Igm Financial Inc. · TSX:IGM
Igm Financial — Q1 2026 Earnings Presentation
50 slides from Igm Financial's earnings presentation, May 8, 2026
Slide 1: IGM Financial Q1, 2026 Results
IGM Financial Q1, 2026 Results May 8, 2026
Slide 2: Conference call participants
Conference call participants JAMES O ‘SULLIVAN DAMON MURCHISON LUKE GOULD KEITH POTTER PRESIDENT & CEO PRESIDENT & CEO PRESIDENT & CEO EXECUTIVE VICE-PRESIDENT IGM FINANCIAL IG WEALTH MANAGEMENT MACKENZIE INVESTMENTS & CFO IGM FINANCIAL 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 three months ended March 31, 2026 consisted of: • ($0.5) million reflecting the Company’s proportionate share of items Great West excludes from its base earnings (Great West other items). Great West excludes items
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 EPS Earnings per Share NTM Next Twelve Months ETF Exchang
Slide 8: James O’Sullivan
James O’Sullivan President and CEO IGM Financial 8
Slide 9: IGM Financial Q1, 2026 highlights
IGM Financial Q1, 2026 highlights Financial highlights Operational highlights 1 • Record high first quarter adjusted EPS1 Adjusted EPS Reported EPS • Record high client assets and strong net flows from the core $1.21 $1.20 • Net flows at IG Wealth and Mackenzie of $5.6B2 +21.0% vs Q1/25 + 22.4 % vs
Slide 10: IGM Financial operating backdrop
IGM Financial operating backdrop Markets & IGM client return index1 50% 40% Current operating backdrop 30% resilient despite periodic volatility 20% 10% • Sustained positive industry flows 0% • Investor confidence remains solid (10%) (20%) • Periodic market volatility 2025-03-31 2025-06-30 2025-09-3
Slide 11: Adjusted net earnings available to common shareholders by segment ($MM)
Adjusted net earnings available to common shareholders1 by segment ($MM) Wealth management2 Asset management Corporate & other3 IGM consolidated +20% Q1/25 284.3 Q1/26 237.8 +26% 156.1 124.3 +9% 86.5 94.1 +26% 27.0 34.1 1) A non-IFRS financial measure - see Non-IFRS financial measures and other fina
Slide 12: Ending AUM&A including SI proportionate share ($B)
Ending AUM&A including SI proportionate share ($B) Consolidated Wealth management Asset management AUM&A incl. SI1 4 3 3 3 3 2 Sub-advised AUM to Wealth Management: +13% Q1/25 Q1/26 $94.6B (Q1/25 568.9 $85.1B) Q1/26 503.6 246.0 218.6 +15% +7% +13% 157.9 162.6 147.1 141.5 +7% +60% 151.3 133.5 45.4 48
Slide 13: IGM is embedding AI into core wealth, asset management and enterprise workflows
IGM is embedding AI into core wealth, asset management and enterprise workflows AI is being used to elevate advisor productivity, client experience & outcomes and drive efficiency & effectiveness Leveraging a strong foundation, AI is being deployed across IG and Mackenzie with early use Improving op
Slide 14: Wealth Management
WEALTH MANAGEMENT Damon Murchison President & CEO IG Wealth Management 14
Slide 15: Wealth management Q1, 2026 highlights
Wealth management Q1, 2026 highlights Record quarter First quarter Operational highlights ending AUM&A 1 client returns 2 • Record high quarter ending AUM&A of $162.6B, up 14.9% versus Q1/25 $162.6B + 14.9% vs Q1/25 0.1 % • Record first quarter gross inflows and sales +2.3% vs Q4/25 • Seventh consec
Slide 16: IG Wealth Management net flows
IG Wealth Management net flows IG Wealth Management adjusted gross and net flows1 ($MM) IG Wealth Management adjusted net flows1,2 ($B) (LTM, as at April 30, 2026) Gross Inflows Gross Outflows Net Flows Total Net Flows IGM Product Net Flows Cash, GICs, & HISAs First quarter 5,171 4,000 4,166 5.0 3,6
Slide 17: IG Wealth Management Q1, 2026 operating results
IG Wealth Management Q1, 2026 operating results Gross inflows1 Gross outflows rate1 Assets under advisement1 ($MM) (Quarterly annualized) ($B) Q1/26 highlights IGM Solutions (AUM) 3rd party ▪ Gross inflows of $5.2B, up 24.1% 5,171 Cash, GICs, HISAs year-over-year 158.9 160.0 4,166 6.9 6.0 10.8% 141.
