Financials The Descartes Systems Group Inc.

Equities

DSG

CA2499061083

Software

Market Closed - Toronto S.E. Other stock markets 02:30:00 11/02/2026 am IST			After hours 04:48:11 am
94.09 ^CAD	+2.90%		94.09	0.00%

09/02	Descartes Brief: Says Showcasing Its Latest Technology Innovations Focused On AI and Advanced Automation at Manifest 2026 From Feb. 9-11 in Las Vegas	MT
09/02	Descartes Systems Group Announces Latest Technology Innovations Focused on Artificial Intelligence (Ai) and Advanced Automation	CI

Projected Income Statement: The Descartes Systems Group Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	348.7	424.7	486	572.9	651	724.5	803.9	891.8
Change	-	21.8%	14.44%	17.88%	13.63%	11.28%	10.96%	10.94%
EBITDA ¹	142	185.7	215.2	247.5	284.7	326.6	375.8	416
Change	-	30.77%	15.89%	15.01%	15.03%	14.71%	15.08%	10.69%
EBIT ¹	71.4	103.4	130.4	142.8	181.1	207.5	260.6	306.9
Change	-	44.87%	26.1%	9.52%	26.79%	14.55%	25.61%	17.77%
Interest Paid ¹	-1.186	-1.123	-1.167	-1.363	-1.004	-1	-1	-1
Earnings before Tax (EBT) ¹	70.37	102.6	133.7	151.2	191.6	214.7	262.2	308.5
Change	-	45.82%	30.33%	13.03%	26.78%	12.03%	22.15%	17.65%
Net income ¹	52.1	86.28	102.2	115.9	143.3	161.5	194	228.9
Change	-	65.61%	18.49%	13.37%	23.61%	12.75%	20.13%	17.95%
Announcement Date	03/03/21	02/03/22	01/03/23	06/03/24	05/03/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: January	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	93.4	98.84	104.6	108.9	112.4	116.4	123	121.5	125.1	136.6	143.4	144.7	148.2	151.3	163.4	168.8	167.5	168.7	179.8	187.7	188.1	188.4	198.4	206.3	207.7	207.4	220.6	228.8
Change	-	5.82%	5.8%	4.15%	3.2%	3.55%	5.68%	-1.26%	2.99%	9.2%	4.96%	0.91%	2.42%	2.12%	7.98%	3.26%	-0.74%	0.74%	6.56%	4.37%	0.22%	0.19%	5.28%	3.98%	0.67%	-0.13%	6.35%	3.72%
EBITDA ¹	38.6	41.5	45.9	48.2	50.1	51.2	54	54.5	55.4	57.35	60.6	63.5	65.7	67	70.6	72.1	75	75.1	80.2	85.5	86.04	85.83	90.96	95.86	98.3	95.93	103.7	107.9
Change	-	7.51%	10.6%	5.01%	3.94%	2.2%	5.47%	0.93%	1.65%	3.52%	5.67%	4.79%	3.46%	1.98%	5.37%	2.12%	4.02%	0.13%	6.79%	6.61%	0.63%	-0.24%	5.98%	5.39%	2.54%	-2.41%	8.06%	4.08%
EBIT ¹	21.87	23.4	26.12	27.89	26	30.6	31.55	34.7	33.6	36.56	36.83	32.4	37	42.38	45.85	45.79	47.1	46.2	48.18	56.58	56.53	58.57	62.97	67.23	65.9	65.7	70.7	74.3
Change	-	7%	11.63%	6.8%	-6.79%	17.67%	3.11%	9.99%	-3.16%	8.8%	0.74%	-12.01%	14.18%	14.55%	8.17%	-0.12%	2.86%	-1.92%	4.3%	17.44%	-0.1%	3.6%	7.51%	6.78%	-1.98%	-0.3%	7.61%	5.09%
Charge d'intérêts ¹	-0.277	-0.277	-0.272	-0.292	-0.282	-0.278	-0.284	-0.285	-0.32	-0.337	-0.34	-0.343	-0.343	-0.273	-0.243	-0.244	-0.244	-0.236	-0.243	-	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
Earnings before Tax (EBT) ¹	21.65	23.18	25.91	27.65	25.86	30.47	31.72	35.45	36.08	37.78	38.5	34.78	40.09	46.17	48.32	48.43	48.72	47.92	49.49	58.34	58.83	59.28	65	68.9	69.5	68.33	75.57	78.83
Change	-	7.11%	11.75%	6.74%	-6.47%	17.8%	4.12%	11.74%	1.79%	4.7%	1.9%	-9.66%	15.28%	15.16%	4.65%	0.23%	0.6%	-1.63%	3.27%	17.88%	0.84%	0.76%	9.66%	6%	0.87%	-1.68%	10.59%	4.32%
Net income ¹	17.2	18.42	23.18	25.49	19.2	23.12	22.9	26.47	29.8	29.35	28.12	26.6	31.8	34.67	34.68	36.56	37.4	36.24	38.02	43.9	43.18	43.98	47.94	50.76	51.45	50.33	55.67	58.1
Change	-	7.1%	25.81%	9.99%	-24.68%	20.39%	-0.92%	15.58%	12.58%	-1.5%	-4.21%	-5.38%	19.54%	9.02%	0.04%	5.41%	2.3%	-3.09%	4.9%	15.46%	-1.63%	1.85%	9%	5.88%	1.36%	-2.17%	10.6%	4.37%
Announcement Date	03/03/21	02/06/21	08/09/21	01/12/21	02/03/22	01/06/22	07/09/22	07/12/22	01/03/23	31/05/23	06/09/23	05/12/23	06/03/24	29/05/24	04/09/24	03/12/24	05/03/25	04/06/25	03/09/25	03/12/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: The Descartes Systems Group Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-134	-213	-276	-321	-236	-346	-518	-788
Change	-	-58.96%	-29.58%	-16.3%	26.48%	-46.52%	-49.71%	-52.12%
Announcement Date	03/03/21	02/03/22	01/03/23	06/03/24	05/03/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: The Descartes Systems Group Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	3.759	4.829	6.071	5.563	6.8	6.733	7.16	8.09
Change	-	28.47%	25.72%	-8.37%	22.24%	-0.98%	6.34%	12.99%
Free Cash Flow (FCF) ¹	127.5	171.3	186.3	202.1	212.5	262.6	304	345.3
Change	-	34.39%	8.76%	8.48%	5.15%	23.54%	15.79%	13.59%
Announcement Date	03/03/21	02/03/22	01/03/23	06/03/24	05/03/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: The Descartes Systems Group Inc.

