Readers are referred to the sections Non-IFRS Financial Measures and Forward-Looking Statements later in this release. All figures are expressed in Canadian dollars unless otherwise noted. |
MONTRÉAL, July 30, 2026 /CNW/ -- Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) (TSX: POW.PR.E) today reported earnings results for the three and six months ended June 30, 2026.
Power Corporation
Consolidated results for the period ended June 30, 2026
HIGHLIGHTS
POWER CORPORATION
Net earnings [1] for the second quarter of 2026 were $690 million or $1.10 per share [2], compared with $772 million or $1.20 per share in the second quarter of 2025.
Adjusted net earnings [1, 3] were $974 million or $1.55 per share, compared with $883 million or $1.38 per share in the second quarter of 2025.Adjusted net asset value per share [3] was $112.94 at June 30, 2026, compared with $85.77 at December 31, 2025, representing an increase of 31.7%, primarily driven by the publicly traded operating companies.
Book value per share [4] was $37.74 at June 30, 2026, compared with $36.31 at December 31, 2025, representing an increase of 3.9%.The Corporation continued to execute on its value creation strategy, delivering record adjusted net earnings per share driven by strong operating company performance, with value creation across its alternative asset investment platforms, and continued portfolio simplification initiatives.
-
Great West reported adjusted return on equity (ROE) [5] exceeding 19% for the second consecutive quarter, while IGM Financial delivered record adjusted net earnings supported by strong performance across its businesses.
-
Power group's interest in Wealthsimple, held collectively with IGM Financial and Portage Ventures I, was valued at $4.7 billion, representing an increase of 15% in the second quarter [6], reflecting Wealthsimple's continued business momentum.
-
The fair value of Sagard Holdings Management Inc. increased by 11% [7], contributing positively to value creation and reflecting the continued scaling of the platform, including the recent closing of the acquisition of Unigestion Private Equity Holding SA (Unigestion).
-
The Corporation has entered into an agreement for the sale of 100% of its interest in LMPG Inc. [8], the last investment previously presented within Standalone businesses, further simplifying the Power group.
-
In 2026, the Corporation has returned $1.5 billion in capital to shareholders as at June 30, 2026, comprising of $0.8 billion in dividends and $0.7 billion through share repurchases.
-
GREAT-WEST LIFECO INC. (GREAT WEST)
Second quarter net earnings were $1,039 million, compared with $894 million in the second quarter of 2025.
Adjusted net earnings [9] were $1,270 million, compared with $1,149 million in the second quarter of 2025.Adjusted net earnings increased 11% from the second quarter of 2025, driven by sustained momentum in Great West's Retirement and Wealth businesses, led by Empower, and supported by strong Capital Solutions new business growth in Capital and Risk Solutions.
On June 30, 2026, Empower announced the acquisition of Milliman, Inc.'s retirement plan and benefits administration business for US$340 million [10]. The acquisition will further extend Empower's Workplace Solutions platform with approximately US$130 billion in client assets and 1.5 million plan participants at closing, while expanding defined benefit administration and health and welfare capabilities.
Great West delivered adjusted ROE [5] of 19.3% and ROE of 17.2%, achieving Great West's 19%+ medium-term adjusted ROE objective for the second consecutive quarter, as a result of its earnings growth, disciplined capital deployment, and share buybacks.
IGM FINANCIAL INC. (IGM)
Second quarter net earnings were $261.5 million, compared with $246.7 million in the second quarter of 2025.
Adjusted net earnings [3] were $330.0 million, compared with $252.7 million in the second quarter of 2025.Record adjusted net earnings demonstrate the diversified growth of IGM's wealth and asset management businesses, reflecting the breadth of IGM's platform and the value of its diversified portfolio of wealth and asset management businesses.
Assets under management and advisement [4] were $343.3 billion at June 30, 2026, an increase of 9.3% from March 31, 2026 and 20.9% from June 30, 2025.
Assets under management and advisement including strategic investments [4] were $622.1 billion at June 30, 2026, compared with $568.9 billion at March 31, 2026 and $521.1 billion at June 30, 2025.
