Power Corporation Of Canada · TSX:POW
Power Corporation Of Canada — Investor Presentation (March 2026)
50 slides from Power Corporation Of Canada's investor presentation, March 2026
Slide 1: Introduction to Power Corporation
INTRODUCTION TO Power Corporation March 2026
Slide 2: Forward looking statements, disclosures concerning public investees and presentation of the holding company
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, non-IFRS financial measures, other measures and clarifications on adjusted net asset value
Basis of presentation, non-IFRS financial measures, other measures and clarifications on adjusted net asset value Basis of Presentation The 2025 Consolidated Financial Statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting St
Slide 4: Reference information
Reference information 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 Q4 2025 Conference Call March 19, 2026 Q4 2025 Conference Call February 12, 2
Slide 5: Table of Contents
Table of Contents Power Corporation Overview 6 Great-West Lifeco 10 IGM Financial 14 GBL 18 Alternative Investment Platforms 20 Value Creation Strategy 24 Appendix 43 POWER CORPORATION OF CANADA 5
Slide 6: Power Corporation Overview
Power Corporation Overview POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 6
Slide 7: Power Corporation is an international management company focused on financial services
Power Corporation is an international management company focused on financial services $42.1 BILLION Market Capitalization 4.0% Dividend Yield [1] 68.7% [3] 62.9% [3] 17.1% [4] 44.2% [5] 73.0% [5] $2.57 BILLION 2025 Net Earnings [2] $58.1 BILLION $15.0 BILLION $16.5 BILLION ALTERNATIVE ASSET $3.40 B
Slide 8: Adjusted net asset value ("NAV" or "Net asset value")
Adjusted net asset value (“NAV” or “Net asset value”) NAV per share [1] was $85.77, and book value per participating share [2] was $36.31 at December 31, 2025 Contribution to Gross Asset Value Dec. 31, % of Gross Dec 31, % of Gross ($ billions, except per share amounts) 2025 Asset Value 2024 Asset V
Slide 9: Net and adjusted net earnings from continuing operations
Net and adjusted net earnings from continuing operations Q4 2025 Highlights Net and Adjusted Net Earnings [2] • Power reported net earnings from continuing operations of $408 million vs. $933 million in Q4 2024 ($ in millions, except per share amounts) Q4 2025 Q4 2024 2025 2024 • Strong year-over-ye
Slide 10: Great-West Lifeco overview
Great-West Lifeco overview 2025 Highlights Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. Great- $4.0 BILLION 15.5% $863 BILLION Net Earnings [1] Return on Equity [1,2] Consolidated Assets West provides wealth, r
Slide 11: Great-West delivered strong Q4 2025 results
Great-West delivered strong Q4 2025 results Base EPS [1] and Net EPS from Continuing Operations Q4 2025 Highlights Medium-term objective of 8-10% Base EPS • Great-West reported net earnings per share from continuing operations of $1.15 vs. $1.20 in Q4 2024 Net EPS +12% 5.03 +13% 1.36 • Record base e
Slide 12: Driving growth through high-return and capital-efficient businesses
Driving growth through high-return and capital-efficient businesses Base Earnings [1,2] and % by Segment Medium-term ($ billions) Growth Ambitions [4] U.S. Double digits 35-40% $4.6B $3.7B 34% Canada Mid-single digits 31% 25-30% 8-10% Base EPS [1] growth 31% Mid-single digits+ Medium-Term 36% Europe
Slide 13: Great-West is delivering on its medium-term objectives
Great-West is delivering on its medium-term objectives Medium-term objective [4] 1-year 3-year 5-year Base EPS Growth [1] 8-10% 12% 12% 12% Growth p.a. CAGR CAGR Base ROE [1,2] 19%+ 18% 17% 17% [5] (prior target 16-17%) Base Dividend Payout Ratio [1] 45-55% 49% 50% 51% Base Capital Generation [1,3]
Slide 14: IGM Financial overview
IGM Financial overview IGM Financial is a leading Canadian diversified 2025 Highlights wealth and asset management company supporting advisors and the clients they serve in $1.1 BILLION 13.2% $566.2 BILLION Canada, and institutional investors globally. IGM Net Earnings [1] Return on Equity [1] AUM&A
Slide 15: IGM's earnings growth driven by its core businesses and dividend increased by 10%
IGM’s earnings growth driven by its core businesses and dividend increased by 10% Net EPS and Adjusted Net EPS [1] Q4 2025 Highlights Adjusted net EPS • Net earnings of $322.4 million, up 26.6% from Q4 2024 Net EPS Medium-term objective of 9%+ • Adjusted net earnings [1] of $301.4 million +17% o Str
Slide 16: IGM is outperforming its medium-term objectives announced in December 2023
IGM is outperforming its medium-term objectives announced in December 2023 5-Year (2023-2028) Results at Dec. 31, 2025 Business Medium-term Objectives 2-year Core Businesses 5-Year 13% 7%+ Earnings CAGR CAGR [1] Strategic Investments 5-Year 17% 15%+ Earnings CAGR CAGR [1,2] 5-Year 9%+ Adjusted EPS 1
Slide 17: IGM's strategic investments diversify and accelerate earnings growth profile
IGM’s strategic investments diversify and accelerate earnings growth profile [1] • Target recruiting of $120 million in annual production acquired [2] • Target organic growth of 6-8% [3] Medium-term objectives • Current capacity to scale and create operating leverage & expected benefits • Strong his
