Igm Financial Inc. · TSX:IGM
Igm Financial — Q3 2025 Earnings Presentation
51 slides from Igm Financial's earnings presentation, Nov 7, 2025
Slide 1: IGM Financial Q3, 2025 Results
IGM Financial Q3, 2025 Results November 7th, 2025
Slide 2: Conference call participants
Conference call participants JAMES O‘SULLIVAN DAMON MURCHISON LUKE GOULD KEITH POTTER PRESIDENT & CEO PRESIDENT & CEO PRESIDENT & CEO EXECUTIVE VICE-PRESIDENT IGM FINANCIAL IG WEALTH MANAGEMENT MACKENZIE INVESTMENTS & CFO IGM FINANCIAL 2
Slide 3: Caution concerning forward-looking statements
Caution concerning forward-looking statements Certain statements in this report, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial Inc.’s (IGM Financial, IGM or the Company) and, where applicable, its subsidiaries’ and str
Slide 4: Non-IFRS financial measures & other financial measures
Non-IFRS financial measures & other financial measures This report contains Non-IFRS financial measures and non-IFRS ratios that do not have standard meanings prescribed by International Financial Reporting Standards (IFRS) and may not be directly comparable to similar measures used by other compani
Slide 5: Non-IFRS financial measures & other financial measures
Non-IFRS financial measures & other financial measures Other items Other items for the nine months ended September 30, 2025 consisted of: • ($13.1) million, including ($3.1) million recorded in the third quarter, reflecting the Company’s proportionate share of items Lifeco excludes from its base ear
Slide 6: Documents incorporated by reference
Documents incorporated by reference This summary document and webcast are meant to discuss, not to serve as a substitute for, information included in these documents. The reader is hereby cautioned to refer to the following documents relating to IGM Financial’s results: 1. Documents related to IGM F
Slide 7: Glossary
Glossary AUA Assets Under Advisement MA Mass Affluent1 AUM Assets Under Management Mackenzie Mackenzie Investments AUM&A Assets Under Management & Advisement MF Mutual fund CAGR Compound Annual Growth Rate NCI Non-controlling Interest EPS Earnings per Share QTD Quarter-to-date ETF Exchange Traded Fu
Slide 8: James O’Sullivan
James O’Sullivan President and CEO IGM Financial 8
Slide 9: IGM Financial Q3, 2025 highlights
IGM Financial Q3, 2025 highlights Financial highlights Operational highlights • Record high quarterly and LTM adjusted EPS1 Adjusted EPS1 Reported EPS • Strong IG Wealth and Mackenzie net flows; $2.4B during the quarter $1.27 $1.26 • Record high quarter-end assets at IG Wealth and Mackenzie +24.8% v
Slide 10: IGM Financial operating backdrop
IGM Financial operating backdrop Markets & IGM client return index1 (YTD 2025) 30% 25% Strong Q3 backdrop in an 20% 15% 10% evolving economic environment 5% 0% • Positive industry flows continue (5%) (10%) • Investor confidence increasing (15%) • Mortgages renewing at higher (20%) 2024-12-31 2025-03
Slide 11: Adjusted net earnings available to common shareholders by segment
Adjusted net earnings available to common shareholders1 by segment ($MM) Wealth management2 Asset management Corporate & other3 IGM consolidated Q3/24 +23% Q3/25 301.2 244.1 +27% 158.2 +21% 124.9 110.6 91.3 +16% 27.9 32.4 1) A non-IFRS financial measure - see Non-IFRS financial measures and other fi
Slide 12: Ending AUM&A including SI proportionate share
Ending AUM&A ($B) including SI proportionate share Consolidated Wealth management Asset management AUM&A incl. SI1 3 2 2 2 2 +22% 562.4 Q3/24 Sub-advised AUM to Wealth Management: Q3/25 Q3/25 $92.8B (Q3/24 $83.6B) 239.5 461.6 212.1 +14% +29% 155.9 +14% 163.4 136.4 126.3 +29% 128.5 146.7 53.2 +84% +1
Slide 13: Wealth Management
WEALTH MANAGEMENT Damon Murchison President & CEO IG Wealth Management 13
Slide 14: Wealth management Q3, 2025 highlights
Wealth management Q3, 2025 highlights Record Operational highlights AUM&A Third quarter client returns1 • Record high quarter-end AUM of $155.9B, up 14.3% versus Q3/24 $155.9B • Record Q3 gross inflows and sales; fifth consecutive quarter of positive net flows +14.3% vs Q3/24 6.2% • A leader among p
Slide 15: IG Wealth Management net flows
IG Wealth Management net flows IG Wealth Management adjusted gross and net flows1 ($MM) IG Wealth Management net flows2 ($B) (LTM, as at October 31, 2025) Gross Inflows Gross Outflows Net Flows Month of September 1,033 1,044 1,287 Total Net Flows IGM Product Net Flows Cash, GICs, & HISAs 858 886 659
Slide 16: IG Wealth Management Q3, 2025 operating results
IG Wealth Management Q3, 2025 operating results Gross inflows Gross outflows rate Assets under advisement ($MM) (Quarterly annualized) ($B) Q3/25 highlights IGM Solutions (AUM) 3rd party ▪ Gross inflows of $3.8B, up 10.2% Cash, GICs, HISAs 3,781 155.9 3,432 146.7 year-over-year 136.4 5.5 5.9 5.9 12.
