Readers are referred to the sections Non-IFRS Financial Measures and Forward-Looking Statements later in this release. All figures are expressed in Canadian dollars unless otherwise noted.
MONTRÉAL, July 30, 2026 /CNW/ -- Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) (TSX: POW.PR.E) today reported earnings results for the three and six months ended June 30, 2026.
Power Corporation
Consolidated results for the period ended June 30, 2026
HIGHLIGHTS
POWER CORPORATION
-- Net earnings [1] for the second quarter of 2026 were $690 million or
$1.10 per share [2], compared with $772 million or $1.20 per share in the
second quarter of 2025. Adjusted net earnings [1, 3] were $974 million or
$1.55 per share, compared with $883 million or $1.38 per share in the
second quarter of 2025.
-- Adjusted net asset value per share [3] was $112.94 at June 30, 2026,
compared with $85.77 at December 31, 2025, representing an increase of
31.7%, primarily driven by the publicly traded operating companies. Book
value per share [4] was $37.74 at June 30, 2026, compared with $36.31 at
December 31, 2025, representing an increase of 3.9%.
-- The Corporation continued to execute on its value creation strategy,
delivering record adjusted net earnings per share driven by strong
operating company performance, with value creation across its alternative
asset investment platforms, and continued portfolio simplification
initiatives.
-- Great West reported adjusted return on equity $(ROE)$ [5] exceeding
19% for the second consecutive quarter, while IGM Financial
delivered record adjusted net earnings supported by strong
performance across its businesses.
-- Power group's interest in Wealthsimple, held collectively with IGM
Financial and Portage Ventures I, was valued at $4.7 billion,
representing an increase of 15% in the second quarter [6],
reflecting Wealthsimple's continued business momentum.
-- The fair value of Sagard Holdings Management Inc. increased by 11%
[7], contributing positively to value creation and reflecting the
continued scaling of the platform, including the recent closing of
the acquisition of Unigestion Private Equity Holding SA
(Unigestion).
-- The Corporation has entered into an agreement for the sale of 100%
of its interest in LMPG Inc. [8], the last investment previously
presented within Standalone businesses, further simplifying the
Power group.
-- In 2026, the Corporation has returned $1.5 billion in capital to
shareholders as at June 30, 2026, comprising of $0.8 billion in
dividends and $0.7 billion through share repurchases.
GREAT-WEST LIFECO INC. (GREAT WEST)
-- Second quarter net earnings were $1,039 million, compared with $894
million in the second quarter of 2025. Adjusted net earnings [9] were
$1,270 million, compared with $1,149 million in the second quarter of
2025.
-- Adjusted net earnings increased 11% from the second quarter of 2025,
driven by sustained momentum in Great West's Retirement and Wealth
businesses, led by Empower, and supported by strong Capital Solutions new
business growth in Capital and Risk Solutions.
-- On June 30, 2026, Empower announced the acquisition of Milliman, Inc.'s
retirement plan and benefits administration business for
US$340 million [10]. The acquisition will further extend Empower's
Workplace Solutions platform with approximately US$130 billion in client
assets and 1.5 million plan participants at closing, while expanding
defined benefit administration and health and welfare capabilities.
-- Great West delivered adjusted ROE [5] of 19.3% and ROE of 17.2%,
achieving Great West's 19%+ medium-term adjusted ROE objective for the
second consecutive quarter, as a result of its earnings growth,
disciplined capital deployment, and share buybacks.
IGM FINANCIAL INC. $(IGM)$
-- Second quarter net earnings were $261.5 million, compared with
$246.7 million in the second quarter of 2025.Adjusted net earnings
[3] were $330.0 million, compared with $252.7 million in the second
quarter of 2025.
-- Record adjusted net earnings demonstrate the diversified growth of IGM's
wealth and asset management businesses, reflecting the breadth of IGM's
platform and the value of its diversified portfolio of wealth and asset
management businesses.
-- Assets under management and advisement [4] were $343.3 billion at
June 30, 2026, an increase of 9.3% from March 31, 2026 and 20.9% from
June 30, 2025.
-- Assets under management and advisement including strategic investments
[4] were $622.1 billion at June 30, 2026, compared with $568.9 billion at
March 31, 2026 and $521.1 billion at June 30, 2025.
[1] Attributable to participating shareholders.
[2] All per share amounts are per participating share
of the Corporation.
[3] Adjusted net earnings, adjusted net earnings reported
by IGM and adjusted net asset value are non-IFRS financial
measures. Adjusted net earnings per share and adjusted
net asset value per share are non-IFRS ratios. Refer
to the Non-IFRS Financial Measures section later in
this news release.
[4] Refer to the Other Measures section later in this
news release.
[5] Defined as "base ROE" by Great West, a non-IFRS ratio;
refer to the Non-IFRS Financial Measures section later
in this news release. In April 2025, Great West updated
its medium-term growth objectives effective January
1, 2025, medium-term defined as 3-5 years.
[6] IGM classifies its investment in Wealthsimple as fair
value through other comprehensive income (FVOCI);
as such there is no impact on net earnings. The Corporation
controls and consolidates Wealthsimple; therefore,
the increase in fair value is not reflected in net
earnings.
[7] The Corporation controls and consolidates Sagard Holdings
Management Inc. (SHMI); therefore, the increase in
fair value is not reflected in net earnings.
[8] Expected to close in the third quarter of 2026, subject
to customary closing conditions.
[9] Defined as "base earnings" by Great West, a non-IFRS
financial measure; refer to the Non-IFRS Financial
Measures section later in this news release.
[10] Expected to close in the second half of 2026, subject
to customary closing conditions and regulatory approvals.
HIGHLIGHTS (CONTINUED)
GROUPE BRUXELLES LAMBERT (GBL)
-- GBL reported a net asset value [1] of EUR13.1 billion or EUR100.77 per
share at June 30, 2026, compared with EUR14.0 billion or EUR105.37 per
share at December 31, 2025.
-- In the second quarter of 2026, GBL completed a total of EUR77 million of
share buybacks.
-- GBL continued to advance its mid-term strategy focused on controlled or
co-controlled direct private investments, announcing EUR2.3 billion of
investments in 2026. During the second quarter, GBL launched a voluntary
tender offer for Recordati S.p.A. [2] alongside CVC Capital Partners and
completed its investment in Rayner. Subsequent to quarter-end, GBL also
completed the acquisition of BUKO Group.
SAGARD HOLDINGS INC. (SAGARD)
-- On April 2, 2026, Sagard completed the previously announced acquisition
of Unigestion, further advancing the growth of its asset management
platform. The transaction increased assets under management [1] to
US$46.9 billion as at June 30, 2026.
