Power Corporation Of Canada · TSX:POW
Power Corporation Of Canada — Investor Presentation (September 2026)
46 slides from Power Corporation Of Canada's investor presentation, September 2026
Slide 1: Introduction to Power Corporation
INTRODUCTION TO Power Corporation September 2026
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 2026 Conference Call July 31, 2026 Q2 2026 Conference Call July 29, 2026 Q
Slide 5: Table of Contents
Table of Contents Power Corporation Overview 6 Great West 11 IGM Financial 15 GBL 19 Alternative Investment Platforms 21 Value Creation Strategy 24 Appendix 36 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 $57.6 BILLION Market Capitalization 2.9% Dividend Yield [1] 68.6% [3] 63.9% [3] 17.5% [4] 44.6% [5] 72.6% [5] $2.57 BILLION 2025 Net Earnings [2] $79.7 BILLION $19.9 BILLION $15.4 BILLION ALTERNATIVE ASSET $3.40 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 $112.94, up 74% year-over-year, book value per participating share [2] was $37.74 at June 30, 2026 Contribution to Gross Asset Value Jun. 30, Jun. 30, % Variance ($ billions, except per share amounts) 2026 2025 (Y/Y) Publicl
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 creation Net and adjusted net earnings [1] ($ in millions, except per share amoun
Slide 10: Q2 2026 Net and adjusted net earnings
Q2 2026 Net and adjusted net earnings Q2 2026 Highlights Net and Adjusted Net Earnings [3] • Power reported adjusted net earnings [1] of $974 million, up 10% ($ in millions, except per share amounts) Q2 2026 Q2 2025 compared to prior year Great West 871 790 • Power reported net earnings of $690 mill
Slide 11: Great West overview
Great West overview 2025 Highlights Q2 2026 Great West is a financial services holding company that provides retirement, wealth, group benefits and insurance and risk solutions $4.0 BILLION 15.5% $946 BILLION Net Earnings [1] Return on Equity [1,2] Consolidated Assets to approximately 40 million cus
Slide 12: Great West reported strong earnings growth in Q2 2026
Great West reported strong earnings growth in Q2 2026 Base EPS [1] and EPS Base ROE [1] and ROE Q2 2026 Highlights • Base earnings per share [1] of $1.42, up 15% from $1.24 in Q2 2025 Medium-term Medium-term • Great West reported net earnings per share of $1.16 vs. $0.96 in objective of 8-10% object
Slide 13: Driving growth through high-return and capital-efficient businesses
Driving growth through high-return and capital-efficient businesses Base Earnings [1,2] and % by Segment Medium-Term ($ billions) Growth Ambitions [4] U.S. Double digits 35-40% $4.6B $3.7B 34% Canada Mid-single digits 31% 25-30% 8-10% Base EPS [1] growth 31% Mid-single digits+ Medium-Term 36% Europe
Slide 14: Great West is delivering on its medium-term objectives
Great West is delivering on its medium-term objectives Medium-term 1-year 3-year 5-year objective [4] As of Q2 2026 As of Dec 31, 2025 As of Dec 31, 2025 Base EPS Growth [1] 8-10% 15% 12% 12% Growth p.a. CAGR CAGR Base ROE [1,2] 19%+ 19% 17% 17% [5] (prior target 16-17%) Base Dividend Payout Ratio [
Slide 15: IGM Financial overview
IGM Financial overview IGM Financial is a leading Canadian diversified 2025 Highlights Q2 2026 wealth and asset management company supporting advisors and the clients they serve in $1.1 BILLION 13.2% $622.1 BILLION Canada, and institutional investors globally. IGM Net Earnings [1] Return on Equity [
Slide 16: IGM's earnings growth driven by its core businesses
IGM’s earnings growth driven by its core businesses EPS and Adjusted EPS [1] Consolidated AUM&A incl. SI [2] Q2 2026 Highlights ($ billions) • Record second quarter adjusted net earnings [1] of $330 million, up 31% Medium-term year-over-year objective of 9%+ o Double digit earnings growth across eac
Slide 17: IGM is outperforming its medium-term objectives announced in December 2023
IGM is outperforming its medium-term objectives announced in December 2023 5-year (2023-2028) Results at Dec. 31, 2025 Business 2-year Medium-term objectives Core Businesses 7%+ 5-Year Earnings CAGR [1] 14% Strategic 15%+ 9%+ CAGR Investments 5-Year Earnings CAGR [1,2] 5-Year Adjusted EPS CAGR [1,2]
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 his
Slide 19: GBL overview
GBL overview Transition toward fast-growing private assets GBL is a leading and active investor in Europe Investment category % of Portfolio [5] Strategy Investment focused on long-term value creation with the • Net asset value growth • Leading companies in their sector, with a support of a stable f
Slide 20: GBL continues to achieve significant milestones on its mid-term strategic trajectory
GBL continues to achieve significant milestones on its mid-term strategic trajectory FOCUS ON DIRECT PRIVATE ATTRACTIVE RETURNS TO PORTFOLIO SIMPLIFICATION ASSETS SHAREHOLDERS Completed over €5 billion [1] €2.3 billion [2] in capital deployment €773 million of cash returns as at of disposals of list
Slide 21: 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 Building investment platforms to
Slide 22: Ongoing growth at alternative asset investment platforms
Ongoing growth at alternative asset investment platforms • $69.4 billion of AUM [1,2] at June 30, 2026 o Approximately $2.6 billion in fundraising during the first half of 2026, led by real estate, private equity, venture capital and private credit o On April 2, 2026, Sagard completed the previously
Slide 23: 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 $3.8 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 24: Value Creation Strategy
Value Creation Strategy POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 24
