ALYAF

Alithya's financial instruments consist of cash, short-term deposits, restricted cash, accounts receivable and other receivables, trade accounts payable and accrued liabilities and long-term debt and lease liabilities. Alithya, through its financial assets and liabilities, has exposure to the following risks from its use of financial instruments: interest rate risk, credit risk, liquidity risk and currency risk. Senior management and Board are responsible for setting risk levels and reviewing risk management activities as they determine 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. Alithya is exposed to fluctuations in interest rates -48- with respect to its variable rate on its Credit Facility. The interest rate risk profile of Alithya’s interest-bearing financial instruments was as follows: As at March 31, (In $ Thousands) 2020 2019 $ $ Variable rate financial instruments Credit facility 37,615 24,949 Other long-term debt 347 — 37,962 24,949 For the year ended March 31, 2020, Alithya has determined that a reasonably possible increase or decrease of 100 basis point in interest rates of 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 has been performed on the same basis for the year ended March 31, 2019. Alithya does not account for any fixed rate financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect equity and profit or loss. Liquidity risk Liquidity risk is the risk that Alithya will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. Alithya’s activities are financed through a combination of cash flows from operations, borrowings under existing credit facilities, issuance of debt and issuance of equity. As a result of the effect of COVID-19, unanticipated pressures may occur on liquidity. In order to manage its exposure to liquidity risk, Alithya’s primary goal is to maintain an optimal level of liquidity through an active management of assets and liabilities as well as cash flows. Despite the pandemic, Alithya continues to be in regular contact with customers. Also, as at March 31, 2020, Alithya has an unused capacity of approximately $22,000,000 under its authorized secured senior revolving credit facility of $60,000,000. The following table summarizes the carrying amount and the contractual maturities of both the interest and principal portion of significant financial liabilities. As at March 31, 2020 (In $ Thousands) Carrying amount Total Less than 1 year 1-2 years 2-5 years More than 5 years $ $ $ $ $ $ Accounts payable and accrued liabilities 28,970 28,970 28,970 — — — Credit facility 37,615 39,775 1,178 38,597 — — Balances of purchase payable, non-interest bearing 15,609 17,006 1,000 3,259 12,747 — Other (included in long-term debt) 347 347 126 101 120 — Lease liabilities 13,232 16,091 2,020 2,018 6,464 5,589 95,773 102,189 33,294 43,975 19,331 5,589 -49- As at March 31, 2019 (In $ Thousands) Carrying amount Total 1 year or less 1-2 years 2-5 years More than 5 years $ $ $ $ $ $ Accounts payable and accrued liabilities 28,162 28,162 28,162 — — — Credit facility 24,949 29,149 1,493 1,493 26,163 — Balance of purchase payable, non-interest bearing 3,765 4,100 1,000 1,000 2,100 — 56,876 61,411 30,655 2,493 28,263 — Credit risk Credit risk is the risk of loss due to a counterparty's inability to meet its obligations. At March 31, 2020 and 2019, Alithya's credit risk exposure consists mainly of the carrying amounts of cash and short-term deposits held with major Canadian banks, accounts receivable and other receivables, and unbilled revenue. The carrying amounts of financial assets and unbilled revenue represent the maximum credit exposure. Impairment losses recognized in profit or loss is not significant both in 2020 and 2019. The credit risk in respect of cash balances and short-term deposits is minimal as they are held with reputable financial institutions. With respect to accounts receivable and unbilled revenue, Alithya is exposed to a concentration of credit risk on significant customers operating in Canada, as identified in Note 4 to our Annual Financial Statements included as Exhibit 15.3 to this Annual Report. However, this credit risk exposure is mitigated by the relative size and nature of the business carried on by such customers. Also, Alithya has a large and diversified client base from clients engaged in various industries, including banks with high credit-rating, government agencies, telecommunications and retails. Historically, Alithya has not made any significant write-offs. Notwithstanding the impact of COVID-19, Alithya’s credit risk exposure remains relatively low. A substantial portion of accounts receivable and unbilled revenues are with customers who operate in industries for which credit risk has not increased significantly following the pandemic. However, if a key customer experiences financial difficulties or fails to comply with its contractual obligations which may occur as the pandemic continues, this could result in a significant financial loss to Alithya. In order to manage its exposure to credit risk and assess credit quality, Alithya established a credit policy under which collection of account receivable is a priority. Each new customer is analyzed individually for creditworthiness