WEALTHSIMPLE FINANCIAL CORPORATION (WEALTHSIMPLE)
-- Wealthsimple's clients increased to 3.6 million at June 30, 2026, and
assets under administration [1] were $155.6 billion, an increase of 25%
from March 31, 2026 and 84% from June 30, 2025.
[1] Refer to the Other Measures section later in this
news release.
[2] Expected to close in the fourth quarter of 2026,
subject to shareholder approval and other customary
closing conditions.
Second Quarter
Net earnings attributable to participating shareholders were $690 million or $1.10 per share, compared with $772 million or $1.20 per share in 2025.
Adjusted net earnings attributable to participating shareholders ([1]) were $974 million or $1.55 per share, compared with $883 million or $1.38 per share in 2025.
Adjustments in the second quarter of 2026, excluded from adjusted net earnings, were a net negative impact to earnings of $284 million or $0.45 per share, mainly comprised of the Corporation's share of Adjustments of:
-- Great West of negative $197 million, mainly related to market experience
relative to expectations, amortization of acquisition-related finite life
intangible assets, assumption changes and management actions, and
includes the effect of consolidation;
-- IGM of negative $43 million, mainly related to restructuring and other
charges arising from a multi-year initiative to further simplify IGM's
organization, partially offset by a gain on partial sale of investment in
associates;
-- Sagard and Power Sustainable of negative $16 million, mainly related to a
revaluation adjustment on SHMI's non-controlling interests $(NCI)$
liabilities in BEX Capital SAS $(BEX)$, partially offset by the revaluation
of NCI liabilities within Power Sustainable Energy Infrastructure
Partnership (PSEIP); and
-- Corporate operations and Other of negative $28 million, reflecting an
impairment charge on the Corporation's investment in LMPG Inc. (LMPG) in
connection with the sale agreement expected to close in the third quarter
of 2026.
In the second quarter of 2025, Adjustments were a net negative impact to earnings of $111 million or $0.18 per share, mainly related to the Corporation's share of Adjustments of Great West, partially offset by the Corporation's share of Adjustments of IGM and Power Sustainable.
Contributions to Power Corporation's Earnings
(in millions of Adjusted Net Earnings Net Earnings
dollars, except per
share amounts)
2026 2025 2026 2025
Great West ([2]) 871 790 712 615
IGM ([2]) 211 158 167 154
GBL ([2]) (5) (15) (5) (15)
Effect of
consolidation -
Great West and IGM
([3]) (20) (9) (57) 10
Publicly traded
operating companies 1,057 924 817 764
Sagard and Power
Sustainable ([4]) 29 93 13 142
Corporate operations
and Other ([5, 6]) (112) (134) (140) (134)
974 883 690 772
Per participating
share 1.55 1.38 1.10 1.20
Average shares
outstanding (in
millions) 630.2 642.1 630.2 642.1
Publicly traded operating companies: contribution to net earnings was $817 million, an increase of 6.9% from the second quarter of 2025, and contribution to adjusted net earnings was $1,057 million, an increase of 14.4% from the second quarter of 2025:
Great West: contribution to net earnings and to adjusted net earnings increased by $97 million or 15.8% and by $81 million or 10.3%, respectively.
IGM: contribution to net earnings and adjusted net earnings increased by $13 million or 8.4% and by $53 million or 33.5%, respectively.
GBL: contribution to net earnings and adjusted net earnings of negative $5 million in the second quarter of 2026, compared with a contribution to net earnings and adjusted net earnings of negative $15 million in the second quarter of 2025.
Sagard and Power Sustainable: Sagard's contribution to net earnings and adjusted net earnings was positive $10 million and positive $33 million, respectively. The contribution to Sagard's net earnings and adjusted net earnings in 2025 included a positive contribution of $98 million from investing activities, mainly related to fair value changes in the private equity portfolio. Power Sustainable's contribution to net earnings and adjusted net earnings was positive $3 million and negative $4 million, respectively.
[1] A non-IFRS financial measure; refer to the Non-IFRS
Financial Measures section later in this news release.
[2] Contribution to net and adjusted net earnings based
on earnings reported by Great West and IGM. Contribution
to net earnings based on earnings reported by GBL.
[3] Refer to the detailed table in the Contribution to
Net Earnings and Adjusted Net Earnings section of
the Corporation's most recent Management's Discussion
and Analysis (MD&A) for additional information.
[4] Consists of earnings (losses) from the alternative
asset investment platforms, including controlled and
consolidated subsidiaries.
[5] In the first quarter of 2026, the Corporation modified
its presentation; the contribution to net earnings
and adjusted net earnings from Standalone businesses
has been presented within Corporate operations and
Other. The comparatives have been reclassified to
conform with the current presentation.
[6] Includes the contribution to net earnings and adjusted
net earnings from the Corporation's other investment
activities, including the Corporation's investment
in LMPG, as well as corporate operations of the Corporation
and Power Financial Corporation (Power Financial),
which includes operating expenses, financing charges,
depreciation, income taxes, and dividends on non-participating
and perpetual preferred shares. Refer to the section
"Corporate operations and Other" below.
Six Months
Net earnings attributable to participating shareholders were $1,510 million or $2.39 per share, compared with $1,461 million or $2.27 per share in 2025.
Adjusted net earnings attributable to participating shareholders ([1]) were $1,879 million or $2.98 per share, compared with $1,670 million or $2.60 per share in 2025.
Contributions to
Power Corporation's
Earnings
(in millions of Adjusted Net Earnings Net Earnings
dollars, except per
share amounts)
2026 2025 2026 2025
Great West ([2]) 1,722 1,493 1,531 1,202
IGM ([2]) 391 307 347 301
GBL ([2]) 15 (12) 15 10
Effect of
consolidation -
Great West and IGM
([3]) (32) (14) (82) 3
Publicly traded
operating companies 2,096 1,774 1,811 1,516
Sagard and Power
Sustainable ([4]) 11 127 (45) 164
Corporate operations
and Other ([5]) (228) (231) (256) (219)
1,879 1,670 1,510 1,461
Per participating
share 2.98 2.60 2.39 2.27
Average shares
outstanding (in
millions) 632.1 642.6 632.1 642.6
[1] A non-IFRS financial measure; refer to the Non-IFRS
Financial Measures section later in this news release.
[2] Contribution to net and adjusted net earnings based
on earnings reported by Great West and IGM. Contribution
to net earnings based on earnings reported by GBL.
