Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Debt Investor Presentation (December 2025)
74 slides from Canadian Imperial Bank Of Commerce's debt investor presentation, December 2025
Slide 1: CIBC Investor Presentation
CIBC Investor Presentation December 2025 All amounts are in Canadian dollars unless otherwise indicated.
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond Program (the "Program") as of the date of this document. It is information in summary form and does not purport to be c
Slide 3: Disclaimer (continued)
Disclaimer (continued) The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except
Slide 4: Disclaimer (continued)
Disclaimer (continued) The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or
Slide 5: Forward-Looking Statements
Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this presentation, in other filings with Canadian securities regulators or the SEC and in other commun
Slide 6: Table of Contents
Table of Contents 1 CIBC Overview - 6 2 CIBC Credit Portfolio and Performance - 16 3 Canadian Economy - 26 4 Debt Programs Overview – 33 5 Appendix - 41 First Quarter, 2024 5
Slide 7: CIBC Overview
CIBC Overview CIBC®
Slide 8: A Leading, Well-Diversified North American Financial Institution
A Leading, Well-Diversified North American Financial Institution 1867 15MM 1867 1867 50K $29.1B 1867 1867 14.3% 39.1% 1867 13.3% 1867 FOUNDED CLIENTS FOUNDED FOUNDED 1 EMPLOYEES REVENUE FOUNDED ROE2 FOUNDED TSR3 FOUNDED CET1 RATIO4 FOUNDED (F25) (F25) (1-YR) (F25) DIVERSIFIED EARNINGS MIX STRONG CRE
Slide 9: Continued execution of our client-focused strategy and differentiated advice
Continued execution of our client-focused strategy and differentiated advice Endnotes are included on slide 67 to 71. First Quarter, 2024 8
Slide 10: Our strategy is aligned with our capital deployment priorities
Our strategy is aligned with our capital deployment priorities CAPITAL DEPLOYMENT Organic Growth F20 – F251 • Remains our top priority • Strong marginal ROEs $13B 2 • Minimizes unproductive goodwill (32%) Dividend Payout • 40-50% target payout ratio4 • Maintained or increased dividend every quarter
Slide 11: FY2025 Overview
FY2025 Overview Strong shareholder returns fueled by double-digit revenue growth, positive operating leverage, and robust capital strength FI NAN CIAL RE SU LTS Broad-Based Revenue Growth Delivering Profitable Growth Diluted EPS ROE4 Corp. & Cdn. Other Personal & $8.61 $8.57 14.4% 14.3% Business Bkg
Slide 12: Making progress against our through-the-cycle financial objectives
Making progress against our through-the-cycle financial objectives Fiscal 2025 Medium-Term Objectives1,2 3-Year 5-Year Reported: 9% Reported: 16% Diluted EPS Growth of 7% - 10% (CAGR3) Adjusted1,4: 7% Adjusted1,4: 12% Reported: 12.7% Reported: 13.6% Return on Equity of 15%+5 (Average) Adjusted1,6: 1
Slide 13: Roadmap to achieving our through-the-cycle ROE target
Roadmap to achieving our through-the-cycle ROE target Driving towards a premium ROE through disciplined execution of our strategy Our Strategic Priorities Grow Our Mass Affluent & Medium-Term ROE Drivers Private Wealth Franchise Deeper Client Relationships Expand Our Digital-First Personal Banking C
Slide 14: Delivering value for shareholders by driving sustainable growth and profitability
Delivering value for shareholders by driving sustainable growth and profitability Revenue ($B) Non-Interest Expense ($B) 29 29 16 16 14 14 14 26 26 23 23 13 13 12 22 22 11 12 20 20 11 19 19 11 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Diluted EPS1 ($) Return on Common Shareholders’
