IGM Financial Inc. · TSX:IGM
IGM Financial — Q3 2026 Earnings Presentation
52 slides from IGM Financial's earnings presentation, Nov 6, 2026
Slide 1: Q3 2026 Quarterly Results Presentation
Q3 2026 Quarterly Results Presentation November 6, 2026
Slide 2: 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 3: 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 4: Non-IFRS financial measures & other financial measures
Non-IFRS financial measures & other financial measures Other items Other items for the nine months ended September 30, 2026 consisted of: • The Company’s proportionate share of items Great West excludes from its base earnings (Great West other items) of ($11.7) million, including ($4.7) million reco
Slide 5: 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 5
Slide 6: Overview & Strategic Update
OVERVIEW & STRATEGIC UPDATE PRESENTER: DAMON MURCHISON PRESIDENT & CEO IGM FINANCIAL & IG WEALTH MANAGEMENT
Slide 7: IGM Financial Q3 2026 highlights
IGM Financial Q3 2026 highlights Adjusted EPS 1 2 Consolidated AUM&A incl. SI Capital return to shareholders $1.51 +18.9% vs Q3/25 $645.6B +14.8% vs Q3/25 $343M dividends and share repurchases Quarterly Reported EPS Net flows Dividends Repurchases financial results $2.10 +66.7% vs Q3/25 $3.4B IG Wea
Slide 8: Leveraging AI and technology to accelerate our strategic priorities
Leveraging AI and technology to accelerate our strategic priorities Strategic Priorities Strategic Priorities Strategic Priorities Driving enterprise productivity, scalability, and Enhancing advisor productivity Enhancing investment outcomes responsible AI adoption and client experience and client e
Slide 9: IGM Financial's operating backdrop
IGM Financial’s operating backdrop Markets & IGM client return index1 40% 35% Operating backdrop remains resilient amid evolving 30% market conditions 25% 20% • Sustained positive industry flows 15% • Investor confidence remains solid 10% 5% • Generally supportive equity markets 0% (5%) • Ongoing ma
Slide 10: Adjusted net earnings available to common shareholders by segment ($M)
Adjusted net earnings available to common shareholders1 by segment ($M) Wealth management2 Asset management Corporate & other3 IGM consolidated +17% Q3/25 351.1 Q3/26 +30% 301.2 205.8 158.2 (2%) 110.6 108.6 +13% 32.4 36.7 1) A non-IFRS financial measure - see Non-IFRS financial measures and other fi
Slide 11: Wealth Management
WEALTH MANAGEMENT PRESENTER: DAMON MURCHISON PRESIDENT & CEO IGM FINANCIAL & IG WEALTH MANAGEMENT
Slide 12: Wealth management Q3 2026 highlights
Wealth management Q3 2026 highlights Record quarter Total net Record Q3 new Third quarter end AUM&A 1 inflows client gross inflows client returns 2 $178.0B $666M $1.4B 0.2% Operating results +14.2% vs Q3/25 LTM AUA redemption 80% of flows from MA and +0.8% vs Q2/26 rate of 9.8% HNW clients Strategic
Slide 13: IG Wealth Management Q3 2026 operating results
IG Wealth Management Q3 2026 operating results Gross inflows Gross outflows rate Assets under advisement1 ($M) (Quarterly annualized) ($B) Q3/26 highlights IGM solutions (AUM) 3rd party ▪ Gross inflows of $4.5B, up 17.7% Cash, GICs, HISAs year-over-year 4,451 173.9 174.7 5.4 5.2 3,781 155.9 5.5 ▪ LT
Slide 14: 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 (Q3, $M) Gross flows from newly acquired clients (LTM, $B) By client assets brought to IG Wealth By client assets brought to IG Wealth Growth Mass market Mass affluent
Slide 15: Strong growth in insurance and resilience in mortgage business
Strong growth in insurance and resilience in mortgage business Mortgage funding1 New annualized insurance premiums ($M) ($M) 336 299 27 291 20 18 (1%) CAGR Q3/24 Q3/25 Q3/26 Q3/24 Q3/25 Q3/26 • Mortgage funding down 13% year-over-year • New annualized insurance premiums up 33% year-over-year • IG Mo