[3] Refer to the detailed table in the Contribution to
Net Earnings and Adjusted Net Earnings section of
the Corporation's most recent MD&A for additional
information.
[4] Consists of earnings (losses) from the alternative
asset investment platforms, including controlled and
consolidated subsidiaries.
[5] Includes the contribution to net earnings and adjusted
net earnings from the Corporation's other investment
activities, including the Corporation's investment
in LMPG, as well as corporate operations of the Corporation
and Power Financial, which includes operating expenses,
financing charges, depreciation, income taxes, and
dividends on non-participating and perpetual preferred
shares. Refer to the section "Corporate operations
and Other" below.
Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert
Results for the quarter ended June 30, 2026
The information below is derived from Great West's and IGM's second quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation and which are included in Parts B and C, respectively, of the Corporation's interim MD&A for the period ended June 30, 2026, available under the Corporation's profile on SEDAR+ (www.sedarplus.ca), and are also available either under their respective profiles on SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com. The information below related to GBL is derived from publicly disclosed information, as issued by GBL in its half-year report at June 30, 2026. Further information on GBL's results is available on its website at www.gbl.com.
GREAT-WEST LIFECO INC.
Second Quarter
Net earnings attributable to common shareholders were $1,039 million or $1.16 per share, compared with $894 million or $0.96 per share in 2025.
Adjusted net earnings ([1]) attributable to common shareholders were $1,270 million or $1.42 per share, compared with $1,149 million or $1.24 per share in 2025.
Adjustments in the second quarter of 2026, excluded from adjusted net earnings, were a net negative impact of $231 million, compared with a net negative impact of $255 million in 2025. Great West's Adjustments consisted of:
-- Market experience relative to expectations of negative $168 million;
-- Amortization of acquisition-related finite life intangible assets of
negative $34 million;
-- Assumption changes and management actions of negative $23 million; and
-- Business transformation and other impacts of negative $6 million.
IGM FINANCIAL INC.
Second Quarter
Net earnings available to common shareholders were $261.5 million or $1.12 per share, compared with $246.7 million or $1.04 per share in 2025.
Adjusted net earnings ([2]) attributable to common shareholders were $330.0 million or $1.41 per share, compared with $252.7 million or $1.07 per share in 2025. Adjusted net earnings of IGM in the second quarter of 2026 excluded a net negative impact mainly related to restructuring and other charges of $70.1 million net of tax, arising from a multi-year initiative to further simplify IGM's organization, partially offset by a gain on partial sale of investment in associates.
Assets under management and advisement ([3]) at June 30, 2026 were $343.3 billion, an increase of 9.3% from March 31, 2026 and 20.9% from June 30, 2025. Net inflows ([4]) were $2.2 billion in the second quarter of 2026, compared with net inflows of $90 million in 2025.
GROUPE BRUXELLES LAMBERT
Second Quarter
GBL reported a net loss of EUR12 million, compared with a net loss of EUR50 million in 2025.
GBL reported a net asset value ([3]) of EUR13,079 million or EUR100.77 per share at June 30, 2026, compared with EUR14,035 million or EUR105.37 per share at December 31, 2025.
[1] Defined as "base earnings" by Great West. For additional
information, refer to the Non-IFRS Financial Measures
section later in this news release.
[2] Adjusted net earnings reported by IGM is a non-IFRS
financial measure. Refer to the Non-IFRS Financial
Measures section later in this news release.
[3] Refer to the Other Measures section later in this
news release.
[4] Related to assets under management and advisement.
Sagard and Power Sustainable
Results for the quarter ended June 30, 2026
Sagard and Power Sustainable comprise the results of the Corporation's alternative asset investment platforms, which includes income earned from asset management and investing activities. Asset management activities includes fee-related earnings (a non-IFRS financial measure, see the Non-IFRS Financial Measures section later in this news release), which is comprised of management fees and fee-related performance revenues less investment platform expenses. Asset management activities also includes carried interest and income from other management activities. Investing activities comprises income earned on the capital invested by the Corporation (proprietary capital) in the investment funds managed by each platform and the share of earnings (losses) of controlled and consolidated subsidiaries held within the alternative asset investment platforms. For additional information, refer to the table later in this news release.
Second Quarter
Net earnings of the alternative asset investment platforms were $13 million, compared with net earnings of $142 million in 2025. Adjusted net earnings ([1]) of the alternative asset investment platforms were $29 million, compared with adjusted net earnings of $93 million in 2025.
Adjusted net earnings are comprised of:
-- A positive contribution of $33 million from Sagard comprised of a
positive contribution of $15 million from asset management activities and
a positive contribution of $18 million from investing activities.
Sagard's Adjustments in the second quarter of 2026, excluded from
adjusted net earnings, were a net negative impact of $23 million,
compared with an impact of nil in the corresponding period in 2025.
Adjustments consisted primarily of a revaluation adjustment of SHMI's NCI
liabilities in BEX, resulting from a positive revision to earnings
expectations; and
-- A negative contribution of $4 million from Power Sustainable comprised of
a negative contribution of $7 million from asset management activities
and a positive contribution of $3 million from investing activities.
Power Sustainable's Adjustments in the second quarter of 2026, excluded
from adjusted net earnings, were a net positive impact of $7 million,
compared with a positive impact of $49 million in the corresponding
period in 2025. Adjustments consisted primarily of the revaluation of NCI
liabilities [2] within PSEIP, due to a decrease in the fair value of
projects held within the fund.
Summary of assets under management ([3]) (including unfunded commitments ([3]) ):
(in billions of dollars) June 30, 2026 June 30, 2025
Sagard ([4]) 65.1 43.0
Power Sustainable 4.3 4.0
Total 69.4 47.0
Percentage of third-party and
associated companies
([5]) 94% 93%
[1] A non-IFRS financial measure; refer to the Non-IFRS
Financial Measures section later in this news release.
[2] The Corporation controls and consolidates the activities
of PSEIP in accordance with IFRS; however, limited
partner equity interests held by third parties have
redemption features and are classified as a financial
liability and remeasured at their redemption value.
Includes the share of losses from the consolidated
activities of PSEIP attributable to third-party investors.
The net asset value ([3]) of PSEIP was $2,499 million
at June 30, 2026, compared with $2,445 million at
December 31, 2025. In the second quarter of 2026,
there was an unrealized decrease in fair value of
the assets within the portfolio of $38 million, excluding
foreign exchange gains.
[3] Refer to the Other Measures section later in this
news release.