Slide 15: Underpinned by our balance sheet strength and prudent risk management
Underpinned by our balance sheet strength and prudent risk management CET1 Ratio1 Total Allowance Coverage Ratio2 13.3% 13.3% 0.89% 12.4% 12.4% 0.80% 0.76% 0.73% 12.1% 0.64% 0.62% 11.7% 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Liquidity Coverage Ratio1 Impaired PCL Ratio3 (bps) 14
Slide 16: Capital and Liquidity
Capital and Liquidity Maintained balance sheet strength through disciplined resource allocation Capital Position $B Q4/24 Q3/25 Q4/25 • Balance sheet continues to remain well positioned to support organic growth Average Loans and Acceptances 1 551.7 576.3 584.7 1 • CET1 ratio of 13.3%, down 7 bps fr
Slide 17: CIBC Credit Portfolio and Performance
CIBC Credit Portfolio and Performance 16
Slide 18: Credit Portfolio Breakdown
Credit Portfolio Breakdown Lending portfolio has a strong risk profile and is well diversified Overall Loan Mix (Net Outstanding Loans and Acceptances) Financial Institution Lending1 by Category Consumer 60% Business & Government 40% % of Net Loans $61B & Acceptances Retailers 1% Traditional Bank Le
Slide 19: Provision for Credit Losses (PCL)
Provision for Credit Losses (PCL) PCL trended higher QoQ Provision for Credit Losses up QoQ ($MM) Q4/24 Q3/25 Q4/25 • Impaired provision was up in Q4/25 due to higher impairments in Capital Markets Cdn. Personal & Business Banking 280 444 503 and Canadian Commercial Banking, partially offset by lowe
Slide 20: Credit Performance – Gross Impaired Loans
Credit Performance – Gross Impaired Loans Gross impaired loan ratio was up QoQ • Gross impaired loan ratio was up, mainly due to a new impairment Gross Impaired Loan Ratios Q4/24 Q3/25 Q4/25 1 • New formations were up in business and government loans, but down in Canadian Residential Mortgages 0.28%
Slide 21: Allowance Coverage
Allowance Coverage Allowance coverage trended higher QoQ and YoY Total Allowance Coverage Ratio up QoQ and YoY • Allowance increase is reflective of the evolving economic environment and credit Total Allowance Coverage Q4/24 Q3/25 Q4/25 migration Canadian Credit Cards 4.6% 4.6% 5.0% Canadian Residen
Slide 22: Canadian Consumer Lending
Canadian Consumer Lending Net write-offs and delinquencies trending in line with our expectations Net Write-offs: • Overall consumer net write-off rates were down QoQ, with a slight YoY increase driven by Reported Net Write-offs Q4/24 Q3/25 Q4/25 higher unemployment Canadian Residential Mortgages 1
Slide 23: Canadian Real Estate Secured Personal Lending
Canadian Real Estate Secured Personal Lending Mortgage delinquencies performing in line with expectations • Portfolio average Loan-To-Value (LTV) continues to remain healthy • Condominium mortgages account for 16% of our total residential mortgage portfolio, with a 15% insured mix. This segment cont
Slide 24: Business and Government Lending (as at Q4/25)
Business and Government Lending (as at Q4/25) Diversified Business & Government Portfolio Other Other Business & Government Portfolio is well Hardware and software 9% diversified by geography and industry 11% Manufacturing - consumer goods Real estate and construction 3% • ~50% Canada Transportation
Slide 25: Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook
Canadian Mortgages Renewal Profile – FY26 and FY27 Outlook Impacts of payment increases at renewal expected to be minimal Current Balances by Renewal Year1 ($B) 80 81 Variable Rate 23 Fixed Rate 34 • Using illustrative 4.0% and 4.5% mortgage rates at time of renewal, and no borrower income growth si
Slide 26: Commercial Real Estate
