Igm Financial Inc. · TSX:IGM
Igm Financial — Q2 2026 Earnings Presentation
55 slides from Igm Financial's earnings presentation, Jul 30, 2026
Slide 1: IGM Financial Q2, 2026 Results
IGM Financial Q2, 2026 Results July 30, 2026
Slide 2: Conference call participants
Conference call participants DAMON MURCHISON LUKE GOULD KEITH POTTER PRESIDENT & CEO PRESIDENT & CEO EXECUTIVE VICE-PRESIDENT & CFO IGM FINANCIAL & MACKENZIE INVESTMENTS IGM FINANCIAL IG WEALTH MANAGEMENT 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 six months ended June 30, 2026 consisted of: • The Company’s proportionate share of items Great West excludes from its base earnings (Great West other items) of ($7.0) million, including ($6.5) 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 LTM Last Twelve Months AUM Assets Under Management MA Mass Affluent1 AUM&A Assets Under Management & Advisement Mackenzie Mackenzie Investments CAGR Compound Annual Growth Rate NCI Non-controlling Interest CORE IG Wealth Management & Mackenzie Investments NTM Nex
Slide 8: Opening Remarks
‘inancia OPENING REMARKS
Slide 9: A strong wealth and asset management company built for growth
A strong wealth and asset management company built for growth Our strategy is working Our focus is sharper priorities, faster execution and disciplined investment WEALTH MANAGEMENT ASSET MANAGEMENT Comprehensive financial planning Investment excellence and product Serving affluent Canadians with inn
Slide 10: Financial and Operating Results
FINANCIAL AND OPERATING RESULTS
Slide 11: IGM Financial Q2, 2026 highlights
IGM Financial Q2, 2026 highlights Financial highlights IGM is delivering growth • IGM is on track and focused on delivering against Investor Day medium- Adjusted EPS 1 Reported EPS term growth objectives2 • Fair value of Wealthsimple increased by 15% to $2.6B $1.41 $1.12 • IGM announced a multi-year
Slide 12: IGM Financial's operating backdrop
IGM Financial’s operating backdrop Markets & IGM client return index1 40% 35% 30% Operating backdrop remains resilient 25% • Sustained positive industry flows 20% 15% • Investor confidence remains solid 10% 5% • Strong market returns 0% (5%) • Periodic market volatility (10%) 2025-06-30 2025-09-30 2
Slide 13: Adjusted net earnings available to common shareholders by segment ($MM)
Adjusted net earnings available to common shareholders1 by segment ($MM) Wealth management2 Asset management Corporate & other3 IGM consolidated +31% Q2/25 330.0 Q2/26 252.7 +33% 174.4 +31% 130.8 120.4 91.7 +17% 30.2 35.2 1) A non-IFRS financial measure - see Non-IFRS financial measures and other fi
Slide 14: Ending AUM&A including SI proportionate share ($B)
Ending AUM&A including SI proportionate share ($B) Consolidated Wealth management Asset management AUM&A incl. SI1 4 3 3 3 3 2 +19% Sub-advised AUM to Q2/25 Wealth Management: 622.1 Q2/26 Q2/26 $102.1B (Q2/25 $87.4B) 521.1 268.8 224.6 +20% +12% 176.6 169.0 +22% 150.7 146.7 +15% +73% 166.7 47.6 54.8
Slide 15: IGM is simplifying its business to build and deploy AI capabilities
IGM is simplifying its business to build and deploy AI capabilities Enterprise simplification & AI investment 1 IG Wealth Management Enhancing advisor productivity and client experience Ecosystem Access & Future Capability 2 A multi-year initiative to further simplify how the IG Wealth is investing
Slide 16: Wealth Management
y Wealth Wealth Management Asset Management Financial WEALTH MANAGEMENT
Slide 17: Wealth management Q2, 2026 highlights
Wealth management Q2, 2026 highlights 1. Deliver best-in- 2. Elevate HNW products and services 3. Drive advisor productivity, Strategic class segmented and invest in our platform, focused leveraging AI, technology priorities advice experience on industry wealth drivers and digitalization Record endi
Slide 18: IG Wealth Management Q2, 2026 operating results
