IGM Financial Inc. · TSX:IGM
IGM Financial — Investor Presentation (March 2026)
96 slides from IGM Financial's investor presentation, March 2026
Slide 1: IGM Financial Investor Presentation
IGM Financial Investor Presentation March 2026
Slide 2: Caution concerning forward-looking statements
Caution concerning forward-looking statements Certain statements in this report, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial Inc.’s (IGM Financial, IGM or the Company) and, where applicable, its subsidiaries’ and str
Slide 3: Non-IFRS financial measures & other financial measures
Non-IFRS financial measures & other financial measures This report contains Non-IFRS financial measures and non-IFRS ratios that do not have standard meanings prescribed by International Financial Reporting Standards (IFRS) and may not be directly comparable to similar measures used by other compani
Slide 4: Non-IFRS financial measures & other financial measures
Non-IFRS financial measures & other financial measures Other items Other items for the twelve months ended December 31, 2025 consisted of: • The Company’s proportionate share of items Lifeco excludes from its base earnings (Lifeco other items) of ($18.2) million, including ($5.1) million recorded in
Slide 5: Documents incorporated by reference
Documents incorporated by reference This summary document and webcast are meant to discuss, not to serve as a substitute for, information included in these documents. The reader is hereby cautioned to refer to the following documents relating to IGM Financial’s results: 1. Documents related to IGM F
Slide 6: Presentation sections
Presentation sections IGM Financial Overview 8 Performance Summary 18 Wealth Management IG Wealth Management 30 Rockefeller Capital Management 49 Wealthsimple 53 Asset Management Mackenzie Investments 56 ChinaAMC 70 Northleaf 73 Financial results Fourth Quarter 2025 76 Appendix 87 6
Slide 7: Glossary
Glossary AUA Assets Under Advisement MOIC Multiple on Invested Capital AUM Assets Under Management NCI Non-controlling Interest AUM&A Assets Under Management & Advisement NCIB Normal Course Issuer Bid CAGR Compound Annual Growth Rate NTM Next Twelve Months CFP Certified Financial Planner OCI Other C
Slide 8: IGM Financial Overview
- Wealth Wealth Management Asset Management Financial IGM Financial Overview This way to S better
Slide 9: IGM Financial: A compelling wealth and asset management company built for growth
IGM Financial: A compelling wealth and asset management company that is built for growth • A wealth and asset management company that is built for growth • IG Wealth and Mackenzie (the “Core”) are extending their industry leadership positions • Strategic investments in complementary wealth and asset
Slide 10: IGM at a glance
IGM at a glance Consolidated AUM&A 2025 Adjusted EPS by segment1 $566.2B incl. strategic investments1,6 Mutual fund AUM market Top 4 $4.61 Share2 In CANADA Wealth management Clients ~2 Million Employees 3,500+ 54.1% 2025 Net earnings available $1,101MM 5 to common shareholders 2025 Adjusted net earn
Slide 11: Strength and scale as part of the Power Corporation group of companies
Strength and scale as part of the Power Corporation group of companies1 Wealth Asset Corp & management management other 2.4% 17.2% 56.0% 2 25.5% 27.8% Access to Investment Investment management Insurance Investment Benefits intellectual management sub- distribution arrangements distribution opportun
Slide 12: Acquisitions, divestments and guiding themes
Acquisitions, divestments and guiding themes Positioning IGM for growth August 2020 - $243MM1 Investing themes October 2020 $196MM2 1 Investing in diversified growth December 2020 $175MM May 2021 - $295MM 2 Risk smart M&A July 2021 $4.7MM3 December 2022 $40MM 3 Simplification of Power Group January
Slide 13: Growth in consolidated AUM&A incl. strategic investments
