Gildan Activewear : KPMG LLP Independent Practitioner's Limited Assurance report

KPMG LLP INDEPENDENT PRACTITIONER'S LIMITED ASSURANCE REPORT

To the Board of Directors and Management of Gildan Activewear Inc.

We have undertaken a limited assurance engagement on certain quantitative performance metrics of Gildan Activewear Inc. (the "Entity"), included in the 2024 ESG Report and 2024 Basis of Reporting (the "Reports"), all available on the Entity's website and as described below, for the year ended December 31, 2024.

The scope of our limited assurance engagement, as agreed with management, comprises the following performance metrics (collectively, the "subject matter information") and criteria:

SUBJECT MATTER INFORMATION	UNITS	CRITERIA
Gross direct (Scope 1) GHG emissions	126,920 tCO2e	The World Resources Institute / World Business Council for Sustainable Development GHG Protocol A Corporate Accounting and Reporting Standard ("GHG Protocol")
Gross indirect (Scope 2) GHG emissions market-based method	499,723 tCO2e	The GHG Protocol & the GHG Protocol Scope 2 Guidance (Supplement to the GHG Protocol)
Absolute total Scope 1 and 2 (market-based) GHG emissions	626,644 tCO2e	Internally developed criteria
Percentage change in absolute Scope 1 and 2 (market-based) GHG emissions, compared to 2018 base year	- 16.8%	Internally developed criteria
Gross indirect (Scope 2) GHG emissions location-based method	303,465 tCO2e	The GHG Protocol & the GHG Protocol Scope 2 Guidance (Supplement to the GHG Protocol)
Total energy consumed within the organization	7,862,018 GJ	Internally developed criteria
Total non-renewable energy consumption	5,350,908 GJ	Internally developed criteria
Total renewable and alternative energy consumption	2,511,110 GJ	Internally developed criteria
Indirect Scope 3 GHG emissions	2,245,056 tCO2e	The GHG Protocol & the Corporate Value Chain (Scope 3) Accounting and Reporting Standard (Supplement to the GHG Protocol)
Percentage change in Scope 3 GHG emissions compared to 2019 base year	- 11.3%	Internally developed criteria
Water intensity	0.06213 m³ of water withdrawn per kg produced	Internally developed criteria
Percentage change in water intensity from 2018 base year	- 25.2%	Internally developed criteria
Total manufacturing waste sent to landfill	903 m tonnes	Internally developed criteria
Total waste recycled and reused	98,514 m tonnes	Internally developed criteria
Total waste disposed	10,533 m tonnes	Internally developed criteria
Percentage of sustainable cotton sourced	77.3%	Internally developed criteria
Percentage of recycled polyester or alternative fibres and/or yarns sourced	18.9%	Internally developed criteria
Percentage of recycled and sustainable packaging and trim SKUs (related to apparel)	60.0%	Internally developed criteria
Percentage of women composing the collective employee group of director-level and above	32.3%	Internally developed criteria
Number of work-related fatalities - for employees	0 fatalities	Internally developed criteria
Number of work-related fatalities - for contractors in Bangladesh only	0 fatalities	Internally developed criteria
Lost-time injury frequency rate ("LTIR") for employees (cases per 200,000 hours)	0.12 per 200,000 hours	Internally developed criteria
LTIR for contractors - for selected contractors in Bangladesh (cases per 200,000 hours)	0.48 per 200,000 hours	Internally developed criteria

GILDAN ESG REPORT 2024

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated

KPMG LLP INDEPENDENT PRACTITIONER'S LIMITED ASSURANCE REPORT 1

with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

The subject matter information is denoted by the

symbol in the Reports.

Other than as described in the preceding paragraph, we did not perform assurance procedures on the remaining information included in the Reports, and accordingly, we do not express a conclusion on this information.

There are no mandatory requirements for the preparation or presentation of the subject matter information. As such, the Entity has applied the Greenhouse Gas Protocol - Corporate Accounting and Reporting Standard (Revised Edition) in relation to greenhouse gas emissions, and internally developed criteria for the remaining subject matter information. The criteria are further described in the 2024 Basis of Reporting document ("applicable criteria").

