Power Corporation Of Canada · TSX:POW
Power Corporation Of Canada — Investor Presentation (September 2025)
55 slides from Power Corporation Of Canada's investor presentation, September 2025
Slide 1: Introduction to Power Corporation
INTRODUCTION TO Power Corporation September 2025
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: Reference information
Reference information 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 Q2 2025 Conference Call August 8, 2025 Q2 2025 Conference Call August 6, 2025
Slide 5: Table of Contents
Table of Contents Power Corporation Overview 6 Great-West Lifeco 11 IGM Financial 15 GBL 19 Alternative Investment Platforms 22 Value Creation Strategy 26 Appendix 49 POWER CORPORATION OF CANADA 5
Slide 6: Power Corporation Overview
Power Corporation Overview POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 6
Slide 7: Power Corporation is an international management company focused on financial services
Power Corporation is an international management company focused on financial services $37.3 BILLION Market Capitalization 4.2% Dividend Yield [1] 68.7% [4] 62.7% [4] 17.1% [5] 47.4% [6] 74.7% [6] $2.79 BILLION 2024 Net Earnings [2] $50.3 BILLION $11.7 BILLION $16.1 BILLION ALTERNATIVE ASSET $2.97 B
Slide 8: Adjusted net asset value ("NAV" or "Net asset value")
Adjusted net asset value (“NAV” or “Net asset value”) NAV per share [1] was $64.76 and book value per participating share [2] was $35.90 at June 30, 2025 Contribution to Gross Asset Value Jun. 30, % of Gross ($ billions, except per share amounts) 2025 Asset Value Publicly Traded Great-West $32.9 69.
Slide 9: Net and adjusted net earnings from continuing operations
Net and adjusted net earnings from continuing operations Power’s earnings underscored by stable recurring earnings contribution from Great-West and IGM, with other investment businesses and investments focused on value appreciation [1] Net and adjusted net earnings ($ in millions, except per share a
Slide 10: Power delivered strong Q2 2025 results
Power delivered strong Q2 2025 results • Strong year-over-year performance driven by earnings focused Net and Adjusted Net Earnings [2] businesses, Great West and IGM, as well as higher fair values at Sagard. Performance was partly offset by lower earnings from GBL ($ in millions, except per share a
Slide 11: Great-West Lifeco overview
Great-West Lifeco overview 2024 Highlights Q2 2025 Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. Great- $4.01 BILLION 16.7% $815 BILLION Net Earnings – Return on Equity – Consolidated Assets West provides wealth
Slide 12: Great-West delivered strong Q2 2025 results
Great-West delivered strong Q2 2025 results Base and Net EPS from Continuing Base ROE and Net ROE from Q2 2025 Highlights Operations Continuing Operations • Great-West reported net earnings per share from continuing operations of $0.96 vs. $1.08 in Q2 2024 • Base earnings per share [1] of $1.24, up
Slide 13: Great-West updated its medium-term objectives at its 2025 Investor Day
Great-West updated its medium-term objectives at its 2025 Investor Day Medium-Term Objectives Revised Prior Delivered objectives objectives Base EPS Growth [1] 8-10% Re-Affirmed 8-10% 12% [4] CAGR Base ROE [1,2] 19%+ Increased 16-17% 17% [5] Base Dividend Payout Ratio [1] 45-55% Re-Affirmed 45-55% 5
Slide 14: Growth driven by a focus on high-return, capital-efficient businesses
Growth driven by a focus on high-return, capital-efficient businesses Base Earnings and % by Segment [1,2] Medium-Term Growth Objectives ($ billions) 15-20% Mid single digits + $4.2B 15-20% Mid single digits + 20% 8-10% $3.3B Base EPS [1] 19% 23% 25-30% Mid single digits growth 29% 34% 40% Double di
Slide 15: IGM Financial overview
IGM Financial overview IGM Financial is a leading Canadian diversified 2024 Highlights Q2 2025 wealth and asset management company supporting advisors and the clients they serve in $934 MILLION 13.0% $521 BILLION Canada, and institutional investors globally. IGM Net Earnings [1] Return on Equity [1]
Slide 16: IGM's Q2 2025 results driven by record client assets at its core businesses and solid net flows
IGM’s Q2 2025 results driven by record client assets at its core businesses and solid net flows Net and Adjusted Net EPS Consolidated AUM&A Q2 2025 Highlights ($ billions) • Record second quarter adjusted net earnings [1] of $252.7 million • Record quarter-end AUM&A of $283.9 billion, up Medium-term
