Power Corporation Reports First Quarter 2026 Financial Results
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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. |
Consolidated results for the period ended
HIGHLIGHTS
- Net earnings 1 for the first quarter of 2026 were $820 million or
$1 .29 per share 2, compared with $689 million or$1 .07 per share in the first quarter of 2025.
Adjusted net earnings 1 3 were $905 million or$1 .43 per share, compared with $787 million or$1 .22 per share in the first quarter of 2025. - Adjusted net asset value per share 3 was
$84.54 atMarch 31, 2026 , compared with$85.77 atDecember 31, 2025 .
Book value per share 4 was$36.52 atMarch 31, 2026 , compared with$36.31 atDecember 31, 2025 . - The Corporation continues to execute and deliver on its long-term value creation strategy, with strong earnings performance at Great West and IGM, and
$1 .2 billion in capital returned to shareholders year-to-date 5 through$0.8 billion of dividends and share repurchases of$0.4 billion .
- First quarter net earnings were
$1 ,192 million, compared with$860 million in the first quarter of 2025.
Adjusted net earnings 6 were$1 ,239 million, compared with$1 ,030 million in the first quarter of 2025. - Adjusted net earnings increased 20.3% from the first quarter of 2025, driven by continued momentum in Great West's Retirement and Wealth businesses, led by Empower and benefiting from strong client asset growth, as well as sustained strength in Capital & Risk Solutions' new business volumes.
- Great West delivered return on equity (ROE) of 16.8% and adjusted ROE 7 of 19.1%, achieving its 19%+ medium-term objective for the first time, owing to its strong underlying growth, disciplined capital deployment, and share buybacks.
- First quarter net earnings were
$283 .8 million, compared with$233 .8 million in the first quarter of 2025.
Adjusted net earnings 3 were$284 .3 million, compared with$237 .8 million in the first quarter of 2025. - Assets under management and advisement 4 were
$314.0 billion atMarch 31, 2026 , an increase of 1.3% fromDecember 31, 2025 and 14.2% fromMarch 31, 2025 . - Assets under management and advisement including strategic investments 4 were
$568 .9 billion atMarch 31, 2026 , compared with$566 .2 billion atDecember 31, 2025 and$503 .6 billion atMarch 31, 2025 . - Record first quarter adjusted net earnings reflect growth across IGM's wealth and asset management segments and the strength of its diversified model.
GROUPE
- GBL reported a net asset value 4 of €13.3 billion or €99.86 per share at
March 31, 2026 , compared with €14.0 billion or €105.37 per share atDecember 31, 2025 . - In the first quarter of 2026, GBL completed a total of €31 million of share buybacks.
- GBL continues to execute its mid-term strategy, recently announcing the partial disposition of its interest in Concentrix and increased exposure to direct private investments with the acquisition 8 of an interest in
Rayner and BUKO Group .
- In
April 2026 ,Sagard announced the closing of a combination transaction withUnigestion Private Equity Holding SA (Unigestion), marking the formal launch of the partnership and the integration of Unigestion intoSagard's global middle-market private equity platform, Sagard Private Equity Solutions (SPES), increasing assets under management 4 of the platform to US$23 billion 9.
WEALTHSIMPLE FINANCIAL CORPORATION (WEALTHSIMPLE)
- Wealthsimple's clients increased to 3.4 million at
March 31, 2026 , and assets under administration 4 were$124.8 billion , an increase of 12% fromDecember 31, 2025 and 71% fromMarch 31, 2025 .
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1 |
Attributable to participating shareholders. |
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2 |
All per share amounts are per participating share of the Corporation. |
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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. |
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4 |
Refer to the Other Measures section later in this news release. |
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5 |
As of |
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6 |
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. |
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7 |
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 |
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8 |
Expected to close in the second (Rayner) and third (BUKO) quarters of 2026, subject to customary closing approvals. |
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9 |
Pro forma assets under management including Unigestion, as at |
Net earnings attributable to participating shareholders were $820 million or
Adjusted net earnings attributable to participating shareholders 1 were $905 million or
Adjustments in the first quarter of 2026, excluded from adjusted net earnings, were a net negative impact to earnings of $85 million or
- Great West of negative
$44 million , mainly related to business transformation and other impacts and amortization of acquisition-related finite life intangible assets, partially offset by market experience relative to expectations; and - Power Sustainable of negative
$40 million , mainly related to the revaluation of non-controlling interests (NCI) liabilities within thePower Sustainable Energy Infrastructure Partnership (PSEIP).