Growth in consolidated AUM&A incl. strategic investments Where we WERE Where we ARE IGM AUM&A1 2018 (Dec 31) 2025 (Dec 31) ($B, IGM proportionate share) $86B $159B n/a $47B $1B $28B 2 $26B n/a 3 $61B $151B $24B $164B n/a $20B Consolidated AUM&A including strategic investments4 ~$200B ~$566B 1) AUM&A
Slide 14: A compelling wealth and asset management line up
A compelling wealth and asset management line up Leadership positions in Canadian wealth and asset management; diversified earnings drivers in adjacent markets Wealth management1 (AUA $234B2) Asset management (AUM $428B2) Corporate & other Publicly traded, international Comprehensive personal financ
Slide 15: Advancing IGM Financial's sustainability strategy
Advancing IGM Financial’s sustainability strategy Initiatives we support IGM is recognized by the following agencies and indices 15
Slide 16: Clear medium-term capital allocation priorities
Clear medium-term capital allocation priorities #1 Invest in our Core businesses to position them for long-term success Strong dividend Share buybacks M&A Sustain strong current dividend Offset dilutive effect of stock Focus on investing in the #2 option program wealth and asset management business
Slide 17: 2026 focus; capitalizing on growth and increasing returns to shareholders
2026 focus; capitalizing on growth in businesses and meaningfully increasing returns to shareholders Wealth management Asset management Continuing momentum and growth in HNW and Driving investment excellence, AI foundation and 2026 Areas MA client segments, focusing on segmented product innovation,
Slide 18: IGM Financial Performance Summary
IGM Financial Performance Summary 18
Slide 19: Financial market and client investment returns
Financial market and client investment returns IGM client return index1 Investment performance 2.1 2023 2024 2025 2.0 IGM client investment return 2 9.9% 15.5% 11.9% 1.9 1.8 Equity Markets: 1.7 1.6 Canada (S&P/TSX Composite) 11.8% 21.6% 31.7% 1.5 1.4 U.S. (S&P 500) 26.3% 25.0% 17.9% 1.3 1.2 1.1 Euro
Slide 20: Annual net flows
Annual net flows IGM Financial consolidated net flows1 ($MM) Annual net flows 8,701 8,800 Wealth management • IG Wealth 2025 net flows of $2.1B 7,099 • Rockefeller organic and inorganic growth of US$25.2B during 2025 • Wealthsimple grew AUA by 74% since Q4/24, well ahead 3,695 of market performance
Slide 21: Ending AUM&A including SI proportionate share
Ending AUM&A including SI proportionate share ($B) Consolidated Wealth management Asset management AUM&A incl. SI1 4 2,3 2 2 2 +17% 566.2 2024 Sub-advised AUM to Wealth Management: 2025 Q4/25 $92.8B (Q4/24 $83.4B) 483.5 244.0 213.3 +13% +22% 158.9 +16% 164.4 140.4 135.2 +5% +63% 151.1 129.9 +9% 44.5
Slide 22: Adjusted net earnings available to common shareholders by segment
Adjusted net earnings available to common shareholders1 by segment ($MM) Wealth Management2 Asset Management Corporate & Other3 IGM Consolidated +16% 1,093.1 2024 +24% 939.0 2025 591.0 +8% 377.4 477.7 350.4 +12% 124.7 110.9 1) A non-IFRS financial measure - see Non-IFRS financial measures and other
Slide 23: Record adjusted EPS and returning capital to shareholders
Record adjusted EPS1 and returning capital to shareholders Maintained solid adjusted EPS1 through market volatility partly due Capital returned to shareholders to focus on expense management $533MM 4.61 2025 dividends paid 4.05 3.95 3.63 3.54 3.20 3.6% 3 current dividend yield 2020 2021 2022 2023 20
Slide 24: Returning capital to shareholders while strengthening financial flexibility
Returning capital to shareholders while strengthening financial flexibility Return of capital to Leverage Balanced approach to capital allocation shareholders (Debt/LTM Adj. EBITDA1) ($MM) Return of capital to shareholders: Dividends Gross debt / adj EBITDA Share repurchases Net debt / adj. EBITDA •
Slide 25: Confidence in achieving our medium-term financial objectives
