privately and such persons shall have access to the Committee to bring forward matters requiring its attention. The 
Committee shall also meet without management present at every regular meeting.
13.
Professional Assistance – The Committee may require the external auditor and internal auditors, if any, to perform 
such supplemental reviews or audits as the Committee may deem desirable. In addition, the Committee may, at the 
Company’s expense, retain special legal, accounting, financial or other consultants to advise the Committee in 
executing its duties.
ALITHYA - Annual Information Form   17

14.
Reliance – Absent actual knowledge to the contrary (which shall be promptly reported to the Board), each member of 
the Committee shall be entitled to rely on (i) the integrity of those persons or organizations within and outside the 
Company from which it receives information, (ii) the accuracy of the financial and other information provided to the 
Committee by such persons or organizations and (iii) representations made by management and the external auditor 
as to any information technology, audit and other non-audit services provided by the external auditor to the Company 
and its subsidiaries.
15.
Reporting to the Board – The Committee will report through the Committee Chair to the Board following meetings of 
the Committee on matters considered by the Committee, its activities and compliance with this Charter.
16.
Outsiders May Attend Meetings – The Committee may invite members of management or others to attend meetings or 
provide information as necessary. The Company’s external auditor will have direct access to the Committee at their 
own initiative.
Powers
17. The Committee shall have the following powers:
(a) Access – The Committee is entitled to full access to all books, records, facilities and personnel of the Company and 
its subsidiaries. The Committee may require such officers, directors and employees of the Company and its 
subsidiaries and others as it may see fit from time to time to provide any information about the Company and its 
subsidiaries it may deem appropriate and to attend and assist at meetings of the Committee.
(b) Delegation – The Committee may delegate from time to time to any person or committee of persons any of the 
Committee’s responsibilities that lawfully may be delegated.
(c) Adoption of Policies and Procedures – The Committee may adopt policies and procedures for carrying out its 
responsibilities.
RESPONSIBILITIES
Selection and Oversight of CFO and Key Financial Executives 
18.
Appointments of key financial executives involved in the financial reporting process of the Company, including the 
Chief Financial Officer, shall require the prior review of the Committee.
Selection and Oversight of the External Auditor 
19.
The external auditor is ultimately accountable to the Committee and the Board as the representative of the 
shareholders of the Company and shall report directly to the Committee and the Committee shall so instruct the 
external auditor. The Committee shall annually evaluate the performance of the external auditor and recommend to 
the Board the appointment of the external auditor to put forward for shareholder approval at the next annual meeting 
for the purpose of preparing or issuing an auditor’s report or performing other audit, review or attest services for the 
Company. If the Committee deems it in the best interest of the Company to proceed with a change in external auditor, 
the Committee shall report to the Board the reasons for the change and any other significant issues related to the 
change, including the response of the incumbent external auditor, and enquire on the qualifications of the proposed 
external auditor before approving or rejecting the proposed change in external auditor.
20.
The Committee shall approve in advance the terms of engagement and shall recommend to the Board the 
compensation to be paid by the Company to the external auditor with respect to the conduct of the annual audit. The 
Committee may approve policies and procedures for the pre-approval of services to be rendered by the external 
auditor, which policies and procedures shall include reasonable detail with respect to the services covered. All non-
audit services to be provided to the Company or any of its affiliates by the external auditor or any of their affiliates 
which are subject to pre-approval by the Committee shall be approved by the Committee or the Chair of the 
Committee, in accordance with the audit committee pre-approval policy and procedures (the “Committee’s Pre-
Approval Policy and Procedures”).
21.
The Committee shall annually review the independence of the external auditor and shall make recommendations to the 
Board on appropriate actions to be taken which the Committee deems necessary to protect and enhance the 
independence of the external auditor. In connection with such review, the Committee shall:
(a) actively engage in a dialogue with the external auditor about all relationships or services that may impact the 
objectivity and independence of the external auditor;
(b) require that the external auditor submit to it, at least annually, a formal written statement delineating all 
relationships between the Company and its subsidiaries, on one hand, and the external auditor, on the other 
hand, that may reasonably be considered to bear on the external auditor’s independence; 
(c) ensure the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the 
audit partner responsible for reviewing the audit as required by applicable law;
ALITHYA - Annual Information Form   18

(d) consider whether there should be a regular rotation of the external audit firm itself; and
(e) consider the external auditor independence standards promulgated by applicable auditing regulatory and 
professional bodies.
22.
The Committee may approve any permissible non-audit engagements of the external auditor and its affiliates to the 
Company and its affiliates in accordance with applicable laws and the Committee’s Pre-Approval Policy and Procedures. 
23.
The Committee shall approve and annually review the Company’s hiring policies regarding partners, employees and 
former partners and employees of the present and former external auditor, and ensure compliance therewith where 
applicable.
24.
The Committee shall require the external auditor to provide to the Committee, and the Committee shall review and 
discuss with the external auditor, all reports which the external auditor is required to provide to the Committee or the 
Board under rules, policies or practices of professional or regulatory bodies applicable to the external auditor, and any 
other reports which the Committee may require. Such reports shall include:
(a) a description of the external auditor’s internal quality-control procedures, any material issues raised by the most 
recent internal quality-control review, or peer review, of the external auditor, or by any inquiry or investigation by 
governmental or professional authorities, within the preceding five years, respecting one or more audits carried 
out by the external auditor, and any steps taken to deal with any such issues; and
(b) a report describing (i) all critical accounting policies and practices to be used in the annual audit, (ii) all alternative 
treatments of financial information within generally accepted accounting principles related to material items that 
have been discussed with management, ramifications of the use of such alternative disclosures and treatments, 
and the treatment preferred by the external auditor and (iii) other material written communication between the 
external auditor and management, such as any management letter or schedule of unadjusted differences.
25.
The Committee shall review the performance of the external auditor, including assessing their effectiveness and quality 
of service, annually and, every 5 years, perform a comprehensive review of the performance of the external auditor 
over multiple years to provide further insight on the audit firm, its independence and application of professional 
skepticism.
26.
The Committee is responsible for resolving disagreements between management and the external auditor regarding 
financial reporting.
Appointment and Oversight of Internal Auditors
27.
The appointment, terms of engagement, compensation, replacement or dismissal of internal auditors, if any, shall be 
subject to prior review and approval by the Committee. When the internal audit function is performed by employees of 
the Company, the Committee may delegate responsibility for approving the employment, term of employment, 
compensation and termination of employees engaged in such function other than the head of the Company’s internal 
audit function. 
28.
The Committee shall obtain from the internal auditors, if any, and shall review summaries of significant reports to 
management prepared by the internal auditors, or the actual reports if requested by the Committee, and 
management’s responses to such reports, as applicable.
29.
The Committee shall, as it deems necessary and applicable, communicate with the internal auditors, if any, with 
respect to their reports and recommendations, the extent to which prior recommendations have been implemented 
and any other matters that the internal auditors bring to the attention of the Committee. The head of the internal audit 
function shall have unrestricted access to the Committee.
30.
The Committee shall, annually or more frequently as it deems necessary and applicable, evaluate the internal auditors, 
if any, including their activities, organizational structure and qualifications and effectiveness. 
Oversight and Monitoring of Audits
31.
The Committee shall review with the external auditor, the internal auditors, if any, and management, as applicable, 
the audit function generally, the objectives, staffing, locations, co-ordination, reliance upon management and internal 
audit and general audit approach and scope of proposed audits of the financial statements of the Company and its 
subsidiaries, the overall audit plans, the responsibilities of management, the internal auditors and the external auditor, 
the audit procedures to be used and the timing and estimated budgets of the audits. 
32.
The Committee shall meet periodically or as it deems necessary and applicable, with the internal auditors, if any, to 
discuss the progress of their activities and any significant findings stemming from internal audits and any difficulties or 
disputes that arise with management and the adequacy of management’s responses in correcting audit-related 
deficiencies.
ALITHYA - Annual Information Form   19

33.
The Committee shall discuss with the external auditor any difficulties or disputes that arose with management or the 
internal auditors, if any, during the course of the audit and the adequacy of management’s responses in correcting 
audit-related deficiencies.
34.
The Committee shall review with management the results of internal and external audits.
35.
The Committee shall take such other reasonable steps as it may deem necessary to satisfy itself that the audit was 
conducted in a manner consistent with all applicable legal requirements and auditing standards of applicable 
professional or regulatory bodies.
Oversight and Review of Accounting Principles and Practices
36.
The Committee shall, as it deems necessary, oversee, review and discuss with management, the external auditor and 
the internal auditors, if any:
(a) the quality, appropriateness and acceptability of the Company’s accounting principles and practices used in its 
financial reporting, changes in the Company’s accounting principles or practices and the application of particular 
accounting principles and disclosure practices by management to new transactions or events;
(b) all significant financial reporting issues and judgments made in connection with the preparation of the financial 
statements, including the effects of alternative methods within generally accepted accounting principles on the 
financial statements and any “second opinions” sought by management from another external auditor with respect 
to the accounting treatment of a particular item;
(c) any material change to the Company’s auditing and accounting principles and practices as recommended by 
management, the external auditor or the internal auditors, if any, or which may result from proposed changes to 
applicable generally accepted accounting principles;
(d) the effect of regulatory and accounting initiatives on the Company’s financial statements and other financial 
disclosures;
(e) any reserves, accruals, provisions, estimates or management programs and policies, including factors that affect 
asset and liability carrying values and the timing of revenue and expense recognition, that may have a material 
effect upon the financial statements of the Company;
(f) the use of special purpose entities and the business purpose and economic effect of off-balance sheet 
transactions, arrangements, obligations, guarantees and other relationships of the Company and their impact on 
the reported financial results of the Company;
(g) any legal matter, claim or contingency that could have a significant impact on the financial statements, the 
Company’s compliance policies and any material reports, inquiries or other correspondence received from 
regulators or governmental agencies and the manner in which any such legal matter, claim or contingency has 
been disclosed in the Company’s financial statements;
(h) the treatment for financial reporting purposes of any significant transactions which are not a part of the 
Company’s ordinary course of business;
(i) the use of any “pro forma” or “adjusted” information not in accordance with generally accepted accounting 
principles; and
(j) management’s determination of goodwill impairment, if any, as required by applicable accounting standards.
37.
The Committee will review and resolve disagreements between management and the external auditor regarding 
financial reporting or the application of any accounting principles or practices.
Oversight and Monitoring of Internal Controls
38.
The Committee shall, as it deems necessary, exercise oversight of, review and discuss with management, the external 
auditor and the internal auditors, if any:
(a) the adequacy and effectiveness of the Company’s internal control over financial reporting and disclosure controls 
and procedures and the recommendations of management, the external auditor and the internal auditors, if any, 
for the improvement of such controls;
(b) any significant deficiency and material weakness in the design of the Company’s internal control over financial 
reporting, including with respect to computerized information system controls and security; and
(c) any remediation plan identified in connection with a significant deficiency or material weakness and monitoring 
thereof.
ALITHYA - Annual Information Form   20

The Committee shall satisfy itself that adequate procedures are in place for the review of the Company’s public 
disclosure of financial information extracted or derived from the Company’s financial statements, and shall 
periodically assess the adequacy of those procedures.
Oversight and Monitoring of Reported Unethical Conduct
39.
Through the Company’s Whistleblower Policy, the Committee shall maintain and monitor procedures for the receipt 
and treatment of complaints received by the Company regarding accounting, internal accounting controls or audit 
matters and the anonymous submission by employees of concerns regarding questionable accounting or auditing 
matters and review periodically or as it deems necessary and applicable, with management and the internal auditors, if 
any, these procedures and any significant complaints received.
Oversight and Monitoring of the Company’s Financial Disclosures
40.
The Committee shall review with the external auditor and management and recommend to the Board for approval:
(a) the annual audited financial statements and notes relating thereto and management’s discussion and analysis 
accompanying such financial statements, the Company’s annual report, if any, and any financial information of the 
Company contained in any prospectus or information circular of the Company; and
(b) each set of interim unaudited financial statements and notes related thereto and management’s discussion and 
analysis accompanying such financial statements and any other disclosure documents or regulatory filings of the 
Company containing or accompanying financial information of the Company.
Such reviews shall be conducted prior to the release of any summary of the financial results or the filing of such 
reports with applicable regulators.
41.
Prior to their distribution, the Committee shall review earnings press releases, as well as financial information and 
earnings outlook or guidance, if any, provided to analysts and any ratings agencies, if applicable, it being understood 
that the discussions related to earnings outlook or guidance shall, in the discretion of the Committee, be done 
generally (i.e., by discussing the types of information to be disclosed and the type of presentation to be made) and 
that the Committee need not discuss in advance each instance in which the Company gives earning guidance, provided 
that the information provided is within the parameters approved by the Committee.
42.
The Committee shall review the disclosure with respect to its pre-approval of audit and non-audit services provided by 
the external auditor.
Oversight of Finance Matters
43.
The Committee shall review and make recommendations to the Board concerning the financial structure, condition and 
strategy of the Company and its subsidiaries, including with respect to annual budgets, long-term financial plans, 
corporate borrowings, investments, capital expenditures, long-term commitments, dividends and the issuance and/or 
repurchase of shares.
44.
The Committee shall review forecasts prepared by management and discuss differences compared to the budget with 
management.
45.
The Committee shall receive and review:
(a) periodic reports on compliance with requirements regarding statutory deductions and remittances;
(b) material policies and practices of the Company respecting cash management and material financing strategies or 
policies or proposed financing arrangements and objectives of the Company; and
(c) updates from management on material tax policies and tax planning initiatives, tax payments and reporting and 
any pending tax audits or assessments.
Risk Oversight and Compliance
46.
The Committee shall periodically review and discuss with management the Company’s management’s program of risk 
assessment and measures taken to mitigate, monitor and control material risks, including through insurance coverage, 
the use of financial derivatives and hedging activities, etc. The Committee shall also obtain the external auditor’s 
opinion of management’s assessment of significant financial risks facing the Company and how effectively such risks 
are being managed or controlled.
47.
The Committee shall, more specifically, (A) review and monitor (i) management’s practices and policies with respect to 
the Company’s major security risks, including physical and cyber security risks, and control thereof, in accordance with 
applicable legal and regulatory requirements, (ii) security trends that may impact the Company’s operations and 
business and evolving environment, (iii) contingency plans in the event of a security threat or breach, and (iv) 
initiatives in terms of the development and implementation of appropriate communications and trainings, and (B) 
ALITHYA - Annual Information Form   21

report to the Board on the Company’s compliance with such practices and policies and progress in remedying any 
significant deficiencies related thereto and, where appropriate, make recommendations.
48.
The Committee shall obtain regular updates from management and others, including internal and external auditors and 
legal counsel, concerning the Company’s compliance with financial related laws and regulations such as tax and 
financial reporting laws and regulations and legal withholding requirements.
49.
The Committee shall review and be updated on material litigations, including provisions taken in connection therewith, 
and on any communications with securities regulatory authorities and stock exchanges.
Committee Reporting
50.
If required by applicable laws or regulations or stock exchange requirements, the Committee may have to prepare, 
review and approve a report to be delivered to shareholders (the “Report”). In the Report, the Committee may be 
required, where applicable, to state whether it has:
(a) reviewed and discussed the audited or unaudited financial statements with management, the external auditor and 
the internal auditors, if any;
(b) received from the external auditor all reports and disclosures required under legal, listing and regulatory 
requirements and this Charter and have discussed such reports with the external auditor, including reports with 
respect to the independence of the external auditor; and 
(c) based on the reviews and discussions referred to in clauses (a) and (b) above, recommended to the Board that 
the audited financial statements be included in the Company’s annual report.
Additional Responsibilities
51.
The Committee shall maintain and review, as necessary, policies and procedures with respect to the delegation of 
authority by the Board to employees of the Company and its subsidiaries for day-to-day management.
52.
The Committee shall review all transactions that involve the Company on one hand and an officer, a director or a 
principal shareholder on the other hand, or a company controlled by an officer, a director or a principal shareholder or 
over which such person exercises significant influence.
53.
The Committee shall review and/or approve any other matter specifically delegated to the Committee by the Board 
and undertake on behalf of the Board such other activities as may be necessary or desirable to assist the Board in 
fulfilling its oversight responsibilities with respect to financial reporting. 
54.
The Committee shall review the material features of the Company’s insurance coverage and related premium in light of 
comparable market practices.
THE CHARTER
The Committee shall review and reassess the adequacy of this Charter at least annually and otherwise as it deems 
appropriate and recommend changes to the Board. The performance of the Committee shall be evaluated with reference to 
this Charter annually.
The Committee shall ensure that this Charter is disclosed on the Company’s website and that this Charter or a summary of 
it which has been approved by the Committee is disclosed in accordance with all applicable securities laws or regulatory 
requirements in the management information circular or annual report of the Company.
DATED November 1, 2018, as amended on November 11, 2020, November 10, 2021, November 9, 2022, November 13, 
2023, July 23, 2024, November 13, 2024 and June 11, 2025.
ALITHYA - Annual Information Form   22

Annual Consolidated 
Financial Statements
of Alithya Group inc. 
For the years ended March 31, 2025 and 
2024
Exhibit 99.2

TABLE OF CONTENTS
Reports of Independent Registered Public Accounting Firm    ....................................................................................
2
Consolidated Statements of Operations and Comprehensive Income (Loss)   .......................................................
7
Consolidated Statements of Financial Position     ..........................................................................................................
8
Consolidated Statements of Changes in Shareholders’ Equity    ................................................................................
9
Consolidated Statements of Cash Flows    ..................................................................................................................... 10
Notes to Consolidated Financial Statements for the years ended March 31, 2025 and 2024    ............................
1.
Governing statutes and nature of operations    ....................................................................................... 11
2
Basis of preparation     ................................................................................................................................. 11
3
Material Accounting Policies   ................................................................................................................... 11
4.
Business Acquisition     ................................................................................................................................ 25
5.
Accounts receivable and other receivables    .......................................................................................... 28
6.
Property and equipment     .......................................................................................................................... 28
7.
Leases   ........................................................................................................................................................ 29
8.
Intangibles    ................................................................................................................................................. 30
9
Goodwill     ..................................................................................................................................................... 31
10. Accounts payable and accrued liabilities    .............................................................................................. 33
11.
Long-term debt    .......................................................................................................................................... 33
12. Income taxes  ............................................................................................................................................. 35
13. Share capital     ............................................................................................................................................. 37
14. Share-based payments       ........................................................................................................................... 40
15. Commitments and contingencies   ........................................................................................................... 45
16. Related parties    .......................................................................................................................................... 45
17. Earnings (loss) per share     ........................................................................................................................ 46
18. Reconciliation of liabilities arising from financing activities   ................................................................ 47
19. Additional information on consolidated earnings (loss)    ...................................................................... 48
20. Business acquisition, integration and reorganization costs  ............................................................... 48
21. Net financial expenses  ............................................................................................................................. 49
22. Supplementary cash flow information      ................................................................................................... 49
23. Segment and geographical information    ................................................................................................ 50
24. Remaining performance obligations   ...................................................................................................... 53
25. Financial instruments   ............................................................................................................................... 53
26. Capital disclosures     ................................................................................................................................... 57
27
Subsequent Event     .................................................................................................................................... 59

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of Alithya Group inc.
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Alithya Group inc. (the 
"Company") as of March 31, 2025 and 2024, the related consolidated statements  of operations and 
comprehensive income (loss), changes in shareholders’ equity, and cash flows for the years ended March 31, 
2025 and 2024, and the related notes (collectively, the "consolidated financial statements"). In our opinion, the 
consolidated financial statements present fairly, in all material respects, the financial position of the Company as 
of March 31, 2025 and 2024, and the results of its operations and its cash flows for the years ended March 31, 
2025 and 2024, in conformity with International Financial Reporting Standards as issued by the International 
Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 
(United States) (PCAOB), the Company’s internal control over financial reporting as of March 31, 2025, based 
on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring 
Organizations of the Treadway Commission, and our report dated June 12, 2025 expressed an adverse opinion 
on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility 
is to express an opinion on these consolidated financial statements based on our audits. We are a public 
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in 
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are 
free of material misstatement, whether due to error or fraud. Our audits included performing procedures to 
assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, 
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, 
evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also 
included evaluating the accounting principles used and significant estimates made by management, as well as 
evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a 
reasonable basis for our opinion.

Page 2
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the 
consolidated financial statements that were communicated or required to be communicated to the audit 
committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial 
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication 
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as 
a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the 
critical audit matters or on the accounts or disclosures to which they relate.
Impairment test of goodwill
As discussed in note 9 of the consolidated financial statements, the goodwill balance as of  March 31, 2025 was 
$181.4 million. As discussed in note 3 of the consolidated financial statements, goodwill is tested for impairment 
annually as of March 31, or more frequently, should events or changes in circumstances indicate that it may be 
impaired. An impairment loss is recognized if the carrying amount of the CGU exceeds its estimated recoverable 
amount. The recoverable amount of a CGU is the greater of its value in use and its fair value less cost of 
disposal. Key assumptions of the individual CGUs’ value-in-use include forecasted revenues, cost of revenues 
and selling, general and administration expenses ("SG&A") applied in the determination of the Company’s three 
year net operating cash flow forecast, the estimated long-term growth rate used to extrapolate the three year net 
operating cash flow forecast, and the pre-tax value weighted average cost of capital ("WACC") applied in the 
determination of the present value of the net operating cash flow forecast. Key assumptions of the individual 
CGUs’ fair value less cost of disposal include forecasted revenues, cost of revenues, SG&A expenses and other 
non-cash adjustments applied in the determination of forecasted Adjusted EBITDA, and an implied market 
multiple applied to forecasted Adjusted EBITDA.
We identified the impairment test of goodwill as a critical audit matter. There was a higher degree of auditor 
judgment required to evaluate the key assumptions of the individual CGU’s value in use. The sensitivity of 
reasonably possible changes to those assumptions could have a significant impact on the determination of the 
recoverable amount of the CGUs and the valuation of goodwill.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the 
design and tested the operating effectiveness of certain internal controls related to the Company’s valuation of 
goodwill process, including controls related to (1) determining the three year net operating cash flow forecast 
and estimated long-term growth rate used to extrapolate the three year net operating cash flow forecast; and, (2) 
determining the WACC applied in the determination of the present value of the net operating cash flow forecast. 
We evaluated each year of the three year net operating cash flow forecast by comparing them to historical 
actual results and assessed adjustments made to historical actual results through independent corroboration. 
We involved valuation professionals with specialized skills and knowledge, who assisted in (1) evaluating 
revenue growth rates applied in the determination of the Company’s three year net operating cash flow forecast 
to publicly available growth rate estimates for comparable companies; (2) evaluating estimated long-term growth 
rates of net operating cash flows compared to economic data; and, (3) evaluating the WACC by comparing the 
inputs to the WACC to publicly available data for comparable companies and assessing the resulting WACC. 

Page 3
Revenue recognition for fixed-fee and time and material arrangements applying the input method
As discussed in note 23 of the consolidated financial statements, revenue from fixed fee arrangements and time 
and material arrangements applying the input method for the year ended March 31, 2025 were $61.4 million and 
$129.3 million, respectively. As discussed in note 3 of the consolidated financial statements, revenues from 
consulting services under fixed fee arrangements, and time and material arrangements where contractual 
billings do not correspond with the value provided to the client and where the outcome of the arrangements can 
be estimated reliably, are recognized over time based on the measure of progress towards completion. The 
measure of progress towards completion is determined by comparing labour costs incurred to date to total 
expected labour costs to complete the service, to arrive at an estimate of the percentage of revenue earned to 
date. The determination of total expected labour costs to complete a service is based on estimates that can be 
affected by a variety of factors, including but not limited to, changes in the scope of the contract, delays in 
reaching milestones, changes in labour mix and rates, previously unidentified complexities in service delivery, or 
potential claims from customers.
We identified revenue recognition for fixed-fee and time and material arrangements applying the input method 
as a critical audit matter. There was a higher degree of auditor judgment required to evaluate the total expected 
labour costs to complete estimates applied to arrive at an estimate of the percentage of revenue earned to date 
because of the subjective nature of the estimate. 
The following are the primary procedures we performed to address this critical audit matter. For a sample of 
contracts which are uncompleted at the reporting date, we (1) obtained and read customer arrangements and 
change orders, when applicable, to understand the contract scope and key terms; (2) evaluated the identification 
of factors that can affect total expected labour costs to complete, including, but not limited to, changes in the 
scope of the contract, delays in reaching milestones, changes in labour mix and rates, previously unidentified 
complexities in service delivery, or potential claims from customers; (3) interviewed operational personnel as to 
the status of projects to evaluate progress to date, the estimate of total labour costs to complete, and factors 
that can affect total expected labor costs to complete; (4) performed a comparison of total labour costs incurred 
and the total expected labour costs to complete at the reporting date, to the originally estimated labour costs; 
and, (5) performed a comparison of actual labour costs incurred for the month subsequent to year end to 
expected labour costs to complete estimates as at period end over corresponding subsequent periods. 
We have served as the Company’s auditor since 2021.
/s/ KPMG LLP
Montréal, Canada
June 12, 2025

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of Alithya Group inc.
Opinion on Internal Control Over Financial Reporting
We have audited Alithya Group inc.’s (the “Company”) internal control over financial reporting as of March 31, 
2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee 
of Sponsoring Organizations of the Treadway Commission. In our opinion, because of the effect of the material 
weakness, described below, on the achievement of the objectives of the control criteria, the Company has not 
maintained effective internal control over financial reporting as of March 31, 2025, based on criteria established 
in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the 
Treadway Commission.
 
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board 
(United States) (“PCAOB”), the consolidated statements of financial position of the Company as of March 31, 
2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), changes in 
shareholders’ equity, and cash flows for the years ended March 31, 2025 and 2024, and the related notes 
(collectively, the “consolidated financial statements”), and our report dated June 12, 2025 expressed an 
unqualified opinion on those consolidated financial statements. 
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, 
such that there is a reasonable possibility that a material misstatement of the company’s annual or interim 
financial statements will not be prevented or detected on a timely basis. A material weakness related to the 
control activities in the Company’s revenue processes for fixed-fee and time and material arrangements 
applying the input method has been identified and included in management’s assessment. The material 
weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 
2025 consolidated financial statements, and this report does not affect our report on those consolidated financial 
statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and 
for its assessment of the effectiveness of internal control over financial reporting, included in the “Management’s 
Report on Internal Control over Financial Reporting” section of the Company’s Management’s Discussion and 
Analysis of Financial Condition and Results of Operations for the year ended March 31, 2025.  Our responsibility 
is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a 
public accounting firm registered with the PCAOB and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the 
Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan 
and perform the audit to obtain reasonable assurance about whether effective internal control over financial 
reporting was maintained in all material respects. Our audit of internal control over financial reporting included 
obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on 
the assessed risk. Our audit also included performing such other procedures as we considered necessary in the 
circumstances. We believe that our audit provides a reasonable basis for our opinion.

Page 2
Definition and Limitations of Internal Control Over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with generally accepted accounting principles. A company’s internal control over financial reporting 
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, 
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide 
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements 
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company 
are being made only in accordance with authorizations of management and directors of the company; and (3) 
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect 
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that 
controls may become inadequate because of changes in conditions, or that the degree of compliance with the 
policies or procedures may deteriorate.
/s/ KPMG LLP
Montréal, Canada
June 12, 2025

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME 
(LOSS)
For the years ended March 31,
(in thousands of Canadian dollars, except per share data)
2025
2024
Notes
$
$
Revenues
23
 
473,481 
 
491,125 
Cost of revenues
19
 
317,347 
 
341,815 
Gross margin
 
156,134 
 
149,310 
Operating expenses
Selling, general and administrative expenses
19
 
116,081 
 
121,558 
Business acquisition, integration and reorganization costs (recovery)
20
 
(1,234)  
3,384 
Depreciation
19
 
4,523 
 
5,913 
Amortization of intangibles
8
 
18,926 
 
23,095 
Impairment of goodwill
9
 
5,144 
 
— 
Foreign exchange (gain) loss
 
(258)  
102 
 
143,182 
 
154,052 
Operating income (loss)
 
12,952 
 
(4,742) 
Net financial expenses
21
 
8,882 
 
11,857 
Earnings (loss) before income taxes
 
4,070 
 
(16,599) 
Income tax expense
Current
12
 
1,276 
 
317 
Deferred
12
 
1,499 
 
(256) 
 
2,775 
 
61 
Net earnings (loss)
 
1,295 
 
(16,660) 
Other comprehensive income (loss)
Items that may be classified subsequently to profit or loss
Cumulative translation adjustment on consolidation of foreign subsidiaries
 
3,392 
 
(4) 
 
3,392 
 
(4) 
Comprehensive income (loss)
 
4,687 
 
(16,664) 
Basic and diluted earnings (loss) per share
17
 
0.01 
 
(0.17) 
The accompanying notes are an integral part of these consolidated financial statements.
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 7

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 
As at
March 31,
March 31,
(in thousands of Canadian dollars)
2025
2024
Notes
$
$
Assets
Current assets
Cash
 
15,956 
8,859
Accounts receivable and other receivables
5
 
95,270 
98,808
Unbilled revenues
 
14,803 
14,937
Tax credits receivable
 
10,996 
9,942
Prepaids 
 
8,680 
7,069
 
145,705 
139,615
Non-current assets
Tax credits receivable
 
9,979 
10,938
Other assets
 
1,327 
 
2,267 
Property and equipment
6
 
3,960 
4,590
Right-of-use assets
7
 
4,277 
5,606
Intangibles
8
 
74,450 
81,273
Deferred tax assets
12
 
4,875 
5,715
Goodwill
9
 
181,407 
166,493
 
425,980 
416,497
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities
10
 
80,899 
 
74,917 
Deferred revenues
 
25,024 
25,293
Current portion of lease liabilities
7
 
3,546 
4,136
Current portion of long-term debt
11
 
8,059 
12,687
 
117,528 
117,033
Non-current liabilities
Contingent consideration
4
 
5,359 
4,082
Long-term debt
11
 
101,860 
104,695
Lease liabilities
7
 
5,449 
7,384
Deferred tax liabilities
12
 
11,228 
8,099
 
241,424 
241,293
Shareholders' equity
Share capital
13
 
316,685 
312,409
Deficit
 
(155,075) 
(157,370)
Accumulated other comprehensive income
 
7,998 
4,606
Contributed surplus
 
14,948 
15,559
 
184,556 
175,204
 
425,980 
416,497
Commitments and contingencies
15
The accompanying notes are an integral part of these consolidated financial statements.
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 8

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the years ended March 31,
(in thousands of Canadian dollars, except per share data)
Notes
Shares
issued
Share capital
Deficit
Accumulated other
comprehensive
income
Contributed
surplus
Total
Number
$
$
$
$
$
Balance as at March 31, 2024
 95,415,248 
 
312,409 
 
(157,370)  
4,606 
 
15,559 
 
175,204 
Net earnings 
 
— 
 
— 
 
1,295 
 
— 
 
— 
 
1,295 
Other comprehensive income
 
— 
 
— 
 
— 
 
3,392 
 
— 
 
3,392 
Total comprehensive income
 
— 
 
— 
 
1,295 
 
3,392 
 
— 
 
4,687 
Share-based compensation
14
 
— 
 
— 
 
— 
 
— 
 
2,327 
 
2,327 
Share-based compensation granted on business acquisitions
14
 
— 
 
— 
 
— 
 
— 
 
1,683 
 
1,683 
Share-based compensation related to contingent consideration adjustment 
granted on Datum Acquisition, to be settled in shares
20
 
— 
 
— 
 
— 
 
— 
 
(1,255)  
(1,255) 
Issuance of Subordinate Voting Shares pursuant to vesting of share-based 
compensation granted on business acquisitions
13
 
622,420 
 
1,971 
 
— 
 
— 
 
(1,971)  
— 
Issuance of Subordinate Voting Shares pursuant to the XRM Acquisition
13
 
3,449,103 
 
2,875 
 
— 
 
— 
 
— 
 
2,875 
Shares purchased for cancellation
13
 
(205,483)  
(717) 
 
315 
 
— 
 
— 
 
(402) 
Shares purchased for settlement of RSUs
13,14
 
(69,840)  
(244) 
 
96 
 
— 
 
— 
 
(148) 
Delivery of Subordinate Voting Shares upon settlement of RSUs
13,14
 
69,840 
 
169 
 
— 
 
— 
 
(266)  
(97) 
Issuance of Subordinate Voting Shares from settlement of PSUs
13,14
 
23,812 
 
222 
 
245 
 
— 
 
(521)  
(54) 
Cash settlement of DSUs issued as share-based compensation
14
 
— 
 
— 
 
70 
 
— 
 
(262)  
(192) 
Cash settlement of PSUs issued as share-based compensation
14
 
— 
 
— 
 
274 
 
— 
 
(346)  
(72) 
Total contributions by, and distributions to, shareholders
 
3,889,852 
 
4,276 
 
1,000 
 
— 
 
(611)  
4,665 
Balance as at March 31, 2025
 99,305,100 
 
316,685 
 
(155,075)  
7,998 
 
14,948 
 
184,556 
Balance as at March 31, 2023
 95,195,816 
 
311,967 
 
(141,481)  
4,610 
 
14,092 
 
189,188 
Net loss
 
— 
 
— 
 
(16,660)  
— 
 
— 
 
(16,660) 
Other comprehensive loss
 
— 
 
— 
 
— 
 
(4) 
 
— 
 
(4) 
Total comprehensive loss
 
— 
 
— 
 
(16,660)  
(4) 
 
— 
 
(16,664) 
Share-based compensation
14
 
— 
 
— 
 
— 
 
— 
 
2,764 
 
2,764 
Share-based compensation granted on business acquisitions
14
 
— 
 
— 
 
— 
 
— 
 
2,099 
 
2,099 
Share-based compensation related to contingent consideration adjustment, 
granted on Datum Acquisition, to be settled in shares
20
 
— 
 
— 
 
— 
 
— 
 
(865)  
(865) 
Issuance of Subordinate Voting Shares pursuant to vesting of share-based 
compensation granted on business acquisitions
13
 
622,421 
 
1,924 
 
— 
 
— 
 
(1,924)  
— 
Shares purchased for cancellation
13
 
(493,878)  
(1,724)  
771 
 
— 
 
— 
 
(953) 
Issuance of Subordinate Voting Shares from exercise of stock options
13,14
 
2,500 
 
8 
 
— 
 
— 
 
(2)  
6 
Issuance of Subordinate Voting Shares from settlement of DSUs
13,14
 
73,682 
 
201 
 
— 
 
— 
 
(201)  
— 
Issuance of Subordinate Voting Shares from settlement of RSUs
13,14
 
14,707 
 
33 
 
— 
 
— 
 
(33)  
— 
Cash settlement of RSUs issued as share-based compensation
14
 
— 
 
— 
 
— 
 
— 
 
(371)  
(371) 
Total contributions by shareholders
 
219,432 
 
442 
 
771 
 
— 
 
1,467 
 
2,680 
Balance as at March 31, 2024
 95,415,248 
 
312,409 
 
(157,370)  
4,606 
 
15,559 
 
175,204 
The accompanying notes are an integral part of these consolidated financial statements. 
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 9

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended March 31,
(in thousands of Canadian dollars)
2025
2024
Notes
$
$
Operating activities
Net earnings (loss)
1,295
(16,660)
Adjustments for:
Depreciation and amortization
23,449
29,008
Contingent consideration adjustment
20
(5,567)
(3,827)
Net financial expenses
21
8,882
11,857
Share-based compensation
14
4,010
4,863
Unrealized foreign exchange (gain) loss
(966)
153
Realized foreign exchange loss (gain) on repayment of long-term debt
580
(26)
Impairment of goodwill
9,19
5,144
—
Impairment of property and equipment and right-of-use assets and loss 
on remeasurement of lease liabilities
19
150
1,462
Cash settlement of RSUs, DSUs and PSUs
(264)
(371)
Other
—
(290)
Deferred taxes
12
1,499
(256)
38,212
25,913
Changes in non-cash working capital items
22
10,221
(10,244)
Net cash from operating activities
48,433
15,669
Investing activities
Additions to property and equipment
6
(1,202)
(746)
Additions to intangibles
8
(239)
(41)
Business acquisition, net of cash acquired
4
(6,382)
—
Net cash used in investing activities
(7,823)
(787)
Financing activities
Increase in long-term debt, net of related transaction costs
18
102,706
148,340
Repayment of long-term debt
18
(123,561)
(159,110)
Repayment of lease liabilities, including lease termination costs
7
(4,628)
(5,813)
Withholding taxes paid pursuant to the settlement of RSUs and PSUs
14
(151)
—
Exercise of stock options
13
—
6
Shares purchased for settlement of RSUs
13
(148)
—
Shares purchased for cancellation
13
(402)
(953)
Financial expenses paid
21
(7,965)
(11,047)
Net cash used in financing activities
(34,149)
(28,577)
Effect of exchange rate changes on cash
636
(29)
Net change in cash
7,097
(13,724)
Cash, beginning of year
8,859
22,583
Cash, end of year
15,956
8,859
Cash paid (included in cash flow from operating activities) 
Income taxes paid 
702
601
The accompanying notes are an integral part of these consolidated financial statements.
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 10

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 1100, Robert-Bourassa Boulevard, Suite 400, Montréal, Québec, 
Canada, H3B 3A5.
2. BASIS OF PREPARATION
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial 
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
These consolidated financial statements were approved and authorized for issue by the Board of Directors (the 
“Board”) on June 12, 2025.
Basis of measurement
These 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; and
• Equity classified share-based payment arrangements which are measured at fair value at grant date pursuant 
to IFRS 2, Share-Based Payment.
3. MATERIAL ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION
Subsidiaries
Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed or has 
the right to variable returns from its relationship with the entity and is able to affect those returns through its 
power over the activities of the entity. The subsidiaries’ financial statements are included in these consolidated 
financial statements from the date of commencement of control until the date that control ceases.
All intercompany balances and transactions, and any unrealized income and expenses arising from 
intracompany transactions, are eliminated on consolidation.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 11

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
The Company’s principal subsidiaries are as follows: 
2025
2024
Entity
Jurisdiction
Percentage Ownership
Percentage Ownership
Alithya Canada Inc.
Quebec, Canada
100%
100%
Alithya Consulting Inc.
Quebec, Canada
100%
100%
XRM Vision Inc.
Quebec, Canada
100%
N/A
Alithya Digital Technology Corporation
Ontario, Canada
100%
100%
Alithya USA, Inc.
Delaware, USA
100%
100%
Alithya Financial Solutions, Inc.
Delaware, USA
100%
100%
Alithya Ranzal LLC
Delaware, USA
100%
100%
Alithya Zero2Ten, Inc.
Delaware, USA
100%
100%
Alithya Fullscope Solutions, Inc.
Delaware, USA
100%
100%
Vitalyst, LLC
Delaware, USA
100%
100%
Datum Consulting Group, LLC 
Indiana, USA
100%
100%
Alithya France SAS
France
100%
100%
DCG Team UK Limited
United Kingdom
100%
100%
Alithya Numérique Maroc SARLAU
Morocco
100%
100%
XRM Vision Maroc SARLAU
Morocco
100%
N/A
Datum Cybertech India Pvt Ltd.
India
100%
100%
TRANSLATION OF FOREIGN CURRENCIES
The Company’s consolidated financial statements are presented in Canadian dollars, which is also the parent 
company’s functional currency. Each entity in the group determines its own functional currency and items 
included in the consolidated financial statements of each entity are measured using that functional currency. 
Functional currency is the currency of the primary economic environment in which the entity operates.
Foreign currency transactions and balances
Revenue, expenses and non-monetary assets and liabilities denominated in foreign currencies are recorded at 
the rate of exchange prevailing at the transaction date. Monetary assets and liabilities denominated in foreign 
currencies are translated at exchange rates prevailing at the reporting date. Unrealized and realized translation 
gains and losses are reflected in the consolidated statements of operations.
Foreign operations
Assets and liabilities of each entity with a functional currency other than the Canadian dollar are translated into 
Canadian dollars upon consolidation at the closing rate at the reporting date. Revenue and expenses have been 
translated into Canadian dollars at average exchange rates over the reporting period. Exchange differences are 
recognized in other comprehensive income in the currency translation reserve in equity. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 12