Fiscal Period: January	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	40.73%	43.73%	44.28%	43.2%	43.73%	45.08%	46.75%	46.65%
EBIT Margin (%)	20.48%	24.36%	26.84%	24.93%	27.82%	28.64%	32.42%	34.42%
EBT Margin (%)	20.18%	24.16%	27.52%	26.38%	29.44%	29.63%	32.62%	34.6%
Net margin (%)	14.94%	20.32%	21.04%	20.23%	22.01%	22.3%	24.14%	25.66%
FCF margin (%)	36.56%	40.34%	38.34%	35.28%	32.65%	36.24%	37.82%	38.72%
FCF / Net Income (%)	244.67%	198.55%	182.25%	174.38%	148.34%	162.53%	156.66%	150.88%
Profitability
ROA	5.18%	7.67%	8.17%	8.31%	9.18%	9.9%	10.8%	11.4%
ROE	6.01%	9.03%	9.74%	9.92%	10.92%	11.45%	12.42%	12.9%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.08%	1.14%	1.25%	0.97%	1.04%	0.93%	0.89%	0.91%
CAPEX / EBITDA (%)	2.65%	2.6%	2.82%	2.25%	2.39%	2.06%	1.91%	1.94%
CAPEX / FCF (%)	2.95%	2.82%	3.26%	2.75%	3.2%	2.56%	2.36%	2.34%
Items per share
Cash flow per share ¹	1.53	2.043	2.225	2.392	2.511	3.04	3.64	-
Change	-	33.53%	8.91%	7.49%	4.97%	21.07%	19.74%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	18.64	21.17	24.14
Change	-	-	-	-	-	-	13.57%	14.03%
EPS ¹	0.61	1	1.18	1.34	1.64	1.842	2.197	2.561
Change	-	63.93%	18%	13.56%	22.39%	12.31%	19.29%	16.56%
Nbr of stocks (in thousands)	84,492	84,658	84,818	85,077	85,539	85,987	85,987	85,987
Announcement Date	03/03/21	02/03/22	01/03/23	06/03/24	05/03/25	-	-	-