Confidence in achieving our medium-term financial objectives and creating long-term stakeholder value1 Medium-term financial objective – IGM Financial 5-year EPS growth 7%+ 2 Core businesses 5-year earnings CAGR 9%+ 5-year adjusted EPS CAGR2,3 15%+ 2,3 Strategic Sum-of-the-parts investments 5-year e
Slide 26: Core businesses medium-term financial objectives
Core businesses medium-term financial objectives1 Focusing efforts on what is within our control and AUM&A ~8% growth in AUM&A 1 5% market appreciation assumption based on company asset mix ~3% average net flows rate over market cycle (~2% industry2 + ~1% share gain) 7%+ Efficiency/expense gro
Slide 27: Strategic investments diversify and accelerate earnings growth profile
Strategic investments diversify and accelerate earnings growth profile1 Medium-term objectives & Target recruiting of $120MM in annual production acquired2 expected benefits Target organic growth of 6-8%3 Current capacity to scale and create operating leverage 15%+ 2023 Investor Day AUM targ
Slide 28: IGM Financial: investment highlights
IGM Financial: investment highlights Well-positioned for sustainable earnings growth through leadership positions & strong execution at IG Wealth and Mackenzie Investments Strategic investments in complementary asset and wealth managers tilt Company toward stronger, diversified AUM&A and earnings gr
Slide 29: Wealth Management
Wealth Management WEALTH ROCKEFELLER le: . 2 MANAGEMENT er't#t usweecutr Wealthsimple This way to S better I ‘Wealth Manag agement 29 ‘Asset Management nancial
Slide 30: Accelerating growth through a clear strategy led by an experienced leadership team
Accelerating growth through a clear strategy led by an energized and experienced leadership team Targeting key high net worth and mass affluent segments by aligning our capabilities to industry wealth drivers Utilizing a segmented advice model to align IG’s best-in-class advice with Canadians’ finan
Slide 31: A wealth management leader in Canada
A wealth management leader in Canada IG Wealth Management is in a leadership position; our unique model gives us a competitive advantage for growth Inspiring confidence for over 100 years • Long standing, generational relationships with clients • Coast-to-coast, serving communities small and large;
Slide 32: IG Wealth Management at a glance
IG Wealth Management at a glance Leading wealth management company in Canada; inspiring financial confidence Key statistics Total AUM&A $159B $6.8 Billion #1 in 15 Dealer Report Client Total AUM $139B Card categories3 Mortgages Clients ~1 Million #1 earned media share $108 Billion of voice among 1,5
Slide 33: IG Wealth Management transformation journey
IG Wealth Management transformation journey Strategic shift to mass affluent and high-net-worth Where we WERE (Jan 1, 2018) Where we ARE (Jan 1, 2026) Where we are GOING (Jan 1, 2028) Competed for Mass and MA segments Serving MA and HNW clients with fee- Target key HNW segments through advisor expan
Slide 34: Strong advisor productivity
Strong advisor productivity Gross inflows per advisor recruit Gross inflows per advisor practice with <4 years experience ($MM) with >4 years experience1 ($MM) Productivity in-focus 2.81 • Scaling our segmented advice model to help provide consistent services to all 0.78 2.17 clients and create capa
Slide 35: Record inflows, driven by strong HNW & mass affluent client acquisition
Record inflows, driven by strong high-net-worth & mass affluent client acquisition Gross flows from newly acquired clients (Annual, $MM) Gross flows from newly acquired clients (LTM, $B) By client assets brought to IG Wealth By client assets brought to IG Wealth Growth 1 5-year 1-year Mass market Ma
Slide 36: Canadian financial assets projected to grow to $13.2 trillion by 2034
Canadian financial assets projected to grow to $13.2 trillion by 2034 Canadian financial wealth ($T) By generation1 By wealth band2 13.2 13.2 0.9 Gen Z $10MM+ 2.5 Millennials 4.6 (~6% CAGR) $5MM – 10MM 7.5 Gen X 7.5 1.9 (~6% CAGR) 4.5 1.0 2.5 2.0 4.2 $1MM – 5MM 1.0 (~6% CAGR) 3.2 4.6 Baby Boomers 2.