[1] |
Attributable to participating shareholders. |
[2] |
All per share amounts are per participating share of the Corporation. |
[3] |
Adjusted net earnings, adjusted net earnings reported by IGM and adjusted net asset value are non-IFRS financial measures. Adjusted net earnings per share and adjusted net asset value per share are non-IFRS ratios. Refer to the Non-IFRS Financial Measures section later in this news release. |
[4] |
Refer to the Other Measures section later in this news release. |
[5] |
Defined as "base ROE" by Great West, a non-IFRS ratio; refer to the Non-IFRS Financial Measures section later in this news release. In April 2025, Great West updated its medium-term growth objectives effective January 1, 2025, medium-term defined as 3-5 years. |
[6] |
IGM classifies its investment in Wealthsimple as fair value through other comprehensive income (FVOCI); as such there is no impact on net earnings. The Corporation controls and consolidates Wealthsimple; therefore, the increase in fair value is not reflected in net earnings. |
[7] |
The Corporation controls and consolidates Sagard Holdings Management Inc. (SHMI); therefore, the increase in fair value is not reflected in net earnings. |
[8] |
Expected to close in the third quarter of 2026, subject to customary closing conditions. |
[9] |
Defined as "base earnings" by Great West, a non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. |
[10] |
Expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals. |
HIGHLIGHTS (CONTINUED)
GROUPE BRUXELLES LAMBERT (GBL)
GBL reported a net asset value [1] of €13.1 billion or €100.77 per share at June 30, 2026, compared with €14.0 billion or €105.37 per share at December 31, 2025.
In the second quarter of 2026, GBL completed a total of €77 million of share buybacks.
GBL continued to advance its mid-term strategy focused on controlled or co-controlled direct private investments, announcing €2.3 billion of investments in 2026. During the second quarter, GBL launched a voluntary tender offer for Recordati S.p.A. [2] alongside CVC Capital Partners and completed its investment in Rayner. Subsequent to quarter-end, GBL also completed the acquisition of BUKO Group.
SAGARD HOLDINGS INC. (SAGARD)
On April 2, 2026, Sagard completed the previously announced acquisition of Unigestion, further advancing the growth of its asset management platform. The transaction increased assets under management [1] to US$46.9 billion as at June 30, 2026.
WEALTHSIMPLE FINANCIAL CORPORATION (WEALTHSIMPLE)
Wealthsimple's clients increased to 3.6 million at June 30, 2026, and assets under administration [1] were $155.6 billion, an increase of 25% from March 31, 2026 and 84% from June 30, 2025.
|
[1] Refer to the Other Measures section later in this news release. |
[2] Expected to close in the fourth quarter of 2026, subject to shareholder approval and other customary closing conditions. |
Second Quarter
Net earnings attributable to participating shareholders were $690 million or $1.10 per share, compared with $772 million or $1.20 per share in 2025.
Adjusted net earnings attributable to participating shareholders [1] were $974 million or $1.55 per share, compared with $883 million or $1.38 per share in 2025.
Adjustments in the second quarter of 2026, excluded from adjusted net earnings, were a net negative impact to earnings of $284 million or $0.45 per share, mainly comprised of the Corporation's share of Adjustments of:
Great West of negative $197 million, mainly related to market experience relative to expectations, amortization of acquisition-related finite life intangible assets, assumption changes and management actions, and includes the effect of consolidation;
IGM of negative $43 million, mainly related to restructuring and other charges arising from a multi-year initiative to further simplify IGM's organization, partially offset by a gain on partial sale of investment in associates;
Sagard and Power Sustainable of negative $16 million, mainly related to a revaluation adjustment on SHMI's non-controlling interests (NCI) liabilities in BEX Capital SAS (BEX), partially offset by the revaluation of NCI liabilities within Power Sustainable Energy Infrastructure Partnership (PSEIP); and
Corporate operations and Other of negative $28 million, reflecting an impairment charge on the Corporation's investment in LMPG Inc. (LMPG) in connection with the sale agreement expected to close in the third quarter of 2026.
