Slide 1: Q4 and Year-End 2025 Results Investor Presentation
1 Q4 AND YEAR-END 2025 RESULTS Investor Presentation March 19, 2026 1 POWER CORPORATION OF CANADA 1
Slide 2: Forward Looking Statements
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 and Non-IFRS Financial Measures
Basis of presentation, non-IFRS financial measures, other measures and clarifications on adjusted net asset value Basis of Presentation The 2025 Consolidated Financial Statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting St
Slide 4: Business Overview
Business Overview R. Jeffrey Orr President and Chief Executive Officer 4 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q4 Q32025 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 Q4 2025 Conference Call March 19, 2026 Q4 2025 Co
Slide 6: Strong Progress Made on Power's Value Creation Strategy in 2025
Strong progress made on Power’s value creation strategy in 2025 • Power made strong progress against all three key levers of its value Delivering on creation strategy value creation Adjusted Net EPS and Net EPS from Continuing Operations [1] strategy • Adjusted NAV [1] per share grew 42% in the year
Slide 7: Financial Update
Financial Update Jake Lawrence Executive Vice-President and Chief Financial Officer 7 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q4 Q32025 2024
Slide 8: Net and Adjusted Net Earnings From Continuing Operations
Net and adjusted net earnings from continuing operations Q4 2025 Highlights Net and Adjusted Net Earnings [2] • Power reported net earnings from continuing operations of $408 million vs. $933 million in Q4 2024 ($ in millions, except per share amounts) Q4 2025 Q4 2024 2025 2024 • Strong year-over-ye
Slide 9: Adjusted Net Asset Value Per Share Up 42% Year-Over-Year
Adjusted Net asset value per share up 42% year-over-year • Adjusted net asset value (“NAV” or “Net Asset Value”) per share was $85.77 at the end of Q4, up 42% year-over-year and 19% quarter-over-quarter o Adjusted NAV per share was $83.32 at March 18, 2026 [1] • Power’s fair value in Wealthsimple in
Slide 10: Business Review
Business Review R. Jeffrey Orr President and Chief Executive Officer 10 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q4 Q32025 2024
Slide 11: Leadership Changes Effective July 1, 2026
Leadership changes effective July 1, 2026 R. Jeffrey Orr James O’Sullivan Damon Murchison Vice-Chair of President and Chief Executive President and Chief Executive Power Corporation Officer of Power Corporation Officer of IGM Financial 11 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION |
Slide 12: Great-West Delivered Strong Results
Great-West delivered strong results Base EPS [1] and Net EPS from Continuing Operations Q4 2025 Highlights Medium-term objective of 8-10% Base EPS • Great-West reported net earnings per share from continuing operations of $1.15 vs. $1.20 in Q4 2024 Net EPS +12% 5.03 +13% 1.36 • Record base earnings
Slide 13: Great-West Is Delivering on Its Medium-Term Objectives
Great-West is delivering on its medium-term objectives Medium-term objective [4] 1-year 3-year 5-year Base EPS Growth [1] 8-10% 12% 12% 12% Growth p.a. CAGR CAGR Base ROE [1,2] 19%+ 18% 17% 17% [5] (prior target 16-17%) Base Dividend Payout Ratio [1] 45-55% 49% 50% 51% Base Capital Generation [1,3]
Slide 14: IGM's Earnings Growth Driven by Its Core Businesses
IGM’s earnings growth driven by its core businesses and dividend increased by 10% Net EPS and Adjusted Net EPS [1] Q4 2025 Highlights Adjusted net EPS • Net earnings of $322.4 million, up 26.6% from Q4 2024 Net EPS Medium-term objective of 9%+ • Adjusted net earnings [1] of $301.4 million +17% o Str
Slide 15: IGM's Strategic Investments Continue to Deliver Client Asset Growth
IGM’s strategic investments continue to deliver impressive client asset growth Wealth Management Asset Management +21.6% 591.4 486.2 +73.9% 111.3 64.0 AUA [1] AUM [1,2] ($ billions) ($ billions) Q4 2024 Q4 2025 Q4 2024 Q4 2025 +24.7% 271.4 217.7 +9.4% 32.0 35.0 Client assets [1,2] AUM [1] ($ billion
Slide 16: IGM Is Outperforming Its Medium-Term Objectives
IGM is outperforming its medium-term objectives announced in December 2023 5-Year (2023-2028) Results at Dec. 31, 2025 Business Medium-term Objectives 2-year Core Businesses 5-Year 13% 7%+ Earnings CAGR CAGR [1] Strategic Investments 5-Year 17% 15%+ Earnings CAGR CAGR [1,2] 5-Year 9%+ Adjusted EPS 1
Slide 17: GBL Delivered a TSR of 23.2% in 2025
GBL delivered a TSR of 23.2% [1] in 2025 Focus on Attractive returns 1 Portfolio simplification 2 direct private assets 3 to shareholders • Disposals of certain listed assets and • Value creation and a new investment • €1 billion of cash returned to other asset classes (€5 billion target) o Ongoing
Slide 18: Sagard Accelerating Growth Through Fundraising and Acquisitions
Sagard accelerating growth through third party fundraising, acquisitions and partnerships Sagard Private Equity Solutions Strong increase in Sagard AUM 2025 • AUM [2] of ~US$47.1 billion on a pro-forma basis, up from US$27.3 billion at December 31, 2024: [1] o US$3.5 billion of commitments [3] raise
Slide 19: Power Sustainable Has Four Attractive Strategies
Power Sustainable has four attractive strategies and made progress in 2025 Infrastructure • $1.8 billion of commitments Power Sustainable AUM [2] ($ billions) Equity • 15 investment professionals and related functions $4.4 Infrastructure • Over US$800 million in commitments Credit • 8 investments co
Slide 20: Power Has Returned Over $10 Billion in Capital
Power has returned over $10 billon in capital to shareholders since 2019 Shares repurchased $2,252 Dividends paid (participating shareholders) ($ millions) $1,957 $1,867 $1,746 $711 $583 $430 $1,364 $415 $1,274 $153 $193 $1,541 $1,374 $1,437 $1,331 $1,211 $1,081 2020 2021 2022 2023 2024 2025 20 POWE
Slide 21: Power Discount to NAV Narrowed Over 2025
Power discount to NAV [1] narrowed over 2025 45% Great-West sale of U.S. life business announced 40% PCC / PFC reorganization announced Empower acquires MassMutual 35% Wealthsimple fundraising 30% Average 34.5% Wealthsimple fundraising 25% 3 level share buyback announced 20.2% 20% Putnam sale Mar. 1
Slide 22: 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 March 18, 2026 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Annualized Annualized Annualized Power Corporation 41.3% 32.1%
Slide 23: 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 84% • GBL targeting medium-term • Strong cash balance of $2.2 bil
Slide 24: Questions
Questions 24 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q4 Q32025 2024
Slide 25: Appendix
Appendix 25 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q4 Q32025 2024
Slide 26: Asset Management Activities
Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms Funded AUM [1] PCC Funded Third Party Funded • Sagard and Power Sustainable continue to scale through different levers, generating recurring fee-related earnings ($ billions) o Ongoing fundraising from third
Slide 27: Investing Activities
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 $3.2 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 28: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: Adjusted net earnings Adjusted net earnings from continuing operations NAV or Net Asset Value Adjusted net asset value Affidea Affidea Group B.V. NCIB Normal course issuer bid AUA Assets under administration Northleaf N