Commercial Real Estate Commercial real estate loans outstanding are well diversified Multi-Family Portfolio Metrics Canada US • Canada represents 65% of total Canadian & U.S. real estate loans outstanding Total outstanding ($B) C$12.3 US$5.4 • Gross impaired loans as a percentage of total Canadian &
Slide 27: Canadian Economy
Canadian Economy CIBC® 26
Slide 28: Snapshot Of The Canadian Economy
Snapshot Of The Canadian Economy Canada’s GDP by Province / Territory1 (%) Canada: Key Facts Population2 41.5 MM GDP (Market Prices)3 CAD $3,209 BN YT 0.1% GDP per capita4 CAD $77,128 NU Labour Force5 22.64 MM NT 0.2% 0.2% Provinces / Territories 10 / 3 NL Best business 1.3% Economist Intelligence U
Slide 29: Canadian Economic Indicators Demonstrate Resilience And Performance
Canadian Economic Indicators Demonstrate Resilience And Performance • Labour market has continued to normalize throughout 2024 and 2025; unemployment rate remains at or below the 20-year historical average of 6.9% with the November 2025 print being 6.5% • While Canadian core inflation has yet to com
Slide 30: Canadian Economic Indicators Demonstrate Resilience And Performance
Canadian Economic Indicators Demonstrate Resilience And Performance • Well diversified services-driven economy, with several key industries including finance, manufacturing, services and real estate • Following the 2007-2008 global recession, diversification had been a stabilizing factor and has led
Slide 31: Economic Outlook
Economic Outlook1 The ongoing global trade uncertainty presents a challenging environment for economic activity in Canada and abroad Canada United States (U.S.) Economic Indicators (%)2,3 2025F2 2026F2 2027F2 2025F2 2026F2 2027F2 Real GDP Growth 1.2 1.4 2.0 1.9 1.9 1.7 Inflation 2.0 1.7 2.0 2.9 3.3
Slide 32: Mortgage Market Supported By Strong Fundamentals
Mortgage Market Supported By Strong Fundamentals Mortgage Arrears by Number of Mortgages1 Canadian mortgages consistently outperform U.S. and U.K. mortgages • Low defaults and arrears reflect the strong Canadian credit culture • Mortgage interest is generally not tax deductible, resulting in an ince
Slide 33: Canadian House Price Growth Has Normalized
Canadian House Price Growth Has Normalized Household Debt to Income Ratio4 • Absolute price level is moderate compared to major global urban centers • Canadian debt to income ratio in line with many developed nations • Growth rates of house prices in Canada have converged across regions Average Home
Slide 34: Debt Programs Overview
Debt Programs Overview CIBC® 33
Slide 35: High-Quality, Client-Driven Balance Sheet (as at Q4/25)
High-Quality, Client-Driven Balance Sheet (as at Q4/25)1 Assets Liabilities & Equity $1,117B Cash & Repos Unsecured 131% Funding 30% 39% Coverage Wholesale-sourced Funding Liquid Assets (Liquid Assets / Trading & Wholesale Funding) Secured Funding4 Investment Securities Personal Deposits Residential
Slide 36: Funding & Liquidity
Funding & Liquidity A well-diversified, high-quality, client-driven balance sheet • Liquidity and funding position continue to remain well-above regulatory requirements • Client deposits are the primary source of funding, comprising over $500B of the total funding base • Funding strategy is suppleme
Slide 37: CIBC Wholesale Funding Strategy And Sources
CIBC Wholesale Funding Strategy And Sources Funding Strategy • CIBC’s funding strategy includes access to funding through client-sourced deposits and wholesale funding • The wholesale funding strategy is to develop and maintain a sustainable funding base through which CIBC can access funding across
Slide 38: Diversification Is Key To A Stable Wholesale Funding Profile
