Power Corporation Of Canada · TSX:POW
Power Corporation Of Canada — Q2 2026 Earnings Presentation
29 slides from Power Corporation Of Canada's earnings presentation, Jul 31, 2026
Slide 1: Q2 2026 Results Investor Presentation
1 Q2 2026 RESULTS Investor Presentation July 31, 2026 1 POWER CORPORATION OF CANADA 1
Slide 2: Forward Looking Statements
Forward looking statements, disclosures concerning public investees and presentation of the holding company For definitions of capitalized terms used herein, see "Abbreviations" in the Appendix hereto. Forward Looking Statements In the course of today’s meeting, representatives of the Corporation ma
Slide 3: Basis of Presentation
Basis of presentation, non-IFRS financial measures, other measures and clarifications on adjusted net asset value Basis of Presentation The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS)
Slide 4: Strategic Overview
Strategic Overview James O’Sullivan President and Chief Executive Officer 4 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q2 Q32026 2024
Slide 5: Q2 results reflect strong business momentum
Q2 results reflect strong business momentum Adjusted EPS [1] and EPS • Record adjusted EPS [1] of $1.55 with strong business momentum and Delivering on return of capital value creation +12% strategy • Adjusted NAV per share [1] up 74% year-over-year, led by the publicly- traded operating companies 1
Slide 6: Financial Update & Business Review
Financial Update & Business Review Jake Lawrence Executive Vice-President and Chief Financial Officer 6 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q2 Q32026 2024
Slide 7: Power and its publicly traded operating companies
Power and its publicly traded operating companies www.powercorporation.com www.greatwestlifeco.com www.igmfinancial.com www.gbl.com investor.relations@powercorp.com investorrelations@canadalife.com investor.relations@igmfinancial.com adonohoe@gbl.com Q2 2026 Conference Call July 31, 2026 Q2 2026 Con
Slide 8: Net and adjusted net earnings
Net and adjusted net earnings Q2 2026 Highlights Net and Adjusted Net Earnings [3] • Power reported adjusted net earnings [1] of $974 million, up 10% ($ in millions, except per share amounts) Q2 2026 Q2 2025 compared to prior year Great West 871 790 • Power reported net earnings of $690 million, dow
Slide 9: Adjusted net asset value per share up 74% year-over-year
Adjusted net asset value per share up 74% year-over-year • Adjusted net asset value (“NAV” or “Net Asset Value”) per share was $112.94 at the end of Q2 2026 and $116.01 at July 30, 2026 [1] • The increase in adjusted NAV per share was driven by appreciation in the publicly traded operating companies
Slide 10: Great West reported strong earnings growth
Great West reported strong earnings growth Base EPS [1] and EPS Base ROE [1] and ROE Q2 2026 Highlights • Base earnings per share [1] of $1.42, up 15% from $1.24 in Q2 2025 Medium-term Medium-term • Great West reported net earnings per share of $1.16 vs. $0.96 in objective of 8-10% objective of 19%+
Slide 11: Empower delivered +34% base earnings growth
Empower delivered +34% base earnings [1] growth driven by strong net flows, favourable markets and operating leverage Base earnings [1,2] and Net earnings (US$ millions) +34% 332 247 293 Acquisition extends Empower’s leadership position Base earnings 222 o Announced acquisition of Milliman’s retirem
Slide 12: IGM's earnings growth driven by its core businesses
IGM’s earnings growth driven by its core businesses EPS and Adjusted EPS [1] Consolidated AUM&A incl. SI [2] Q2 2026 Highlights ($ billions) • Record second quarter adjusted net earnings [1] of $330 million, up 31% Medium-term year-over-year objective of 9%+ o Double digit earnings growth across eac
Slide 13: IGM's adjusted net earnings by segment
IGM’s adjusted net earnings by segment Wealth Management [1] Asset Management Corporate & Other [2] IGM Consolidated ($ millions) +31% 330.0 252.7 +33% 174.4 +31% 130.8 120.4 91.7 +17% 35.2 30.2 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 [1] Wealthsimple is classified as an inve
Slide 14: IGM's strategic investments continue to deliver client asset growth
IGM’s strategic investments continue to deliver impressive client asset growth Wealth Management Asset Management +12% 607.8 +84% AUA [1] 155.6 AUM [1,2] ($ billions) ($ billions) 542.3 84.5 Q2 2025 Q2 2026 Q2 2025 Q2 2026 +37% 318.5 +13% Client assets [1,2] 232.7 AUM [1] ($ billions) ($ billions) 3
Slide 15: Wealthsimple continues to scale