Slide 17: Record inflows, driven by strong client acquisition
Record inflows, driven by strong high-net-worth & mass affluent client acquisition Gross flows from newly acquired clients (Q3, $MM) Gross flows from newly acquired clients (LTM, $B) By client assets brought to IG Wealth By client assets brought to IG Wealth 1 Growth Mass market Mass affluent HNW 5-
Slide 18: Continued momentum in mortgage and insurance
Continued momentum in mortgage and insurance Mortgage funding1 New annualized insurance premiums ($MM) ($MM) 336 303 299 20 18 16 Q3/23 Q3/24 Q3/25 Q3/23 Q3/24 Q3/25 • Mortgage funding up 12% year-over-year • New annualized insurance premiums up 10% year-over-year • IG Mortgages serviced1 at $6.9B a
Slide 19: Executing against strategic pillars; enabling growth
Executing against strategic pillars; enabling growth and driving results Investment Executive’s 2025 Dealers’ Report Cards result2 Investing in people and driving productivity through Overall Dealer Report Card Rating3 digitalization and partnerships Peer Avg IG Wealth Rating 8.8 8.8 8.6 8.4 8.5 ▪ P
Slide 20: Rockefeller Q3, 2025 update
Rockefeller Q3, 2025 update Q3, 2025 highlights LTM client asset1 growth Private advisor growth (US$B) 3 450 17.0 186.8 420 1▪ Organic client asset growth of 2 1 14.3 400 US$6.7B since Q3/24; Q3 375 6.7 growth of US$3.0B 148.9 350 321 2▪ Inorganic client asset growth of 300 US$14.3B since Q3/24; Q3
Slide 21: Wealthsimple Q3, 2025 update
Wealthsimple Q3, 2025 update Q3, 2025 highlights AUA by quarter Client count by quarter1 ($B) (‘000s) 1 3,006 2 100.8 1 ▪ Wealthsimple’s AUA grew to 2,753 2,834 $100.8B, up 94% year-over-year 2,500 2,607 2,577 84.5 2,393 and 19% sequentially 2,255 2,228 73.0 ▪ AUA growth of $16.3B during 64.0 the qu
Slide 22: Asset Management
ASSET MANAGEMENT Luke Gould President & CEO Mackenzie Investments 22
Slide 23: Asset management Q3, 2025 highlights
Asset management Q3, 2025 highlights Operational highlights • Total Mackenzie net sales of $2.0B, an improvement of $2.6B versus Q3/24; continuation of positive momentum in retail investment funds • Investment fund net sales of $407MM improved by $703MM from Q3/24, driven by Record quarter Third qua
Slide 24: Mackenzie Investments net sales
Mackenzie Investments net sales Mackenzie adjusted investment fund flows1 ($MM) Mackenzie adjusted investment fund net flows1 ($B) MF Gross Sales MF Redemptions MF Net Sales ETF Net Flows (LTM, as at October 31, 2025) Month of September Total Retail 8.0 1,228 641 614 734 748 818 566 830 350 346 417
Slide 25: Mackenzie Investments Q3, 2025 operating results
Mackenzie Investments Q3, 2025 operating results NET SALES ($MM)2,5 Q3/24 Q3/25 Change Q3/25 highlights Retail mutual funds (556) (258) 298 ▪ Significant improvement in retail investment fund net sales, up Retail ETFs 53 265 212 $510MM versus Q3/24 Retail investment funds (503) 7 510 ▪ Institutional
Slide 26: Investment boutique retail mutual fund & ETF performance and sales
Investment boutique retail mutual fund & ETF performance and sales Fixed Managed Value-Oriented Quality Growth-Oriented Sustainable Core & Dividend Other Income Solutions North Global Putnam Global Equity Multi-Asset ChinaAMC & Cundill American Ivy Growth Bluewater Resources Greenchip Quantitative F
Slide 27: Mackenzie is on a mission to bring private asset classes to Canadian households
Mackenzie is on a mission to bring private asset classes, the “Missing Middle”, to Canadian households Mackenzie Northleaf AUM Northleaf Multi-Asset Private Market Fund5 ($ million) Five products launched in October 2025 515 launched to date Infrustructure Across private equity, private Private Cred
Slide 28: Chinese investment fund industry AUM and net flows