In the first quarter of 2025, Adjustments were a net negative impact to earnings of
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Contributions to |
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(in millions of dollars, except per share amounts) |
Adjusted Net Earnings |
|
|
Net Earnings |
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|||||
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|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
|
|
Great West 2 |
851 |
|
703 |
|
|
819 |
|
587 |
|
|
|
IGM 2 |
180 |
|
149 |
|
|
180 |
|
147 |
|
|
|
GBL 2 |
20 |
|
3 |
|
|
20 |
|
25 |
|
|
|
Effect of consolidation - Great West and IGM 3 |
(12) |
|
(5) |
|
|
(25) |
|
(7) |
|
|
|
Publicly traded operating companies |
1,039 |
|
850 |
|
|
994 |
|
752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18) |
|
34 |
|
|
(58) |
|
22 |
|
|
|
Corporate operations and Other 5 6 |
(116) |
|
(97) |
|
|
(116) |
|
(85) |
|
|
|
|
905 |
|
787 |
|
|
820 |
|
689 |
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Per participating share |
1.43 |
|
1.22 |
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|
1.29 |
|
1.07 |
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Average shares outstanding (in millions) |
634.1 |
|
643.0 |
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|
634.1 |
|
643.0 |
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Publicly traded operating companies: contribution to net earnings was $994 million, an increase of 32.2% from the first quarter of 2025, and contribution to adjusted net earnings was
Great West: contribution to net earnings and to adjusted net earnings increased by
IGM: contribution to net earnings and adjusted net earnings increased by $33 million or 22.4% and by
GBL: contribution to net earnings and adjusted net earnings of
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|
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1 |
A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. |
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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. |
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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. |
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4 |
Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries. |
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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. |
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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 Inc. (LMPG), as well as corporate operations of the Corporation and |
Results for the quarter ended
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The information below is derived from Great West's and IGM's first 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 |
First Quarter
Net earnings attributable to common shareholders were
Adjusted net earnings 1 attributable to common shareholders were
Adjustments in the first quarter of 2026, excluded from adjusted net earnings, were a net negative impact of $47 million, compared with a net negative impact of $170 million in 2025. Great West's Adjustments consisted of:
- Amortization of acquisition-related finite life intangible assets of negative
$34 million ; and - Business transformation and other impacts of negative
$32 million ;
Partially offset by:
- Market experience relative to expectations of positive
$16 million ; and - Assumption changes and management actions of positive
$3 million .
First Quarter
Net earnings available to common shareholders were
Adjusted net earnings 2 attributable to common shareholders were
Assets under management and advisement 3 at
GROUPE BRUXELLES LAMBERT
First Quarter
GBL reported net earnings of €65 million, compared with net earnings of €94 million in 2025.
GBL reported a net asset value 3 of €13,301 million or €99.86 per share at
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1 |
Defined as "base earnings" by Great West. For additional information, refer to the Non-IFRS Financial Measures section later in this news release. |
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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. |
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3 |
Refer to the Other Measures section later in this news release. |
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4 |
Related to assets under management and advisement. Inflows in the first quarter of 2026 include |
Results for the quarter ended
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First Quarter
The net loss of the alternative asset investment platforms was $58 million, compared with net earnings of $22 million in 2025. The adjusted net loss 1 of the alternative asset investment platforms was $18 million, compared with adjusted net earnings of $34 million in 2025.
The adjusted net loss is comprised of:
- A negative contribution of $5 million from
Sagard's asset management activities; and - A negative contribution of
$13 million from Power Sustainable comprised of a negative contribution of$10 million from asset management activities and a negative contribution of$3 million from investing activities. Power Sustainable's Adjustments in the first quarter of 2026, excluded from adjusted net earnings, were a net negative impact of $40 million, compared with a negative impact of $12 million in the corresponding period in 2025. Adjustments consisted primarily of the revaluation of NCI liabilities 2 within PSEIP, due to an increase in the fair value of projects held within the fund.