[4] Includes ownership in Wealthsimple valued at $4.4
billion at June 30, 2026 ($2.6 billion at June 30,
2025) and excludes assets under management of Sagard's
private wealth investment platform. In the second
quarter of 2026, Sagard acquired a controlling interest
in Unigestion, representing assets under management
([3]) of $15.1 billion at June 30, 2026.
[5] Associated companies includes commitments from Great
West, IGM and GBL, as well as commitments from management.
Adjusted Net Asset Value and Participating Shareholders' Equity
At June 30, 2026
Adjusted Net Asset Value
Adjusted net asset value is presented for Power Corporation and represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (the gross asset value) less their net debt and preferred shares. Refer to the Non-IFRS Financial Measures section later in this news release for a description and reconciliation.
The Corporation's adjusted net asset value per share was $112.94 at June 30, 2026, compared with $85.77 at December 31, 2025, an increase of 31.7%.
(in millions of dollars, June 30, 2026 December 31, Variation %
except per share amounts) 2025
Publicly
traded
operating
companies Great West 55,436 42,147 32
IGM 11,713 9,144 28
GBL 2,874 2,691 7
70,023 53,982 30
Alternative Sagard ([1])
asset
investment
platforms
Asset management companies,
investment funds and other
([2]) 1,897 1,482 28
Wealthsimple ([3]) 1,682 1,465 15
Power Sustainable ([2]) 842 902 (7)
4,421 3,849 15
Cash and cash
Other equivalents 2,196 2,232 (2)
Other assets and investments
([1]) 782 890 (12)
2,978 3,122 (5)
Gross asset value 77,422 60,953 27
Liabilities and preferred
shares (6,324) (6,427) 2
Adjusted net asset value 71,098 54,526 30
Shares outstanding (in
millions) 629.5 635.7
Adjusted net asset value per
share 112.94 85.77 32
[1] Certain comparatives have been reclassified to conform
with the current presentation.
[2] Includes the management companies as well as the fair
value of proprietary capital invested in assets managed
within the platforms. The management company of Sagard
is presented at its fair value and the management
company of Power Sustainable is presented at its carrying
value.
[3] Consists of Power Financial's direct and indirect
investments in Wealthsimple, net of carried interest
payable to Sagard on its investment in Wealthsimple.
Excludes investment in Wealthsimple held by other
entities within the Power group.
Power Corporation's Ownership in Publicly Traded Operating
Companies
Ownership ([1]) Shares held ([1]) Share price
(%) (in millions)
June 30, December
2026 31, 2025
Great West 68.6 613.4 $90.37 $67.69
IGM 63.9 147.9 $79.18 $61.81
GBL ([2]) 17.5 22.8 EUR79.70 EUR75.95
[1] At June 30, 2026.
[2] Held through Parjointco, a jointly controlled
corporation (50%).
Participating Shareholders' Equity
Book value per participating share represents Power Corporation's participating shareholders' equity divided by the number of participating shares outstanding at the end of the reporting period. Participating shareholders' equity is calculated as the total assets of the combined Power Corporation and Power Financial holding company, including investments in subsidiaries presented using the equity method, less their net debt and preferred shares.
The Corporation's book value per participating share was $37.74 at June 30, 2026, compared with $36.31 at December 31, 2025, representing an increase of 3.9%.
(in millions of dollars, June 30, 2026 December 31, Variation %
except per share amounts) 2025
Publicly
traded
operating
companies Great West 18,003 17,237 4
IGM 4,441 4,337 2
GBL 3,120 3,291 (5)
25,564 24,865 3
Alternative Sagard ([1])
asset
investment
platforms
Asset management companies,
investment funds and other 1,611 1,230 31
Wealthsimple ([2]) 96 116 (17)
Power Sustainable ([3]) 25 179 (86)
1,732 1,525 14
Cash and cash
Other equivalents 2,196 2,232 (2)
Other assets and investments
([1]) 788 887 (11)
2,984 3,119 (4)
Total assets 30,280 29,509 3
Liabilities and preferred
shares (6,520) (6,427) (1)
Participating shareholders'
equity 23,760 23,082 3
Shares outstanding (in
millions) 629.5 635.7
Book value per participating
share 37.74 36.31 4
[1] Certain comparatives have been reclassified to conform
with the current presentation.
[2] Consists of Power Financial's direct and indirect
investments in Wealthsimple, net of carried interest
payable to Sagard on its investment in Wealthsimple.
Excludes investment in Wealthsimple held by other
entities within the Power group.
[3] In the six-month period ended June 30, 2026, the Corporation
received distributions of $154 million, which reduced
the carrying value of the investment in Power Sustainable.
Dividend on Power Corporation Participating Shares
The Board of Directors declared a quarterly dividend of 66.75 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable October 30, 2026 to shareholders of record September 29, 2026.
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable October 15, 2026 to shareholders of record at September 24, 2026:
Series Stock Symbol Amount Series Stock Symbol Amount Series A POW.PR.A 35c Series G POW.PR.G 35c Series B POW.PR.B 33.4375c Series H POW.PR.H 35.9375c Series C POW.PR.C 36.25c Series I POW.PR.I 35.3125c Series D POW.PR.D 31.25c
Investor Information
Access to Quarterly Results Quarterly Earnings Conference Call:
Materials:
The second quarter earnings Power Corporation will host an
news release and shareholder earnings call and live
report are available on the audio webcast on Friday, July 31, 2026
Power Corporation website at at
www.powercorporation.com/en/ 8:30 a.m. (Eastern Time). A
investors question-and-answer period
with analysts will follow the
presentation.
Shareholders, investors, and other
stakeholders are
welcome to participate on a
listen-only basis via
telephone and live audio webcast.
The live audio webcast and
presentation materials
will be available at:
www.powercorporation.com/en/investors/
events-presentations.
To listen via telephone, please dial
1-833-752-3688
toll-free in North America or
1-647-846-8526 for international
calls.
A replay of the conference call will
be available
from July 31, 2026 at 11:30 a.m.
(Eastern Time) until
November 10, 2026 by calling
1-855-669-9658 toll-free
in North America or 1-412-317-0088 for
international calls, using the access
code 1429562#.
A webcast archive will also be
available on Power
Corporation's website.
Investor Relations Contact:
514-286-7400investor.relations@power
corp.com
About Power Corporation
Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit www.powercorporation.com.
