Item 1. Financial Statements

Lowe’s Companies, Inc.

Consolidated Statements of Earnings (Unaudited)

In Millions, Except Per Share and Percentage Data

			Three Months Ended
			May 2, 2025												May 3, 2024
Current Earnings			Amount						% Sales						Amount						% Sales
Net sales			$	20,930					100.00		%				$	21,364					100.00		%
Cost of sales			13,944						66.62						14,274						66.81
Gross margin			6,986						33.38						7,090						33.19
Expenses:
Selling, general and administrative			4,046						19.33						4,009						18.77
Depreciation and amortization			446						2.13						428						2.00
Operating income			2,494						11.92						2,653						12.42
Interest – net			337						1.61						352						1.65
Pre-tax earnings			2,157						10.31						2,301						10.77
Income tax provision			516						2.47						546						2.56
Net earnings			$	1,641					7.84		%				$	1,755					8.21		%
Weighted average common shares outstanding – basic			559												571
Basic earnings per common share			$	2.93											$	3.06
Weighted average common shares outstanding – diluted			560												572
Diluted earnings per common share			$	2.92											$	3.06

See accompanying notes to the consolidated financial statements (unaudited).

Lowe’s Companies, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

In Millions, Except Percentage Data

			Three Months Ended
			May 2, 2025												May 3, 2024
			Amount						% Sales						Amount						% Sales
Net earnings			$	1,641					7.84		%				$	1,755					8.21		%
Cash flow hedges – net of tax			(3)						(0.01)						(3)						(0.02)
Other			—						—						(1)						—
Other comprehensive loss			(3)						(0.01)						(4)						(0.02)
Comprehensive income			$	1,638					7.83		%				$	1,751					8.19		%

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Consolidated Balance Sheets (Unaudited)

In Millions, Except Par Value Data

						May 2, 2025						May 3, 2024						January 31, 2025
Assets
Current assets:
Cash and cash equivalents						$	3,054					$	3,237					$	1,761
Short-term investments						368						264						372
Merchandise inventory – net						18,335						18,224						17,409
Other current assets						918						1,025						816
Total current assets						22,675						22,750						20,358
Property, less accumulated depreciation						17,636						17,531						17,649
Operating lease right-of-use assets						3,799						3,829						3,738
Long-term investments						300						306						277
Deferred income taxes – net						118						115						244
Other assets						844						834						836
Total assets						$	45,372					$	45,365					$	43,102
Liabilities and shareholders' deficit
Current liabilities:
Current maturities of long-term debt						4,183						1,294						2,586
Current operating lease liabilities						562						552						563
Accounts payable						11,235						11,737						9,290
Accrued compensation and employee benefits						853						870						1,008
Deferred revenue						1,500						1,409						1,358
Other current liabilities						4,055						3,644						3,952
Total current liabilities						22,388						19,506						18,757
Long-term debt, excluding current maturities						30,541						34,622						32,901
Noncurrent operating lease liabilities						3,669						3,759						3,628
Deferred revenue – Lowe's protection plans						1,266						1,225						1,268
Other liabilities						762						859						779
Total liabilities						58,626						59,971						57,333
Shareholders' deficit:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none						—						—						—
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 560 million, 572 million, and 560 million shares, respectively						280						286						280
Capital in excess of par value						13						—						—
Accumulated deficit						(13,833)						(15,188)						(14,799)
Accumulated other comprehensive income						286						296						288
Total shareholders' deficit						(13,254)						(14,606)						(14,231)
Total liabilities and shareholders' deficit						$	45,372					$	45,365					$	43,102

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Consolidated Statements of Shareholders’ Deficit (Unaudited)

In Millions

			Three Months Ended May 2, 2025
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance January 31, 2025			560						$	280					$	—					$	(14,799)					$	288																	$	(14,231)
Net earnings			—						—						—						1,641						—																		1,641
Other comprehensive loss			—						—						—						—						(2)																		(2)
Cash dividends declared, $1.15 per share			—						—						—						(645)						—																		(645)
Share-based payment expense			—						—						53						—						—																		53
Repurchases of common stock			(1)						(1)						(41)						(30)						—																		(72)
Issuance of common stock under share-based payment plans			1						1						1						—						—																		2
Balance May 2, 2025			560						$	280					$	13					$	(13,833)					$	286																	$	(13,254)

