Igm Financial Inc. · TSX:IGM
Igm Financial — Q4 2025 Earnings Presentation
53 slides from Igm Financial's earnings presentation, Feb 13, 2026
Slide 1: IGM Financial Q4, 2025 Results
IGM Financial Q4, 2025 Results February 13th, 2026
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 twelve months ended December 31, 2025 consisted of: • The Company’s proportionate share of items Lifeco excludes from its base earnings (Lifeco other items) of ($18.2) million, including ($5.1) million recorded in
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 Mackenzie Mackenzie Investments AUM Assets Under Management MOIC Multiple on Invested Capital AUM&A Assets Under Management & Advisement NCI Non-controlling Interest CAGR Compound Annual Growth Rate NCIB Normal-Course Issuer Bid EPS Earnings per Share NTM Next Tw
Slide 8: James O’Sullivan
James O’Sullivan President and CEO IGM Financial 8
Slide 9: IGM Financial 2025 highlights
IGM Financial 2025 highlights IGM Financial – All-time high annual adjusted EPS; demonstrating diversified Financial highlights growth across wealth and asset management businesses Strong growth in client assets and flows, demonstrating clear momentum: Adjusted EPS1 Reported EPS $4.61 $4.64 IG Wealt
Slide 10: 2026 forward view; capitalizing on growth and increasing returns to shareholders
2026 forward view; capitalizing on growth in businesses and meaningfully increasing returns to shareholders Wealth management Asset management 2026 Continuing momentum and growth in HNW and Driving investment excellence, AI foundation and MA client segments, focusing on segmented product innovation,
Slide 11: IGM Financial Q4, 2025 highlights
IGM Financial Q4, 2025 highlights Financial highlights Operational highlights • Record high fourth quarter adjusted EPS1 Adjusted EPS1 Reported EPS • Record high client assets and strong net flows from the core $1.27 $1.36 • Net flows at IG Wealth and Mackenzie of $2.2B +21.0% vs Q4/24 +27.1% vs Q4/
Slide 12: IGM Financial operating backdrop
IGM Financial operating backdrop Markets & IGM client return index1 50% 40% Constructive Q4 backdrop in an 30% evolving economic environment 20% 10% • Sustained positive industry flows 0% • Investor confidence remains strong (10%) • Five-year mortgages continue to (20%) renew at higher rates 2024-12
Slide 13: Adjusted net earnings available to common shareholders by segment ($MM)
Adjusted net earnings available to common shareholders1 by segment ($MM) Wealth management2 Asset management Corporate & other3 IGM consolidated +21% 301.4 +34% 250.0 Q4/24 177.7 132.9 +1% Q4/25 +19% 87.5 88.6 29.6 35.1 +16% 1,093.1 +24% 591.0 939.0 +8% 477.7 +12% 350.4 377.4 110.9 124.7 2024 2025 1
Slide 14: Ending AUM&A including SI proportionate share ($B)
Ending AUM&A including SI proportionate share ($B) Consolidated Wealth management Asset management AUM&A incl. SI1 4 2,3 2 2 2 +17% 566.2 Q4/24 Sub-advised AUM to Wealth Management: Q4/25 Q4/25 $92.8B (Q4/24 $83.4B) 483.5 244.0 213.3 +13% +22% 158.9 +16% 164.4 140.4 135.2 +5% 151.1 +63% 129.9 +9% 44
Slide 15: Wealth Management
WEALTH MANAGEMENT Damon Murchison President & CEO IG Wealth Management 15
Slide 16: Wealth management Q4, 2025 highlights
Wealth management Q4, 2025 highlights Record Operational highlights AUM&A Fourth quarter client returns1 • Record high quarter-end AUM of $158.9B, up 13.2% versus Q4/24 $158.9B • Record Q4 gross inflows and sales; sixth consecutive quarter of positive net flows +13.2% vs Q4/24 1.6% • #1 earned media
Slide 17: IG Wealth Management net flows
IG Wealth Management net flows IG Wealth Management adjusted gross and net flows1 ($MM) IG Wealth Management adjusted net flows2 ($B) Gross Inflows Gross Outflows Net Flows (LTM, as at January 31, 2026) Month of January2 1,166 1,179 1,349 1,566 Total Net Flows IGM Product Net Flows Cash, GICs, & HIS
