Power Corporation Of Canada · TSX:POW
Power Corporation Of Canada — Q1 2026 Earnings Presentation
27 slides from Power Corporation Of Canada's earnings presentation, May 13, 2026
Slide 1: Q1 2026 Results Investor Presentation
1 Q1 2026 RESULTS Investor Presentation May 13, 2026 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 4 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q1 Q32026 2024
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 Q1 2026 Conference Call May 13, 2026 Q1 2026 Conf
Slide 6: Strong Q1 results reflecting continued business momentum
Strong Q1 results reflecting continued business momentum Delivering on • Strong EPS growth, return of capital and business momentum value creation • Adjusted NAV per share [1] grew 23% year-over-year, led by the publicly- Adjusted EPS [1] and EPS strategy traded operating companies, Wealthsimple and
Slide 7: Financial Update
Financial Update Jake Lawrence Executive Vice-President and Chief Financial Officer 7 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q1 Q32026 2024
Slide 8: Net and adjusted net earnings
Net and adjusted net earnings Q1 2026 Highlights Net and Adjusted Net Earnings [3] • Power reported adjusted net earnings [1] of $905 million, up 15% ($ in millions, except per share amounts) Q1 2026 Q1 2025 compared to prior year Great West 851 703 • Power reported net earnings of $820 million, up
Slide 9: Adjusted net asset value per share up 23% year-over-year
Adjusted net asset value per share up 23% year-over-year • Adjusted net asset value (“NAV” or “Net Asset Value”) per share was $84.54 at the end of Q1 2026, up 23% year-over-year and down 1% quarter-over-quarter o Adjusted NAV per share was $97.88 at May 12, 2026 [1] • Power’s fair value of its inve
Slide 10: Business Review
Business Review R. Jeffrey Orr President and Chief Executive Officer 10 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q1 Q32026 2024
Slide 11: Great West reported strong earnings growth with double-digit earnings growth across all segments
Great West reported strong earnings growth with double-digit earnings growth across all segments Base EPS [1] and EPS Base ROE [1] and ROE Q1 2026 Highlights • Base earnings per share [1] of $1.37, up 23% from $1.11 in Q1 2025 Medium-term Medium-term • Great West reported net earnings per share of $
Slide 12: Empower delivered +23% base earnings growth with strong margins and positive net flows
Empower delivered +23% base earnings [1] growth with strong margins and positive net flows in both lines of business Base earnings [1,2] and Net earnings • Empower reported base earnings [1,2] growth of +23% on a (US$ millions) constant currency basis • Empower generating base ROE [2] of 20.8%, up 2
Slide 13: Great West delivered ROE of 19%+ for the first time
Great West delivered ROE of 19%+ for the first time Medium-term objective [4] Q1 2026 Base EPS Growth [1] 8-10% 23% Growth p.a. Delivered 19%+ base ROE Driven by: Base ROE [1,2] 19%+ 19.1% • Business mix shift • Disciplined capital deployment • Significant share buybacks Base Dividend 45-55% 49% Pay
Slide 14: IGM's earnings growth driven by its core businesses
IGM’s earnings growth driven by its core businesses EPS and Adjusted EPS [1] Consolidated AUM&A incl. SI [2] Q1 2026 Highlights ($ billions) • Record first quarter adjusted net earnings [1] of $284.3 million, up Medium-term 20% year-over-year, reflecting strong momentum across IGM’s objective of 9%+
Slide 15: IGM's adjusted net earnings by segment
IGM’s adjusted net earnings by segment Wealth Management [1] Asset Management Corporate & Other [2] IGM Consolidated ($ millions) +20% 284.3 237.8 +26% 156.1 +9% 124.3 94.1 86.5 +26% 27.0 34.1 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 [1] Wealthsimple is classified as an invest
Slide 16: 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 +7% 568.1 529.1 +71% 124.8 AUA [1] AUM [1,2] 73.0 ($ billions) ($ billions) Q1 2025 Q1 2026 Q1 2025 Q1 2026 +27% 282.7 222.1 +10% 36.0 Client assets [1,2] AUM [1] 32.7 ($ billions) ($ bi
Slide 17: GBL achieved important milestones on its mid-term strategic trajectory
GBL achieved important milestones on its mid-term strategic trajectory ATTRACTIVE RETURNS TO PORTFOLIO SIMPLIFICATION FOCUS ON DIRECT PRIVATE ASSETS SHAREHOLDERS €4.9 billion disposals [1] €1.0 billion €1.0 billion 97% of target New private investments Cash returned in 2025 • €5 billion target under
Slide 18: Alternative platforms continue to increase scale through organic growth, acquisitions and partnerships
Alternative platforms continue to increase scale through organic growth, acquisitions and partnerships • In April 2026, Sagard acquired Sagard AUM [1] • During the quarter: Unigestion Private Equity and (US$ billions) combined to launch Sagard Private o Power Sustainable Infrastructure Credit announ
Slide 19: Power has returned $11 billion in capital to shareholders since 2020
Power has returned $11 billion in capital to shareholders since 2020 Shares repurchased Dividends paid (participating shareholders) $2.3 ($ billions) $2.0 $1.9 $0.7 $1.7 $0.6 $0.4 $1.4 $0.4 $1.3 $0.2 $0.2 $1.5 $1.6 $0.7 $1.3 $1.4 $1.2 $1.1 $0.3 $0.4 2020 2021 2022 2023 2024 2025 Q1 2026 19 POWER COR
Slide 20: Power discount to NAV
Power discount to NAV [1] 45% Great West sale of U.S. life business announced PCC / PFC reorganization 40% announced Empower acquires MassMutual 35% Wealthsimple fundraising 30% Average 34.5% Wealthsimple fundraising 25% 3 level share buyback announced 20% Putnam sale Empower acquires announced 18.2
Slide 21: Power's total shareholder returns
Power’s total shareholder returns Power’s shareholder returns have outperformed the S&P TSX and S&P TSX Financials indices Total Shareholder Returns As at May 12, 2026 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Annualized Annualized Annualized Power Corporation 65.4% 37.1% 2
Slide 22: Looking ahead
Looking ahead Power is well-positioned to continue generating attractive returns to its shareholders Earnings focused companies have Value creation from NAV-based Strong cash position momentum businesses • Great West and IGM represent 83% • GBL targeting medium-term • Strong cash balance with of Pow
Slide 23: Questions
Questions 23 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q1 Q32026 2024
Slide 24: Appendix
Appendix 24 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q1 Q32026 2024
Slide 25: Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms
Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms Funded AUM [1] PCC Funded Third Party Funded • Sagard and Power Sustainable continue to scale through different levers, generating recurring fee-related earnings ($ billions) 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 $3.3 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: Affidea Affidea Group B.V. Power Corporation, PCC, Power Corporation of Canada AUA Assets under administration Power or the Corporation AUM Assets under management Power Financial or PFC Power Financial Corporation AUM&
Power Corporation of Canada — Q1 2026 Earnings Presentation on 6ix