			Three Months Ended May 3, 2024
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance February 2, 2024			574						$	287					$	—					$	(15,637)					$	300																	$	(15,050)
Net earnings			—						—						—						1,755						—																		1,755
Other comprehensive loss			—						—						—						—						(4)																		(4)
Cash dividends declared, $1.10 per share			—						—						—						(629)						—																		(629)
Share-based payment expense			—						—						50						—						—																		50
Repurchases of common stock			(3)						(2)						(64)						(677)						—																		(743)
Issuance of common stock under share-based payment plans			1						1						14						—						—																		15
Balance May 3, 2024			572						$	286					$	—					$	(15,188)					$	296																	$	(14,606)

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Consolidated Statements of Cash Flows (Unaudited)

In Millions

			Three Months Ended
			May 2, 2025						May 3, 2024
Cash flows from operating activities:
Net earnings			$	1,641					$	1,755
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			507						486
Noncash lease expense			131						131
Deferred income taxes			126						135
Loss/(Gain) on property and other assets – net			20						(7)
Share-based payment expense			58						55
Changes in operating assets and liabilities:
Merchandise inventory – net			(926)						(1,330)
Other operating assets			(106)						(86)
Accounts payable			1,945						3,033
Other operating liabilities			(17)						90
Net cash provided by operating activities			3,379						4,262
Cash flows from investing activities:
Purchases of investments			(391)						(277)
Proceeds from sale/maturity of investments			375						266
Capital expenditures			(518)						(382)
Proceeds from sale of property and other long-term assets			2						15
Other – net			(1)						—
Net cash used in investing activities			(533)						(378)
Cash flows from financing activities:
Repayment of debt			(778)						(22)
Proceeds from issuance of common stock under share-based payment plans			2						15
Cash dividend payments			(645)						(633)
Repurchases of common stock			(112)						(923)
Other – net			(20)						(5)
Net cash used in financing activities			(1,553)						(1,568)
Net increase in cash and cash equivalents			1,293						2,316
Cash and cash equivalents, beginning of period			1,761						921
Cash and cash equivalents, end of period			$	3,054					$	3,237

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the consolidated balance sheets as of May 2, 2025, and May 3, 2024, and the statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the three months ended May 2, 2025, and May 3, 2024. The January 31, 2025, consolidated balance sheet was derived from the audited financial statements.

These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2025 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.

Accounting Pronouncements Not Yet Adopted

There have been no significant changes in the accounting pronouncements not yet adopted from those disclosed in the Annual Report. Accounting pronouncements not disclosed in this Form 10-Q or in the Annual Report are either not applicable to the Company or are not expected to have a material impact to the Company.

Note 2: Acquisition

On April 9, 2025, the Company entered into a definitive agreement to acquire Artisan Design Group (ADG) for $1.325 billion. ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishers, including flooring, cabinets and countertops, to national, regional and local home builders and property managers. The acquisition is expected to expand the Company’s Pro customer offering into a new distribution channel within a highly fragmented market. The transaction is expected to close in the second quarter of fiscal 2025.

Note 3: Revenue

Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services.

The following table presents the Company’s sources of revenue:

(In millions)			Three Months Ended
May 2, 2025						May 3, 2024
Products			$	20,169					$	20,691
Services			544						532
Other			217						141
Net sales			$	20,930					$	21,364

A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. The merchandise return reserve is presented on a gross basis, with a separate asset and liability included in the consolidated balance sheets. The balances and classification within the consolidated balance sheets for

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anticipated sales returns and the associated right of return assets are as follows:

(In millions)			Classification			May 2, 2025						May 3, 2024						January 31, 2025
Anticipated sales returns			Other current liabilities			$	245					$	280					$	167
Right of return assets			Other current assets			144						164						99