Slide 37: Clear strategic pillars to enable long-term growth strategy
Clear strategic pillars to enable long-term growth strategy 1 2 3 Driving Elevating Investing best-in-class advice experience platforms, products and in people and driving in a segmented way services that resonate with productivity through HNW digitalization and partnerships Our goal is to help Cana
Slide 38: Executing against strategic pillars; enabling growth and driving results
Executing against strategic pillars; enabling growth and driving results Investment Executive’s 2025 Dealers’ Report Cards result2 Overall Dealer Report Card Rating3 Driving best-in-class advice experience in a Peer Avg IG Wealth Rating segmented way 8.8 8.8 8.6 8.4 8.5 8.3 MA/HNW clients represent
Slide 39: Best-in-class advice experience targeting key HNW segments
Best-in-class advice experience targeting key HNW segments IG regional family office advice model HNW client segments PLANNING SKILLS PLANNING TOOLS 1 | Business owners ~1,600 CFP/Pl. Fin Living Plan Portal Professionals Advisor Portal 2 | Professionals Team based practices 3 | Pre-retirees/
Slide 40: Helping clients navigate industry wealth drivers is fuelling our growth
Helping clients navigate industry wealth drivers is fuelling our growth Philanthropy and Tax planning and legacy planning optimization Adults 65+ contribute ~45% of charitable donations annually 6 1 8 provinces have combined highest tax rate > 50%2 (~$11B in 2020 from all age groups)1 HNW financial
Slide 41: Segmented advice focus allows us to scale our advice experience
Segmented advice focus allows us to scale our advice experience across the client spectrum IG AUA by client wealth band1 ($B) > 80% of assets are Mass Affluent and HNW 2018 2024 2025 Benefits Create a better experience EMPLOYEE CHANNEL ENTREPRENEURIAL CHANNEL for our current Mass Market clients OP
Slide 42: Corporate channel enabling entrepreneurial advisors and driving productivity
Corporate channel enabling entrepreneurial advisors and driving productivity 20231 Q2/252 Corporate channel enables entrepreneurial advisors to: Support mortgage and insurance needs ENTREPRENURIAL TEAM ADVICE ENTREPRENURIAL TEAM ADVICE 1 FOCUS = > $250K 1 FOCUS = > $250K • Mortgage funding up 27% vs
Slide 43: Significant opportunity to elevate investment, mortgage and insurance services
Significant opportunity to elevate investment, mortgage and insurance services offerings Investment Mortgage and Insurance Private Company services banking services services Advisory HNW platform expansion Advance digital origination Enhance carrier Comprehensive advisory partnerships and op
Slide 44: Well-constructed managed solutions provide advisors the best opportunity
Well-constructed managed solutions provide advisors with the best opportunity to focus on providing comprehensive financial planning 81% OF LONG-TERM GROSS SALES (2025) | 74% OF LONG-TERM FUND ASSETS IG WEALTH + MANAGED SOLUTIONS FOR PORTFOLIOS UNIQUE PLANNING NEEDS iPROFILE PRIVATE IG CORE IG CLIMA
Slide 45: Leading investment solutions managed by top global asset managers
Leading investment solutions managed by top global public and private markets asset managers with strong investment performance 64% Bursting with iProfile managed of assets rated 4 or 5 stars performance solutions provide by Morningstar1 access to: Explore our top-performing investment solutions 95%
Slide 46: Leading portfolio construction with public, private and alternative strategies
Leading portfolio construction with investment solutions that include public markets, private markets and alternative strategies Illustration of iProfile Global LIQUID ALTERNATIVES Neutral Balanced Model EXPANDED USE OF PRIVATE CANADIAN PRIVATE ASSETS MARKET PRIVATE EQUITY & REAL ESTATE INVESTMENTS
Slide 47: Momentum in mortgage and insurance
Momentum in mortgage and insurance Mortgage funding1 New annualized insurance premiums (Annual, $MM) (Annual, $MM) 1,193 86 74 971 Growth enhanced by focus on Growth enhanced enhancement of by focus on insurance solution advancement of breadth, sales digital origination enablement tech and strategic
Slide 48: Continued investment in technology, digitalization and partnerships