Slide 18: GBL overview
GBL overview Transition toward fast-growing private assets % of Portfolio [5] Investment Strategy GBL is a leading and active investor in Europe, • Leading companies in their sector, with a clear and • Net asset value growth focused on long-term value creation with a sustainable business model Liste
Slide 19: GBL delivered a TSR of 23.2% in 2025
GBL delivered a TSR of 23.2% [1] in 2025 Focus on Attractive returns 1 Portfolio simplification 2 direct private assets 3 to shareholders • Disposals of certain listed assets and • Value creation and a new investment • €1 billion of cash returned to other asset classes (€5 billion target) o Ongoing
Slide 20: Value creation from Power's alternative asset investment platforms
Value creation from Power’s alternative asset investment platforms Power drives value from Sagard and Power Sustainable by building third-party asset managers and benefiting from the returns on proprietary capital invested in each platform Asset Management Activities Building investment platforms to
Slide 21: Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms
Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms Funded AUM [1] PCC Funded Third Party Funded • Sagard and Power Sustainable continue to scale through different levers, generating recurring fee-related earnings ($ billions) o Ongoing fundraising from third
Slide 22: Ongoing growth at alternative asset investment platforms
Ongoing growth at alternative asset investment platforms • $50.5 billion of AUM [1,2] at December 31, 2025 vs. $42.4 billion of AUM at December 31, 2024 o AUM growth supported by fundraising activities in 2025, raising total capital commitments [1] of $5.4 billion [3] AUM AUM (Funded and Unfunded) b
Slide 23: 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 $3.2 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 24: Value Creation Strategy
Value Creation Strategy POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 24
Slide 25: Power has been pursuing a new value creation strategy since the reorganization announced in late 2019
Power has been pursuing a new value creation strategy since the reorganization announced in late 2019 • Focused on financial services • Publicly traded operating companies investing organically and through active M&A to position for higher growth • At the Power level, adding additional value through
Slide 26: Value creation strategy launched during reorganization consistent with Power's key principles
Value creation strategy launched during reorganization consistent with Power’s key principles Our key principles reflect the long-term orientation of the Desmarais family, controlling shareholders of Power since 1968 • Long-term perspective & investment horizon • Build industry leaders with attracti
Slide 27: Simplification of Power's group structure
Simplification of Power’s group structure Pre-December 2019 Reorganization Present 64% 69% [1] 63% [1] 17% [2] Power Power Non-Public Non-Public Investments Investments 67% 62% 28% 50% [1] As of December 31, 2025. Power held 68.7% of Great-West; IGM held an additional 2.4% of Great-West. Power held
Slide 28: Power has re-positioned its businesses for higher growth based on three key levers
Power has re-positioned its businesses for higher growth based on three key levers Operating Company Organic Levers Great-West 1 • Re-positioned through M&A and organic investments Organic growth strategies at each of our publicly traded operating companies • Attractive, diversified growth prospects
Slide 29: Strategic repositioning of Great-West's U.S. business to accelerate growth in retirement and wealth
Strategic repositioning of Great-West’s U.S. business to accelerate growth in retirement and wealth 2018 Last Years Today 2019 2020 2021 2022 2023 2024 2025 Acquisitions Retirement Services Business Full-Service Retirement Business Divestments 2nd largest U.S. retirement services provider [1] U.S. I
Slide 30: In Canada, Great-West combined its three franchises into Canada Life
In Canada, Great-West combined its three franchises into Canada Life and has been investing to enhance product, distribution and efficiency 2020 Amalgamation to simplify the business, unite its employees and better serve its client base Leading insurance, wealth management and benefit provider servi
Slide 31: IGM owns leading wealth and asset management franchises in Canada and has high growth plays in the U.S. and China
IGM owns leading wealth and asset management franchises in Canada and has high growth plays in the U.S. and China Wealth management • IG Wealth has strengthened its advisor force, product suite and technology platform for the benefit of its clients and to cater to the high-net-worth market • In Apri
Slide 32: GBL has embarked on a portfolio simplification focusing on direct private investments
GBL has embarked on a portfolio simplification focusing on direct private investments As at Q4 2025 • Investments in leading companies in their sector, with a clear and sustainable business model €6.9 BILLION (54%) • Focus on direct private assets for significant value creation Listed Assets • Share
Slide 33: Development of Power's alternative asset management businesses