Deferred revenue - retail and stored-value cards

Retail deferred revenue consists of amounts received for which customers have not yet taken possession of the merchandise or for which installation has not yet been completed. The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards deferred revenue includes outstanding stored-value cards such as gift cards and returned merchandise credits that have not yet been redeemed. Deferred revenue for retail and stored-value cards are as follows:

(In millions)			May 2, 2025						May 3, 2024						January 31, 2025
Retail deferred revenue			$	1,001					$	889					$	770
Stored-value cards deferred revenue			499						520						588
Deferred revenue			$	1,500					$	1,409					$	1,358

Deferred revenue - Lowe’s protection plans

The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred.

(In millions)			May 2, 2025						May 3, 2024						January 31, 2025
Deferred revenue - Lowe’s protection plans			$	1,266					$	1,225					$	1,268

			Three Months Ended
(In millions)			May 2, 2025						May 3, 2024
Lowe’s protection plans deferred revenue recognized into sales			$	143					$	139
Lowe’s protection plans claim expenses			58						54

Disaggregation of Revenues

The following table presents the Company’s net sales disaggregated by merchandise division:

			Three Months Ended
			May 2, 2025												May 3, 2024
(In millions)			Net Sales						%						Net Sales						%
Home Décor 1			$	7,551					36.1		%				$	7,606					35.6		%
Building Products 2			6,556						31.3						6,518						30.5
Hardlines 3			6,399						30.6						6,832						32.0
Other			424						2.0						408						1.9
Total			$	20,930					100.0		%				$	21,364					100.0		%

Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation.

1 Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint.

2 Building Products includes the following product categories: Building Materials, Electrical, Lumber, Millwork, and Rough Plumbing.

3 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools.

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Note 4: Restricted Investments

Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows:

(In millions)						May 2, 2025						May 3, 2024						January 31, 2025
Short-term restricted investments						$	368					$	264					$	372
Long-term restricted investments						300						306						277
Total restricted investments						$	668					$	570					$	649

Note 5: Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows:

• Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities

• Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly

• Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 2, 2025, May 3, 2024, and January 31, 2025:

												Fair Value Measurements at
(In millions)			Classification			Measurement Level						May 2, 2025						May 3, 2024						January 31, 2025
Available-for-sale debt securities:
U.S. Treasury securities			Short-term investments			Level 1						$	205					$	158					$	199
Money market funds			Short-term investments			Level 1						79						54						91
Commercial paper			Short-term investments			Level 2						59						—						49
Certificates of deposit			Short-term investments			Level 1						10						27						13
Corporate debt securities			Short-term investments			Level 2						9						23						16
Foreign government debt securities			Short-term investments			Level 2						4						—						4
Municipal obligations			Short-term investments			Level 2						2						2						—
U.S. Treasury securities			Long-term investments			Level 1						140						231						150
Corporate debt securities			Long-term investments			Level 2						115						58						88
Foreign government debt securities			Long-term investments			Level 2						38						17						37
Municipal obligations			Long-term investments			Level 2						7						—						2
Derivative instruments:
Fixed-to-floating interest rate swaps			Other current liabilities			Level 2						$	6					$	—					$	11
Fixed-to-floating interest rate swaps			Other liabilities			Level 2						33						81						35

There were no transfers between Levels 1, 2, or 3 during any of the periods presented.

When available, quoted prices were used to determine fair value. When quoted prices in active markets were available, financial assets were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values for financial assets and liabilities classified within Level 2 were determined using pricing models, and the

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inputs to those pricing models were based on observable market inputs. The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others.

The Company has performance-based contingent consideration related to the fiscal 2022 sale of the Canadian retail business which is classified as a Level 3 long-term investment, and such contingent consideration had an estimated fair value of zero as of May 2, 2025, May 3, 2024, and January 31, 2025. The Company’s measurements of fair value of the contingent consideration are based on an income approach, which requires certain assumptions considering operating performance of the business and a risk-adjusted discount rate. Changes in the estimated fair value of the contingent consideration are recognized within selling, general and administrative expenses (SG&A) in the consolidated statements of earnings.