In the second quarter of 2025, Adjustments were a net negative impact to earnings of $111 million or $0.18 per share, mainly related to the Corporation's share of Adjustments of Great West, partially offset by the Corporation's share of Adjustments of IGM and Power Sustainable.
Contributions to Power Corporation's Earnings | ||||||||||
(in millions of dollars, except per share amounts) |
Adjusted Net Earnings |
|
|
Net Earnings | ||||||
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
| |
Great West [2] |
871 |
|
790 |
|
|
712 |
|
615 |
| |
IGM [2] |
211 |
|
158 |
|
|
167 |
|
154 |
| |
GBL [2] |
(5) |
|
(15) |
|
|
(5) |
|
(15) |
| |
Effect of consolidation - Great West and IGM [3] |
(20) |
|
(9) |
|
|
(57) |
|
10 |
| |
Publicly traded operating companies |
1,057 |
|
924 |
|
|
817 |
|
764 |
| |
|
|
|
|
|
|
|
|
|
| |
Sagard and Power Sustainable [4] |
29 |
|
93 |
|
|
13 |
|
142 |
| |
Corporate operations and Other [5, 6] |
(112) |
|
(134) |
|
|
(140) |
|
(134) |
| |
|
974 |
|
883 |
|
|
690 |
|
772 |
| |
|
|
|
|
|
|
|
|
|
| |
Per participating share |
1.55 |
|
1.38 |
|
|
1.10 |
|
1.20 |
| |
Average shares outstanding (in millions) |
630.2 |
|
642.1 |
|
|
630.2 |
|
642.1 |
| |
|
|
|
|
|
|
|
|
|
|
|
Publicly traded operating companies: contribution to net earnings was $817 million, an increase of 6.9% from the second quarter of 2025, and contribution to adjusted net earnings was $1,057 million, an increase of 14.4% from the second quarter of 2025:
Great West: contribution to net earnings and to adjusted net earnings increased by $97 million or 15.8% and by $81 million or 10.3%, respectively.
IGM: contribution to net earnings and adjusted net earnings increased by $13 million or 8.4% and by $53 million or 33.5%, respectively.
GBL: contribution to net earnings and adjusted net earnings of negative $5 million in the second quarter of 2026, compared with a contribution to net earnings and adjusted net earnings of negative $15 million in the second quarter of 2025.
Sagard and Power Sustainable: Sagard's contribution to net earnings and adjusted net earnings was positive $10 million and positive $33 million, respectively. The contribution to Sagard's net earnings and adjusted net earnings in 2025 included a positive contribution of $98 million from investing activities, mainly related to fair value changes in the private equity portfolio. Power Sustainable's contribution to net earnings and adjusted net earnings was positive $3 million and negative $4 million, respectively.
[1] |
A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. |
[2] |
Contribution to net and adjusted net earnings based on earnings reported by Great West and IGM. Contribution to net earnings based on earnings reported by GBL. |
[3] |
Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent Management's Discussion and Analysis (MD&A) for additional information. |
[4] |
Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries. |
[5] |
In the first quarter of 2026, the Corporation modified its presentation; the contribution to net earnings and adjusted net earnings from Standalone businesses has been presented within Corporate operations and Other. The comparatives have been reclassified to conform with the current presentation. |
[6] |
Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, including the Corporation's investment in LMPG, as well as corporate operations of the Corporation and Power Financial Corporation (Power Financial), which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. Refer to the section "Corporate operations and Other" below. |
Six Months
Net earnings attributable to participating shareholders were $1,510 million or $2.39 per share, compared with $1,461 million or $2.27 per share in 2025.
Adjusted net earnings attributable to participating shareholders [1] were $1,879 million or $2.98 per share, compared with $1,670 million or $2.60 per share in 2025.