Diversification Is Key To A Stable Wholesale Funding Profile Wholesale Funding Diversification Geography Instrument • Well diversified across products, currencies, investor segments and geographic regions • Regular issuance to promote investor engagement and secondary market liquidity • Well balance
Slide 39: Wholesale Funding Geography
Wholesale Funding Geography CAD 49.8 BN EUR 19.7 BN, CHF 2.3 BN, GBP 7.8 BN, NOK: 4.4 BN Canada Mortgage Bonds Covered Bonds JPY 84.2 BN Credit Cards Securitization Medium Term Notes Medium Term Notes Medium Term Notes Certificates of Deposit Canadian Dollar Deposits Secured Lines
Slide 40: Debt Programs Summary
Debt Programs Summary Outperformed most G7 economies as measured by long term GDP growth rate during 2014-20241 Canada • Strong diversified stable economy • Aaa/AAA/AA+/AAA (Moody’s/S&P/Fitch/DBRS) Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 13.3%, 15.1% and 17
Slide 41: CIBC Treasury Contacts
CIBC Treasury Contacts LINDSAY SAUDER, SENIOR VICE PRESIDENT Email: Lindsay.Sauder@cibc.com Phone: (416) 581-7343 Bloomberg: lsauder3@bloomberg.net DIMITRI BILYKH, SENIOR DIRECTOR SHELLEY TOM, SENIOR DIRECTOR Email: Dimitri.Bilykh@cibc.com Email: Shelley.Tom@cibc.com Phone: (416) 309-3171 Phone: (41
Slide 42: Appendix
Appendix CIBCO
Slide 43: Legislative Covered Bond Program Summary
Legislative Covered Bond Program Summary Program Size CAD 60,000,000,000 Ratings Aaa / AAA by Moody’s / Fitch Asset Percentage Currently at 93.0% Currency Most Convertible Currencies Guarantor CIBC Covered Bond (Legislative) Guarantor Limited Partnership Listing Luxembourg Law Canadian Legislative F
Slide 44: Covered Bond Structure
Covered Bond Structure1 • In April 2012, the Canadian government introduced CIBC Interest Rate Swap legislation which provides a framework for the Provider issuance of covered bonds by Canadian financial institutions Consideration CIBC Seller Loans and • In July 2012, the National Housing Act was CI
Slide 45: Cover Pool
Cover Pool Summary Statistics (October 31, 2025)1 Current Collateral Pool Canadian uninsured residential mortgages Asset Percentage Requirement 93.00% Current Balance CAD 67,830,286,180 Outstanding Covered Bonds CAD Eq. 46,630,466,500 Number of Loans 205,793 Average Balance CAD 329,604 Weighted Ave
Slide 46: Cover Pool (October 2025)
Cover Pool (October 2025) Remaining Term Geographic Distribution Current Indexed Loan to Value Property Type First Quarter, 2024 45
Slide 47: Canadian Uninsured Residential Mortgages
Canadian Uninsured Residential Mortgages Credit bureau score1 and LTV2 distributions remain healthy Credit Bureau Score1 Distribution 64% 58% 59% 57% 18% 16% 18% 18% 13% 11% 12% 13% 5% 4% 5% 6% 6% 5% 6% 6% ≤650 651-700 701-750 751-800 >800 3 3 Canada Total GVA GTA Canada Variable Rate Loan-to-Value
Slide 48: Canadian Uninsured Residential Mortgages – Q4/25 Originations
Canadian Uninsured Residential Mortgages – Q4/25 Originations1 Credit quality of new originations continues to remain high • Originations of $12B in Q4/25 • Average LTV2 in Canada: 66%, GVA3: 64%, GTA3: 67% Credit Bureau Score4 Distribution 49% 52% 50% 51% 22% 23% 23% 23% 18% 15% 17% 17% 9% 8% 8% 8%
Slide 49: Canadian Mortgage Market Default Insurance
Canadian Mortgage Market Beneficial Mortgage Regulation in Canada • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% • Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Default • Insurance covers the entire outstanding principal amo
Slide 50: Canadian Mortgage Market Regulatory Developments