Slide 17: IGM medium-term objectives
IGM medium-term objectives IGM Financial 5-Year EPS Growth Targets [1] Wealth Asset Management Management 5-Year Core 7%+ [2] Earnings CAGR 5-Year Businesses 9%+ Adjusted EPS CAGR [2,3] Sum-of-the-parts shareholder value creation Strategic 5-Year Investments 15%+ [2,3] Earnings CAGR [1] Announced as
Slide 18: IGM's strategic investments diversify and accelerate earnings growth profile
IGM’s strategic investments diversify and accelerate earnings growth profile [1] • Target recruiting of $120 million in annual production acquired [2] • Target organic growth of 6-8% [3] Medium-term objectives • Current capacity to scale and create operating leverage & expected benefits • • Strong h
Slide 19: GBL overview
GBL overview Transition toward fast-growing private assets % of Portfolio [5] Investment Strategy GBL is a leading and active investor in Europe, • Leading companies in their sector, with a clear and • Net asset value growth focused on long-term value creation with a Listed Assets sustainable busine
Slide 20: GBL executing on its value creation strategy
GBL executing on its value creation strategy Significant rotation into private assets over the past 5+ years Q2 2025 Highlights (% of portfolio) [2] 4.7% • GBL continued to execute on its value creation strategy Q4 2019 Q2 2025 in order to deliver on its medium-term double-digit TSR objective [1] 15
Slide 21: GBL has set out a double-digit TSR growth objective, driven by NAV per share growth and attractive shareholder distributions
GBL has set out a double-digit TSR [1] growth objective, driven by NAV per share growth and attractive shareholder distributions Objectives for 2027E supported by dividend growth from a new base of €5.00 per share [2] Sources Uses Generating cash… … for new investments… …and shareholder returns… (~€
Slide 22: Value creation from Power's alternative asset investment platforms
Value creation from Power’s alternative asset investment platforms Power drives value from Sagard and Power Sustainable by building third-party asset managers and benefiting from the returns on proprietary capital invested in each platform Asset Management Activities Q2 2025 Highlights Building inve
Slide 23: Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms
Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms Funded AUM [1] PCC Funded Third Party Funded • Sagard and Power Sustainable continue to scale through ($ billions) different levers, generating recurring fee-related earnings 36.5 o Ongoing fundraising from
Slide 24: Ongoing fundraising at alternative asset investment platforms
Ongoing fundraising at alternative asset investment platforms • $47 billion of AUM [1,2] at June 30, 2025 o BEX transaction closed in June 2025, adding $3.1 billion in AUM o Sagard raised over $2 billion [3] in Q2 2025 AUM Funded AUM Power Third parties ($ billions) Sagard Power Sustainable $47.0 $1
Slide 25: 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 $2.7 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 26: Value Creation Strategy
Value Creation Strategy POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 26
Slide 27: Power has been pursuing a new value creation strategy since the reorganization announced in late 2019
Power has been pursuing a new value creation strategy since the reorganization announced in late 2019 • Focused upon financial services, not diversification • Publicly traded operating companies investing organically and through active M&A to position for higher growth • At the Power level, adding a
Slide 28: Power group of companies' value creation strategy is focused on three key levers
Power group of companies’ value creation strategy is focused on three key levers Operating Companies Organic growth strategies at each of our publicly traded operating 1 Organic Levers companies Operating Companies 2 M&A Levers Deployment and redeployment of capital Power Company 3 Level Levers Acti
Slide 29: Value creation strategy launched during reorganization consistent with Power's key principles
Value creation strategy launched during reorganization consistent with Power’s key principles Our key principles reflect the long-term orientation of the Desmarais family, controlling shareholders of Power since 1968 • Long-term perspective & investment horizon • Build industry leaders with attracti