IG Wealth Management Q2, 2026 operating results Gross inflows Gross outflows rate Assets under advisement1 ($MM) (Quarterly annualized) ($B) Q2/26 highlights IGM solutions (AUM) 3rd party ▪ Gross inflows of $4.5B, up 25.8% Cash, GICs, HISAs 173.9 year-over-year 4,544 160.0 5.4 146.7 6.0 15.6 ▪ LTM n
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 Adjusted gross flows from newly acquired clients (Q2, $MM) Gross flows from newly acquired clients (LTM, $B) By client assets brought to IG Wealth By client assets brought to IG Wealth Growth Mass market Mass affluent
Slide 20: Strong growth in insurance and resilience in mortgage business
Strong growth in insurance and resilience in mortgage business Mortgage funding1 New annualized insurance premiums ($MM) ($MM) 331 307 33 258 21 18 Q2/24 Q2/25 Q2/26 Q2/24 Q2/25 Q2/26 • Mortgage funding down 7% year-over-year • New annualized insurance premiums up 52% year-over-year • IG Mortgages s
Slide 21: IG Wealth is building on its advantage with a focus on wealth drivers
IG Wealth is building on its advantage with a focus on wealth drivers Providing HNW families with the educational opportunities to support the lives behind balance sheets Partnerships with Industry wealth drivers LegacyNex and Tamarind Learning support… Philanthropy and Tax planning and optimization
Slide 22: Rockefeller Q2, 2026 update
Rockefeller Q2, 2026 update Q2, 2026 highlights LTM client asset1 growth Private advisor growth (US$B) 3 24.7 224.3 500 464 1▪ Organic client asset growth of 2 451 1 16.4 450 US$12.4B since Q2/25; Q2 12.4 growth of US$1.6B 170.8 375 400 350 2▪ Inorganic client asset growth of 321 US$16.4B since Q2/2
Slide 23: Wealthsimple Q2, 2026 update
Wealthsimple Q2, 2026 update Q2, 2026 highlights AUA by quarter Client count by quarter1 ($B) (‘000s) 1 2 155.6 3,615 1▪ Wealthsimple’s AUA grew to 3,405 3,199 $155.6B, up 84% year-over-year 3,006 124.8 and 25% sequentially. 2,753 2,834 111.3 2,607 2,577 2,500 ▪ AUA growth of $30.8B was 100.8 the la
Slide 24: Asset Management
y Wealth Wealth Management Asset Management Financial ASSET MANAGEMENT PN MACKENZIE @® chinaamc Northleat Investments
Slide 25: Asset management Q2, 2026 highlights
Asset management Q2, 2026 highlights Strategic 1. Raise the bar on 2. Build 3. Deliver a great priorities: investment excellence better product service experience Record ending Second quarter Mackenzie is leveraging its strengths and evolving for the future AUM client returns 1 • Evolving investment
Slide 26: Mackenzie Investments net sales
Mackenzie Investments net sales Mackenzie adjusted investment fund net flows1 ($MM) Mackenzie adjusted investment fund net flows1 ($B) (LTM, as at June 30, 2026) Second quarter Total Retail 1,669 729 8.0 409 578 363 256 187 (819) (616) (745) 6.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 4.0
Slide 27: Mackenzie Investments Q2, 2026 operating results
Mackenzie Investments Q2, 2026 operating results 2,5 NET SALES ($MM) Q2/25 Q2/26 Change Q2/26 highlights Retail investment funds (143) 217 360 • Improvement in retail investment fund net sales, up Institutional investment funds 330 146 (184) $360MM versus Q2/25 Total investment funds 187 363 176 • T
Slide 28: Raising the bar on investment excellence
Raising the bar on investment excellence: Q2, 2026 changes to bolster investment excellence, enhance talent management and drive technology enablement Mackenzie Investments’ Changes to investment Fixed income, multi-asset Boutique Approach management during Q2/26 Fundamental equity teams and quantit
Slide 29: Investment boutique retail investment fund performance and sales
Investment boutique retail investment fund performance and sales Fixed Quant Fundamental Equity Multi -Asset Other Income Equity Core Style/Thematic Resources and Global North Global Quality Fixed Multi-Asset Cundill Growth2 Putnam3 energy evolution ChinaAMC Quantitative American Equity & Income Str
Slide 30: Chinese investment fund industry AUM and net flows