Slide 18: IG Wealth Management Q4, 2025 operating results
IG Wealth Management Q4, 2025 operating results Gross inflows Gross outflows rate Assets under advisement ($MM) (Quarterly annualized) ($B) Q4/25 highlights IGM Solutions (AUM) 3rd party 4,769 ▪ Gross inflows of $4.8B, up 21.8% Cash, GICs, HISAs 3,917 155.9 158.9 year-over-year 140.4 5.5 6.9 9.6% 10
Slide 19: Record inflows, driven by strong high-net-worth & mass affluent client acquisition
Record inflows, driven by strong high-net-worth & mass affluent client acquisition Gross flows from newly acquired clients (Annual, $MM) Gross flows from newly acquired clients (LTM, $B) By client assets brought to IG Wealth By client assets brought to IG Wealth Growth 1 5-year 1-year Mass market Ma
Slide 20: Continued momentum in mortgage and insurance
Continued momentum in mortgage and insurance Mortgage funding1 New annualized insurance premiums ($MM) ($MM) 1,193 86 971 74 833 57 2023 2024 2025 2023 2024 2025 • Mortgage funding up 23% year-over-year • New annualized insurance premiums up 16% year-over-year • IG Mortgages serviced1 at $6.8B as of
Slide 21: Rockefeller Q4, 2025 update
Rockefeller Q4, 2025 update Q4, 2025 highlights LTM client asset1 growth Private advisor growth (US$B) 21.3 197.7 3 500 2 1▪ Organic client asset growth of 1 15.0 451 450 US$10.2B since Q4/24; Q4 10.2 151.2 growth of US$4.1B 375 400 350 2▪ Inorganic client asset growth of 321 US$15.0B since Q4/24; Q
Slide 22: Wealthsimple Q4, 2025 update
Wealthsimple Q4, 2025 update Q4, 2025 highlights AUA by quarter Client count by quarter1 ($B) (‘000s) 1 2 111.3 3,199 1 ▪ Wealthsimple’s AUA grew to 3,006 100.8 2,834 $111.3B, up 74% year-over-year 2,753 2,607 2,577 and 10% sequentially 84.5 2,393 2,500 2,228 73.0 ▪ AUA growth of $10.5B during 64.0
Slide 23: Asset Management
ASSET MANAGEMENT Luke Gould President & CEO Mackenzie Investments 23
Slide 24: Asset management Q4, 2025 highlights
Asset management Q4, 2025 highlights Operational highlights • Total Mackenzie net sales of $1.5B, an improvement of $1.8B from Q4/24; demonstrating momentum in retail investment funds Record quarter • Retail net sales of $54MM improved by $667MM from Q4/24 Fourth quarter ending AUM&A • Investment fu
Slide 25: Mackenzie Investments net sales
Mackenzie Investments net sales Mackenzie adjusted investment fund net flows1 ($MM) Mackenzie adjusted investment fund net flows1 ($B) Month of January (LTM, as at January 31, 2026) 683 58 123 276 Total Retail 142 8.0 (2) (15) (231) (172) (65) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Fourth
Slide 26: Mackenzie Investments Q4, 2025 operating results
Mackenzie Investments Q4, 2025 operating results Q4/25 highlights Significant improvement in retail investment fund net sales, up $667MM versus Q4/24; total net sales up $1.8B versus Q4/24 NET SALES ($MM)1 Top 5 Net Selling Active Retail Net sales Q4/24 Q4/25 Change Investment Funds3 ($MMs) Mgmt fee
Slide 27: Investment boutique retail investment fund performance and sales
Investment boutique retail investment fund performance and sales Fixed Managed Value-Oriented Quality Growth-Oriented Sustainable Core & Dividend Other Income Solutions North Global Putnam Global Equity Multi-Asset ChinaAMC & Cundill American Ivy Growth Bluewater Resources Greenchip Quantitative Fix
Slide 28: Chinese investment fund industry AUM and net flows
Chinese investment fund industry AUM and net flows; is an industry leader Chinese investment fund industry top 10 long- Growth Chinese investment fund industry QoQ 1-year term fund provider market shares (at December 31, 2025) Ending AUM1 CAD/RMB = 5.0872 (RMB¥ Trillions) 36.8 Money-market funds 35.
