Mr. Peter Iliopoulos reports

GILDAN'S SCIENCE-BASED EMISSIONS TARGETS VALIDATED BY SBTI

The Science Based Targets initiative (SBTi) has validated that Gildan Activewear Inc.'s 2030 near-term greenhouse gas (GHG) emissions reduction targets are in conformance with the SBTi criteria and recommendations (Version 4.2), marking a significant milestone in the advancement of the company's ESG (environmental, social and governance) strategy. The SBTi's target validation team has classified Gildan's Scope 1 and 2 target and has determined that it is in line with a well-below two-degree-Celsius trajectory.

"The validation of our emissions targets by SBTi further reinforces our commitment and builds on our foundation of strong sustainability practices which include social, environmental and economic benefits in the communities where we operate. We understand the importance of climate change and, over the last year, we have been implementing our new climate strategy across our organization in order to make meaningful progress to ensure we attain our third generation of GHG emissions reduction targets," says Peter Iliopoulos, senior vice-president, taxation, sustainability, and governmental affairs. "This is further evidence of our genuine commitment to making purposeful advancements by 2030 in line with our next-generation ESG strategy."

In 2022, Gildan unveiled its new next-generation ESG strategy and targets, which seek to address global environmental and social priorities and increase the sustainability of products delivered to customers worldwide. As part of this strategy, Gildan committed to reduce its absolute Scope 1 and 2 GHG emissions by 30 per cent by 2030 from a 2018 base year. Gildan also committed to reduce absolute Scope 3 GHG emissions by 13.5 per cent by 2030 from a 2019 base year. Both targets have now been reviewed and validated by the SBTi.

About Gildan Activewear Inc.

Gildan is a leading manufacturer of everyday basic apparel. The company's product offering includes activewear, underwear and socks, sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms and to global lifestyle brand companies. The company markets its products in North America, Europe, Asia Pacific and Latin America under a diversified portfolio of company-owned brands, including Gildan, American Apparel, Comfort Colors, Goldtoe and Peds, in addition to the Under Armour brand through a sock licensing agreement providing exclusive distribution rights in the United States and Canada. Gildan owns and operates vertically integrated, large-scale manufacturing facilities that are primarily located in Central America, the Caribbean, North America and Bangladesh. Gildan operates with a strong commitment to industry-leading labour, environmental and governance practices throughout its supply chain in accordance with its comprehensive ESG (environmental, social and governance) program embedded in the company's long-term business strategy.