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Summary of assets under management 3 (including unfunded commitments 3): |
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(in billions of dollars) |
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Sagard 4 |
|
|
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|
|
47.7 |
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|
|
38.8 |
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|
Power Sustainable |
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|
|
|
|
4.5 |
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|
4.6 |
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Total |
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|
52.2 |
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|
|
43.4 |
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Percentage of third-party and associated companies 5 |
|
|
|
|
|
92 |
% |
|
|
92 |
% |
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1 |
A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. |
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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. |
|
3 |
Refer to the Other Measures section later in this news release. |
|
4 |
Includes ownership in Wealthsimple valued at |
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5 |
Associated companies includes commitments from Great West, IGM and GBL, as well as commitments from management. |
At
Adjusted Net Asset Value
|
Adjusted net asset value is presented for |
The Corporation's adjusted net asset value per share was
|
(in millions of dollars, except per share amounts) |
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Variation % |
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|
|
Publicly |
Great West |
40,169 |
|
|
42,147 |
|
|
|
(5) |
|
|
IGM |
9,805 |
|
|
9,144 |
|
|
|
7 |
|
|
|
GBL |
2,752 |
|
|
2,691 |
|
|
|
2 |
|
|
|
|
52,726 |
|
|
53,982 |
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|
(2) |
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Alternative |
Sagard 1 |
|
|
|
|
|
|
|
|
|
|
Asset management companies, investment funds and other 2 |
1,718 |
|
|
1,482 |
|
|
|
16 |
|
|
|
Wealthsimple 3 |
1,465 |
|
|
1,465 |
|
|
|
− |
|
|
|
Power Sustainable 2 |
1,001 |
|
|
902 |
|
|
|
11 |
|
|
|
|
4,184 |
|
|
3,849 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Other |
Cash and cash equivalents |
2,114 |
|
|
2,232 |
|
|
|
(5) |
|
|
|
Other assets and investments 1 |
828 |
|
|
890 |
|
|
|
(7) |
|
|
|
|
2,942 |
|
|
3,122 |
|
|
|
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross asset value |
59,852 |
|
|
60,953 |
|
|
|
(2) |
|
|
|
Liabilities and preferred shares |
(6,413) |
|
|
(6,427) |
|
|
|
− |
|
|
|
Adjusted net asset value |
53,439 |
|
|
54,526 |
|
|
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in millions) |
632.1 |
|
|
635.7 |
|
|
|
|
|
|
|
Adjusted net asset value per share |
84.54 |
|
|
85.77 |
|
|
|
(1) |
|
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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 |
|
3 |
Consists of Power Financial's direct and indirect investments in Wealthsimple, net of carried interest payable to |
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Ownership 1 |
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Shares held 1 |
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|
Share price |
|||
|
|
|
|
|
|
|
||||
|
Great West |
68.6 |
|
616.6 |
|
|
|
|
|
|
|
IGM |
63.4 |
|
147.9 |
|
|
|
|
|
|
|
GBL 2 |
17.1 |
|
22.8 |
|
|
€77.75 |
|
€75.95 |
|
|
1 |
At |
|
2 |
Held through |
Participating Shareholders' Equity
|
Book value per participating share represents |
The Corporation's book value per participating share was
|
(in millions of dollars, except per share amounts) |
|
|
|
|
|
|
Variation % |
|
|
|
Publicly
|
Great West |
17,287 |
|
17,237 |
|
|
|
− |
|
|
IGM |
4,389 |
|
4,337 |
|
|
|
1 |
|
|
|
GBL |
3,079 |
|
3,291 |
|
|
|
(6) |
|
|
|
|
24,755 |
|
24,865 |
|
|
|
− |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Alternative |
Sagard 1 |
|
|
|
|
|
|
|
|
|
Asset management companies, investment funds and other |
1,497 |
|
1,230 |
|
|
|
22 |
|
|
|
Wealthsimple 2 |
112 |
|
116 |
|
|
|
(3) |
|
|
|
Power Sustainable |
197 |
|
179 |
|
|
|
10 |
|
|
|
|
1,806 |