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
SEGMENTED REPORTING
Segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision-maker. The chief operating decision-maker is responsible for allocating resources and assessing the 
performance of the reportable segments.
A company shall disclose separately information about each operating segment, and can combine operating 
segments, with similar economic characteristics or that do not meet quantitative thresholds, into one reportable 
segment.
The Company has three operating and reportable segments based on geography: Canada, U.S. and 
International. 
REVENUE RECOGNITION, UNBILLED REVENUES AND DEFERRED REVENUES
The Company generates revenue in the areas of information technology, principally through strategic consulting, 
enterprise transformation and business enablement services. These services are provided under various 
arrangements as defined below.
Revenue is recognized either at a point in time or over time, when (or as) the Company satisfies performance 
obligations by transferring the promised services to its customers, including variable consideration, such as 
discounts, volume rebates and service-level penalties. Variable consideration is estimated using either the 
expected value method or most likely amount method and is included in the transaction price only to the extent it 
is highly probable that a significant reversal of cumulative revenue recognized will not occur. In making this 
judgement, management will mostly consider all information available at the time, the Company’s knowledge of 
the client or the industry, the type of services to be delivered and the specific contractual terms of each 
arrangement. 
Billing terms can be monthly, based on milestones or upfront, depending on the contractual terms with the client. 
Once invoiced, invoices generally have payment terms of 30 days. Contracts generally do not contain significant 
financing components.
The Company enters into arrangements with multiple performance obligations which typically include consulting 
services, post-contract support (including maintenance), and software. Contracts that contain multiple 
performance obligations require an allocation of the transaction price to each performance obligation based on a 
relative standalone selling price basis. The Company has determined standalone selling prices for:
• consulting services based on a stated and consistent rate per hour range in standalone transactions;
• post-contract support based on observable prices for standalone renewals; and 
• software through consistent stated rates for software components.
Certain of the Company’s arrangements may include client acceptance clauses. Each clause is analyzed to 
determine whether the earnings process is complete when the service is performed. Formal client sign-off is not 
always necessary to recognize revenue, provided that the Company objectively demonstrates that the criteria 
specified in the acceptance provisions are satisfied. Some of the criteria reviewed include historical experience 
with similar types of arrangements, whether the acceptance provisions are specific to the client or are included 
in all arrangements, the length of the acceptance term and historical experience with the specific client. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 13

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
Contract modifications are changes in scope and/or price that are approved by the parties to the contract. 
Approvals may be written, oral or implied by customary business practices, and are legally enforceable. The 
Company accounts for modifications as a separate contract if the modifications add distinct services that are 
priced commensurate with standalone selling prices or if the remaining services are distinct from those already 
transferred, otherwise modifications are accounted for as part of the original contract. When the contract 
modification is not accounted for as a separate contract, the Company recognizes an adjustment to revenue on 
the existing contract on a cumulative catch-up basis as at the date of the contract modification or, if the 
remaining services are distinct performance obligations, the Company recognizes the remaining consideration 
prospectively.
Time and materials arrangements 
Revenue from strategic consulting and enterprise transformation services, including enterprise applications 
implementation, under time and materials arrangements is recognized as the services are rendered. Contractual 
billings of such arrangements correspond with the value provided to the client, and therefore revenues are 
recognized on an hourly basis.
Time and materials arrangements where contractual billings do not correspond with the value provided to the 
client are recognized based on the accounting policies for fixed-fee arrangements as defined below.
Fixed-fee arrangements
Revenue from enterprise transformation services, including enterprise applications implementation, under fixed-
fee arrangements where the outcome of the arrangements can be estimated reliably is recognized over time 
based on the measure of progress determined by the Company's efforts or inputs towards satisfying the 
performance obligation relative to the total expected inputs (the "Input Method") as it fulfills its performance 
obligations in line with contracted terms. The Company primarily uses labour costs to measure the progress 
towards completion. This method relies on estimates of total expected labour costs to complete the service, 
which are compared to labour costs incurred to date, to arrive at an estimate of the percentage of revenue 
earned to date. Management regularly reviews underlying estimates of total expected labour costs. If the 
outcome of an arrangement cannot be estimated reliably, revenue is recognized to the extent of arrangement 
costs incurred that are likely to be recoverable. For certain contracts, the Company recognizes revenue based 
on its right to consideration when such amount corresponds to the entity’s performance completed to date. 
Business enablement services
Managed services revenue is generated through a recurring fee in exchange for a monthly recurring service 
(typically support). The revenue for these arrangements is recognized over the contract term, either on a 
straight-line basis or based on usage.
Subscriptions to learning services, which are available to customers at any time with unlimited use, are 
recognized over time, on a straight-line basis, over the contract term.
Software revenue is generated in part from the resale of certain third-party off-the-shelf software and 
maintenance. The majority of the software sold by the Company is delivered electronically. For software that is 
delivered electronically, the Company considers transfer of control to have occurred when the customer either 
(a) takes possession of the software via a download (that is, when the customer takes possession of the 
electronic data on its hardware), or (b) has been provided with access codes that allow the customer to take 
immediate possession of the software on its hardware pursuant to an agreement or purchase order for the 
software. In all instances, the resale of third-party software and maintenance is recorded on a net basis. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 14

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
Third party software and maintenance revenue is recognized upon delivery of the software, as all related 
warranty and maintenance is performed by the primary software vendor and not the Company.
Company created software, and the associated maintenance, is reported on a gross basis and revenue is 
recognized at the point in time when it is distinct from the maintenance and support, otherwise it is recognized 
over the contractual term. Revenue from the sale of Company created software from software as a service 
("SaaS") is recognized on a straight-line basis as the Company stands ready to provide customers with 
continuous access to its software over the contractual term. For a SaaS arrangement with a fee structure based 
upon customer usage and priced at a fixed rate for usage, the Company recognizes revenue over the 
contractual term based on its right to consideration when such amount corresponds to the entity’s performance 
completed to date.
Estimated losses on revenue-generating contracts 
Estimated losses on revenue-generating contracts may occur due to additional contract costs which were not 
foreseen at the inception of the contract. Contract losses are measured at the amount by which the estimated 
incremental costs, including direct labour, material and an allocation of other costs that relate directly to fulfilling 
contracts exceed the estimated total revenue from the contract. The estimated losses on revenue-generating 
contracts are recognized in the period when it is determined that a loss is probable. The expected loss is first 
applied to impair the related capitalized contract costs, if any, with the excess recorded under performance 
obligations in customer contracts in accounts payable and accrued liabilities. Management regularly reviews 
arrangement profitability and underlying estimates.
Unbilled revenues and deferred revenues 
Amounts recognized as revenue in excess of billings are classified as unbilled revenues. Amounts received in 
advance of the performance of services are classified as deferred revenues when the Company has an 
unconditional right to invoice.
FINANCIAL INSTRUMENTS
Recognition and derecognition
Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual 
provisions of the financial instrument.
Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, 
or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is 
derecognized when it is extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
All financial assets of the Company are classified into the amortized cost category. The classification is 
determined by both:
• the entity’s business model for managing the financial asset; and
• the contractual cash flow characteristics of the financial asset.
Except for those accounts receivable and other receivables that do not contain a significant financing 
component and are measured at the transaction price in accordance with IFRS 15, all financial assets are 
initially measured at fair value adjusted for transaction costs, where applicable.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 15

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
All income and expenses relating to financial assets that are recognized in profit or loss are presented within 
financial expense, except for impairment of accounts receivable and other receivables, which is presented within 
selling, general and administrative expenses.
Subsequent measurement of financial assets at amortized cost
After initial recognition, all financial assets are measured at amortized cost using the effective interest method, 
less any impairment. Discounting is omitted where the effect of discounting is immaterial. 
Impairment of accounts receivable and other receivables and unbilled revenues
The Company uses the simplified approach to measure the estimated credit loss for accounts receivable and 
other receivables and unbilled revenues and accordingly records the loss allowance as lifetime expected credit 
losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any 
point during the life of the financial instrument. The Company uses its historical experience, external indicators 
and forward-looking information to calculate the expected credit losses using a provision matrix.
The Company assesses impairment of accounts receivable and other receivables and unbilled revenues based 
on days past due on a collective basis as customers with similar payment delays possess shared credit risk 
characteristics. The Company also assesses impairment of accounts receivable and other receivables and 
unbilled revenues on a customer-by-customer basis based on specific risks identified.
The Company considers a financial asset in default when contractual payments are considered past due and at 
risk depending on the various economic and asset-specific factors, or if it becomes probable that a customer will 
enter bankruptcy or other insolvency proceedings.
Classification and measurement of financial liabilities
Contingent considerations payable in cash or in a variable number of shares included in purchase consideration 
are classified as financial liabilities, initially and subsequently measured at fair value with changes in fair value 
recognized in profit or loss. 
All other financial liabilities of the Company are initially measured at fair value, and where applicable, adjusted 
for transaction costs and subsequently measured at amortized cost using the effective interest method. 
All interest-related charges are reported in the consolidated statements of operations within financial expenses.
EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is calculated by dividing the net earnings (loss) attributable to the holders of the 
Subordinate Voting Shares and Class B multiple voting shares (the “Multiple Voting Shares“) (together the 
“Shares”) by the weighted average number of Shares outstanding during the period. 
Diluted earnings (loss) per share is determined using the treasury stock method to evaluate the dilutive effect of 
stock options, deferred, restricted and performance share units, certain shares to be issued as part of 
anniversary payments related to business acquisition and shares subject to forfeiture.
GOVERNMENT ASSISTANCE
Certain subsidiaries are eligible for government assistance programs, in different jurisdictions, in the form of 
grants and tax credits for the development of e-business. Government assistance is recorded when there is 
reasonable assurance that the assistance will be received and that the subsidiary will comply with all relevant 
conditions. The government assistance is treated as a reduction in the cost of the qualifying expenditure.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 16

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
In preparing claims, judgment is required in interpreting the regulations related to these programs, determining if 
the operations of the subsidiaries qualify and identifying and quantifying eligible expenses. These claims are 
subject to examination and audit by local authorities, who may disagree with interpretations made by the 
Company. Management estimates the amounts to be received under these programs. Final government 
assistance received following examinations and audits could be different from amounts recorded.
PROPERTY AND EQUIPMENT (“P&E”)
Property and equipment are recorded at cost and amortized over their estimated useful lives, using the following 
methods:
Method
Rates
Furniture, fixtures and equipment
Declining balance
 20 %
Computer equipment
Declining balance
 30 %
Leasehold improvements
Straight line
Over the term of the lease
The residual value, depreciation method and useful life of each asset are reviewed at least once a year, at the 
reporting date.
LEASES
The Company as a lessee
For any new contracts entered into, the Company considers whether a contract is, or contains a lease. A lease is 
defined as a “contract, or part of a contract, that conveys the right to use an identified asset (the underlying 
asset) for a period of time in exchange for consideration”. 
Measurement and recognition of leases as a lessee
At lease commencement date, the Company recognizes a right-of-use asset and a lease liability on the 
statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial 
measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to 
dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease 
commencement date (net of any incentives received).
The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to 
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The lease term 
includes consideration of an option to renew or to terminate if the Company is reasonably certain to exercise 
that option. The Company also assesses the right-of-use asset for impairment when such indicators exist.
At the commencement date, the Company measures the lease liability at the present value of the lease 
payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily 
available or the Company’s incremental borrowing rate.
Lease payments included in the measurement of the lease liability are made up of fixed payments (including in-
substance fixed payments), variable payments based on an index or rate, amounts expected to be payable 
under a residual value guarantee and payments arising from options reasonably certain to be exercised. 
Payments related to non-lease components, mostly made of common area maintenance fees, are excluded 
from the lease liabilities and are recorded as an expense over the lease term.
Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest, 
which are recorded as part of net financial expenses. It is remeasured to reflect any reassessment or 
modification, or if there are changes in in-substance fixed payments.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 17

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or net 
earnings if the right-of-use asset is already reduced to zero.
The Company has elected to account for short-term leases and leases of low-value assets using the practical 
expedients. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are 
recognized as an expense in the consolidated statements of operations on a straight-line basis over the lease 
term.
INTANGIBLES
Intangible assets consist mainly of customer relationships, non-compete agreements, internal-use business 
solutions, software licenses and tradenames acquired through business acquisitions and initially recorded at 
their fair value. Internal use business solutions and software licenses (“Software”) purchased by the Company 
are recorded at cost. In addition, internal-use business solutions developed internally are capitalized when they 
meet specific capitalization criteria related to technical and financial feasibility and when the Company 
demonstrates its ability and intention to use them. Amortization of internal-use business solutions commences 
once the solution is available for use. The Company amortizes its intangible assets using the straight-line 
method as follows :
Method
Period
Customer relationships
Straight line
3 - 10 years
Non-compete agreements
Straight line
3 - 10 years
Software
Straight line
3 years
Tradenames
-
Indefinite
The residual value, depreciation method and useful life of each asset are reviewed at least once a year, at the 
reporting date.
GOODWILL
Goodwill arises on business acquisitions accounted for under the acquisition method and represents the excess 
of consideration transferred over the fair value of the Company's share of the net identifiable assets acquired 
and liabilities assumed of the acquired entity at the date of acquisition and it is measured net of accumulated 
impairment losses. Goodwill is not amortized, but instead tested for impairment annually, or more frequently, 
should events or changes in circumstances indicate that the goodwill may be impaired.
IMPAIRMENT OF P&E, RIGHT-OF-USE ASSETS, INTANGIBLES AND GOODWILL
Timing of impairment testing
The carrying amounts of the Company's P&E, right-of-use assets, intangible assets and goodwill are reviewed 
for impairment when events or changes in circumstances indicate that the carrying value may be impaired. At 
each reporting date, the Company assesses whether there is any indication of impairment. If any such indication 
exists, then the asset's recoverable amount is estimated. Goodwill and intangible assets that have indefinite 
useful lives or that are not yet available for use are tested for impairment at least annually as at March 31.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 18

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
Impairment testing
The recoverable amount of an asset or cash-generating unit ("CGU") is the greater of its value in use and its fair 
value less costs of disposal. For the purpose of impairment testing, assets that cannot be tested individually are 
grouped together into the smallest group of assets that generates cash inflows from continuing use and which 
are largely independent of the cash inflows of other assets or groups of assets (the "CGU"). For the purposes of 
goodwill impairment testing, goodwill acquired in a business acquisition is allocated to the CGU, or the group of 
CGUs, that is expected to benefit from the synergies of the combination. This allocation is subject to an 
operating segment ceiling test and reflects the lowest level at which that goodwill is monitored for internal 
reporting purposes. An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its 
estimated recoverable amount. 
Reversal of Impairment
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses 
recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased 
or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to 
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying 
amount does not exceed the carrying amount that would have been determined, net of depreciation or 
amortization, if no impairment loss had been recognized.
BUSINESS ACQUISITION, INTEGRATION AND REORGANIZATION COSTS
Business acquisition, integration and reorganization costs are comprised of transaction costs related to business 
acquisitions, whether successful or not, costs of integrating acquired businesses including redundant rent, gains 
or losses on lease modifications, impairment of right-of-use assets from previous business acquisitions, gains or 
losses on disposal of non-core assets, transition costs relating to system integrations, contingent consideration 
as well as employee compensation related to business acquisitions and severance resulting from integrations 
and significant changes in the organizational structure.
Reorganization costs, consisting primarily of severance, are recognized when a detailed formal plan identifies 
the business or part of the business concerned, the location and number of employees affected, a detailed 
estimate of the associated costs, appropriate timelines and has been communicated to those affected by it.
PROVISIONS
Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past 
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the 
obligation and a reliable estimate can be made of the amount of the obligation. The Company’s provisions may 
consist of litigation and claim provisions arising in the ordinary course of business. 
The accrued litigation and legal claim provisions are based on historical experience, current trends and other 
assumptions that are believed to be reasonable under the circumstances. Estimates include the period in which 
the underlying cause of the claim occurred and the degree of probability of an unfavorable outcome.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 19

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
INCOME TAXES
Income taxes are accounted for using the liability method of accounting. 
Current income taxes are recognized with respect to the amounts expected to be paid or recovered under the 
tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred income tax 
assets and liabilities are determined based on deductible or taxable temporary differences between the amounts 
reported for financial statement purposes and tax values of the assets and liabilities using enacted or 
substantively enacted tax rates that will be in effect for the year in which the differences are expected to be 
recovered or settled. Deferred income tax assets and liabilities are recognized in earnings, other comprehensive 
income or in equity based on the classification of the item to which they relate.
Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or 
liabilities in a transaction that is not a business acquisition and that affects neither accounting nor taxable profit 
or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not 
reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences 
arising on the initial recognition of goodwill.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities 
and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on 
different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets 
and liabilities will be realized simultaneously.
A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the 
extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred 
tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that 
the related tax benefit will be realized.
SHARE CAPITAL
Subordinate Voting Shares and Multiple Voting Shares are classified as equity. Incremental costs directly 
attributable to the issuance of shares are recognized as a deduction from equity, net of any tax effects. 
Normal course issuer bid (“NCIB”)
When the Company purchases its Subordinate Voting Shares for cancellation through a NCIB, the consideration 
paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity 
attributable to the Company’s equity holders until the shares are cancelled. When the shares are cancelled, the 
difference between the consideration paid and the average stated value of the shares purchased for cancellation 
is recorded to the deficit.
SHARE-BASED COMPENSATION PLANS
Share purchase plan
The Company operates a share purchase plan for eligible employees of the Company. Under this plan, the 
Company matches the contributions made by employees up to a maximum percentage of the employee's gross 
salary. The Company’s contributions to the plan are recognized as salaries within cost of revenues and selling, 
general and administrative expenses.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 20

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
Long-term incentive plan ("LTIP") and share unit plan (“SUP”), (together the “Incentive Plans”)
The Company operates a LTIP for eligible employees and directors of the Company which provides for various 
types of awards, including equity-settled stock options, deferred share units (“DSUs”), restricted share units 
(“RSUs”) and performance share units (“PSUs”). The Board, at its discretion, may elect to settle RSUs and 
PSUs in cash. 
The Company also operates a SUP for eligible employees of the Company. Under this plan, eligible employees 
may elect to receive up to 50% of their annual bonus in DSUs and/or RSUs (“Bonus DSUs/RSUs”) with the 
Company granting additional DSUs/RSUs equal to 25% of the Bonus DSUs/RSUs. The SUP also provides for 
the grant of discretionary DSUs and/or RSUs. The Board, at its discretion, may elect to settle DSUs and RSUs 
in cash. 
The Company accounts for all grants as equity-settled awards as the Board intends to settle awards issued 
under the LTIP through the issuance of share capital and under the SUP through Subordinate Voting Shares 
purchased on the TSX. 
The share-based payment expense is recognized in selling, general and administrative expenses and business 
acquisition, integration and reorganization costs with a corresponding adjustment through contributed surplus 
over the vesting period based on the grant date fair value of the award. Forfeitures, which are estimated at the 
time of grant, are included in the measurement of the expense and are subsequently adjusted to reflect actual 
events. For awards with graded vesting, the fair value of each tranche is recognized on a straight-line basis over 
its respective vesting period. 
For stock options, the grant date fair value is measured using the Black-Scholes option pricing model. Any 
consideration paid by participants on exercise of stock options is credited to share capital together with any 
related share-based compensation expense originally recorded in contributed surplus. 
For RSUs and DSUs, the grant date fair value is measured at the fair value of the underlying Subordinate Voting 
Share as at the grant date. For bonus DSUs/RSUs under the SUP, the fair value of the share-based expense is 
based on 125% of the fair value of the bonus elected to be settled as DSUs and/or RSUs, with a corresponding 
adjustment through contributed surplus. An expense is recognized over the vesting period as share-based 
payments within selling, general and administrative expenses, with a corresponding amount recognized in 
contributed surplus. The amount recognized as an expense is adjusted to reflect the number of units for which 
the related service and performance conditions are expected to be met, such that the amount ultimately 
recognized as an expense is based on the units of awards that do meet the related service and non-market 
performance conditions at the vesting date.
The terms and conditions of each grant of PSUs, including market and non-market performance goals, are 
determined by the Board. The amount recognized as an expense is adjusted to reflect the number of awards for 
which the related service and non-market performance conditions are expected to be met, such that the amount 
ultimately recognized is based on the number of awards that meet the related service and non-market 
performance conditions at the vesting date. The determination as to whether the performance goals have been 
achieved is made by the Board.
When DSUs, RSUs and PSUs are settled, the recorded fair value of the award is removed from contributed 
surplus and credited to share capital. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 21

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
SIGNIFICANT MANAGEMENT JUDGEMENT IN APPLYING ACCOUNTING POLICIES AND ESTIMATION 
UNCERTAINTY
The preparation of these consolidated financial statements in conformity with IFRS requires management to 
make judgments, estimates and assumptions that affect the application of accounting policies and the amounts 
reported as assets, liabilities, income and expenses in the consolidated financial statements. Actual results 
could differ from those estimates. 
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognized in the period in which they occur and in any future periods affected.
The following are critical judgements that management has made in applying accounting policies and that have 
the most significant effect on the amounts recognized in the consolidated financial statements:
Determination of cash generating units – The identification of CGUs and grouping of assets into the respective 
CGUs is based on currently available information about actual utilization experience and expected future 
business plans. Management has taken into consideration various factors in identifying its CGUs. These factors 
include how the Company manages and monitors its operations, the nature of each CGU’s operations, and the 
major customer markets they serve. As such, the Company has identified its CGUs for purposes of testing the 
recoverability and impairment of non-financial assets to be: Canada, France, EPM, ERP and Industry Solutions.
Determination of operating segments – The Company uses judgment in the determination of operating 
segments for financial reporting and disclosure purposes. The Company has examined its activities and has 
determined that it has three reportable segments based on geography: Canada, U.S. and International.
The following are assumptions and estimation uncertainties that have a significant risk of resulting in material 
adjustments within the next year:
Revenue recognition for fixed-fee and time and material arrangements applying the Input Method – The 
Company recognizes revenues from arrangements applying the input method which can extend over more than 
one reporting period. Revenue from these arrangements applying the Input Method is recognized over time 
based on a measure of progress using the Company’s best estimate of the total expected labour costs, and the 
related risks associated with completing the service. The determination of total expected labour costs to 
complete a service is based on estimates that can be affected by a variety of factors, including but not limited to, 
changes in the scope of the contract, delays in reaching milestones, changes in labour mix and rates, previously 
unidentified complexities in service delivery, or potential claims from customers.
As risks and uncertainties are different for each project, the sources of variations between anticipated costs and 
actual costs incurred will also vary by project. The determination of estimates is based on the Company's 
business practices as well as its historical experience, and is tightly linked to detailed project management 
processes and controls. The information provided by the project managers combined with a knowledgeable 
assessment of technical complexities and risks are used in estimating the percentage complete.
Impairment of long-lived assets – The Company’s impairment test for goodwill is based on internal estimates of 
its individual CGUs’ recoverable amounts determined as the greater of value in use and fair value less costs of 
disposal. Value in use represents the present value of the future cash flows expected to be derived from the 
CGU from its continued use. The fair value less cost of disposal represents the price that would be received to 
sell the CGU in an orderly transaction between market participants at the measurement date under current 
market conditions, less incremental costs directly attributable to disposing of the CGU, excluding finance costs 
and income tax expense.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 22

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
Key assumptions of the individual CGUs’ value-in-use include forecasted revenues, cost of revenues, SG&A 
expenses and other non-cash adjustments applied in the determination of the Company’s three year net 
operating cash flow forecast, estimated long-term growth rates used to extrapolate the three year net operating 
cash flow forecast and the pre-tax value weighted average cost of capital (“WACC”) applied in the determination 
of the present value of the net operating cash flow forecast.
Key assumptions of the individual CGUs’ fair value less cost of disposal include estimated revenues, cost of 
revenues, SG&A expenses and other non-cash adjustments applied in the determination of the Company’s 
forecasted Adjusted EBITDA (as defined in note 26) and an implied market multiple applied to forecasted 
Adjusted EBITDA.
Changes in these key assumptions can have a material impact on the recoverable amount calculated and 
ultimately the amount of any goodwill impairment recognized. Refer to note 9 for additional information on the 
assumptions used.
ACCOUNTING STANDARD AMENDMENTS AND INTERPRETATIONS EFFECTIVE FOR THE YEAR ENDED 
MARCH 31, 2025
The following amendments to existing standards were adopted by the Company on April 1, 2024:
IAS 1 - Presentation of Financial Statements
On January 23, 2020, the IASB issued amendments to IAS 1 - Presentation of Financial Statements, to clarify 
the classification of liabilities as current or non-current. For the purposes of non-current classification, the 
amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve 
months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting 
period. After reconsidering certain aspects of the 2020 amendments, the IASB reconfirmed that only covenants 
with which a company must comply on or before the reporting date affect the classification of a liability as 
current or non-current. Additional disclosure will be required to help users understand the risk that those 
liabilities could become repayable within twelve months after the reporting date. The amendments also clarify 
how a company classifies a liability that includes a counterparty conversion option. The amendments state that: 
settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and when 
classifying liabilities as current or non-current, a company can ignore only those conversion options that are 
recognized as equity. The amendments to IAS 1 apply retrospectively and are effective for annual periods 
beginning on or after January 1, 2024. The amendments to IAS 1 had no impact on the Company’s consolidated 
financial statements.
International Financial Reporting Interpretations Committee (“IFRIC”) Agenda Decision on Segment Reporting
In July 2024, the IFRS Interpretations Committee issued an agenda decision clarifying disclosure requirements 
for reportable segments under IFRS 8 – Operating Segments. The decision emphasizes the need to disclose 
certain specified items if these are included in the measure of segment profit or loss reviewed by the Chief 
Operating Decision Maker (CODM) or are otherwise regularly provided to the CODM, even if not included in that 
measure of segment profit or loss. As a result, the Company has made changes to reflect these requirements in 
note 23, Segment and geographical information. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 23

3. MATERIAL ACCOUNTING POLICIES (CONT’D)
FUTURE ACCOUNTING STANDARDS CHANGES
At the date of authorization of these 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 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.
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.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 24

4. BUSINESS ACQUISITION
XRM Vision
Overview
On December 1, 2024, the Company acquired all of the issued and outstanding shares of Canadian-based XRM 
Vision Inc. and all of its affiliates (“XRM Vision”) (the “XRM Acquisition”), a recognized Microsoft partner. 
Management expects that XRM Vision’s expertise will complement its existing business and will reinforce 
Alithya’s smart shoring capabilities.
The XRM Acquisition was completed for total consideration of up to $34,384,000, in aggregate.
The total purchase consideration of up to $30,009,000 consisted of: (i) $7,377,000 paid in cash at closing; (ii) 
final working capital adjustment of $632,000, included in accounts payable and accrued liabilities as at 
March 31, 2025; (iii) $2,875,000 paid by the issuance of 1,724,550 Subordinate Voting Shares; (iv) $8,625,000 
of balance of sale, payable over three years on December 1, 2025, 2026 and 2027 (the "Anniversary Dates"); 
and (v) potential earn-out consideration of up to $10,500,000, including $9,000,000 payable in cash and 
$1,500,000 by the issuance of Subordinate Voting Shares.
The total other consideration of $4,375,000 consisted of: (i) 1,724,553 Subordinate Voting Shares, with a fair 
value of $2,875,000, issued at closing; and (ii) Subordinate Voting Shares with a value of up to $1,500,000 
which may be issued as part of the earn-out consideration. These Subordinate Voting Shares issued and/or 
issuable are subject to claw-back clauses based on continued employment and accordingly, these share 
considerations are recognized as share-based compensation granted on business acquisition over three years 
(note 14).
The number of Subordinate Voting Shares issuable as part of the earn-out will be determined by dividing the 
earn-out amount payable in Subordinate Voting Shares by the Volume Weighted Average Price (‘’VWAP’’) for 
the 15 trading days ending on and including the date that is 2 business days prior to the payment date of the 
earn-out. The settlement of the earn-out will be due after the 18 months following closing, once the earn-out 
consideration has been finalized.
The total earn-out consideration of $12,000,000, in aggregate, is contingent upon the future financial 
performance of the acquired business over a consecutive 12-month period within the 18 months following the 
acquisition date. The undiscounted scenario-based weighted average expected payout amount for the total 
potential earn-out consideration is $7,260,000.
The fair value of the earn-out purchase price consideration of $5,104,000 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 for the potential earn-out consideration included in the purchase consideration of 
$6,353,000. The contingent consideration liability included in the purchase price 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 15.7%. Subsequent 
changes to the fair value of contingent consideration liability included in the purchase price will be recorded to 
business acquisition, integration and reorganization costs. There were no substantive changes to the contingent 
consideration liability as at March 31, 2025.
As part of the XRM Acquisition, the Company assumed $829,000 of long-term debt of which an amount of 
$333,000 was repaid immediately upon closing.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 25

4. BUSINESS ACQUISITION (CONT'D)
For the year ended March 31, 2025, the Company incurred acquisition-related costs pertaining to the XRM 
Acquisition of approximately $1,084,000. These costs have been recorded in the consolidated statement of 
operations in business acquisition, integration and reorganization costs.
Purchase Price Allocation
The allocation of the fair value of the assets acquired and the liabilities assumed is detailed as follows:
As at March 31, 2025
Preliminary at 
acquisition date
Adjustments
Acquisition of XRM Vision
$
$
$
Current assets
Cash
 
995 
 
995 
 
— 
Accounts receivable and other receivables
 
3,539 
 
3,539 
 
— 
Unbilled revenues
 
110 
 
110 
 
— 
Tax credits receivable
 
467 
 
1,483 
 
(1,016) 
Prepaids
 
207 
 
207 
 
— 
 
5,318 
 
6,334 
 
(1,016) 
Non-current assets
Tax credits receivable
 
275 
 
— 
 
275 
Property and equipment
 
60 
 
73 
 
(13) 
Right-of-use assets
 
54 
 
54 
 
— 
Intangibles (note 8)
 
9,700 
 
9,711 
 
(11) 
Goodwill (note 9)
 
14,662 
 
18,608 
 
(3,946) 
Total assets acquired
 
30,069 
 
34,780 
 
(4,711) 
Current liabilities
Accounts payable and accrued liabilities
 
2,829 
 
2,829 
 
— 
Deferred revenue
 
351 
 
351 
 
— 
Current portion of lease liabilities
 
106 
 
106 
 
— 
Current portion of long-term debt
 
511 
 
511 
 
— 
 
3,797 
 
3,797 
 
— 
Non-current liabilities
Lease liabilities
 
34 
 
34 
 
— 
Long-term debt
 
318 
 
318 
 
— 
Deferred tax liabilities
 
2,410 
 
2,715 
 
(305) 
Total liabilities assumed
 
6,559 
 
6,864 
 
(305) 
Net assets acquired
 
23,510 
 
27,916 
 
(4,406) 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 26

4. BUSINESS ACQUISITION (CONT'D)
As at December 31, 2024, due to the short period of time between the acquisition date and reporting period, the 
determination of the fair value of intangible assets and purchase consideration, final closing adjustments and 
related income tax payable and deferred tax considerations was preliminary pending the completion of selection 
of appropriate valuation techniques and inputs. As a result, some changes have been made to the purchase 
consideration and the allocation of fair value. The goodwill adjustment resulted primarily from the determination 
of the fair value of the earn-out consideration. In addition, the tax credits receivable were applied to settle the 
income tax payable related to the period prior to the acquisition and a portion was reclassified as a non-current 
asset. The fair value of the assets acquired and liabilities assumed is preliminary pending completion. Should 
new information, obtained within one year of the date of acquisition, about the facts and circumstances that 
existed at the date of the XRM Acquisition, result in adjustments, or require additional provisions for conditions 
that existed at the date of the XRM Acquisition, the fair value will then be revised. Accordingly, the values in the 
table above are subject to change. 
The XRM Acquisition is being accounted for using the acquisition method of accounting.
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 XRM Vision into the 
Company's existing business. The Company does not expect the goodwill to be deductible for income tax 
purposes.
Purchase consideration
The following table summarizes the acquisition date fair value of each class of purchase consideration :
As at March 31, 2025
Preliminary at 
acquisition date
Adjustments
Acquisition of XRM Vision
$
$
$
Cash consideration
 
7,377 
 
7,377 
 
— 
Working capital adjustment to be settled in cash 
 
632 
 
— 
 
632 
Issuance of 1,724,550 Subordinate Voting Shares (note 13) (a)
 
2,875 
 
2,875 
 
— 
Balance of purchase price payable with a nominal value of 
$8,625,000 (note 11)  (a)
 
7,522 
 
7,905 
 
(383) 
Contingent consideration with a maximum amount of 
$10,500,000, recorded at fair value (a)
 
5,104 
 
9,759 
 
(4,655) 
Total purchase consideration
 
23,510 
 
27,916 
 
(4,406) 
(a) Non-cash investing and financing activities
XRM Vision's contribution to the Company’s results
For the year ended March 31, 2025, the XRM Vision business contributed revenues of approximately 
$4,662,000 and a loss before income taxes in the amount of $2,738,000, including amortization, primarily 
related to the acquired customer relationships, of $712,000, share-based compensation granted on business 
acquisitions of $770,000 (note 14), interest accretion of $450,000 and business acquisition costs of $1,084,000 
(note 20).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 27

4. BUSINESS ACQUISITION (CONT'D)
If the acquisition had occurred on April 1, 2024, pro-forma consolidated revenues and earnings before income 
taxes would have been $484,523,000 and $2,723,000, respectively, for the year ended March 31, 2025. These 
amounts have been calculated using XRM Vision’s results and adjusting for:
• differences in accounting policies between the Company and XRM Vision;
• the removal of transaction costs incurred by XRM Vision from April 1, 2024 to November 30, 2024; and
• the additional amortization that would have been charged assuming the fair value adjustments to intangibles 
had been applied from April 1, 2024.
5. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
As at
March 31,
2025
2024
$
$
Trade accounts receivable
 
95,093 
 
98,346 
Other receivables
 
177 
 
462 
 
95,270 
 
98,808 
6. PROPERTY AND EQUIPMENT
As at
March 31, 2025
March 31, 2024
Furniture,
fixtures &
equipment
Computer
equipment
Leasehold 
improvements
Total
Furniture,
fixtures &
equipment
Computer
equipment
Leasehold 
improvements
Total
$
$
$
$
$
$
$
$
Opening cost
 
1,572 
 
7,359 
 
5,982 
 14,913 
 
1,725 
 
6,792 
 
8,081 
 16,598 
Additions
 
59 
 
1,143 
 
— 
 1,202 
 
174 
 
550 
 
22 
 
746 
Additions through business 
acquisitions (note 4)
 
19 
 
41 
 
— 
 
60 
 
— 
 
— 
 
— 
 
— 
Disposals / retirements
 
— 
 
— 
 
— 
 
— 
 
(325)  
— 
 
(2,125)  (2,450) 
Foreign currency translation 
adjustment
 
96 
 
314 
 
56 
 
466 
 
(2)  
17 
 
4 
 
19 
Ending cost
 
1,746 
 
8,857 
 
6,038 
 16,641 
 
1,572 
 
7,359 
 
5,982 
 14,913 
Opening accumulated 
depreciation
 
1,035 
 
5,717 
 
3,571 
 10,323 
 
651 
 
3,829 
 
3,394 
 7,874 
Depreciation expense
 
170 
 
993 
 
850 
 2,013 
 
448 
 
1,884 
 
1,006 
 3,338 
Impairment
 
— 
 
— 
 
— 
 
— 
 
260 
 
— 
 
1,296 
 1,556 
Disposals / retirements
 
— 
 
— 
 
— 
 
— 
 
(325)  
— 
 
(2,125)  (2,450) 
Foreign currency translation 
adjustment
 
79 
 
237 
 
29 
 
345 
 
1 
 
4 
 
— 
 
5 
Ending accumulated 
depreciation
 
1,284 
 
6,947 
 
4,450 
 12,681 
 
1,035 
 
5,717 
 
3,571 
 10,323 
Net carrying amount
 
462 
 
1,910 
 
1,588 
 3,960 
 
537 
 
1,642 
 
2,411 
 4,590 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 28

7. LEASES
Right-of-use assets
The following right-of-use assets relate to right-of-use real estate:
As at
March 31,
2025
2024
$
$
Beginning balance 
 
5,606 
 
9,353 
Additions 
 
965 
 
557 
Additions from business acquisition (note 4)
 
54 
 
— 
Depreciation
 
(2,510)  
(2,575) 
Impairment (a)
 
— 
 
(1,272) 
Derecognition (b)
 
— 
 
(448) 
Exchange rate effect
 
162 
 
(9) 
Net carrying amount
 
4,277 
 
5,606 
(a) During the year ended March 31, 2024, the Company recorded impairment charges against certain real estate right-of-use assets, in the 
context of an on-going review of its real estate strategy following the integration of acquisitions and changes in working conditions in order to 
reduce the Company's footprint, realize synergies and improve the cost structure of the combined business. As a result, an impairment 
charge of $1,272,000 is presented in selling, general and administrative expenses.
(b) During the year ended March 31, 2024, the Company entered into an agreement to sublease a portion of its office space to a subtenant. 
The sublease resulted in the derecognition of the right-of-use asset associated with the office space and the recognition of a short-term and 
a long-term lease receivable, included in accounts receivable and other receivables and other assets, respectively, in the aggregate amount 
of $1,033,000.
Lease liabilities
As at
March 31,
2025
2024
$
$
Beginning balance
 
11,520 
 
18,516 
Additions 
 
965 
 
557 
Additions from business acquisition (note 4)
 
140 
 
— 
Lease payments
 
(4,431)  
(5,617) 
Lease interest
 
466 
 
664 
Remeasurement
 
150 
 
(2,593) 
Exchange rate effect
 
185 
 
(7) 
Ending balance
 
8,995 
 
11,520 
Current portion
 
3,546 
 
4,136 
 
5,449 
 
7,384 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 29

7. LEASES (CONT’D)
Contractual lease payments under the lease liabilities as at March 31, 2025 are as follows:
As at
March 31, 2025
$
Less than one year
 
3,928 
One to two years
 
1,911 
Two to five years
 
4,186 
More than five years
 
124 
Total undiscounted lease payments at period end
 
10,149 
Total cash outflows for leases, including non-lease components, for the years ended March 31, 2025 and 2024 
were $6,915,000 and $7,209,000, respectively. As at March 31, 2024, lease termination costs of $663,000 were 
included in accounts payable and accrued liabilities.
8. INTANGIBLES
As at
March 31, 2025
March 31, 2024
Customer 
relationships
Software
Tradenames 
(a)
Non-compete 
agreements
Total
Customer
relationships
Software
Tradenames 
(a)
Non-compete 
agreements
Total
$
$
$
$
$
$
$
$
$
$
Opening cost
 
163,297 
 15,866 
 
2,844 
 
7,738 
 189,745  
163,208 
 15,812 
 
2,841 
 
7,733 
 189,594 
Additions, 
purchased
 
— 
 
116 
 
— 
 
— 
 
116 
 
— 
 
41 
 
— 
 
— 
 
41 
Additions through 
business 
acquisition (note 4)  
7,800 
 
300 
 
— 
 
1,600 
 9,700 
 
— 
 
— 
 
— 
 
— 
 
— 
Additions, 
internally 
generated
 
— 
 
123 
 
— 
 
— 
 
123 
 
— 
 
— 
 
— 
 
— 
 
— 
Disposals / 
retirements
 
(424)  
(338)  
— 
 
(810)  (1,572)  
— 
 
— 
 
— 
 
— 
 
— 
Foreign currency 
translation 
adjustment
 
4,819 
 
766 
 
176 
 
278 
 6,039 
 
89 
 
13 
 
3 
 
5 
 
110 
Ending cost
 
175,492 
 16,833 
 
3,020 
 
8,806 
 204,151  
163,297 — 15,866  — 
2,844 — 
7,738 — 189,745 
Opening 
accumulated 
amortization
 
91,530 
 10,578 
 
— 
 
6,364 
 108,472  
74,135 
 6,279 
 
— 
 
4,845 
 85,259 
Amortization
 
13,321 
 4,361 
 
— 
 
1,244 
 18,926 
 
17,304 
 4,279 
 
— 
 
1,512 
 23,095 
Disposals / 
retirements
 
(424)  
(338)  
— 
 
(810)  (1,572)  
— 
 
— 
 
— 
 
— 
 
— 
Foreign currency 
translation 
adjustment
 
3,014 
 
605 
 
— 
 
256 
 3,875 
 
91 
 
20 
 
— 
 
7 
 
118 
Ending 
accumulated 
amortization
 
107,441 
 15,206 
 
— 
 
7,054 
 129,701  
91,530 
 10,578 
 
— 
 
6,364 
 108,472 
Net carrying 
amount
 
68,051 
 1,627 
 
3,020 
 
1,752 
 74,450 
 
71,767 
 5,288 
 
2,844 
 
1,374 
 81,273 
(a) Tradenames are allocated to the Industry Solutions CGU for the purpose of impairment testing.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 30

9. GOODWILL
As at
March 31, 2025
Canada
France
EPM
ERP
Industry 
Solutions (a) 
Not 
allocated (b) 
Total
$
$
$
$
$
$
$
Beginning balance
 
78,405 
 
135 
 
9,603 
 
63,941 
 
14,409 
 
— 
 
166,493 
Business acquisition (note 4)
 
