Power Corporation of Canada · TSX:POW
Power Corporation of Canada — Q3 2026 Earnings Presentation
29 slides from Power Corporation of Canada's earnings presentation, November 2026
Slide 1: Q3 2026 Results Investor Presentation
1 Q3 2026 RESULTS Investor Presentation November 12, 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 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: Strategic Overview
Strategic Overview James O’Sullivan President and Chief Executive Officer 4 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32026 2024
Slide 5: Building strong franchises with active ownership
Building strong franchises with active ownership Higher earnings Active Ongoing Return of Higher net asset value ownership simplification capital Lower NAV discount 5 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q3 2026
Slide 6: Strong Q3 results
Strong Q3 results NAV GROWTH AND SHARE BUSINESS MOMENTUM RETURN OF CAPITAL PERFORMANCE $1.53 +13% year-over-year $2.4 billion 57% year-over-year Adjusted EPS [1] Dividends [4] and buybacks year-to-date NAV per share [1] growth Reported EPS of $1.60 Available cash of $1.6 billion NAV per share of $11
Slide 7: Financial Update & Business Review
Financial Update & Business Review Jake Lawrence Executive Vice-President and Chief Financial Officer 7 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32026 2024
Slide 8: Power and its publicly traded operating companies
Power and its publicly traded operating companies www.powercorporation.com www.greatwestlifeco.com www.igmfinancial.com www.gbl.com [email protected] [email protected] [email protected] [email protected] Q3 2026 Conference Call November 12, 2026 Q3 2026
Slide 9: Net and adjusted net earnings
Net and adjusted net earnings Net and Adjusted Net Earnings [2] Q3 2026 Highlights ($ in millions, except per share amounts) Q3 2026 Q3 2025 • Power reported adjusted net earnings [1] of $964 million, up 12% compared to prior year Great West 905 842 • Power reported net earnings of $1,006 million, u
Slide 10: Adjusted net asset value per share up 57% year-over-year
Adjusted net asset value per share up 57% year-over-year • NAV per share was $113.28 at the end of Q3 2026 and $120.20 at November 11, 2026 [1] • The increase in adjusted NAV per share was led by appreciation in Great West and IGM, as well as higher valuations in the alternative asset investment pla
Slide 11: Great West reported strong earnings per share growth
Great West reported strong earnings per share growth Base EPS [1] and EPS Base ROE [1] and ROE Q3 2026 Highlights • Base earnings per share [1] of $1.48, up 11% from $1.33 in Q3 2025, led by strong performance across the retirement, wealth and reinsurance businesses Medium-term Medium-term objective
Slide 12: Empower delivered +15% base earnings growth with strong margins
Empower delivered +15% base earnings [1] growth with strong margins Base earnings [1,2] and Net earnings Q3 2026 Highlights (US$ millions) • Retirement o Base earnings +15% year-over-year +15% 364 o Base earnings included one-time fees of US$21 million (post-tax), offset by elevated credit losses of
Slide 13: IGM's earnings growth driven by its core businesses
IGM’s earnings growth driven by its core businesses EPS and Adjusted EPS [1] Consolidated AUM&A incl. SI [2] Q3 2026 Highlights ($ billions) • Adjusted net earnings [1] of $351 million, up 17% year-over-year, led by a 30% increase in wealth management earnings Medium-term objective of 9%+ • Adjusted
Slide 14: IGM's adjusted net earnings by segment
IGM’s adjusted net earnings by segment Wealth Management [1] Asset Management Corporate & Other [2] IGM Consolidated ($ millions) +17% 351.1 +30% 205.8 -2% 158.2 110.6 301.2 108.6 +13% 36.7 32.4 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 [1] Wealthsimple is classified as an inve
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 -5% 3,007 2,861 +68% 169.2 AUA [1] AUM [1] 100.8 ($ billions) (RMB billions) Q3 2025 Q3 2026 Q3 2025 Q3 2026 +27% 236.5 186.8 +10% 37.8 Client assets [1] AUM [1] (US$ billions) ($ billio
Slide 16: Wealthsimple continues to scale and higher valuation
Wealthsimple continues to scale and higher valuation Q3 2026 Highlights • AUA [1] grew to $169.2 billion in Q3 2026, up 68% year-over-year and 9% sequentially o Net flows of approximately $11 billion driven by strong momentum across investing, chequing and business products • Wealthsimple serves 3.8
Slide 17: GBL continues to advance its medium-term strategy
GBL continues to advance its medium-term strategy FOCUS ON DIRECT PRIVATE ATTRACTIVE RETURNS TO PORTFOLIO SIMPLIFICATION ASSETS SHAREHOLDERS Completed over €5 billion [1] €2.4 billion [2] in capital deployment €888 million of cash returns YTD of disposals of listed companies and in controlled or co-
Slide 18: Ongoing growth at alternative asset investment platforms
Ongoing growth at alternative asset investment platforms • $71.4 billion of AUM [1,2] at September 30, 2026 o Approximately $4 billion in fundraising during the first nine months of 2026 • Sagard acquired an additional 20% economic interest in HalseyPoint, a jointly controlled CLO manager focused on
Slide 19: Value creation and outlook
Value creation and outlook James O’Sullivan President and Chief Executive Officer 19 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32026 2024
Slide 20: Power has returned $13 billion in capital to shareholders since 2020
Power has returned $13 billion in capital to shareholders since 2020 Shares repurchased Dividends paid (participating shareholders) ($ billions) $2.4 $2.3 $2.0 $1.9 $1.7 $0.7 $1.2 $0.6 $0.4 $1.4 $0.4 $1.3 $0.2 $0.2 $1.5 $1.6 $1.3 $1.4 $1.2 $1.2 $1.1 2020 2021 2022 2023 2024 2025 Sep. 30, 2026 YTD 20
Slide 21: NAV per share grew +19% CAGR since Q4 2020
NAV per share grew +19% CAGR since Q4 2020 NAV per share % GAV contribution from others % GAV contribution from publicly traded companies and cash $113.28 +19% CAGR 7% $85.77 9% $60.44 $52.60 $53.53 9% $41.27 $41.91 15% 10% 93% 17% 15% 91% 91% 85% 90% 83% 85% Q4 20 Q4 21 Q4 22 Q4 23 Q4 24 Q4 25 Q3 2
Slide 22: 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 Wealthsimple fundraising Average 34.5% Wealthsimple fundraising 3 level share buyback announced Putnam sale Empower acquires announced 20.
Slide 23: 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 November 11, 2026 Since Period Last 12 Months Last 3 Years Last 5 Years Dec. 31, 2019 Last 10 Years Last 30 Years Annualized Annualized Annualize
Slide 24: 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 25: Questions
Questions 25 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32026 2024
Slide 26: Appendix
Appendix 26 POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION || Q3 Q32026 2024
Slide 27: Investing Activities – Earning attractive returns on proprietary capital
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 $4.0 billion, targeted to generate 10%+ net returns Power Fair Value Strategies of Investments
Slide 28: 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 29: Abbreviations
Abbreviations The following abbreviations are used throughout this presentation: adidas adidas AG MassMutual Massachusetts Mutual Life Insurance AI Artificial Intelligence Mackenzie Mackenzie Financial Corporation AUA Assets under administration MD&A Management’s Discussion & Analysis AUM Assets und
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