Slide 18: 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 clients1 (Q1, $MM) Gross flows from newly acquired clients (LTM, $B) By client assets brought to IG Wealth By client assets brought to IG Wealth 2 Growth Mass market Mass afflu
Slide 19: Continued momentum in mortgage and insurance
Continued momentum in mortgage and insurance Mortgage funding1 New annualized insurance premiums ($MM) ($MM) 27 234 221 19 17 155 Q1/24 Q1/25 Q1/26 Q1/24 Q1/25 Q1/26 • Mortgage funding down 6% year-over-year • New annualized insurance premiums up 41% year-over-year • IG Mortgages serviced1 at $6.8B
Slide 20: Rockefeller Q1, 2026 update
Rockefeller Q1, 2026 update Q1, 2026 highlights LTM client asset1 growth Private advisor growth (US$B) 19.5 203.1 3 500 2 1▪ Organic client asset growth of 1 15.5 451 444 450 US$13.7B since Q1/25; Q1 13.7 growth of US$3.7B 154.4 375 400 350 2▪ Inorganic client asset growth of 321 US$15.5B since Q1/2
Slide 21: Wealthsimple Q1, 2026 update
Wealthsimple Q1, 2026 update Q1, 2026 highlights AUA by quarter Client count by quarter1 ($B) (‘000s) 1 2 124.8 3,405 1▪ Wealthsimple’s AUA grew to 3,199 111.3 3,006 $124.8B, up 71% year-over-year 2,834 2,753 and 12% sequentially, driven by 100.8 2,607 2,577 2,500 strong net flows 84.5 2,393 ▪ Q1/26
Slide 22: Asset Management
ASSET MANAGEMENT Luke Gould President & CEO Mackenzie Investments 22
Slide 23: Asset management Q1, 2026 highlights
Asset management Q1, 2026 highlights Operational highlights • Total Mackenzie net sales of $1.7B, supported by continued momentum in retail investment funds and SMA onboarding Record quarter • Retail net sales of $259MM improved by $703MM from Q1/25; best Q1 since 2022 First quarter ending AUM • Inv
Slide 24: Mackenzie Investments net sales
Mackenzie Investments net sales Mackenzie adjusted investment fund net flows1 ($MM) Mackenzie adjusted investment fund net flows1 ($B) (LTM, as at April 30, 2026) First quarter Total Retail 2,256 729 8.0 527 625 445 290 256 72 59 6.0 (194) 4.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Month
Slide 25: Mackenzie Investments Q1, 2026 operating results
Mackenzie Investments Q1, 2026 operating results 2,5 NET SALES ($MM) Q1/25 Q1/26 Change Q1/26 highlights • Significant improvement in retail investment fund Retail investment funds (444) 259 703 net sales, up $703MM versus Q1/25 Institutional investment funds 359 470 111 • Total investment fund net
Slide 26: Investment boutique retail investment fund performance and sales
Investment boutique retail investment fund performance and sales Fixed Quant Fundamental Equity Multi -Asset Other Income Equity Core Style/Thematic Global North Global Greenchip Fixed Multi-Asset Ivy Bluewater Cundill Growth Putnam2 ChinaAMC Quantitative American Equity & Resources (energy Income S