— 
 
— 
 
— 
 
— 
 
— 
 
14,662 
 
14,662 
Impairment loss
 
— 
 
— 
 
— 
 
— 
 
(5,144)  
— 
 
(5,144) 
Foreign currency translation 
adjustment
 
— 
 
8 
 
593 
 
3,952 
 
843 
 
— 
 
5,396 
Net carrying amount
 
78,405 
 
143 
 
10,196 
 
67,893 
 
10,108 
 
14,662 
 
181,407 
As at
March 31, 2024
Canada
France
EPM
ERP
Industry 
Solutions (a) 
Not 
allocated
Total
$
$
$
$
$
$
$
Beginning balance
 
78,405 
 
136 
 
9,592 
 
63,867 
 
14,393 
 
— 
 
166,393 
Foreign currency translation 
adjustment
 
— 
 
(1)  
11 
 
74 
 
16 
 
— 
 
100 
Net carrying amount
 
78,405 
 
135 
 
9,603 
 
63,941 
 
14,409 
 
— 
 
166,493 
(a) Industry Solutions is the CGU that includes the goodwill from the acquisition of Datum Consulting Group, LLC and its international affiliates 
(the “Datum Acquisition”) for the purpose of impairment testing.
(b) As at March 31, 2025, the XRM Vision purchase price allocation resulted in $14,662,000 of goodwill which has not yet been allocated to a 
CGU.
During the year, contingent consideration adjustments of $5,567,000 were recorded, related to the Datum 
Acquisition’s potential earn-out consideration due to profitability targets not being achieved. Management 
concluded the profitability targets not being achieved constituted an indication of impairment. The goodwill from 
the Datum Acquisition was recorded in the Company’s Industry Solutions cash-generating unit (“CGU”). 
Consequently, management performed an impairment test as at December 31, 2024 for the Industry Solutions 
CGU. As a result, management concluded that the recoverable amount of the Industry Solutions CGU was less 
than its carrying amount, resulting in an impairment of goodwill of $5,144,000.
The Company also completed annual impairment tests as at March 31, 2025 and 2024 for all its CGUs except 
for the XRM Vision Acquisition and concluded that no additional impairment occurred. There are no indications 
of impairment on the XRM Vision goodwill.
In assessing whether goodwill is impaired, the carrying amount of the CGU was compared to its recoverable 
amount. The recoverable amount of the CGU is based on the higher of the value in use and fair value less costs 
of disposal.
The recoverable amount of each CGU was determined based on the value-in-use calculations. The value-in-use 
calculations covered a three-year forecast, followed by an extrapolation of future expected net operating cash 
flows for the remaining useful lives using the long-term growth rate determined by management. The present 
value of the future expected operating cash flows of each CGU is determined by applying a suitable pre-tax 
WACC reflecting current market assessments of the time value of money and the CGU-specific risks.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 31

9. GOODWILL (CONT’D)
Key assumptions used in impairment testing by CGU are as follows:
As at
March 31, 2025
Canada
France
EPM
ERP
Industry 
Solutions
%
%
%
%
%
Pre-tax WACC
14.0
22.2
21.3
19.9
17.5
Long-term growth rate of net operating cash 
flows (c)
1.9
1.4
2.1
2.1
2.1
As at
March 31, 2024
Canada
France
EPM
ERP
Industry 
Solutions
%
%
%
%
%
Pre-tax WACC
15.9
25.1
20.3
20.7
24.3
Long-term growth rate of net operating cash 
flows (c)
1.8
1.4
1.9
1.9
1.9
(c) The long-term growth rate is based on published industry research.
Varying the key assumptions in the values of the recoverable amount calculations, individually, as indicated 
below, for the years ended March 31, 2025 and 2024, assuming all other variables remain constant, would result 
in the recoverable amounts being equal to the carrying amounts.
As at
March 31, 2025
Incremental increase 
in after-tax WACC
Incremental 
decrease in long-
term growth rate of 
net operating cash 
flows
Basis points
Basis points
Canada
 
45 
 
56 
France
 
253 
 
418 
EPM (d)
 
2,660 
 
— 
ERP
 
770 
 
1,352 
Industry Solutions
 
101 
 
136 
(d) The recoverable amount of the EPM CGU is not sensitive to its long-term growth rate assumption. 
As at
March 31, 2024
Incremental increase 
in after-tax WACC
Incremental 
decrease in long-
term growth rate of 
net operating cash 
flows
Basis points
Basis points
Canada
 
228 
 
296 
France
 
444 
 
711 
EPM (e)
 
4,078 
 
— 
ERP
 
323 
 
458 
Industry Solutions
 
285 
 
386 
(e) The recoverable amount of the EPM CGU is not sensitive to its long-term growth rate assumption.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 32

9. GOODWILL (CONT’D)
Furthermore, decreases of 4% and 8% of the three-year forecast would result in the recoverable amounts being 
equal to the carrying amounts for the Canada and Industry Solutions CGUs, respectively (March 31, 2024 - 18% 
for the Canada and ERP CGUs).
10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
As at
March 31,
2025
2024
$
$
Trade payable
 
42,327 
 
41,751 
Accrued compensation
 
34,779 
 
27,458 
Consumption taxes payable
 
3,017 
 
5,708 
Provision
 
776 
 
— 
 
80,899 
 
74,917 
11. LONG-TERM DEBT
The following table summarizes the Company’s long-term debt:
As at
March 31,
March 31,
2025
2024
$
$
Senior secured revolving credit facility (the "Credit Facility") (a)
 
77,729 
 
81,073 
Secured loans (b)
 
— 
 
8,537 
Subordinated unsecured loans (c)
 
20,000 
 
20,000 
Balance of purchase price payable with a nominal value of $4,479,000 (US$3,115,000) 
(March 31, 2024 - $8,436,000 (US$6,230,000)), non-interest bearing (4.4% effective 
interest rate), payable in annual installments of $4,479,000 (US$3,115,000), maturing 
on July 1, 2025 
 
4,431 
 
8,172 
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 (note 4)
 
7,718 
 
— 
Other debt from XRM Acquisition 
 
379 
 
— 
Unamortized transaction costs (net of accumulated amortization of $403,000 and 
$215,000)
 
(338)  
(400) 
 
109,919 
 
117,382 
Current portion of long-term debt
 
8,059 
 
12,687 
 
101,860 
 
104,695 
(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.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 33

11. LONG-TERM DEBT (CONT’D)
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 March 31, 2025, the amount outstanding under the Credit Facility includes $61,829,000 (March 31, 2024 - 
$71,773,000) payable in U.S. dollars (US$43,000,000; March 31, 2024 - US$53,000,000).
The Company has an additional operating credit facility available to a maximum amount of $2,876,000 
(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 March 31, 2025.
(b) The secured loans issued by Investissement Québec to finance the Company’s 2023 refundable tax credits 
have been repaid in full during the year ended March 31, 2025.
(c) 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)(c) The Company was in compliance with all of its financial covenants as at March 31, 2025 and 2024.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 34

12. INCOME TAXES
Income tax expense for the year is as follows: 
Year ended
March 31,
2025
2024
Current tax expense:
$
$
Current tax expense for the year
 
1,276 
 
317 
Deferred tax recovery:
Origination and reversal of temporary differences
 
1,499 
 
(256) 
Total deferred tax expense (recovery)
 
1,499 
 
(256) 
Total income tax expense
 
2,775 
 
61 
The Company’s effective income tax rate differs from the combined statutory tax rate as follows:
Year ended
March 31,
2025
2024
%
$
%
$
Earnings (loss) before income taxes
 
4,070 
 
(16,599) 
Company's statutory tax rate
 26.5 
 
1,079 
 26.5 
 
(4,399) 
Non-deductible share-based compensation expense
 24.6 
 
1,000 
 (6.7)  
1,113 
Other non-deductible and tax exempt items
 (39.2)  
(1,595) 
 3.0 
 
(496) 
Change in unrecognized deferred tax assets
 21.2 
 
863 
 (21.7)  
3,600 
Impairment of goodwill
 32.7 
 
1,332 
 — 
 — 
Other
 2.4 
 
96 
 (1.5)  
243 
Effective income tax rate
 68.2 
 
2,775 
 (0.4)  
61 
The Company’s applicable statutory tax rate is the Canadian combined rates applicable in the jurisdictions in 
which the Company operates.
Deferred income tax assets and liabilities
The amounts recognized in the consolidated statement of financial position consist of:
As at
March 31,
2025
2024
$
$
Deferred tax liabilities
 
(11,228)  
(8,099) 
Deferred tax assets
 
4,875 
 
5,715 
 
(6,353)  
(2,384) 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 35

12. INCOME TAXES (CONT’D)
Movements in temporary differences during the year were as follows:
As at
March 31, 2025
Opening
balance
Recognized
in earnings
Business 
acquisition
Foreign 
currency 
translation 
adjustment
Total
$
$
$
$
$
Losses available for carryforward and other 
tax deductions
 
9,932 
 
(2,108)  
327 
 
— 
 
8,151 
Lease liabilities
 
3,053 
 
(654) 
 
— 
 
(15) 
 
2,384 
Deferred financing costs
 
395 
 
(32) 
 
— 
 
— 
 
363 
Total deferred tax assets
 
13,380 
 
(2,794)  
327 
 
(15) 
 
10,898 
Intangibles and goodwill
 
(8,493)  
1,292 
 
(2,581)  
(45) 
 
(9,827) 
Tax credits and other
 
(5,786)  
(349) 
 
(156) 
 
— 
 
(6,291) 
Right-of-use assets
 
(1,485)  
352 
 
— 
 
— 
 
(1,133) 
Total deferred tax liability
 
(15,764)  
1,295 
 
(2,737)  
(45) 
 
(17,251) 
Net carrying amount
 
(2,384)  
(1,499)  
(2,410)  
(60) 
 
(6,353) 
As at
March 31, 2024
Opening
balance
Recognized
in earnings
Business 
acquisition
Foreign 
currency 
translation 
adjustment
Total
$
$
$
$
$
Losses available for carryforward and other 
tax deductions
 
18,240 
 
(8,308)  
— 
 
— 
 
9,932 
Lease liabilities
 
4,907 
 
(1,854)  
— 
 
— 
 
3,053 
Deferred financing costs
 
484 
 
(89) 
 
— 
 
— 
 
395 
Total deferred tax assets
 
23,631 
 
(10,251)  
— 
 
— 
 
13,380 
Intangibles and goodwill
 
(16,140)  
7,652 
 
— 
 
(5) 
 
(8,493) 
Tax credits and other
 
(7,580)  
1,794 
 
— 
 
— 
 
(5,786) 
Right-of-use assets
 
(2,546)  
1,061 
 
— 
 
— 
 
(1,485) 
Total deferred tax liability
 
(26,266)  
10,507 
 
— 
 
(5) 
 
(15,764) 
Net carrying amount
 
(2,635)  
256 
 
— 
 
(5) 
 
(2,384) 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 36

12. INCOME TAXES (CONT’D)
Losses available for carryforward for which no deferred tax asset was recognized
Expiry date 
Canada
$
2039
 
922 
2040
 
390 
2041
 
2,075 
2042
 
3,516 
2043
 
3,603 
2044
 
4,629 
 
15,135 
Losses available for carryforward for which no deferred tax asset was recognized
Expiry date (a)
USA
$
2038
 
7,816 
Indefinite
 
15,481 
 
23,297 
(a) Net operating losses amounting to $16,063,000 of which $7,816,000, will expire in 2038, are limited due to the U.S. tax rules applicable on 
the acquisition of Edgewater Technology Inc. In addition, the Company has i) state losses amounting to approximately $50,846,000 (with 
expiry dates ranging from 2026 to 2044) and ii) net deductible temporary differences totaling approximately $36,385,000 for which no 
deferred tax benefit has been recognized.
13. SHARE CAPITAL
AUTHORIZED
As at March 31, 2025 and 2024, the Company’s authorized share capital consisted of an unlimited number of 
shares without par value as follows:
• Subordinate Voting Shares, carrying one vote per share, ranking pari passu with the Multiple Voting Shares as 
to the right to receive dividends and the remainder of the Company’s property in the event of a voluntary or 
involuntary winding-up or dissolution, or any other distribution of assets among shareholders for the purposes 
of winding up the Company’s affairs;
• Multiple Voting Shares, carrying ten votes per share, ranking pari passu with the Subordinate Voting Shares 
as to the right to receive dividends and the remainder of the Company’s property in the event of a voluntary or 
involuntary winding-up or dissolution, or any other distribution of assets among shareholders for the purpose 
of winding-up the Company’s affairs, each share being convertible at the holder’s entire discretion into 
Subordinate Voting Shares on a share for share basis, and being automatically converted upon their transfer 
to a person who is not a permitted holder or upon the death of a permitted holder, unless otherwise acquired 
by any of the remaining permitted holders in accordance with the terms of the voting agreement entered into 
between permitted holders; and
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 37

13. SHARE CAPITAL (CONT’D)
• Preferred shares, issuable in series, each series ranking pari passu with other series but prior to any class 
ranking junior thereto, as well as prior to Subordinate Voting Shares and Multiple Voting Shares as to the right 
to receive dividends, and the remainder of the Company’s property in the event of a voluntary or involuntary 
winding-up or dissolution, or any other distribution of assets among shareholders for the purposes of winding 
up the Company’s affairs. If and when issued, preferred shares will have such voting rights and conversion 
rights as may be determined by the Company’s Board at the time of issuance thereof. As at March 31, 2025, 
there were Series A preferred shares and Series B preferred shares authorized:
◦Series A, non-voting shares, with the right to receive a non-cumulative preferential dividend calculated 
at a rate of 0.02% per day; and
◦Series B, non-voting shares, with the right to receive a non-cumulative preferential dividend calculated 
at a rate of 0.05% per week.
NCIB
On September 13, 2023, the Company’s Board of Directors authorized and subsequently the TSX approved the 
renewal of its NCIB. Under the NCIB, the Company was allowed to purchase for cancellation up to 2,411,570 
Subordinate Voting Shares, representing 5% of the Company’s public float as of the close of markets on 
September 7, 2023. The Company did not renew its NCIB program following the end of the program on 
September 19, 2024.
ISSUED
The following table presents information concerning issued share capital activity for the year ended March 31, 
2025:
Subordinate Voting Shares
Multiple Voting Shares
Number of shares
$
Number of shares
$
Beginning balance
 
88,141,000 
 
307,585 
 
7,274,248 
 
4,824 
Shares issued pursuant to vesting of share-based 
compensation granted on business acquisition
 
622,420 
 
1,971 
 
— 
 
— 
Shares issued in consideration of the XRM Acquisition 
(note 4)
 
3,449,103 
 
2,875 
 
— 
 
— 
Shares purchased for cancellation
 
(205,483)  
(717) 
 
— 
 
— 
Shares purchased for settlement of RSUs
 
(69,840)  
(244) 
 
— 
 
— 
Delivery of shares upon settlement of RSUs
 
69,840 
 
169 
 
— 
 
— 
Issuance of shares upon settlement of PSUs
 
23,812 
 
222 
 
— 
 
— 
Ending balance (a)
 
92,030,852 
 
311,861 
 
7,274,248 
 
4,824 
(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 year ended March 31, 2025, the following transactions occurred:
• As part of the Datum Acquisition, 622,420 Subordinate Voting Shares, with a total value of $1,971,000 
(US$1,438,000), reclassified from contributed surplus, were issued in settlement of the second anniversary 
share consideration.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 38

13. SHARE CAPITAL (CONT’D)
• As part of the XRM Acquisition (note 4), 3,449,103 Subordinate Voting Shares were issued, with a total value 
of $5,750,000, including 1,724,553 shares subject to a claw-back clause which have been treated as deferred 
compensation and recorded as share-based compensation on business acquisition. The 1,724,550 shares not 
subject to the clawback clause had a total value of $2,875,000 and were recorded as share capital.
• 205,483 Subordinate Voting Shares were purchased for cancellation under the Company's then existing NCIB 
for a total cash consideration of $402,000 and a carrying value of $717,000. The excess of the carrying value 
over the purchase price in the amount of $315,000 was recorded as a reduction to deficit.
• 69,840 Subordinate Voting Shares were purchased for the settlement of RSUs for a total cash consideration of 
$148,000 and a carrying value of $244,000. The excess of the carrying value over the purchase price in the 
amount of $96,000 was recorded as a reduction to deficit. A total of 116,566 RSUs were settled net of tax and 
69,840 Subordinate Voting Shares were delivered with a carrying value of $169,000, 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.
• 89,712 PSUs were settled net of tax, including 55,942 which were settled in shares resulting in the issuance of 
23,812 Subordinate Voting Shares with a carrying value of $222,000, which was reclassified from contributed 
surplus.
The following table presents information concerning issued share capital activity for the year ended March 31, 
2024:
Subordinate Voting Shares
Multiple Voting Shares
Number of shares
$
Number of shares
$
Beginning balance
 
87,871,568 
 
307,110 
 
7,324,248 
 
4,857 
Shares issued pursuant to vesting of share-
based compensation granted on business 
acquisition
 
622,421 
 
1,924 
 
— 
 
— 
Conversion of shares
 
50,000 
 
33 
 
(50,000)  
(33) 
Shares purchased for cancellation
 
(493,878)  
(1,724)  
— 
 
— 
Exercise of stock options
 
2,500 
 
8 
 
— 
 
— 
Settlement of DSUs
 
73,682 
 
201 
 
— 
 
— 
Settlement of RSUs
 
14,707 
 
33 
 
— 
 
— 
Ending balance
 
88,141,000 
 
307,585 
 
7,274,248 
 
4,824 
During the year ended March 31, 2024, the following transactions occurred:
• As part of the Datum Acquisition, 622,421 Subordinate Voting Shares, with a total value of $1,924,000 
(US$1,438,000), reclassified from contributed surplus, were issued as settlement of the first anniversary share 
consideration.
• 50,000 Class B multiple voting shares (“Multiple Voting Shares”) with a carrying value of $33,000 were 
converted into 50,000 Subordinate Voting Shares by a director of the Company.
• 493,878 Subordinate Voting Shares were purchased for cancellation under the Company's NCIB for a total 
cash consideration of $953,000 and a carrying value of $1,724,000. The excess of the carrying value over the 
purchase price in the amount of $771,000 was recorded as a reduction to deficit.
• 2,500 stock options were exercised and 2,500 Subordinate Voting Shares were issued with a carrying value of 
$8,000, for cash consideration of $6,000, with $2,000 reclassified from contributed surplus.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 39

13. SHARE CAPITAL (CONT’D)
• 73,682 DSUs were settled and 73,682 Subordinate Voting Shares were issued with a carrying value of 
$201,000, which was reclassified from contributed surplus.
• 14,707 RSUs were settled and 14,707 Subordinate Voting Shares were issued with a carrying value of 
$33,000, which was reclassified from contributed surplus.
14. SHARE-BASED PAYMENTS
Share purchase plan
Under the Company’s share purchase plan, eligible employees may contribute up to 10% of their annual gross 
salary and the Company matches contributions made by employees up to a maximum percentage, depending 
on the position held by the employee, of the employee’s gross salary. The employee’s and the Company’s 
contributions are remitted to an independent administrative agent who purchases Subordinate Voting Shares on 
the TSX on behalf of the employee. 
Stock options
Under the Company’s LTIP, the Board may grant, at its discretion, stock options to purchase Subordinate Voting 
Shares to eligible employees and directors of the Company. The LTIP provides that stock options be issued with 
an exercise price equal to the volume weighted average price of the Subordinate Voting Shares on the TSX for 
the five trading days ending on and including the day that is immediately prior to the grant date. Stock options 
vest as set out in the applicable award agreement between the participant and the Company. Vesting is 
generally four years from the date of grant and stock options shall be exercised by the tenth anniversary of the 
grant date, except in the event of death, disability, retirement or termination of employment, in which case the 
LTIP provides earlier terms. The LTIP provides that the aggregate number of Subordinate Voting Shares 
issuable pursuant to any type of awards under the LTIP shall not exceed 10% of the aggregate number of 
Subordinate Voting Shares and Multiple Voting Shares issued and outstanding from time to time.
The following tables present information concerning outstanding stock options issued by currency:
Year ended
March 31, 2025
March 31, 2024
Number of stock 
options
Weighted average 
exercise price (CAD)
Number of stock 
options
Weighted average 
exercise price (CAD)
$
$
Beginning balance
 
3,320,696 
 
3.22 
 
3,400,696 
 
3.23 
Forfeited
 
(105,769)  
3.24 
 
(57,250)  
3.32 
Expired
 
(479,861)  
2.79 
 
(22,750)  
3.71 
Ending balance
 
2,735,066 
 
3.29 
 
3,320,696 
 
3.22 
Exercisable at year end
 
2,036,314 
 
3.31 
 
1,932,064 
 
3.34 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 40

14. SHARE-BASED PAYMENTS (CONT’D)
Year ended
March 31, 2025
March 31, 2024
Number of stock 
options
Weighted average 
exercise price (USD)
Number of stock 
options
Weighted average 
exercise price (USD)
$
$
Beginning balance
 
1,016,575 
 
2.55 
 
1,084,175 
 
2.55 
Forfeited
 
(42,250)  
2.58 
 
(52,100)  
2.44 
Expired
 
(162,250)  
2.60 
 
(13,000)  
3.23 
Exercised
 
— 
 
— 
 
(2,500)  
1.67 
Ending balance
 
812,075 
 
2.53 
 
1,016,575 
 
2.55 
Exercisable at year end
 
552,157 
 
2.52 
 
509,525 
 
2.66 
Included in the 2,036,314 (2024 - 1,932,064) exercisable stock options issued in Canadian dollars, 352,632 
(2024 - 505,264) stock options are available to purchase Multiple Voting Shares at a weighted average exercise 
price of $3.01 as at March 31, 2025. No further stock options to purchase Multiple Voting Shares may be issued 
as per the stock options plan.
During the year ended March 31, 2024, the weighted average share price at the date of exercise of stock 
options was $2.45).
The Company did not grant stock options during the years ended March 31, 2025 and 2024. 
The following tables summarize the number of stock options outstanding by currency, exercise price and the 
weighted average remaining exercise period, expressed in number of years:
As at
March 31, 2025
March 31, 2024
Exercise price range (CAD)
Number of stock 
options
Weighted average 
remaining exercise 
period – in years
Number of stock 
options
Weighted average 
remaining exercise 
period – in years
$
1.90 to 2.55
 
448,632 
4.64
 
730,264 
4.48
2.56 to 2.96
 
285,000 
0.71
 
295,000 
1.63
2.97 to 3.30
 
1,142,434 
5.89
 
1,316,432 
7.12
3.31 to 3.95
 
483,000 
3.32
 
550,000 
4.47
3.96 to 4.55
 
376,000 
3.46
 
429,000 
4.59
 
2,735,066 
4.36
 
3,320,696 
5.29
As at
March 31, 2025
March 31, 2024
Exercise price range (USD)
Number of stock 
options
Weighted average 
remaining exercise 
period – in years
Number of stock 
options
Weighted average 
remaining exercise 
period – in years
$
1.67 to 2.25
 
115,000 
5.23
 
165,000 
6.23
2.26 to 2.75
 
554,825 
6.09
 
624,825 
7.15
2.76 to 3.44
 
142,250 
4.01
 
226,750 
4.96
 
812,075 
5.61
 
1,016,575 
6.52
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 41

14. SHARE-BASED PAYMENTS (CONT’D)
DSUs
Under the LTIP, the Board, subject to the provisions of the LTIP and such other terms and conditions, may grant 
DSUs to obtain Subordinate Voting Shares to eligible employees and directors of the Company. The DSUs shall 
be settled on the date as set out in the applicable award agreement, between the participant and the Company, 
however not earlier than the participant’s termination date. If the agreement does not establish a settlement date 
then it shall be the 90th day following the participant’s termination date. 
Under the SUP, eligible employees of the Company may elect annually to receive up to 50% of their annual 
bonus in DSUs (“Bonus DSUs”). The Company also grants additional DSUs (“Matching DSUs”) equal to 25% of 
the Bonus DSUs.
The number of Bonus DSUs to be received by an eligible employee is determined by dividing the amount of the 
eligible employee’s bonus to be paid in the form of Bonus DSUs on the date on which the bonus is payable to 
the eligible employee (the “Award Date”) by the volume weighted average price of the Subordinate Voting 
Shares on the TSX for the five trading days ending on and including the date that is immediately prior to the 
Award Date. Bonus DSUs vest as of the Award Date. Matching DSUs vest on the one-year anniversary of the 
Award Date.
The following table presents information concerning the outstanding number of DSUs for the respective years:
Year ended
March 31,
2025
2024
Beginning balance 
 
1,178,080 
 
666,974 
Granted to non-employee directors
 
400,696 
 
280,100 
Granted to employees
 
— 
 
304,688 
Settled
 
(107,637)  
(73,682) 
Ending balance 
 
1,471,139 
 
1,178,080 
During the year ended March 31, 2025, 400,696 (2024 - 280,100) fully vested DSUs, in aggregate, were granted 
under the LTIP to non-employee directors of the Company at a weighted average grant date fair value of $1.80 
(2024 - $2.01), per DSU, for an aggregate fair value of $721,000 (2024 - $563,000).
During the year ended March 31, 2024, 304,688 DSUs, in aggregate, were granted under the SUP at a grant 
date fair value of $2.30, per DSU, for an aggregate fair value of $701,000. 
During the year ended March 31, 2025, 107,637 DSUs issued under the SUP with a carrying value of $262,000, 
were settled for a total cash consideration of $192,000. The excess of the carrying value over the payment 
amount in the amount of $70,000 was recorded as a reduction to deficit.
During the year ended March 31, 2024, 73,682 DSUs issued under the LTIP were settled through the issuance 
of 73,682 Subordinate Voting Shares, with a carrying value of $201,000.
As at March 31, 2025, included in the 1,471,139 DSUs are 1,274,088 DSUs issued under the LTIP and 197,051 
DSUs issued under the SUP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 42

14. SHARE-BASED PAYMENTS (CONT’D)
RSUs
Under the Incentive Plans, the Board, subject to the provisions of the Incentive Plans and such other terms and 
conditions, may grant RSUs to obtain Subordinate Voting Shares to eligible employees (and directors per the 
LTIP) of the Company. Unless otherwise specified by the Board at the time of grant, RSUs granted under the 
LTIP and the SUP generally vest on the third anniversary of the date of grant. Under both the LTIP and SUP, 
RSUs shall be settled as soon as practicable following vesting, but no later than December 15th of the second 
calendar year following the year in which the grant was made.
The following table presents information concerning the outstanding number of RSUs for the respective years:
Year ended
March 31,
2025
2024
Beginning balance 
 
349,700 
 
181,498 
Granted
 
1,935,286 
 
349,700 
Forfeited
 
(13,189)  
— 
Settled
 
(116,566)  
(181,498) 
Ending balance 
 
2,155,231 
 
349,700 
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 year ended March 31, 2025, 1,935,286 (2024 - 349,700) RSUs, in aggregate, vesting on the third 
anniversary date of grant (2024 - over three years), were granted under the SUP at an average grant date fair 
value of $1.67 (2024 - $2.23), per RSU, for an aggregate fair value of $3,232,000 (2024 - $780,000).
During the year ended March 31, 2025, 116,566 RSUs issued under the SUP with a carrying value of $266,000, 
were settled on a net basis. 69,840 Subordinate Voting Shares were purchased on the open market and 
delivered, with an amount of $169,000 previously credited to contributed surplus transferred to share capital. 
The balance of 46,726 RSUs, representing an amount of $97,000, were surrendered for cancellation to satisfy 
the employee’s statutory withholding tax requirements.
During the year ended March 31, 2024, 181,498 RSUs issued under the LTIP were settled. 14,707 RSUs were 
settled through the issuance of 14,707 Subordinate Voting Shares, with a carrying value of $33,000. The 
balance was settled for a total cash consideration of $371,000.
As at March 31, 2025, all 2,155,231 RSUs were issued under the SUP.
PSUs
Under the LTIP, the Board, subject to the provisions of the LTIP and such other terms and conditions, may grant 
PSUs to obtain Subordinate Voting Shares to eligible employees and directors of the Company. The terms and 
conditions of each PSU grant, including market and non-market performance goals, are determined by the 
Board.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 43

14. SHARE-BASED PAYMENTS (CONT’D)
The following table presents information concerning the outstanding number of PSUs for the respective years:
Year ended
March 31,
2025
2024
Beginning balance 
 
2,156,527 
 
855,383 
Granted
 
1,510,468 
 
1,349,752 
Forfeited
 
(504,416)  
(48,608) 
Settled
 
(89,712)  
— 
Ending balance 
 
3,072,867 
 
2,156,527 
During the year ended March 31, 2025, 1,510,468 (2024 - 1,349,752) PSUs, in aggregate, vesting three years 
from the date of grant, were granted at a grant date fair value of $1.64 (2024 - $2.30), per PSU, for an aggregate 
fair value of $2,477,000 (2024 - $3,104,000).
During the year ended March 31, 2025, 89,712 PSUs issued under the LTIP were settled.
•
55,942 PSUs issued under the LTIP with a carrying value of $521,000, were settled on a net basis.
(i)
23,812 Subordinate Voting Shares were issued, with an amount of $222,000 previously credited 
to contributed surplus transferred to share capital; and
(ii) the balance of 32,130 PSUs, with a carrying value of $299,000 and representing a fair value of 
$54,000, were surrendered for cancellation to satisfy the employee’s statutory withholding tax 
requirements. The excess of the carrying value of the PSUs surrendered for cancellation over 
the payment amount of $245,000, was recorded as a reduction to deficit.
•
33,770 PSUs with a carrying value of $346,000 were settled for a total cash consideration of $72,000. 
The excess of the carrying value of the PSUs settled cash over the payment amount of $274,000, was 
recorded as a reduction to deficit.
As at March 31, 2025, all 3,072,867 PSUs were issued under the LTIP.
Share-Based Compensation expense
Total share-based compensation expense for the years ended March 31, 2025 and 2024 is summarized as 
follows:
Year ended
March 31,
2025
2024
$
$
Stock options
 
200 
 
594 
Share purchase plan – employer contribution
 
1,333 
 
1,394 
Share-based compensation granted on business acquisitions (a) 
 
1,683 
 
2,099 
DSUs
 
722 
 
600 
RSUs
 
1,122 
 
363 
PSUs
 
283 
 
1,207 
 
5,343 
 
6,257 
(a) Excludes the portion of the contingent consideration adjustment to be settled in shares (note 20).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 44

14. SHARE-BASED PAYMENTS (CONT’D)
The share-based compensation granted on business acquisitions includes the following:
• In relation to the Subordinate Voting Shares to be issued as part of the Datum Acquisition, an amount of 
$913,000 (2024 - $2,099,000); and
• In relation to the Subordinate Voting Shares to be issued as part of the XRM Acquisition, an amount of 
$770,000 (2024 - nil).
15. COMMITMENTS AND CONTINGENCIES 
Contingencies
From time to time, the Company may become threatened with, or become subject to various claims and legal 
proceedings as part of its normal course of business. Management uses judgment to assess the potential 
outcome of these proceedings and estimates the provisions, with advice and information provided by its legal 
advisors and based on its own experience in the resolution of similar proceedings. While the final outcome 
thereof cannot be predicted, based on the information currently available, management believes the resolution 
of current pending claims and legal proceedings will not have a material impact on the Company’s financial 
position and results of operations. Claims for which there is a probable unfavorable outcome are recorded in 
provisions. As a government contractor, the Company is also subject to more restrictive laws and regulations 
that are not applicable to non-governmental contractors. Audits and investigations by governmental agencies to 
monitor compliance with those laws and regulations are inherent in government contracting and, from time to 
time, management receives inquiries and similar demands related to the Company’s ongoing business with 
governmental agencies. Violations could result in civil or criminal liabilities, which could be material, as well as 
the suspension or debarment from eligibility for awards of government contracts or option renewals. 
Operating commitments
Operating expenditures contracted for at the end of the reporting period but not yet incurred are as follows:
As at
March 31, 2025
Technology licenses, infrastructure and other
Total
$
2026
 
6,999 
2027
 
4,012 
2028
 
2,930 
2029
 
1,107 
Thereafter
 
1,077 
 
16,125 
16. RELATED PARTIES 
Ultimate controlling party
As at March 31, 2025, the holders of Multiple Voting Shares, directly or indirectly, collectively owned or 
exercised control over Subordinate Voting Shares and Multiple Voting Shares representing approximately 44.6% 
of the total voting rights of Alithya. The holders entered into a voting agreement on November 1, 2018, pursuant 
to which they agreed to, among other things, vote all of the Subordinate Voting Shares and Multiple Voting 
Shares under their control in accordance with decisions made by a majority of them, subject to certain 
exceptions.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 45

16. RELATED PARTIES (CONT’D)
Transactions with key management personnel
Key management personnel includes the Company’s directors and members of the Company’s Executive 
Committee and certain other key management personnel. Key management personnel of Alithya participate in 
the share purchase plan and the Incentive Plans. The compensation paid or payable to key management 
personnel for services is shown below:
Year ended
March 31,
2025
2024
$
$
Short-term employee benefits (a)
 
6,275 
4,100
Share-based compensation
2,060
2,106
Termination benefits
878
—
 
9,213 
 
6,206 
(a) Short-term employee benefits include salaries, benefits and short-term incentive compensation.
In addition to the above amounts, the Company is committed to pay termination benefits to certain key 
management personnel up to $7,378,000 (2024 - $6,433,000) in the event of a termination under certain 
conditions.
17. EARNINGS (LOSS) PER SHARE
Year ended
March 31,
2025
2024
$
$
Net earnings (loss)
1,295
(16,660)
Weighted average number of Shares outstanding - basic and diluted (a)
96,313,316
95,527,385
Basic and diluted earnings (loss) per share
0.01
(0.17)
(a) The weighted average number of basic Shares calculation for the year ended March 31, 2025 exclude the impact of 1,724,553 
Subordinate Voting Shares issued as part of the XRM Acquisition as they were subject to forfeitures.
For the year ended March 31, 2024, the potentially dilutive outstanding equity instruments, which are the DSUs, 
PSUs and options mentioned in Note 14 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 year ended March 31, 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.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 46

18. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
The changes in the Company’s liabilities arising from financing activities can be classified as follows:
Year ended
March 31, 2025
March 31, 2024
Contingent 
consideration
Long-term
debt
Total
Contingent 
consideration
Long-term
debt
Total
$
$
$
$
$
$
Beginning balance
 
4,082 
 
117,382 
 
121,464 
 
7,037 
 
127,190 
 
134,227 
Repayments
 
— 
 
(123,561)  
(123,561)  
— 
 
(159,110)  
(159,110) 
Proceeds
 
— 
 
102,706 
 
102,706 
 
— 
 
148,340 
 
148,340 
Total cash flow
 
— 
 
(20,855)  
(20,855)  
— 
 
(10,770)  
(10,770) 
Business 
acquisition (note 4)
 
5,104 
 
8,351 
 
13,455 
 
— 
 
— 
 
— 
Changes in 
estimate
(note 20)
 
(4,312)  
— 
 
(4,312)  
(2,962)  
— 
 
(2,962) 
Amortization of 
finance costs
 
— 
 
242 
 
242 
 
— 
 
426 
 
426 
Interest accretion 
on balances of 
purchase price 
payable
 
256 
 
419 
 
675 
 
— 
 
384 
 
384 
Impacts of foreign 
exchange
 
229 
 
4,380 
 
4,609 
 
7 
 
152 
 
159 
Total non-cash
 
1,277 
 
13,392 
 
14,669 
 
(2,955)  
962 
 
(1,993) 
Ending balance
 
5,359 
 
109,919 
 
115,278 
 
4,082 
 
117,382 
 
121,464 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 47

19. ADDITIONAL INFORMATION ON CONSOLIDATED EARNINGS (LOSS)
The following table provides additional information on the consolidated earnings (loss):
Year ended
March 31,
2025
2024
$
$
Expenses by Nature
Employee compensation and subcontractor costs
 
409,219 
 
431,543 
Tax credits (a)
 
(9,121)  
(8,467) 
Licenses and telecommunications
 
13,383 
 
13,915 
Professional fees
 
7,436 
 
9,010 
Other expenses
 
12,361 
 
15,910 
Impairment of property and equipment and right-of-use assets and loss on 
remeasurement of lease liabilities
 
150 
 
1,462 
Depreciation of property and equipment
 
2,013 
 
3,338 
Depreciation of right-of-use assets
 
2,510 
 
2,575 
 
437,951 
 
469,286 
Expenses by Function
Cost of revenues
 
317,347 
 
341,815 
Selling, general and administrative expenses (b)
 
116,081 
 
121,558 
Depreciation
 
4,523 
 
5,913 
 
437,951 
 
469,286 
(a) Tax credits are included in cost of revenues.
(b) For the year ended March 31, 2025, selling, general and administrative expenses includes termination and benefit costs for management 
personnel of $2,132,000 (2024 - nil) and $246,000 (2024 - nil) of reversal of share-based compensation expense for forfeited equity 
instruments.
20. BUSINESS ACQUISITION, INTEGRATION AND REORGANIZATION COSTS
The following table summarizes business acquisition, integration and reorganization costs:
Year ended
March 31,
2025
2024
$
$
Acquisition costs (a)
 
1,308 
 
263 
Integration costs (b) 
 
1,563 
 
2,096 
Reorganization costs (c) 
 
1,256 
 
4,377 
Employee compensation on business acquisition (d) 
206
475
Contingent consideration adjustment (e)
 
(5,567)  
(3,827) 
(1,234)
3,384
(a) The acquisition costs consisted mainly of professional fees incurred in relation to business acquisitions (note 4).
(b) For the year ended March 31, 2025, integration costs consisted mainly of transition costs related to system integrations and common area 
expenses on vacated premises in relation to business acquisitions (2024 - mainly retention bonuses and 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 the Datum acquisition.
(e) Contingent consideration adjustment includes recoveries from changes in the estimated amount payable of $(4,312,000) (2024 - 
$(2,962,000)) related to the portion payable in cash and $(1,255,000) (2024 - $(865,000)) related to the portion to be settled in shares as per 
the earn-out consideration of the Datum Acquisition.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 48

21. NET FINANCIAL EXPENSES
The following table summarizes net financial expenses:
Year ended
March 31,
2025
2024
$
$
Interest on long-term debt
 
7,339 
 
10,831 
Interest on lease liabilities
 
466 
 
664 
Amortization of finance costs
 
242 
 
426 
Interest accretion on balance of purchase price payable
 
675 
 
384 
Financing fees
 
562 
 
220 
Interest income
 
(402)  
(668) 
8,882
11,857
22. SUPPLEMENTARY CASH FLOW INFORMATION
Changes in non-cash working capital items are as follows:
Year ended
March 31,
2025
2024
$
$
Accounts receivable and other receivables
 
9,514 
 
(6,243) 
Unbilled revenues
 
844 
 
8,496 
Tax credits receivable
 
702 
 
1,168 
Prepaids
 
(1,222)  
614 
Other assets
 
940 
 
(213) 
Accounts payable and accrued liabilities
 
1,150 
 
(17,054) 
Deferred revenues
 
(1,707)  
2,988 
10,221
(10,244)
During the year ended March 31, 2025, non-cash investing and financing activities included additions to right-of-
use assets and lease liabilities in the amount of $965,000 (2024 - $557,000).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 49

23. SEGMENT AND GEOGRAPHICAL INFORMATION
The Company has three operating and reportable segments: Canada, U.S. and International.
The Company's chief operating decision maker assesses the performance of the reportable segments based on 
revenues and operating income by segment. Operating income by segment refers to operating income before 
head office general and administrative expenses, business acquisition, integration and reorganization costs, 
depreciation and amortization and foreign exchange loss (gain), which are not considered when assessing the 
underlying financial performance of the reportable segments as they are not directly related to the segment’s 
operations. Head office general and administrative expenses are expenses and salaries related to centralized 
functions, such as global finance, legal, human capital, and technology teams, which are not allocated to 
segments.
The accounting policies of each reportable segment are the same as described in Note 3. The revenues and 
operating income by segment exclude intersegmental revenues and cost of revenues.
The following tables present the Company's operations based on reportable segments:
Year ended
March 31, 2025
Canada
U.S.
International
Total
$
$
$
$
Revenues
 
251,902 
 
200,515 
 
21,064 
 
473,481 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs
 
212,159 
 
148,656 
 
18,048 
 
378,863 
Tax credits
 
(8,968)  
— 
 
(153) 
 
(9,121) 
Licenses and telecommunication
 
1,004 
 
4,891 
 
211 
 
6,106 
Other expenses
 
7,368 
 
7,271 
 
1,149 
 
15,788 
 
211,563 
 
160,818 
 
19,255 
 
391,636 
Operating income by segment
 
40,339 
 
39,697 
 
1,809 
 
81,845 
Head office general and administrative expenses
 
41,792 
Business acquisition, integration and 
reorganization costs recovery (a)
 
(1,234) 
Foreign exchange loss (gain)
 
(258) 
Operating income before depreciation, 
amortization and impairment
 
41,545 
Depreciation and amortization
 
23,449 
Impairment of goodwill (a)
 
5,144 
Operating income (loss)
 
12,952 
(a) The recovery of $(5,567,000) from the contingent consideration adjustment included in Business acquisition, integration and 
reorganization costs and the impairment of goodwill relate to the U.S. segment. The reorganization costs included in Business acquisition, 
integration and reorganization costs mostly relate to the Canada segment.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 50

23. SEGMENT AND GEOGRAPHICAL INFORMATION (CONT’D)
Year ended
March 31, 2024
Canada
U.S.
International
Total
$
$
$
$
Revenues
 
277,544 
 
192,493 
 
21,088 
 
491,125 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs
 
239,563 
 
146,067 
 
18,123 
 
403,753 
Tax credits
 
(7,851)  
— 
 
(616) 
 
(8,467) 
Licenses and telecommunication
 
1,216 
 
4,894 
 
103 
 
6,213 
Other expenses
 
11,703 
 
8,702 
 
998 
 
21,403 
 
244,631 
 
159,663 
 
18,608 
 
422,902 
Operating income by segment
 
32,913 
 
32,830 
 
2,480 
 
68,223 
Head office general and administrative expenses
 
40,471 
Business acquisition, integration and 
reorganization costs (b)
 
3,384 
Foreign exchange loss (gain)
 
102 
Operating income before depreciation, 
amortization and impairment
 
24,266 
Depreciation and amortization
 
29,008 
Operating income (loss)
 
(4,742) 
(b) The recovery of $(3,827,000) from the contingent consideration adjustment included in Business acquisition, integration and 
reorganization costs relates to the U.S. segment. The reorganization costs included in Business acquisition, integration and reorganization 
costs mostly relate to the Canada segment. 
Long-lived assets by geographic location
The following table presents the total net book value of the Company’s long-lived assets by geographic location:
As at
March 31,
2025
2024
$
%
$
%
Canada
 
139,309 
 52.7 
 
123,981 
 48.1 
U.S.
 