Management's Responsibility

Management is responsible for the preparation and presentation of the subject matter information in accordance with the applicable criteria.

Management is also responsible for such internal control as management determines necessary to enable the preparation and presentation of a subject matter information that is free from material misstatement, whether due to fraud or error. This responsibility includes determining the Entity's objectives in respect of sustainability performance and reporting, identifying stakeholders and material issues, and selecting or developing appropriate criteria.

Our Responsibility

Our responsibility is to express a limited assurance conclusion on the subject matter information based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance engagement in accordance with Canadian Standards on Assurance Engagements (CSAE) 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information, and CSAE 3410, Assurance Engagements on Greenhouse Gas Statements. These standards require that we plan and perform our engagement to obtain limited assurance about whether the subject matter information is free from material misstatement.

A limited assurance engagement involves assessing the suitability of the criteria used by the Entity in preparing the subject matter information in the circumstances of the engagement, assessing the risks of material misstatement, whether due to fraud or error, and responding to the assessed risks as necessary in the circumstances.

We exercised professional judgment and maintained professional skepticism throughout the engagement. Our procedures were designed and performed to obtain evidence that is sufficient and appropriate to provide a basis for our conclusion. In carrying out our engagement, we:

• Evaluated the suitability of the Entity's use of the criteria as the basis for preparing the subject matter information in the circumstances;

• Through inquiries, obtained an understanding of the Entity's control environment, processes and systems relevant to the preparation of the subject

  matter information, but did not evaluate the design of particular control activities, obtain evidence about their implementation or test their operating effectiveness;

• Undertook in-person site visits at the Entity's manufacturing facilities in the Dominican Republic. We selected these sites based on the contribution of the site's information to the aggregate subject matter information and sites not visited in the prior period;

• Inquired of relevant staff at the corporate and facility level to understand the data collection and reporting processes for the subject matter information;

• Where relevant, performed walkthroughs of data collection and reporting processes for the subject matter information;

• Compared a sample of the reported data for the subject matter information to underlying data sources;

• Performed analytical procedures and made inquiries of management to obtain explanations for any significant year-over-year changes;

• Inquired of management regarding key assumptions and, where relevant, the re-performance of calculations on a sample basis;

• Reviewed the presentation of the subject matter information in the Reports to determine whether it is consistent with our overall knowledge of, and

experience with, the ESG performance of the Entity.

The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

Our Independence and Quality Management

We have complied with the independence and other ethical requirements of relevant rules of professional conduct/code of ethics applicable to the practice of public accounting and related to assurance engagements, issued by various professional accounting bodies, which are founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.

The firm applies Canadian Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, which requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements.

Significant Inherent Limitations

Historical non-financial information, such as that contained in the Reports, is subject to more inherent limitations than historical financial information, given the qualitative characteristics of the underlying subject matter and methods used for determining this information. The absence of a significant body of established practice on which to draw allows for the selection of different but acceptable evaluation techniques, which can result in materially different measurements and can impact comparability. The nature and methods used to determine such information, as described in the applicable criteria, may change over time. It is important to read the Entity's reporting methodology disclosed on its website in the 2024 Basis of Reporting document.

Conclusion

Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Based on the procedures performed and evidence obtained, no matters have come to our attention to cause us to believe that the Entity's subject matter information for the year ended December 31, 2024 is not prepared, in all material respects, in accordance with the applicable criteria.

Our conclusion on the subject matter information does not extend to any other information, reports or documents that accompany, are presented with, or contain the subject matter information and our assurance report.

Restriction on Use

Our report is intended solely for use by Gildan Activewear Inc. for the purposes set out in our engagement agreement. Our report may not be suitable for any other purpose and is not intended for use or reliance by any third parties. While KPMG LLP acknowledges that disclosure of our report may be made, in full, by Gildan Activewear Inc. in the 2024 ESG Report and 2024 Basis of Reporting, KPMG LLP does not assume or accept any responsibility or liability to any third party in connection with the disclosure of our report.

Montréal, Canada May 20, 2025

*CPA auditor, public accountancy permit No. A131681

GILDAN ESG REPORT 2024 KPMG LLP INDEPENDENT PRACTITIONER'S LIMITED ASSURANCE REPORT 2