Slide 27: ChinaAMC: Chinese investment fund industry AUM and net flows
Chinese investment fund industry AUM and net flows; is an industry leader Chinese investment fund industry top 10 long- Growth Chinese investment fund industry QoQ 1-year term fund provider market shares (at March 31, 2026) Ending AUM 1 CAD/RMB = 5.0502 (RMB¥ Trillions) 36.8 36.5 Money-market funds
Slide 28: ChinaAMC total AUM and investment fund net flows
total AUM and investment fund net flows continuity Growth ChinaAMC ending AUM1 QoQ 1yr (RMB¥ billions) Other (primarily institutional) 3,007 3,014 (7%) 5% Money-market funds 2,851 2,814 2,670 Long-term investment funds 2,465 2,358 2,254 2,283 2,089 2,159 2,102 2,092 (8%) 9% 1,919 1,722 1,802 1,826 1
Slide 29: Capital Partners Q1, 2026 update
Capital Partners Q1, 2026 update Highlights Northleaf AUM history1 Northleaf LTM AUM continuity1 ($B) ($B) 5.1 36.0 (0.9) (0.9) 35.0 36.0 32.7 ▪ Fundraising of $0.4B for the 32.0 quarter ended March 31, 2026 26.6 ▪ LTM fundraising of $5.1B, AUM 24.1 growth of 10% 19.5 ▪ Northleaf AUM has grown at a
Slide 30: Keith Potter
Keith Potter Executive Vice -President & CFO IGM Financial 30
Slide 31: IGM Financial Q1, 2026 financial highlights
IGM Financial Q1, 2026 financial highlights Record high Q1 adjusted EPS 1 of $1.21, up 21.0% year-over-year with Adjusted EPS 1 Reported EPS diversified growth across wealth and asset management segments $1.21 $1.20 • Adjusted EPS excludes Great West other items which represented ($0.5MM) +2 1.0 % v
Slide 32: Total assets under management & advisement
Total assets under management & advisement IGM assets under management & advisement1 Change in IGM assets under management & advisement ($B) ($B) Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 LTM Daily AUM&A Annual Average AUM&A Quarterly Average AUM&A Opening AUM&A excluding sub-advisory to Canada Life 217.5 222.1
Slide 33: IGM Financial consolidated profitability
IGM Financial consolidated profitability $ Millions (unless otherwise noted): Change QoQ Change YoY 1▪ Higher average AUM&A, up 14.6% year- IGM Financial Consolidated Q1/25 Q4/25 Q1/26 $ % $ % over-year, supporting 13.0% growth in Days in the period 90 92 90 (2.2%) - Average AUM & AUA ($ Billions) w
Slide 34: 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 (bps)1 respective driver (AUA or AUM)1 Excludes non-fee-bearing assets Excludes non-fee-bearing assets 161.7 157.8 2 150.5 97.4 98.4 Advisory fees 20.0
Slide 35: IG Wealth Management profitability
IG Wealth Management profitability $ Millions (unless otherwise noted): Change QoQ Change YoY ▪1 Strong client asset growth driving a 12.7% increase IG Wealth Management Q1/25 Q4/25 Q1/26 $ % $ % Days in the period 90 92 90 (2.2%) - year-over-year in advisory and product & program Average AUA (excl.