before Alithya enters into contract. The financial stability and liquidity of customers are assessed on a regular basis, which included the review of default risk associated with the industry in which customers operate. Alithya also limits its exposure by setting credit limits when deemed necessary. No significant adjustments were made to allowance for doubtful accounts in connection with this assessment. For both 2020 and 2019, allowance for doubtful accounts was not significant. Currency risk Alithya is exposed to transactional foreign currency risk to the extent that there is a mismatch between the currencies in which cash, accounts receivables and other receivables, accounts payables and -50- accrued liabilities and borrowings are denominated and the respective functional currencies of Alithya’s companies. The currencies in which these financial instruments are mainly denominated is USD. Other currencies have no significant impact on Alithya’s exposure to currency risk. The summary quantitative data about Alithya’s exposure to currency risk for the significant exchange rates is as follow. As at March 31, (In $ Thousands) 2020 2019 USD USD Cash 891 1,004 Accounts receivable and other receivables 377 80 Accounts payable and accrued liabilities (944) (110) Credit facility (14,000) (18,550) Net statement of financial position exposure (13,676) (17,576) The following table illustrates the sensitivity of profit and equity in regards to Alithya’s financial assets and financial liabilities and the USD/Canadian dollars exchange rate ‘all other things being equal’. It assumes a +/- 8% change of the USD/Canadian dollars exchange rate for the year ended March 31, 2020 (2019: +/-6%). This percentage has been determined based on the average market volatility in exchange rate in the previous twelve months. The sensitivity analysis is based on Alithya’s foreign currency financial instruments held at each reporting date. Profit or loss Effect in Canadian dollar Strengthening Weakening As at March 31, 2020 USD 8% Movement (1,087) 1,087 As at March 31, 2019 USD 6% Movement (1,115) 1,115 For further information, including information on the fair value of financial instruments, please see “Note 21. Financial Instruments” to our Annual Financial Statements included as Exhibit 15.3 to this Annual Report.

A. Selected Financial Data See the selected financial data disclosure included under Item 5. – “Operating and Financial Review and Prospects.” B. Capitalization and Indebtedness Not applicable. -2- C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” — “Risks and Uncertainties” included as Exhibit 15.2 to this Annual Report.

A. History and Development of the Company Alithya Group inc. (“Alithya” or the “Company”) (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.) (“Old Alithya”), incorporated on April 2, 1992 under the Companies Act (Québec), now the QBCA, Alithya USA, Inc. (formerly Edgewater Technology, Inc.) (“Edgewater”), a corporation governed under the laws of Delaware and previously listed on the NASDAQ Global Market, 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 November 2, 2018, the Company’s Class A subordinate voting shares commenced trading on the Toronto Stock Exchange (“TSX”) and on the NASDAQ Capital Market (“NASDAQ”) under the symbol “ALYA.” On March 15, 2018, the Company, Old 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 Old 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 Transaction, shareholders of Old Alithya and Edgewater became shareholders of the Company, and each of Old Alithya and Edgewater became wholly owned subsidiaries of the Company. On October 30, 2018, Old Alithya closed a private placement, where an aggregate 11,736,055 subscription receipts were issued at a price of $4.50 per subscription receipt (the “Offering”). Each subscription receipt was automatically converted into an Old Alithya common share, immediately prior to the close of the Edgewater Transaction, and then exchanged for one subordinated voting share, pursuant to the Arrangement Agreement. The net proceeds of the Offering were used to reduce indebtedness, fund future growth initiatives and for general corporate purposes. On October 1, 2019, the Company acquired all the issued and outstanding shares of Matricis Informatique Inc. (“Matricis”), a Canadian consulting firm specialized in advanced applications and systems using techniques derived from the Internet of Things (IoT), Artificial Intelligence (AI), a combination of the aforementioned (AIoT), as well as operational intelligence in the healthcare, industrial, and financial sectors. The acquisition of Matricis was completed for a total consideration of $7,200,000, payable in cash and subordinate voting shares. On December 13, 2019, the Company acquired, through Alithya Financial Solutions, Inc., an indirect wholly-owned subsidiary, all the issued and outstanding membership interests of Travercent LLC, a US-based cloud-focused Enterprise Resource Planning (ERP) consulting group specialized in the -3- healthcare sector, now known as Alithya Travercent LLC (“Alithya Travercent”), for a total consideration of US$19,500,000, payable in cash and subordinate voting shares. Alithya Travercent's