Chinese investment fund industry AUM and net flows; is an industry leader Chinese investment fund industry top 10 long- Growth Chinese investment fund industry QoQ 1-year term fund provider market share (at June 30, 2026) Ending AUM 1 CAD/RMB = 4.9162 (RMB¥ Trillions) 38.6 6% 14% • ChinaAMC’s long-t
Slide 31: ChinaAMC total AUM and investment fund net flows
total AUM and investment fund net flows continuity Growth ChinaAMC ending AUM1 QoQ 1 -year (RMB¥ billions) Other (primarily institutional) 3,007 3,014 3% 2% 2,851 2,814 2,908 Money-market funds 2,670 Long-term investment funds 2,465 2,358 2,254 2,283 2,089 2,159 2,102 2,092 2,125 2% 1% 1,919 1,722 1
Slide 32: Capital Partners Q2, 2026 update
Capital Partners Q2, 2026 update Highlights Northleaf LTM AUM continuity1 Northleaf AUM history1 ($B) ($B) 4.3 1.1 37.1 ▪ Fundraising of $0.9B for the 37.1 (1.1) 35.0 quarter ended June 30, 2026 32.8 32.0 ▪ LTM fundraising of $4.3B, 26.6 AUM growth of 13% 24.1 ▪ Since the 2020 acquisition, 19.5 Nort
Slide 33: Financial Highlights
Financial FINANCIAL HIGHLIGHTS
Slide 34: IGM Financial Q2, 2026 financial highlights
IGM Financial Q2, 2026 financial highlights Adjusted EPS 1 Reported EPS Record high Q2 adjusted EPS 1 of $1.41, up 31.8% year-over-year with $1.41 $1.12 diversified growth across wealth and asset management segments +31.8% vs Q2/25 +7.7% vs Q2/25 Adjusted EPS excludes: • Restructuring and other char
Slide 35: Total assets under management & advisement
Total assets under management & advisement IGM assets under management & advisement1 Change in IGM assets under management & advisement ($B) ($B) Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 LTM Daily AUM&A Annual average AUM&A Quarterly average AUM&A Opening AUM&A excluding sub-advisory to Canada Life 222.1 229.9
Slide 36: IGM Financial consolidated profitability
IGM Financial consolidated profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IGM Financial Consolidated Q2/25 Q1/26 Q2/26 $ % $ % 1▪ Higher average AUM&A, up 20.0% year- Days in the period 91 90 91 1.1% - over-year, supporting revenue growth of Average AUM & AUA ($ Billions) W
Slide 37: 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 1 (bps) respective driver 1 (AUA or AUM) Excludes non-fee-bearing assets Excludes non-fee-bearing assets 168.1 161.7 157.8 150.5 20.3 98.4 Advisory fee
Slide 38: IG Wealth Management profitability
IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY ▪1 Strong client asset growth driving a 19.1% year-over- IG Wealth Management year increase in revenue and adjusted net earnings Q2/25 Q1/26 Q2/26 $ % $ % Days in the period 91 90 91 1.1% - Average AUA (exc
Slide 39: Mackenzie Investments – key profitability drivers
Mackenzie Investments – key profitability drivers Average AUM ($B), net asset management fee Net asset management fee rates1 rate1 (bps) (as bps of respective AUM) 259.2 243.2 248.2 Sub-advisory and 230.7 AUM to Wealth 217.9 Management 73.3 72.6 70.6 69.5 98.8 Third-Party AUM 95.0 65.4 93.5 Third-pa
Slide 40: Mackenzie Investments profitability
Mackenzie Investments profitability $ Millions (unless otherwise noted): Change QoQ Change YoY Mackenzie Investments Q2/25 Q1/26 Q2/26 $ % $ % Days in the period 91 90 91 1.1% - ▪1 Revenue up 14.1% year-over-year, driven by Average assets under management ($B) strong asset growth and onboarding of T
Slide 41: ChinaAMC – AUM and earnings
ChinaAMC – AUM and earnings ChinaAMC ending AUM1 IGM Financial’s share of ChinaAMC earnings2 (RMB¥ billions) (CAD millions) Adjusted for the impact of fair value Other (primarily institutional) 1-year marks, Q2/26 was 46.1 Money-market funds Growth relatively in line with 43.9 Q1/26 Long-term invest
Slide 42: Adjusted net earnings by segment and company ($MM)