Slide 16: IG Wealth Management's leading advisor value proposition
IG Wealth Management’s leading advisor value proposition Investment Executive’s 2026 Dealers’ Report Cards1 Overall Dealer Report Card Rating 2026 highlights Direct peer avg.2 IG Wealth rating 8.5 8.8 8.9 Rank #1 8.9 14/ 25 Among direct peers2 Overall score improved Categories ranked #1 in 8.0 8.0 8
Slide 17: Rockefeller Q3 2026 update
Rockefeller Q3 2026 update Q3 2026 highlights LTM client asset1 growth Private advisor growth (US$B) 600 2 17.5 236.5 1▪ Record Q3 organic client asset 1 17.5 3 growth of US$5.3B, bringing 14.7 482 500 cumulative growth since Q3/25 186.8 451 to US$14.7B 375 400 2▪ Strong Q3 inorganic client asset gr
Slide 18: Wealthsimple Q3 2026 update
Wealthsimple Q3 2026 update Q3 2026 highlights AUA by quarter Client count by quarter1 ($B) (‘000s) 1 2 1▪ Wealthsimple’s AUA grew to $169.2B, up 169.2 3,809 3,615 68% year-over-year and 9% sequentially 155.6 3,405 ▪ Net flows of approximately $11B 3,199 3,006 2,834 2▪ Wealthsimple serves 3.8 millio
Slide 19: Asset Management
ASSET MANAGEMENT PRESENTER: LUKE GOULD PRESIDENT & CEO MACKENZIE INVESTMENTS
Slide 20: Asset management Q3 2026 highlights
Asset management Q3 2026 highlights Record quarter Investment fund Total Mackenzie Third quarter end AUM net sales net sales client returns 1 Operating results $269.5B $664M $2.0B 0.2% +12.5% vs Q3/25 vs Q3/25 net sales of $407M vs Q3/25 net sales of $2.0B +0.2% vs Q2/26 Strategic priorities Q3 2026
Slide 21: Mackenzie Investments net sales
Mackenzie Investments net sales Mackenzie adjusted investment fund net flows1 ($M) Mackenzie adjusted investment fund net flows1 ($B) (LTM, as at October 31, 2026) Third quarter Total Retail 981 1,119 7.0 538 471 454 407 302 6.0 Mackenzie’s adjusted (699) (296) investment fund net sales (680) 5.0 we
Slide 22: Mackenzie Investments Q3 2026 operating results
Mackenzie Investments Q3 2026 operating results Q3 2026 highlights 2,3 NET SALES ($M) Q3/25 Q3/26 Change • Improvement in retail investment fund net sales, up Retail investment funds 7 299 292 $292M versus Q3/25 Institutional investment funds 400 365 (35) • Total investment fund net sales improved b
Slide 23: Mackenzie retail sales momentum supported by expanding advisor relationships
Mackenzie retail sales momentum supported by expanding advisor relationships Retail investment fund sales ($M) Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 2025 YTD 2026 YTD YTD change Retail mutual fund gross sales 2,090 1,711 1,870 2,276 3,553 2,860 2,554 5,671 8,967 +58% Retail mutual fund net sales
Slide 24: Investment boutique retail investment fund performance and sales
Investment boutique retail investment fund performance and sales Fixed Fundamental Equity Multi -Asset Quant Equity Others Income Core Style/Thematic Resources and Global Global Quality Fixed Multi-Asset Growth2 Canadian Putnam5 energy evolution Passive & Quantitative Equity & Value4 Income Strategi
Slide 25: 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 September 30, 2026) Ending AUM 1 CAD/RMB = 4.8182 (RMB¥ Trillions) 38.6 38.3 (1%) 7% • ChinaA
Slide 26: ChinaAMC total AUM and investment fund net flows
total AUM and investment fund net flows continuity ChinaAMC ending AUM1 Growth (RMB¥ Billions) QoQ 1 -year Other (primarily institutional) 3,007 3,014 2,851 2,814 2,908 2,861 (2%) (5%) 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 2,047 (4%
Slide 27: Northleaf Q3 2026 update