competencies include implementing Oracle's cloud ERP, Human Capital Management (HCM), Enterprise Performance Management (EPM) and Business Intelligence (BI) applications. Alithya Travercent has also developed a cloud solution named Capsure RFTM, an Oracle cloud extension that optimizes material management processes of healthcare providers for supply chain management and point of use. On October 2, 2019, Alithya Zero2Ten, Inc. an indirect wholly-owned subsidiary of the Company, sold all the issued and outstanding shares of its wholly-owned subsidiary Zero2Ten EMEA Limited (“Alithya UK”), for a total cash consideration of GBP£800,000. On February 1, 2020, the Company acquired all the issued and outstanding shares of Groupe Askida Inc., now known as Alithya Askida Solutions Inc., and Askida Consulting Services Inc., now known as Alithya Askida Consulting Services Inc., (collectively “Askida”), a Canadian group with expertise in software quality assurance tools and services, as well as in development and modernization of custom applications, for a total consideration of $16,000,000, payable in cash and subordinate voting shares. The principal executive offices of Alithya are located at 1100 Robert-Bourassa Boulevard, Suite 400, Montréal, Québec, Canada, H3B 3A5. Alithya’s telephone number is +1 (514) 285-5552. Alithya’s website address is www.alithya.com. Information contained on, or that can be accessed through, Alithya’s website is not part of, or incorporated by reference into, this Annual Report. B. Business Overview Alithya is a leader in strategy and digital transformation, with more than 2,000 professionals in Canada, the U.S., and Europe. For over 25 years, Alithya’s experts have advised, guided and assisted clients in their pursuit of innovation and excellence and the achievement of their business objectives through the optimal use of digital technologies. Alithya deploys solutions, services, and expert consultants to design, build and implement innovative and efficient solutions for the complex business challenges of its clients, tailored to their business needs in the financial services, energy, manufacturing, telecommunications, transportation and logistics, professional services, healthcare and government sectors. Business Offerings Business offerings include a comprehensive range of digital technology services to address client needs: •Business Strategy. Alithya leads clients through essential decision-making processes regarding strategic planning, change management, systems evolution, operational processes, and more. Applying the most recurrent methodologies, we help our clients optimize efficiency and successfully navigate the digital transformation age. We achieve results by leveraging an array of Business Strategy services, including strategic consulting, digital transformation, organizational performance and enterprise architecture. •Application Services. Alithya’s experts guide clients through all facets of Application Services, from migration of legacy systems into future-ready digital solutions, to the development of completely new solutions using state-of-the-art technologies. Our experts assist our clients in the choice between cloud, on-premise, and hybrid hosting strategies and solutions. Alithya’s Application Solutions services include digital applications DevOps, legacy -4- systems modernization, control and software engineering, cloud infrastructure, quality assurance and automated testing. •Enterprise Solutions. Working with key industry partners, including some of the world’s largest vendors of Enterprise Solutions, Alithya’s experts help clients deploy company-wide systems to improve the efficiency of their finance, human capital, operations, and marketing functions. Alithya’s Enterprise Solutions services include Enterprise Resource Planning (ERP), Corporate Performance Management (CPM/EPM), Customer Relationship Management (CRM/CXM) and Human Capital Management (HCM). •Data and Analytics. Data analysis plays a critical role in the optimization of business processes. Leveraging specialized IT systems and software, Alithya’s data scientists help clients gain business insight and drive better decision-making through enhanced data collection, big data analytics, machine learning automation and reporting. Alithya’s Data and Analytics services include business intelligence, data management, artificial intelligence and machine learning, as well as Internet of Things (IoT). Geographically, Alithya’s operations span Canada, the United States and Europe, providing a full spectrum of strategy and digital technology services with deep expertise in a range of technologies and business domains. Industry Dynamics and Opportunity Today, for many companies, digital systems and infrastructures are among their most important and strategic assets. Not only do these assets require significant investments, but they increasingly serve as key differentiators and drivers of growth for customers. Accordingly, businesses are seeking solutions that allow them to maintain their ability to differentiate themselves from competitors with proprietary business processes, combined with product customization. That is where digital transformation comes into