Continued investment in technology, digitalization and partnerships Driving a better advisor and client experience and fueling future productivity Investing in our client portal to modernize and create Expanding through Fintech accelerators an interactive, personalized user interface K E Y F E AT U
Slide 49: Rockefeller Capital Management snapshot
Rockefeller Capital Management snapshot Trusted advisors to HNW/UHNW investors, businesses and institutions navigating the complexities of family and wealth Respected brand with extensive footprint Offices covering 32 markets in major U.S. wealth centres Founded 2018 IGM % economic interest 17.2% Co
Slide 50: Unique competitive advantages
Unique competitive advantages Comprehensive service offering Elite wealth advisors uniquely positioned to serve HNW and UHNW client segments Personalized Holistic family through Rockefeller brand investment advisory office solutions Customized Proactive, tax-focused wealth investment strategy servic
Slide 51: Client assets and key performance indicators
Client assets and key performance indicators Client assets (US$B) Key performance indicators1 198 Organic growth2 target at annual rate Organic of 6-8% (excludes market 151 growth appreciation) 122 97 98 67 Selectively add advisor teams 43 Inorganic representing ~$120M production growth acquired3 pe
Slide 52: IGM + Rockefeller Capital Management strategic benefits
IGM + Rockefeller Capital Management strategic benefits Collaboration Distribution Strategic advisory1 Create knowledge-sharing Two-way flow of world-class Leverage expertise of opportunities between investment solutions from seasoned investment bankers respective organizations Rockefeller Ass
Slide 53: Wealthsimple snapshot
Wealthsimple snapshot Key differentiators AUA ($B) Client Count1 (000s) 3,199 Client 111.3 2,577 Majority of customer base are Millennials 2,228 2,031 1,753 Technology 64.0 Forward-looking innovation drives business growth 31.0 18.3 18.4 597 Brand 9.3 4.7 182 Distinct identity, strong loyalty and aw
Slide 54: Winning the next generation of clients through product innovation
Winning the next-generation of clients by increasing accessibility through product innovation Focus on product “firsts” Accessibility focus with Next-generation clients that make financial tools an innovation mindset more accessible ~50% of clients say Intuitive accessible user Wealthsimple was
Slide 55: Asset Management
Asset Management PX MACKENZIE @ chinaame Northleaf This way to S better ISM:
Slide 56: Strong execution toward becoming Canada's preferred global investment management provider
Strong execution to date towards becoming Canada’s preferred global investment management solutions provider and business partner Leveraging foundational qualities that provide competitive advantage within Canadian financial advisor channel and provide avenues to expand distribution reach Driving co
Slide 57: Mackenzie Investments at a glance
Mackenzie Investments at a glance Key stats Institutional and Retail partnerships Founded 1967 Regions served Total AUM1 $244B Background Investment solutions provider Partnerships with wealth of choice to financial advisors managers >30K financial advisor Sub-advisory and institutional rela
Slide 58: Mackenzie leading market position in Canadian retail advisor channel
Mackenzie has a leading market position in the Canadian retail financial advisor channel with a strong brand and advisor engagement Advisor perception study1 – mutual funds Advisor channel overall sales penetration (% of advisors actively selling fund manager’s products) Mackenzie overall results Cl
Slide 59: Mackenzie Investments' transformation journey
Mackenzie Investments’ transformation journey Assets under management Adj. Earnings before interest and taxes (“EBIT”)2 ($B) ($M) GLC 5-year CAGR: IG 5-year CAGR: 5.7% Ex-acquisition 8.4% 345.4 344.2 350.5 244.0 2019 – Sub-advisory 17.01 313.1 303.4 213.3 relationship with IG 210.3 Wealth Management
Slide 60: Mackenzie Investments' target market is large and growing