Chinese investment fund industry AUM and net flows; ChinaAMC is an industry leader Chinese investment fund industry top 10 long- Growth Chinese investment fund industry QoQ 1-year term fund provider market shares (at September 30, 2025) Ending AUM1 CAD/RMB = 5.1972 (RMB¥ Trillions) Money-market fund
Slide 29: Total AUM and investment fund net flows continuity
total AUM and investment fund net flows continuity Growth ChinaAMC ending AUM1 QoQ 1yr (RMB¥ billions) Other (primarily institutional) 3,007 5% 28% Money-market funds 2,851 2,670 Long-term investment funds 2,465 2,358 2,254 7% 30% 2,089 2,159 2,102 1,919 1,733 1,722 1,772 1,802 1,826 1,824 1,739 1,7
Slide 30: Capital Partners Q3, 2025 update
Capital Partners Q3, 2025 update Highlights Northleaf AUM history1 Northleaf LTM AUM continuity1 ($B) ($B) 5.2 0.6 34.4 (1.0) ▪ Fundraising of $1.5B for the 29.6 quarter ended September 30, 34.4 2025 32.0 ▪ LTM fundraising of $5.2B, AUM 26.6 growth of 16% 24.1 19.5 ▪ Northleaf AUM has grown at a 20%
Slide 31: Keith Potter
Keith Potter Executive Vice-President & CFO IGM Financial 31
Slide 32: IGM Financial Q3, 2025 financial highlights
IGM Financial Q3, 2025 financial highlights • All-time high adjusted EPS1 of $1.27, up 23% year-over-year Adjusted EPS1 Reported EPS • Adjusted EPS excludes Lifeco other items which represented ($3.1MM) during Q3 $1.27 $1.26 • Strong quarterly results driven by core businesses, ChinaAMC and +23.3% v
Slide 33: Total assets under management & advisement
Total assets under management & advisement IGM assets under management & advisement Change in IGM assets under management & advisement ($B) ($B) Daily AUM&A Annual Average AUM&A Quarterly Average AUM&A Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 LTM 320 Opening AUM&A excluding sub-advisory to Canada Life 202.5 21
Slide 34: IGM Financial consolidated profitability
IGM Financial consolidated profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IGM Financial Consolidated Q3/24 Q2/25 Q3/25 $ % $ % 1▪ Higher average AUM&A, up 12.8% year- Days in the period 92 91 92 1.1% 0.0% Average AUM & AUA ($ Billions) over-year, supporting increases in wea
Slide 35: IG Wealth Management – key profitability drivers
IG Wealth Management – key profitability drivers Daily average assets ($B), advisory and Key revenue & expenses as bps of product & program fee rate (bps)1 respective driver (AUA or AUM)1 150.5 139.4 142.5 141.2 98.4 98.4 Advisory fees 2 Other AUA 97.7 97.4 97.0 132.9 17.5 16.1 17.0 16.7 133.0 85.5
Slide 36: IG Wealth Management profitability
IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IG Wealth Management Q3/24 Q2/25 Q3/25 $ % $ % ▪1 Advisory and product & program fees up 12.3% year- Days in the period 92 91 92 1.1% (1.1%) Average assets under advisement ($B) 132.9 141.2 150.5 9.3 6.6% 1
Slide 37: Mackenzie Investments – key profitability drivers
Mackenzie Investments – key profitability drivers Average AUM ($B), net asset management fee rate1 (bps) Net asset management fee rates1 (as bps of respective AUM) 230.7 Sub-advisory and 213.9 217.5 217.9 AUM to Wealth 207.5 Management 78.5 78.0 75.8 73.3 72.6 89.5 Third Party AUM 85.3 85.2 Third-pa
Slide 38: Mackenzie Investments profitability
Mackenzie Investments profitability $ Millions (unless otherwise noted): Change QoQ Change YoY Mackenzie Investments Q3/24 Q2/25 Q3/25 $ % $ % ▪1 Net asset management fees up 7.5% year-over- Days in the period 92 91 92 1.1% (1.1%) year, driven by strong asset growth and Average assets under manageme
Slide 39: ChinaAMC – AUM and earnings
ChinaAMC – AUM and earnings ChinaAMC ending AUM1 IGM Financial share of ChinaAMC earnings (RMB¥ billions) (CAD millions) Other (primarily institutional) 1-Year Excluding Q3/25 FV marks 46.1 Money-market funds Growth relating to seed capital, Q3/25 was relatively in-line Long-term investment funds wi