At June 30, 2026, Power Corporation held the following economic interests:
100% -- Power Financial www.powerfinancial.com
68.6 % Great-West Lifeco ([1]) (TSX: GWO) www.greatwestlifeco.com
63.9 % IGM Financial ([2]) (TSX: IGM) www.igmfinancial.com
17.5 % GBL ([3]) (Euronext: GBLB) www.gbl.com
52.3 % Wealthsimple ([) (4]) www.wealthsimple.com
Investment Platforms
Sagard ([) (5]) www.sagard.com
Power Sustainable ([) (6]) www.powersustainable.com
[1] The Corporation held a 68.6% interest in Great West,
and IGM held an additional 2.5% interest in Great
West.
[2] The Corporation held a 63.9% interest in IGM, and
Great West held an additional 4.0% interest in IGM.
[3] Held through Parjointco, a jointly controlled corporation
(50%).
[4] Undiluted equity interest held by Portag3 Ventures
Limited Partnership (Portage Ventures I), Power Financial
and IGM, representing a fully diluted equity interest
of 40.7%.
[5] The Corporation held a 44.6% interest in Sagard Holdings
Management Inc., and Great West and GBL also held
interests of 10.8% and 4.1%, respectively.
[6] The Corporation held a 72.6% interest in Power Sustainable
Manager Inc., and Great West also held a 20.3% interest.
Earnings Summary
Contribution to Adjusted Net Earnings and Net Earnings
Three months Six months ended
ended June 30, June 30,
(in millions of 2026 2025 2026 2025
dollars, except
per share
amounts)
Adjusted net
earnings ([1])
Great West ([2]) 871 790 1,722 1,493
IGM ([2]) 211 158 391 307
GBL (5) (15) 15 (12)
Effect of
consolidation
-- Great West
and IGM ([3]) (20) (9) (32) (14)
1,057 924 2,096 1,774
Sagard and Power
Sustainable 29 93 11 127
Corporate
operations and
Other ([4]) (112) (134) (228) (231)
Adjusted net
earnings ([5]) 974 883 1,879 1,670
Adjustments
([6]) (284) (111) (369) (209)
Net earnings
([5])
Great West ([2]) 712 615 1,531 1,202
IGM ([2]) 167 154 347 301
GBL ([2]) (5) (15) 15 10
Effect of
consolidation
-- Great West
and IGM ([3]) (57) 10 (82) 3
817 764 1,811 1,516
Sagard and Power
Sustainable 13 142 (45) 164
Corporate
operations and
Other ([4]) (140) (134) (256) (219)
Net earnings
([5]) 690 772 1,510 1,461
Earnings per
share -- basic
([5])
Adjusted net
earnings 1.55 1.38 2.98 2.60
Adjustments (0.45) (0.18) (0.59) (0.33)
Net earnings 1.10 1.20 2.39 2.27
[1] For a reconciliation of Great West, IGM, Sagard and
Power Sustainable, and Corporate operations and Other's
non-IFRS adjusted net earnings to their net earnings,
and the contribution to adjusted net earnings from
GBL, refer to the Non-IFRS Financial Measures, Sagard
and Power Sustainable, and Corporate operations and
Other sections below.
[2] Contribution to net and adjusted net earnings based
on earnings reported by Great West and IGM. Contribution
to net earnings based on earnings reported by GBL.
[3] Refer to the detailed table in the Contribution to
Net Earnings and Adjusted Net Earnings section of
the Corporation's most recent MD&A for additional
information.
[4] Includes the contribution to net earnings and adjusted
net earnings from the Corporation's other investment
activities, including the Corporation's investment
in LMPG, as well as corporate operations, which includes
operating expenses, financing charges, depreciation,
income taxes, and dividends on non-participating and
perpetual preferred shares. Certain comparatives have
been reclassified to conform with the current presentation.
[5] Attributable to participating shareholders.
[6] Refer to the detailed table of Adjustments in the
Non-IFRS Financial Measures section below.
Sagard and Power Sustainable
Three months Six months
ended June ended June 30,
30,
(in millions of 2026 2025 2026 2025
dollars)
Contribution to Power
Corporation's:
Adjusted net earnings
(loss)
Asset management
activities ([1])
Sagard 15 8 10 4
Power Sustainable (7) (14) (17) (20)
Investing activities
(proprietary capital)
Sagard ([2]) 18 98 18 139
Power Sustainable ([3]) 3 1 - 4
Adjusted net earnings
(loss) 29 93 11 127
Adjustments ([4])
Sagard (asset
management activities) (23) - (23) -
Power Sustainable
(investing activities) 7 49 (33) 37
(16) 49 (56) 37
Net earnings (loss) 13 142 (45) 164
[1] Includes management fees charged by the investment
platforms on proprietary capital. Management fees
paid by the Corporation are deducted from income from
investing activities.
[2] Includes the Corporation's share of earnings (losses)
of Wealthsimple. The second quarter of 2026 includes
a charge of $17 million related to the Corporation's
share of the carried interest payable due to the increase
in fair value of the investment held in Wealthsimple
($14 million recognized in the second quarter of 2025).
[3] Consists mainly of the Corporation's share of earnings
(losses) from direct investments in energy infrastructure
and in the consolidated activities of PSEIP, as well
as fair value changes of other investments managed
within the Power Sustainable platform.
[4] Refer to the detailed table of Adjustments in the
Non-IFRS Financial Measures section below.
Corporate operations and Other
Three months Six months ended
ended June 30, June 30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings (loss)
LMPG ([1]) - (2) (6) (7)
Other corporate
investments ([2]) 29 (18) 52 4
Operating and
other expenses
([3]) (86) (67) (163) (133)
Dividends on
non-participating
and perpetual
preferred
shares (55) (47) (111) (95)
Adjusted net
earnings (loss) (112) (134) (228) (231)
Adjustments ([4]) (28) - (28) 12
Net earnings
(loss) (140) (134) (256) (219)
[1] The Corporation's investment in LMPG was previously
presented separately within Standalone businesses.
Certain comparatives have been reclassified to conform
with the current presentation.
[2] Includes fair value gains or losses on the Corporation's
investments held in investment funds, as well as foreign
exchange gains or losses and interest on cash and
cash equivalents.
[3] Includes operating expenses, fair value changes in
tandem share appreciation rights, financing charges,
depreciation and income taxes of the Corporation and
Power Financial.
[4] Refer to the detailed table of Adjustments in the
Non-IFRS Financial Measures section below.
BASIS OF PRESENTATION
The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards unless otherwise noted and are the basis for the figures presented in this news release, unless otherwise noted.