Mackenzie Investments’ target market is large and growing Canadian financial wealth ($T) By savings vehicle1 By distribution channel 6% 13.2 6% 13.2 Total CAGR Total CAGR 3% 3% 2.8 2.8 Deposits Bank Branches 9% 2.9 7% 2.7 Online/Discount 7.5 Non-Disc. Securities2 7.5 8% 1.6 7% 2.0 2.5 Discretionary
Slide 61: Mackenzie Investments strategy
Mackenzie Investments strategy Mission Creating a more invested world, together. Foundational Boutique approach and Power Group Brand Fostering Culture breadth of capabilities ecosystem leadership sustainability and talent qualities Strategic Building meaningful Developing presence in Winning Canadi
Slide 62: Three priorities to drive success across our strategic mandates
Three priorities to drive success across our strategic mandates 1 Raise the bar on investment excellence 2 Build better product 3 Deliver a great service experience Priority Investment excellence with Product innovation and breadth Expanding relationships and institutional quality processes of relev
Slide 63: Global investment capabilities, diversified across asset classes and geographies
Global investment capabilities, diversified across asset classes and geographies Opportunity to grow client base outside of Canada Total AUM $244.0B >90% of clients are Canadian (by AUM) Multiple delivery vehicles Multiple support services 150+ investment professionals in Mutual funds, ETFs, offer
Slide 64: World-class investment talent spanning 16 boutiques
World-class investment talent spanning 16 boutiques Lesley Marks Steve Locke Chief Investment Officer, Chief Investment Officer, Fixed Income Equities & Multi-Asset Strategies 1 Asia Nick Scott Konstantin 1 Fixed Income Boehmer 2 Betterworld Andrew Simpson 2 Global Quantitative Equity Arup Datta D
Slide 65: Mackenzie diversified suite of capabilities and Morningstar ratings
Mackenzie Investments has a diversified suite of capabilities, ensuring that there is something relevant and compelling for all client needs and across market environments Mackenzie assets by Morningstar Rating1 In Canada, performance peer groups 100% One Star for Morningstar ratings are very Two
Slide 66: Meaningful opportunity to increase strategic partnerships
Meaningful opportunity to increase strategic partnerships SPOTLIGHT: Mackenzie is one of two exclusive providers to >$20B and growing wealth manager with ~$93B strategic partner ~$59B strategic partner ~7,0001 advisors and sister company and sister company Launched exclusive Mackenzie FuturePath pro
Slide 67: 2025 Mackenzie product launch focus on innovation
2025 Mackenzie product launch focus on innovation Theme Shelf Team Mandate Quant ETF Liquid alts Privates completion Asia & Bringing Asia and Europe track records to retail in Mackenzie international all cap equity fund ✓ Europe emerging category Mackenzie target 2027 North American IG corporate bon
Slide 68: Spotlight: Global Quantitative Equity boutique
Spotlight: Global Quantitative Equity boutique Background • Boston-based (added in 2017) • $18.2B1 total AUM “Holistic Quant” approach promotes all-weather performance across cycles and environments • Holistic, all-weather approach • 12-person experienced team Assets Under Management ($B) Trailblazi
Slide 69: Spotlight: Bringing private asset classes to Canadian households
Q3/25 Spotlight: Mackenzie is on a mission to bring private asset classes, the “Missing Middle”, to Canadian households Mackenzie Northleaf AUM Northleaf Multi-Asset Private Market Fund5 ($ million) Five products launched in October 2025 515 launched to date Infrustructure Across private equity, pri
Slide 70: ChinaAMC snapshot
ChinaAMC snapshot Strong, supportive shareholders Founded 1998 IGM % ownership interest 27.8% AUM 3.0 T RMB/ $591B1 Qatar Holding LLC 27.8% 62.2% 10% Investment professionals 250+ Retail: 250M+ # of investors Institutional: 350K+ Strategic benefits + Enhances Mackenzie’s Enables best practices a
Slide 71: Chinese investment fund industry; ChinaAMC an industry leader
Chinese investment fund industry AUM; is an industry leader Chinese investment fund industry Ending AUM1 5-year Chinese mutual fund industry top 10 long-term fund (RMB¥ Trillions) CAD/RMB = 5.0872 provider market share CAGR • ChinaAMC’s long-term fund market share3 Money-market funds 36.8 13% increa