Contributions to Power Corporation's Earnings |
|
|
|
|
| ||||
(in millions of dollars, except per share amounts) |
Adjusted Net Earnings |
|
|
Net Earnings | |||||
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
Great West [2] |
1,722 |
|
1,493 |
|
|
1,531 |
|
1,202 |
|
IGM [2] |
391 |
|
307 |
|
|
347 |
|
301 |
|
GBL [2] |
15 |
|
(12) |
|
|
15 |
|
10 |
|
Effect of consolidation - Great West and IGM [3] |
(32) |
|
(14) |
|
|
(82) |
|
3 |
|
Publicly traded operating companies |
2,096 |
|
1,774 |
|
|
1,811 |
|
1,516 |
|
|
|
|
|
|
|
|
|
|
|
Sagard and Power Sustainable [4] |
11 |
|
127 |
|
|
(45) |
|
164 |
|
Corporate operations and Other [5] |
(228) |
|
(231) |
|
|
(256) |
|
(219) |
|
|
1,879 |
|
1,670 |
|
|
1,510 |
|
1,461 |
|
|
|
|
|
|
|
|
|
|
|
Per participating share |
2.98 |
|
2.60 |
|
|
2.39 |
|
2.27 |
|
Average shares outstanding (in millions) |
632.1 |
|
642.6 |
|
|
632.1 |
|
642.6 |
|
[1] |
A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. |
[2] |
Contribution to net and adjusted net earnings based on earnings reported by Great West and IGM. Contribution to net earnings based on earnings reported by GBL. |
[3] |
Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information. |
[4] |
Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries. |
[5] |
Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, including the Corporation's investment in LMPG, as well as corporate operations of the Corporation and Power Financial, which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. Refer to the section "Corporate operations and Other" below. |
Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert
Results for the quarter ended June 30, 2026
The information below is derived from Great West's and IGM's second quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation and which are included in Parts B and C, respectively, of the Corporation's interim MD&A for the period ended June 30, 2026, available under the Corporation's profile on SEDAR+ (www.sedarplus.ca), and are also available either under their respective profiles on SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com. The information below related to GBL is derived from publicly disclosed information, as issued by GBL in its half-year report at June 30, 2026. Further information on GBL's results is available on its website at www.gbl.com. |
GREAT-WEST LIFECO INC.
Second Quarter
Net earnings attributable to common shareholders were $1,039 million or $1.16 per share, compared with $894 million or $0.96 per share in 2025.
Adjusted net earnings [1] attributable to common shareholders were $1,270 million or $1.42 per share, compared with $1,149 million or $1.24 per share in 2025.
Adjustments in the second quarter of 2026, excluded from adjusted net earnings, were a net negative impact of $231 million, compared with a net negative impact of $255 million in 2025. Great West's Adjustments consisted of:
Market experience relative to expectations of negative $168 million;
Amortization of acquisition-related finite life intangible assets of negative $34 million;
Assumption changes and management actions of negative $23 million; and
Business transformation and other impacts of negative $6 million.
IGM FINANCIAL INC.
Second Quarter
Net earnings available to common shareholders were $261.5 million or $1.12 per share, compared with $246.7 million or $1.04 per share in 2025.
Adjusted net earnings [2] attributable to common shareholders were $330.0 million or $1.41 per share, compared with $252.7 million or $1.07 per share in 2025. Adjusted net earnings of IGM in the second quarter of 2026 excluded a net negative impact mainly related to restructuring and other charges of $70.1 million net of tax, arising from a multi-year initiative to further simplify IGM's organization, partially offset by a gain on partial sale of investment in associates.
Assets under management and advisement [3] at June 30, 2026 were $343.3 billion, an increase of 9.3% from March 31, 2026 and 20.9% from June 30, 2025. Net inflows [4] were $2.2 billion in the second quarter of 2026, compared with net inflows of $90 million in 2025.
GROUPE BRUXELLES LAMBERT
Second Quarter
GBL reported a net loss of €12 million, compared with a net loss of €50 million in 2025.