NON-IFRS FINANCIAL MEASURES
Net earnings attributable to participating shareholders are comprised of:
-- Adjusted net earnings attributable to participating shareholders; and
-- Adjustments, which include the after-tax impact of any item that in
management's judgment, including those identified by management of
Great West and IGM, would make the period-over-period comparison of
results from operations less meaningful. Includes the Corporation's share
of Great West's impact of market-related impacts, where actual market
returns in the current period are different than longer-term expected
returns; assumption changes and management actions that impact the
measurement of assets and liabilities; direct equity and interest rate
impacts on the measurement of surplus assets and liabilities; and
amortization of acquisition-related finite life intangible assets, as
well as items that management believes are not indicative of the
underlying business results which include those identified by management
of a subsidiary or a jointly controlled corporation, including: business
transformation and other impacts (including restructuring or
reorganization and integration costs, acquisition and divestiture costs);
material legal settlements; material impairment charges; material impacts
of the remeasurement of deferred tax assets and liabilities including
those as a result of income tax rate changes, and other tax impairments;
certain non-recurring material items, net gains, losses or costs related
to the disposition or acquisition of a business, including those related
to an investment in an associate or jointly controlled corporation;
impacts related to remeasurements due to market changes that result in an
accounting mismatch including the remeasurement of derivatives where the
hedged item is not also measured at fair value and hedge accounting is
not applied, and the revaluation of redemption liabilities, share
warrants and conversion options on convertible and exchangeable debt
obligations; the impact of the revaluation of non-controlling interests
liabilities related to PSEIP which result from changes in fair value of
assets held within the fund, and the share of earnings (losses) from the
consolidated activities of PSEIP attributable to third-party investors;
and other items that, when removed, assist in explaining underlying
operating performance.
Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation, and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Adjusted net earnings, as defined by the Corporation, assists the reader in the comparison of the current period's results to those of previous periods as it reflects management's view of the operating performance of the Corporation and its subsidiaries, excluding items that are not considered to be part of the underlying business results.
Fee-related earnings is presented for Sagard and Power Sustainable and includes management fees and fee-related performance revenues earned across all asset classes, less investment platform expenses which include i) fee-related compensation including salary, bonus, and benefits, and ii) operating expenses. Fee-related performance revenues represents the realized portion of performance revenues from perpetual capital vehicles that are i) measured and expected to be received on a recurring basis, ii) not dependent on realization events from underlying investments, and iii) not subject to clawback. Fee-related earnings is presented on a gross pre-tax basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii) amortization of acquisition-related finite life intangible assets, iii) foreign exchange-related gains and losses, iv) net interest, and v) other items that in management's judgment are not indicative of underlying operating performance of the alternative asset investment platforms, which include restructuring costs, transaction and integration costs related to business acquisitions and certain non-recurring material items. Management uses this measure to assess the profitability of the asset management activities of the alternative asset investment platforms. This financial measure provides insight as to whether recurring revenues from management fees and fee-related performance revenues, which are not based on future realization events, are sufficient to cover associated operating expenses.
Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value represents the fair value of the participating shareholders' equity of Power Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (also referred to as gross asset value) less their net debt and preferred shares. The investments held in public entities (including Great West, IGM and GBL) are measured at their market value and investments in private entities and investment funds are measured at management's estimate of fair value. The definition of adjusted net asset value involves a number of assumptions, judgments and estimates that may prove to be inaccurate, and the adjusted net asset value per share is not a representation or guarantee of the value a participating shareholder will be able to realize. This measure presents the fair value of the participating shareholders' equity of the holding company, and assists the reader in determining or comparing the fair value of investments held by the holding company or its overall fair value.
Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, adjusted net earnings per share and adjusted net asset value per share are non-IFRS financial measures and ratios that do not have a standard meaning and may not be comparable to similar measures used by other entities.
Presentation of Holding Company Activities
The Corporation's reportable segments include Great West, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies, as well as the holding company. These reportable segments, in addition to the asset management activities, reflect Power Corporation's management structure and internal financial reporting. The Corporation evaluates its performance based on the operating segments' contributions to earnings.
The holding company comprises the corporate activities of the Corporation and Power Financial, on a combined basis, and presents the investment activities of the Corporation. The investment activities of the holding company, including the investments in Great West, IGM and controlled entities within the alternative asset investment platforms, are presented using the equity method. The holding company activities present the holding company's assets and liabilities, including cash, investments, debentures and non-participating shares. The discussions included in the sections Financial Position and Cash Flows of the Corporation's most recent MD&A present the segmented balance sheets and cash flow statements of the holding company, which are presented in Note 20 of the Interim Consolidated Financial Statements. This presentation is useful to the reader as it presents the holding company's (parent) results separately from the results of its consolidated operating subsidiaries.
RECONCILIATIONS OF IFRS AND NON-IFRS FINANCIAL MEASURES
Power Corporation
Adjusted net
earnings
Three months Six months ended
ended June 30, June 30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings --
Non-IFRS
financial
measure
([1]) 974 883 1,879 1,670
Share of
Adjustments ([2])
, net of tax
Great West (197) (168) (241) (286)
IGM (43) 8 (44) 6
GBL - - - 22
Sagard and Power
Sustainable (16) 49 (56) 37
Corporate
operations and
Other (28) - (28) 12
(284) (111) (369) (209)
Net earnings --
IFRS financial
measure ([1]) 690 772 1,510 1,461
[1] Attributable to participating shareholders of Power
Corporation.
[2] Refer to the Adjustments section for more details
on Adjustments from Great West, IGM, GBL, Sagard and
Power Sustainable and Corporate operations and Other.