Slide 30: Simplification of Power's group structure
Simplification of Power’s group structure Pre-December 2019 Reorganization Present 64% 69% [1] 63% [1] 17% [2] Power Power Non-Public Non-Public Investments Investments 67% 62% 28% 50% [1] As of June 30, 2025. Power held 68.7% of Great-West; IGM held an additional 2.4% of Great-West. Power held 62.7
Slide 31: Power has re-positioned its businesses for higher growth
Power has re-positioned its businesses for higher growth Great-West Operating Companies • Re-positioned through M&A and organic investments 1 • Attractive, diversified growth prospects led by Empower’s retirement and wealth business in Organic Levers the U.S. IGM Financial • Leading core franchises
Slide 32: Strategic repositioning of Great-West's U.S. business to accelerate growth in retirement and wealth
Strategic repositioning of Great-West’s U.S. business to accelerate growth in retirement and wealth 2018 Last Five Years Today 2019 2020 2021 2022 2023 Acquisitions Retirement Services Business Full-Service Retirement Business Divestments 2nd largest U.S. retirement services provider [1] U.S. Indivi
Slide 33: In Canada, Great-West combined its three franchises into Canada Life
In Canada, Great-West combined its three franchises into Canada Life and has been investing to enhance product, distribution and efficiency 2020 Amalgamation to simplify the business, unite its employees and better serve its client base Leading insurance, wealth management and benefit provider servi
Slide 34: IGM owns leading wealth and asset management franchises in Canada and has high growth plays in the U.S. and China
IGM owns leading wealth and asset management franchises in Canada and has high growth plays in the U.S. and China Wealth management • IG Wealth has strengthened its advisor force, product suite and technology platform for the benefit of its clients and to cater to the high-net-worth market • In Apri
Slide 35: GBL has embarked on an asset rotation strategy focusing on direct and indirect private investments
GBL has embarked on an asset rotation strategy focusing on direct and indirect private investments As at Q2 2025 • Investments in leading companies in their sector, €7.4 BILLION (54%) with a clear and sustainable business model Listed Assets • Focus on private assets to create a less replicable port
Slide 36: Development of Power's alternative asset management businesses
Development of Power’s alternative asset management businesses • Operate in asset classes where we can create competitive advantage • Platforms’ growth strategy is focused on raising 3rd party capital • Power invests proprietary capital in the strategies of Sagard and Power Sustainable to support th
Slide 37: Sagard pursuing growth through a number of strategic transactions
Sagard pursuing growth through a number of strategic transactions (formerly ADQ) • In September 2023, • In January 2024, Sagard • In March 2024, Sagard • In June 2025, Sagard Sagard closed new acquired a strategic acquired a 40% stake in acquired a strategic strategic partnerships interest in Perfor
Slide 38: Sagard has entered into a partnership with GBL
Sagard has entered into a partnership with GBL • In March 2025, GBL and Sagard completed a transaction whereby GBL Capital acquired a 5% minority interest in Sagard Holdings Management Inc. • As part of the transaction, GBL committed to invest a minimum of €250 million in Sagard-managed funds over a
Slide 39: Power Sustainable has entered into a strategic partnership with Great-West
Power Sustainable has entered into a strategic partnership with Great-West • In May 2024, Power Sustainable announced a new long-term strategic partnership with Great-West o Enables Power Sustainable to accelerate its growth and market penetration in sustainable private equity and infrastructure cre
Slide 40: Power Sustainable announced the launch of its decarbonization private equity strategy
Power Sustainable announced the launch of its decarbonization private equity strategy • In May 2025, Power Sustainable announced the launch of its fourth investment strategy: Power Sustainable Strategies Power Sustainable Decarbonization Private Equity • The strategy has secured up to $450 million [