GBL reported a net asset value [3] of €13,079 million or €100.77 per share at June 30, 2026, compared with €14,035 million or €105.37 per share at December 31, 2025.
| |
[1] |
Defined as "base earnings" by Great West. For additional information, refer to the Non-IFRS Financial Measures section later in this news release. |
[2] |
Adjusted net earnings reported by IGM is a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section later in this news release. |
[3] |
Refer to the Other Measures section later in this news release. |
[4] |
Related to assets under management and advisement. |
Sagard and Power Sustainable
Results for the quarter ended June 30, 2026
Sagard and Power Sustainable comprise the results of the Corporation's alternative asset investment platforms, which includes income earned from asset management and investing activities. Asset management activities includes fee-related earnings (a non-IFRS financial measure, see the Non-IFRS Financial Measures section later in this news release), which is comprised of management fees and fee-related performance revenues less investment platform expenses. Asset management activities also includes carried interest and income from other management activities. Investing activities comprises income earned on the capital invested by the Corporation (proprietary capital) in the investment funds managed by each platform and the share of earnings (losses) of controlled and consolidated subsidiaries held within the alternative asset investment platforms. For additional information, refer to the table later in this news release. |
Second Quarter
Net earnings of the alternative asset investment platforms were $13 million, compared with net earnings of $142 million in 2025. Adjusted net earnings [1] of the alternative asset investment platforms were $29 million, compared with adjusted net earnings of $93 million in 2025.
Adjusted net earnings are comprised of:
A positive contribution of $33 million from Sagard comprised of a positive contribution of $15 million from asset management activities and a positive contribution of $18 million from investing activities. Sagard's Adjustments in the second quarter of 2026, excluded from adjusted net earnings, were a net negative impact of $23 million, compared with an impact of nil in the corresponding period in 2025. Adjustments consisted primarily of a revaluation adjustment of SHMI's NCI liabilities in BEX, resulting from a positive revision to earnings expectations; and
A negative contribution of $4 million from Power Sustainable comprised of a negative contribution of $7 million from asset management activities and a positive contribution of $3 million from investing activities. Power Sustainable's Adjustments in the second quarter of 2026, excluded from adjusted net earnings, were a net positive impact of $7 million, compared with a positive impact of $49 million in the corresponding period in 2025. Adjustments consisted primarily of the revaluation of NCI liabilities [2] within PSEIP, due to a decrease in the fair value of projects held within the fund.
Summary of assets under management [3] (including unfunded commitments [3]):
(in billions of dollars) |
|
|
|
June 30, 2026 |
|
June 30, 2025 |
| ||
Sagard [4] |
|
|
|
|
|
65.1 |
|
43.0 |
|
Power Sustainable |
|
|
|
|
|
4.3 |
|
4.0 |
|
Total |
|
|
|
|
|
69.4 |
|
47.0 |
|
Percentage of third-party and associated companies [5] |
|
|
|
|
|
94 |
% |
93 |
% |
[1] |
A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. |
[2] |
The Corporation controls and consolidates the activities of PSEIP in accordance with IFRS; however, limited partner equity interests held by third parties have redemption features and are classified as a financial liability and remeasured at their redemption value. Includes the share of losses from the consolidated activities of PSEIP attributable to third-party investors. |
[3] |
Refer to the Other Measures section later in this news release. |
[4] |
Includes ownership in Wealthsimple valued at $4.4 billion at June 30, 2026 ($2.6 billion at June 30, 2025) and excludes assets under management of Sagard's private wealth investment platform. In the second quarter of 2026, Sagard acquired a controlling interest in Unigestion, representing assets under management [3] of $15.1 billion at June 30, 2026. |
[5] |
Associated companies includes commitments from Great West, IGM and GBL, as well as commitments from management. |
Adjusted Net Asset Value and Participating Shareholders' Equity
At June 30, 2026
Adjusted Net Asset Value
Adjusted net asset value is presented for Power Corporation and represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (the gross asset value) less their net debt and preferred shares. Refer to the Non-IFRS Financial Measures section later in this news release for a description and reconciliation. |
The Corporation's adjusted net asset value per share was $112.94 at June 30, 2026, compared with $85.77 at December 31, 2025, an increase of 31.7%.