Slide 40: Adjusted net earnings by segment and company
Adjusted net earnings available to common shareholders1 by segment and company ($MM) Corporate IGM Wealth management Asset management2 & other3 consolidated +23% 301.2 Q3/24 Q3/25 +24% 244.1 155.3 125.5 FVTOCI +15% 68.2 59.4 +40% 41.5 +16% 29.6 27.9 32.4 (56%) 2.9 0.1 0.3 2.7 1.2 (0.3) 1) A non-IFRS
Slide 41: Summary: segment breakdown
Summary: segment breakdown Adj. earnings1 by segment Strategic investments – interest and value Q3/24 Adj. Q3/25 Adj. YoY Interest Accounting Q3/25 Net Indicative value Q3/25 Indicative $ millions earnings earnings change Q3/24 | Q3/25 basis carrying value assumption value Wealth management IG Wealt
Slide 42: Returning capital to shareholders while strengthening financial flexibility
Returning capital to shareholders while strengthening financial flexibility Return of capital to Leverage Balanced approach to capital allocation shareholders (Debt/LTM Adj. EBITDA1) ($MM) Return of capital to shareholders: Dividends Gross debt/ adj EBITDA Share repurchases Net debt/ adj. EBITDA • D
Slide 43: Q&A
“TEM wee Wealth Wealth Management Asset Management O&A This way to S better y,
Slide 44: Appendix
191 ‘inancial Wealth Wealth Management Asset Management Appendix This way to S better y,
Slide 45: Financial market and IGM Financial AUM mix
Financial market and IGM Financial AUM mix Investment performance Total AUM mix Q4/25 at LTM at 2024 Q1/25 Q2/25 Q3/25 Oct 31 Oct 31 IGM client investment return 1 15.5% 0.4% 3.6% 6.2% 1.1% 14.4% Equity markets: CDN equity Canada (S&P/TSX Composite) 21.6% 1.5% 8.5% 12.5% 1.0% 28.7% Fixed inc. (25%)
Slide 46: Canadian mutual fund industry net sales trend
Canadian mutual fund industry net sales trend Third quarter industry long-term mutual fund net sales ($B) Total Industry Industry Asset Manager Peers Industry asset manager peers mutual fund net sales ($B) 23.7 Categories Q3/24 Q3/25 $ Change 7.7 Balanced (0.8) (0.5) 0.3 6.1 6.1 6.1 9.1 7.0 7.7 2.6
Slide 47: Adjusted net earnings and valuation by company
Adjusted net earnings available to common shareholders1 and valuation by company ($MM) Adjusted net earnings available to common shareholders1 1,139 2024 1,036 939 Analyst 605 490 551 Consensus2 2025 9 235 242 276 2026 FVTOCI 102 107 116 100 107 113 3 (10) (1) 16 22 22 6 2026 analyst 4 UNALLOCATED 4
Slide 48: IGM Financial adjusted cash earnings & dividend payout ratio
IGM Financial adjusted cash earnings & dividend payout ratio IGM Financial adjusted cash earnings1,2 Dividend payout ratio2,3 ($MM) (LTM) 68% 64% 64% 62% Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 LTM 60% 59% 57% 56% Adjusted Net Earnings 1 244.1 250.0 237.8 252.7 301.2 1,041.7 54% 51% Add: capitalized sales com
Slide 49: 2025 expense guidance
2025 expense guidance Guidance and outlook1: combined operations & support and business development expenses IGM consolidated2 (year-over-year change) 5-year technology & operations transformation announced 7% 6% 5% 3.8% 4% 3% 4 2.2% 2.3% 3 1.7% 1% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 G
Slide 50: IGM Financial debt / LTM adj. EBITDA
IGM Financial debt / LTM adj. EBITDA1 Total Debt ($MM) Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Long-term Debt 2,400.0 2,400.0 2,400.0 2,400.0 2,400.0 Gross debt 2,400.0 2,400.0 2,400.0 2,400.0 2,400.0 Adjust for: Unallocated capital1 (452.4) (531.3) (615.1) (610.3) (697.7) 1 Net debt 1,947.6 1,868.7 1,784.9 1
Slide 51: IGM Financial net income to adj. net income consolidation
IGM Financial net income to adj. net income consolidation ($MM except EPS) Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Adjusted net earnings available to common 244.1 250.0 237.8 252.7 301.2 shareholders1 Lifeco other items (4.9) - (4.0) (6.0) (3.1) Tax loss consolidation 4.7 Net earnings available to common 239.