Power Corporation Of Canada · TSX:POW
Power Corporation Of Canada — Q3 2025 Earnings Presentation
27 slides from Power Corporation Of Canada's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Results Investor Presentation
1 Q3 2025 RESULTS Investor Presentation November 13, 2025 1 POWER CORPORATION OF CANADA 1
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 condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS),
Slide 4: Business Overview
Business Overview R. Jeffrey Orr President and Chief Executive Officer POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32025 2024 44
Slide 5: 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 Q3 2025 Conference Call November 13, 2025 Q3 2025
Slide 6: Strong earnings growth from Great-West and IGM and value creation from strategic investments
Strong earnings growth from Great-West and IGM and value creation from strategic investments Strong Earnings • Power delivered strong Q3 2025 earnings, driven by Great-West’s and IGM’s double digit year-over-year EPS Growth growth • Power group has a portfolio of NAV-based and strategic investments
Slide 7: Power group's strategic NAV-based investments demonstrate value creation potential
Power group’s strategic NAV-based investments demonstrate value creation potential • On October 14, 2025, Rockefeller Capital Management • On October 27, 2025, Wealthsimple announced an equity announced a recapitalization at an enterprise valuation of round of up to $750 million, which included a pr
Slide 8: Power Q3 2025 financial highlights
Power Q3 2025 financial highlights Adjusted Net Earnings [1,2] Adjusted Net Asset Value Quarterly Dividend Per Share [1] Declared Per Share $863 million +25% Y/Y $72.24 61.25¢ +25% Y/Y +9% Y/Y Per Share $1.35 +26% Y/Y Net Earnings [2] Book Value Share Buybacks [4] Per Share [3] $703 million $382 mil
Slide 9: Financial Update
Financial Update Jake Lawrence Executive Vice-President and Chief Financial Officer POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32025 2024 99
Slide 10: Net and adjusted net earnings from continuing operations
Net and adjusted net earnings from continuing operations • Strong year-over-year performance driven by earnings focused Net and Adjusted Net Earnings [2] businesses, Great-West and IGM, partly offset by a negative contribution from GBL ($ in millions, except per share amounts) Q3 2025 Q3 2024 ▪ Grea
Slide 11: Net asset value per share
Net asset value per share • Adjusted net asset value (“NAV” or “Net Asset Value”) per share was $72.24 at the end of Q3, up 25% year-over-year and 12% quarter- over-quarter o Adjusted NAV per share was $79.42 at November 12, 2025 [1] • Sagard’s increase was primarily driven by Power’s investment in
Slide 12: Business Review
Business Review R. Jeffrey Orr President and Chief Executive Officer POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32025 2024 12 12
Slide 13: Great-West delivered strong results
Great-West delivered strong results Base EPS and Net EPS from Base ROE and Net ROE from Q3 2025 Highlights Continuing Operations Continuing Operations • Great-West reported net earnings per share from continuing operations of $1.25 vs. $0.92 in Q3 2024 • Record base earnings per share [1] of $1.33,
Slide 14: IGM delivered strong earnings, coupled with value creation through its strategic assets
IGM delivered strong earnings, coupled with value creation through its strategic assets Q3 2025 Highlights Net EPS and Adjusted Net EPS Consolidated AUM&A ($ billions) • All-time high adjusted net earnings [1] of $301.2 million o Strong IG Wealth and Mackenzie net flows; $2.4 billion during the quar
Slide 15: IGM's strategic investments continue to deliver impressive client asset growth
IGM’s strategic investments continue to deliver impressive client asset growth Wealth Management Asset Management +29% 587.7 100.8 +94% 454.4 52.1 AUA [1] AUM [1,2] ($ billions) ($ billions) Q3 2024 Q3 2025 Q3 2024 Q3 2025 +29% +16% 259.9 34.4 29.6 201.4 Client assets [1,2] AUM [1] ($ billions) ($ b
Slide 16: GBL focused on its value creation strategy and announced significant divestment
GBL focused on its value creation strategy and announced significant divestment • GBL is targeting double digit TSR [1] over the medium-term Significant divestment in GBL Capital to support strategic priorities as part of its overall value creation strategy (% of portfolio) [2] 4.7% • Generating cas
Slide 17: Ongoing growth at alternative asset investment platforms
Ongoing growth at alternative asset investment platforms • $49 billion of AUM [1,2] at September 30, 2025 o AUM grew by $2 billion since Q2 2025 • Sagard acquired the remaining economic interest in PEM in August 2025 AUM AUM (Funded and Unfunded) by Strategy ($ billions) Sagard Power Sustainable $49
Slide 18: Sagard continues to build and scale its platform through acquisitions and partnerships
Sagard continues to build and scale its platform through acquisitions and partnerships Sagard and Unigestion combine to create a global leader Acceleration of U.S. wealth channel expansion through a in middle market private equity investment solutions partnership • On September 23, 2025, Sagard and
Slide 19: Total capital return to shareholders
Total capital return to shareholders Delivering consistent growth in shareholder returns supported by dividend increases and strategic share buybacks $2,058 $1,958 Shares repurchased $1,866 Dividends paid (participating shareholders) $1,746 $517 ($ millions) $583 $430 $1,364 $416 $1,274 $153 $193 $6
Slide 20: Power discount to NAV continues to narrow as we execute our strategy
Power discount to NAV [1] continues to narrow as we execute our strategy Great-West sale of U.S. life business announced PCC / PFC reorganization announced Putnam sale announced Empower acquires Mass Mutual Wealthsimple fundraising Wealthsimple fundraising 3 level share buyback announced Empower acq
Slide 21: Power's total shareholder returns
Power’s total shareholder returns Power’s shareholder returns have outperformed the S&P TSX and S&P TSX Financials indices in recent periods Total Shareholder Returns As at November 12, 2025 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Annualized Annualized Annualized Power Co
Slide 22: Looking ahead
Looking ahead Power is well-positioned to continue generating attractive returns to its shareholders Earnings focused companies have Attractive returns expected from Strong capital position with optionality momentum investment platforms and GBL for deployment • Great-West and IGM represent 83% • GBL
Slide 23: Questions
Questions POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32025 2024 23 23
Slide 24: Appendix
Appendix POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32025 2024 24 24
Slide 25: Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms
Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms Funded AUM [1] PCC Funded Third Party Funded • Sagard and Power Sustainable continue to scale through ($ billions) different levers, generating recurring fee-related earnings o Ongoing fundraising from third
Slide 26: Investing Activities – Earning attractive returns on its proprietary capital across multiple strategies
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 $3.1 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 27: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: Adjusted net earnings Adjusted net earnings from continuing operations NAV or Net Asset Value Adjusted net asset value AUA Assets under administration NCIB Normal course issuer bid AUM Assets under management Northleaf
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