Slide 29: ChinaAMC total AUM and investment fund net flows
total AUM and investment fund net flows continuity Growth ChinaAMC ending AUM1 QoQ 1yr (RMB¥ billions) Other (primarily institutional) 3,007 3,014 - 22% Money-market funds 2,851 2,670 Long-term investment funds 2,465 2,358 2,254 2,283 1% 28% 2,089 2,159 2,102 1,919 1,722 1,772 1,802 1,826 1,824 1,73
Slide 30: Capital Partners Q4, 2025 update
Capital Partners Q4, 2025 update Highlights Northleaf AUM history1 Northleaf LTM AUM continuity1 ($B) ($B) 5.8 (1.5) 35.0 35.0 32.0 (1.3) ▪ Fundraising of $1.5B for the 32.0 quarter ended December 31, 2025 26.6 ▪ Full year 2025 fundraising of $5.8B, 24.1 AUM growth of 9% 19.5 ▪ Northleaf AUM has gro
Slide 31: Keith Potter
Keith Potter Executive Vice-President & CFO IGM Financial 31
Slide 32: IGM Financial Q4, 2025 financial highlights
IGM Financial Q4, 2025 financial highlights Record high Q4 adjusted EPS1 of $1.27, up 21% year-over-year with diversified growth across wealth and asset management segments Adjusted EPS1 Reported EPS • Adjusted EPS excludes, i) Lifeco other items which represented ($5.1MM); and ii) gain on partial s
Slide 33: Total assets under management & advisement
Total assets under management & advisement IGM assets under management & advisement Change in IGM assets under management & advisement ($B) ($B) Daily AUM&A Annual Average AUM&A Quarterly Average AUM&A Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 LTM 340 Opening AUM&A excluding sub-advisory to Canada Life 212.3 21
Slide 34: IGM Financial consolidated profitability
IGM Financial consolidated profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IGM Financial Consolidated Q4/24 Q3/25 Q4/25 $ % $ % 1▪ Higher average AUM&A, up 14.2% year- Average AUM & AUA ($ Billions) over-year, driving 12.7% growth in wealth Wealth Management AUM & AUA 139.4
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)1 157.8 150.5 139.4 142.5 141.2 18.3 Other AUA 97.7 97.4 98.4 97.0 96.3 Advisory fees 2 17.5 16.1 17.0 16.7 139.5
Slide 36: IG Wealth Management profitability
IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY ▪1 Strong client asset growth driving a 12.4% increase in IG Wealth Management advisory and product & program fees; adjusted Q4/24 Q3/25 Q4/25 $ % $ % Days in the period 92 92 92 0.0% 0.0% Average assets un
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) 243.2 230.7 Sub-advisory and AUM to Wealth 217.5 217.9 213.9 Management 78.0 75.8 73.3 72.6 93.5 Third-Party AUM 70.6 89.5 Third-party 8
Slide 38: Mackenzie Investments profitability
Mackenzie Investments profitability ▪1 Net asset management fees up 8.0% year-over- $ Millions (unless otherwise noted): Change QoQ Change YoY Mackenzie Investments Q4/24 Q3/25 Q4/25 $ % $ % year, driven by strong asset growth and Average assets under management ($B) onboarding of institutional asse
Slide 39: 2026 expense guidance
2026 expense guidance Guidance and outlook1: combined operations & support and business development expenses IGM consolidated2 (year-over-year change) 2026 expense reclassification Starting in Q1/26, certain investment management advisory expenses at Mackenzie 5-year tech & ops transformation that a
Slide 40: ChinaAMC – AUM and earnings
ChinaAMC – AUM and earnings ChinaAMC ending AUM1 IGM Financial share of ChinaAMC earnings (RMB¥ billions) (CAD millions) Other (primarily institutional) 1-Year 46.1 Money-market funds Growth Long-term investment funds Excluding Q4/25 FV 3,007 3,014 22% marks and other one- time items, Q4/25 was 2,85
Slide 41: Adjusted net earnings by segment and company ($MM)
Adjusted net earnings available to common shareholders1 by segment and company ($MM) Corporate IGM Wealth management2 Asset management3 & other4 consolidated Q4/24 +21% Q4/25 301.4 +23% 166.9 250.0 135.3 FVTOCI (2%) 61.9 60.4 +19% (14%) +184% 29.6 35.1 22.9 19.8 12.2 8.8 0.1 0.0 3.1 (2.5) 1) A non-I