(in millions of dollars, except per share amounts) |
June 30, 2026 |
|
December 31, 2025 |
|
Variation % |
| |
Publicly |
Great West |
55,436 |
|
42,147 |
|
32 |
|
IGM |
11,713 |
|
9,144 |
|
28 |
| |
GBL |
2,874 |
|
2,691 |
|
7 |
| |
|
70,023 |
|
53,982 |
|
30 |
| |
|
|
|
|
|
|
|
|
Alternative |
Sagard [1] |
|
|
|
|
|
|
Asset management companies, investment funds and other [2] |
1,897 |
|
1,482 |
|
28 |
| |
Wealthsimple [3] |
1,682 |
|
1,465 |
|
15 |
| |
Power Sustainable [2] |
842 |
|
902 |
|
(7) |
| |
|
4,421 |
|
3,849 |
|
15 |
| |
|
|
|
|
|
|
|
|
Other |
Cash and cash equivalents |
2,196 |
|
2,232 |
|
(2) |
|
|
Other assets and investments [1] |
782 |
|
890 |
|
(12) |
|
|
|
2,978 |
|
3,122 |
|
(5) |
|
|
|
|
|
|
|
|
|
|
Gross asset value |
77,422 |
|
60,953 |
|
27 |
|
|
Liabilities and preferred shares |
(6,324) |
|
(6,427) |
|
2 |
|
|
Adjusted net asset value |
71,098 |
|
54,526 |
|
30 |
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in millions) |
629.5 |
|
635.7 |
|
|
|
|
Adjusted net asset value per share |
112.94 |
|
85.77 |
|
32 |
|
[1] |
Certain comparatives have been reclassified to conform with the current presentation. |
[2] |
Includes the management companies as well as the fair value of proprietary capital invested in assets managed within the platforms. The management company of Sagard is presented at its fair value and the management company of Power Sustainable is presented at its carrying value. |
[3] |
Consists of Power Financial's direct and indirect investments in Wealthsimple, net of carried interest payable to Sagard on its investment in Wealthsimple. Excludes investment in Wealthsimple held by other entities within the Power group. |
Power Corporation's Ownership in Publicly Traded Operating Companies | |||||||
|
Ownership [1] |
Shares held [1] |
|
Share price | |||
|
|
June 30, 2026 |
|
December 31, 2025 |
| ||
Great West |
68.6 |
613.4 |
|
$90.37 |
|
$67.69 |
|
IGM |
63.9 |
147.9 |
|
$79.18 |
|
$61.81 |
|
GBL [2] |
17.5 |
22.8 |
|
€79.70 |
|
€75.95 |
|
[1] At June 30, 2026. |
[2] Held through Parjointco, a jointly controlled corporation (50%). |
Participating Shareholders' Equity
Book value per participating share represents Power Corporation's participating shareholders' equity divided by the number of participating shares outstanding at the end of the reporting period. Participating shareholders' equity is calculated as the total assets of the combined Power Corporation and Power Financial holding company, including investments in subsidiaries presented using the equity method, less their net debt and preferred shares. |
The Corporation's book value per participating share was $37.74 at June 30, 2026, compared with $36.31 at December 31, 2025, representing an increase of 3.9%.