Northleaf Q3 2026 update Q3 2026 highlights Northleaf LTM AUM continuity1 Northleaf AUM history1 ($B) ($B) ▪ Fundraising of $0.8B for 3.6 0.8 37.8 37.8 the quarter ended 34.4 (1.0) 35.0 September 30, 2026 32.0 ▪ LTM fundraising of $3.6B, 26.6 AUM growth of 10% 24.1 ▪ Since the 2020 acquisition, 19.5
Slide 28: Financial Highlights
FINANCIAL HIGHLIGHTS PRESENTER: KEITH POTTER EXECUTIVE VICE-PRESIDENT & CFO IGM FINANCIAL
Slide 29: IGM Financial Q3 2026 financial highlights
IGM Financial Q3 2026 financial highlights Record high Q3 adjusted EPS 1 of $1.51, up 18.9% year -over -year, with diversified growth across wealth and asset management segments Adjusted EPS excludes: Adjusted EPS 1 Reported EPS • After-tax step acquisition gain of $144.0M, net of transaction costs
Slide 30: Total assets under management & advisement
Total assets under management & advisement IG Wealth and Mackenzie assets under Change in IGM assets under management & advisement ($B) management & advisement1 ($B) Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 LTM Daily AUM&A Annual average AUM&A Quarterly average AUM&A Opening AUM&A excluding sub-advisory to Can
Slide 31: IGM Financial consolidated profitability
IGM Financial consolidated profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IGM Financial Consolidated Q3/25 Q2/26 Q3/26 $ % $ % 1▪ Average AUM&A increased 17.1% year- Days in the period Average AUM & AUA ($ Billions) 92 91 92 1.1% - over-year, excluding the impact of Northle
Slide 32: 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 rate1 (bps) respective driver 1 (AUA or AUM) Excludes non-fee-bearing assets Excludes non-fee-bearing assets 174.7 168.1 157.8 161.7 Advisory fees 2 21.2 Ot
Slide 33: IG Wealth Management profitability
IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY IG Wealth Management Q3/25 Q2/26 Q3/26 $ % $ % ▪1 Strong client asset growth drove a 15.1% year-over- Days in the period 92 91 92 1.1% 0.0% year increase in revenue, while adjusted net earnings Average AUA
Slide 34: 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) 269.0 259.2 Sub-advisory and 248.2 AUM to Wealth 243.2 Management 230.7 72.6 70.6 69.5 102.2 Third-Party AUM 65.4 98.8 64.8 95.0 Third-p
Slide 35: Mackenzie Investments profitability
Mackenzie Investments profitability $ Millions (unless otherwise noted): Change QoQ Change YoY Mackenzie Investments Q3/25 Q2/26 Q3/26 Strong asset growth, including $4.0B of $ % $ % Days in the period 92 91 92 1.1% 0.0% ▪1 Average assets under management ($B) institutional assets onboarded year-to-
Slide 36: ChinaAMC AUM and earnings
ChinaAMC AUM and earnings ChinaAMC ending AUM1 IGM Financial’s share of ChinaAMC earnings2 (RMB¥ B) (C$M) Other (primarily institutional) 1-year 46.1 Money-market funds Growth 43.9 Long-term investment funds 3,007 3,014 34.6 2,908 2,861 (5%) 33.5 2,814 753 731 722 783 814 8% 22.0 729 711 766 765 696
Slide 37: Adjusted net earnings by segment and company ($M)
Adjusted net earnings available to common shareholders1 by segment and company ($M) Corporate IGM Wealth management2 Asset management3 & other4 consolidated 5 2, 3 Q3/25 +17% Q3/26 351.1 301.2 +27% 197.9 155.3 FVTOCI +8% 68.2 73.9 +13% 41.5 (27%) 30.1 32.4 36.7 +186% 2.9 8.3 1.2 4.9 1) A non-IFRS fi
Slide 38: 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) ($M) Dividends paid Gross debt / adj. EBITDA Return of capital to shareholders: Share repurchases Net debt / adj. EBI
Slide 39: Equity value: indicative value per share
Indicative value per share Embedded value indicates upside to current share price Value methodology Value Value per Accounting 1 (P/E multiples as of October 30, 2026) ($M) share Interest basis Current dividend yield 2 EV (10.2x P/E + debt) 9,617 $42.01 (October 30, 2026) EV ( 10.6x P/E + debt) 2 3,
