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, Nov. 11, 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 nine months ended September 30, 2026.
Power Corporation
Consolidated results for the period ended September 30, 2026
"Our third quarter results reflect the continued execution of our value creation strategy and the benefits of active ownership, with strong financial performance across our group and growth in net asset value," said James O'Sullivan, President and CEO of Power Corporation. "Transactions completed at Great West, IGM and Wealthsimple position Power Corporation for continued growth, and to deliver attractive returns of capital to our shareholders."
HIGHLIGHTS
POWER CORPORATION
-- Net earnings [1] for the third quarter of 2026 were $1,006 million or
$1.60 per share [2], compared with $703 million or $1.10 per share in the
third quarter of 2025. Adjusted net earnings [1, 3] were $964 million or
$1.53 per share, compared with $863 million or $1.35 per share in the
third quarter of 2025.
-- Adjusted net asset value per share [3] was $113.28 at September 30, 2026,
compared with $85.77 at December 31, 2025, representing an increase of
32.1%, primarily driven by the publicly traded operating companies. Book
value per share [4] was $38.26 at September 30, 2026, compared with
$36.31 at December 31, 2025, representing an increase of 5.4%.
-- In 2026, the Corporation has returned $2.4 billion in capital to
shareholders as at September 30, 2026, comprised of $1.2 billion in
dividends [1] and $1.2 billion through share repurchases.
GREAT-WEST LIFECO INC. (GREAT WEST)
-- Third quarter net earnings were $1,139 million, compared with $1,158
million in the third quarter of 2025. Adjusted net earnings [5] were
$1,323 million, compared with $1,225 million in the third quarter of
2025.
-- Adjusted net earnings increased 8.0% from the third quarter of 2025,
driven by continued momentum in Great West's Retirement and Wealth
businesses, led by Empower, and robust Capital Solutions new business
growth in Capital and Risk Solutions, partially tempered by unfavourable
insurance experience in Canada. Net earnings in the third quarter
included the negative impact of assumption changes and management actions,
as well as business transformation initiatives.
-- Great West delivered record high adjusted ROE [6] of 19.4% and ROE of
16.9%, achieving Great West's 19%+ medium-term adjusted ROE objective for
the third consecutive quarter, as a result of earnings growth, a more
capital-efficient business mix, and share buybacks.
-- Great West completed the acquisition of Milliman, Inc.'s retirement plan
and benefits administration business for US$340 million, adding
approximately US$134 billion in client assets and 1.6 million plan
participants.
IGM FINANCIAL INC. (IGM)
-- Third quarter net earnings were $487.5 million, compared with
$298.1 million in the third quarter of 2025. Net earnings in the third
quarter of 2026 include a step acquisition gain related to the Northleaf
Capital Group Ltd. acquisition of $144 million, net of tax and
non-controlling interests.Adjusted net earnings [3] were $351.1 million,
compared with $301.2 million in the third quarter of 2025.
-- Record adjusted net earnings reflect strong operating performance across
IGM's wealth and asset management businesses, combined with broad
investment capabilities and disciplined capital allocation; IGM is well
positioned to create sustainable long-term value.
-- IGM acquired an additional interest in Northleaf, now consolidated within
IGM's Asset Management segment.
-- Assets under management and advisement [4] were $381.7 billion at
September 30, 2026, an increase of 11.2% from June 30, 2026 and 26.1%
from September 30, 2025.
-- Assets under management and advisement including strategic investments
[4] were $645.6 billion at September 30, 2026, compared with
$622.1 billion at June 30, 2026 and $562.4 billion at September 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 earnings" by Great West, a non-IFRS
financial measure; refer to the Non-IFRS Financial
Measures section later in this news release.
[6] 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.
HIGHLIGHTS (CONTINUED)
GROUPE BRUXELLES LAMBERT (GBL)
-- GBL reported a net asset value [1] of EUR12.9 billion or EUR99.21 per
share at September 30, 2026, compared with EUR14.0 billion or EUR105.37
per share at December 31, 2025.