|
1,525 |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other |
Cash and cash equivalents |
2,114 |
|
2,232 |
|
|
|
(5) |
|
|
|
Other assets and investments 1 |
819 |
|
887 |
|
|
|
(8) |
|
|
|
|
2,933 |
|
3,119 |
|
|
|
(6) |
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|
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|
|
|
|
|
|
|
|
Total assets |
29,494 |
|
29,509 |
|
|
|
− |
|
|
|
Liabilities and preferred shares |
(6,413) |
|
(6,427) |
|
|
|
− |
|
|
|
Participating shareholders' equity |
23,081 |
|
23,082 |
|
|
|
− |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in millions) |
632.1 |
|
635.7 |
|
|
|
|
|
|
|
Book value per participating share |
36.52 |
|
36.31 |
|
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1 |
|
|
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 |
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
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable
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Series |
Stock Symbol |
Amount |
|
Series |
Stock Symbol |
Amount |
|
Series A |
POW.PR.A |
35¢ |
|
Series G |
POW.PR.G |
35¢ |
|
Series B |
POW.PR.B |
33.4375¢ |
|
Series H |
POW.PR.H |
35.9375¢ |
|
Series C |
POW.PR.C |
36.25¢ |
|
Series I |
POW.PR.I |
35.3125¢ |
|
Series D |
POW.PR.D |
31.25¢ |
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Access to Quarterly Results Materials: |
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Quarterly Earnings Conference Call: |
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The first quarter earnings |
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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
A replay of the conference call will be available from
A webcast archive will also be available on |
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Investor Relations Contact: |
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At
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100% – Power Financial |
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68.6 % |
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63.4 % |
IGM Financial 2 (TSX: IGM) |
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17.1 % |
GBL 3 (Euronext: GBLB) |
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52.4 % |
Wealthsimple 4 |
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Investment Platforms |
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Power Sustainable 6 |
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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 63.4% interest in IGM, and Great West held an additional 3.9% interest in IGM. |
|
3 |
Held through |
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4 |
Undiluted equity interest held by |
|
5 |
The Corporation held a 44.6% interest in |
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6 |
The Corporation held a 73.0% interest in |
Contribution to Adjusted Net Earnings and Net Earnings
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Three months ended |
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(in millions of dollars, except per share amounts) |
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2026 |
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2025 |
|
|
Adjusted net earnings 1 |
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|
Great West 2 |
|
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|
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|
851 |
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|
703 |
|
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IGM 2 |
|
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|
180 |
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|
149 |
|
|
GBL |
|
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|
20 |
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3 |
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Effect of consolidation – Great West and IGM 3 |
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(12) |
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(5) |
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|
1,039 |
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|
850 |
|
|
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(18) |