Slide 41: Returning capital to Power shareholders
Returning capital to Power shareholders $8.2 billion of capital returned to shareholders since 2020 Power’s dividends paid per share have increased for 11 consecutive years ($ millions) 2020 2021 2022 2023 2024 Total • Quarterly dividend increased 8.9% to 61.25¢ Dividends 1,081 1,211 1,331 1,374 1,4
Slide 42: Returning capital to Power shareholders (cont'd)
Returning capital to Power shareholders (cont’d) Power returned ~$970 million of capital to shareholders year-to-date in 2025 • $756 million of dividends paid to participating shareholders year-to-date at June 30, 2025 • $209 million of subordinate voting shares repurchased under the NCIB program ye
Slide 43: Significant monetization of assets at the Power level over the last five years to fund share buybacks
Significant monetization of assets at the Power level over the last five years to fund share buybacks and support investments $3.6 billion of asset monetizations over the last 5 years [1] As at December 31, 2024, $1.8 billion of share buybacks since 2020 with 49.4 million shares repurchased, represe
Slide 44: Power Corporation and its OpCos have elevated their communication programs with the investment community
Power Corporation and its OpCos have elevated their communication programs with the investment community • Increased communication with stakeholders • Launched quarterly earnings call in Q1’20 • Continued enhancement of investment platform disclosure aligned with business model introduced in Q2’20 •
Slide 45: 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 40% Great-West sale of U.S. life business announced PCC / PFC reorganization announced Putnam sale 35% announced WHO declares global pandemic Wealthsimple 30% fundraising Russia-Ukraine conflict escalates 25% 3 level share buyb
Slide 46: 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 Return As at August 29, 2025 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Annualized Annualized Annualized Power Corpo
Slide 47: Opportunities for further value creation
Opportunities for further value creation Power will continue to exercise its three levers for value creation, with concrete actions and opportunities available in the short to medium-term • Public operating companies positioned for organic growth: Operating o Diversified, broadly-based growth at Gre
Slide 48: 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% • The
Slide 49: Appendix
Appendix POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 49
Slide 50: A significant number of value-enhancing transactions have been announced since the reorganization
A significant number of value-enhancing transactions have been announced since the reorganization Date Event Size Overview Feb’20 Reorganization of Power and PFC $8.7 billion • Completed the reorganization of PFC and Power to eliminate dual holding company structure Mar’20 Reorganization of Pargesa
Slide 51: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview $750 million • Valued Power group’s interest at $2.6 billion as of the transaction date, including May’21 Wealthsimple Fundraising $250 million primary $500 million ret
Slide 52: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • Combination creates a prominent global player in customer experience • GBL to be paid with a combination of Concentrix shares, earn-out shares and a seller note to be
Slide 53: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • New strategic partnerships between Sagard, Lunate (formerly ADQ), an Abu Dhabi-based Lunate and BMO acquire minority equity investment and holding company, and Bank o
Slide 54: A significant number of value-enhancing transactions have been announced since the reorganization (cont'd)
A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview • Marks a significant step in Sagard’s expansion into private equity secondaries Apr’25 Sagard enters partnership with BEX Capital Not disclosed • BEX Capital’s capabil
Slide 55: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: Ark Life Ark Life Assurance Company dac Mackenzie Mackenzie Financial Corporation AUA Assets under administration MassMutual Massachusetts Mutual Life Insurance Company AUM Assets under management MD&A Management’s Disc
Power Corporation of Canada — Investor Presentation (September 2025) on 6ix