-- In the third quarter of 2026, GBL completed a total of EUR115 million of
share buybacks.
-- GBL continued to advance its mid-term strategy with significant capital
redeployment in direct private investments. GBL announced, subsequent to
quarter-end, that the threshold condition for its tender offer for
Recordati S.p.A. was satisfied. GBL will invest up to EUR1.4 billion
[2] in equity alongside CVC Capital Partners.
WEALTHSIMPLE FINANCIAL CORPORATION (WEALTHSIMPLE)
-- Wealthsimple's clients increased to 3.8 million at September 30, 2026,
and assets under administration [1] were $169 billion, an increase of
8.7% from June 30, 2026 and 67.9% from September 30, 2025.
-- Wealthsimple announced a nancing round of up to $425 million on October
27, 2026, including a primary offering of $300 million [3]. The
Corporation and IGM participated in the financing round, investing $68
million and $96 million, respectively, in the primary offering.The
transaction values the Power group's interest, held collectively with IGM
and Portage Ventures I, at $5.4 billion at September 30, 2026, up from
$4.7 billion at June 30, 2026, representing an increase of 13% in the
third quarter.
[1] Refer to the Other Measures section later in this
news release.
[2] Of which EUR350 million was invested in the second
quarter of 2026.
[3] 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. The primary offering closed on October 30,
2026, and the secondary offering is expected to be
completed in the fourth quarter of 2026.
Third Quarter
Net earnings attributable to participating shareholders were $1,006 million or $1.60 per share, compared with $703 million or $1.10 per share in 2025.
Adjusted net earnings attributable to participating shareholders ([1]) were $964 million or $1.53 per share, compared with $863 million or $1.35 per share in 2025.
Adjustments in the third quarter of 2026, excluded from adjusted net earnings, were a net positive impact to earnings of $42 million or $0.07 per share, mainly comprised of the Corporation's share of Adjustments of:
-- IGM of positive $88 million, primarily related to the gain on step
acquisition of Northleaf; and
-- Power Sustainable of positive $54 million, mainly related to the
revaluation of non-controlling interests (NCI) liabilities within Power
Sustainable Energy Infrastructure Partnership (PSEIP), as well as
positive fair value remeasurements of derivatives.
Partially offset by:
-- Great West of negative $100 million, mainly related to assumption changes
and management actions, market experience relative to expectations,
business transformation and other impacts, amortization of
acquisition-related finite life intangible assets, and includes the
effect of consolidation.
In the third quarter of 2025, Adjustments were a net negative impact to earnings of $160 million or $0.25 per share, mainly related to the Corporation's share of Adjustments of Great West, as well as the Corporation's share of Adjustments of GBL 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]) 905 842 779 795
IGM ([2]) 227 188 315 186
GBL ([2]) (9) (11) (9) (78)
Effect of
consolidation -
Great West and IGM
([3]) (17) (39) 9 (48)
Publicly traded
operating companies 1,106 980 1,094 855
Sagard and Power
Sustainable ([4]) (35) (27) 19 (62)
Corporate operations
and Other ([5, 6]) (107) (90) (107) (90)
964 863 1,006 703
Per participating
share 1.53 1.35 1.60 1.10
Average shares
outstanding (in
millions) 627.1 641.1 627.1 641.1
Publicly traded operating companies: contribution to net earnings was $1,094 million, an increase of 28.0% from the third quarter of 2025, and contribution to adjusted net earnings was $1,106 million, an increase of 12.9% from the third quarter of 2025:
Great West: contribution to net earnings decreased by $16 million or 2.0% and adjusted net earnings increased by $63 million or 7.5%.
IGM: contribution to net earnings and adjusted net earnings increased by $129 million or 69.4% and by $39 million or 20.7%, respectively.
GBL: contribution to net earnings and adjusted net earnings of negative $9 million, compared with a contribution to net earnings of negative $78 million and to adjusted net earnings of negative $11 million in the third quarter of 2025.