Wealthsimple continues to scale Q2 2026 Highlights • Wealthsimple’s AUA [1] grew to $155.6 billion in Q2 2026, up 84% year-over-year and 25% sequentially o AUA growth of $30.8 billion was the largest quarter-over-quarter growth in its history, driven by strong net flows of approximately $17 billion
Slide 16: GBL continues to achieve significant milestones
GBL continues to achieve significant milestones on its mid-term strategic trajectory FOCUS ON DIRECT PRIVATE ATTRACTIVE RETURNS TO PORTFOLIO SIMPLIFICATION ASSETS SHAREHOLDERS Completed over €5 billion [1] €2.3 billion [2] in capital deployment €773 million of cash returns YTD of disposals of listed
Slide 17: Ongoing growth at alternative asset investment platforms
Ongoing growth at alternative asset investment platforms • $69.4 billion of AUM [1,2] at June 30, 2026 o Approximately $2.6 billion in fundraising during the first half of 2026, led by real estate, private equity, venture capital and private credit o On April 2, 2026, Sagard completed the previously
Slide 18: Value creation and outlook
Value creation and outlook James O’Sullivan President and Chief Executive Officer 18 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q2 Q32026 2024
Slide 19: Power has returned over $12 billion in capital since 2020
Power has returned over $12 billion in capital to shareholders since 2020 Shares repurchased Dividends paid (participating shareholders) ($ billions) $2.3 $2.0 $1.9 $0.7 $1.7 $0.6 $0.4 $1.5 $1.4 $0.4 $1.3 $0.2 $0.2 $0.7 $1.5 $1.6 $1.3 $1.4 $1.2 $1.1 $0.8 2020 2021 2022 2023 2024 2025 Jun. 30, 2026 Y
Slide 20: NAV per share grew +20% CAGR since Q4 2020
NAV per share grew +20% CAGR since Q4 2020 $112.94 +20% CAGR 6% $85.77 $84.54 8% 8% $60.44 $52.60 $53.53 $41.27 $41.91 9% 15% 10% 94% 17% 15% 92% 92% 91% 85% 90% 83% 85% Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q1 26 Q2 26 NAV per share % GAV contribution from others % GAV contribution from publicly trad
Slide 21: Power discount to NAV
Power discount to NAV [1] Great West sale of U.S. life business announced PCC / PFC reorganization announced Empower acquires MassMutual Wealthsimple fundraising Average 34.5% Wealthsimple fundraising 3 level share buyback announced Putnam sale Empower acquires announced Personal Capital 20.2% July
Slide 22: Power's total shareholder returns
Power’s total shareholder returns Power’s shareholder returns have outperformed the S&P TSX and S&P TSX Financials indices Total Shareholder Returns As at July 30, 2026 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Last 10 Years Last 30 Years Annualized Annualized Annualized An
Slide 23: Power discount to NAV
Power discount to NAV [1] 45% Great West sale of U.S. life business announced PCC / PFC reorganization 40% announced Empower acquires MassMutual 35% Wealthsimple fundraising 30% Rockefeller recapitalization Average 34.5% Wealthsimple 25% fundraising 3 level share buyback announced 20% Putnam sale Em
Slide 24: Looking Ahead
Looking Ahead Power is well-positioned to continue generating attractive returns to its shareholders Earnings focused companies have Value creation from NAV-based Strong cash position momentum businesses • Great West and IGM represent 87% • GBL targeting medium-term • Strong cash balance with of Pow
Slide 25: Questions
Questions 25 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q2 Q32026 2024
Slide 26: Appendix
Appendix 26 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q2 Q32026 2024
Slide 27: Investing Activities – Earning attractive returns on its proprietary capital
Investing Activities – Earning attractive returns on its proprietary capital across multiple strategies Power’s proprietary capital invested in Sagard and Power Sustainable strategies, currently valued at $3.8 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 28: Value creation from Power's alternative asset investment platforms
Value creation from Power’s alternative asset investment platforms Power drives value from Sagard and Power Sustainable by building third-party asset managers and benefiting from the returns on proprietary capital invested in each platform Asset Management Activities Building investment platforms to
Slide 29: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: adidas adidas AG NCIB Normal course issuer bid AI Artificial Intelligence Northleaf Northleaf Capital Group Ltd. AUA Assets under administration Power Corporation, PCC, Power Corporation of Canada AUM Assets under manag
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