Slide 72: ChinaAMC growth is outpacing robust industry expansion
ChinaAMC growth is outpacing robust industry expansion ChinaAMC AUM1 5-year CAGR (RMB billions) 3,014 16% Other (primarily institutional) Money-market funds Long-term funds 5-year investment 2,465 fund AUM CAGR 2,283 23% 1 ChinaAMC 1,824 1,791 711 22% 23% 1,662 1,722 1,461 1,318 550 Industry 1,137 1
Slide 73: Northleaf snapshot
Northleaf snapshot Investors choose to work with Northleaf to access private investments in mid-market companies and assets globally Founded 2002 10 GLOBAL OFFICES IGM % economic interest 56% Northleaf offices AUM1 $35B Investment professionals 300+ Institutional investors 375+ Private equity Privat
Slide 74: Integrated platform and partnerships drive capital raising growth
An integrated platform and partnerships with leading institutional investors drive capital raising growth Integrated platform focused on mid-market companies Private equity Infrastructure Private credit Value creation in companies globally Direct investments in private infrastructure Direct le
Slide 75: Northleaf's strategic partnership with IGM and GWL
Northleaf ’s strategic partnership with IGM and GWL Northleaf’s current growth strategy… …enables IGM and GWL to provide institutional global private markets solutions to wealth management and insurance investors Wealth and asset management Insurance and wealth management Maintain superior investm
Slide 76: IGM Financial Fourth Quarter 2025
IGM Financial Fourth Quarter 2025 76
Slide 77: IGM Financial Q4, 2025 highlights
IGM Financial Q4, 2025 highlights Financial highlights Operational highlights • Record high fourth quarter adjusted EPS1 Adjusted EPS1 Reported EPS • Record high client assets and strong net flows from the core $1.27 $1.36 • Net flows at IG Wealth and Mackenzie of $2.2B +21.0% vs Q4/24 +27.1% vs Q4/
Slide 78: IGM Financial operating backdrop
IGM Financial operating backdrop Markets & IGM client return index1 50% 40% Constructive Q4 backdrop in an 30% evolving economic environment 20% 10% • Sustained positive industry flows 0% • Investor confidence remains strong (10%) • Five-year mortgages continue to (20%) renew at higher rates 2024-12
Slide 79: Adjusted net earnings available to common shareholders by segment
Adjusted net earnings available to common shareholders1 by segment ($MM) Wealth management2 Asset management Corporate & other3 IGM consolidated +21% 301.4 250.0 +34% 177.7 132.9 +1% Q4/24 Q4/25 87.5 88.6 +19% 29.6 35.1 1) A non-IFRS financial measure - see Non-IFRS financial measures and other fina
Slide 80: IG Wealth Management net flows
IG Wealth Management net flows IG Wealth Management adjusted gross and net flows1 ($MM) IG Wealth Management adjusted net flows2 ($B) Gross Inflows Gross Outflows Net Flows (LTM, as at January 31, 2026) Month of January2 1,166 1,179 1,349 1,566 Total Net Flows IGM Product Net Flows Cash, GICs, & HIS
Slide 81: IG Wealth Management – key profitability drivers
IG Wealth Management – key profitability drivers Daily average assets ($B), advisory and Key revenue & expenses as bps of product & program fee rate (bps)1 respective driver (AUA or AUM)1 157.8 150.5 139.4 142.5 141.2 18.3 Other AUA 97.7 97.4 98.4 97.0 96.3 Advisory fees 2 17.5 16.1 17.0 16.7 139.5
Slide 82: Mackenzie Investments net sales
Mackenzie Investments net sales Mackenzie adjusted investment fund net flows1 ($MM) Mackenzie adjusted investment fund net flows1 ($B) (LTM, as at January 31, 2026) Month of January 683 58 123 276 Total Retail 142 8.0 (2) (15) (231) (172) (65) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Fourth
Slide 83: Investment boutique retail investment fund performance and sales
Investment boutique retail investment fund performance and sales Managed Value-Oriented Quality Growth-Oriented Sustainable Core & Dividend Fixed Income Other Solutions North Global Putnam Global Equity Multi-Asset ChinaAMC & Cundill American Ivy Growth Bluewater Resources Greenchip Quantitative Fix
Slide 84: Mackenzie Investments – key profitability drivers