Sagard and Power Sustainable: Sagard's contribution to net earnings and adjusted net earnings was negative $23 million. Power Sustainable's contribution to net earnings and adjusted net earnings was positive $42 million and negative $12 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, 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.
Nine Months
Net earnings attributable to participating shareholders were $2,516 million or $3.99 per share, compared with $2,164 million or $3.37 per share in 2025.
Adjusted net earnings attributable to participating shareholders ([1]) were $2,843 million or $4.51 per share, compared with $2,533 million or $3.95 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]) 2,627 2,335 2,310 1,997
IGM ([2]) 618 495 662 487
GBL ([2]) 6 (23) 6 (68)
Effect of
consolidation -
Great West and IGM
([3]) (49) (53) (73) (45)
Publicly traded
operating companies 3,202 2,754 2,905 2,371
Sagard and Power
Sustainable ([4]) (24) 100 (26) 102
Corporate operations
and Other ([5]) (335) (321) (363) (309)
2,843 2,533 2,516 2,164
Per participating
share 4.51 3.95 3.99 3.37
Average shares
outstanding (in
millions) 630.4 642.1 630.4 642.1
[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 Inc. (disposed of in the third quarter of
2026), 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 September 30, 2026
The information below is derived from Great West's and IGM's third 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 September 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 third quarter press release at September 30, 2026 and 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.
Third Quarter
Net earnings attributable to common shareholders were $1,139 million or $1.27 per share, compared with $1,158 million or $1.25 per share in 2025.
Adjusted net earnings ([1]) attributable to common shareholders were $1,323 million or $1.48 per share, compared with $1,225 million or $1.33 per share in 2025.
Adjustments, excluded from adjusted net earnings, were a net negative impact of $184 million, compared with a net negative impact of $67 million in 2025. Great West's Adjustments consisted of:
-- Assumption changes and management actions of negative $85 million;
-- Business transformation and other impacts of negative $39 million;
-- Amortization of acquisition-related finite life intangible assets of
negative $36 million; and
-- Market experience relative to expectations of negative $24 million.
IGM FINANCIAL INC.
Third Quarter
Net earnings available to common shareholders were $487.5 million or $2.10 per share, compared with $298.1 million or $1.26 per share in 2025.
Adjusted net earnings ([2]) attributable to common shareholders were $351.1 million or $1.51 per share, compared with $301.2 million or $1.27 per share in 2025. Adjusted net earnings excluded a net positive impact of $136.4 million primarily related to the step acquisition gain on the Northleaf acquisition of $144.0 million net of tax and NCI, partially offset by IGM's proportionate share of Great West's Adjustments of negative $4.7 million.
Assets under management and advisement ([3]) at September 30, 2026 were $381.7 billion, an increase of 11.2% from June 30, 2026 and 26.1% from September 30, 2025. Net inflows ([4]) were an all-time high of $3.4 billion in the third quarter of 2026, compared with net inflows of $2.4 billion in 2025.
GROUPE BRUXELLES LAMBERT
Third Quarter
GBL reported a net loss of EUR24 million, compared with a net loss of EUR253 million in 2025.
GBL reported a net asset value ([3]) of EUR12,878 million or EUR99.21 per share at September 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 September 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.
Third Quarter
Net earnings of the alternative asset investment platforms were $19 million, compared with a net loss of $62 million in 2025. Adjusted net loss ([1]) of the alternative asset investment platforms was $35 million, compared with an adjusted net loss of $27 million in 2025.
The adjusted net loss is comprised of:
-- A negative contribution of $23 million from Sagard comprised of a
positive contribution of $11 million from asset management activities and
a negative contribution of $34 million from investing activities, mainly
driven by a charge related to carried interest payable due to the fair
value increase of Wealthsimple; and
-- A negative contribution of $12 million from Power Sustainable comprised
of a negative contribution of $14 million from asset management
activities and a positive contribution of $2 million from investing
activities. Power Sustainable's Adjustments, excluded from adjusted net
earnings, were a net positive impact of $54 million, compared with a
negative impact of $35 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, and the Corporation's share of positive fair value
remeasurements of derivatives, partially offset by the revaluation of NCI
liabilities within Power Sustainable Decarb PE (Decarb PE) due to an
increase in the fair value of a consolidated investment held within the
fund.