Canadian Mortgage Market Regulatory Developments1 • Vancouver • Updated Guideline B-20 • Second home mortgage introduced – Residential Mortgage • Max. amortization reduced to insurance no longer Empty Homes Underwriting Practices 35 yrs. from 40 • Reduce max. amortization available Tax of 1% of and
Slide 51: Canadian Mortgage Market Regulatory Developments (continued)
Canadian Mortgage Market Regulatory Developments (continued)1 • Temporary expansion of portfolio insurance Effective October 25, 2022, the Non-Resident eligibility criteria to allow the following for loans Speculation Tax (NRST) rate was increased to funded before March 20th, 2020: 25 per cent. This
Slide 52: Canadian Bail-In Regime Update
Canadian Bail-In Regime Update On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance’s bank recapitalization (bail-in) conversion regulations • Provide statutory p
Slide 53: Canadian Bail-In Regime – Comparison To Other Jurisdictions
Canadian Bail-In Regime – Comparison To Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on • The hierarchy of
Slide 54: How Bail-In Is Expected To Work
How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. There are no write-down provisions in the fr
Slide 55: Loss Absorption Waterfall
How Bail-In Is Expected To Work Liquidation Scenario Liquidation Resolution Bail-in debt ranks pari passu with all other senior Securitizations, Covered Bonds Securitizations, Covered Bonds unsecured liabilities. Legacy Senior Debt Structured Notes Legacy Senior Debt Derivatives Structured Notes Dep
Slide 56: Comparison Of Canadian And European Hierarchies In Bail-In Resolution
Comparison Of Canadian And European Hierarchies In Bail-In Resolution1 European norm Canada Bank Recapitalization (Bail-in) Regulations Common Equity Tier 1 Common Equity Tier 1 Loss absorption Loss absorption waterfall waterfall Preferred Shares/ AT1 (PONV) Additional Tier 1 Layers of bail-inable T
Slide 57: OSFI Non-Viability Criteria
Office Of The Superintendent Of Financial Institutions (OSFI) Non-Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list1. Whether
Slide 58: Domestic Stability Buffer
Domestic Stability Buffer Background • Canadian Domestic Systemically Important Banks (D-SIBs) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements • D-SIBs are subject t
Slide 59: Covered Bond Structural Summary - Triggers
Covered Bond Structural Summary - Triggers Trigger Consequences • Servicer downgraded below Baa2/F2 by • Servicer, Guarantor and Bond Trustee agree to Moody’s/Fitch use commercially reasonable efforts to arrange • Servicer defaults on amounts due to Guarantor for the appointment of a successor Servi
Slide 60: Covered Bond Structural Summary - Triggers (continued)
Covered Bond Structural Summary - Triggers (continued) Trigger Consequences • Issuer fails to pay any principal or interest in • Delivery of Issuer Acceleration Notice respect of the Covered Bonds within 10 business • Bond Trustee will serve a Notice to Pay on the days in the case of principal and 3
Slide 61: Covered Bond Structural Summary - Triggers (continued)
Covered Bond Structural Summary - Triggers (continued) Trigger Consequences • Servicer Event of Default, not remedied within 30 days • Notice of loans’ sale given by Issuer to Borrowers • Issuer Event of Default (other than insolvency), not • Borrowers notified to make payments to the Standby remedi
Slide 62: Covered Bond Structural Summary – Triggers (continued)
Covered Bond Structural Summary – Triggers (continued) Trigger Consequences Cash Manager required to direct the Servicer to deposit all Revenue Cash Management Cash Manager’s ratings fall below P-1/F1 or A by Moody’s/Fitch Receipts and Principal Receipts directly into the GDA Account within two Depo