122,534 
 46.4 
 
132,366 
 51.3 
International
 
2,251 
 0.9 
 
1,615 
 0.6 
 
264,094 
 100.0 
257,962
 100.0 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 51

23. SEGMENT AND GEOGRAPHICAL INFORMATION (CONT’D)
Information about revenues and deferred revenues
An analysis of the Company’s revenues from customers for each major service category is as follows:
Year ended
March 31, 2025
Canada
U.S.
International
Total
$
$
$
$
Strategic consulting and enterprise transformation 
services - time and materials arrangements (c) 
 
211,478 
 
107,159 
 
18,987 
 
337,624 
Enterprise transformation services - fixed-fee 
arrangements
 
24,621 
 
35,113 
 
1,668 
 
61,402 
Business enablement services (d) 
 
15,803 
 
58,243 
 
409 
 
74,455 
 
251,902 
 
200,515 
 
21,064 
 
473,481 
(c) Including $129,284,000 of time and materials arrangements applying the Input Method for the year ended March 31, 2025.
(d) Including support revenues of $12,175,000 for Canada, $32,802,000 for U.S. and $268,000 for the International operating segment for a 
total of $45,245,000 for the year ended March 31, 2025.
Year ended
March 31, 2024
Canada
U.S.
International
Total
$
$
$
$
Strategic consulting and enterprise transformation 
services - time and materials arrangements (e) 
 
239,865 
 
101,056 
 
18,609 
 
359,530 
Enterprise transformation services - fixed-fee 
arrangements
 
23,604 
 
37,382 
 
2,479 
 
63,465 
Business enablement services (f) 
 
14,075 
 
54,055 
 
— 
 
68,130 
 
277,544 
 
192,493 
 
21,088 
 
491,125 
(e) Including $106,826,000 of time and materials arrangements applying the Input Method for the year ended March 31, 2024.
(f) Including support revenues of $10,075,000 for Canada and $27,313,000 for the U.S. operating segment for a total of $37,388,000 for the 
year ended March 31, 2024.
During the years ended March 31, 2025 and 2024, significantly all amounts included in the opening balance of 
deferred revenues were recognized as revenue.
Major customer
During the year ended March 31, 2025, one Canadian customer generated more than 10% of total revenues for 
$53,614,000 (2024 - two Canadian customers generated more than 10% of total revenues for $118,320,000). As 
at March 31, 2025, one Canadian customer represented more than 10% of total accounts receivable and other 
receivables for $10,210,000 or 11% (2024 - no customer represented more than 10%).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 52

24. REMAINING PERFORMANCE OBLIGATIONS
Remaining performance obligations relate to the Company’s performance obligations that are partially or fully 
unsatisfied under signed time and materials arrangements applying the Input Method and fixed-fee 
arrangements. When estimating minimum transaction prices allocated to the remaining unsatisfied, or partially 
unsatisfied, performance obligations, the Company applied the practical expedient to not disclose information 
about remaining performance obligations if the underlying contract has an original expected duration of one year 
or less and for those contracts where the Company bills the same value as that which is transferred to the 
customer.
The amount of the selling price allocated to remaining performance obligations as at March 31, 2025 is 
$71,697,000 (2024 - $80,781,000) and is expected to be recognized as revenue within a weighted average of 
2.0 years (2024 - 2.7 years).
25. FINANCIAL INSTRUMENTS
The Company's financial instruments consist of cash, accounts receivable and other receivables, other assets, 
accounts payable and accrued liabilities, contingent consideration and long-term debt. The Company, through its 
financial assets and liabilities, has exposure to the following risks from its use of financial instruments: interest 
rate risk, liquidity risk, credit risk and currency risk. Senior management and the Board are responsible for 
setting risk levels and reviewing risk management activities as they deem necessary.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because 
of changes in market interest rates. The Company is exposed to fluctuations in interest rates with respect to its 
variable rate on long-term debts. The Company's financial instruments bearing interest at variable rates are as 
follows:
As at
March 31,
2025
2024
$
$
Credit Facility (note 11)
 
77,729 
 
81,073 
Secured loans (note 11)
 
— 
 
8,537 
Other debt from XRM Acquisition (note 11)
 
379 
 
— 
 
78,108 
89,610
On August 30, 2022, the Company entered into, and designated as an effective hedging instrument, an interest 
rate swap for a nominal amount of $30,000,000, maturing on August 30, 2025, to fix the variability in interest 
rates on a designated portion of borrowings under its Credit Facility. Under the interest rate swap agreement, 
the Company pays interest based on a fixed rate of 3.97%, and receives interest based on the actual one-month 
BA/CDOR rate. The fair market value of the interest rate swap agreement as at March 31, 2025 and 2024 was 
insignificant.
For the year ended March 31, 2025, the Company has determined that a reasonably possible increase or 
decrease of 100 basis points in interest rates on the above variable-rate financial liabilities would not have a 
significant impact on equity and profit or loss. This analysis assumes that all other variables remain constant, in 
particular foreign currency exchange rates. It was performed on the same basis for the year ended March 31, 
2024.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 53

25. FINANCIAL INSTRUMENTS (CONT’D)
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its 
financial liabilities that are settled by delivering cash or another financial asset. The Company’s activities are 
financed through a combination of cash flows from operations, borrowings under the existing Credit Facility, 
issuance of debt and issuance of equity instruments. In order to manage its exposure to liquidity risk, the 
Company’s primary goal is to maintain an optimal level of liquidity through an active management of assets and 
liabilities as well as cash flows. The Company regularly monitors its actual and expected cashflows to ensure its 
maintains sufficient available liquidity to meet its obligations, while staying proactive in the management and 
negotiation of its borrowing facilities. Data used to monitor cashflows corresponds to the contractual maturities 
information presented in the tables below. The analysis shows that the Company expects sufficient cashflow for 
each period considered to the date of maturity of the Credit Facility. As at March 31, 2025, the Company has an 
unused capacity of $62,271,000 (2024 - $58,927,000) under its Credit Facility of $140,000,000, which excludes 
the accordion provision.
The following table summarizes the carrying amounts and the contractual maturities of both the interest and 
principal portions of significant financial liabilities.
As at
March 31, 2025
Carrying 
amount
Total
Less than 1 
year
1-2 years
2-5 years
More than 5 
years
$
$
$
$
$
$
Trade payable
 
42,327 
 
42,327 
 
42,327 
 
— 
 
— 
 
— 
Contingent consideration
 
5,359 
 
6,353 
 
— 
 
6,353 
 
— 
 
— 
Credit Facility
 
77,729 
 
88,060 
 
5,217 
 
5,114 
 
77,729 
 
— 
Subordinated unsecured loans
 
20,000 
 
22,221 
 
1,438 
 
20,783 
 
— 
 
— 
Balances of purchase price 
payable
 
12,149 
 
13,104 
 
7,929 
 
3,450 
 
1,725 
 
— 
Other liabilities (included in long-
term debt)
 
379 
 
389 
 
360 
 
29 
 
— 
 
— 
Lease liabilities
 
8,995 
 
10,149 
 
3,928 
 
1,911 
 
4,186 
 
124 
 
166,938 
 
182,603 
 
61,199 
 
37,640 
 
83,640 
 
124 
As at
March 31, 2024
Carrying 
amount
Total
Less than 1 
year
1-2 years
2-5 years
More than 5 
years
$
$
$
$
$
$
Trade payable
 
41,751 
 
41,751 
 
41,751 
 
— 
 
— 
 
— 
Contingent consideration
 
4,082 
 
4,358 
 
— 
 
4,358 
 
— 
 
— 
Credit Facility
 
81,073 
 
93,444 
 
6,065 
 
6,306 
 
81,073 
 
— 
Secured loans
 
8,537 
 
8,580 
 
8,580 
 
— 
 
— 
 
— 
Subordinated unsecured loans
 
20,000 
 
23,871 
 
1,310 
 
1,608 
 
20,953 
 
— 
Balance of purchase price 
payable
 
8,172 
 
8,436 
 
4,218 
 
4,218 
 
— 
 
— 
Lease liabilities
 
11,520 
 
12,615 
 
4,559 
 
2,750 
 
3,981 
 
1,325 
175,135
193,055
66,483
19,240
106,007
1,325
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 54

25. FINANCIAL INSTRUMENTS (CONT’D)
Credit risk
Credit risk is the risk of loss due to a counterparty's inability to meet its obligations. As at March 31, 2025 and 
2024, the Company's credit risk exposure consists mainly of the carrying amounts of cash held with major 
Canadian banks, accounts receivable and other receivables, unbilled revenues and other assets. The carrying 
amounts of financial assets and unbilled revenues represent the maximum credit exposure.
Impairment losses recognized in profit or loss were not significant in both 2025 and 2024.
The credit risk in respect of cash balances is minimal as they are held with reputable financial institutions.
With respect to trade accounts receivable, unbilled revenues and other assets, the Company’s credit risk 
exposure is mitigated by the relative size and nature of the business carried on by such customers. Also, the 
Company has a large and diversified client base from clients engaged in various industries, including banks with 
high credit-ratings, government agencies, telecommunications and retails. Historically, the Company has not 
made any significant write-offs.
In order to manage its exposure to credit risk and assess credit quality, the Company established a credit policy 
under which collection of trade accounts receivable is a priority. Each new customer is analyzed individually for 
creditworthiness before the Company enters into a contract. The financial stability and liquidity of customers are 
assessed on a regular basis, which include the review of default risk associated with the industry in which 
customers operate. No significant adjustments were made to expected credit losses in connection with this 
assessment. The Company also limits its exposure by setting credit limits when deemed necessary.
The Company recognizes an impairment loss allowance for expected credit losses (“ECLs”) on trade accounts 
receivable and unbilled revenues, using an estimate of credit losses. The Company establishes an impairment 
loss allowance on a collective and individual assessment basis, by considering its historical experience, external 
indicators and forward-looking information. If actual credit losses differ from estimates, future earnings would be 
affected. In its assessment of the impairment loss allowance, the Company considered the economic impact 
resulting from the changes in levels of inflation and in borrowing rates on its ECL assessment, including the risk 
of default of its customers given the continued economic uncertainty. As at March 31, 2025 and 2024, allowance 
for ECLs was not significant.
The following table provides information about the exposure to credit risk for trade accounts receivable:
As at
March 31,
2025
2024
$
$
Current 
 
74,097 
 
65,907 
0-30 days
 
17,855 
 
26,726 
31-60 days 
 
804 
 
979 
61-90 days
 
320 
 
2,191 
Over 90 days
 
2,017 
 
2,543 
 
95,093 
 
98,346 
The unbilled revenues are substantially all current in nature.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 55

25. FINANCIAL INSTRUMENTS (CONT’D)
Currency risk
The Company is exposed to foreign currency risk on financial instruments denominated in currencies which are 
different from the respective functional currencies of the subsidiaries. The currency in which these financial 
instruments are mainly denominated is USD. Other currencies have no significant impact on the Company’s 
exposure to currency risk.
The summary quantitative data about the Company’s exposure to currency risk for the significant exchange 
rates is as follow, expressed in Canadian dollars:
As at
March 31,
2025
2024
$
$
Cash
 
1,613 
 
16 
Accounts receivable and other receivables
 
72 
 
901 
Accounts payable and accrued liabilities
 
(712)  
(1,865) 
Contingent consideration
 
— 
 
(4,082) 
Intercompany receivable net of Credit Facility
 
14,827 
 
6,252 
Balance of purchase price payable
 
(943)  
(1,721) 
Net statement of financial position exposure
 
14,857 
 
(499) 
The following table illustrates the sensitivity of profit and equity in regards to the Company’s financial assets and 
financial liabilities and the USD/Canadian dollar exchange rate ‘all other things being equal’. It assumes a 
+/-11% change of the USD/Canadian dollar exchange rate for the year ended March 31, 2025 (2024: +/-5%). 
This percentage has been determined based on the average market volatility of the exchange rate in the 
previous twelve months. The sensitivity analysis is based on the Company’s foreign currency financial 
instruments held at each reporting date.
Profit or loss
Effect in Canadian dollars
Strengthening
Weakening
As at March 31, 2025
USD
11%
Movement
1,650
(1,650)
As at March 31, 2024
USD
5%
Movement
(18)
18
Fair Value of Financial Instruments
Financial instruments recorded at fair value on the consolidated statements of financial position are classified 
using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The 
fair value hierarchy has the following levels: 
• Level 1 - Valuation based on quoted prices observed in active markets for identical assets or liabilities. 
• Level 2 - Valuation techniques based on inputs that are quoted prices of similar instruments in active markets; 
quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices 
used in a valuation model that are observable for that instrument; and inputs that are derived principally from 
or corroborated by observable market data by correlation or other means. 
• Level 3 - Valuation techniques with significant unobservable market inputs. A financial instrument is classified 
at the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 56

25. FINANCIAL INSTRUMENTS (CONT’D)
The carrying amounts 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 contingent consideration related to the XRM Acquisition (note 4) 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.
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 2025 and 2024, the Company has determined that the fair values of the Credit 
Facility, the secured loans, the subordinated unsecured loan and the balances of purchase price payable are not 
significantly different than their carrying amounts. 
26. CAPITAL DISCLOSURES 
The Company's capital consists of cash, long-term debt, contingent consideration and total shareholders’ equity. 
The Company's main objectives when managing capital are: 
• to provide a strong capital base in order to maintain shareholder, creditor and stakeholder confidence and to 
sustain future growth development of the business;
• to maintain a flexible capital structure that optimizes the cost of capital at acceptable risk and preserves the 
ability to meet financial obligations;
• to ensure sufficient liquidity to pursue its organic growth strategy and undertake selective acquisitions; and
• to provide a rewarding return on investment to shareholders.
In managing its capital structure, the Company monitors performance throughout the year to ensure anticipated 
working capital requirements and maintenance capital expenditures are funded from operations, available cash 
and availability under the Credit Facility. Alithya manages its capital structure and may make adjustments to it in 
order to support the broader corporate strategy or in response to changes in economic conditions and risk. In 
order to maintain or adjust its capital structure, the Company may purchase shares from existing shareholders, 
issue new shares, issue new debt (including issuing new debt to replace existing debt with different 
characteristics), or reduce the amount of existing debt.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 57

26. CAPITAL DISCLOSURES (CONT’D)
Total capital as at March 31, 2025 and 2024 is calculated as follows:
As at
March 31,
2025
2024
$
$
Cash
 
(15,956)  
(8,859) 
Current portion of long-term debt
 
8,059 
 
12,687 
Contingent consideration
 
5,359 
 
4,082 
Long-term debt
 
101,860 
 
104,695 
Share capital
 
316,685 
 
312,409 
Deficit
 
(155,075)  
(157,370) 
Accumulated other comprehensive income 
 
7,998 
 
4,606 
Contributed surplus
 
14,948 
 
15,559 
 
283,878 
 
287,809 
The Company monitors capital using a number of financial metrics, including but not limited to:
• the senior debt to Adjusted EBITDA (defined as earnings (loss) before adjusting for income tax expense 
(recovery), net financial expenses, foreign exchange, amortization of intangibles, depreciation of property 
and equipment and right-of-use assets, impairment of intangibles and goodwill, impairment of property and 
equipment and right-of-use assets and (gain) loss on lease termination, share-based compensation, 
business acquisition, integration and reorganization costs, and other non-recurring items, including 
severance consisting of termination and benefit costs for management personnel) ratio, defined as senior 
debt to 12-month trailing Adjusted EBITDA (as defined in the Credit Facility);
• the total debt to Adjusted EBITDA ratio, defined as total debt to 12-month trailing Adjusted EBITDA; and
• the fixed charge coverage ratio, defined as Adjusted EBITDA minus taxes, distributions and capital 
expenditures to aggregate interest expense and regular scheduled principal repayments.
The Company uses operating income, Adjusted EBITDA, Adjusted Net Earnings (defined as net earnings (loss) 
before adjusting for amortization of intangibles, impairment of intangibles and goodwill, impairment of property 
and equipment and right-of-use assets and (gain) loss on lease termination, share-based compensation, 
business acquisition, integration and reorganization costs, other non-recurring items, including severance 
consisting of termination and benefit costs for management personnel, and the income tax effects of these 
items) and cash flow from operations as measurements to monitor operating performance. Adjusted EBITDA, 
Adjusted EBITDA ratio and Adjusted Net Earnings, as presented, are not recognized for financial statement 
presentation purposes under IFRS, and do not have a standardized meaning. Therefore, they are not likely to be 
comparable to similar measures presented by other entities.
The continued availability of the Credit Facility is subject to the Company’s ability to maintain certain debt 
service and fixed charge coverage covenants, as well as other affirmative and negative covenants, including 
certain limitations of distributions in the form of dividends or equity repayments in any given fiscal year, as set 
out in the credit agreement.
The Company is subject to financial covenants pursuant to the Credit Facility agreement, which are measured 
on a quarterly basis. The covenants are senior debt to Adjusted EBITDA, total debt to Adjusted EBITDA and 
fixed charge coverage ratios. The Company was in compliance with all such covenants at March 31, 2025 and 
2024.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 58

27. SUBSEQUENT EVENT
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”), a group specialized in enterprise applications and transformation 
services. Management expects that eVerge’s expertise will complement its existing business and will reinforce 
Alithya’s smart shoring capabilities.
The acquisition of eVerge was completed for total consideration of US$23,500,000 ($32,292,000), all payable in 
cash. The total purchase consideration consists of: (i) US$18,800,000 ($25,834,000) payable in three 
installments, (60% at closing and 20% payable on each of May 31, 2026 and 2027 (each an ‘’Anniversary 
Date’’); and (ii) a potential earn-out consideration of US$4,700,000 ($6,458,000), subject to certain post-closing 
conditions, payable in two installments (50% within 90 days of the first Anniversary Date and 50% on the second 
Anniversary Date).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEARS ENDED MARCH 31, 2025 AND 2024
(Tabular amounts are in thousands of Canadian dollars, except share and per share data in tables)
Alithya Group inc. – Consolidated Financial Statements for the years ended March 31, 2025 and 2024
| 59

Management’s Discussion and Analysis 
Alithya Group inc.
For the year ended March 31, 2025
Exhibit 99.3

Table of Contents
Page
1.
Basis of Presentation
2
2.
Forward-Looking Statements
2
3.
Business Overview
3
4.
Strategic Business Plan
5
5.
Non-IFRS and Other Financial Measures
7
6.
Financial Highlights
10
7.
Business Combinations
14
8.
Results of Operations
16
8.1
Revenues
17
8.2
Gross Margin
18
8.3
Operating Expenses
19
8.4
Other Income and Expenses
23
8.5
Net Earnings (Loss) and Earnings (Loss) per Share
24
8.6
Adjusted Net Earnings and Adjusted Net Earnings per Share
25
8.7
Segment Reporting
26
8.8
EBITDA and Adjusted EBITDA
29
9.
Bookings and Backlog
30
10.
Financial Position
31
11.
Liquidity and Capital Resources
32
11.1
Consolidated Statements of Cash Flows
32
11.2
Cash Flows - Operating Activities
32
11.3
Cash Flows - Investing Activities
33
11.4
Cash Flows - Financing Activities
34
11.5
Capital Resources
34
11.6
Long-Term Debt and Net Debt
35
11.7
Contractual Obligations
37
11.8
Off-Balance Sheet Arrangements
37
12.
Share Capital
37
12.1
Normal Course Issuer Bid
37
13.
Related Parties
38
14.
Selected Annual Information
39
15.
Eight Quarter Summary
41
16.
Significant Management Judgement and Accounting Estimates
42
17.
Accounting Standard Amendments and Interpretations Effective for the Year Ended March 31, 2025
43
18.
New Accounting Standards and Interpretations Issued but Not Yet Effective
44
19.
Risks and Uncertainties
45
20.
Management’s Evaluation of Disclosure Controls and Procedures and Internal Control over Financial 
Reporting
67
Management’s Discussion and Analysis
For the year ended months ended March 31, 2025
 
  
   

1. Basis of Presentation
This Management’s Discussion and Analysis (“MD&A”) provides a review of the results of operations, financial 
condition and cash flows for Alithya Group inc. for the three-month and twelve-month periods ended 
March 31, 2025. References to “Alithya”, the “Company”, the “Group”, “we”, “our” and “us” in this MD&A refer to 
Alithya Group inc. and its subsidiaries or any one or more of them, unless the context requires otherwise. This 
document should be read in conjunction with the information contained in the Company’s annual audited 
consolidated financial statements and accompanying notes for the years ended March 31, 2025 and 2024 (the 
"Q4 Financial Statements"). These documents, as well as the Company's Annual Information Form, and 
additional information regarding the business of the Company, are available under the Company’s profile on the 
System for Electronic Document Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca and the Electronic 
Data Gathering, Analysis and Retrieval system (“EDGAR”) at www.sec.gov.
For reporting purposes, the Company prepared the Q4 Financial Statements in Canadian dollars in accordance 
with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards 
Board (“IASB”). Unless otherwise indicated, all dollar (“$”) amounts and references in this MD&A are in 
Canadian dollars and references to “US$” are to U.S. dollars. Variances, ratios and percentage changes in this 
MD&A are based on unrounded numbers.
This MD&A contains both IFRS and non-IFRS financial measures. See section 5 titled “Non-IFRS and Other 
Financial Measures”. Certain totals, subtotals and percentages may not reconcile due to numbers rounding. Not 
applicable (“N/A”) is used to indicate that the percentage change between the current and prior year figures is 
not meaningful or if the percentage change exceeds 1,000%.
Unless otherwise stated, in preparing this MD&A, the Company has considered information available up to 
June 12, 2025, the date the Company’s Board of Directors (“Board”) approved this MD&A and the Q4 Financial 
Statements.
2. Forward-Looking Statements
This MD&A contains statements that may constitute “forward-looking information” or "forward-looking 
statements" within the meaning of applicable Canadian securities laws and the U.S. Private Securities Litigation 
Reform Act of 1995 and other applicable U.S. safe harbours (collectively “forward-looking statements”). 
Statements that do not exclusively relate to historical facts, as well as statements relating to management’s 
expectations regarding the future growth, results of operations, performance and business prospects of Alithya, 
and other information related to Alithya’s business strategy and future plans or which refer to the 
characterizations of future events or circumstances represent forward-looking statements. Such statements 
often contain the words “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” 
“could,” “would,” “will,” “may,” “can,” “continue,” “potential,” “should,” “project,” “target,” and similar expressions 
and variations thereof, although not all forward-looking statements contain these identifying words.
Forward-looking statements in this MD&A include, among other things, information or statements about: (i) our 
ability to generate sufficient earnings to support our operations; (ii) our ability to take advantage of business 
opportunities and meet our goals set in our three-year strategic plan; (iii) our ability to maintain and develop our 
business, including by broadening the scope of our service offerings, by leveraging artificial intelligence ("AI"), 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 2

our geographic presence and our smart shore capabilities, our expertise, and our integrated offerings, and by 
entering into new contracts and penetrating new markets; (iv) our strategy, future operations, and prospects, 
including our expectations regarding future revenue resulting from bookings and backlog and providing 
stakeholders with long-term growing return on investment; (v) our ability to service our debt and raise additional 
capital; (vi) our estimates regarding our financial performance, including our revenues, profitability, costs and 
expenses, gross margins, liquidity, capital resources, and capital expenditures; (vii) our ability to identify suitable 
acquisition targets and realize the expected synergies or cost savings relating to the integration of acquired 
entities, and (viii) our ability to balance, meet and exceed the needs of our stakeholders.
Forward-looking statements are presented for the sole purpose of assisting investors and others in 
understanding Alithya’s objectives, strategies and business outlook as well as its anticipated operating 
environment and may not be appropriate for other purposes. Although management believes the expectations 
reflected in Alithya’s forward-looking statements were reasonable as at the date they were made, forward-
looking statements are based on the opinions, assumptions and estimates of management and, as such, are 
subject to a variety of risks and uncertainties and other factors, many of which are beyond Alithya’s control, and 
which could cause actual events or results to differ materially from those expressed or implied in such 
statements. Such risks and uncertainties include but are not limited to those discussed in the section titled 
“Risks and Uncertainties” of this MD&A, as well as in Alithya’s other materials made public, including documents 
filed with Canadian and U.S. securities regulatory authorities from time to time and which are available on 
SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Additional risks and uncertainties not currently 
known to Alithya or that Alithya currently deems to be immaterial could also have a material adverse effect on its 
financial position, financial performance, cash flows, business or reputation.
Forward-looking statements contained in this MD&A are qualified by these cautionary statements and are made 
only as of the date of this MD&A. Alithya expressly disclaims any obligation to update or alter any forward-
looking statements, or the factors or assumptions underlying them, whether as a result of new information, 
future events or otherwise, except as required by applicable law. Investors are cautioned not to place undue 
reliance on forward-looking statements since actual results may vary materially from them.
3. Business Overview
Corporate Overview
With professionals in Canada, the U.S. and internationally, Alithya provides technology advisory services based 
on deep expertise in strategy and digital transformation. The Company guides and supports its clients in the 
pursuit of their business objectives, leveraging the latest innovations and delivery excellence in the application 
of digital technologies.
Alithya’s collective intelligence and expertise targets three main pillars: strategic consulting, enterprise 
transformation, and business enablement. With collaboration at the core of its business model, Alithya 
professionals identify optimal technology applications, including AI driven solutions, to deliver practical IT 
services and solutions to tackle complex business challenges for clients in the financial services, insurance, 
healthcare, manufacturing, government, energy, higher education, telecommunications, transportation and 
logistics, professional services, and other sectors. By developing industry-specific solutions and services 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 3

deployable via a global delivery model for many of these industries, Alithya aims to address sector-specific 
business challenges and accelerate the value realization of clients’ technology investments.
Business Offerings
Alithya's expertise with respect to its main pillars, offered in each reportable segment, includes:
•
Strategic Consulting: Alithya provides advisory services for digital strategy, organization performance, 
cybersecurity, enterprise architecture, and change management. Business outcomes in this area 
include refining business processes to reflect real-world scenarios; boosting systems security from 
cyberattacks; migrating critical applications and data to the cloud; understanding the optimal enterprise 
architecture approach; defining change management strategies; and facilitating project planning 
activities for software selections, strategic roadmaps, or agile/scrum delivery teams.
•
Enterprise Transformation: Alithya has business transformation and enterprise applications 
implementation experience with enterprise resource planning (ERP), supply chain management (SCM), 
enterprise performance management (EPM), customer relationship management (CRM), and human 
capital management (HCM). Also, leveraging AI and machine learning technologies as a foundation, the 
Company provides transformational solutions and services for cloud infrastructure, custom applications 
development, legacy systems modernization, control/software engineering, data and analytics, and 
intelligent document processing. Alithya not only helps clients modernize enterprise applications 
through upgrades and the consolidation of multiple systems, but also helps to define overall technology 
ecosystems, to envision the use and impact of AI throughout an organization, and to build custom 
applications to address unique client needs. 
•
Business Enablement: Alithya offers ongoing paths to drive value through the provision of digital 
adoption and training, managed services, change enablement, and quality engineering. This practice 
area enables Alithya to move beyond advisory, implementations and project go-lives to provide ongoing 
value, including using AI to mine data for important insights for making faster, smarter business 
decisions; realizing a return on investment on digital projects by driving adoption and consumption of 
technology; helping clients to train and retain their workforce; bookending a change management 
strategy with a change enablement plan that converts visions into reality; and providing a routine, 
consistent way to test updates and fixes before deploying any new software products.
Competitive Environment
Digital systems and infrastructures have become indispensable strategic assets for businesses. These assets 
require continuous investment and increasingly serve as crucial drivers of growth and differentiation, especially 
in delivering customer focused solutions.
As a result, businesses increasingly seek solutions that support business processes and enable product and 
service customization. This imperative drives digital transformation efforts, pushing businesses to move beyond 
traditional IT systems toward adaptive, AI-enabled, and cloud-based digital technologies that offer agility, 
scalability, and innovation at speed.
As businesses’ technology spending continues to increase, digital technology firms such as Alithya are focused 
on delivering not just innovation, but measurable outcomes through industry specialization and AI-enabled 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 4

business transformation. We are committed to helping clients modernize operations, enhance customer 
experiences, and unlock new growth opportunities with the most effective digital solutions and services.
Alithya believes it is well positioned to respond to evolving client priorities. Alithya’s business model is built on a 
philosophy of focusing on our clients’ complex business challenges, offering industry-focused solutions that 
leverage AI technologies, and enabling clients to realize maximum benefits from their digital technology 
investments. Alithya positions itself as an agile trusted advisor and partner capable of delivering rapid results for 
its clients.
Alithya’s competitors in each of its operating and reportable segments include systems integration firms, 
application software companies, cloud computing service providers, large or traditional consulting firms, 
professional services groups of computer equipment companies, infrastructure management and outsourcing 
companies and boutique digital companies. In addition, Alithya competes with numerous smaller local 
companies in the various geographic markets in which it operates.
Alithya competes based on the following principal differentiating factors: vision and strategic advisory ability, 
digital services capabilities, performance and reliability, quality of technical support, training and services, global 
presence, responsiveness to client needs, reputation and experience, financial stability, strong corporate 
governance and competitive pricing of services.
Alithya also relies on the following measures to compete effectively: (a) investments to scale its services 
practice areas; (b) a well-developed recruiting, training and retention model; (c) a successful service delivery 
model; (d) intrapreneurial culture and approach; (e) a broad referral base; (f) continual investment in process 
improvement and knowledge capture; (g) investment in infrastructure and research and development; (h) 
continued focus on responsiveness to client needs, quality of services and competitive prices; and (i) project 
management capabilities and technical expertise.
4. Strategic Business Plan
Alithya is on a journey to be recognized as the trusted technology advisor of its clients. By the end of the fiscal 
year ending March 31, 2027, management believes that the achievement of its new scale and scope would 
allow it to leverage its industry knowledge, geographic presence and global delivery model, expertise, integrated 
offerings, and its position on the value chain to target higher value IT segments.
Alithya aligns its offerings with the most pressing challenges being experienced within the sectors that it 
services, and in its ability to continuously reinforce the building blocks of trusted relationships with its clients, its 
people, its investors, and its partners. To ensure that it remains innovative and relevant, Alithya strives to meet 
or exceed the expectations of its stakeholders, including optimizing employee experiences, assisting its clients 
in achieving their missions, and creating greater value for its investors.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 5

More specifically, Alithya has developed a three-year strategic plan, keeping in mind its stakeholders' interests, 
which focuses on:
•
Increasing scale through organic growth and strategic acquisitions:
◦
Organic Growth: Alithya aims to focus on profitable organic growth through innovation, higher-
value offerings and client relationships based on trust.
◦
Acquisitions: Alithya plans to acquire businesses to complement its current market presence 
as part of its North American and international expansion, while progressively adding major 
integrated enterprise solutions capabilities and selected specialized expertise, and increasing 
its smart shoring presence.
◦
AI and IP Solutions: Alithya intends to increase the utilization of its AI and intellectual property 
solutions to accelerate operational efficiencies in our service delivery.
•
Providing investors, partners and stakeholders with long-term growing return on investment:
◦
Profitability: Alithya plans to increase its Adjusted EBITDA Margin(1).
◦
Smart shoring centers: Alithya aims to increase the percentage of its services delivered from 
smart shoring centers accessing larger, cost-competitive talent pools.
Given ongoing economic and geopolitical uncertainty in the North American market, Alithya has decided to 
withdraw its previously disclosed quantitative objectives. While Alithya has not been directly impacted by such 
uncertainty during the quarter, there is no assurance that its clients will not and that, if they are, it will not affect 
their IT spending and how they have historically conducted business with Alithya. As such, management deems 
it more prudent to withdraw its objectives. Despite this, management remains confident that Alithya will be able 
to adapt effectively to changes in the macroeconomic environment, is well positioned and will continue to face 
opportunities to deliver value-added services to clients, driving organic growth and growing profitability over the 
long-term.
1 This is a non-IFRS financial measure. Refer to section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the 
composition and usefulness of this non-IFRS financial measure and to section 8.8 titled “EBITDA and Adjusted EBITDA” for a quantitative 
reconciliation of the Adjusted EBITDA for the years ended March 31, 2025 and 2024 to their most directly comparable IFRS measure.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 6

5. Non-IFRS and Other Financial Measures
Alithya reports its financial results in accordance with IFRS. This MD&A includes certain non-IFRS and 
supplementary financial measures and ratios to assess Alithya's financial performance. These measures are 
provided as additional information to complement IFRS measures by providing further understanding of Alithya's 
results of operations from management's perspective. They do not have any standardized meaning prescribed 
by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. They 
should be considered as supplemental in nature and not as a substitute for the related financial information 
prepared in accordance with IFRS. They are used to provide investors with additional insight into Alithya's 
operating performance and thus highlight trends in Alithya's business that may not otherwise be apparent when 
relying solely on IFRS measures.
The non-IFRS measures used by Alithya are described below:
EBITDA and EBITDA Margin
“EBITDA” refers to net earnings (loss) before adjusting for income tax expense (recovery), net financial 
expenses, amortization of intangibles and depreciation of property and equipment and right-of-use assets.
“EBITDA Margin” refers to the percentage of total revenue that EBITDA represents for a given period.
Management believes that EBITDA and EBITDA Margin are useful measures for investors as they provide an 
indication of the results generated by Alithya’s main business activities prior to taking into consideration how 
those activities are financed and taxed and also prior to taking into consideration non-cash depreciation and 
amortization. For a reconciliation of net earnings (loss) to EBITDA, see section 8.8 titled “EBITDA and Adjusted 
EBITDA”.
Adjusted Net Earnings and Adjusted Net Earnings per Share
“Adjusted Net Earnings” refers to net earnings (loss) before adjusting for amortization of intangibles, impairment 
of intangibles and goodwill, impairment of property and equipment and right-of-use assets and (gain) loss on 
lease termination, share-based compensation, business acquisition, integration and reorganization costs, other 
non-recurring items, including severance consisting of termination and benefit costs for management personnel, 
and the income tax effects of these items.
“Adjusted Net Earnings per Share” is calculated by dividing Adjusted Net Earnings by the weighted average 
number of outstanding Class A Subordinate Voting Shares ("Subordinate Voting Shares") and Class B Multiple 
Voting Shares ("Multiple Voting Shares"), during the period.
Management believes that Adjusted Net Earnings and Adjusted Net Earnings per Share are useful measures for 
investors as they allow comparability of the financial performance of operating activities from one period to 
another, prior to taking into consideration non-cash items, business acquisition, integration and reorganization 
costs, and severance consisting of termination and benefit costs for management personnel, which can vary 
significantly from period to period. These measures provide an indication of the results generated by Alithya’s 
main business activities prior to taking into consideration the non-cash and other items listed above which have 
resulted primarily from acquisitions and their subsequent integrations. For a reconciliation of net earnings (loss) 
to Adjusted Net Earnings, see section 8.6 titled “Adjusted Net Earnings and Adjusted Net Earnings per Share”.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 7

Adjusted EBITDA and Adjusted EBITDA Margin
“Adjusted EBITDA” refers to net earnings (loss) before adjusting for income tax expense (recovery), net 
financial expenses, foreign exchange, amortization of intangibles, depreciation of property and equipment and 
right-of-use assets, impairment of intangibles and goodwill, impairment of property and equipment and right-of-
use assets and (gain) loss on lease termination, share-based compensation, business acquisition, integration 
and reorganization costs, and other non-recurring items, including severance consisting of termination and 
benefit costs for management personnel.
“Adjusted EBITDA Margin” refers to the percentage of total revenue that Adjusted EBITDA represents for a 
given period.
Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful measures for investors as 
they allow comparability of the financial performance of operating activities from one period to another. These 
measures provide an indication of the results generated by Alithya’s main business activities prior to taking into 
consideration how those activities are financed and taxed and also prior to taking into consideration the non-
cash and other items listed above. For a reconciliation of net earnings (loss) to Adjusted EBITDA, see section 
8.8 titled “EBITDA and Adjusted EBITDA”.
Constant Dollar Revenue and Constant Dollar Growth
“Constant Dollar Revenue” is a measure of revenue and revenue by geographic location before foreign 
currency translation impacts. This measure is calculated by translating current period revenue and revenue by 
geographic location in local currency using the exchange rates in the equivalent period from the prior year.
“Constant Dollar Growth” is a measure of revenue growth and revenue growth by geographic location, 
expressed as a percentage, before foreign currency translation impacts. This measure is calculated by dividing 
Constant Dollar Revenue as described above with prior period revenue.
Management believes that Constant Dollar Revenue and Constant Dollar Growth are useful measures for 
investors as they allow revenue to be adjusted to exclude the impact of currency fluctuations to facilitate period-
to-period comparisons of business performance. For a reconciliation of revenues to Constant Dollar Revenue by 
geographic location, see section 8.1 titled “Revenues”.
Net Debt
“Net Debt” refers to long-term debt, including the current portion, less cash. For the calculation of Net Debt, see 
section 11.6 titled “Long-Term Debt and Net Debt”. Management believes that Net Debt is a useful measure for 
investors as it provides an indication of the liquidity of the Company.
Other Financial Measures
The other financial measures used by Alithya are described below:
“Gross Margin as a Percentage of Revenues” is calculated by dividing gross margin by revenues.
“Selling, General and Administrative Expenses as a Percentage of Revenues” is calculated by dividing selling, 
general and administrative expenses by revenues.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 8

“Bookings” refers to the amount of signed revenue agreements during the period, which includes new contracts, 
including those acquired subsequent to the closing date of acquisitions, as well as renewals, extensions and 
changes to existing contracts. Management believes information regarding bookings can provide useful trend 
insight to investors regarding changes in the volume of new business over time.
“Book-to-Bill Ratio” is calculated by dividing Bookings by revenues, for the same period. Management believes 
this measure allows for the monitoring of the Company’s backlog and offers useful insight to investors on how 
the business varies and evolves over time. This measure is best used over a long period as it could fluctuate 
significantly from one quarter to the other.
“Backlog” refers to the amount of future revenue stemming from signed revenue agreements, which includes 
new contracts, including those acquired through acquisitions, as well as renewals, extensions and changes to 
existing contracts, including reductions in contractual commitments and contract terminations, expressed as a 
number of months of trailing twelve-month revenue, as at a given date. Backlog differs from the IFRS definition 
of remaining performance obligations, as disclosed in the Company's consolidated financial statements, as 
backlog also includes time and materials arrangements in which contractual billings correspond with the value 
of the services provided to the client and contracts with original expected durations under one year. 
Management believes that backlog information can provide useful trend insight to investors regarding changes 
in management’s best estimate of future revenue stemming from signed revenue agreements.
“Days Sales Outstanding” (“DSO”) refers to the average number of days it takes for the Company to convert its 
accounts receivable and other receivables (net of sales taxes) and unbilled revenues, less deferred revenues, 
into cash. Management believes this measure provides useful insight to investors regarding the Company's 
liquidity.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 9

6. Financial Highlights
Results of Operations
For the three months ended 
March 31,
For the year ended March 31,
(in $ thousands)
2025
2024
2025
2024
$
$
$
$
Revenues
 