play, inviting companies to make a shift in their approach and to evolve from traditional information technologies to flexible digital technologies. As businesses’ technology spending continues to increase, digital technology firms are striving to deliver innovative thinking and in-depth vertical industry expertise, while facilitating business process transformation through the use of the most optimal technologies. Alithya believes it is well positioned to respond to these trends in clients’ investments in digital technology. Alithya’s business model is built on a philosophy of offering flexible and creative solutions, enabling clients to realize maximum benefits from their digital technology investments. Alithya positions itself as an agile trusted advisor and consulting partner capable of delivering rapid results for its clients. Clients Alithya’s clients are mainly concentrated in the financial services, energy, manufacturing, telecommunications, transportation and logistics, professional services, healthcare and government sectors. The majority are large to mid-size companies. Alithya seeks to cultivate collaborative and flexible service engagements that are designed to adapt to clients’ evolving priorities and challenges. -5- Business Strategic Plan Alithya has adopted a three to five year strategic plan which sets as a goal to become a North American digital transformation leader. Under this plan, Alithya will take advantage of its consolidated scale and scope to leverage its geographies, expertise, integrated offerings, and position on the value chain to target growing IT services segments. Alithya believes its specialization in digital technologies and the flexibility of its approach resonates directly with clients and enables it to exceed their expectations. Alithya has established a three-pronged plan focusing on: •Increasing scale through organic growth and strategic acquisitions by: ◦Sustaining steady organic growth through innovation, higher-value offerings and client-relationships based on trust; ◦Completing value enhancing acquisitions by way of a North America geographic expansion to complement current market presence, while progressively adding major integrated enterprise solutions offerings and selected specialized expertise; •Achieving best-in-class employee engagement by: ◦Fostering a culture of collaboration and ownership; ◦Cultivating employee well-being and personal growth; ◦Investing in the development of our leaders and employees; •Providing our investors, partners and stakeholders with long-term growing return on investment by: ◦Strengthening our existing relationships with clients, as a key trusted advisor, by generating long-term value; ◦Investing in innovation and higher value service offerings; ◦Acting responsibly, with a sustainable and respectful vision for our stakeholders. Management 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 exceptional communications and by developing tailor-made solutions that take into account their specific business realities. Alithya strives to sustain high levels of client satisfaction and exceed client expectations which is key to renewal of existing contracts and entry into new ones. Alithya’s agile approach ensures optimal alignment with clients, enabling them to overcome their challenges and attain their goals with seamless technology integration. 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 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 acquisitions. Growth through acquisitions can offer Alithya opportunities to better serve existing clients with additional talent, technology and complementary services. Through such 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. -6- Alithya believes that its growth strategy through acquisitions also helps to provide an opportunity to achieve the scale that is increasingly required for mandates awarded by government and private organizations, and to attract potential acquisition candidates which are poised to benefit from Alithya’s established relationships, better 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 France. In order to provide its clients with the solutions best suited to their needs, Alithya has established strategic partnerships with a number of companies, including Microsoft, Oracle and Amazon Web Services (AWS). These partnerships entail joint marketing efforts, making joint client presentations, and negotiating discounts on license fees, among other benefits. Where such partnership are formalized in written agreements, those agreements are either terminable at will by either party or are for terms of one year or less. Alithya believes it has been successful in establishing strategic partnerships with a strong group of companies who are either industry leaders or well-regarded new entrants. Competition Alithya’s competitors include: •systems integration firms; •contract programming companies; •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; •responsiveness to client needs; •reputation and experience; •financial stability and strong corporate governance; and •competitive pricing of services. Alithya also relies on the following measures to compete effectively: •investments to scale its services