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

During the three months ended May 2, 2025, and May 3, 2024, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

Other Fair Value Disclosures

The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable, and long-term debt and are reflected in the financial statements at cost. With the exception of long-term debt, cost approximates fair value for these items due to their short-term nature. As further described in Note 7, certain long-term debt is associated with a fair value hedge and the changes in fair value of the hedged debt is included in the carrying value of long-term debt in the consolidated balance sheets. The fair values of the Company’s unsecured notes were estimated using quoted market prices. The fair values of the Company’s mortgage notes were estimated using discounted cash flow analyses, based on the future cash outflows associated with these arrangements and discounted using the applicable incremental borrowing rate.

Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows:

			May 2, 2025												May 3, 2024												January 31, 2025
(In millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Unsecured notes (Level 1)			$	34,275					$	30,563					$	35,410					$	31,618					$	35,011					$	31,557
Mortgage notes (Level 2)			1						1						1						1						1						1
Long-term debt (excluding finance lease obligations)			$	34,276					$	30,564					$	35,411					$	31,619					$	35,012					$	31,558

Note 6: Accounts Payable

The Company has an agreement with a third party to provide a supplier finance program which facilitates participating suppliers’ ability to finance payment obligations from the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s outstanding payment obligations that suppliers financed to participating financial institutions, which are included in accounts payable on the consolidated balance sheets, are as follows:

(In millions)						May 2, 2025						May 3, 2024						January 31, 2025
Financed payment obligations						$	1,606					$	1,599					$	1,511

Note 7: Debt

The Company’s commercial paper program is supported by the $2.0 billion five-year unsecured revolving credit agreement entered into in September 2023 (2023 Credit Agreement) and the $2.0 billion five-year unsecured third amended and restated credit agreement entered into in December 2021, and as amended (Third Amended and Restated Credit Agreement). The amounts available to be drawn under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement are reduced by the amount of borrowings under the commercial paper program. As of May 2, 2025, May 3, 2024, and January 31, 2025, there were no outstanding borrowings under the Company’s commercial paper program, the 2023 Credit Agreement, or

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the Third Amended and Restated Credit Agreement. Total combined availability under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement was $4.0 billion as of May 2, 2025.

Note 8: Derivative Instruments

The Company utilizes fixed-to-floating interest rate swap agreements as fair value hedges on certain debt. The notional amounts for the Company’s material derivative instruments are as follows:

(In millions)			May 2, 2025						May 3, 2024						January 31, 2025
Fair value hedges:
Fixed-to-floating interest rate swap agreements			$	850					$	850					$	850

See Note 5 for the gross fair values of the Company’s outstanding derivative financial instruments and corresponding fair value classifications. The cash flows related to settlement of the Company’s hedging derivative financial instruments are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items.

The Company accounts for the fixed-to-floating interest rate swap agreements as fair value hedges using the shortcut method of accounting under which the hedges are assumed to be perfectly effective. Thus, the change in fair value of the derivative instruments offsets the change in fair value on the hedged debt, and there is no net impact in the consolidated statements of earnings from the fair value of the derivatives.

Note 9: Shareholders’ Deficit

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions. Shares purchased under the repurchase program are returned to authorized and unissued status. Any excess of cost over par value is charged to additional paid-in capital to the extent that a balance is present. Once additional paid-in capital is fully depleted, remaining excess of cost over par value is charged to accumulated deficit. As of May 2, 2025, the Company had $10.8 billion remaining in its share repurchase program.

The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards.