Adjusted net earnings available to common shareholders1 by segment and company ($MM) Corporate IGM Wealth management2 Asset management3 & other4 consolidated 5 2, 3 Q2/25 +31% Q2/26 330.0 +33% 252.7 174.7 131.5 FVTOCI +30% 75.3 57.8 +48% +17% 39.5 35.2 26.7 30.2 (16%) 7.4 6.2 0.3 (0.7) 1) A non-IFRS
Slide 43: Returning capital to shareholders while strengthening financial flexibility
Returning capital to shareholders while strengthening financial flexibility Return of capital to Leverage Balanced approach to capital allocation shareholders (Debt/LTM adj. EBITDA1) ($MM) Dividends paid Gross debt / adj. EBITDA Return of capital to shareholders: 345.1 Share repurchases Net debt / a
Slide 44: Equity value: indicative value per share
Indicative value per share Embedded value indicates upside to current share price Value methodology Value Value per Accounting 1 (P/E multiples as of July 24, 2026) ($MM) share Interest basis Current dividend yield 2 (July 24, 2026) EV (11.7x P/E + debt) 10,434 $45.48 EV (11.3x P/E + debt)2 3,796 $1
Slide 45: Q&A
Creve Wealth Wealth Management Asset Management O&A
Slide 46: Closing Remarks
‘inancia CLOSING REMARKS
Slide 47: Appendix
I Wealth Management Asset Management Financial
Slide 48: Financial markets and IGM client index return
Financial markets and IGM client index return 2026 YTD 2024 2025 Q1/26 Q2/26 at Jun 30 1 IGM client investment return 15.5% 11.9% (0.2%) 9.4% 9.2% Equity markets: Canada (S&P/TSX Composite) 21.6% 31.7% 3.9% 7.0% 11.2% U.S. (S&P 500) 25.0% 17.9% (4.3%) 15.2% 10.2% Europe (MSCI Europe) 8.6% 19.4% (0.9
Slide 49: IG Wealth Management net flows
IG Wealth Management net flows IG Wealth Management adjusted gross and net flows1 ($MM) IG Wealth Management adjusted net flows1,2 ($B) (LTM, as at June 30, 2026) Second quarter Total net flows IGM product net flows Cash, GICs, & HISAs 4,544 5.0 3,565 3,613 3,220 3,068 2,357 2,211 2,187 2,795 1,901
Slide 50: Summary: segment breakdown
Summary: segment breakdown Adj. earnings by segment 1 Strategic investments – interest and value Q2/25 Adj. Q2/26 Adj. YoY Interest Accounting Q2/26 Net Indicative value Q2/26 Indicative $ millions earnings earnings change Q2/25 | Q2/26 basis carrying value assumption value Wealth management IG Weal
Slide 51: IGM Financial adjusted cash earnings & dividend payout ratio
IGM Financial adjusted cash earnings & dividend payout ratio IGM Financial adjusted cash earnings1 Dividend payout ratio2,3 ($MM) (LTM) Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 LTM Adjusted Net Earnings 1 252.7 301.2 301.4 284.3 330.0 1,216.8 62% Add: capitalized sales commission amortization 59% 28.4 29.0 29.
Slide 52: Adjusted net earnings and indicative value by company ($MM)
Adjusted net earnings available to common shareholders1 and indicative value by company ($MM) 3 Adjusted net earnings available to common shareholders1 1,366 2025 1,250 747 1,093 698 Analyst 582 consensus 2 2026 277 315 FVTOCI 239 128 138 151 113 125 134 2027 10 5 13 24 21 22 9 4 3 UNALLOCATED 2 3 O
Slide 53: 2026 expense guidance
2026 expense guidance (as presented at Q4/25) Guidance and outlook1: combined operations & support and business development expenses IGM consolidated 2 (year-over-year change) 2026 expense reclassification Effective Q1/26, certain investment management advisory expenses at Mackenzie 5-year tech & op
Slide 54: IGM Financial debt / LTM adj. EBITDA
IGM Financial debt / LTM adj. EBITDA1 Total Debt ($MM) Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 1 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, 2 (610.3) (697.7) (996.5) (1,010.9) (935.2) 2 Net debt 1,789.7 1,702.3 1,
Slide 55: IGM Financial net income to adj. net income reconciliation
IGM Financial net income to adj. net income reconciliation ($MM except EPS) Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Adjusted net earnings available to common 252.7 301.2 301.4 284.3 330.0 shareholders 1 Restructuring and other charges (70.1) Great West other items (6.0) (3.1) (5.1) (0.5) (6.5) Gain on partial