Slide 40: Appendix
I Wealth Management Asset Management Financial
Slide 41: Ending AUM&A including SI proportionate share ($B)
Ending AUM&A including SI proportionate share ($B) Consolidated Wealth management Asset management AUM&A incl. SI1 4 3 3 3 3 2 +15% Sub-advised AUM to Q3/25 Wealth Management: 645.6 Q3/26 Q3/26 $101.8B 562.4 (Q3/25 $92.8B) 269.5 239.5 +14% +3% 178.0 163.4 168.8 +14% 155.9 +10% excluding the impact o
Slide 42: Financial markets and IGM client index return
Financial markets and IGM client index return Q4/26 at LTM at 2025 Q1/26 Q2/26 Q3/26 Oct 31 Oct 31 1 IGM client investment return 11.9% (0.2%) 9.4% 0.2% (1.4%) 8.2% Equity markets: Canada (S&P/TSX Composite) 31.7% 3.9% 7.0% 1.6% 1.2% 20.4% U.S. (S&P 500) 17.9% (4.3%) 15.2% 2.3% (0.9%) 12.1% Europe (
Slide 43: IG Wealth Management net flows
IG Wealth Management net flows IG Wealth Management adjusted gross and net flows1 ($M) IG Wealth Management adjusted net flows1,2 ($B) (LTM, as at October 31, 2026) Third quarter Total net flows IGM product net flows Cash, GICs, & HISAs 4,451 3,781 3,141 2,773 3,103 3,432 5.0 2,090 2,080 2,189 2,132
Slide 44: Summary: segment breakdown
Summary: segment breakdown Adj. earnings by segment 1 Strategic investments – interest and value Q3/25 Adj. Q3/26 Adj. YoY Interest Accounting Q3/26 Net Indicative value Q3/26 Indicative $M earnings earnings change Q3/25 | Q3/26 basis carrying value assumption value Wealth management IG Wealth $155.
Slide 45: IGM Financial adjusted cash earnings & dividend payout ratio
IGM Financial adjusted cash earnings & dividend payout ratio IGM Financial adjusted cash earnings1 Dividend payout ratio2,3 ($M) (LTM) Adj. net earnings Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 LTM Adj. cash earnings Adjusted Net Earnings 1 301.2 301.4 284.3 330.0 351.1 1,266.8 59% 57% 56% Add: capitalized sal
Slide 46: Adjusted net earnings and indicative value by company ($M)
Adjusted net earnings available to common shareholders1 and indicative value by company ($M) 3 1,381 2025 1,282 766 1,093 717 Analyst 582 consensus 2 2026 280 308 FVTOCI 239 2027 11 128 145 149 113 126 136 4 10 5 24 23 25 9 3 UNALLOCATED 2 3 OTHER CAPITAL 26/27 analyst estimates EPS $3.29 $0.04 $1.3
Slide 47: 2026 guidance and outlook for expenses
2026 guidance and outlook1 for combined operations & support and business development expenses (as presented at Q4/25) IGM consolidated 2 (year-over-year change) 2026 expense reclassification Effective Q1/26, certain investment advisory expenses at Mackenzie that are primarily 5-year tech & ops tran
Slide 48: IGM Financial debt / LTM adj. EBITDA
IGM Financial debt / LTM adj. EBITDA1 Total Debt ($M) Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Long-term Debt1 2,400.0 2,400.0 2,400.0 2,400.0 2,450.0 Gross debt 2,400.0 2,400.0 2,400.0 2,400.0 2,450.0 Adjust for: Unallocated capital2 (697.7) (996.5) (1,010.9) (935.2) (829.6) 2 Net debt 1,702.3 1,403.5 1,389.1
Slide 49: IGM Financial adj. net income to net income reconciliation
IGM Financial adj. net income to net income reconciliation ($M except EPS) Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 1 Adjusted net earnings available to common shareholders 301.2 301.4 284.3 330.0 351.1 Restructuring and other charges (70.1) Great West other items (3.1) (5.1) (0.5) (6.5) (4.7) Gain on partial
Slide 50: 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 51: 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 & Mackenzie Investments NTM Next Twelve Mo
Slide 52: IGM Investor Relations
IGM Investor Relations www.igmfinancial.com/en/investor-relations E-mail: investor.relations@igmfinancial.com