practice areas; •a well-developed recruiting, training and retention model; •a successful service delivery model; -7- •intrapreneurial culture and approach; •a broad referral base; •continual investment in process improvement and knowledge capture; •investment in infrastructure and research and development; •continued focus on responsiveness to client needs, quality of services and competitive prices; and •project management capabilities and technical expertise. Intellectual Property Alithya leverages its proprietary innovations, methodologies and other intellectual property when servicing its clients. Alithya actively protects its intellectual property and has registered, or applied for registration of, Canadian, U.S. and international trademarks, service marks, domain names and copyrights. 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: •AI-FITM solutions. These solutions leverage Alithya’s range of proprietary applications using artificial intelligence, machine learning, and deep learning techniques. A play on the term hi-fi, short for high fidelity, the AI-FITM brand integrates the concepts of artificial intelligence (and its acronym AI) and fidelity (FI). Alithya’s AI-FITM solutions include: ◦AI-FITM Connect : a plugin-based data connector that enables integration between various data sources, designed to receive data from a source, structure it, replicate the structure to a destination, and automatically send new data to the destination as it becomes available. ◦AI-FITM Ultrasonic : detects wear-induced flaws in a nuclear plant’s fuel channels, a critical aspect of the operation and regulation of these plants. ◦AI-FITM Suitability Assessment : offers companies looking to leverage machine learning an in-depth review of their data and business processes to determine an AI strategy that’s right for them. ◦AI-FITM Enablement : allows organizations to adapt a swift deployment and integration of AI analytics. •Askida CTTM. Askida CTTM is a solution that 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 which presents the results and status through sophisticated dashboards. •Capsure RFTM. Capsure RFTM is a cloud-based platform that was purpose built for healthcare providers to maximize inventory management processes. Capsure RFTM is a modern and open technology that has real time integration into Oracle Cloud ERP applications and can be integrated into other systems if necessary. Capsure RFTM’s four main functions are Mobile Supply Chain automation, PAR Inventory, RFID for Inventory / Medical Equipment and Patient Charge Capture or Point of Use. •CASSITM Analytics and KPIs. These solutions help nuclear plants reduce the work needed to generate and distribute maintenance performance reports and provide insight into opportunities to streamline maintenance. CASSITM software drives accountability and tracks progress against -8- corporate and site-based performance goals for work week leaders, planners, schedulers, operations and maintenance staff. CASSITM Analytics and KPIs include: ◦CASSITM Analytics for Online Weekly Maintenance : supports the continuous improvement of Nuclear Online Preparation, Execution, Backlog, and Reliability-centered activities. ◦CASSITM Analytics for Outage Management : automates the generation of KPIs and objectively tracks and trends corporate targets. ◦CASSITM Analytics for PetroChem Turnarounds : delivers key performance indicators in support of continuous improvement, essential to a successful turnaround. ◦CASSITM Analytics for Maintenance and Reliability : supports the continuous improvement of Preparation, Execution, Backlog, and Reliability-centered activities for value-based maintenance organizations. •//SIDERTM. //SIDERTM is a secure solution that 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 all the health professionals, health clinics and laboratory managers involved in monitoring medical results. 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. C. Organizational Structure Below, and as Exhibit 8.1 to this Annual Report, is the list of our principal subsidiaries as at March 31, 2020, each of which is directly or indirectly wholly-owned by Alithya. Certain subsidiaries whose total assets did not represent more than 10% of Alithya’s consolidated assets or whose revenues did not represent more than 10% of Alithya’s consolidated revenues as at March 31, 2020, based on our Annual Financial Statements, included as Exhibit 15.3 to this Annual Report, have been omitted. These omitted subsidiaries, however, represented, as a group, less than 20% of the consolidated assets and revenues of Alithya as at March 31, 2020. Entity Jurisdiction Percentage Ownership Alithya Canada Inc. Québec, Canada 100% Alithya Consulting Inc. Québec, Canada 100% Alithya Consulting SAS France 100% Alithya Digital Technology Corporation Ontario, Canada 100% Alithya Financial Solutions, Inc. Delaware, USA 100% Alithya Fullscope Solutions, Inc. Delaware, USA 100% Alithya Ranzal LLC Delaware, USA 100% Alithya Travercent LLC Texas, USA 100% Alithya USA, Inc. Delaware, USA 100% -9- D. Property, Plants and Equipment Alithya is headquartered in Montréal, Canada. It does not own any real property, but has a global presence in