Slide 63: Outstanding Covered Issuances
Outstanding Covered Issuances Series Currency Issued Issue Date1 Maturity Date2 Coupon Rate Issue Spread1 CBL9 CHF 350,000,000 22-Dec-15 22-Dec-25 0.1250% MS + 0% CBL22 EUR 1,000,000,000 09-Jul-19 09-Jul-27 0.0400% MS + 0.09% CBL26 CHF 100,000,000 09-Apr-20 09-Oct-28 0.1412% MS + 0.40% CBL32 EUR 1,0
Slide 64: Outstanding Covered Issuances (continued)
Outstanding Covered Issuances (continued) Series Currency Issued Issue Date1 Maturity Date2 Coupon Rate Issue Spread1 CBL56 GBP 1,000,000,000 03-Oct-24 10-Oct-29 SONIA + 0.62% SONIA + 0.62% CBL57 AUD 1,100,000,000 20-Dec-24 20-Dec-27 BBSW + 0.69% BBSW + 0.69% CBL58 AUD 400,000,000 20-Dec-24 20-Dec-2
Slide 65: Selected Outstanding TLAC Senior and AT1
Selected Outstanding TLAC Senior and AT11 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread CH0498400578 EMTN CHF 350,000,000 15-Oct-19 15-Oct-26 0.050% 0.66% CA13607GRU09 CAD 1,250,000,000 19-Jan-21 19-Jan-26 1.100% T + 0.62% CA13607HMS80 CAD 1,250,000,000 04-Mar-21 4
Slide 66: Selected Outstanding TLAC Senior and AT1 (continued)
Selected Outstanding TLAC Senior and AT1 (continued)1 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread US13607LWU33 SEC USD 350,000,000 02-Oct-23 02-Oct-26 SOFR + 1.22% SOFR + 1.22% US13607LWT69 SEC USD 850,000,000 02-Oct-23 02-Oct-26 5.926% T + 1.100% US13607LWV16 SE
Slide 67: Selected Outstanding TLAC Senior and AT1 (continued)
Selected Outstanding TLAC Senior and AT1 (continued)1 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread CA13607LF997 CAD 1,750,000,000 10-Dec-24 10-Dec-30 (6NC5) 3.80% GoC + 0.88% US13607PVP60 SEC USD 1,000,000,000 06-Jan-25 13-Jan-27 (3NC2) 4.862% T + 0.60% US13607PVR
Slide 68: Endnotes
Endnotes Slide 7 – A leading, well-diversified North American Financial Institution 1. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. 2. For additional information on the composition, see the "Glossary" section in the 2025 Annual Report to Shareh
Slide 69: Endnotes
Endnotes Slide 14 – Underpinned by our balance sheet strength and prudent risk management 1. Capital ratios are calculated pursuant to the OSFI's CAR Guideline, and the liquidity coverage ratio is calculated pursuant to OSFI’s Liquidity Adequacy Requirements (LAR) Guideline, all of which are based o
Slide 70: Endnotes
Endnotes Slide 27 - Snapshot Of The Canadian Economy 1. Percentage may not add up to 100% due to rounding. 2. Source: Statistics Canada. Table 17-10-0009-01 Population estimates, quarterly 3. Source: Statistics Canada. Table 36-10-0104-01 Gross domestic product, expenditure-based, Canada, quarterly
Slide 71: Endnotes
Endnotes Slide 36 – CIBC Wholesale Funding Strategy And Sources 1. Source: CIBC 2025 Annual Report. Slide 38 – Wholesale Funding Geography 1. Source: CIBC 2025 Annual Report to Shareholders. 2. “Unsecured” includes Obligation related to securities sold short, Cash collateral on securities lent and O
Slide 72: Endnotes
Endnotes Slide 55 – Comparison Of Canadian And European Hierarchies In Bail-In Resolution 1. Source: Commerzbank. 2. Sec. Obligations as well as Retail & SME Deposits <100k under Deposit Guarantee Scheme. 3. Sec. Obligations (e.g. Covered bonds) as well as CDIC Insured Deposits. Slide 56 – Office Of
Slide 73: Non-GAAP Measures
Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (IFRS), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comp
Slide 74: Glossary
Glossary Definition 1 Adjusted Diluted EPS We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income 2 Adjuste
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