125,331 
 
120,540 
 
473,481 
 
491,125 
Gross Margin
 
46,091 
 
38,747 
 
156,134 
 
149,310 
Gross Margin as a Percentage of Revenues (1)
 36.8 %
 32.1 %
 33.0 %
 30.4 %
Selling, General and Administrative Expenses
 
29,739 
 
29,608 
 
116,081 
 
121,558 
Selling, General and Administrative Expenses as a 
Percentage of Revenues (1)
 23.7 %
 24.6 %
 24.5 %
 24.8 %
Net Earnings (Loss)
 
8,043 
 
2,298 
 
1,295 
 
(16,660) 
Basic and Diluted Earnings (Loss) per Share
 
0.08 
 
0.02 
 
0.01 
 
(0.17) 
Adjusted Net Earnings (2)
 
12,226 
 
6,056 
 
28,149 
 
13,608 
Adjusted Net Earnings per Share (2)
 
0.12 
 
0.06 
 
0.29 
 
0.14 
Adjusted EBITDA (3)
 
18,047 
 
10,505 
 
47,678 
 
35,471 
Adjusted EBITDA Margin (3)
 14.4 %
 8.7 %
 10.1 %
 7.2 %
 
Other
March 31,
March 31,
(in $ thousands, except Backlog and DSO)
2025
2024
$
$
Total Assets
 
425,980 
 
416,497 
Non-Current Financial Liabilities (4)
 
112,668 
 
116,161 
Total Long-Term Debt
 
109,919 
 
117,382 
Net Debt (5)
 
93,963 
 
108,523 
Backlog (1)
16 months
16 months
DSO (1)
50 days
56 days
 
 
 
Shares, Stock Options and Share Units as at
June 10,
2025
Subordinate Voting Shares
 
92,030,852 
Multiple Voting Shares
 
7,274,248 
Stock Options (6) 
 
3,522,141 
Deferred Share Units ("DSUs")
 
1,471,139 
Restricted Share Units ("RSUs")
 
1,907,615 
Performance Share Units ("PSUs")
 
2,982,363 
 
 
1 This is an other financial measure. Refer to section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the 
composition of this other financial measure.
2 This is a non-IFRS financial measure. Refer to section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the 
composition and usefulness of this non-IFRS financial measure and to section 8.6 titled “Adjusted Net Earnings and Adjusted Net Earnings 
per Share” for a quantitative reconciliation to the most directly comparable IFRS measure.
3 This is a non-IFRS financial measure. Refer to section 5 titled "Non-IFRS and Other Financial Measures" for an explanation of the 
composition and usefulness of this non-IFRS financial measure and to section 8.8 titled “EBITDA and Adjusted EBITDA” for a quantitative 
reconciliation to the most directly comparable IFRS measure.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 10

4 Non-current financial liabilities include the long-term portion of the long-term debt, the long-term portion of lease liabilities, and the long-
term portion of the contingent consideration. For an explanation of the variance, refer to section 11.6 titled "Long-Term Debt and Net Debt".
5 This is a non-IFRS financial measure. Refer to 5 titled "Non-IFRS and Other Financial Measures" for an explanation of the composition 
and usefulness of this non-IFRS financial measure and to section 11.6 titled Long-Term Debt and Net Debt” for a quantitative reconciliation 
to the most directly comparable IFRS measure and an explanation of the variance.
6 Includes 352,632 stock options to purchase Multiple Voting Shares.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 11

For the three months ended March 31, 2025:
•
Revenues increased 4.0% to $125.3 million, compared to $120.5 million for the same quarter last year. On 
a sequential basis, revenues increased in all segments of the business, and by $9.5 million in aggregate, 
or 8.3%, from the third quarter of this year.
•
87% of revenues were generated from clients which we had in the same quarter last year.
•
Gross Margin as a Percentage of Revenues increased to 36.8%, a record level, compared to 32.1% for the 
same quarter last year, and from 32.3% for the third quarter of this year, with all segments of the business 
contributing to this increase.
•
Gross margin increased 19.0% to $46.1 million, compared to $38.7 million for the same quarter last year.
•
Selling, general and administrative expenses increased by $0.1 million, or 0.4%, to $29.7 million, 
compared to $29.6 million for the same quarter last year. Selling, general and administrative expenses as 
a percentage of revenues decreased to 23.7%, from 24.6% for the same quarter last year.
•
Net earnings increased to $8.0 million, or $0.08 per share, compared to $2.3 million, or $0.02 per share, 
for the same quarter last year.
•
Adjusted Net Earnings increased by $6.1 million, or 101.9%, to $12.2 million, from $6.1 million for the 
same quarter last year. This translated into Adjusted Net Earnings per Share of $0.12, compared to $0.06 
for the same quarter last year.
•
Adjusted EBITDA increased 71.8% to $18.0 million, for an Adjusted EBITDA Margin of 14.4% of revenues, 
compared to $10.5 million, for an Adjusted EBITDA Margin of 8.7% of revenues, for the same quarter last 
year. Adjusted EBITDA Margin increased from 8.9% for the third quarter of this year.
•
Net cash from operating activities was $17.1 million, representing an increase of $7.4 million, or 75.4%, 
from $9.7 million for the same quarter last year.
•
Q4 Bookings(1) reached $100.1 million, which translated into a Book-to-Bill Ratio(1) of 0.80 for the quarter. 
The Book-to-Bill Ratio would have been 0.89 if revenues from the two long-term contracts signed as part of 
an acquisition in the first quarter of fiscal year 2022 were excluded.
•
Backlog represented approximately 16 months of trailing twelve-month revenues as at March 31, 2025.
1 This is an other financial measure. Refer to section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the 
composition of this other financial measure.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 12

For the twelve months ended March 31, 2025:
•
Revenues decreased 3.6% to $473.5 million, compared to $491.1 million last year.
•
Gross margin as a percentage of revenues increased to 33.0%, compared to 30.4% last year.
•
Gross margin increased 4.6% to $156.1 million, compared to $149.3 million last year.
•
Selling, general and administrative expenses decreased by $5.5 million, or 4.5%, to $116.1 million, 
compared to $121.6 million last year.
•
Adjusted EBITDA increased 34.4% to $47.7 million, for an Adjusted EBITDA Margin of 10.1% of revenues, 
from $35.5 million, or an Adjusted EBITDA Margin of 7.2% of revenues, last year.
•
Net earnings totaled $1.3 million, or $0.01 per share, compared to a net loss of $16.7 million, or $0.17 per 
share, last year.
•
Adjusted Net Earnings increased by $14.5 million, or 106.9%, to $28.1 million, compared to $13.6 million 
last year. This translated into Adjusted Net Earnings per Share of $0.29, compared to $0.14 last year.
•
Net cash from operating activities was $48.4 million, representing an increase of $32.8 million, 
from $15.7 million last year.
•
Fiscal 2025 Bookings reached $420.7 million, which translated into a Book-to-Bill ratio of 0.89. The Book-
to-Bill ratio would have been 1.00 if revenues from the two long-term contracts signed as part of an 
acquisition in the first quarter of fiscal year 2022 were excluded.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 13

7. Business Combinations
XRM Vision
Overview
On December 1, 2024, the Company acquired all of the issued and outstanding shares of Canadian-based 
XRM Vision Inc. and all of its affiliates (“XRM Vision”) (the “XRM Acquisition”), a recognized Microsoft partner. 
Management expects that XRM Vision’s expertise will complement its existing business and will reinforce 
Alithya’s smart shoring capabilities.
The XRM Acquisition was completed for total consideration of up to $34,384,000, in aggregate.
The total purchase consideration of up to $30,009,000 consisted of: (i) $7,377,000 paid in cash at closing; (ii) 
final working capital adjustment of $632,000, included in accounts payable and accrued liabilities as at 
March 31, 2025; (iii)  $2,875,000 paid by the issuance of 1,724,550 Subordinate Voting Shares; (iv) $8,625,000 
of balance of sale, payable over three years on December 1, 2025, 2026 and 2027 (the "Anniversary Dates"); 
and (v) potential earn-out consideration of up to $10,500,000, including $9,000,000 payable in cash and 
$1,500,000 by the issuance of Subordinate Voting Shares.
The total other consideration of $4,375,000 consisted of: (i) 1,724,553 Subordinate Voting Shares, with a fair 
value of $2,875,000, issued at closing; and (ii) Subordinate Voting Shares with a value of up to $1,500,000 
which may be issued as part of the earn-out consideration. These Subordinate Voting Shares issued and/or 
issuable are subject to claw-back clauses based on continued employment and accordingly, these share 
considerations are recognized as share-based compensation granted on business acquisition over three years. 
The number of Subordinate Voting Shares issuable as part of the earn-out will be determined by dividing the 
earn-out amount payable in Subordinate Voting Shares by the Volume Weighted Average Price (‘’VWAP’’) for 
the 15 trading days ending on and including the date that is 2 business days prior to the payment date of the 
earn-out. The settlement of the earn-out will be due after the 18 months following closing, once the earn-out 
consideration has been finalized.
The total earn-out consideration of $12,000,000, in aggregate, is contingent upon the future financial 
performance of the acquired business over a consecutive 12-month period within the 18 months following the 
acquisition date. The undiscounted scenario-based weighted average expected payout amount for the total 
potential earn-out consideration is$7,260,000.
The fair value of the earn-out purchase price consideration of $5,104,000 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 for the potential earn-out consideration included in the purchase consideration of 
$6,353,000. The contingent consideration liability included in the purchase price 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 15.7%. Subsequent 
changes to the fair value of contingent consideration liability included in the purchase price will be recorded to 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 14

business acquisition, integration and reorganization costs. There were no substantive changes to the contingent 
consideration liability as at March 31, 2025.
As part of the XRM Acquisition, the Company assumed $829,000 of long-term debt of which an amount of 
$333,000 was repaid immediately upon closing.
For the year ended March 31, 2025, the Company incurred acquisition-related costs pertaining to the XRM 
Acquisition of approximately $1,084,000. These costs have been recorded in the consolidated statement of 
operations in business acquisition, integration and reorganization costs.
Please refer to Note 4 of the Q4 Financial Statements for additional details regarding the XRM Acquisition, all of 
which are hereby incorporated by reference.
eVerge
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”), a group specialized in enterprise applications and transformation 
services. Management expects that eVerge’s expertise will complement its existing business and will reinforce 
Alithya’s smart shoring capabilities.
The acquisition of eVerge was completed for total consideration of US$23,500,000 ($32,292,000), all payable in 
cash. The total purchase consideration consists of: (i) US$18,800,000 ($25,834,000) payable in three 
installments, 60% at closing and 20% payable on each of May 31, 2026 and 2027 (each an ‘’Anniversary 
Date’’); and (ii) a potential earn-out consideration of US$4,700,000 ($6,458,000), subject to certain post-closing 
conditions, payable in two installments (50% within 90 days of the first Anniversary Date and 50% on the 
second Anniversary Date).
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 15

8. Results of Operations
For the three months ended 
March 31,
For the year ended March 31,
(in $ thousands, except for per share data)
2025
2024
2025
2024
$
$
$
$
Revenues
 
125,331 
 
120,540 
 
473,481 
 
491,125 
Cost of revenues
 
79,240 
 
81,793 
 
317,347 
 
341,815 
Gross margin
 
46,091 
 
38,747 
 
156,134 
 
149,310 
Operating expenses
Selling, general and administrative expenses
 
29,739 
 
29,608 
 
116,081 
 
121,558 
Business acquisition, integration and reorganization costs 
(recovery)
 
(1,322)  
(1,414)  
(1,234)  
3,384 
Depreciation
 
1,158 
 
1,303 
 
4,523 
 
5,913 
Amortization of intangibles
 
4,837 
 
4,795 
 
18,926 
 
23,095 
Impairment of goodwill
 
— 
 
— 
 
5,144 
 
— 
Foreign exchange (gain) loss
 
187 
 
152 
 
(258) 
 
102 
 
34,599 
 
34,444 
 
143,182 
 
154,052 
Operating income (loss)
 
11,492 
 
4,303 
 
12,952 
 
(4,742) 
Net financial expenses
 
2,636 
 
2,262 
 
8,882 
 
11,857 
Earnings (loss) before income taxes
 
8,856 
 
2,041 
 
4,070 
 
(16,599) 
Income tax (recovery) expense 
Current
 
498 
 
(133) 
 
1,276 
 
317 
Deferred
 
315 
 
(124) 
 
1,499 
 
(256) 
 
813 
 
(257) 
 
2,775 
 
61 
Net earnings (loss)
 
8,043 
 
2,298 
 
1,295 
 
(16,660) 
Basic and diluted earnings (loss) per share
 
0.08 
 
0.02 
 
0.01 
 
(0.17) 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 16

8.1       Revenues
The following table reconciles Constant Dollar Revenue(1) to revenues by geographic location:
For the three months ended March 31,
For the twelve months ended March 31,
(in $ thousands, except for 
percentages)
2025
2024
% (2)
2025
2024
%
Total Alithya revenue as reported
 
125,331 
 
120,540 
 4.0 %
 
473,481 
 
491,125 
 (3.6) %
Variation prior to foreign currency 
impact
 1.1 %
 (4.9) %
Foreign currency impact
 2.9 %
 1.3 %
Variation over previous period
 4.0 %
 (3.6) %
Canada
Constant dollar revenue
 
65,430 
 
64,589 
 1.3 %
 
251,902 
 
277,544 
 (9.2) %
Foreign currency impact
 
— 
 
— 
Canada revenue as reported
 
65,430 
 
64,589 
 1.3 %
 
251,902 
 
277,544 
 (9.2) %
U.S.
Constant dollar revenue
 
50,844 
 
50,449 
 0.8 %
 
194,301 
 
192,493 
 0.9 %
Foreign currency impact
 
3,307 
 
6,214 
U.S. revenue as reported
 
54,151 
 
50,449 
 7.3 %
 
200,515 
 
192,493 
 4.2 %
International
Constant dollar revenue
 
5,575 
 
5,502 
 1.3 %
 
20,637 
 
21,088 
 (2.1) %
Foreign currency impact
 
175 
 
427 
International revenue as reported
 
5,750 
 
5,502 
 4.5 %
 
21,064 
 
21,088 
 (0.1) %
1 Non-IFRS measure. See section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the composition and usefulness 
of this non-IFRS financial measure.
2 Constant Dollar Growth, which is a Non-IFRS measure. See section 5 titled "Non-IFRS and Other Financial Measures” for an explanation 
of the composition and usefulness of this non-IFRS financial measure.
Revenues amounted to $125.3 million for the three months ended March 31, 2025, representing an increase of 
$4.8 million, or 4.0%, from $120.5 million for the three months ended March 31, 2024. On a sequential basis, 
revenues, including constant dollar revenue, increased in all segments of the business, and by $9.5 million in 
aggregate, or 8.3%, from the third quarter of this year.
Revenues in Canada increased by $0.8 million, or 1.3%, to $65.4 million for the three months ended 
March 31, 2025, from $64.6 million for the three months ended March 31, 2024. The increase in revenues was 
due primarily to a recovery in the banking sector, revenues from XRM Vision since the acquisition, and one 
additional billable day compared to the same quarter last year, partially offset by one client's major 
transformation project reaching maturity and a reduction in revenues from certain government contracts. On a 
sequential basis, revenues increased by $3.7 million in aggregate, or 6.1%, from the third quarter of this year.
U.S. revenues increased by $3.8 million, or 7.3%, to $54.2 million for the three months ended March 31, 2025, 
from $50.4 million for the three months ended March 31, 2024, due primarily to organic growth in enterprise 
transformation services and support revenues, and a favorable US$ exchange rate impact of $3.3 million 
between the two periods. On a sequential basis, revenues increased by $5.4 million, and $3.3 million in 
constant dollar revenue, from the third quarter of this year.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 17

International revenues increased by $0.2 million, or 4.5%, to $5.7 million for the three months ended 
March 31, 2025, from $5.5 million for the three months ended March 31, 2024.
Revenues amounted to $473.5 million for the twelve months ended March 31, 2025, representing a decrease of 
$17.6 million, or 3.6%, from $491.1 million for the twelve months ended March 31, 2024.
Revenues in Canada decreased by $25.6 million, or 9.2%, to $251.9 million for the twelve months ended 
March 31, 2025, from $277.5 million for the twelve months ended March 31, 2024. The decrease in revenues 
was due primarily to one client's major transformation project reaching maturity and a reduction in revenues 
from a few government contracts, partially offset by organic growth in certain areas of the business, a recovery 
in the banking sector, and revenues from XRM Vision since the acquisition.
U.S. revenues increased by $8.0 million, or 4.2%, to $200.5 million for the twelve months ended 
March 31, 2025, from $192.5 million for the twelve months ended March 31, 2024, due primarily to increased 
support revenues and a favorable US$ exchange rate impact of $6.2 million between the two periods, partially 
offset by a decrease in digital adoption subscription revenues.
International revenues amounted to $21.1 million for the twelve months ended March 31, 2025 and 2024.
8.2       Gross Margin
Gross margin increased by $7.4 million, or 19.0%, to $46.1 million for the three months ended March 31, 2025, 
from $38.7 million for the three months ended March 31, 2024. Gross margin as a percentage of revenues 
increased to 36.8% for the three months ended March 31, 2025, from 32.1% for the three months ended 
March 31, 2024, due primarily to increased efficiencies, the continued evolution towards a higher value-added 
business mix, and a $1.0 million tax credit recovery from a previous acquisition. On a sequential basis, gross 
margin as a percentage of revenues increased from 32.3% for the third quarter of this year, with all segments of 
the business contributing to this increase.
In Canada, gross margin as a percentage of revenues increased, compared to the same quarter last year, 
mainly due to increased efficiencies and higher hourly billing rates, as a result of providing a greater proportion 
of higher-value services, a proportionally larger decrease in the use of subcontractors compared to permanent 
employees, a positive margin contribution from XRM Vision since the acquisition, and a $1.0 million tax credit 
recovery from a previous acquisition.
In the U.S., gross margin as a percentage of revenues increased compared to the same quarter last year, 
primarily due to higher hourly billing rates, increased efficiencies, and improved project performance, partially 
offset by lower digital adoption subscription revenues, which historically had a higher gross margin as a 
percentage of revenues.
International gross margin as a percentage of revenues increased compared to the same quarter last year, 
mainly due to higher utilization and improved project performance in the UK.
Gross margin increased by $6.8 million, or 4.6%, to $156.1 million for the twelve months ended March 31, 2025, 
from $149.3 million for the twelve months ended March 31, 2024. Gross margin as a percentage of revenues 
increased to 33.0% for the twelve months ended March 31, 2025, from 30.4% for the twelve months ended 
March 31, 2024.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 18

In Canada, gross margin as a percentage of revenues increased for the twelve months ended March 31, 2025, 
compared to the same period last year, mainly due to increased efficiencies and hourly billing rates, as a result 
of providing a greater proportion of higher-value services, a proportionally larger decrease in the use of 
subcontractors compared to permanent employees, a positive margin contribution from XRM Vision since the 
acquisition, and a $1.0 million tax credit recovery from a previous acquisition.
In the U.S., gross margin as a percentage of revenues remained steady for the twelve months ended 
March 31, 2025, compared to the same period last year, as higher hourly billing rates and increased efficiencies 
were partially offset by a decrease in digital adoption subscription revenues, which historically had a higher 
gross margin as a percentage of revenues.
International gross margin as a percentage of revenues decreased for the twelve months ended 
March 31, 2025, compared to the same period last year, mainly due to lower utilization and reduced activities in 
the UK, which historically had a higher gross margin.
8.3       Operating Expense
8.3.1    Selling, General and Administrative Expenses
Selling, general and administrative expenses include salary, wages and other benefits for selling and 
administrative employees, occupancy costs, information technology and communications costs, share-based 
compensation, professional fees, public listing and investor fees, and other administrative expenses.
Selling, general and administrative expenses totaled $29.7 million for the three months ended March 31, 2025, 
representing an increase of $0.1 million, or 0.4%, from $29.6 million for the three months ended 
March 31, 2024. Selling, general and administrative expenses as a percentage of revenues amounted to 23.7% 
for the three months ended March 31, 2025, compared to 24.6% for the same period last year. The increase in 
selling, general and administrative expenses was driven mainly by an increase in employee compensation 
costs, resulting primarily from variable compensation and XRM Vision expenses since the acquisition, partially 
offset by decreases in professional fees, business development costs, information technology and 
communications costs, occupancy costs, and recruiting fees.
In Canada, expenses decreased by $0.2 million, or 1.2%, to $16.0 million for the three months ended 
March 31, 2025, from $16.2 million for the three months ended March 31, 2024, due primarily to decreases in 
professional fees, business development costs, occupancy costs, and insurance costs, partially offset by 
increased employee compensation costs, resulting primarily from variable compensation and XRM Vision 
expenses since the acquisition.
U.S. expenses decreased by $0.1 million, or 1.3%, to $12.0 million for the three months ended March 31, 2025, 
from $12.1 million for the three months ended March 31, 2024, due to decreased employee compensation 
costs, information technology and communications costs, business development costs and recruiting fees. The 
decreased expenses include an unfavorable US$ exchange rate impact of $0.7 million.
International expenses increased by $0.5 million, or 37.3% to $1.8 million for the three months ended 
March 31, 2025, from $1.3 million for the three months ended March 31, 2024. An increase in employee 
compensation costs was partially offset by decreases in professional fees and other expenses.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 19

Selling, general and administrative expenses totaled $116.1 million for the twelve months ended 
March 31, 2025, representing a decrease of $5.5 million, or 4.5%, from $121.6 million for the twelve months 
ended March 31, 2024. Selling, general and administrative expenses as a percentage of revenues amounted to 
24.5% for the twelve months ended March 31, 2025, compared to 24.8% for the same period last year. The 
decrease in selling, general and administrative expenses was driven mainly by a decrease of $1.5 million in 
impairment of property and equipment and right-of-use assets, stemming from impairment charges last year as 
part of Alithya's review of its real estate strategy following the integration of acquisitions and changes in working 
conditions in order to reduce the Company's footprint and realize synergies, and decreased professional fees, 
occupancy costs, non-cash share-based compensation, business development costs, recruiting fees, 
information technology and communications costs, and travel costs, partially offset by increased employee 
compensation costs, resulting primarily from variable compensation, $2.1 million of severance consisting of 
termination and benefit costs for management personnel in the first quarter and fourth quarters, and XRM Vision 
expenses since the acquisition.
Expenses in Canada decreased by $4.5 million, or 6.8%, to $61.4 million for the twelve months ended 
March 31, 2025, from $65.9 million for the twelve months ended March 31, 2024, due primarily to a decrease of 
$1.5 million in impairment of property and equipment and right-of-use assets, as discussed above, and 
decreased occupancy costs, professional fees, non-cash share-based compensation, business development 
costs, and recruiting fees, partially offset by increased employee compensation costs, resulting primarily from 
variable compensation, severance consisting of termination and benefit costs for key management personnel in 
the first quarter, and XRM Vision expenses since the acquisition.
U.S. expenses decreased by $1.7 million, or 3.4%, to $48.6 million for the twelve months ended 
March 31, 2025, from $50.3 million for the twelve months ended March 31, 2024, due to decreases in employee 
compensation costs, despite increases in variable compensation and severance consisting of termination and 
benefit costs for key management personnel in the first quarter, and decreases in professional fees, recruiting 
fees, travel costs, and information technology and communications costs. The decreased expenses include an 
unfavorable US$ exchange rate impact of $1.5 million.
International expenses increased by $0.8 million, or 14.1%, to $6.1 million for the twelve months ended 
March 31, 2025, from $5.3 million for the twelve months ended March 31, 2024, mainly due to an increase in 
employee compensation costs, resulting from severance consisting of termination and benefit costs for 
management personnel in the fourth quarter, partially offset by decreases in professional fees and other 
expenses.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 20

8.3.2    Share-Based Compensation
Share-based compensation is included in cost of revenues and selling, general and administrative expenses 
and is detailed in the table below:
For the three months ended 
March 31,
For the year ended 
March 31,
(in $ thousands)
2025
2024
2025
2024
$
$
$
$
Stock options
 
64 
 
127 
 
200 
 
594 
Share purchase plan – employer contribution
 
316 
 
340 
 
1,333 
 
1,394 
Share-based compensation granted on business 
acquisitions
 
720 
 
404 
 
1,683 
 
2,099 
DSUs
 
177 
 
146 
 
722 
 
600 
RSUs
 
272 
 
121 
 
1,122 
 
363 
PSUs
 
(634) 
 
88 
 
283 
 
1,207 
 
915 
 
1,226 
 
5,343 
 
6,257 
Share-based compensation amounted to $0.9 million for the three months ended March 31, 2025, representing 
a decrease of $0.3 million, from $1.2 million for the three months ended March 31, 2024. The decrease in 
share-based compensation was driven primarily by decreased PSU expenses resulting from a recovery of 
expenses following management's review of assumptions related to the achievement of performance vesting 
conditions and decreased stock options expense, partially offset by increased expenses related to share-based 
compensation granted on a previous business acquisition, RSUs, and DSUs.
Share-based compensation amounted to $5.3 million for the twelve months ended March 31, 2025, 
representing a decrease of $1.0 million, from $6.3 million for the twelve months ended March 31, 2024. The 
decrease in share-based compensation was driven primarily by decreased PSU expenses resulting from a 
recovery of expenses following management's review of assumptions related to the achievement of 
performance vesting conditions, reversals of share-based compensation expense for forfeited equity 
instruments, decreased expenses related to share-based compensation granted on a previous business 
acquisition, and decreased stock options expense, partially offset by increased expenses related to RSUs and 
DSUs.
8.3.3    Business Acquisition, Integration and Reorganization Costs (Recovery)
Business acquisition, integration and reorganization recovery amounted to $1.3 million for the three months 
ended March 31, 2025, representing a decrease of $0.1 million, from a $1.4 million recovery for the three 
months ended March 31, 2024. The decreased recovery was driven primarily by a $1.0 million decrease in the 
contingent consideration adjustment related to the earn-out consideration from the acquisition of Datum 
Consulting Group, LLC and its international affiliates (the “Datum Acquisition”) on July 1, 2022, a $0.3 million 
increase in integration costs, consisting mainly of transition costs related to system integrations and lease 
termination costs for vacated premises, and a $0.2 million increase in acquisition costs, partially offset by a 
$1.4 million decrease in reorganization costs, mainly due to lower severance payments from workforce 
reductions.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 21

Business acquisition, integration and reorganization recovery amounted to $1.2 million for the twelve months 
ended March 31, 2025, representing a decrease in costs of $4.6 million, from $3.4 million of expenses for the 
twelve months ended March 31, 2024. The decreased costs were driven primarily by a $3.1 million decrease in 
reorganization costs, mainly related to severance payments from workforce reductions, an increased recovery 
of $1.8 million from the contingent consideration adjustment related to the earn-out consideration from the 
Datum Acquisition, a $0.5 million decrease in integration costs due to retention compensation related to a 
previous business acquisition and lease termination costs for vacated premises in the previous year, and a 
$0.2 million decrease in employee compensation on business acquisition, partially offset by an increase of 
$1.0 million in acquisition costs related to the XRM Acquisition.
8.3.4    Depreciation
Depreciation totaled $1.2 million for the three months ended March 31, 2025, compared to $1.3 million for the 
three months ended March 31, 2024.
Depreciation totaled $4.5 million for the twelve months ended March 31, 2025, compared to $5.9 million for the 
twelve months ended March 31, 2024. These costs consisted primarily of depreciation of Alithya’s property and 
equipment, which decreased by $1.3 million.
8.3.5    Amortization of Intangibles
Amortization of intangibles totaled $4.8 million for the three months ended March 31, 2025 and 2024.
Amortization of intangibles totaled $18.9 million for the twelve months ended March 31, 2025, compared to 
$23.1 million for the twelve months ended March 31, 2024. These costs consisted primarily of amortization of 
customer relationships recognized on acquisitions, which decreased by $3.3 million, as certain intangibles were 
fully amortized, and amortization of software, which decreased by $0.6 million.
8.3.6    Impairment of Goodwill
An impairment loss of $5.1 million was recognized during the year on goodwill from the Datum Acquisition.
The carrying amounts of the Company's goodwill are reviewed for impairment when events or changes in 
circumstances indicate that the carrying value may be impaired. At each reporting date, the Company assesses 
whether there is any indication of impairment. During the year, contingent consideration adjustments of 
$5.6 million were recorded, related to the Datum Acquisition’s potential earn-out consideration due to profitability 
targets not being achieved. Management concluded the profitability targets not being achieved constituted an 
indication of impairment.
For more details on impairment testing of goodwill, refer to Note 9 of the Company's annual consolidated 
financial statements.
8.3.7    Foreign Exchange (Gain) Loss
Foreign exchange loss amounted to $0.2 million for the three months ended March 31, 2025 and 2024.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 22

Foreign exchange gain amounted to $0.3 million for the twelve months ended March 31, 2025, compared to a 
loss of $0.1 million for the twelve months ended March 31, 2024.
8.4       Other Income and Expenses
8.4.1    Net Financial Expenses
Net financial expenses are summarized in the table below: 
For the three months ended 
March 31,
For the year ended 
March 31,
(in $ thousands)
2025
2024
2025
2024
$
$
$
$
Interest on long-term debt
 
1,885 
 
2,173 
 
7,339 
 
10,831 
Interest on lease liabilities
 
110 
 
129 
 
466 
 
664 
Amortization of finance costs
 
56 
 
79 
 
242 
 
426 
Interest accretion on balance of purchase price payable
 
425 
 
87 
 
675 
 
384 
Financing fees
 
225 
 
39 
 
562 
 
220 
Interest income
 
(65) 
 
(245) 
 
(402) 
 
(668) 
 
2,636 
 
2,262 
 
8,882 
 
11,857 
Net financial expenses amounted to $2.6 million for the three months ended March 31, 2025, representing an 
increase of $0.3 million, or 16.6%, from $2.3 million for the three months ended March 31, 2024, driven mainly 
by increased interest accretion on balance of purchase price payable and financing fees, and decreased 
interest income, partially offset by decreased variable interests rates and a lower volume of interest-bearing 
debt, which accounted for the decrease in interest on long-term debt. 
Net financial expenses amounted to $8.9 million for the twelve months ended March 31, 2025, representing a 
decrease of $3.0 million, or 25.1%, from $11.9 million for the twelve months ended March 31, 2024, driven 
mainly by decreased variable interest rates, a lower volume of interest-bearing debt, and an adjustment related 
to a prior period, all of which accounted for the decrease in interest on long-term debt, and decreases in interest 
on lease liabilities and amortization of finance costs, partially offset by increased financing fees and interest 
accretion on balance of purchase price payable, and decreased interest income.
8.4.2    Income Taxes
Income tax expense amounted to $0.8 million for the three months ended March 31, 2025, representing an 
increase of $1.1 million, from a recovery of $0.3 million for the three months ended March 31, 2024, due to an 
increase in current income tax expense, as a result of increased taxable income in certain jurisdictions, and an 
increase in deferred tax expense, as a result of increased taxable income in certain entities for which deferred 
tax assets were previously recognized. Certain entities of the Group, with a history of losses, do not recognize 
deferred tax assets related to their loss in the period.
Income tax expense amounted to $2.8 million for the twelve months ended March 31, 2025, representing an 
increase of $2.7 million, from $0.1 million for the twelve months ended March 31, 2024, due to an increase in 
current tax expense, as a result of increased taxable income in certain jurisdictions, and an increase in deferred 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 23

tax expense, as a result of increased taxable income in certain entities for which deferred tax assets were 
previously recognized. Certain entities of the Group, with a history of losses, do not recognize deferred tax 
assets related to their loss in the period.
8.5       Net Earnings (Loss) and Earnings (Loss) per Share
Net earnings for the three months ended March 31, 2025 were $8.0 million, representing an increase of 
$5.7 million, from $2.3 million for the three months ended March 31, 2024. The increased earnings were driven 
primarily by the increased gross margin, due to higher efficiencies and a $1.0 million tax credit recovery from a 
previous acquisition, and decreased depreciation of property and equipment, partially offset by increased 
selling, general and administrative expenses, decreased business acquisition, integration and reorganization 
recovery, increased net financial expenses, and increased income tax expense for the three months ended 
March 31, 2025, compared to the three months ended March 31, 2024. On a per share basis, this translated 
into basic and diluted earnings per share of $0.08 for the three months ended March 31, 2025, compared to 
$0.02 per share for the three months ended March 31, 2024.
Net earnings for the twelve months ended March 31, 2025 were $1.3 million, representing an increase of 
$18.0 million, from a net loss of $16.7 million for the twelve months ended March 31, 2024. The increased 
earnings were driven by the increased gross margin, due to higher efficiencies and a $1.0 million tax credit 
recovery from a previous acquisition, decreased selling, general and administrative expenses, including a 
$1.3 million reduction in expenses mainly related to impairment of property and equipment and right-of-use 
assets in the first quarter of last year, decreased business acquisition, integration and reorganization costs, 
resulting primarily from an increased recovery of $1.8 million from the contingent consideration adjustment 
related to the earn-out consideration from the Datum Acquisition which was partially offset by an increase of 
$1.0 million in acquisition costs related to the XRM Acquisition, decreased amortization of intangibles and 
depreciation of property and equipment, increased foreign exchange gain, and decreased net financial 
expenses, partially offset by the $5.1 million impairment of goodwill and increased income tax expense for the 
twelve months ended March 31, 2025, compared to the twelve months ended March 31, 2024. On a per share 
basis, this translated into basic and diluted earnings per share of $0.01 for the twelve months ended 
March 31, 2025, compared to a basic and diluted net loss of $0.17 per share for the twelve months ended 
March 31, 2024.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 24

8.6       Adjusted Net Earnings and Adjusted Net Earnings per Share
The following table reconciles net earnings (loss) to Adjusted Net Earnings:
For the three months ended 
March 31,
For the year ended 
March 31,
(in $ thousands)
2025
2024
2025
2024
$
$
$
$
Net earnings (loss)
 
8,043 
 
2,298 
 
1,295 
 
(16,660) 
Business acquisition, integration and reorganization costs 
(recovery)
 
(1,322)  
(1,414)  
(1,234)  
3,384 
Amortization of intangibles
 
4,837 
 
4,795 
 
18,926 
 
23,095 
Share-based compensation
 
915 
 
1,226 
 
5,343 
 
6,257 
Impairment of goodwill
 
— 
 
— 
 
5,144 
 
— 
Impairment of property and equipment and right-of-use 
assets and loss on lease termination
 
150 
 
140 
 
150 
 
1,462 
Severance
 
630 
 
— 
 
2,132 
 
— 
Effect of income tax related to above items
 
(1,027)  
(989) 
 
(3,607)  
(3,930) 
Adjusted Net Earnings (1)(2)
 
12,226 
 
6,056 
 
28,149 
 
13,608 
Basic and diluted loss per share
 
0.08 
 
0.02 
 
0.01 
 
(0.17) 
Adjusted Net Earnings per Share (1)(2)
 
0.12 
 
0.06 
 
0.29 
 
0.14 
1 Non-IFRS measure. See section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the composition and usefulness 
of this non-IFRS financial measure.
2 Figures for the year ended March 31, 2024 reflect adjustments for certain changes to the calculations and assumptions.
Adjusted Net Earnings amounted to $12.2 million for the three months ended March 31, 2025, representing an 
increase of $6.1 million, or 101.9%, from $6.1 million for the three months ended March 31, 2024. As explained 
above, increased gross margin, driven by higher efficiencies and a $1.0 million tax credit recovery from a 
previous acquisition, and decreased depreciation were partially offset by increased selling, general and 
administrative expenses, increased foreign exchange loss, increased net financial expenses, and increased 
income tax expense. This translated into Adjusted Net Earnings per Share of $0.12 for the three months ended 
March 31, 2025, compared to $0.06 for the three months ended March 31, 2024.
Adjusted Net Earnings amounted to $28.1 million for the twelve months ended March 31, 2025, representing an 
increase of $14.5 million, or 106.9%, from $13.6 million for the twelve months ended March 31, 2024. As 
explained above, increased gross margin driven by higher efficiencies and a $1.0 million tax credit recovery 
from a previous acquisition, decreased selling, general and administrative expenses, decreased depreciation, 
increased foreign exchange gain, and decreased net financial expenses were partially offset by increased 
income tax expense. This translated into Adjusted Net Earnings per Share of $0.29 for the twelve months ended 
March 31, 2025, compared to $0.14 for the twelve months ended March 31, 2024.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 25

8.7       Segment Reporting
Operating income by segment refers to operating income before head office general and administrative 
expenses, business acquisition, integration and reorganization costs, depreciation and amortization and foreign 
exchange loss (gain), which are not considered when assessing the underlying financial performance of the 
reportable segments as they are not directly related to the segment’s operations. Head office general and 
administrative expenses are expenses and salaries related to centralized functions, such as global finance, 
legal, human capital, and technology teams, which are not allocated to segments.
The following tables present the Company's operations based on reportable segments:
For the three months ended March 31, 2025
(in $ thousands)
Canada
U.S.
International
Total
$
$
$
$
Revenues
 
65,430 
 
54,151 
 
5,750 
 
125,331 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs
 
53,476 
 
37,464 
 
5,013 
 
95,953 
Tax credits
 
(3,299)  
— 
 
(138)  
(3,437) 
Licenses and telecommunication
 
343 
 
1,238 
 
107 
 
1,688 
Other expenses
 
1,967 
 
1,622 
 
264 
 
3,853 
 
52,487 
 
40,324 
 
5,246 
 
98,057 
Operating income by segment
 
12,943 
 
13,827 
 
504 
 
27,274 
Head office general and administrative expenses
 
10,922 
Business acquisition, integration and 
reorganization costs (recovery) (a)
 
(1,322) 
Foreign exchange loss (gain)
 
187 
Operating income before depreciation, 
amortization and impairment
 
17,487 
Depreciation and amortization
 
5,995 
Impairment of goodwill
 
— 
Operating income (loss)
 
11,492 
(a) The recovery of $(2,829,000) included in Business acquisition, integration and reorganization costs  relates to the U.S. segment. The 
reorganization costs included in Business acquisition, integration and reorganization costs mostly relate to the Canada segment.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 26

For the three months ended March 31, 2024
(in $ thousands)
Canada
U.S.
International
Total
$
$
$
$
Revenues
 
64,589 
 
50,449 
 
5,502 
 
120,540 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs
 
56,326 
 
36,904 
 
4,936 
 
98,166 
Tax credits
 
(3,156)  
— 
 
(275)  
(3,431) 
Licenses and telecommunication
 
457 
 
1,171 
 
28 
 
1,656 
Other expenses
 
2,970 
 
2,116 
 
52 
 
5,138 
 
56,597 
 
40,191 
 
4,741 
 
101,529 
Operating income by segment
 
7,992 
 
10,258 
 
761 
 
19,011 
Head office general and administrative expenses
 
9,872 
Business acquisition, integration and 
reorganization costs (recovery) (b)
 
(1,414) 
Foreign exchange loss (gain)
 
152 
Operating income before depreciation, 
amortization and impairment
 
10,401 
Depreciation and amortization
 
6,098 
Impairment of goodwill
 
— 
Operating income (loss)
 
4,303 
(b) The recovery of $(3,827,000) included in Business acquisition, integration and reorganization costs relates to the U.S. segment. The 
reorganization costs included in Business acquisition, integration and reorganization costs mostly relate to the Canada segment.
For the twelve months ended March 31, 2025
Canada
U.S.
International
Total
$
$
$
$
Revenues
 
251,902 
 
200,515 
 
21,064 
 
473,481 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs
 
212,159 
 
148,656 
 
18,048 
 
378,863 
Tax credits
 
(8,968)  
— 
 
(153) 
 
(9,121) 
Licenses and telecommunication
 
1,004 
 
4,891 
 
211 
 
6,106 
Other expenses
 
7,368 
 
7,271 
 
1,149 
 
15,788 
 
211,563 
 
160,818 
 
19,255 
 
391,636 
Operating income by segment
 
40,339 
 
39,697 
 
1,809 
 
81,845 
Head office general and administrative expenses
 
41,792 
Business acquisition, integration and 
reorganization costs (recovery) (c)
 
(1,234) 
Foreign exchange loss (gain)
 
(258) 
Operating income before depreciation, 
amortization and impairment
 
41,545 
Depreciation and amortization
 
23,449 
Impairment of goodwill (c)
 
5,144 
Operating income (loss)
 
12,952 
(c) The recovery of $(5,567,000) from the contingent consideration adjustment included in Business acquisition, integration and 
reorganization costs and the impairment of goodwill relate to the U.S. segment. The reorganization costs included in Business acquisition, 
integration and reorganization costs mostly relate to the Canada segment.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 27

For the twelve months ended March 31, 2024
Canada
U.S.
International
Total
$
$
$
$
Revenues
 
277,544 
 
192,493 
 
21,088 
 
491,125 
Cost of revenues and operating expenses
Employee compensation and subcontractor costs
 