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|
34 |
|
|
Corporate operations and Other 4 |
|
|
|
|
|
(116) |
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|
(97) |
|
|
Adjusted net earnings 5 |
|
|
|
|
|
905 |
|
|
787 |
|
|
Adjustments 6 |
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|
|
(85) |
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|
(98) |
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Net earnings 5 |
|
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Great West 2 |
|
|
|
|
|
819 |
|
|
587 |
|
|
IGM 2 |
|
|
|
|
|
180 |
|
|
147 |
|
|
GBL 2 |
|
|
|
|
|
20 |
|
|
25 |
|
|
Effect of consolidation – Great West and IGM 3 |
|
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|
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(25) |
|
|
(7) |
|
|
|
|
|
|
|
|
994 |
|
|
752 |
|
|
|
|
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(58) |
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|
22 |
|
|
Corporate operations and Other 4 |
|
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(116) |
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|
(85) |
|
|
Net earnings 5 |
|
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|
|
|
820 |
|
|
689 |
|
|
Earnings per share – basic 5 |
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|
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Adjusted net earnings |
|
|
|
|
|
1.43 |
|
|
1.22 |
|
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Adjustments |
|
|
|
|
|
(0.14) |
|
|
(0.15) |
|
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Net earnings |
|
|
|
|
|
1.29 |
|
|
1.07 |
|
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1 |
For a reconciliation of Great West, IGM, |
|
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. |
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Three months ended |
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|
(in millions of dollars) |
|
|
|
|
|
2026 |
|
|
2025 |
|
|
Contribution to |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
Asset management activities 1 |
|
|
|
|
|
|
|
|
|
|
|
Sagard |
|
|
|
|
|
(5) |
|
|
(4) |
|
|
Power Sustainable |
|
|
|
|
|
(10) |
|
|
(6) |
|
|
Investing activities (proprietary capital) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
− |
|
|
41 |
|
|
Power Sustainable 3 |
|
|
|
|
|
(3) |
|
|
3 |
|
|
Adjusted net earnings (loss) |
|
|
|
|
|
(18) |
|
|
34 |
|
|
Adjustments 4 |
|
|
|
|
|
|
|
|
|
|
|
Power Sustainable |
|
|
|
|
|
(40) |
|
|
(12) |
|
|
Net earnings (loss) |
|
|
|
|
|
(58) |
|
|
22 |
|
|
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. |
|
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. |
|
|
|
|
|
|
|
Three months ended |
|||||
|
(in millions of dollars) |
|
|
|
|
|
2026 |
|
|
|
2025 |
|
|
Adjusted net earnings (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
LMPG 1 |
|
|
|
|
|
(6) |
|
|
|
(5) |
|
|
Other corporate investments 2 |
|
|
|
|
|
23 |
|
|
|
22 |
|
|
Operating and other expenses 3 |
|
|
|
|
|
(77) |
|
|
|
(66) |
|
|
Dividends on non-participating and perpetual preferred shares |
|
|
|
|
|
(56) |
|
|
|
(48) |
|
|
Adjusted net earnings (loss) |
|
|
|
|
|
(116) |
|
|
|
(97) |
|
|
Adjustments 4 |
|
|
|
|
|
− |
|
|
|
12 |
|
|
Net earnings (loss) |
|
|
|
|
|
(116) |
|
|
|
(85) |
|
|
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 the Corporation's investments held in private investment funds, as well as foreign exchange gains or losses and interest on cash and cash equivalents. |
|
3 |
Includes operating expenses, 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
Fee-related earnings is presented for
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
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
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
|
Adjusted net earnings |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Three months ended |
||||||
|
(in millions of dollars) |
|
|
|
|
|
2026 |
|
|
|
|
2025 |
|
|
Adjusted net earnings – Non-IFRS financial measure 1 |
|
|
|
|
|
905 |
|
|
|
|
787 |
|
|
Share of Adjustments 2, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
Great West |
|
|
|
|
|
(44) |
|
|
|
|
(118) |
|
|
IGM |
|
|
|
|
|
(1) |
|
|
|
|
(2) |
|
|
GBL |
|
|
|
|
|
− |
|
|
|
|
22 |
|
|
|
|
|
|
|
|
(40) |
|
|
|
|
(12) |
|
|