Development of Power’s alternative asset management businesses • Operate in asset classes where we can create competitive advantage • Platforms’ growth strategy is focused on raising 3rd party capital • Power invests proprietary capital in the strategies of Sagard and Power Sustainable to support th
Slide 34: Sagard accelerating growth through third party fundraising, acquisitions and partnerships
Sagard accelerating growth through third party fundraising, acquisitions and partnerships Sagard Private Equity Solutions Strong increase in Sagard AUM 2025 • AUM [2] of ~US$47.1 billion on a pro-forma basis, up from US$27.3 billion at December 31, 2024: [1] o US$3.5 billion of commitments [3] raise
Slide 35: Power Sustainable has four attractive strategies and made progress in 2025
Power Sustainable has four attractive strategies and made progress in 2025 Infrastructure • $1.8 billion of commitments Power Sustainable AUM [2] ($ billions) Equity • 15 investment professionals and related functions $4.4 Infrastructure • Over US$800 million in commitments Credit • 8 investments co
Slide 36: Power has returned over $10 billion in capital to shareholders since 2019
Power has returned over $10 billon in capital to shareholders since 2019 Shares repurchased $2,252 Dividends paid (participating shareholders) ($ millions) $1,957 $1,867 $1,746 $711 $583 $430 $1,364 $415 $1,274 $153 $193 $1,541 $1,374 $1,437 $1,331 $1,211 $1,081 2020 2021 2022 2023 2024 2025 POWER C
Slide 37: Significant monetization of assets at the Power level over the last six years
Significant monetization of assets at the Power level over the last six years to fund share buybacks and support investments ~$4.7 billion of asset monetizations over the last 6 years [1] ($ millions) 2020-2025 As at December 31, 2025 Sale of Power’s interest in ChinaAMC to IGM 1,150 Proceeds from p
Slide 38: Power Corporation and its OpCos have elevated their communication programs with the investment community
Power Corporation and its OpCos have elevated their communication programs with the investment community • Increased communication with stakeholders • Launched quarterly earnings call in Q1 2020 • Continued enhancement of investment platform disclosure aligned with business model introduced in Q2 20
Slide 39: Power discount to NAV continues to narrow as we execute our strategy
Power discount to NAV [1] continues to narrow as we execute our strategy 45% Great-West sale of U.S. life business announced 40% PCC / PFC reorganization announced Empower acquires MassMutual 35% Wealthsimple fundraising 30% Average 34.5% Wealthsimple fundraising 25% 3 level share buyback announced
Slide 40: 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 March 18, 2026 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Annualized Annualized Annualized Power Corporation 41.3% 32.1%
Slide 41: Opportunities for further value creation
Opportunities for further value creation Power will continue to exercise its three levers for value creation, with concrete actions and opportunities available in the short to medium-term • Public operating companies positioned for organic growth: Operating o Diversified, broadly-based growth at Gre
Slide 42: 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 84% • GBL targeting medium-term • Strong cash balance of $2.2 bil
Slide 43: Appendix
Appendix POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 43
Slide 44: A significant number of value-enhancing transactions have been announced since the reorganization
A significant number of value-enhancing transactions have been announced since the reorganization Date Event Size Overview Feb’20 Reorganization of Power and PFC $8.7 billion • Completed the reorganization of PFC and Power to eliminate dual holding company structure Mar’20 Reorganization of Pargesa
Slide 45: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview $750 million • Valued Power group’s interest at $2.6 billion as of the transaction date, including May’21 Wealthsimple fundraising $250 million primary $500 million ret
Slide 46: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • Combination creates a prominent global player in customer experience • GBL to be paid with a combination of Concentrix shares, earn-out shares and a seller note to be
Slide 47: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • New strategic partnerships between Sagard, Lunate (formerly ADQ), an Abu Dhabi-based Lunate and BMO acquire minority equity investment and holding company, and Bank o
Slide 48: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • Marks a significant step in Sagard’s expansion into private equity secondaries Apr’25 Sagard enters partnership with BEX Capital Not disclosed • BEX Capital’s capabil
Slide 49: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • Rockefeller announced a recapitalization at an enterprise valuation of over $6.6 billion, marking a significant milestone in the firm’s growth trajectory and long-ter
Slide 50: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: Ark Life Ark Life Assurance Company dac Mackenzie Mackenzie Financial Corporation Affidea Affidea Group B.V. MassMutual Massachusetts Mutual Life Insurance Company AUA Assets under administration MD&A Management’s Discu
Power Corporation of Canada — Investor Presentation (March 2026) on 6ix