Slide 36: Mackenzie Investments – key profitability drivers
Mackenzie Investments – key profitability drivers Average AUM ($B), net asset m anagement fee rate 1 (bps) Net asset management fee rates 1 (as bps of respective AUM) 243.2 248.2 Sub-advisory and 230.7 AUM to Wealth 217.5 217.9 Management 75.8 73.3 72.6 Third-Party AUM 70.6 93.5 95.0 69.5 89.5 Third
Slide 37: Mackenzie Investments profitability
Mackenzie Investments profitability $ Millions (unless otherwise noted): Change QoQ Change YoY ▪1 Net asset management fees up 8.6% year-over- Mackenzie Investments Q1/25 Q4/25 Q1/26 year, driven by strong asset growth and $ % $ % Days in the period 90 92 90 (2.2%) - Average assets under management
Slide 38: ChinaAMC – AUM and earnings
ChinaAMC – AUM and earnings ChinaAMC ending AUM1 IGM Financial share of ChinaAMC earnings (RMB¥ billions) (CAD millions) Other (primarily institutional) 1-Year 46.1 Money-market funds Growth Long-term investment funds 3,007 3,014 34.6 2,851 2,814 5% 2,670 30.6 731 29.7 753 749 722 (4%) 751 22.0 729
Slide 39: Adjusted net earnings available to common shareholders 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 Q1/25 Q1/26 +20% 284.3 237.8 +24% 158.9 128.4 FVTOCI +9% 57.4 +13% +26% 52.6 27.5 31.1 27.0 34.1 (10%) 6.7 6.0 (4.3) (1.8) 1) A non-IFR
Slide 40: 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) ($MM) Dividends declared Gross debt / adj. EBITDA Return of capital to shareholders: Share repurchases 330.1 Net debt
Slide 41: Indicative value per share
Indicative value per share Embedded value indicates upside to current share price Value methodology Value Value per Accounting 1 (P/E multiples as of Apr 30/26) ($MM) share Interest basis Current dividend yield 2 (April 30, 2026) EV (12.4x P/E + debt) 10,048 $43.26 EV ( 10.8x P/E + debt) 2 3,310 $14
Slide 42: Q&A
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Slide 43: Appendix
191 ‘inancial Wealth Wealth Management Asset Management Appendix This way to S better y,
Slide 44: Financial markets and IGM client index return
Financial markets and IGM client index return Q2/26 2026 YTD 2024 2025 Q1/26 at April 30 at April 30 1 IGM client investment return 15.5% 11.9% (0.2%) 3.7% 3.6% Equity markets: Canada (S&P/TSX Composite) 21.6% 31.7% 3.9% 3.8% 7.9% U.S. (S&P 500) 25.0% 17.9% (4.3%) 10.5% 5.7% Europe (MSCI Europe) 8.6
Slide 45: Summary: segment breakdown
Summary: segment breakdown Adj. earnings by segment 1 Strategic investments – interest and value need to be changed Q1/25 Adj. Q1/26 Adj. YoY Interest Accounting Q1/26 Net Indicative value Q1/26 Indicative $ millions earnings earnings change Q1/25 | Q1/26 basis carrying value assumption value Wealth
Slide 46: 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 ($MM) (LTM) Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 LTM Adjusted Net Earnings 1 237.8 252.7 301.2 301.4 284.3 1,139.5 64% 62% Add: capitalized sales commission amortization 27.8 28.4 29.
Slide 47: Adjusted net earnings and indicative value by company ($MM)
Adjusted net earnings available to common shareholders1 and indicative value by company ($MM) Adjusted net earnings available to common shareholders1 3 1,182 3 1,093 2025 654 Analyst 582 Consensus 2 2026 239 264 FVTOCI 128 129 120 10 9 113 4 24 20 9 3 UNALLOCATED 2 3 OTHER CAPITAL 2026 analyst estim
Slide 48: 2026 expense guidance (as presented at Q4/25)
2026 expense guidance (as presented at Q4/25) Guidance and outlook1: combined operations & support and business development expenses IGM consolidated 2 (year-over-year change) 2026 expense reclassification Effective Q1/26, certain investment management advisory expenses at Mackenzie 5-year tech & op
Slide 49: IGM Financial debt / LTM adj. EBITDA
IGM Financial debt / LTM adj. EBITDA1 Total Debt ($MM) Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 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: 1 Unallocated capital (615.1) (610.3) (697.7) (996.5) (1010.9) 1 Net debt 1,784.9 1,789.7 1,702.3
Slide 50: IGM Financial net income to adj. net income reconciliation
IGM Financial net income to adj. net income reconciliation ($MM except EPS) Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Adjusted net earnings available to common 237.8 252.7 301.2 301.4 284.3 shareholders 1 Great West other items (4.0) (6.0) (3.1) (5.1) (0.5) Gain on partial sales of investment in associates, net