Summary of assets under management ([3]) (including unfunded commitments ([3]) ):
(in billions of September 30, September 30,
dollars) 2026 2025
Sagard ([4]) 67.1 45.0
Power Sustainable 4.3 4.1
Total 71.4 49.1
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 and Decarb PE 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 and Decarb PE attributable to
third-party investors.
The net asset value ([3]) of PSEIP was $2,449 million
at September 30, 2026, compared with $2,445 million
at December 31, 2025. In the third quarter of 2026,
there was an unrealized decrease in fair value of
the assets within the portfolio of $28 million, excluding
foreign exchange losses.
[3] Refer to the Other Measures section later in this
news release.
[4] Includes ownership in Wealthsimple valued at $4.9
billion at September 30, 2026 ($3.8 billion at September
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 $15.0 billion at September 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 September 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 $113.28 at September 30, 2026, compared with $85.77 at December 31, 2025, an increase of 32.1%.
(in millions of dollars, September December 31, Variation %
except per share amounts) 30, 2026 2025
Publicly
traded
operating
companies Great West 54,900 42,147 30
IGM 12,308 9,144 35
GBL 2,538 2,691 (6)
69,746 53,982 29
Alternative Sagard ([1])
asset
investment
platforms
Asset management companies,
investment funds and other
([2]) 1,905 1,482 29
Wealthsimple ([3]) 1,903 1,465 30
Power Sustainable ([2]) 824 902 (9)
4,632 3,849 20
Cash and cash
Other equivalents 1,949 2,232 (13)
Other assets and investments
([1]) 766 890 (14)
2,715 3,122 (13)
Gross asset value 77,093 60,953 26
Liabilities and preferred
shares (6,341) (6,427) 1
Adjusted net asset value 70,752 54,526 30
Shares outstanding (in
millions) 624.6 635.7
Adjusted net asset value per
share 113.28 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)
September December
30, 2026 31, 2025
Great West 68.4 610.9 $89.87 $67.69
IGM 64.5 147.9 $83.20 $61.81
GBL ([2]) 17.5 22.8 EUR71.10 EUR75.95
[1] At September 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 $38.26 at September 30, 2026, compared with $36.31 at December 31, 2025, representing an increase of 5.4%.
(in millions of dollars, September December 31, Variation %
except per share amounts) 30, 2026 2025
Publicly
traded
operating
companies Great West 18,113 17,237 5
IGM 4,571 4,337 5
GBL 3,019 3,291 (8)
25,703 24,865 3
Alternative Sagard ([1])
asset
investment
platforms
Asset management companies,
investment funds and other 1,649 1,230 34
Wealthsimple ([2]) 76 116 (34)
Power Sustainable ([3]) 96 179 (46)
1,821 1,525 19
Cash and cash
Other equivalents 1,949 2,232 (13)
Other assets and investments
([1]) 765 887 (14)
2,714 3,119 (13)
Total assets 30,238 29,509 2
Liabilities and preferred
shares (6,341) (6,427) 1
Participating shareholders'
equity 23,897 23,082 4
Shares outstanding (in
millions) 624.6 635.7
Book value per participating
share 38.26 36.31 5
[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 nine-month period ended September 30, 2026,
the Corporation received distributions from Power
Sustainable Energy Infrastructure of $175 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 February 1, 2027 to shareholders of record December 31, 2026.
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable January 15, 2027 to shareholders of record at December 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 third quarter earnings Power Corporation will host an
news release and shareholder earnings call and live
report are available on the audio webcast on Thursday, November
Power Corporation website at 12, 2026
www.powercorporation.com/en/ at 8:00 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 November 12, 2026 at 11:00 a.m.