239,563 
 
146,067 
 
18,123 
 
403,753 
Tax credits
 
(7,851)  
— 
 
(616) 
 
(8,467) 
Licenses and telecommunication
 
1,216 
 
4,894 
 
103 
 
6,213 
Other expenses
 
11,703 
 
8,702 
 
998 
 
21,403 
 
244,631 
 
159,663 
 
18,608 
 
422,902 
Operating income by segment
 
32,913 
 
32,830 
 
2,480 
 
68,223 
Head office general and administrative expenses
 
40,471 
Business acquisition, integration and 
reorganization costs (d)
 
3,384 
Foreign exchange loss (gain)
 
102 
Operating income before depreciation, 
amortization and impairment
 
24,266 
Depreciation and amortization
 
29,008 
Impairment of goodwill
 
— 
Operating income (loss)
 
(4,742) 
(d) The recovery of $(3,827,000) from the contingent consideration adjustment included in Business acquisition, integration and 
reorganization costs relates to the U.S. segment. The reorganization costs included in Business acquisition, integration and reorganization 
costs mostly relate to the Canada segment.
For a discussion of revenue variances by segment, refer to section 8.1 titled “Revenues”.
Operating income by segment in Canada increased by $4.9 million, or 61.9%, to $12.9 million for the three 
months ended March 31, 2025, from $8.0 million for the three months ended March 31, 2024, due to decreased 
employee compensation and subcontractor costs on increased revenues, mainly due to increased efficiencies, 
a positive margin contribution from XRM Vision since the acquisition, and a $1.0 million tax credit recovery from 
a previous acquisition, offset by lower tax credits compared to the fourth quarter of last year.
Operating income by segment in the U.S. increased by $3.5 million, or 34.8%, to $13.8 million for the three 
months ended March 31, 2025, from $10.3 million for the three months ended March 31, 2024, primarily due to 
increased revenues, increased efficiencies, and improved project performance, partially offset by lower digital 
adoption subscription revenues, which historically had a higher contribution.
Operating income for the international segment decreased by $0.3 million, or 33.8%, to $0.5 million for the three 
months ended March 31, 2025, from $0.8 million for the three months ended March 31, 2024, primarily due to 
decreased tax credits and increased licenses and telecommunication and other expenses.
Operating income by segment in Canada increased by $7.4 million, or 22.6%, to $40.3 million for the twelve 
months ended March 31, 2025, from $32.9 million for the twelve months ended March 31, 2024, primarily due to 
decreased employee compensation and subcontractor costs, decreased other expenses, and a $1.0 million tax 
credit recovery from a previous acquisition, partially offset by decreased revenues.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 28

Operating income by segment in the U.S. increased by $6.9 million, or 20.9%, to $39.7 million for the twelve 
months ended March 31, 2025, from $32.8 million for the twelve months ended March 31, 2024, primarily due to 
increased revenues, increased efficiencies, and improved project performance, partially offset by lower digital 
adoption subscription revenues, which historically had a higher contribution. 
Operating income for the international segment decreased by $0.7 million, or 27.1%, to $1.8 million for the 
twelve months ended March 31, 2025, from $2.5 million for the twelve months ended March 31, 2024, primarily 
due to decreased tax credits and increased licenses and telecommunication and other expenses.
8.8       EBITDA and Adjusted EBITDA
The following table reconciles net earnings (loss) to EBITDA and Adjusted EBITDA:
For the three months ended 
March 31,
For the year ended March 31,
(in $ thousands)
2025
2024
2025
2024
$
$
$
$
Revenues
 
125,331 
 
120,540 
 
473,481 
 
491,125 
Net earnings (loss)
 
8,043 
 
2,298 
 
1,295 
 
(16,660) 
Net financial expenses
 
2,636 
 
2,262 
 
8,882 
 
11,857 
Income tax expense
 
813 
 
(257) 
 
2,775 
 
61 
Depreciation
 
1,158 
 
1,303 
 
4,523 
 
5,913 
Amortization of intangibles
 
4,837 
 
4,795 
 
18,926 
 
23,095 
EBITDA (1)
 
17,487 
 
10,401 
 
36,401 
 
24,266 
EBITDA Margin (1)
 14.0 %
 8.6 %
 7.7 %
 4.9 %
Adjusted for:
Foreign exchange gain
 
187 
 
152 
 
(258) 
 
102 
Share-based compensation
 
915 
 
1,226 
 
5,343 
 
6,257 
Business acquisition, integration and reorganization costs 
(recovery)
 
(1,322) 
 
(1,414) 
 
(1,234) 
 
3,384 
Impairment of goodwill
 
— 
 
— 
 
5,144 
 
— 
Impairment of property and equipment and right-of-use 
assets and loss on lease termination
 
150 
 
140 
 
150 
 
1,462 
Severance
 
630 
 
— 
 
2,132 
 
— 
Adjusted EBITDA (1)
 
18,047 
 
10,505 
 
47,678 
 
35,471 
Adjusted EBITDA Margin (1)
 14.4 %
 8.7 %
 10.1 %
 7.2 %
1 Non-IFRS measure. See section 5 titled "Non-IFRS and Other Financial Measures” for an explanation of the composition and usefulness 
of this non-IFRS financial measure.
EBITDA amounted to $17.5 million for the three months ended March 31, 2025, representing an increase of 
$7.1 million, or 68.1%, from $10.4 million for the three months ended March 31, 2024. EBITDA Margin was 
14.0% for the three months ended March 31, 2025, compared to 8.6% for the three months ended 
March 31, 2024.
Adjusted EBITDA amounted to $18.0 million for the three months ended March 31, 2025, representing an 
increase of $7.5 million, or 71.8%, from $10.5 million for the three months ended March 31, 2024. As explained 
above, increased gross margin, driven by higher revenues and higher gross margin as a percentage of 
revenues, was partially offset by increased selling, general and administrative expenses. Adjusted EBITDA 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 29

Margin was 14.4% for the three months ended March 31, 2025, compared to 8.7% for the three months ended 
March 31, 2024.
EBITDA amounted to $36.4 million for the twelve months ended March 31, 2025, representing an increase of 
$12.1 million, or 50.0%, from $24.3 million for the twelve months ended March 31, 2024. EBITDA Margin was 
7.7% for the twelve months ended March 31, 2025, compared to 4.9% for the twelve months ended 
March 31, 2024.
Adjusted EBITDA amounted to $47.7 million for the twelve months ended March 31, 2025, representing an 
increase of $12.2 million, or 34.4%, from $35.5 million for the twelve months ended March 31, 2024. As 
explained above, increased gross margin, driven by higher gross margin as a percentage of revenues, was 
complemented by decreased selling, general and administrative expenses. Adjusted EBITDA Margin was 10.1% 
for the twelve months ended March 31, 2025, compared to 7.2% for the twelve months ended March 31, 2024.
9. Bookings and Backlog
Bookings during the three months ended March 31, 2025 were $100.1 million, which translated into a Book-to-
Bill Ratio of 0.80 for the quarter, compared to Bookings of $133.9 million and a Book-to-Bill Ratio of 1.11 for the 
same quarter last year. The Book-to-Bill Ratio would have been 0.89 if revenues from the two long-term 
contracts signed as part of an acquisition in the first quarter of fiscal year 2022 were excluded, compared to 
1.27 for the same quarter last year. Bookings are affected by customer investment cycles and current economic 
conditions, causing some buyer hesitancy and longer sales cycles.
For the twelve months ended March 31, 2025, Bookings were $420.7 million, which translated into a Book-to-
Bill ratio of 0.89, compared to Bookings of $480.5 million and a Book-to-Bill Ratio of 0.98 last year. The Book-to-
Bill Ratio would have been 1.00 if revenues from the two long-term contracts signed as part of an acquisition in 
the first quarter of fiscal year 2022 were excluded, compared to 1.13 last year. Bookings are affected by 
customer investment cycles and current economic conditions, causing some buyer hesitancy and longer sales 
cycles.
Management believes information regarding Bookings can provide useful trend insight to investors regarding 
changes in the volume of new business over time. However, contracts typically provide termination clauses at 
the option of the customer. Furthermore, modifications of the scope of work and demand-driven usage may 
occur. As such, the amount of the contract actually realized could materially differ from the initial Bookings.
As at March 31, 2025 and 2024, Backlog represented approximately 16 months of trailing twelve-month 
revenues. The Backlog includes revenue agreements for projects which may extend beyond twelve months.
Management believes that Backlog information can provide useful trend insight to investors regarding changes 
in management’s best estimate of future revenues stemming from signed revenue agreements. However, 
contracts typically provide termination clauses at the option of the customer. Furthermore, modifications of the 
scope of work and demand-driven usage may occur. There can also be no assurance that subsequent 
cancellations or scope adjustments will not occur, that the Backlog will ultimately result in earnings, or when the 
related revenues and earnings from such Backlog will be recognized. As such, the amount of the contract 
actually realized could materially differ from the amount included in Backlog at a given date.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 30

10. Financial Position
As at
March 31,
(in $ thousands)
2025
2024
$
$
Current assets
 
145,705 
 
139,615 
Non-current assets
 
280,275 
 
276,882 
Total Assets
 
425,980 
 
416,497 
Current liabilities
 
117,528 
 
117,033 
Non-current liabilities
 
123,896 
 
124,260 
Total Liabilities
 
241,424 
 
241,293 
Shareholders' equity
 
184,556 
 
175,204 
Total Liabilities and Shareholders' Equity
 
425,980 
 
416,497 
For the twelve months ended March 31, 2025, total assets and total liabilities and shareholders’ equity were 
$426.0 million, representing an increase of $9.5 million, or 2.3%, from $416.5 million for the twelve months 
ended March 31, 2024. 
The $9.5 million increase in total assets was due primarily to increases of $14.7 million in goodwill from the 
XRM acquisition, $7.1 million in cash, and $1.6 million in prepaids, mainly due to an increase in annual 
subscriptions compared to monthly subscriptions, partially offset by a decrease of $6.8 million in intangibles 
mainly due to amortization and a foreign exchange rate impact, partially offset by $9.7 million of intangibles from 
the XRM Acquisition, and a $3.5 million decrease in accounts receivable and other receivables, despite an 
increase in revenues for the three months ended March 31, 2025 and the addition of accounts receivable and 
other receivables from the XRM acquisition, compared to the three months ended March 31, 2024, mainly due 
to improved project performance and DSO.
For a discussion of the variance in cash, including the cash impact of the various assets and liabilities on the 
balance sheet, refer to section 11 titled "Liquidity and Capital Resources".
The increase in total liabilities and shareholders’ equity of $9.5 million consisted of a $9.4 million increase in 
equity(1) and a $0.1 million increase in liabilities. The increase in total liabilities was due primarily to increases of 
$6.0 million in accounts payable and accrued liabilities, mainly due to higher accrued variable compensation 
resulting from improved business performance and accounts payable and accrued liabilities assumed from the 
XRM acquisition, partially offset by lower consumption taxes payable due to timing, $3.1 million in deferred tax 
liabilities mainly caused by differences related to intangibles and goodwill on business acquisition partially offset 
by recognized earnings, and $1.3 million in contingent consideration, consisting of $5.4 million from the XRM 
acquisition, partially offset by a contingent consideration adjustment of $4.3 million related to the earn-out 
consideration from the Datum Acquisition and a $0.2 million foreign exchange rate impact. The increased 
liabilities were partially offset by decreases of $7.5 million in long-term debt and $2.5 million in lease liabilities, 
as the Company continues to reduce its footprint and realize synergies.
For a discussion of the variance in long-term debt, refer to section 11.6 titled "Long-Term Debt and Net Debt".
1 For more details, refer to the consolidated statements of changes in shareholders' equity in the Q4 Financial Statements.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 31

11. Liquidity and Capital Resources
11.1       Consolidated Statements of Cash Flows 
Alithya’s ongoing operations and growth are financed through a combination of operating cash flows, 
borrowings under its existing credit facility, secured loans and subordinated unsecured loans, and the issuance 
of equity. Alithya seeks to maintain an optimal level of liquidity through the active management of its assets and 
liabilities, as well as its cash flows. The following table summarizes Alithya’s cash flow activities for the three-
month and twelve-month periods ended March 31, 2025 and 2024:
For the three months ended March 31,
For the year ended March 31,
(in $ thousands)
2025
2024
2025
2024
$
$
$
$
Net cash from operating activities
 
17,070 
 
9,732 
 
48,433 
 
15,669 
Net cash used in investing activities
 
(482) 
 
(331) 
 
(7,823)  
(787) 
Net cash used in financing activities
 
(14,920)  
(11,473)  
(34,149)  
(28,577) 
Effect of exchange rate changes on cash
 
195 
 
114 
 
636 
 
(29) 
Net change in cash
 
1,863 
 
(1,958)  
7,097 
 
(13,724) 
Cash, beginning of period
 
14,093 
 
10,817 
 
8,859 
 
22,583 
Cash, end of period
 
15,956 
 
8,859 
 
15,956 
 
8,859 
11.2       Cash Flows - Operating Activities
For the three months ended March 31, 2025, net cash from operating activities was $17.1 million, representing 
an increase of $7.4 million, or 75.4%, from $9.7 million for the three months ended March 31, 2024. The cash 
flows for the three months ended March 31, 2025 resulted primarily from the net earnings of $8.0 million, plus 
$6.6 million of adjustments to the net earnings, consisting primarily of non-cash items such as depreciation and 
amortization, net financial expenses, share-based compensation, and deferred taxes, partially offset by a 
contingent consideration adjustment, unrealized foreign exchange gain, and the cash settlement of RSUs, 
DSUs, and PSUs, and by $2.5 million in favorable changes in non-cash working capital items. In comparison, 
the cash flows for the three months ended March 31, 2024 resulted primarily from the net earnings 
of $2.3 million, plus $5.8 million of adjustments to the net earnings, consisting primarily of non-cash items such 
as depreciation and amortization, net financial expenses, share-based compensation, and unrealized foreign 
exchange gain, partially offset by a contingent consideration adjustment and deferred taxes, and $1.7 million in 
favorable changes in non-cash working capital items.
Favorable changes in non-cash working capital items of $2.5 million during the three months ended 
March 31, 2025 consisted primarily of a $10.1 million increase in accounts payable and accrued liabilities, 
mainly due to higher accrued variable compensation resulting from improved business performance and higher 
accrued subcontractor costs due to timing, an $8.5 million decrease in unbilled revenues, mainly due to the 
timing of invoicing and projects, and a $0.2 million increase in deferred revenues, partially offset by an 
$11.5 million increase in accounts receivable and other receivables, mainly due to the timing of project billing, a 
$3.4 million increase in tax credits receivable, and a $1.5 million increase in prepaids. For the three months 
ended March 31, 2024, favorable changes in non-cash working capital items of $1.7 million consisted primarily 
of a $5.9 million decrease in tax credits receivable, mainly due to the timing of tax credit collection, a 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 32

$2.5 million decrease in unbilled revenues, a $2.3 million increase in deferred revenues, and a $1.3 million 
increase in accounts payable and accrued liabilities, partially offset by a $9.6 million increase in accounts 
receivable and other receivables, mainly due to the timing of project billing, and a $0.9 million increase in 
prepaids.
For the twelve months ended March 31, 2025, net cash from operating activities was $48.4 million, representing 
an increase of $32.8 million, from $15.7 million for the twelve months ended March 31, 2024. The cash flows for 
the twelve months ended March 31, 2025 resulted primarily from the net earnings of $1.3 million, plus 
$36.9 million of adjustments to the net earnings, consisting primarily of non-cash items such as depreciation 
and amortization, net financial expenses, impairment of goodwill, share-based compensation, and deferred 
taxes, partially offset by a contingent consideration adjustment, unrealized foreign exchange gain, and the cash 
settlement of RSUs, DSUs, and PSUs, and $10.2 million in favorable changes in non-cash working capital 
items. In comparison, the cash flows for the twelve months ended March 31, 2024 resulted primarily from the 
net loss of $16.7 million, plus $42.6 million of adjustments to the net loss, consisting primarily of depreciation 
and amortization, net financial expenses, share-based compensation, and impairment of property and 
equipment and right-of-use assets, partially offset by a contingent consideration adjustment, the cash settlement 
of RSUs, deferred taxes, and other items, and $10.2 million in unfavorable changes in non-cash working capital 
items.
Favorable changes in non-cash working capital items of $10.2 million during the twelve months ended 
March 31, 2025 consisted primarily of a $9.5 million decrease in accounts receivable and other receivables, a 
$1.2 million increase in accounts payable and accrued liabilities, a $0.9 million decrease in other assets, a 
$0.8 million decrease in unbilled revenues, and a $0.7 million decrease in tax credits receivable, partially offset 
by a $1.7 million decrease in deferred revenues and a $1.2 million increase in prepaids. For the twelve months 
ended March 31, 2024, unfavorable changes in non-cash working capital items of $10.2 million consisted 
primarily of a $17.1 million decrease in accounts payable and accrued liabilities, a $6.2 million increase in 
accounts receivable and other receivables, and a $0.2 million increase in other assets, partially offset by an 
$8.5 million decrease in unbilled revenues, a $3.0 million increase in deferred revenues, a $1.2 million decrease 
in tax credits receivable, and a $0.6 million decrease in prepaids.
11.3       Cash Flows - Investing Activities
For the three months ended March 31, 2025, net cash used in investing activities was $0.5 million, representing 
an increase of $0.2 million, from $0.3 million for the three months ended March 31, 2024. The cash used in the 
three months ended March 31, 2025 and 2024 resulted primarily from purchases of property and equipment as 
part of the ordinary course of business.
For the twelve months ended March 31, 2025, net cash used in investing activities was $7.8 million, 
representing an increase of $7.0 million, from $0.8 million for the twelve months ended March 31, 2024. The 
cash used in the twelve months ended March 31, 2025 consisted primarily of $6.4 million related to the XRM 
Acquisition, net of cash acquired, and $1.4 million of purchases of property and equipment and intangibles as 
part of the ordinary course of business. In comparison, the cash used in the twelve months ended 
March 31, 2024 resulted primarily from purchases of property and equipment as part of the ordinary course of 
business.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 33

11.4       Cash Flows - Financing Activities
For the three months ended March 31, 2025, net cash used in financing activities was $14.9 million, 
representing an increase of $3.4 million, from $11.5 million for the three months ended March 31, 2024. The 
cash flows for the three months ended March 31, 2025 resulted primarily from $25.3 million in long-term debt 
repayments, $2.2 million in financial expenses paid, and $1.0 million in repayments of lease liabilities, partially 
offset by $13.4 million in proceeds from long-term debt, net of related transaction costs, as described in section 
11.6. In comparison, the cash flows for the three months ended March 31, 2024 resulted primarily from 
$45.1 million in long-term debt repayments, $2.1 million in financial expenses paid, $1.5 million in repayments of 
lease liabilities, including lease termination costs, and $0.2 million in shares purchased for cancellation, partially 
offset by $37.5 million in proceeds from long-term debt, net of related transaction costs.
For the twelve months ended March 31, 2025, net cash used in financing activities was $34.1 million, 
representing an increase of $5.5 million, from $28.6 million for the twelve months ended March 31, 2024. The 
cash flows for the twelve months ended March 31, 2025 resulted primarily from $123.6 million in long-term debt 
repayments, $8.0 million in financial expenses paid, $4.6 million in repayments of lease liabilities, including 
lease termination costs, $0.4 million in Subordinate Voting Shares purchased for cancellation, $0.2 million in 
witholding taxes paid pursuant to the settlement of RSUs and PSUs, and $0.1 million in Subordinate Voting 
Shares purchased on the open market by the Share Unit Plan's ("SUP") administrator in connection with the 
settlement of RSUs, partially offset by $102.7 million in proceeds from long-term debt, net of related transaction 
costs, as described in section 11.6. In comparison, the cash flows for the twelve months ended March 31, 2024 
resulted primarily from $159.1 million in long-term debt repayments, $11.0 million in financial expenses paid, 
$5.8 million in repayments of lease liabilities, including lease termination costs, and $1.0 million in shares 
purchased for cancellation, partially offset by $148.3 million in proceeds from long-term debt, net of related 
transaction costs.
11.5       Capital Resources
Capital resources are summarized in the table below:
As at
March 31,
(in $ thousands)
2025
$
Cash
 
15,956 
Availability under the senior secured revolving credit facility (1)
 
112,271 
Availability under the operating credit facility (2)
 
2,876 
 
131,103 
1 Refer to section 11.6 titled "Long-Term Debt and Net Debt” for further details on the senior secured revolving credit facility.
2 Refer to Note 11 of the annual audited consolidated financial statements for further details on the operating credit facility.
Alithya’s main objectives when managing capital are to provide a strong capital base in order to maintain 
shareholders’, creditors’, and other stakeholders’ confidence and to sustain future growth and development of 
the business, to maintain a flexible capital structure that optimizes the cost of capital at an acceptable risk level 
and preserves the ability to meet its financial obligations, to ensure sufficient liquidity to pursue its organic 
growth strategy and undertake selective acquisitions, and to provide returns on investment to shareholders.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 34

In managing its capital structure, Alithya monitors performance throughout the year to ensure anticipated 
working capital requirements and maintenance capital expenditures are funded from operations, available cash, 
and borrowings.
As at March 31, 2025, capital resources available to Alithya amounted to $131.1 million, consisting of cash, 
mainly generated through operations, as discussed above, and availability under its credit facilities, including 
the accordion provision. As such, management believes that the Company is well-positioned to sustain its 
operations while maintaining adequate levels of liquidity.
11.6       Long-Term Debt and Net Debt
The following table summarizes the Company’s long-term debt:
As at
March 31,
March 31,
(in $ thousands)
2025
2024
$
$
Senior secured revolving credit facility (the "Credit Facility") (a)
 
77,729 
 
81,073 
Secured loans
 
— 
 
8,537 
Subordinated unsecured loans (b)
 
20,000 
 
20,000 
Balance of purchase price payable with a nominal value of $4,479,000 (US$3,115,000) 
(March 31, 2024 - $8,436,000 (US$6,230,000)), non-interest bearing (4.4% effective interest 
rate), payable in annual installments of $4,479,000 (US$3,115,000), maturing on July 1, 2025 
 
4,431 
 
8,172 
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
 
7,718 
 
— 
Other debt from XRM Acquisition
 
379 
 
— 
Unamortized transaction costs (net of accumulated amortization of $403,000 and $215,000)
 
(338) 
 
(400) 
 
109,919 
 
117,382 
Current portion of long-term debt
 
8,059 
 
12,687 
 
101,860 
 
104,695 
(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.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 35

(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 March 31, 2025 and 2024.
Total long-term debt as at March 31, 2025 decreased by $7.5 million, to $109.9 million, from $117.4 million as at 
March 31, 2024, due primarily to a decrease of $3.3 million in amounts drawn under the Credit Facility and the 
repayments of $8.5 million in secured loans and $3.7 million of a balance of purchase price payable, partially 
offset by the addition of a $7.7 million balance of purchase price payable as part of the XRM Acquisition.
As at March 31, 2025, cash amounted to $16.0 million and $77.7 million was drawn under the Credit Facility 
and classified as long-term debt. In comparison, as at March 31, 2024, cash amounted to $8.9 million and 
$81.1 million was drawn under the Credit Facility and classified as long-term debt.
The following table reconciles long-term debt to Net Debt(1):
As at
March 31,
March 31,
(in $ thousands)
2025
2024
$
$
Current portion of long-term debt
 
8,059 
 
12,687 
Non-current portion of long-term debt
 
101,860 
 
104,695 
Total long-term debt
 
109,919 
 
117,382 
Less:
Cash
 
15,956 
 
8,859 
Net Debt
 
93,963 
 
108,523 
 
1 Non-IFRS measure. See section5 titled "Non-IFRS and Other Financial Measures” for an explanation of the composition and usefulness of 
this non-IFRS financial measure.
During the twelve months ended March 31, 2025, Alithya's Net Debt decreased, despite the inclusion of all debt 
related to the XRM Acquisition, primarily as a result of the decrease in long-term debt and the increase in cash, 
mainly generated by earnings.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 36

11.7       Contractual Obligations
The following table summarizes the carrying amounts and the contractual maturities of both the interest and 
principal portions of significant financial liabilities and contracted expenditures for operating commitments:
As at
March 31, 2025
(in $ thousands)
Carrying 
amount
Total
Less than 1 
year
1-2 years
2-5 years
More than 5 
years
$
$
$
$
$
$
Trade payable
 
42,327 
 
42,327 
 
42,327 
 
— 
 
— 
 
— 
Contingent consideration
 
5,359 
 
6,353 
 
— 
 
6,353 
 
— 
 
— 
Credit Facility
 
77,729 
 
88,060 
 
5,217 
 
5,114 
 
77,729 
 
— 
Subordinated unsecured loans
 
20,000 
 
22,221 
 
1,438 
 
20,783 
 
— 
 
— 
Balance of purchase price payable
 
12,149 
 
13,104 
 
7,929 
 
3,450 
 
1,725 
 
— 
Other liabilities (included in long-
term debt)
 
379 
 
389 
 
360 
 
29 
 
— 
 
— 
Lease liabilities
 
8,995 
 
10,149 
 
3,928 
 
1,911 
 
4,186 
 
124 
Operating commitments
 
— 
 
16,125 
 
6,999 
 
4,012 
 
5,114 
 
— 
 
166,938 
 
198,728 
 
68,198 
 
41,652 
 
88,754 
 
124 
11.8       Off-Balance Sheet Arrangements
Alithya uses off-balance sheet financing for operating commitments for technology licenses and infrastructure, 
as disclosed in the section above titled "Contractual Obligations". Other than as disclosed in the section above 
and Note 15 of the annual audited consolidated financial statements, there have been no material changes with 
respect to off-balance sheet arrangements since March 31, 2024 outside of Alithya’s ordinary course of 
business.
12. Share Capital
In the context of the discussion on share capital, Alithya Group inc. will be referred to as the “Company”. The 
details of Alithya's share capital are fully described in Note 13 of Alithya's annual audited consolidated financial 
statements.
12.1       Normal Course Issuer Bid
On September 13, 2023, the Company’s Board of Directors authorized and subsequently the TSX approved the 
renewal of its normal course issuer bid ("NCIB"). Under the NCIB, the Company was allowed to purchase for 
cancellation up to 2,411,570 (previously 2,491,128) Subordinate Voting Shares, representing 5% of the 
Company’s public float as of the close of markets on September 7, 2023.
The NCIB commenced on September 20, 2023 and ended on September 19, 2024 (previously between 
September 20, 2022 and September 19, 2023). All purchases of Subordinate Voting Shares were made by 
means of open market transactions at their market price at the time of acquisition. 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 37

In connection with the NCIB, the Company had entered into an automatic share purchase plan (“ASPP”) with a 
designated broker. The ASPP allowed the designated broker, to purchase for cancellation Subordinate Voting 
Shares, on behalf of the Company, subject to certain trading parameters established, from time to time, by the 
Company.
The Company did not renew its NCIB program following the end of the program on September 19, 2024.
13. Related Parties
Ultimate controlling party
As at March 31, 2025, the holders of Multiple Voting Shares, directly or indirectly, collectively owned or 
exercised control over Subordinate Voting Shares and Multiple Voting Shares representing approximately 
44.6% of the total voting rights of Alithya. The holders entered into a voting agreement on November 1, 2018, 
pursuant to which they agreed to, among other things, vote all of the Subordinate Voting Shares and Multiple 
Voting Shares under their control in accordance with decisions made by a majority of them, subject to certain 
exceptions.
Transactions with key management personnel
Key management personnel includes the Company’s directors and members of the Company’s Executive 
Committee and certain other key management personnel. Key management personnel of Alithya participate in 
the share purchase plan, the Long-term Incentive Plan, and the Share Unit Plan. The compensation paid or 
payable to key management personnel for services is shown below:
Year ended
March 31,
March 31,
(in $ thousands)
2025
2024
$
$
Short-term employee benefits (a)
 
6,275 
4,100
Share-based compensation
2,060
2,106
Termination benefits
878
—
 
9,213 
 
6,206 
(a) Short-term employee benefits include salaries, benefits and short-term incentive compensation.
In addition to the above amounts, the Company is committed to pay termination benefits to certain key 
management personnel up to $7,378,000 (2024 - $6,433,000) in the event of a termination under certain 
conditions.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 38

14. Selected Annual Information
For the years ended March 31,
(in $ thousands)
2025
2024
2023
$
$
$
Revenues
 
473,481 
 
491,125 
 
522,701 
Net earnings (loss)
 
1,295 
 
(16,660)  
(30,097) 
Basic and diluted earnings (loss) per share
 
0.01 
 
(0.17)  
(0.32) 
Total assets
 
425,980 
 
416,497 
 
464,101 
Non-current long-term debt, non-current lease liabilities, and non-current 
contingent consideration
 
112,668 
 
116,161 
 
136,062 
Revenues decreased from March 31, 2024 to March 31, 2025 primarily due to one client's major transformation 
project reaching maturity and a reduction in revenues from a few government contracts in Canada, partially 
offset by organic growth in certain areas of the business, a recovery in the banking sector, revenues from XRM 
Vision since the acquisition, and the positive impact of foreign exchange variations between the periods. 
Revenues decreased from March 31, 2023 to March 31, 2024 primarily due to a reduction in information 
technology investments in the banking sector and certain client projects reaching maturity, partially offset by 
organic growth in certain areas of the business and the positive impact of foreign exchange variations between 
the periods.
Net earnings for the twelve months ended March 31, 2025 were $1.3 million, representing an increase of 
$18.0 million, from a net loss of $16.7 million for the twelve months ended March 31, 2024. The increased 
earnings were driven by the increased gross margin, including a $1.0 million tax credit recovery from a previous 
acquisition, decreased selling, general and administrative expenses, including a $1.3 million reduction in 
expenses mainly related to impairment of property and equipment and right-of-use assets in the first quarter of 
last year, decreased business acquisition, integration and reorganization costs, resulting primarily from an 
increased recovery of $1.8 million from the contingent consideration adjustment related to the earn-out 
consideration from the Datum Acquisition which was partially offset by an increase of $1.0 million in acquisition 
costs related to the XRM Acquisition, decreased amortization of intangibles and depreciation of property and 
equipment, increased foreign exchange gain, and decreased net financial expenses, partially offset by the 
$5.1 million impairment of goodwill and increased income tax expense for the twelve months ended 
March 31, 2025, compared to the twelve months ended March 31, 2024. Net loss and basic and diluted loss per 
share decreased from March 31, 2023 to March 31, 2024 primarily due to decreases in selling, general and 
administrative expenses, business acquisition, integration and reorganization costs, including a recovery of the 
earn-out consideration related to the Datum Acquisition, and amortization of intangibles and depreciation of 
property and equipment, partially offset by decreased gross margin and increases in income tax expense, 
primarily due to a decrease in deferred tax recovery resulting from a deferred tax asset that was probable of 
being realized as a result of the deferred tax liability pursuant to the acquisition of Datum in the prior year, and 
net financial expenses.
The increase in total assets from March 31, 2024 to March 31, 2025 was due primarily to the acquisition of 
XRM, which resulted in the recognition of intangible assets and goodwill, and the increase in cash, consisting 
mainly of increased cash from operating activities, partially offset by the decrease in intangible assets due to 
amortization that occurred during the year ended March 31, 2025 and a decrease in accounts receivable and 
other receivables. The decrease in total assets from March 31, 2023 to March 31, 2024 was due primarily to the 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 39

decrease in cash, due to repayments under the Credit Facility, and the decreases in unbilled revenues and 
intangibles and property and equipment due to amortization and depreciation that occurred during the year 
ended March 31, 2024, partially offset by an increase in accounts receivable and other receivables.
Non-current long-term debt, non-current lease liabilities, and non-current contingent consideration increased 
from March 31, 2024 to March 31, 2025 due to increased contingent consideration resulting from the XRM 
Acquisition, partially offset by a recovery of the earn-out consideration related to the Datum Acquisition and 
decreased long-term debt and lease liabilities resulting from repayments made in the year ended 
March 31, 2025. Non-current long-term debt and lease liabilities decreased from March 31, 2023 to 
March 31, 2024, primarily due to decreased long-term debt resulting from the repayment of loans, a recovery of 
the earn-out consideration related to the Datum Acquisition, and a reassessment of lease liabilities as part of 
Alithya's review of its real estate strategy following the integration of acquisitions and changes in working 
conditions in order to reduce the Company's footprint and realize synergies.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 40

15. Eight Quarter Summary
 For the three months ended
(in $ thousands, except for per 
share data)
Jun 30,
Sep 30,
Dec 31,
Mar 31,
Jun 30,
Sep 30,
Dec 31,
Mar 31,
2023
2023
2023
2024
2024
2024
2024
2025
Revenues
 131,595 
 118,492 
 120,498 
 120,540 
 120,875 
 111,514 
 115,761 
 125,331 
Cost of revenues
 93,502 
 83,701 
 82,819 
 81,793 
 82,345 
 77,386 
 78,376 
 79,240 
Gross margin
 38,093 
 34,791 
 37,679 
 38,747 
 38,530 
 34,128 
 37,385 
 46,091 
 28.9 %
 29.4 %
 31.3 %
 32.1 %
 31.9 %
 30.6 %
 32.3 %
 36.8 %
Operating expenses
Selling, general and administrative 
expenses
 32,499 
 29,930 
 29,521 
 29,608 
 31,659 
 25,869 
 28,814 
 29,739 
Business acquisition, integration 
and reorganization costs 
(recovery)
 
1,105 
 
2,663 
 
1,030 
 
(1,414) 
 
783 
 
549 
 
(1,244) 
 
(1,322) 
Depreciation
 
1,668 
 
1,498 
 
1,444 
 
1,303 
 
1,095 
 
1,102 
 
1,168 
 
1,158 
Amortization of intangibles
 
6,824 
 
6,177 
 
5,299 
 
4,795 
 
4,644 
 
4,635 
 
4,810 
 
4,837 
Foreign exchange (gain) loss
 
(128) 
 
112 
 
(34) 
 
152 
 
(17) 
 
259 
 
(687) 
 
187 
Impairment of intangibles and 
goodwill
 
— 
 
— 
 
— 
 
— 
 
— 
 
— 
 
5,144 
 
— 
 41,968 
 40,380 
 37,260 
 34,444 
 38,164 
 32,414 
 38,005 
 34,599 
Operating income (loss)
 
(3,875) 
 
(5,589) 
 
419 
 
4,303 
 
366 
 
1,714 
 
(620) 
 11,492 
Net financial expenses
 
3,220 
 
3,073 
 
3,302 
 
2,262 
 
2,372 
 
1,502 
 
2,372 
 
2,636 
Earnings (loss) before income 
t
 
(7,095) 
 
(8,662) 
 
(2,883) 
 
2,041 
 
(2,006) 
 
212 
 
(2,992) 
 
8,856 
Income tax (recovery) expense 
 
150 
 
514 
 
(346) 
 
(257) 
 
756 
 
482 
 
724 
 
813 
Net earnings (loss)
 
(7,245) 
 
(9,176) 
 
(2,537) 
 
2,298 
 
(2,762) 
 
(270) 
 
(3,716) 
 
8,043 
Basic and diluted earnings (loss) 
per share
 
(0.08) 
 
(0.10) 
 
(0.03) 
 
0.02 
 
(0.03) 
 
— 
 
(0.04) 
 
0.08 
 
 
 
 
 
Quarterly variances in Alithya's results can be attributed primarily to seasonality and customer investment 
cycles. The revenues generated by Alithya's consultants are impacted by the number of working days in a 
particular quarter, which can vary as a result of vacations and other paid time off and statutory holidays. 
Similarly, customer information technology investment cycles are also affected by the seasonality of their own 
operations.
Over the eight-quarter period, revenues have fluctuated due to reductions in information technology investments 
in the financial services sector and certain clients' projects reaching maturity. Gross margin as a percentage of 
revenues has generally followed an increasing trend, mainly due to higher billing rates and increased 
efficiencies, improved project performance, and a steady migration towards higher value-added services. 
Selling, general and administrative expenses have fluctuated due to business acquisitions, net of synergies, 
and, in recent quarters, employee compensation expense, namely annual salary increases, variable 
compensation, and severance consisting of termination and benefit costs for management personnel. The 
downward trend in costs resulted mainly from the review of Alithya's cost structure initiated in the fourth quarter 
of fiscal 2022 and the modifications undertaken in the quarters that followed, and workforce reductions in 
response to changes in economic conditions. As a percentage of consolidated revenues, total selling, general 
and administrative expenses have varied due to business acquisitions, cost structure reviews, and as a result of 
the variations in revenues discussed above. Other expenses, such as business acquisition, integration and 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 41

reorganization costs, depreciation, amortization of intangibles, and net financial expenses, have also varied as a 
result of business acquisitions and the subsequent integration activities and requirements.
16. Significant Management Judgement and Accounting Estimates
The preparation of Alithya’s consolidated financial statements in conformity with IFRS requires management to 
make judgments, estimates and assumptions that affect the application of accounting policies and the amounts 
reported as assets, liabilities, income and expenses in the consolidated financial statements. Actual results 
could differ from those estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates 
are recognized in the period in which they occur and in any future periods affected. Alithya's material accounting 
policies are fully described in Note 3 of Alithya's annual audited consolidated financial statements.
The following are critical judgements that management has made in applying accounting policies and that have 
the most significant effect on the amounts recognized in the consolidated financial statements:
Determination of cash generating units – The identification of CGUs and grouping of assets into the respective 
CGUs is based on currently available information about actual utilization experience and expected future 
business plans. Management has taken into consideration various factors in identifying its CGUs. These factors 
include how the Company manages and monitors its operations, the nature of each CGU’s operations, and the 
major customer markets they serve. As such, the Company has identified its CGUs for purposes of testing the 
recoverability and impairment of non-financial assets to be: Canada, France, EPM, ERP and Industry Solutions.
Determination of operating segments – The Company uses judgment in the determination of operating 
segments for financial reporting and disclosure purposes. The Company has examined its activities and has 
determined that it has three reportable segments based on geography: Canada, U.S. and International.
The following are assumptions and estimation uncertainties that have a significant risk of resulting in material 
adjustments within the next year:
Revenue recognition for fixed-fee and time and material arrangements applying the Input Method – The 
Company recognizes revenues from arrangements applying the input method which can extend over more than 
one reporting period. Revenue from these arrangements applying the Input Method is recognized over time 
based on a measure of progress using the Company’s best estimate of the total expected labour costs, and the 
related risks associated with completing the service. The determination of total expected labour costs to 
complete a service is based on estimates that can be affected by a variety of factors, including but not limited to, 
changes in the scope of the contract, delays in reaching milestones, changes in labour mix and rates, previously 
unidentified complexities in service delivery, or potential claims from customers.
As risks and uncertainties are different for each project, the sources of variations between anticipated costs and 
actual costs incurred will also vary by project. The determination of estimates is based on the Company's 
business practices as well as its historical experience, and is tightly linked to detailed project management 
processes and controls. The information provided by the project managers combined with a knowledgeable 
assessment of technical complexities and risks are used in estimating the percentage complete.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 42

Impairment of long-lived assets – The Company’s impairment test for goodwill is based on internal estimates of 
its individual CGUs’ recoverable amounts determined as the greater of value in use and fair value less costs of 
disposal. Value in use represents the present value of the future cash flows expected to be derived from the 
CGU from its continued use. The fair value less cost of disposal represents the price that would be received to 
sell the CGU in an orderly transaction between market participants at the measurement date under current 
market conditions, less incremental costs directly attributable to disposing of the CGU, excluding finance costs 
and income tax expense.
Key assumptions of the individual CGUs’ value-in-use include forecasted revenues, cost of revenues, SG&A 
expenses and other non-cash adjustments applied in the determination of the Company’s three year net 
operating cash flow forecast, estimated long-term growth rates used to extrapolate the three year net operating 
cash flow forecast and the pre-tax value weighted average cost of capital (“WACC”) applied in the determination 
of the present value of the net operating cash flow forecast.
Key assumptions of the individual CGUs’ fair value less cost of disposal include estimated revenues, cost of 
revenues, SG&A expenses and other non-cash adjustments applied in the determination of the Company’s 
forecasted Adjusted EBITDA and an implied market multiple applied to forecasted Adjusted EBITDA.
Changes in these key assumptions can have a material impact on the recoverable amount calculated and 
ultimately the amount of any goodwill impairment recognized. Refer to Note 9 of Alithya's annual audited 
consolidated financial statements for additional information on the assumptions used.
17. Accounting Standard Amendments and Interpretations Effective 
for the Year Ended March 31, 2025
The following amendments to existing standards were adopted by the Company on April 1, 2024:
IAS 1 - Presentation of Financial Statements
On January 23, 2020, the IASB issued amendments to IAS 1 - Presentation of Financial Statements, to clarify 
the classification of liabilities as current or non-current. For the purposes of non-current classification, the 
amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve 
months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting 
period. After reconsidering certain aspects of the 2020 amendments, the IASB reconfirmed that only covenants 
with which a company must comply on or before the reporting date affect the classification of a liability as 
current or non-current. Additional disclosure will be required to help users understand the risk that those 
liabilities could become repayable within twelve months after the reporting date. The amendments also clarify 
how a company classifies a liability that includes a counterparty conversion option. The amendments state that: 
settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and when 
classifying liabilities as current or non-current, a company can ignore only those conversion options that are 
recognized as equity. The amendments to IAS 1 apply retrospectively and are effective for annual periods 
beginning on or after January 1, 2024. The amendments to IAS 1 had no impact on the Company’s 
consolidated financial statements.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 43