Adjustments (excluded
from Adjusted net
earnings)
Three months Six months
ended June ended June 30,
30,
(in millions of 2026 2025 2026 2025
dollars)
Great West ([1])
Market experience
relative to
expectations (pre-tax) (152) (80) (131) (157)
Income tax (expense)
benefit 37 8 27 23
Assumption changes and
management actions
(pre-tax) (18) (3) (17) (32)
Income tax (expense)
benefit 2 1 3 8
Business transformation
and other impacts
(pre-tax)
([2]) (6) (124) (35) (133)
Income tax (expense)
benefit 2 41 9 43
Amortization of
acquisition-related
finite life intangible
assets (pre-tax) (32) (34) (63) (69)
Income tax (expense)
benefit 8 8 16 18
Tax legislative changes - - 3 -
and other tax impacts
Income tax (expense)
benefit - 8 (3) 8
(159) (175) (191) (291)
Effect of consolidation
(pre-tax) ([3]) (41) 7 (53) 5
Income tax (expense)
benefit 3 - 3 -
(197) (168) (241) (286)
IGM ([1])
Restructuring and other
(pre-tax) (61) - (61) -
Income tax (expense)
benefit 16 - 16 -
Rockefeller equity
compensation (pre-tax) (1) - (1) -
Income tax (expense) - - - -
benefit
Gain on partial sale of
investment in
associates (pre-tax) 7 - 7 -
Income tax (expense)
benefit (1) - (1) -
Share of Great West
adjustments (pre-tax) (4) (4) (4) (6)
(44) (4) (44) (6)
Effect of consolidation
(pre-tax) ([3]) 1 14 - 14
Income tax (expense)
benefit - (2) - (2)
(43) 8 (44) 6
GBL
Affidea's gain on debt
modification (pre-tax
and post-tax) - - - 22
Sagard and Power
Sustainable
Revaluation of Sagard
NCI liabilities
(pre-tax) (24) - (24) -
Income tax (expense)
benefit 1 - 1 -
Revaluation of PSEIP
NCI liabilities and
other market-related
impacts (pre-tax) 7 38 (33) 24
Income tax (expense)
benefit - 11 - 13
(16) 49 (56) 37
Corporate operations
and Other
Impairment charge on
LMPG (pre-tax) (28) - (28) -
LMPG remeasurement of
deferred tax
liabilities - - - 12
(28) - (28) 12
(284) (111) (369) (209)
[1] As reported by Great West and IGM.
[2] Business transformation and other impacts include
acquisition and divestiture costs as well as restructuring
and integration costs.
[3] The Effect of consolidation reflects: i) the elimination
of intercompany transactions; and ii) the application
of the Corporation's accounting method for investments
under common ownership to the Adjustments reported
by Great West and IGM, including a realized gain recognized
by IGM in the second quarter of 2025 on the sale of
a portion of its interest in Conquest Planning Inc.,
a corporate investment classified by IGM as FVOCI.
Adjusted net asset value
Adjusted net asset value represents management's estimate
of the fair value of the participating shareholders'
equity of the Corporation. Adjusted net asset value
is calculated as the fair value of the assets of the
combined Power Corporation and Power Financial holding
company less their net debt and preferred shares.
The Corporation's adjusted net asset value per share
is presented on a look-through basis.
The following table presents a reconciliation of the participating shareholders' equity reported in accordance with IFRS to the adjusted net asset value, a non-IFRS financial measure:
(in millions of dollars, June 30, 2026 December 31, 2025
except per share
amounts)
Participating
shareholders' equity --
IFRS financial
measure
Share capital -- participating
shares 9,123 9,159
Retained earnings 11,377 11,674
Reserves 3,260 2,249
23,760 23,082
Fair value adjustments
([1])
Great West 37,433 24,910
IGM 7,272 4,807
GBL (246) (600)
Sagard and Power Sustainable 2,689 2,324
Other investments ([2]) (6) 3
Adjustments to Other 196 -
liabilities ([1])
47,338 31,444
Adjusted net asset value --
Non-IFRS financial measure 71,098 54,526
Per share ([3])
Participating shareholders'
equity (book value) 37.74 36.31
Adjusted net asset value 112.94 85.77
[1] Refer to the table below for more details on the fair
value and other adjustments.
[2] Certain comparatives have been reclassified to conform
with the current presentation.
[3] Attributable to participating shareholders.
The Corporation's adjusted net asset value per share was $112.94 at June 30, 2026, compared with $85.77 at December 31, 2025, representing an increase of 31.7%. The Corporation's book value per participating share was $37.74 at June 30, 2026, compared with $36.31 at December 31, 2025, representing an increase of 3.9%.
June 30, 2026 December 31, 2025
(in millions of Holding Fair value Adjusted Holding Fair value Adjusted
dollars, except net net
per share amounts) company adjustment asset company adjustment asset
value value
balance balance
sheet sheet
Holding company
assets
Investments
Power Financial
Great West 18,003 37,433 55,436 17,237 24,910 42,147
IGM 4,441 7,272 11,713 4,337 4,807 9,144
GBL ([1]) 3,120 (246) 2,874 3,291 (600) 2,691
Alternative asset
investment
platforms
Asset management
companies ([2])
Sagard 355 276 631 164 244 408
Power Sustainable 7 - 7 - - -
Investing
activities
Sagard ([3])
Investment funds
and other ([4]) 1,256 10 1,266 1,066 8 1,074
Wealthsimple ([5]) 96 1,586 1,682 116 1,349 1,465
Power Sustainable 18 817 835 179 723 902
Cash and cash
equivalents 2,196 - 2,196 2,232 - 2,232
Other assets and
investments ([3]) 788 (6) 782 887 3 890
Total holding
company assets 30,280 47,142 77,422 29,509 31,444 60,953
Holding company
liabilities and
non-participating
shares
Debentures and
other debt
instruments 897 - 897 897 - 897
Other liabilities
([6, 7]) 1,443 (196) 1,247 1,350 - 1,350
Non-participating
shares and
perpetual
preferred shares 4,180 - 4,180 4,180 - 4,180
Total holding
company
liabilities and
non-participating
shares 6,520 (196) 6,324 6,427 - 6,427
Net value
Participating
shareholders'
equity (IFRS) /
Adjusted net
asset value
(non-IFRS) 23,760 47,338 71,098 23,082 31,444 54,526
Per share 37.74 112.94 36.31 85.77
[1] The Corporation's share of GBL's reported net asset
value was $3.7 billion (EUR2.3 billion) at June 30,
2026 ($3.9 billion (EUR2.4 billion) at December 31,
2025).
[2] The management company of Sagard is presented at its
fair value. The management company of Power Sustainable
is presented at its carrying value.
[3] Certain comparatives have been reclassified to conform
with the current presentation.
[4] Includes Power Financial's investments in Portage
Ventures I and Portag3 Ventures II Limited Partnership
(Portage Ventures II).
[5] Represents Power Financial's direct and indirect investments
in Wealthsimple, net of carried interest payable to
Sagard on its investment in Wealthsimple. Excludes
investment in Wealthsimple held by other entities
within the Power group.
[6] In accordance with IAS 12, Income Taxes, no deferred
tax liability is recognized with respect to temporary
differences associated with investments in subsidiaries
and jointly controlled corporations as the Corporation
is able to control the timing of the reversal of the
temporary differences and it is probable that the
temporary differences will not reverse in the foreseeable
future. If the Corporation were to dispose of an investment
in a subsidiary or a jointly controlled corporation,
income taxes payable on such disposition would be
minimized through careful and prudent tax planning
and structuring, as well as with the use of available
tax attributes not otherwise recognized on the balance
sheet, including tax losses, tax basis, safe income
and foreign tax surplus associated with the subsidiary
or jointly controlled corporation.