Corporate operations and Other |
|
|
|
|
|
− |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
(85) |
|
|
|
|
(98) |
|
|
Net earnings – IFRS financial measure 1 |
|
|
|
|
|
820 |
|
|
|
|
689 |
|
|
1 |
Attributable to participating shareholders of |
|
2 |
Refer to the Adjustments section for more details on Adjustments from Great West, IGM, GBL, |
|
Adjustments (excluded from Adjusted net earnings) |
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
Three months ended |
|||||||
|
(in millions of dollars) |
|
|
|
|
|
2026 |
|
|
|
|
|
2025 |
|
|
Great West 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market experience relative to expectations (pre-tax) |
|
|
|
|
|
21 |
|
|
|
|
|
(77) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
(10) |
|
|
|
|
|
15 |
|
|
Assumption changes and management actions (pre-tax) |
|
|
|
|
|
1 |
|
|
|
|
|
(29) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
1 |
|
|
|
|
|
7 |
|
|
Business transformation and other impacts (pre-tax) 2 |
|
|
|
|
|
(29) |
|
|
|
|
|
(9) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
7 |
|
|
|
|
|
2 |
|
|
Amortization of acquisition-related finite life intangible assets (pre-tax) |
|
|
|
|
|
(31) |
|
|
|
|
|
(35) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
8 |
|
|
|
|
|
10 |
|
|
Tax legislative changes and other tax impacts |
|
|
|
|
|
3 |
|
|
|
|
|
− |
|
|
Income tax (expense) benefit |
|
|
|
|
|
(3) |
|
|
|
|
|
− |
|
|
|
|
|
|
|
|
(32) |
|
|
|
|
|
(116) |
|
|
Effect of consolidation (pre-tax) 3 |
|
|
|
|
|
(12) |
|
|
|
|
|
(2) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
− |
|
|
|
|
|
− |
|
|
|
|
|
|
|
|
(44) |
|
|
|
|
|
(118) |
|
|
IGM 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of Great West adjustments (pre-tax) |
|
|
|
|
|
− |
|
|
|
|
|
(2) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
− |
|
|
|
|
|
− |
|
|
|
|
|
|
|
|
− |
|
|
|
|
|
(2) |
|
|
Effect of consolidation (pre-tax) 3 |
|
|
|
|
|
(1) |
|
|
|
|
|
− |
|
|
Income tax (expense) benefit |
|
|
|
|
|
− |
|
|
|
|
|
− |
|
|
|
|
|
|
|
|
(1) |
|
|
|
|
|
(2) |
|
|
GBL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affidea's gain on debt modification (pre-tax and post-tax) |
|
|
|
|
|
− |
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
− |
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revaluation of NCI liabilities and other market-related impacts (pre-tax) |
|
|
|
|
|
(40) |
|
|
|
|
|
(14) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
− |
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
(40) |
|
|
|
|
|
(12) |
|
|
Corporate operations and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LMPG remeasurement of deferred tax liabilities |
|
|
|
|
|
− |
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
(85) |
|
|
|
|
|
(98) |
|
|
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. |
|
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 |
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, except per share amounts) |
|
|
|
|
|
|
|
|
||
|
Participating shareholders' equity – IFRS financial measure |
|
|
|
|
|
|
|
|
|
|
|
Share capital – participating shares |
|
|
|
|
|
9,107 |
|
|
9,159 |
|
|
Retained earnings |
|
|
|
|
|
11,804 |
|
|
11,674 |
|
|
Reserves |
|
|
|
|
|
2,170 |
|
|
2,249 |
|
|
|
|
|
|
|
|
23,081 |
|
|
23,082 |
|
|
Fair value adjustments 1 |
|
|
|
|
|
|
|
|
|
|
|
Great West |
|
|
|
|
|
22,882 |
|
|
24,910 |
|
|
IGM |
|
|
|
|
|
5,416 |
|
|
4,807 |
|
|
GBL |
|
|
|
|
|
(327) |
|
|
(600) |
|
|
|
|
|
|
|
|
2,378 |
|
|
2,324 |
|
|
Other investments 2 |
|
|
|
|
|
9 |
|
|
3 |
|
|
|
|
|
|
|
|
30,358 |
|
|
31,444 |
|
|
Adjusted net asset value – Non-IFRS financial measure |
|
|
|
|
|
53,439 |
|
|
54,526 |
|
|
Per share 3 |
|
|
|
|
|
|
|
|
|
|
|
Participating shareholders' equity (book value) |
|
|
|
|
|
36.52 |
|
|
36.31 |
|
|
Adjusted net asset value |
|
|
|
|
|
84.54 |
|
|
85.77 |
|
|
1 |
Refer to the table below for more details on the fair value 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
(in millions of dollars, except per share amounts) |
Holding |
|
|
|
|
Fair value |
|
|
|
|
Adjusted net |
|
|
|
|
Holding |
|
|
|
|
Fair value |
|
|
|
|
Adjusted net |
|
|
Holding company assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power Financial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Great West |