International Financial Reporting Interpretations Committee (“IFRIC”) Agenda Decision on Segment Reporting
In July 2024, the IFRS Interpretations Committee issued an agenda decision clarifying disclosure requirements 
for reportable segments under IFRS 8 – Operating Segments. The decision emphasizes the need to disclose 
certain specified items if these are included in the measure of segment profit or loss reviewed by the Chief 
Operating Decision Maker (CODM) or are otherwise regularly provided to the CODM, even if not included in that 
measure of segment profit or loss. As a result, the Company has made changes to reflect these requirements in 
Note 23 of Alithya's annual audited consolidated financial statements.
18. New Accounting Standards and Interpretations Issued but Not Yet 
Effective
At the date of authorization of the 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 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.
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 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 44

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.
19. Risks and Uncertainties
While Alithya is confident about its long-term prospects, it operates in an environment that presents a variety of 
risks and uncertainties and is affected by a number of factors which could have a material adverse effect on its 
business, financial condition and results of operations, cash flows, business or reputation.
Alithya’s risk management strategy is aligned with its business strategy and its activities are conducted with the 
understanding that risk-taking and effective management of risks are necessary and integral to achieving 
strategic objectives and managing business operations. The Board has delegated to the Audit and Risk 
Management Committee the responsibility to oversee risks and to the Corporate Governance and Nominating 
Committee the responsibility to oversee risks disclosure. Management discusses the critical risks facing 
Alithya’s business with the Audit and Risk Management Committee on a quarterly basis and with the Board on 
an annual basis during the strategic planning and budgeting processes, as well as on an ad hoc basis, as 
deemed necessary. Management also discusses risks disclosure with the Corporate Governance and 
Nominating Committee on a quarterly basis to ensure its disclosure remains accurate and addresses the 
material risks that Alithya faces. Early identification of risks helps Alithya be more proactive and prevent major 
incidents and consequences.
The risks that Alithya currently believes could materially affect it are described in this section. They are grouped 
in the following categories:
•
Risks related to the market: Includes risks arising from the market in general and which could have a 
material impact on Alithya’s business;
•
Risks related to Alithya’s business: Includes risks specific to the way in which Alithya’s business is 
structured and operates;
•
Risks related to Alithya’s industry: Includes risks to which companies providing digital technology 
consulting services are subject to; and
•
Risks related to Subordinate Voting Shares and Liquidity: Includes risks specific to holding 
Subordinate Voting Shares and liquidity.
These risks are, however, not necessarily the only risks Alithya faces. Additional risks and uncertainties that are 
presently unknown or that Alithya may currently deem immaterial could adversely affect its business. Investors 
should carefully consider the risks and uncertainties discussed in this section as well as in Alithya’s other 
materials made public, including documents filed with Canadian and U.S. securities regulatory authorities and 
which are available on SEDAR+ and EDGAR, before making an investment decision. The realization of any of 
these risks could, among other things, have an impact on the market price of the Subordinate Voting Shares.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 45

19.1
Risks Related to the Market
19.1.1
Economic risks and political uncertainty
Alithya’s results of operations are affected by the level of business activity of its customers, which in turn is 
affected by their level of economic activities in the industries and markets in which they operate as well as 
political uncertainty, which may include armed conflict, labour or social unrest, rising inflation, national trade 
policies, recession, climate change, and diseases or health emergencies. Economic conditions and political 
uncertainty could cause certain customers to reduce or defer their expenditures for digital technology consulting 
services and a significant prolonged decline in the level of business activity of Alithya’s customers could have a 
material adverse effect on its revenues and profit margin. Since there may be fewer engagements, competition 
may increase and pricing for services may decline as competitors may decrease rates to maintain or increase 
their market share in the IT industry. Alithya maintains cost-savings initiatives to manage its expenses as a 
percentage of revenues, but there is no assurance that such initiatives would be successful over a long period 
affected by difficult economic conditions or political uncertainty. Alithya can neither predict the impact that 
economic and political conditions may have on its future revenues, nor predict changes in economic conditions 
or future political uncertainty.
Although its customers are principally located in Canada and the U.S., Alithya serves them through local 
presence as well as delivery centers located outside of Canada and the U.S. Accordingly, economic risks and 
political uncertainty in the jurisdictions from which it provides services could affect the delivery of its services. 
Similarly, as the Company continues to expand its operations in North America and internationally, including 
through acquisitions, the level of economic activity in such other jurisdictions, in which it may expand and 
develop more business with time, and the political uncertainty, war or armed conflict that could affect such 
jurisdictions could have a more significant footprint on Alithya’s operations and business, financial condition and 
results of operations.
Additionally, the potential impacts of climate change are unpredictable and natural disasters, sea-level rise, 
floods, droughts or other weather-related events present additional risks, as they could disrupt Alithya’s internal 
operations or its customers’ operations, impact its professionals’ health and safety, and increase insurance and 
other operating costs. Climate change risks can arise from physical risks (risks related to the physical effects of 
climate change), transition risks (risks related to regulatory, legal, technological and market changes from a 
transition to a low-carbon economy), as well as reputational risks related to Alithya’s management of climate-
related issues and the level of disclosure related to such matters. Such risks could affect Alithya or affect the 
financial viability of its customers, leading to a reduction of demand and loss of business from such customers 
and each of these risks could negatively impact Alithya’s business, results of operations and financial condition. 
Alithya could be further disproportionally affected by such events if they are affecting regions where Alithya has 
a higher customer concentration.
19.1.2
Inflation, Tariffs and Trade Disputes
With the current higher levels of inflation, Alithya may become subject to significant cost pressures, which may 
result in market volatility. Governments of jurisdictions in which Alithya has direct or indirect business activities 
may adopt initiatives to combat inflation, such as raising interest rates, thus increasing its cost of borrowing and 
decreasing the liquidity of capital markets. Alithya’s customers may have difficulty budgeting for external IT 
services, delay their IT spending or delay their payment for services provided. Higher levels of inflation may also 
lead to increased costs of labour and Alithya’s selling, general and administrative expenses. If Alithya’s 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 46

operating costs were to become subject to significant inflationary pressures, there is no assurance that Alithya 
would be able to offset such higher costs, in part or in full, through price increases or other expense 
management efficiencies, which could have a material adverse effect on its business, financial condition or 
results of operations. 
Political uncertainty surrounding tariffs, trade disputes and retaliatory measures between governments and 
barriers to international trade could negatively impact economic conditions, inflation, spending and currency 
exchange rates, and lead to multifaceted effects on the economies in which Alithya operates, including, but not 
limited to, supply chain disruptions, economic downturn and inflationary pressures, and uncertainty in capital 
markets. Tariffs and/or trade wars, if widespread and prolonged, can also lead to volatility in capital markets and 
slower economic growth. The duration and impact of these events are unknown at this time, nor is the impact on 
Alithya’s operations and the market for its securities. While Alithya has not been directly impacted by US tariffs, 
there is no assurance that its customers will not and that, if they are, it will not affect their IT spendings and how 
they have historically conducted business with Alithya. Failure to mitigate the negative effects of tariffs, trade 
disputes and/or barriers to international trade could adversely impact Alithya’s business, results of operations 
and financial condition.
19.1.3
Pandemics
Pandemics can create significant volatility and uncertainty and disrupt the industries and markets in which 
Alithya operates and pose the risk that Alithya’s professionals, customers, subcontractors and business partners 
may be prevented from, or restricted in, conducting business activities as per past practice or as expected for 
an indefinite period, including due to the virus or disease or as a result of emergency measures and restrictions 
that may be recommended or imposed by governmental authorities to combat any such pandemic. 
Governmental emergency measures may include travel bans and restrictions, border closures, self-imposed 
quarantine or isolation periods, mandated business closures, vaccine mandates or passports, social distancing, 
testing requirements, stay-at-home and work-from-home policies, curfews, social distancing measures and the 
temporary closure of non-essential businesses, all of which may cause material disruptions and significant 
pressure on businesses in general and have an adverse impact on Alithya’s business and results of operations.
A pandemic may result in: (i) reduced customer demand for Alithya’s services and solutions; (ii) customer 
pressure on pricing and payment terms; (iii) difficulty in invoice collection; (iv) demands from customers to 
change or terminate existing contracts or work orders; (v) the non-renewal of expiring customer contracts; (vi) 
reduction in budgets for government programs that may be used by Alithya to support its research and growth; 
(vii) delays and disruptions in services from Alithya’s third party service providers; and (viii) devotion of 
substantial amounts of management time and resources and increased operating costs to mitigate the impact of 
the pandemic. The likelihood and magnitude of such impacts or the occurrence of a pandemic or its resurgence 
are inherently difficult to predict and, although some impacts may materialize themselves, it would be 
challenging for Alithya to accurately estimate or quantify the severity of a pandemic and the full scope and 
magnitude of its impacts and consequences on Alithya, its business, financial condition and prospects.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 47

19.2
Risks Related to Alithya's Business
19.2.1
Changes in the nature of revenues
Alithya generates revenues through the provision of strategic consulting and digital transformation services. 
These services are provided under arrangements with varying pricing mechanisms. Alithya's revenue-
generating customer contracts generally fall into one of the following three categories: (i) strategic consulting 
and enterprise transformation services (time and materials arrangements), (ii) enterprise transformation 
services (fixed-fee arrangements), and (iii) business enablement services (including support revenues). Alithya 
also sometimes enters into arrangements with multiple performance obligations as well as payrolling services 
with certain customers through which contractor candidates recruited and selected by customers are hired by 
Alithya and then assigned to customer projects. Any change in the mix of Alithya's arrangements with its 
customers could have an impact upon its periodic operating performance, including gross margin.
19.2.2
Customer concentration
Alithya derives a significant portion of its revenues from certain major customers and expects this to continue in 
the foreseeable future. The increased breadth of Alithya’s services and solutions offerings has also resulted in, 
and may continue to result in, larger and more complex projects and contracts with these major customers. 
Retaining these customers requires Alithya to foster close relationships with them and achieve a thorough 
understanding of their operations and needs in order to continue to provide high-quality services. Such major 
customers may not be easily replaced, and Alithya’s ability to maintain such relationships depends on a number 
of factors, including the proficiency of its professionals and its management personnel. There can, however, be 
no assurance that each such customer will continue to be satisfied with Alithya’s services and retain the 
services of Alithya on the same terms, or at all, in the future. Failure to maintain close relationships with these 
customers or to keep providing high-quality services that meet their expectations could result in termination of 
customer contracts and potential liability for significant penalties or damages, any of which could have a 
material adverse effect on Alithya’s business, financial condition and results of operations. Consolidation among 
customers resulting from mergers and acquisitions could also result in loss or reduction of business when the 
successor's business IT needs are served by another service provider or provided by the successor company’s 
internal IT department. Growth in a customer’s IT needs resulting from acquisitions or operations may also lead 
to the undesirable outcome that Alithya would no longer have sufficient geographic scope or the critical mass to 
serve the customer’s needs efficiently, resulting in the loss of the customer’s business and impairing future 
prospects. There can be no assurance that Alithya will be able to achieve the objectives of its growth strategy in 
order to maintain and increase its geographic scope and critical mass in its targeted markets.
19.2.3
Fluctuation of business and financial results
Alithya’s ability to maintain and increase its revenues is affected not only by its success in implementing its 
growth strategy by organic growth and acquisitions, but also by a number of other factors, which could cause 
Alithya’s financial results to fluctuate. These factors include: (i) its ability to introduce and deliver new services 
and business solutions; (ii) its potential exposure to a lengthened sales cycle; (iii) the cyclicality of the 
purchases of its technology services; and (iv) the nature of its customers’ business (for example, if a customer 
encounters financial difficulty, it may be forced to cancel, reduce or defer existing contracts with Alithya). 
Alithya’s business, revenues and cash flows may also be affected by certain seasonal trends that affect its 
customers. For example, revenues may be lower in its second quarter which covers the period from July 1 to 
September 30, as its customers operations often experience a slow-down in the summer.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 48

19.2.4  Commitment of substantial resources for growth
Growing Alithya’s business over the long-term requires commitment of continued investments. Alithya’s future 
capital requirements depends on many factors, including many of those discussed above, such as: (i) the 
results of Alithya’s operations and the rate of its revenues growth; (ii) the development of new service offerings; 
(iii) the successful integration of acquisitions; (iv) hiring and retaining key personnel; (v) maintaining customer 
relationships; and (vi) the identification of suitable future acquisition opportunities.
Alithya’s cash on hand and available financing may not be sufficient to fund these activities if opportunities 
arise, and Alithya may be unable to expand its business if it does not have sufficient capital or cannot borrow or 
raise additional capital on attractive terms.
19.2.5  Growth through acquisitions
Alithya’s ability to grow through acquisitions requires that it identifies suitable acquisition targets that meet its 
financial and operational objectives and fit its culture and strategy. There can, however, be no assurance that 
Alithya will be able to identify and correctly evaluate suitable acquisition targets that meet its economic 
thresholds and create value for shareholders, or that future acquisitions will be successfully integrated into its 
operations and yield the tangible accretive value that had been expected. If Alithya is unable to implement its 
strategy, it will likely be unable to maintain its historic or expected growth rate.
The successful integration of new operations arising from Alithya’s acquisition strategy requires that a 
substantial amount of management time and attention be focused on integration activities and management 
time that is devoted to integration activities may divert management’s normal operations focus on growing the 
business organically with possible resulting pressure on the revenues and net earnings from its existing 
operations. In addition, Alithya may face complex and potentially time-consuming challenges in implementing its 
uniform standards, controls, procedures and policies across new operations when harmonizing their activities 
with those of its existing business units. Integration activities can result in unanticipated operational problems, 
expenses and liabilities. If Alithya is not successful in executing its integration strategies in a smooth, timely and 
cost-effective manner, it could have difficulty achieving expected synergies, which could as a result affect its 
growth and profitability objectives. 
Additional risks and uncertainties relating to acquisitions and other strategic transactions include: (i) difficulties 
in retaining key employees and integrating new professionals from acquired businesses into Alithya’s team and 
culture, (ii) difficulties in maintaining and building on relationships with present and potential customers, 
subcontractors and business partners of an acquired business or Alithya; (iii) difficulties managing and 
integrating operations in geographically dispersed locations; (iv) the risk that the targeted markets do not evolve 
as anticipated and that technologies acquired prove to be inferior to Alithya’s expectations; (v) potential 
deficiencies in the internal controls and procedures at acquired companies; (vi) cybersecurity and compliance 
related issues; and (vii) exposure to unanticipated liabilities. Following an acquisition, Alithya may also remain 
reliant on the acquired business’ personnel, good faith, expertise, historical performance, technical resources, IT 
infrastructure and systems, timely support, and proprietary information. Accordingly, Alithya may be exposed to 
risks associated with adverse developments in the business and affairs of the acquired business as well as 
vulnerabilities of its IT infrastructure and systems. 
Although Alithya strives to conduct a sufficient level of due diligence when contemplating an acquisition, an 
unavoidable level of risk remains regarding the accuracy, quality and completeness of the information provided 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 49

to Alithya during such process and there may be liabilities, deficiencies or other claims associated with 
companies or assets that are acquired and that Alithya failed to discover or which Alithya was unable to quantify 
accurately or at all during the due diligence process, as it was not in a position to independently verify the 
accuracy or completeness of such information, and which may result in unanticipated costs. In connection with 
acquisitions, Alithya may also incur debt, issue Subordinate Voting Shares or securities convertible into 
Subordinate Voting Shares, assume contingent liabilities or have amortization expenses and write-downs of 
acquired assets, which could cause Alithya’s earnings to decline.
19.2.6  Penetrating new markets
Penetrating new markets, including as a result of the development and offering of new technologies and 
solutions, represents both a risk and an opportunity. If Alithya expands its business offerings into new industries 
or geographies, it will face risks associated with entering into such new markets in which it may have limited or 
no experience. Such new markets may also present additional complexity and Alithya may have limited or no 
brand recognition in such markets. It could also be costly to establish, develop and maintain international 
operations, as well as promote Alithya’s brand internationally. Furthermore, expanding into new jurisdictions, 
including where the main language is not English or French, may require substantial expenditures and take 
considerable time and attention, and there is no assurance that Alithya would be successful enough in these 
new markets to build on its investments in a timely manner, or at all.
19.2.7  International operations
Alithya operates in several jurisdictions around the world, including as a result of its offshoring capabilities. As 
such, the scope of its operations subjects it to a variety of financial, regulatory, political, cultural and social 
challenges. These risks, which can vary substantially by market and jurisdiction, are described in many of the 
risk factors discussed in this section and also include: (i) currency fluctuations; (ii) risks related to complying 
with a wide variety of local, national and international laws, regulations and policies, together with potential 
adverse or significant changes in laws and regulatory framework and practices and the burdens and costs of 
compliance associated with it; (iii) changes in regulatory practices and taxes; (iv) difficulties or expenses in 
enforcing contractual rights or intellectual property rights in certain jurisdictions; (v) exchange controls and other 
funding restrictions and limitations on Alithya’s ability to repatriate cash, funds or capital invested or held in 
certain jurisdictions in which Alithya operates; (vi) cultural, logistical and communications challenges; (vii) 
changes in regulatory practices, tariffs and taxes, which could also result in a trade war and trade restrictions; 
(viii) general social, economic and political conditions or instability in one or more specific jurisdictions and/or 
globally, including recessions, political changes or disruptions and other economic crises in one or more 
jurisdictions in which Alithya operates, and (xix) the risks that foreign ownership restrictions with respect to 
Alithya’s operations in certain jurisdictions could be adopted. Any one or more of these factors could have a 
material adverse impact on Alithya’s business, financial condition and results of operations.
19.2.8  Dependence on certain key personnel
Alithya believes that its success depends on the continued employment of its senior management team and 
other key personnel, the loss of which could have a material adverse effect on its business and results of 
operations, in addition to resulting in increased expenses to cover such persons’ functions until a successor is 
appointed and is fully operational. This dependence is particularly important to Alithya’s business because 
personal relationships are a critical element in obtaining and maintaining customer engagements. As its 
business grows, including through acquisitions, Alithya may also implement changes in its management 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 50

structure, which it believes to be appropriate in the circumstances at the time they are implemented, but which 
could differ from the views or expectations of some. While management and the Board have established and 
regularly review a succession plan for Alithya’s senior management team, which includes an emergency 
succession plan to deal with any situation which requires immediate replacement, it still presents logistical 
challenges in its application and may result in incremental costs to Alithya. If one or more members of Alithya’s 
senior management team or other key personnel were unable or unwilling to continue in their present positions, 
Alithya’s business could be adversely affected. Furthermore, competitors, or customers who increasingly seek 
to develop in-house business capabilities, could attempt and successfully hire away certain of Alithya’s key 
personnel.
19.2.9  Bidding processes
Alithya obtains a part of its contracts through competitive bidding processes, which limit Alithya's ability to 
negotiate certain contractual terms and conditions. Costs and resources, including time from management, are 
required to prepare bids and proposals for contracts that may ultimately not be awarded to Alithya or that may 
be split with competitors. A part of Alithya’s revenues depends on obtaining new orders and continued 
replenishment of its backlog and there is no assurance that Alithya will continue to win contracts through 
competitive bidding processes at the same rate as it has in the past or at a higher rate. Moreover, certain 
governments increasingly put pressure on prices or may require that bidders meet certain criteria that Alithya 
may not meet alone. In addition, as the competitive environment intensifies, Alithya remains subject to potential 
unsuccessful bidders protesting its selection through a bidding contest, which could divert management’s 
attention and resources, in addition to potentially resulting in contract modifications or the award decision being 
reversed and the loss of the contract. Even though a bid protest would not result in the loss of an award, the 
resolution could extend the time until the contract activity can begin, which could reduce Alithya’s earnings in 
the period in which the contract would otherwise have been performed.
In addition, when making proposals, Alithya relies heavily on estimates of costs and timing for completing 
projects, as well as assumptions regarding technical issues. It may also bid on contracts for which the work 
activities, deliverables and timelines are vague or for which the solicitation incompletely describes the actual 
work, which may result in inaccurate pricing assumptions. These factors affect the cost estimates of contracts 
on which Alithya bids, which can ultimately result in the contractual price being less favorable to Alithya. Also, 
failure to achieve program milestones as scheduled or the need to devote more resources than originally 
anticipated may impact timely execution and profitability. Furthermore, the delivery of services in connection 
with such contracts may result in the lost opportunity of not bidding on and winning other more favorable 
contracts that could have been pursued instead. 
19.2.10 History of losses
While Alithya generated net earnings for the fiscal year ended March 31, 2025, it had a history of losses in 
previous fiscal years. Alithya expects to continue to record significant depreciation and amortization expenses, 
and to expend significant funds to increase its capability to win new contracts, expand and improve its existing 
operations and make additional acquisitions. As it continues to grow, the aggregate amount of these expenses 
may continue to grow. Alithya’s efforts to grow its business may be more costly than expected and Alithya may 
not be able to increase its revenues enough to offset operating expenses. As such, there is no assurance that 
Alithya will generate net earnings in the future. Alithya may incur losses in the future for a number of reasons, 
including as a result of unforeseen expenses, difficulties, complications and delays, the other risks described 
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herein and other unknown events. The amount of future net earnings (losses), will depend, in part, on the 
growth of Alithya’s future expenses and its ability to generate revenue. Any future net earnings (losses) of 
Alithya or its inability to maintain profitability and positive cash flows from operating activities, among other 
things, may have an adverse effect on Alithya’s shareholders’ equity and working capital.
19.2.11 Early termination, modification, delay and suspension risks
Most of Alithya’s customer contracts contain “termination for convenience” or termination upon short notice 
provisions, which permit the customer to terminate or cancel the contract at its convenience upon providing 
Alithya with notice of a specified period of time before the termination date and/or paying a penalty, depending 
on the specific contract terms. Customers may elect to terminate their contracts before their agreed expiry date, 
or even modify, delay or suspend them, for a variety of reasons, including a failure by Alithya to deliver its 
services in accordance with the terms and conditions of its contractual agreements or maintain required 
certifications, a slow-down in business activity or any other reason whatsoever, which could result in a reduction 
of Alithya’s net earnings and cash flow and may impact the value of its backlog. In cases of early termination, 
Alithya may also not be able to eliminate ongoing costs incurred to support the contract.
19.2.12 Changes to backlog
Backlog represents management’s estimate of the aggregate amount of revenues expected to be realized in the 
future. As Alithya’s revenues depend on the level of activities of its customers, Alithya cannot guarantee that the 
revenues projected in its backlog will be realized or, if realized, will result in profits. Projects may remain in the 
backlog for an extended period of time. Also, in the event a significant number of customers were to avail 
themselves of “termination for convenience” provisions, or if one or more significant customer contracts were 
terminated for convenience, Alithya’s reported backlog would be adversely affected with a corresponding 
adverse impact on Alithya’s expected financial condition and results of operations. 
19.2.13 Customer collection and credit risk
In order to sustain its cash flow from operations, Alithya must invoice and collect amounts owed in an efficient 
and timely manner. Adverse changes in a customer’s financial condition could cause Alithya to limit or 
discontinue business with that customer, require Alithya to assume more credit risk relating to that customer’s 
future business, or result in uncollectible accounts receivable from that customer. Although Alithya maintains 
provisions to account for anticipated shortfalls in amounts collected from customers, the provisions it takes are 
based on management estimates and on its assessment of its customers’ creditworthiness, which may prove to 
be inadequate in the light of actual results. To the extent that Alithya fails to invoice customers and collect the 
amounts owed for its services correctly in a timely manner, its collections could be negatively impacted, which 
could materially adversely affect its revenues, net earnings and cash flow. In addition, a prolonged economic 
downturn may impair customers’ ability to pay for services already provided, and ultimately cause them to 
default on existing contracts. Future credit losses relating to any one of Alithya’s major customers could also be 
material and result in a material change in its financial results.
19.2.14 Utilization rates
In order to maintain and grow revenues, Alithya has to maintain an appropriate level of availability of 
professional resources by having a high utilization rate while still being able to assign additional resources to 
new work. Maintaining an efficient utilization rate, however, requires Alithya to forecast its need for professional 
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resources accurately and to manage recruitment activities, professional training programs, attrition rates and 
restructuring activities appropriately. To the extent that it fails to do so, or to the extent that laws and regulations 
restrict its ability to do so, Alithya’s utilization rates may be reduced and thereby adversely affect its revenues 
and profitability. Conversely, Alithya may find that it does not have sufficient resources to deploy against new 
business opportunities, in which case its ability to grow its revenues would suffer.
19.2.15 Costs of services
In order to generate acceptable margins, Alithya’s pricing for services depends on its ability to accurately 
estimate the costs and timing for completing projects, which can be based on a customer’s bid specification, 
sometimes in advance of the final determination of the full scope and design of the contract. Alithya is 
dependent on its internal forecasts and predictions about projects and the market, and, to generate an 
acceptable return on our investment in these contracts, Alithya must be able to accurately estimate its costs to 
provide the services required by the contract and to complete the contracts in a timely manner. In addition, a 
portion of Alithya’s project-oriented contracts are performed on a fixed-fee basis. Billing for fixed-fee 
arrangements is carried out in accordance with the contractual terms agreed upon with Alithya’s customers, and 
revenues are recognized based on the percentage of effort incurred to date in relation to the total estimated 
efforts to be incurred over the duration of the respective contract. These estimates reflect Alithya’s best 
judgment regarding the efficiencies of its methodologies and professionals as it plans to apply them to the 
contracts in accordance with Alithya’s standards of contract management. Although fixed-fee arrangements still 
represent a minority of Alithya’s revenues, Alithya is increasingly contracting under a fixed-fee basis. If Alithya is 
unsuccessful in accurately estimating its labour costs or labour hours required to fulfill its obligations under a 
contract, or if unexpected factors, including those outside of its control, arise, Alithya may be required to absorb 
cost overruns, reducing profit margins or incurring losses, thereby having a material adverse effect on Alithya’s 
expected net earnings.
19.2.16 Teaming agreements and subcontractors
Alithya derives revenues from contracts where it enters into teaming agreements with other providers. In some 
teaming agreements, Alithya is the primary contractor, whereas in others, Alithya acts as a subcontractor. In 
both cases, Alithya relies upon its relationships with other providers to generate business and expects to 
continue to do so in the foreseeable future. Where Alithya acts as the primary contractor, if it fails to maintain its 
relationships with other providers, Alithya may have difficulty attracting suitable participants in its teaming 
agreements. Similarly, where it acts as subcontractor, if its relationships are impaired, other providers might 
reduce the work they award to Alithya, award that work to competitors or choose to offer the services 
themselves directly to the customers in order to compete with Alithya’s business. In either case, if Alithya fails to 
maintain its relationship with these providers or if its relationship with these providers is otherwise impaired, 
Alithya’s business, prospects, financial condition and results of operations could be materially adversely 
affected.
19.2.17 Business partners’ ability to deliver on their commitments
Increasingly large and complex contracts may require Alithya to rely upon third party subcontractors, including 
software and hardware suppliers, to help Alithya fulfill its commitments. Under such circumstances, Alithya’s 
success depends on the ability of third parties to perform their obligations within agreed upon budgets and time 
frames. If Alithya’s business partners fail to deliver, Alithya’s ability to complete ongoing contracts may be 
adversely affected, which could have an unfavorable impact on its profitability. In addition, Alithya may not be 
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able to replace the functions provided by these third parties if their software components or solutions become 
obsolete, defective or incompatible with future versions of Alithya’s solutions and services, or if they are not 
adequately maintained or updated. Third-party suppliers of software or other intellectual property assets could 
also be unwilling to permit Alithya to use or to continue to use their intellectual property and this could impede or 
disrupt the use of their solutions or services by Alithya’s customers and Alithya.
19.2.18 Guarantee and indemnification risks
In the normal course of business, Alithya enters into agreements that may provide for indemnification and 
guarantees to counterparties in transactions such as consulting services, business divestitures, lease 
agreements and financial obligations. These indemnification undertakings and guarantees may require Alithya 
to compensate counterparties for costs and losses incurred as a result of various events, including breaches of 
representations and warranties, intellectual property right infringement, claims that may arise while providing 
services or as a result of litigation that may be suffered by counterparties. If Alithya is required to compensate 
counterparties due to such arrangements and its insurance does not provide adequate coverage, its business, 
prospects, financial condition and results of operations could be materially adversely affected.
19.2.19 Insurance Limits
Alithya maintains comprehensive insurance coverage to provide indemnity for its losses and liabilities in 
connection with various aspects of its business and operations. However, insurance policies are complex 
contracts and it may happen that Altihya’s interpretation of its policies differs from its insurance providers’ which 
may lead to a total or partial denial of coverage and to litigation where there is further uncertainty with respect to 
how the courts would interpret the provisions of the policies. Moreover, Alithya’s insurance programs are subject 
to varying coverage limits, as well as retentions and exclusions that are customary or reasonable given the cost 
of procuring insurance, current operating conditions, and other relevant considerations. As a result, Alithya may 
be subject to future liability for which it is only partially insured, or completely uninsured. Alithya believes that its 
insurance programs address all material insurable risks and provide coverage that is in accordance with what 
would be maintained by a prudent operator of a similar business (including in terms of retentions, limits and 
exclusions). However, there can be no assurance that such insurance will continue to be offered on 
economically feasible terms, that all events that could give rise to a loss or liability are or will be insurable, or 
that the amounts of insurance will be sufficient to cover every loss or claim that may arise.
19.2.20 IT infrastructure and systems and use of the cloud
To deliver its services and solutions and provide reliable communications between its offices, delivery centers, 
customers, subcontractors and other business partners worldwide, Alithya relies upon its own IT infrastructure 
and systems as well as those of third parties. Any failure, outage or disruption in Alithya’s or any third party’s IT 
infrastructure or systems could result in curtailed operations, a loss of customers and reputational damage, all 
of which could have an adverse effect on Alithya’s business, financial condition and results of operations. For 
example, Alithya delivers its solutions and services to customers through the use of third-party cloud computing 
services, such as Oracle Cloud, Microsoft Azure and Amazon Web Services (AWS) cloud services. If, for any 
reason, such services were discontinued or Alithya was required to migrate its computing towards other cloud 
service providers, such a transition could require significant time and expense and Alithya’s business could be 
adversely impacted. Although contractual agreements with such third-party cloud computing services contain 
minimum service levels, there is no assurance that Alithya’s business will not be affected by an interruption of 
services or incidents. Any damage to, or failure of, Alithya’s services providers' IT infrastructure or systems 
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could result in interruptions of Alithya’s services, which could have an impact on its revenues, subject it to 
potential liability and adversely affect its ability to retain or attract customers. The performance, reliability and 
availability of Alithya’s services is critical to its reputation and ability to attract and retain customers. In addition, 
the costs for cloud services have increased over time, and may increase further as Alithya’s business grows and 
as it continues to require more computing or storage capacity. There is no assurance that such capacity will be 
available on the same terms or with the same costs or at all. These costs could therefore adversely impact its 
business, financial condition and results of operations. 
19.2.21 Security and cybersecurity risks
Alithya faces security risks affecting its premises as well as cybersecurity risks affecting its IT infrastructure, 
systems, software and solutions. Both security risks present a risk of loss, theft and unauthorized access, use or 
disclosure of proprietary information (including intellectual property rights) or confidential information (including 
personal information of customers, partners or employees) of Alithya, its customers, their customers, its 
subcontractors and its business partners. Cybersecurity threats to IT infrastructure, systems, software and 
solutions are serious threats to the confidentiality, integrity, reliability, and availability of technology and 
information. Cybersecurity threats and incidents may take the form of denial of service, system failures or 
interruptions, software bugs or defects, cyber extortion (i.e. ransomware), breaches of systems security, 
electronic crime, malware, unauthorized attempts to gain access to proprietary and confidential information, 
hacking, phishing, identity theft, fraud and theft. State sponsored attacks, industrial espionage, employee 
misconduct or negligence, and human or technological errors (including from advertent or inadvertent actions or 
inactions by Alithya’s professionals or subcontractors) also present potential risks and geopolitical instability and 
tension may exacerbate certain threats.
Also, in addition to the inherent cybersecurity risks that arise from operating in the IT sector, Alithya increases its 
exposure and vulnerability to cybersecurity risks as follows: (i) by allowing its professionals and subcontractors 
to work remotely and use video conferencing and collaborative platforms, (ii) by granting its subcontractors 
access to its IT infrastructure and systems, (iii) by operating or gaining access to its customers’ IT infrastructure 
and systems to deliver services, (iv) by managing customer services in its IT infrastructure and thereby 
exposing itself to the risks that its customers face, especially if they have an elevated threat condition due to the 
nature of their business; (v) by allowing the use of open source code by its professionals and subcontractors, 
and (vi) by integrating and relying on AI. While Alithya selects its subcontractors carefully and includes 
safeguards in their contractual terms, it does not control their actions. Further, while Alithya has guidelines 
relating to the use of AI, AI poses evolving cybersecurity risks.
The occurrence of any of the aforementioned security and cybersecurity risks could expose Alithya, its 
customers or subcontractors to potential liability, litigation, and regulatory action, could materially affect or 
disrupt their business operations, and could cause loss of customer confidence, loss of existing or potential 
customers, damage to their reputation and competitive position, and increase costs and expenses.
Alithya seeks to detect and investigate all security incidents and to prevent their occurrence or recurrence by 
continuously testing, controlling and investing in security measures and controls (including both physical and 
logical controls on access to premises and information), adopting or enhancing mitigation policies and 
procedures, and providing employee security awareness and training. If security protection does not evolve at 
the same pace as threats, a growing gap on Alithya’s level of protection will be created. However, given the 
highly evolving nature and sophistication of cyber and other security threats and their increased frequency, 
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Alithya may be unable to anticipate, prevent, detect and react to all threats in a timely manner. Alithya may be 
required to expend significant capital and other resources to protect itself against potential security and 
cybersecurity threats or to mitigate the impact caused by security and cybersecurity breaches. Any 
cybersecurity incident could require Alithya to incur substantial costs, including costs associated with repairing 
its IT infrastructure and systems, implementing further protection measures, engaging third-party experts and 
consultants, and result in increased insurance premiums. The impact of any future security or cybersecurity 
incident cannot be easily predicted, and the costs related to such threats or disruptions could not be fully 
insured or indemnified by other means. While Alithya’s liability insurance policy covers cyber risks, there is no 
assurance that such insurance coverage will be sufficient in type or amount to cover the costs, damages, 
liabilities or losses that could result from security and cybersecurity incidents, that insurance will continue to be 
available to Alithya on economically reasonable terms, or at all, or that any insurer will not deny coverage as to 
any future claim.
Alithya’s Chief Information Security Officer is responsible for overseeing its physical and cyber security 
measures, including the prevention, detection and investigation of incidents in the event of the occurrence of 
threats by implementing security measures to ensure an appropriate level of control based on the nature of the 
information and the inherent risks attached thereto. Alithya’s security management framework provides a 
foundation for a risk-based approach to the development, review and regular improvements of policies, 
processes, standards and controls related to information security, data privacy, physical security and business 
continuity.
19.2.22 Data privacy rights and risks of unauthorized access or disclosure
In the course of its business, whether while providing its services or for its own proprietary information and the 
personal information of its employees, Alithya often has access to or collects, processes and stores personal 
information. When accessing, collecting, processing or storing personal information, Alithya depends on the 
security features of its IT infrastructure and systems and those of its customers, partners or third parties. 
Security or cybersecurity threats, employee or subcontractor negligence or misconduct, and human or 
technological errors, however, present potential risks of theft, loss or unauthorized access or disclosure of 
personal information.
Alithya’s Privacy Officer oversees its compliance with the laws that protect personal information, including but 
not limited to U.S. and Canadian laws and regulations as well as the European Union’s General Data Protection 
Regulation (GDPR), and puts in places policies, standards and procedures to cause personal information to be 
accessed, collected, processed and stored securely and in accordance with such applicable laws and 
regulations. The theft and/or unauthorized access to, loss of, or disclosure of personal information in Alithya’s 
possession or control (or the failure by Alithya to comply with applicable laws and regulations) could expose it to 
civil, administrative or criminal enforcement actions and penalties, as well as lawsuits brought by its customers, 
its customers’ customers, or third parties for breaching contractual confidentiality and security provisions or 
privacy laws or regulations. The amount of damages could be substantial, and any such claim could cause 
significant reputational harm to Alithya. Its current and prospective customers could also lose confidence in the 
effectiveness of its data security measures and reduce the demand for its services, regardless of whether 
Alithya was responsible for the breach. Incidentally, in the event of a data privacy incident, Alithya may be 
required to shut-down affected IT infrastructure and systems to isolate the threat and thereby jeopardize its 
operations, including projects that may be critical to the operations of its customers’ businesses.
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Furthermore, as laws and expectations relating to data privacy continue to rapidly evolve, the way in which 
Alithya may access, collect, process, store and disclose personal information may become even more limited, 
and may require increased expenditures by Alithya. Should those expenditures and risks outweigh the revenues 
and gains associated with certain services, Alithya could also take the decision of no longer continuing to offer 
certain types of services.
19.2.23 Use of Artificial Intelligence in services and solutions
Alithya is increasingly applying and expects to continue to apply AI-based technologies, including generative AI, 
to its services and solutions to drive productivity and competitive advantages. While not adopting such 
technologies could be a threat to Alithya’s ability to compete, retain existing customers and attract new 
customers, the development, adoption, and use of AI technologies is still in the early stages and poses certain 
risks. For instance, if the content, recommendations or analyses that AI applications assist in producing are, or 
are alleged to be, deficient, inaccurate, or to contain unethical or inappropriate content, Alithya could be subject 
to competitive risks, potential legal or financial liability, and reputational harm. Additionally, the effective use of AI 
often requires large volumes of data, which may be shared with third parties and could lead to cybersecurity or 
privacy incidents that could adversely impact Alithya’s business. Furthermore, the legal and regulatory 
landscape surrounding AI technologies is rapidly evolving and uncertain, with certain jurisdictions applying, or 
considering applying, laws and regulations related to IP, cybersecurity, privacy, data security, and data 
protection to AI and automated decision-making, or general legal frameworks on AI. These laws are 
continuously evolving and developing and may impose obligations on companies developing and using AI or 
automated decision-making technologies. Given the rapid rate of change and the often uncertain scope, 
interpretation, and application of these laws and regulations, which may be in conflict across jurisdictions, 
Alithya may not always be able to anticipate how courts and regulators will apply existing laws to AI, predict how 
new legal frameworks will address AI, or otherwise ensure compliance with these frameworks. Compliance with 
new or changing laws, regulations, industry standards or ethical requirements and expectations relating to AI 
may impose significant operational costs requiring Alithya to change its service offerings or business practices, 
particularly as it expands the use of such technologies, or may limit or prevent its ability to develop, deploy, or 
use AI technologies. Any failure to appropriately conform to this evolving landscape may result in legal liability, 
regulatory action, or brand and reputational harm, all of which could have a material adverse effect on Alithya’s 
business, financial condition and results of operations.
Although Alithya has established internal controls and processes to identify and mitigate risks that are inherent 
to the use of AI, these may not be sufficient to adequately protect against all associated risks. Any failure by 
Altihya to address concerns relating to the responsible use of AI technology in its services and solutions may 
cause harm to its reputation or financial liability and, as such, may increase its costs to address or mitigate such 
risks and issues. This may result in fines, penalties, litigation, and could negatively impact Alithya’s reputation 
and customer confidence. Furthermore, there can be no assurance that investments made in these 
technologies and related processes and tools will provide a valuable return, if any, to Alithya.
19.2.24 Services to government departments and agencies
One of Alithya’s principal targeted markets is the government sector. Changes in government spending policies 
or budget priorities could directly affect Alithya’s financial performance. Among the factors that could harm 
Alithya’s government contracting business are: (i) the curtailment of governments’ use of consulting and IT 
services firms; (ii) a significant decline in spending by governments in general, or by specific departments or 
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agencies in particular; (iii) the adoption of new legislation and/or actions affecting companies that provide 
services to governments; (iv) delays by governments in the payment of its invoices; and (v) general economic 
and political conditions.
These and other factors could cause government departments and agencies to reduce their purchases under 
contracts, to exercise their right to terminate contracts, to issue temporary stop work orders, or not to exercise 
options to renew contracts, any of which would cause Alithya to lose future revenues. Government spending 
reductions or budget cutbacks at departments or agencies to which Alithya provides services or expects to 
provide services could materially harm Alithya’s continued performance or limit the award of additional 
contracts.
19.2.25 Government sponsored programs
Alithya benefits from government sponsored programs designed to support research and development, labour 
and economic growth. Alithya may also receive tax credits from governments in Canada and abroad. 
Government programs reflect government policies and depend on various political and economic factors. There 
can be no assurance that such government programs will continue to be available to Alithya in the future, or that 
such programs will not be reduced, amended or eliminated. In addition, these tax credits and programs are 
routinely subject to review and audit, which may result in challenges and disputes and could result in reductions 
or reversals of grants or tax credits previously received. Any government program reduction, elimination or other 
amendment to the government sponsored programs from which Alithya benefits, as well as any reduction or 
reversal of grants, credits or contributions previously received, could increase operating or capital expenditures 
incurred by Alithya and have a material adverse effect on its net earnings or cash flow.
19.2.26 Regulatory risks
Alithya’s global operations require compliance with laws and regulations in several jurisdictions on many 
matters of increasing levels of complexity, including anti-corruption, intellectual property, trade restrictions, 
immigration, taxation, antitrust, data privacy, labour relations, environment and securities. Complying with these 
diverse requirements is a challenge and consumes significant resources, especially as it relates to the laws of 
jurisdictions other than Canada and the U.S. Laws and regulations frequently change and some may also 
impose conflicting requirements as well as restrictions on the movement of cash, currency fluctuation and other 
assets and on the repatriation of Alithya’s net earnings.
19.2.27 Ethical and Sustainability risks
Alithya’s employees, officers, directors and subcontractors are expected to comply with applicable laws, 
regulations and ethical standards. Alithya has put in place measures and controls to ensure compliance 
therewith, including through the adoption of a Code of Business Conduct that sets out uniform foundations for 
the way these individuals are expected to conduct themselves. Despite Alithya’s best efforts, there is, however, 
no assurance that such measures and controls will be sufficient to prevent violations and failure to do so could 
expose Alithya to significant fines and penalties, criminal, civil and administrative legal sanctions, harm its 
reputation or even disqualify it from its ability to bid, enter into or perform public or private contracts, resulting in 
reduced revenues and profit. This risk also increases as Alithya continues to expand its business internationally.
From time to time, stakeholders express expectations with respect to sustainability, including environmental, 
social and governance matters, and certain customers may have criteria to observe when selecting a service 
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provider. The sustainability practices and initiatives that Alithya maintains or chooses to implement and pursue, 
and Alithya’s ability to achieve and report on such practices and initiatives, could therefore have an impact on its 
growth and results of operations. Failure to effectively manage and sufficiently and accurately report on 
sustainability matters could also lead to legal and regulatory consequences.
19.2.28 Legal claims
During the ordinary course of conducting its business, Alithya may be threatened with or become subject to 
legal proceedings initiated by customers or other third parties. For instance, Alithya’s solutions may suffer from 
defects that adversely affect their performance, may not meet its customers’ requirements or may fail to perform 
in accordance with applicable service levels. Such problems could subject Alithya to legal liability. Alithya may 
also be exposed to significant legal liability and litigation expense if its services or solutions cause bodily injuries 
to its personnel, customers, or the public, or result in property damage. For example, by taking over the 
operation of certain portions of its customers’ businesses, including functions and systems that are critical to 
their core operations, or by contributing to the design, development and integration of enterprise software 
solutions, data systems and digital platforms, Alithya may face additional and evolving operational, regulatory, 
reputational or other risks specific to these areas. These include risks related to data security, health and safety, 
hazardous materials and other environmental risks. A failure of a customer’s system, product or infrastructure 
based on Alithya’s services or solutions could also subject Alithya to a claim for significant damages that could 
materially adversely affect its results of operations. Alithya uses reasonable efforts to include provisions in its 
contracts which are designed to limit its exposure to legal claims relating to its services and the applications it 
develops and obtain adequate liability insurance coverage. However, Alithya may not always be able to include 
such provisions or obtain sufficient insurance coverage or certain provisions may ultimately prove to be 
unenforceable under the laws of certain jurisdictions or not protect Alithya adequately. Defending lawsuits 
against Alithya could require substantial amounts of management’s attention and require Alithya to incur 
significant attorney fees or pay damage awards and fines or penalties for which Alithya may not be fully insured 
and which could harm its reputation and adversely affect its business, financial condition and results of 
operations.
19.2.29 Reputational risks
Alithya’s reputation as a capable and trustworthy service provider and long-term business partner is key to its 
ability to compete effectively in the market for IT services. The nature of Alithya’s operations exposes it to the 
potential loss, unauthorized access to, or destruction of its customers’ information, as well as temporary service 
interruptions. Depending on the nature of the information or services, such events may have a negative impact 
on how Alithya is perceived in the marketplace. Under such circumstances, Alithya’s ability to obtain new 
customers and retain existing customers could suffer with a resulting impact on its revenues and net earnings.
19.2.30 Tax obligations
In estimating its income tax payable, Alithya uses accounting principles to determine income tax positions that 
are likely to be sustained by applicable tax authorities. However, there is no assurance that Alithya’s tax benefits 
or tax liability will not materially differ from its estimates or expectations. The tax legislation, regulation and 
interpretation that apply to Alithya’s operations are continually changing. In addition, future tax benefits and 
liabilities are dependent on factors that are inherently uncertain and subject to change, including future 
earnings, future tax rates, and anticipated business mix in the various jurisdictions in which Alithya operates. 
Moreover, Alithya’s tax returns are continually subject to review by applicable tax authorities, which determine 
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the actual amounts of taxes payable or receivable, of any future tax benefits or liabilities and of income tax 
expense that Alithya may ultimately recognize and such determinations may become final and binding on 
Alithya. Tax authorities have disagreed and may in the future disagree with Alithya’s income tax positions and 
are taking increasingly restrictive positions in respect of income tax positions, including with respect to 
intercompany transactions.
A number of jurisdictions in which Alithya operates have complex tax and related laws, regulations and 
interpretations or are considering implementing amendments thereto, which make the overall tax environment 
increasingly challenging for multinational corporations to operate with certainty about taxation in many 
jurisdictions.
Any of the aforementioned factors could have a material adverse effect on Alithya’s net earnings or cash flow by 
affecting its operations and profitability, the availability of tax credits, the cost of the services it provides, and the 
availability of deductions for operating losses as it develops its international service delivery capabilities.
19.2.31 Foreign exchange
Foreign exchange risk is the risk that the fair value of assets or liabilities, or future cash flows, will fluctuate 
because of changes in foreign exchange rates. Alithya’s functional and reporting currency is the Canadian 
dollar. As a significant portion of Alithya’s revenues, net earnings (loss) and net assets is denominated in foreign 
currencies, including in U.S. dollars, Euros, British pounds and Australian dollars, fluctuations in exchange rates 
between the Canadian dollar and such currencies could have an adverse effect on its financial condition and 
results of operations. This risk is partially mitigated by a natural hedge in matching Alithya’s costs with revenues 
denominated in the same currency.
Future events that may significantly increase or decrease the risk of future movement in the exchange rates for 
these currencies cannot be predicted. Although Alithya does not currently have an exchange rate risk policy that 
would materially affect its results of operations, it is still subject to foreign exchange risk.
19.2.32 Estimates used in accounting and impairment risk
Accounting for Alithya’s contracts requires judgment associated with estimating contract revenue and costs and 
assumptions for schedule and technical issues. Because of the significance of the judgements and estimation 
processes involved in accounting for contracts, materially different amounts could be recorded if Alithya used 
different assumptions or if the underlying circumstances were to change. Changes in underlying assumptions, 
circumstances or estimates may adversely affect Alithya’s future results of operations.
Also, Alithya recognizes an accounting value for non-financial assets such as goodwill and other intangible 
assets in connection with its acquisitions. The carrying amounts of Alithya’s non-financial assets subject to 
amortization are tested for impairment whenever events or changes in circumstances indicate that the carrying 
amount may not be recoverable. Goodwill is tested for impairment annually or at any time if an indicator of 
impairment exists. Changes in key assumptions may result in the carrying value of Alithya’s goodwill not being 
recoverable. Key assumptions include changes in forecasted revenues and expenses applied in the 
determination the Company’s three-year net operating cash flow forecast, estimated long-term growth rate and 
the pre-tax value weighted average cost of capital applied. Because of the significance of Alithya’s non-financial 
assets, any reduction or impairment of the value of these assets could result in a charge against net earnings, 
which could materially adversely affect Alithya’s results of operations and shareholders’ equity in future periods.
Management’s Discussion and Analysis
For the year ended March 31, 2025
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19.2.33 Effectiveness of internal controls over financial reporting
Alithya is required to maintain internal controls over financial reporting, as defined under National Instrument 
52-109 and in Rule 13(a)-15(f) under the U.S. Securities Exchange Act of 1934, as amended. Internal controls 
are a process designed under the supervision of the President and Chief Executive Officer and the Chief 
Financial Officer, and effected by management and other key personnel, to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in 
accordance with IFRS. However, due to the inherent limitations of internal controls, no evaluation of controls 
can provide absolute assurance that all control issues within an organization are detected and Alithya’s internal 
controls over financial reporting could prove to be insufficient or unable to prevent or detect misstatements due 
to errors or fraud in timely manner or at all. Any failure of Alithya’s internal controls could have an adverse effect 
on its results of operations, harm its reputation and limit its ability to produce timely and accurate financial 
statements or comply with applicable regulations, causing investors to lose confidence in its reported financial 
information.
Alithya’s historic and anticipated growth also places significant pressure on its management and key personnel 
that work on implementing internal controls throughout Alithya. In addition, the increasing size and scope of 
Alithya’s operations increases the possibility that a member of its personnel will engage in unlawful or fraudulent 
activity, breach its contractual obligations, or otherwise expose Alithya to unacceptable business risks, despite 
its efforts to train its personnel and maintain internal controls to prevent such instances. If Alithya does not 
continue to develop and implement the right processes and tools to manage its enterprise, its business, results 
of operations and financial condition could be adversely affected.
19.3
Risks Related to Alithya's Industry
19.3.1
Competition in the digital technology consulting services market
Competition in the digital technology consulting services market is intense. Alithya competes with local and 
international competitors, as well as customers’ internal IT departments. There is also a growing number of 
smaller niche boutique digital technology consulting firms that have developed services similar to those offered 
by Alithya over the years and Alithya believes that competition will continue to be strong and may increase in the 
future, especially as there are relatively low barriers to enter the digital technology consulting services market.
While Alithya strives to remain competitive, Alithya’s competitors may be better positioned to address 
technological changes or react more favorably to these changes, which could have a material adverse effect on 
Alithya’s business. Alithya competes on the basis of a number of factors, many of which may be beyond its 
control. Existing or future competitors may develop or offer digital technology consulting services that provide 
significant technological, creative, performance, or other advantages over the services Alithya offers in addition 
to lower prices. Also, as Alithya expands its portfolio of services and solutions, it may face new competitors who 
may be able to leverage a larger installed customer base and their involvement beyond the services and 
solutions provided by Alithya may allow them to adopt more aggressive pricing policies and offer more attractive 
sales terms, which could cause Alithya to lose potential sales or to sell services and solutions at lower prices. 
Some of Alithya’s competitors may also have longer operating histories and benefit from significantly greater 
financial, technical, marketing and managerial resources than Alithya. If Alithya fails to anticipate or react in an 
agile manner to known and unexpected moves by existing or new competitors or if competitors reduce their 
prices, Alithya could lose projects to such competitors. Any pricing pressure could also have a material adverse 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 61