[7] Other liabilities includes an adjustment in the net
asset value to remove the impact of the purchase obligation
under the automatic share purchase plan at June 30,
2026, as it relates to purchases of Subordinate Voting
Shares under the NCIB subsequent to quarter-end.
This news release also contains other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries including adjusted net earnings and adjusted net earnings per share. The section below includes the description and reconciliation of the non-IFRS financial measures included in this news release as reported by the Corporation's subsidiaries. The information below is derived from Great West's and IGM's second quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com.
Great West
Adjusted net earnings attributable to Great West's common shareholders
Adjusted net earnings ([1]) reflects Great West management's view of the underlying business performance of Great West and provides an alternate measure to understand the underlying business performance compared with net earnings. Adjusted net earnings excludes the following items from net earnings:
-- Market-related impacts, where actual market returns in the current period
are different than longer-term expected returns;
-- Assumption changes and management actions that impact the measurement of
assets and liabilities;
-- Business transformation and other impacts, when removed, assist in
explaining Great West's underlying business performance, including
acquisition and divestiture costs and restructuring and integration
costs;
-- Material legal settlements, material impairment charges related to
goodwill and intangible assets, impacts of income tax rate changes on the
remeasurement of deferred tax assets and liabilities and other tax
impairments, net gains, losses or costs related to the disposition or
acquisition of a business; net earnings (loss) from discontinued
operations;
-- The direct equity and interest rate impacts on the measurement of surplus
assets and liabilities;
-- Amortization of acquisition-related finite life intangible assets; and
-- Other items that, when removed, assist in explaining Great West's
underlying business performance.
Three months Six months
ended June ended June 30,
30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings --
Non-IFRS financial
measure
([1, 2]) 1,270 1,149 2,509 2,179
Adjustments ([3])
Market experience
relative to
expectations
(pre-tax) (222) (116) (192) (229)
Income tax (expense)
benefit 54 12 40 34
Assumption changes
and management
actions (pre-tax) (25) (5) (24) (47)
Income tax (expense)
benefit 2 2 4 12
Business
transformation and
other impacts
(pre-tax)
([4]) (9) (181) (51) (194)
Income tax (expense)
benefit 3 60 13 63
Amortization of
acquisition-related
finite life
intangible
assets (pre-tax) (47) (51) (92) (102)
Income tax (expense)
benefit 13 13 24 27
Tax legislative - - 5 -
changes and other
tax impacts
(pre-tax)
Income tax (expense)
benefit - 11 (5) 11
(231) (255) (278) (425)
Net earnings -- IFRS
financial measure
([2]) 1,039 894 2,231 1,754
[1] Defined as "base earnings" and identified as a non-GAAP
financial measure by Great West.
[2] Attributable to Great West common shareholders.
[3] Described as "items excluded from base earnings" by
Great West.
[4] Business transformation and other impacts include
acquisition and divestiture costs as well as restructuring
and integration costs.
IGM Financial
Adjusted net earnings attributable to IGM's common shareholders
Adjusted net earnings attributable to common shareholders excludes Adjustments, which includes the after--tax impact of any item that management of IGM considers to be of a non--recurring nature, or that could make the period--over--period comparison of results from operations less meaningful. Adjusted net earnings also excludes IGM's proportionate share of items that Great West excludes from its IFRS-reported net earnings in arriving at Great West's base earnings.
Three months Six months ended
ended June June 30,
30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings --
Non-IFRS
financial
measure
([1]) 330.0 252.7 614.3 490.5
Adjustments ([2])
Restructuring and
other (pre-tax) (95.3) - (95.3) -
Income tax
(expense)
benefit 25.2 - 25.2 -
Rockefeller
equity
compensation
(pre-tax) (0.9) - (0.9) -
Income tax - - - -
(expense) benefit
Gain on partial
sale of
investment in
associates
(pre-tax) 9.9 - 9.9 -
Income tax
(expense)
benefit (0.9) - (0.9) -
Great West other
items (6.5) (6.0) (7.0) (10.0)
Net earnings --
IFRS financial
measure ([1]) 261.5 246.7 545.3 480.5
[1] Available to IGM common shareholders.
[2] Described as "Other items" by IGM.
OTHER MEASURES
This news release and other continuous disclosure documents also include other measures used to discuss activities of the Corporation, its consolidated publicly traded operating companies and alternative asset investment platforms including, but not limited to, "accumulated unrealized carried interest", "assets under management", "assets under administration", "assets under management and advisement", "assets under management and advisement including strategic investments", "book value per participating share", "capital commitments", "carried interest", "net asset value", "non-fee-bearing assets" and "unfunded commitments". Refer to the section "Other Measures" in the Corporation's most recent MD&A, which can be located in the Corporation's profile on SEDAR+ at www.sedarplus.ca, for definitions of such measures, which definitions are incorporated herein by reference.
ELIGIBLE DIVIDENDS
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries, and capital commitments to strategies of the investment platforms, the timing and expected impact of the Corporation's disposal of its investment in LMPG, the expected impact of SHMI's investment in Unigestion, GBL's strategy to simplify its portfolio and the expected timing and impacts of its investments in direct private assets, the timing and expected impacts of Great West's acquisition of the retirement plan and benefits administration business of Milliman, Inc., the expected impacts of IGM's acquisition of additional interests in Northleaf, the impacts of IGM's simplification initiatives and expected investments in artificial intelligence capabilities, and the Corporation's subsidiaries' disclosed expectations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could".
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Corporation's and its subsidiaries' control, affect the operations, performance and results of the Corporation and its subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government administrations, regulation, legislation and policies, changes in tax laws, the impacts of trade relations, ongoing trade tensions and fiscal policy developments, geopolitical tensions and related economic impacts, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the factors identified by such subsidiaries in their respective MD&A.
The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, and that strategic transactions, acquisitions, divestitures or other growth or optimization strategies will be completed on expected terms, including that any required approvals will be received when and on such terms as are expected, as well as other considerations that are believed to be appropriate in the circumstances, including that the list of risks and uncertainties in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, that the risks identified by such subsidiaries in their respective MD&A and Annual Information Form are not expected to have a material impact on the Corporation. While the Corporation considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the Corporation's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent annual MD&A and subsequent interim MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca.
SOURCE Power Corporation of Canada
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