Slide 25: 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 on financial services • Publicly traded operating companies investing organically and through active M&A to position for higher growth • At the Power level, adding additional value through
Slide 26: 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 • Leading franchises with attractive growth profiles • Stro
Slide 27: Simplification of Power's group structure
Simplification of Power’s group structure Pre-December 2019 Reorganization Present 64% 69% [1] 64% [1] 18% [2] Power Power Non-Public Non-Public Investments Investments 67% 62% 28% 50% [1] As of June 30, 2026. Power held 68.6% of Great West; IGM held an additional 2.5% of Great West. Power held 63.9
Slide 28: Power has re-positioned its businesses for higher growth based on three key levers
Power has re-positioned its businesses for higher growth based on three key levers Operating Company Organic Levers Great West 1 • Re-positioned through M&A and organic investments Organic growth strategies at each of our publicly traded operating companies • Attractive, diversified growth prospects
Slide 29: Power has returned over $12 billion in capital to shareholders since 2020
Power has returned over $12 billion in capital to shareholders since 2020 Shares repurchased Dividends paid (participating shareholders) ($ billions) $2.3 $2.0 $1.9 $0.7 $1.7 $0.6 $0.4 $1.5 $1.4 $0.4 $1.3 $0.2 $0.2 $0.7 $1.5 $1.6 $1.3 $1.4 $1.2 $1.1 $0.8 2020 2021 2022 2023 2024 2025 Jun. 30, 2026 Y
Slide 30: NAV per share grew +20% CAGR since Q4 2020
NAV per share grew +20% CAGR since Q4 2020 $112.94 +20% CAGR 6% $85.77 $84.54 8% 8% $60.44 $52.60 $53.53 $41.27 $41.91 9% 15% 10% 94% 17% 15% 92% 92% 91% 85% 90% 83% 85% Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q1 26 Q2 26 NAV per share % GAV contribution from others % GAV contribution from publicly trad
Slide 31: Significant monetization of assets at the Power level over the last six years
Significant monetization of assets at the Power level over the last six years to fund share buybacks and support investments ~$5.5 billion of asset monetizations over the last 6 years [1] As at June 30, 2026 ($ billions) • $3.2 billion of share buybacks since 2020 with 70.9 million shares 2020 – Q2
Slide 32: Power discount to NAV
Power discount to NAV [1] Great West sale of U.S. life business announced PCC / PFC reorganization announced Empower acquires MassMutual Wealthsimple fundraising Average 34.5% Wealthsimple fundraising 3 level share buyback announced Putnam sale Empower acquires announced Personal Capital 18.7% Augus
Slide 33: 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 August 31, 2026 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Annualized Annualized Annualized Power Corporation 63.4% 42.1
Slide 34: 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, broad-based growth at Great
Slide 35: 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 87% • GBL targeting medium-term • Strong cash balance with of Pow
Slide 36: Appendix
Appendix POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q4 2024 36
Slide 37: 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 Years Today 2019 2020 2021 2022 2023 2024 2025 Acquisitions Retirement Services Business Full-Service Retirement Business Divestments 2nd largest U.S. retirement services provider [1] U.S. I
Slide 38: 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 39: 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 40: A significant number of value-enhancing transactions have been announced across Power group of companies
A significant number of value-enhancing transactions have been announced across Power group of companies 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 M
Slide 41: A significant number of value-enhancing transactions have been announced (con't)
A significant number of value-enhancing transactions have been announced across Power group of companies since the reorganization (con’t) 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 m
Slide 42: A significant number of value-enhancing transactions have been announced (con't)
A significant number of value-enhancing transactions have been announced across Power group of companies since the reorganization (con’t) 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
Slide 43: A significant number of value-enhancing transactions have been announced (con't)
A significant number of value-enhancing transactions have been announced across Power group of companies since the reorganization (con’t) Date Event Size Overview • New strategic partnerships between Sagard, Lunate (formerly ADQ), an Abu Dhabi-based Lunate and BMO acquire minority equity investment
Slide 44: A significant number of value-enhancing transactions have been announced (con't)
A significant number of value-enhancing transactions have been announced across Power group of companies since the reorganization (con’t) 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 di
Slide 45: A significant number of value-enhancing transactions have been announced (con't)
A significant number of value-enhancing transactions have been announced across Power group of companies since the reorganization (con’t) Date Event Size Overview • Rockefeller announced a recapitalization at an enterprise valuation of over $6.6 billion, marking a significant milestone in the firm’s
Slide 46: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: adidas adidas AG M&A Mergers and acquisitions Ark Life Ark Life Assurance Company dac Mackenzie Mackenzie Financial Corporation AI Artificial Intelligence MassMutual Massachusetts Mutual Life Insurance Company AUA Asset
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