Mackenzie Investments – key profitability drivers Average AUM ($B), net asset management fee rate1 (bps) Net asset management fee rates1 (as bps of respective AUM) 243.2 230.7 Sub-advisory and AUM to Wealth 217.5 217.9 213.9 Management 78.0 75.8 73.3 72.6 93.5 Third-Party AUM 70.6 89.5 Third-party 8
Slide 85: Adjusted net earnings by segment and company
Adjusted net earnings available to common shareholders1 by segment and company ($MM) Corporate IGM Wealth management2,3 Asset management4 & other5 consolidated Q4/24 +21% Q4/25 301.4 3 +23% 166.9 3 250.0 135.3 FVTOCI (2%) 61.9 60.4 +19% (14%) +184% 35.1 22.9 19.8 29.6 12.2 8.8 3.1 (2.5) 1) A non-IFR
Slide 86: Equity value: indicative value per share
Indicative value per share Embedded value indicates upside to share price Value methodology Value Value per Accounting 1 (P/E multiples as of Feb 11/26) ($MM) share Interest basis Dividend yield 2 (February 11, 2026) EV (12.6x P/E + debt) 9,855 $42.20 EV (10.7x P/E + debt)2 3,484 $14.92 3.6% Transac
Slide 87: Appendix
Tom sae Wealth Wealth Management Asset Management Appendix This way to S better
Slide 88: Industry operating environment and IG and Mackenzie net flows rates
Industry operating environment and IG and Mackenzie net flows rates Annual industry long-term net sales ($B) Long-term net flows rate as at December 31, 2025 (last twelve month trailing, % of average assets) Mackenzie investment funds1,2 Mackenzie retail investment funds 2 Total Industry Industry As
Slide 89: IGM Financial 2025 highlights
IGM Financial 2025 highlights IGM Financial – All-time high annual adjusted EPS; demonstrating diversified growth Financial highlights across wealth and asset management businesses Strong growth in client assets and flows, demonstrating clear momentum: Adjusted EPS1 Reported EPS $4.61 $4.64 IG Wealt
Slide 90: Summary: segment breakdown
Summary: segment breakdown Adj. earnings1 by segment Strategic investments – interest and value Q4/24 Adj. Q4/25 Adj. YoY Interest Accounting Q4/25 Net Indicative value Q4/25 Indicative $ millions earnings earnings change Q4/24 | Q4/25 basis carrying value assumption value Wealth management IG Wealt
Slide 91: Rockefeller transaction demonstrates value for IGM shareholders
Rockefeller transaction demonstrates value for IGM shareholders Long-term strategic investment: IGM remains Rockefeller’s second-largest & sole wealth manager owner Transaction overview1 IGM participation and pro-forma ownership • Significant milestone in Rockefeller recapitalization transaction val
Slide 92: Adjusted cash earnings & dividend payout ratio
IGM Financial adjusted cash earnings & dividend payout ratio IGM Financial adjusted cash earnings1,2 Dividend payout ratio2,3 (LTM) ($MM) Q4 /2 4 Q1 /2 5 Q2 /2 5 Q3 /2 5 Q4 /2 5 2025 64% 64% 1 Adjusted Net Earnings 250.0 237.8 252.7 301.2 301.4 1,093.1 Add: capitalized sales commission 27.3 27.8 28.
Slide 93: 2026 expense guidance
2026 expense guidance Guidance and outlook1: combined operations & support and business development expenses IGM consolidated2 (year-over-year change) 2026 expense reclassification Starting in Q1/26, certain investment management advisory expenses at Mackenzie 5-year tech & ops transformation that a
Slide 94: Adjusted net earnings and indicative value by company
Adjusted net earnings available to common shareholders1 and indicative value by company ($MM) Adjusted net earnings available to common shareholders1 3 3 1,177 1,093 2025 627 Analyst 582 Consensus2 2026 284 239 FVTOCI 128 3 134 3 113 117 10 10 94 24 20 UNALLOCATED 2026 analyst estimates2 OTHER CAPIT
Slide 95: IGM Financial debt / LTM adj. EBITDA
IGM Financial debt / LTM adj. EBITDA1 Total Debt ($MM) Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Long-term Debt 2,400.0 2,400.0 2,400.0 2,400.0 2,400.0 Gross debt 2,400.0 2,400.0 2,400.0 2,400.0 2,400.0 Adjust for: Unallocated capital1 (531.3) (615.1) (610.3) (697.7) (996.5) 1 Net debt 1,868.7 1,784.9 1,789.7 1
Slide 96: Net income to adjusted net income consolidation
IGM Financial net income to adj. net income consolidation ($MM except EPS) Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Adjusted net earnings available to common 250.0 237.8 252.7 301.2 301.4 shareholders1 Lifeco other items - (4.0) (6.0) (3.1) (5.1) Tax loss consolidation 4.7 - - - - Gain on partial sales of inve