Canada, the U.S. and France through leased facilities. As of March 31, 2020, Alithya leased approximately 163,108 square feet related to its 12 principal locations. Alithya believes that its current facilities are adequate to meet its ongoing needs. The following table outlines the facilities that Alithya leased as at the date of this Annual Report: Location Square Feet Date Lease Ends Purpose Canada Montréal, Québec 19,309 June 30, 2020 Office space Montréal, Québec 78,573 March 31, 2030 Office space Montréal, Québec 10,173 April 30, 2022 Office space Québec, Québec 10,482 November 29, 2030 Office space Toronto, Ontario 16,200 April 30, 2030 Office space Pickering, Ontario 9,130 November 30, 2020 Office space Gatineau, Québec 1,228 April 30, 2021 Office space United States Alpharetta, GA 10,970 June 30, 2025 Office space White Plains, NY 1,443 January 31, 2021 Office space Athens, AL 3,842 December 31, 2023 Office space Europe Aix-en-Provence, France 1,206 December 31, 2024 Office space Sophia-Antipolis, France 552 August 31, 2027 Office space

The following tables set forth our selected consolidated financial data. The selected historical consolidated financial data below should be read in conjunction with our Annual Financial Statements included as Exhibit 15.3 to this Annual Report, as well as Item 4. – “Information on the Company” – of this Annual Report. We have derived the statements of operations data for the fiscal years ended March 31, 2020, 2019 and 2018 and the consolidated financial position information as at March 31, 2020 and 2019 from our Annual Financial Statements included as Exhibit 15.3 to this Annual Report. Our Annual Financial Statements have been prepared in accordance with IFRS and are presented in thousands of Canadian dollars except where otherwise indicated. Our historical results are not necessarily indicative of the results that should be expected in any future period. -10- For the fiscal year ended March 31, (In $ Thousands, Except per Share Data) 2020 2019 2018 2017 Consolidated Statements of Operations Data: $ $ $ $ Revenues 279,007 209,478 159,290 115,818 Cost of revenues 196,033 155,202 124,597 92,899 Gross margin 82,974 54,276 34,693 22,919 Operating expenses Selling, general and administrative expenses 76,782 52,615 31,403 19,048 Business acquisitions and integration costs 4,637 5,818 2,079 119 Depreciation 3,368 980 870 449 Amortization of intangibles 11,278 8,092 5,724 5,179 Foreign exchange expense (gain) (161) (144) 58 (18) Impairment of intangibles and goodwill 28,036 — — — 123,940 67,361 40,134 24,777 Operating loss (40,966) (13,085) (5,441) (1,858) Financial expenses 2,347 2,241 2,097 1,631 Gain on sale of subsidiary (681) — — — Loss before income taxes (42,632) (15,326) (7,538) (3,489) Income tax expense (recovery) Current 237 289 81 (147) Deferred (3,202) (3,140) (395) (474) (2,965) (2,851) (314) (621) Net loss (39,667) (12,475) (7,224) (2,868) Basic and diluted loss per share (0.70) (0.34) (0.31) (0.16) -11- (In $ Thousands) March 31, March 31, March 31, March 31, Consolidated Statements of Financial Position Data: 2020 2019 2018 2017 Assets Current assets Cash 8,810 12,801 14,465 8,569 Short-term deposits — 1,324 — — Accounts receivable and other receivables 67,662 67,146 33,762 30,681 Income taxes receivable 2,154 1,217 765 343 Unbilled revenue 8,015 7,583 6,884 1,096 Tax credits receivable 5,889 5,829 7,794 6,636 Prepaids 3,195 3,166 767 435 95,725 99,066 64,437 47,760 Non-current assets Restricted cash 2,212 2,165 2,124 — Income taxes receivable 136 632 — — Tax credits receivable 7,015 2,536 — — Property and equipment 7,172 2,339 1,821 1,727 Right-of-use assets 11,492 — — — Intangibles 51,804 47,551 15,149 14,167 Deferred tax assets 4,652 2,946 632 1,112 Goodwill 77,608 79,634 31,712 21,523 257,816 236,869 115,875 86,289 Liabilities and Shareholders' Equity Current liabilities Line of credit — — 24,066 — Accounts payable and accrued liabilities 50,327 48,935 36,801 34,543 Deferred revenue 9,602 5,998 2,017 303 Current portion of lease liabilities 1,559 — — — Current portion of long-term debt 1,143 1,000 2,956 2,956 62,631 55,933 65,840 37,802 Non-current liabilities Long-term debt 52,086 27,305 15,619 13,278 Lease liabilities 11,673 — — — Deferred lease inducements — 159 156 226 Deferred tax liabilities 4,057 2,016 2,234 1,615 130,447 85,413 83,849 52,921 Shareholders' equity Share capital 195,335 186,861 54,251 49,384 Deficit (78,780) (39,113) (23,927) (16,738) Accumulated other comprehensive income 6,123 1,469 558 (137) Contributed surplus 4,691 2,239 1,144 859 127,369 151,456 32,026 33,368 257,816 236,869 115,875 86,289 -12- ALITHYA GROUP INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS See the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Exhibit 15.2 to this Annual Report for a discussion of our financial condition and results of operations as of and for the fiscal years ended March 31, 2020 and 2019. A discussion of our financial condition and results of operations for the fiscal year ended March 31, 2019 as compared to the fiscal year ended March 31, 2018 can be found in our Annual Report on Form 20-F for the fiscal year ended March 31, 2019 filed with the SEC on June 19, 2019. -13-