(Eastern Time)
until March 16, 2027 by calling
1-855-669-9658 toll-free
in North America or 1-412-317-0088 for
international calls, using the access
code 5986561#.
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.
100% -- Power Financial www.powerfinancial.com
68.4 % Great-West Lifeco ([1]) (TSX: GWO) www.greatwestlifeco.com
64.5 % 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 68.4% interest in Great West,
and IGM held an additional 2.5% interest in Great
West.
[2] The Corporation held a 64.5% 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 39.9% interest in Sagard Holdings
Management Inc., and Great West and GBL also held
interests of 9.7% and 3.7%, 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 Nine months ended
ended September September 30,
30,
(in millions of 2026 2025 2026 2025
dollars, except
per share
amounts)
Adjusted net
earnings ([1])
Great West ([2]) 905 842 2,627 2,335
IGM ([2]) 227 188 618 495
GBL (9) (11) 6 (23)
Effect of
consolidation
-- Great West
and IGM ([3]) (17) (39) (49) (53)
1,106 980 3,202 2,754
Sagard and Power
Sustainable (35) (27) (24) 100
Corporate
operations and
Other ([4]) (107) (90) (335) (321)
Adjusted net
earnings ([5]) 964 863 2,843 2,533
Adjustments
([6]) 42 (160) (327) (369)
Net earnings
([5])
Great West ([2]) 779 795 2,310 1,997
IGM ([2]) 315 186 662 487
GBL ([2]) (9) (78) 6 (68)
Effect of
consolidation
-- Great West
and IGM ([3]) 9 (48) (73) (45)
1,094 855 2,905 2,371
Sagard and Power
Sustainable 19 (62) (26) 102
Corporate
operations and
Other ([4]) (107) (90) (363) (309)
Net earnings
([5]) 1,006 703 2,516 2,164
Earnings per
share -- basic
([5])
Adjusted net
earnings 1.53 1.35 4.51 3.95
Adjustments 0.07 (0.25) (0.52) (0.58)
Net earnings 1.60 1.10 3.99 3.37
[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, 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 Nine months
ended ended September
September 30, 30,
(in millions of 2026 2025 2026 2025
dollars)
Contribution to Power
Corporation's:
Adjusted net earnings
(loss)
Asset management
activities ([1])
Sagard 11 1 21 5
Power Sustainable (14) (11) (31) (31)
Investing activities
(proprietary capital)
Sagard ([2]) (34) (12) (16) 127
Power Sustainable ([3]) 2 (5) 2 (1)
Adjusted net earnings
(loss) (35) (27) (24) 100
Adjustments ([4])
Sagard (asset - - (23) -
management activities)
Power Sustainable
(investing activities) 54 (35) 21 2
54 (35) (2) 2
Net earnings (loss) 19 (62) (26) 102
[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 nine-month period ended September
30, 2026 includes a charge of $35 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, of which $18 million was recorded
in the third quarter ($51 million in the nine-month
period ended September 30, 2025, of which $37 million
was recognized in the third quarter).