Slide 42: Rockefeller transaction demonstrates value for IGM shareholders
Rockefeller transaction demonstrates value for IGM shareholders Long-term strategic investment: IGM remains Rockefeller’s second-largest & sole wealth manager owner Transaction overview1 IGM participation and pro-forma ownership • Significant milestone in Rockefeller recapitalization transaction val
Slide 43: Returning capital to shareholders while strengthening financial flexibility
Returning capital to shareholders while strengthening financial flexibility Return of capital to Leverage Balanced approach to capital allocation shareholders (Debt/LTM Adj. EBITDA1) ($MM) Return of capital to shareholders: Dividends Gross debt / adj EBITDA Share repurchases Net debt / adj. EBITDA •
Slide 44: Equity value
Indicative value per share Embedded value indicates upside to current share price Value methodology Value Value per Accounting 1 (P/E multiples as of Feb 11/26) ($MM) share Interest basis Current dividend yield 2 (February 11, 2026) EV (12.6x P/E + debt) 9,855 $42.20 EV (10.7x P/E + debt)2 3,484 $14
Slide 45: “TEM wee
“TEM wee Wealth Wealth Management Asset Management O&A This way to S better y,
Slide 46: Appendix
191 ‘inancial Wealth Wealth Management Asset Management Appendix This way to S better y,
Slide 47: Financial markets and IGM client index return
Financial markets and IGM client index return Investment performance Q1/26 at 2024 Q4/25 2025 Jan 31 IGM client investment return 1 15.5% 1.4% 11.9% 1.3% Equity markets: Canada (S&P/TSX Composite) 21.6% 6.3% 31.7% 0.8% U.S. (S&P 500) 25.0% 2.7% 17.9% 1.5% Europe (MSCI Europe) 8.6% 6.3% 19.4% 3.1% As
Slide 48: Adjusted net earnings by segment and company ($MM)
Adjusted net earnings available to common shareholders1 by segment and company ($MM) Corporate IGM Wealth management Asset management2 & other3 consolidated +16% 2024 1,093.1 2025 939.0 +19% 582.1 489.7 FVTOCI +2% 234.5 239.0 +13% +12% +54% 124.7 102.1 115.6 110.9 10.1 15.7 24.1 1.2 (0.1) (10.0) 1)
Slide 49: Summary: segment breakdown
Summary: segment breakdown Adj. earnings1 by segment Strategic investments – interest and value Q4/24 Adj. Q4/25 Adj. YoY Interest Accounting Q4/25 Net Indicative value Q4/25 Indicative $ millions earnings earnings change Q4/24 | Q4/25 basis carrying value assumption value Wealth management IG Wealt
Slide 50: 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 ($MM) (LTM) 64% 64% Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 LTM 62% 59% Adjusted Net Earnings 1 250.0 237.8 252.7 301.2 301.4 1,093.1 57% 56% 57% 54% Add: capitalized sales commission
Slide 51: Adjusted net earnings and indicative value by company ($MM)
Adjusted net earnings available to common shareholders1 and indicative value by company ($MM) Adjusted net earnings available to common shareholders1 3 3 1,177 1,093 2025 627 Analyst 582 Consensus2 2026 284 239 FVTOCI 128 3 134 3 113 117 10 10 94 24 20 UNALLOCATED 2026 analyst estimates2 OTHER CAPIT
Slide 52: IGM Financial debt / LTM adj. EBITDA
IGM Financial debt / LTM adj. EBITDA1 Total Debt ($MM) Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 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 (531.3) (615.1) (610.3) (697.7) (996.5) 1 Net debt 1,868.7 1,784.9 1,789.7 1
Slide 53: IGM Financial net income to adj. net income consolidation
IGM Financial net income to adj. net income consolidation ($MM except EPS) Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Adjusted net earnings available to common 250.0 237.8 252.7 301.2 301.4 shareholders1 Lifeco other items - (4.0) (6.0) (3.1) (5.1) Tax loss consolidation 4.7 - - - - Gain on partial sales of inve