impact on Alithya’s revenues and margins and limit its ability to provide competitive services. Alithya expects to 
continue to invest significant resources to develop and enhance its business offerings and leverage a high level 
of customer satisfaction, but there is no assurance it will be able to satisfy customer demands as they evolve 
and as competition continues to increase.
In addition, Alithya currently has no patented technology that would preclude or inhibit competitors from entering 
its digital technology consulting services market. Therefore, Alithya must rely on the skills of its personnel and 
the quality of its customer service. Also, as the costs to start a digital technology consulting services firm are 
relatively low and the general use of professionals located internationally at lower costs continues to increase, 
Alithya expects that it will continue to face additional competition from new entrants into the market in the future, 
international providers and larger integrators and that it is subject to the risk that its employees may leave and 
start competing businesses. Any one or more of these factors could have a material adverse impact on Alithya’s 
business, financial condition and results of operations.
19.3.2
Reliance on highly-trained and experienced personnel
Alithya’s success depends in large part on its ability to attract and retain qualified technical consultants, project 
management consultants, business analysts, and sales and marketing professionals of various levels of 
experience. The markets that Alithya serves are highly competitive and competition for skilled employees in the 
digital technology consulting industry is intense. The demand for qualified employees and inflation continues to 
be high, resulting in upward pressure on compensation. While Alithya’s management believes its measures to 
attract and retain qualified employees are competitive, if such measures prove to be insufficient, Alithya may be 
unable to support its growth strategy and objectives or normal business operations, including completing 
existing projects or bidding on new projects, which could adversely affect its revenues. Alithya also faces talent-
related challenges such as higher employee mobility, a re-evaluation of employee’s relationship with their 
workplace and a highly competitive employee marketplace which may make it more difficult to recruit, attract 
and retain skilled personnel.
19.3.3
Failure to expand, develop and adapt services and solutions to meet customers’ needs
The markets for technology, digital and outsourcing services are characterized by rapid technological change, 
evolving industry standards, continually declining costs of acquiring and maintaining IT infrastructure, changing 
customer preferences, and new services and solutions introductions. Alithya’s future success and competitive 
advantage depends in part on its ability to develop and implement digital and other services and solutions that 
anticipate and respond to rapid and continuing changes in the markets in which it operates. Alithya must 
anticipate changes in customer demands in a timely or cost effective manner and, to do so, it must adapt its 
services and solutions and remain able to provide cost effective services and solutions. Offerings relating to 
digital, cloud and security services are examples of areas that are continually evolving, as well as changes and 
developments in artificial intelligence (including generative AI, as well as automation and machine learning). 
Although Alithya strives at developing digital and other new services and solutions addressing evolving 
technologies and customers’ needs, there is no assurance that it will be successful in developing any such 
services and solutions, that it will be able to do it in a timely or cost-effective manner or that any such services 
and solutions it develops will be successful once offered in the marketplace. If Alithya does not keep pace and 
address the demands of the rapidly evolving technological environment and the needs of customers, including 
in the emerging field of AI, or fails to effectively leverage new technologies into its services and solutions, its 
ability to retain and attract customers and gain new business may be adversely affected, which could in turn 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 62

have a material adverse effect on its business, financial condition and results of operations. Also, as Alithya 
expands its offerings of services and solutions, and as it expands such offerings, it may be exposed to 
operational, legal, regulatory, ethical, technological and other risks specific to such expanded services and 
solutions, which may result in additional pressure on its revenues, net earnings and resulting cash flow from 
operations.
19.3.4
Protecting intellectual property rights
Alithya’s success depends in part on its ability to protect its proprietary methodologies, processes, know-how, 
techniques, tools and other intellectual property that are used to provide services. Alithya relies on a 
combination of trademarks, laws that protect intellectual property rights, regardless of whether such rights are 
registered, as well as contractual arrangements, such as confidentiality agreements, assignment of rights and 
license agreements, to protect its intellectual property rights. Existing laws that protect intellectual property 
rights, however, only provide Alithya limited protection and there is no assurance that contractual arrangements 
will be observed by customers and third parties. Third parties may directly or indirectly attempt to disclose, 
obtain or use Alithya’s solutions or technologies. Others may also independently develop and obtain patents or 
copyrights for technologies that are similar or superior to Alithya’s technologies and, should that happen, there 
is no assurance that Alithya’s intellectual property protection measures would be sufficient to allow it to take 
action against such third parties, nor be successful in any litigation undertaken to protect its intellectual property 
rights. If Alithya is unsuccessful in any intellectual property litigation, it may be forced to do one or more of the 
following: (i) cease selling or using technology that incorporates the challenged intellectual property; (ii) obtain a 
license, which may not be available on reasonable terms or at all, to use the relevant technology; (iii) rebrand 
Alithya’s services and solutions, which could result in a loss of brand recognition and require Alithya to devote 
additional resources to, among others, create, roll-out, advertise and market its new brands; (iv) configure 
services to avoid infringement; and (v) refund license fees or other payments that were previously received.
The protection of intellectual property rights and confidentiality in some jurisdictions in which Alithya operates 
may also not be as effective as in Canada, the U.S. or other jurisdictions with more developed intellectual 
property protection rights. In addition, Alithya may have to pay economic damages in the event of lost disputes 
or to prevent litigation relating to intellectual property rights, which could adversely affect its results of operations 
and financial condition. Furthermore, there is no assurance that competitors will not infringe Alithya’s intellectual 
property rights, or that Alithya will have the necessary resources to fully protect its intellectual property rights. If 
Alithya attempts to enforce its intellectual property rights through litigation, there is no assurance that Alithya 
would be successful and such legal proceedings could result in substantial costs and diversion of resources and 
management attention.
Alithya’s solutions may also incorporate and be dependent to a certain extent on the use and development of 
open source code. Such open source code is generally licensed by its authors or other third parties under open 
source licenses and is typically freely accessible, usable and modifiable. Pursuant to such open source 
licenses, Alithya may be subject to certain conditions, including requirements that it offers its proprietary 
software that incorporates the open source software for no cost, that it makes available source code for 
modifications or derivative works that is created based upon, incorporating or using the open source code, or 
that it licenses such modifications or derivative works under the terms of the particular open source license. If 
an author or other third party that uses or distributes such open source software were to allege that Alithya had 
not complied with the conditions of one or more of these licenses, Alithya could be required to incur significant 
legal expenses defending against such allegations, to pay significant damage awards, and to dispose of its 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 63

solutions that contain or are dependent upon the open source code, all of which could disrupt the distribution 
and sale of some of Alithya’s solutions. Litigation, if any, could be onerous, have a negative effect on Alithya’s 
financial condition and results or operations or require it to devote additional research and development 
resources to implement any required changes to its solutions. Any requirement to disclose proprietary source 
code, terminate license rights or pay damages for breach of contract could have a material adverse effect on 
Alithya’s business, financial condition and results of operations, and could help competitors develop products 
and services that are similar to or better than Alithya’s. Although Alithya believes that it complies with its 
obligations under the licenses for open source code that it uses, it is possible that it may not be aware of all 
instances where open source code has been incorporated into its solutions or used in connection with its 
solutions.
19.3.5
Infringing on the intellectual property rights of others
When developing solutions and providing services for its customers, Alithya utilizes its own intellectual property, 
and may also enter into licensing agreements with third parties for the right to use patents, trademarks, 
copyrights, trade secrets and other intellectual property rights. Alithya may also develop intellectual property on 
its own or together with its customers when developing solutions and providing services for such customers. 
Although Alithya uses reasonable efforts to ensure that its services and offerings do not infringe on the 
intellectual property rights of others, third parties or even Alithya’s customers may assert claims against Alithya. 
In addition, certain agreements to which Alithya is a party may contain indemnity clauses pursuant to which 
Alithya would be required to indemnify its customers against liability and damages arising from third-party 
claims of intellectual property right infringement as part of its service contracts with its customers and, in some 
instances, the amount of these indemnity claims could exceed the revenues Alithya generates under the 
contracts or the coverage provided by Alithya’s insurance policies.
Intellectual property claims or litigation against Alithya could incur substantial costs, divert management’s 
attention, harm Alithya’s reputation, require Alithya to enter into additional licensing arrangements or even 
restrict Alithya from providing its services and solutions as it has in the past or as it intended to. Any limitation on 
Alithya’s ability to offer or use solutions or services that utilize intellectual property rights that are the subject of a 
claim could cause Alithya to lose revenues or incur additional expenses to modify its solutions and services for 
future projects.
19.4
Risks Related to Subordinate Voting Shares and Liquidity
19.4.1
Limited voting rights
Alithya’s Multiple Voting Shares are similar to its Subordinate Voting Shares except that each Multiple Voting 
Share has ten times the voting rights of each Subordinate Voting Share. As a result, holders of Multiple Voting 
Shares have a disproportionate level of control over matters submitted to Alithya shareholders for approval, 
which may reduce the ability of holders of Subordinate Voting Shares to influence corporate matters and, as a 
result, Alithya may take actions that they do not view as beneficial.
19.4.2 Market price of Subordinate Voting Shares
Alithya cannot predict the price of Subordinate Voting Shares. The stock market may experience significant 
price and volume fluctuations that are often unrelated or disproportionate to the operating performance of 
companies. These broad market and industry factors, together with other economical circumstances, may 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 64

materially harm the market price of Alithya’s Subordinate Voting Shares, regardless of Alithya’s operating 
performance. In addition, the price of Alithya’s Subordinate Voting Share may be dependent upon the valuations 
and recommendations of the analysts who cover Alithya’s business, and if Alithya’s results do not meet the 
analysts’ forecasts and expectations, Alithya’s share price could decline as a result of analysts lowering their 
valuations and recommendations. In the past, following periods of volatility in the market, securities class-action 
litigations have often been instituted against companies. Such litigations, if instituted against Alithya, could result 
in substantial costs and divert management’s attention and resources.
19.4.3 Inability to service debt
Alithya uses its Credit Facility and other debt arrangements to fund its activities, including acquisitions. 
Accordingly, depending on its level of indebtedness, which may, from time to time, be substantial and involve 
significant interest payment requirements, Alithya may be required to dedicate an important part of its cash flow 
to make interest and capital payments on its debt. Alithya’s ability to generate sufficient cash flow to service its 
debt depends upon future performance, which is subject to prevailing economic conditions as well as financial, 
competitive and other factors, many of which are outside of its control. There is no assurance that Alithya will be 
able to generate sufficient cash flow to meet its obligations under its outstanding debt. If Alithya is unable to do 
so, Alithya may be required to refinance, restructure or otherwise amend some or all of its obligations, sell 
assets, raise additional cash through issuances of Subordinate Voting Shares or securities convertible in 
Subordinate Voting Shares, or be forced to reduce or delay investments that are important to Alithya’s growth, 
thereby placing it at a disadvantage compared to competitors that may have less debt or making it more 
vulnerable in a downturn in general economic conditions.
In addition, Alithya’s Credit Facility and other debt arrangements contain financial and other covenants, 
including covenants that require that certain financial ratios and/or other financial or other covenants be 
maintained. If Alithya were to breach these covenants, it could be required to repay or refinance its existing debt 
obligations prior to their scheduled maturity and its ability to do so could be restricted or limited by prevailing 
economic conditions, available liquidity and other factors. Alithya’s inability to service its debt or its inability to 
fulfill its financial or other covenants in its Credit Facility and other debt arrangements could have an adverse 
effect on Alithya’s business, financial condition and results of operations.
Also, a significant portion of Alithya’s debt bears interest at variable interest rates and is therefore subject to 
interest rate fluctuations. Although Alithya enters into derivative financial instruments to reduce its exposure to 
interest rate risks, there is no assurance that such instruments will be sufficient to adequately protect Alithya 
against this risk. If interest rates increase, debt service obligations would increase even though the amount 
borrowed would remain the same, and net earnings and cash flows would decrease accordingly, which could 
have an adverse effect on Alithya’s business, financial condition and results of operations.
19.4.4 Raising additional capital and maintaining credit
Alithya’s future growth is contingent on the execution of its business strategy, which, in turn, is dependent on its 
ability to grow the business organically as well as through acquisitions. In the event Alithya would need to fund 
any currently unidentified or unplanned future acquisitions or other growth opportunities, Alithya may have to 
raise additional capital through public and private equity offerings, debt financings or a combination of both, and 
there can be no assurance that such funding will be available in amounts and on terms acceptable to Alithya. 
Alithya’s ability to raise the required funding depends on the capacity of the capital markets to meet Alithya’s 
equity and/or debt financing needs in a timely fashion and on the basis of interest rates and/or share prices that 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 65

are reasonable in the context of Alithya’s commercial objectives. Interest rate fluctuations, financial market 
volatility, including volatility in Alithya’s share price, credit market disruptions and the capacity of Alithya’s current 
lenders to meet Alithya’s additional liquidity requirements are all factors that may have a material adverse effect 
on any acquisitions or growth activities that Alithya may, in the future, identify or plan. If Alithya is unable to 
obtain necessary funding, it may be unable to achieve its growth objectives. Alithya’s financial condition and 
results of operations are also contingent on its ability to maintain the credit it requires. Should Alithya have to 
obtain additional credit or renew its outstanding credit, there is no assurance that Alithya will be able to obtain 
such additional credit or renew its outstanding credit upon the same, or more advantageous, terms.
The incurrence of additional indebtedness would result in increased payment obligations and could involve 
additional or increased financial and other covenants, such as limitations on Alithya’s ability to incur additional 
debt and other operating restrictions that could adversely impact its ability to conduct its business.
19.4.5 Dilution
When acquiring a new business, by way of share purchase or asset purchase, Alithya may consider paying the 
purchase price, in part of in whole, by way of issuance of Subordinate Voting Shares or securities convertible 
into Subordinate Voting Shares. Alithya may also, independent of any acquisition process, decide to seek the 
completion of a public or private financing involving the issuance of Subordinate Voting Shares or securities 
convertible into Subordinate Voting Shares to raise capital. Any issuance of additional Subordinate Voting 
Shares will result in dilution of the ownership interests of Alithya’s shareholders as well as dilution in earnings 
per share. The terms of any such financing may also include liquidation or other preference rights that could 
adversely affect the rights of Alithya’s shareholders. Alithya cannot predict the size of future issuances nor the 
effect that such issuances may have on the market price of the Subordinate Voting Shares. Issuances of a 
substantial number of additional Subordinate Voting Shares (or securities convertible into Subordinate Voting 
Shares), or the perception that such issuances could occur, could also adversely affect the prevailing market 
price of the Subordinate Voting Shares.
19.4.6 Active market
If an active market for Alithya’s Subordinate Voting Shares is not sustained, holders of Subordinate Voting 
Shares may be unable to sell their investments on satisfactory terms. Declines in the value of Subordinate 
Voting Shares may also adversely affect the liquidity of the market for Subordinate Voting Shares. Factors 
unrelated to Alithya’s performance may have an effect on the price and liquidity of Subordinate Voting Shares 
including the extent of analyst coverage of Alithya, lower trading volume and general market interest in 
Subordinate Voting Shares, the size of Alithya’s public float and any event resulting in a delisting of the 
Subordinate Voting Shares from the TSX.
19.4.7 Dividends
Alithya does not expect to pay dividends in the immediate future and anticipates that it will retain all earnings, if 
any, to support its operations. Any future determination as to the payment of dividends will, subject to Canadian 
legal requirements and Alithya’s articles of incorporation, be at the sole discretion of Alithya’s Board and will 
depend on Alithya’s financial condition, results of operations, capital requirements and other factors the Board 
deems relevant. Holders of Subordinate Voting Shares must therefore rely on potential increases in the trading 
price of their shares for returns on their investment in the foreseeable future.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 66

19.4.8 Foreign private issuer pursuant to U.S. securities laws and rules
Alithya is a “foreign private issuer” as such term is defined in Rule 405 under the Securities Act of 1933, as 
amended and, as a result, although its Subordinate Voting Shares are registered with the SEC, it is not subject 
to the same requirements that are imposed upon U.S. domestic issuers. Under the Securities Exchange Act of 
1934, as amended (the “Exchange Act”), Alithya is indeed exempt from certain rules and regulations under U.S. 
securities laws and, as such, its reporting obligations are, in certain respects, less detailed and less frequent 
than those of U.S. domestic reporting issuers. As a result, Alithya does not file the same reports as U.S. 
domestic reporting issuers file with the U.S. Securities Exchange Commission (“SEC”). Instead, it is required to 
file or furnish to the SEC the continuous disclosure documents that it is required to file in Canada under 
Canadian securities laws. In addition, Alithya’s officers, directors and principal shareholders are exempt from 
the reporting requirements set forth under Section 16 of the Exchange Act.
Also, although it is Alithya’s current intention to deregister its Subordinate Voting Shares from the SEC, there is 
no assurance as to if and when it will meet the eligibility requirements to do so in the near future. If and once 
deregistered, it will, however, no longer be required to file or furnish documents with the SEC in accordance with 
U.S. securities regulations. U.S. shareholders would therefore have to rely solely on documents filed with 
Canadian securities regulators and which would be prepared in accordance with Canadian securities 
regulations.
19.4.9 Enforcement of civil liabilities under U.S. securities laws and rules
Alithya is governed by the Business Corporations Act (Quebec), its registered office is located in Canada, the 
majority of its directors and officers are based principally in Canada, and a substantial portion of its assets are 
located outside of the U.S. It may therefore be difficult for investors who reside in the U.S. to enforce court 
judgments predicated upon civil liability provisions of U.S. federal securities laws against Alithya or any such 
persons. There is also substantial doubt regarding whether an action could be brought in Canada in the first 
instance predicated solely upon U.S. federal securities laws. Canadian courts may refuse to hear a claim based 
on an alleged violation of U.S. securities laws against Alithya or such persons on the grounds that Canada is not 
the most appropriate forum in which to bring such a claim. Even if a Canadian court agrees to hear a claim, it 
may determine that Canadian law and not U.S. law is applicable to the claim.
20. Management’s Evaluation of Disclosure Controls and Procedures 
and Internal Control over Financial Reporting
Management's Report on Disclosure Controls and Procedures
Management is responsible for establishing and maintaining adequate disclosure controls and procedures 
(“DC&P”) which are designed to provide reasonable assurance that the material information relating to the 
Company is made known to the Chief Executive Officer and Chief Financial Officer by others, particularly during 
the period in which annual and interim filings are prepared, and that information required to be disclosed by the 
Company in its annual, interim filings or other reports filed or submitted by the Company under Canadian and 
U.S. securities laws is recorded, processed, summarized and reported within the time periods specified under 
those laws and the related rules. The effectiveness of these DC&P, as defined under National Instrument 
52-109 – Issuers’ annual and interim filings (“NI 52-109”) adopted by Canadian securities regulators and in Rule 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 67

13a-15(e) and 15d-15(e) under the U.S. Securities Exchange Act of 1934, as amended, was evaluated under 
the supervision of and with the participation of the Company’s Chief Executive Officer and Interim Chief 
Financial Officer as at the end of the Company’s most recently completed financial year ended March 31, 2025. 
Based on such evaluation, the Chief Executive Officer and Interim Chief Financial Officer concluded that the 
Company’s DC&P were not effective as of March 31, 2025 due to the material weakness in internal control over 
financial reporting described below.
Management's Report on Internal Control over Financial Reporting 
Management is also responsible for establishing and maintaining adequate internal control over financial 
reporting (“ICFR”), as defined under NI 52-109 adopted by Canadian securities regulators and in Rule 13a-15(f) 
and 15d-15(f) under the U.S. Securities Exchange Act of 1934, as amended. The Company’s ICFR are 
designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer, and 
effected by management and other key employees, to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as 
issued by the IASB. The effectiveness of the Company’s ICFR was evaluated under the supervision of and with 
the participation of the Company’s Chief Executive Officer and Interim Chief Financial Officer as at the end of 
the Company’s most recently completed financial year ended March 31, 2025 based on the criteria established 
in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (COSO). Based on such evaluation, the Chief Executive Officer and Interim Chief 
Financial Officer concluded that the Company’s ICFR was not effective as of March 31, 2025 due to the material 
weakness described below. 
A material weakness is a deficiency, or a combination of deficiencies, in ICFR, such that there is a reasonable 
possibility that a material misstatement of the Company’s annual or interim financial statements will not be 
prevented or detected on a timely basis. 
In connection with the Company’s evaluation of ICFR, management identified a material weakness related to 
the control activities in its revenue processes for fixed-fee and time and material arrangements applying the 
input method. Notwithstanding the existence of a material weakness, management has concluded that the 
Company’s annual audited consolidated financial statements for the year ended March 31, 2025 present fairly, 
in all material respects, the Company’s financial position, results of operations, changes in equity and cash 
flows in accordance with IFRS, and confirms that this material weakness did not result in (i) any material 
adjustments to the Company’s annual audited consolidated financial statements for the year ended 
March 31, 2025 and (ii) there were no changes to previously released financial results. However, because the 
material weakness creates a reasonable possibility that a material misstatement to our financial statements 
would not be prevented or detected on a timely basis, it was concluded that as of March 31, 2025, the 
Company’s ICFR was not effective. 
Status on Management’s Remediation Plan 
As previously reported under the heading “Management’s Evaluation of Disclosure Controls and Procedures 
and Internal Control over Financial Reporting” in our MD&A for the fiscal year ended March 31, 2024, in 
connection with our assessment of the effectiveness of internal control over financial reporting as of 
March 31, 2024, we determined a material weakness existed related to the control activities in the Company's 
revenue processes. 
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 68

During the fiscal year 2025, we prioritized training to control operators and fostered continuous improvement in 
our documentary evidence protocols. While there have been significant improvements throughout the fiscal 
year, our management is continuing to focus on remediation efforts such as to further improve control activities 
over the validation and documentation, at the required level of precision, of key assumptions applied in the 
expected labour cost to complete estimates used in the measure of progress to recognize revenues under fixed-
fee and time and material arrangements applying the input method. 
Management, with the oversight of the Audit and Risk Management Committee, continues to be committed to a 
strong internal control environment and intends to implement further remediation measures designed to ensure 
that the deficiencies in the Company’s ICFR that resulted in a material weakness are remediated. Although 
management expects that the remediation of deficiencies in key controls related to its revenue processes for 
fixed-fee and time and material arrangements applying the input method which resulted in the occurrence of a 
material weakness will be completed during the year ending March 31, 2026, there is no assurance as to when 
such remediation will be completed, nor if the remediation measures put in place will be effective to remediate 
such deficiencies. The material weakness will also not be considered fully remediated until the applicable 
internal controls operate for a sufficient period of time and management has concluded, through testing, that 
these internal controls are operating effectively. 
Changes in Internal Control over Financial Reporting
Other than the impacts of the ongoing remediation plan described above, there have been no changes in the 
Company’s ICFR during the year ended March 31, 2025, that have materially affected, or are reasonably likely 
to materially affect, the Company’s ICFR. 
Auditor’s Report on Internal Control over Financial Reporting 
The effectiveness of ICFR as of March 31, 2025 has been audited by KPMG LLP, (“KPMG”), the Company’s 
independent registered public accounting firm. In view of the above, KPMG has expressed an adverse opinion 
on the Company’s ICFR as of March 31, 2025.
Limitations on Effectiveness of Disclosure Controls and Procedures and Internal Control over Financial 
Reporting 
The Company’s management recognizes that any DC&P and ICFR, no matter how well designed and operated, 
can provide only reasonable assurance of achieving their objectives. Because of their inherent limitations, 
DC&P and ICFR may not prevent or detect all errors or misstatements on a timely basis.
Management’s Discussion and Analysis
For the year ended March 31, 2025
| 69

Exhibit 99.4
SECTION 302 CERTIFICATION 
I, Paul Raymond, certify that: 
1. I have reviewed this annual report on Form 40-F of Alithya Group inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or 
omit to state a material fact necessary to make the statements made, in light of the circumstances 
under which such statements were made, not misleading with respect to the period covered by this 
report; 
3. Based on my knowledge, the financial statements, and other financial information included in this 
report, fairly present in all material respects the financial condition, results of operations and cash 
flows of the issuer as of, and for, the periods presented in this report; 
4. The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining 
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 
15d-15(f)) for the issuer and have: 
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and 
procedures to be designed under our supervision, to ensure that material information 
relating to the issuer, including its consolidated subsidiaries, is made known to us by others 
within those entities, particularly during the period in which this report is being prepared; 
b. Designed such internal control over financial reporting, or caused such internal control over 
financial reporting to be designed under our supervision, to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements 
for external purposes in accordance with generally accepted accounting principles; 
c.
Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented 
in this report our conclusions about the effectiveness of the disclosure controls and 
procedures, as of the end of the period covered by this report based on such evaluation; and 
d. Disclosed in this report any change in the issuer’s internal control over financial reporting 
that occurred during the period covered by the annual report that has materially affected, or 
is reasonably likely to materially affect, the issuer’s internal control over financial 
reporting; and 
5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of 
internal control over financial reporting, to the issuer’s auditors and the audit committee of the 
issuer’s board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal 
control over financial reporting which are reasonably likely to adversely affect the issuer’s 
ability to record, process, summarize and report financial information; and 
b. Any fraud, whether or not material, that involves management or other employees who 
have a significant role in the issuer’s internal control over financial reporting. 

Date: June 12, 2025 
          /s/ Paul Raymond
Paul Raymond
President and Chief Executive Officer

Exhibit 99.5
SECTION 302 CERTIFICATION 
I, Debbie Di Gregorio, certify that: 
1. I have reviewed this annual report on Form 40-F of Alithya Group inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or 
omit to state a material fact necessary to make the statements made, in light of the circumstances 
under which such statements were made, not misleading with respect to the period covered by this 
report; 
3. Based on my knowledge, the financial statements, and other financial information included in this 
report, fairly present in all material respects the financial condition, results of operations and cash 
flows of the issuer as of, and for, the periods presented in this report; 
4. The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining 
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 
and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 
15d-15(f)) for the issuer and have: 
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and 
procedures to be designed under our supervision, to ensure that material information 
relating to the issuer, including its consolidated subsidiaries, is made known to us by others 
within those entities, particularly during the period in which this report is being prepared; 
b. Designed such internal control over financial reporting, or caused such internal control over 
financial reporting to be designed under our supervision, to provide reasonable assurance 
regarding the reliability of financial reporting and the preparation of financial statements 
for external purposes in accordance with generally accepted accounting principles; 
c.
Evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented 
in this report our conclusions about the effectiveness of the disclosure controls and 
procedures, as of the end of the period covered by this report based on such evaluation; and 
d. Disclosed in this report any change in the issuer’s internal control over financial reporting 
that occurred during the period covered by the annual report that has materially affected, or 
is reasonably likely to materially affect, the issuer’s internal control over financial 
reporting; and 
5. The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of 
internal control over financial reporting, to the issuer’s auditors and the audit committee of the 
issuer’s board of directors (or persons performing the equivalent functions): 
a.
All significant deficiencies and material weaknesses in the design or operation of internal 
control over financial reporting which are reasonably likely to adversely affect the issuer’s 
ability to record, process, summarize and report financial information; and 
b. Any fraud, whether or not material, that involves management or other employees who 
have a significant role in the issuer’s internal control over financial reporting. 

Date: June 12, 2025
            /s/ Debbie Di Gregorio
Debbie Di Gregorio
Interim Chief Financial Officer

Exhibit 99.6 
CERTIFICATION PURSUANT TO 
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO 
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 
In connection with the filing of the Annual Report on Form 40-F for the fiscal year ended March 31, 2025 
(the “Report”) by Alithya Group inc. (the “Company”), the undersigned, as the Chief Executive Officer of 
the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of 
the Sarbanes-Oxley Act of 2002, that, to his knowledge: 
•
the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities 
Exchange Act of 1934; and 
•
the information contained in the Report fairly presents, in all material respects, the financial 
condition and results of operations of the Company. 
Date: June 12, 2025
 
          /s/ Paul Raymond
Paul Raymond
President and Chief Executive 
Officer

Exhibit 99.7
CERTIFICATION PURSUANT TO 
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO 
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 
In connection with the filing of the Annual Report on Form 40-F for the fiscal year ended March 31, 2025 
(the “Report”) by Alithya Group inc. (the “Company”), the undersigned, as the Interim Chief Financial 
Officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to 
Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge: 
•
the Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities 
Exchange Act of 1934; and 
•
the information contained in the Report fairly presents, in all material respects, the financial 
condition and results of operations of the Company. 
Date: June 12, 2025
            /s/ Debbie Di Gregorio
Debbie Di Gregorio
Interim Chief Financial Officer

  
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors of Alithya Group inc.:
We consent to the use of:
•
our report dated June 12, 2025 on the consolidated financial statements of Alithya Group inc. 
(the "Entity") which comprise the consolidated statements of financial position as of March 31, 
2025 and March 31, 2024, the related consolidated statements of operations and 
comprehensive income (loss), changes in shareholders’ equity, and cash flows for the years 
ended March 31, 2025 and 2024, and the related notes (collectively, the "consolidated financial 
statements"), and
•
our report dated June 12, 2025 on the effectiveness of the Entity's internal control over 
financial reporting as of March 31, 2025
each of which is  included  in  the Annual  Report  on  Form 40-F of the Entity for the fiscal year ended 
March 31, 2025.
We also consent to the incorporation by reference of such reports in the Registration Statements 
(No. 333-228487 and 333-265666) on Form S-8 of the Entity.
/s/ KPMG LLP
Montréal, Canada
June 12, 2025
Exhibit 99.8