[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 Nine months
ended ended September
September 30, 30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings (loss)
LMPG ([1]) - (2) (6) (9)
Other corporate
investments ([2]) 26 25 78 29
Operating and
other expenses
([3]) (78) (65) (241) (198)
Dividends on
non-participating
and perpetual
preferred
shares (55) (48) (166) (143)
Adjusted net
earnings (loss) (107) (90) (335) (321)
Adjustments ([4]) - - (28) 12
Net earnings
(loss) (107) (90) (363) (309)
[1] The Corporation's investment in LMPG, disposed of
in the third quarter of 2026, 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 and Power Sustainable Decarb PE 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 and Power
Sustainable Decarb PE 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 Nine months ended
ended September 30,
September 30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings --
Non-IFRS
financial
measure
([1]) 964 863 2,843 2,533
Share of
Adjustments ([2])
, net of tax
Great West (100) (57) (341) (343)
IGM 88 (1) 44 5
GBL - (67) - (45)
Sagard and Power
Sustainable 54 (35) (2) 2
Corporate
operations and
Other - - (28) 12
42 (160) (327) (369)
Net earnings --
IFRS financial
measure ([1]) 1,006 703 2,516 2,164
[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 Nine months
ended ended
September September 30,
30,
(in millions of 2026 2025 2026 2025
dollars)
Great West ([1])
Market experience
relative to
expectations (pre-tax) (9) 33 (140) (124)
Income tax (expense)
benefit (8) (5) 19 18
Assumption changes and
management actions
(pre-tax) (69) (17) (86) (49)
Income tax (expense)
benefit 11 - 14 8
Business transformation
and other impacts
(pre-tax)
([2]) (36) (48) (71) (181)
Income tax (expense)
benefit 9 9 18 52
Amortization of
acquisition-related
finite life intangible
assets (pre-tax) (31) (33) (94) (102)
Income tax (expense)
benefit 7 7 23 25
Tax legislative changes - - 3 -
and other tax impacts
Income tax (expense)
benefit - 7 (3) 15
(126) (47) (317) (338)
Effect of consolidation
(pre-tax) ([3]) 23 (10) (30) (5)
Income tax (expense)
benefit 3 - 6 -
(100) (57) (341) (343)
IGM ([1])
Gain on step
acquisition of
Northleaf 92 - 92 -
Income tax (expense)
benefit 1 - 1 -
Restructuring and other - - (61) -
(pre-tax)
Income tax (expense) - - 16 -
benefit
Rockefeller equity - - (1) -
compensation (pre-tax)
Income tax (expense) - - - -
benefit
Gain on partial sale of - - 7 -
investment in
associates (pre-tax)
Income tax (expense) - - (1) -
benefit
Amortization of
acquisition-related
finite life intangible
assets (pre-tax) (1) - (1) -
Income tax (expense) - - - -
benefit
Share of Great West
adjustments (pre-tax) (4) (2) (8) (8)
Income tax (expense) - - - -
benefit
88 (2) 44 (8)
Effect of consolidation
(pre-tax) ([3]) (1) 1 (1) 15
Income tax (expense)
benefit 1 - 1 (2)
88 (1) 44 5
GBL
Loss on partial
divestment of GBL
Capital portfolio
and
Sienna Investment
Managers (pre-tax and
post-tax) - (67) - (67)
Affidea's gain on debt
modification (pre-tax
and post-tax) - - - 22
- (67) - (45)
Sagard and Power
Sustainable
Revaluation of Sagard - - (24) -
NCI liabilities
(pre-tax)
Income tax (expense) - - 1 -
benefit
Revaluation of PSEIP
and Decarb PE NCI
liabilities
and
other market-related
impacts (pre-tax) 61 (36) 28 (12)
Income tax (expense)
benefit (7) 1 (7) 14
54 (35) (2) 2
Corporate operations
and Other
Impairment charge on - - (28) -
LMPG (pre-tax)
LMPG remeasurement of
deferred tax
liabilities - - - 12
- - (28) 12
42 (160) (327) (369)
[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 September 30, December 31,
dollars, except 2026 2025
per share
amounts)
Participating
shareholders'
equity -- IFRS
financial
measure
Share capital --
participating shares 9,064 9,159
Retained earnings 11,647 11,674
Reserves 3,186 2,249
23,897 23,082
Fair value
adjustments ([1])
Great West 36,787 24,910
IGM 7,737 4,807
GBL (481) (600)
Sagard and Power
Sustainable 2,811 2,324
Other investments
([2]) 1 3
46,855 31,444
Adjusted net asset
value -- Non-IFRS
financial measure 70,752 54,526
Per share ([3])
Participating
shareholders' equity
(book value) 38.26 36.31
Adjusted net asset
value 113.28 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 $113.28 at September 30, 2026, compared with $85.77 at December 31, 2025, representing an increase of 32.1%. The Corporation's book value per participating share was $38.26 at September 30, 2026, compared with $36.31 at December 31, 2025, representing an increase of 5.4%.