17,287 |
|
|
|
|
22,882 |
|
|
|
|
40,169 |
|
|
|
|
17,237 |
|
|
|
|
24,910 |
|
|
|
|
42,147 |
|
|
IGM |
4,389 |
|
|
|
|
5,416 |
|
|
|
|
9,805 |
|
|
|
|
4,337 |
|
|
|
|
4,807 |
|
|
|
|
9,144 |
|
|
GBL 1 |
3,079 |
|
|
|
|
(327) |
|
|
|
|
2,752 |
|
|
|
|
3,291 |
|
|
|
|
(600) |
|
|
|
|
2,691 |
|
|
Alternative asset investment platforms |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management companies 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
347 |
|
|
|
|
216 |
|
|
|
|
563 |
|
|
|
|
164 |
|
|
|
|
244 |
|
|
|
|
408 |
|
|
Power Sustainable |
− |
|
|
|
|
− |
|
|
|
|
− |
|
|
|
|
− |
|
|
|
|
− |
|
|
|
|
− |
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sagard 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment funds and other 4 |
1,150 |
|
|
|
|
5 |
|
|
|
|
1,155 |
|
|
|
|
1,066 |
|
|
|
|
8 |
|
|
|
|
1,074 |
|
|
Wealthsimple 5 |
112 |
|
|
|
|
1,353 |
|
|
|
|
1,465 |
|
|
|
|
116 |
|
|
|
|
1,349 |
|
|
|
|
1,465 |
|
|
Power Sustainable |
197 |
|
|
|
|
804 |
|
|
|
|
1,001 |
|
|
|
|
179 |
|
|
|
|
723 |
|
|
|
|
902 |
|
|
Cash and cash equivalents |
2,114 |
|
|
|
|
− |
|
|
|
|
2,114 |
|
|
|
|
2,232 |
|
|
|
|
− |
|
|
|
|
2,232 |
|
|
Other assets and investments 3 |
819 |
|
|
|
|
9 |
|
|
|
|
828 |
|
|
|
|
887 |
|
|
|
|
3 |
|
|
|
|
890 |
|
|
Total holding company assets |
29,494 |
|
|
|
|
30,358 |
|
|
|
|
59,852 |
|
|
|
|
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 |
1,336 |
|
|
|
|
− |
|
|
|
|
1,336 |
|
|
|
|
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 |
6,413 |
|
|
|
|
− |
|
|
|
|
6,413 |
|
|
|
|
6,427 |
|
|
|
|
− |
|
|
|
|
6,427 |
|
|
Net value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Participating shareholders' equity (IFRS) / |
23,081 |
|
|
|
|
30,358 |
|
|
|
|
53,439 |
|
|
|
|
23,082 |
|
|
|
|
31,444 |
|
|
|
|
54,526 |
|
|
Per share |
36.52 |
|
|
|
|
|
|
|
|
|
84.54 |
|
|
|
|
36.31 |
|
|
|
|
|
|
|
|
|
85.77 |
|
|
1 |
The Corporation's share of GBL's reported net asset value was |
|
2 |
The management company of |
|
3 |
Certain comparatives have been reclassified to conform with the current presentation. |
|
4 |
|
|
5 |
|
|
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 first 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 WestAdjusted 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 ended |
|||||
|
(in millions of dollars) |
|
|
|
|
|
2026 |
|
|
|
2025 |
|
|
Adjusted net earnings – Non-IFRS financial measure 1 2 |
|
|
|
|
|
1,239 |
|
|
|
1,030 |
|
|
Adjustments 3 |
|
|
|
|
|
|
|
|
|
|
|
|
Market experience relative to expectations (pre-tax) |
|
|
|
|
|
30 |
|
|
|
(113) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
(14) |
|
|
|
22 |
|
|
Assumption changes and management actions (pre-tax) |
|
|
|
|
|
1 |
|
|
|
(42) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
2 |
|
|
|
10 |
|
|
Business transformation and other impacts (pre-tax) 4 |
|
|
|
|
|
(42) |
|
|
|
(13) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
10 |
|
|
|
3 |
|
|
Amortization of acquisition-related finite life intangible assets (pre-tax) |
|
|
|
|
|
(45) |
|
|
|
(51) |
|
|
Income tax (expense) benefit |
|
|
|
|
|
11 |
|
|
|
14 |
|
|
Tax legislative changes and other tax impacts (pre-tax) |
|
|
|
|
|
5 |
|
|
|
− |
|
|
Income tax (expense) benefit |
|
|
|
|
|
(5) |
|
|
|
− |
|
|
|
|
|
|
|
|
(47) |
|
|
|
(170) |
|
|
Net earnings – IFRS financial measure 2 |
|
|
|
|
|
1,192 |
|
|
|
860 |
|
|
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. |
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 ended |
|||||
|
(in millions of dollars) |
|
|
|
|
|
2026 |
|
|
|
2025 |
|
|
Adjusted net earnings – Non-IFRS financial measure 1 |
|
|
|
|
|
284.3 |
|
|
|
237.8 |
|
|
Adjustments 2 |
|
|
|
|
|
|
|
|
|
|
|
|
Great West other items |
|
|
|
|
|
(0.5) |
|
|
|
(4.0) |
|
|
Net earnings – IFRS financial measure 1 |
|
|
|
|
|
283.8 |
|
|
|
233.8 |
|
|
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, "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 (
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 mid-term strategy to simplify its portfolio and the expected timing of its investments in direct private assets, 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
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
SOURCE