(in millions of dollars, except per share amounts) |
June 30, 2026 |
|
December 31, 2025 |
|
Variation % |
| |
Publicly |
Great West |
18,003 |
|
17,237 |
|
4 |
|
IGM |
4,441 |
|
4,337 |
|
2 |
| |
GBL |
3,120 |
|
3,291 |
|
(5) |
| |
|
25,564 |
|
24,865 |
|
3 |
| |
|
|
|
|
|
|
|
|
Alternative |
Sagard [1] |
|
|
|
|
|
|
Asset management companies, investment funds and other |
1,611 |
|
1,230 |
|
31 |
| |
Wealthsimple [2] |
96 |
|
116 |
|
(17) |
| |
Power Sustainable [3] |
25 |
|
179 |
|
(86) |
| |
|
1,732 |
|
1,525 |
|
14 |
| |
|
|
|
|
|
|
|
|
Other |
Cash and cash equivalents |
2,196 |
|
2,232 |
|
(2) |
|
|
Other assets and investments [1] |
788 |
|
887 |
|
(11) |
|
|
|
2,984 |
|
3,119 |
|
(4) |
|
|
|
|
|
|
|
|
|
|
Total assets |
30,280 |
|
29,509 |
|
3 |
|
|
Liabilities and preferred shares |
(6,520) |
|
(6,427) |
|
(1) |
|
|
Participating shareholders' equity |
23,760 |
|
23,082 |
|
3 |
|
|
|
|
|
|
|
|
|
|
Shares outstanding (in millions) |
629.5 |
|
635.7 |
|
|
|
|
Book value per participating share |
37.74 |
|
36.31 |
|
4 |
|
[1] |
Certain comparatives have been reclassified to conform with the current presentation. |
[2] |
Consists of Power Financial's direct and indirect investments in Wealthsimple, net of carried interest payable to Sagard on its investment in Wealthsimple. Excludes investment in Wealthsimple held by other entities within the Power group. |
[3] |
In the six-month period ended June 30, 2026, the Corporation received distributions of $154 million, which reduced the carrying value of the investment in Power Sustainable. |
Dividend on Power Corporation Participating Shares
The Board of Directors declared a quarterly dividend of 66.75 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable October 30, 2026 to shareholders of record September 29, 2026.
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable October 15, 2026 to shareholders of record at September 24, 2026:
Series |
Stock Symbol |
Amount |
|
Series |
Stock Symbol |
Amount |
Series A |
POW.PR.A |
35¢ |
|
Series G |
POW.PR.G |
35¢ |
Series B |
POW.PR.B |
33.4375¢ |
|
Series H |
POW.PR.H |
35.9375¢ |
Series C |
POW.PR.C |
36.25¢ |
|
Series I |
POW.PR.I |
35.3125¢ |
Series D |
POW.PR.D |
31.25¢ |
|
|
|
|
Investor Information
Access to Quarterly Results Materials: |
|
Quarterly Earnings Conference Call: |
The second quarter earnings |
|
Power Corporation will host an earnings call and live audio webcast on Friday, July 31, 2026 at The live audio webcast and presentation materials will be available at: www.powercorporation.com/en/investors/events-presentations.
|
Investor Relations Contact: |
| |
514-286-7400 |
|
About Power Corporation
Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit www.powercorporation.com.
At June 30, 2026, Power Corporation held the following economic interests:
100% – Power Financial |
|
| |
68.6 % |
Great-West Lifeco [1] (TSX: GWO) |
|
|
63.9 % |
IGM Financial [2] (TSX: IGM) |
|
|
17.5 % |
GBL [3] (Euronext: GBLB) |
|
|
52.3 % |
Wealthsimple [4] |
|
|
|
|
| |
Investment Platforms |
|
| |
|
Sagard [5] |
|
|
|
Power Sustainable [6] |
|
|
[1] |
The Corporation held a 68.6% interest in Great West, and IGM held an additional 2.5% interest in Great West. |
[2] |
The Corporation held a 63.9% interest in IGM, and Great West held an additional 4.0% interest in IGM. |
[3] |
Held through Parjointco, a jointly controlled corporation (50%). |
[4] |
Undiluted equity interest held by Portag3 Ventures Limited Partnership (Portage Ventures I), Power Financial and IGM, representing a fully diluted equity interest of 40.7%. |
[5] |
The Corporation held a 44.6% interest in Sagard Holdings Management Inc., and Great West and GBL also held interests of 10.8% and 4.1%, respectively. |
[6] |
The Corporation held a 72.6% interest in Power Sustainable Manager Inc., and Great West also held a 20.3% interest. |
Earnings Summary
Contribution to Adjusted Net Earnings and Net Earnings
|
Three months ended June 30, |
|
|
|
|
Six months ended June 30, | ||||
(in millions of dollars, except per share amounts) |
2026 |
|
|
|
|
2025 |
|
|
|
... |