September 30, 2026 December 31, 2025
(in millions of Holding Fair Adjusted Holding Fair Adjusted
dollars, except value net asset value
per share amounts) company adjustment company adjustment net
value asset
balance balance value
sheet sheet
Holding company
assets
Investments
Power Financial
Great West 18,113 36,787 54,900 17,237 24,910 42,147
IGM 4,571 7,737 12,308 4,337 4,807 9,144
GBL ([1]) 3,019 (481) 2,538 3,291 (600) 2,691
Alternative asset
investment
platforms
Asset management
companies ([2])
Sagard 386 246 632 164 244 408
Power Sustainable - - - - - -
Investing
activities
Sagard ([3])
Investment funds
and other ([4]) 1,263 10 1,273 1,066 8 1,074
Wealthsimple ([5]) 76 1,827 1,903 116 1,349 1,465
Power Sustainable 96 728 824 179 723 902
Cash and cash
equivalents 1,949 - 1,949 2,232 - 2,232
Other assets and
investments ([3]) 765 1 766 887 3 890
Total holding
company assets 30,238 46,855 77,093 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]) 1,264 - 1,264 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 6,341 - 6,341 6,427 - 6,427
Net value
Participating
shareholders'
equity (IFRS) /
Adjusted net
asset value
(non-IFRS) 23,897 46,855 70,752 23,082 31,444 54,526
Per share 38.26 113.28 36.31 85.77
[1] The Corporation's share of GBL's reported net asset
value was $3.6 billion (EUR2.3 billion) at September
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.
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 third 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 Nine months ended
ended September 30,
September 30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings --
Non-IFRS financial
measure
([1, 2]) 1,323 1,225 3,832 3,404
Adjustments ([3])
Market experience
relative to
expectations
(pre-tax) (12) 47 (204) (182)
Income tax (expense)
benefit (12) (7) 28 27
Assumption changes
and management
actions (pre-tax) (102) (25) (125) (72)
Income tax (expense)
benefit 17 - 20 12
Business
transformation and
other impacts
(pre-tax)
([4]) (52) (68) (103) (262)
Income tax (expense)
benefit 13 12 26 75
Amortization of
acquisition-related
finite life
intangible
assets (pre-tax) (47) (47) (138) (149)
Income tax (expense)
benefit 11 10 34 37
Tax legislative - - 5 -
changes and other
tax impacts
(pre-tax)
Income tax (expense)
benefit - 11 (5) 22
(184) (67) (462) (492)
Net earnings -- IFRS
financial measure
([2]) 1,139 1,158 3,370 2,912
[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 Nine months ended
ended September 30,
September
30,
(in millions of 2026 2025 2026 2025
dollars)
Adjusted net
earnings --
Non-IFRS financial
measure
([1]) 351.1 301.2 965.4 791.7
Adjustments ([2])
Gain on step
acquisition of
Northleaf 142.7 - 142.7 -
Income tax (expense)
benefit 1.3 - 1.3 -
Restructuring and - - (95.3) -
other (pre-tax)
Income tax (expense) - - 25.2 -
benefit
Rockefeller equity
compensation
(pre-tax) (0.9) - (1.8) -
Income tax (expense) - - - -
benefit
Amortization of
acquisition-related
finite life
intangible
assets (pre-tax) (2.6) - (2.6) -
Income tax (expense)
benefit 0.6 - 0.6 -
Gain on partial sale - - 9.9 -
of investment in
associates (pre-tax)
Income tax (expense) - - (0.9) -
benefit
Great West other
items (4.7) (3.1) (11.7) (13.1)
136.4 (3.1) 67.4 (13.1)
Net earnings -- IFRS
financial measure
([1]) 487.5 298.1 1,032.8 778.6
[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, GBL's strategy to simplify its portfolio and the expected timing and impacts of its investments in direct private assets, the expected impacts of Great West's acquisition of the retirement plan and benefits administration business of Milliman, Inc., 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
/CONTACT:
Copyright CNW Group 2026
Comments