Total shares repurchased for the three months ended May 2, 2025, and May 3, 2024, were as follows:

			Three Months Ended
			May 2, 2025												May 3, 2024
(In millions)			Shares						Cost						Shares						Cost
Share repurchase program 1			—						$	1					2.7						$	652
Shares withheld from employees			0.3						71						0.3						91
Total share repurchases			0.3						$	72					3.0						$	743

1 Includes excise tax on share repurchases in excess of issuances as part of the cost basis of the shares acquired.

Note 10: Earnings Per Share

The Company calculates basic and diluted earnings per common share using the two-class method. The following table reconciles earnings per common share for the three months ended May 2, 2025, and May 3, 2024:

			Three Months Ended
(In millions, except per share data)			May 2, 2025						May 3, 2024
Basic earnings per common share:
Net earnings			$	1,641					$	1,755
Less: Net earnings allocable to participating securities			(5)						(5)
Net earnings allocable to common shares, basic			$	1,636					$	1,750
Weighted-average common shares outstanding			559						571
Basic earnings per common share			$	2.93					$	3.06

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			Three Months Ended
(In millions, except per share data)			May 2, 2025						May 3, 2024
Diluted earnings per common share:
Net earnings			$	1,641					$	1,755
Less: Net earnings allocable to participating securities			(5)						(5)
Net earnings allocable to common shares, diluted			$	1,636					$	1,750
Weighted-average common shares outstanding			559						571
Dilutive effect of non-participating share-based awards			1						1
Weighted-average common shares, as adjusted			560						572
Diluted earnings per common share			$	2.92					$	3.06
Anti-dilutive securities excluded from diluted weighted-average common shares			0.2						0.4

Note 11: Supplemental Disclosure

Net interest expense is comprised of the following:

			Three Months Ended
(In millions)			May 2, 2025						May 3, 2024
Long-term debt			$	358					$	363
Lease obligations			5						6
Interest income			(25)						(21)
Interest capitalized			(2)						(1)
Interest on tax uncertainties			1						3
Other			—						2
Interest – net			$	337					$	352

Supplemental disclosures of cash flow information:

			Three Months Ended
(In millions)			May 2, 2025						May 3, 2024
Cash paid for interest, net of amount capitalized			$	665					$	689
Cash paid for income taxes – net			45						29
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities			$	13					$	19
Leased assets obtained in exchange for new operating lease liabilities 1			203						228
Cash dividends declared but not paid			645						629

1 Excludes $70 million of leases signed but not yet commenced as of May 2, 2025.

Note 12: Segment Information

The Company’s home improvement operations represent a single operating segment designed to enable customers to purchase products and services seamlessly through all channels. The Company’s chief operating decision maker (CODM) is the Chairman, President, and Chief Executive Officer. The CODM has the ultimate decision-making authority for resource allocation and assessing the performance of the Company. Thereby, the CODM regularly reviews consolidated net earnings as the measure of segment profit or loss, as well as significant segment expenses included in the below table, to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The CODM also uses these measures in monitoring plan versus actual results. The CODM does not review segment assets at a different asset level or category than those disclosed in the consolidated balance sheets.

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The following presents the Company’s operating results, including significant segment expenses.

			Three Months Ended
			May 2, 2025												May 3, 2024
(In millions, except percentage data)			Amount						% Sales						Amount						% Sales
Net sales			$	20,930					100.00		%				$	21,364					100.00		%
Less:
Cost of sales			13,944						66.62						14,274						66.81
Selling, general and administrative:
Employee compensation and benefits			2,812						13.44						2,798						13.10
Occupancy and facility costs			469						2.24						463						2.17
Advertising			199						0.95						204						0.96
Other SG&A items1			566						2.70						544						2.54
Depreciation and amortization			446						2.13						428						2.00
Interest – net			337						1.61						352						1.65
Income tax provision			516						2.47						546						2.56
Net earnings			$	1,641					7.84		%				$	1,755					8.21		%

1 Other SG&A items primarily include financial services costs, technology service costs, insurance costs, impairment costs, and store environment initiative and display costs.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Lowe’s Companies, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheets of Lowe’s Companies, Inc. and subsidiaries (the “Company”) as of May 2, 2025 and May 3, 2024, the related condensed consolidated statements of earnings, comprehensive income, shareholders’ deficit, and cash flows, for the fiscal three-month periods ended May 2, 2025 and May 3, 2024, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of January 31, 2025, and the related consolidated statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the fiscal year then ended (not presented herein); and in our report dated March 24, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. 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 reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

Charlotte, North Carolina

May 29, 2025

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