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, May 12, 2026 /CNW/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) (TSX: POW.PR.E) today reported earnings results for the three months ended March 31, 2026.
Power Corporation
Consolidated results for the period ended March 31, 2026
HIGHLIGHTS
POWER CORPORATION
-- Net earnings 1 for the first quarter of 2026 were $820 million or
$1.29 per share 2, compared with $689 million or $1.07 per share in the
first quarter of 2025. Adjusted net earnings 1 3 were $905 million or
$1.43 per share, compared with $787 million or $1.22 per share in the
first quarter of 2025.
-- Adjusted net asset value per share 3 was $84.54 at March 31, 2026,
compared with $85.77 at December 31, 2025. Book value per share 4 was
$36.52 at March 31, 2026, compared with $36.31 at December 31, 2025.
-- The Corporation continues to execute and deliver on its long-term value
creation strategy, with strong earnings performance at Great West and IGM,
and $1.2 billion in capital returned to shareholders year-to-date 5
through $0.8 billion of dividends and share repurchases of $0.4 billion.
GREAT-WEST LIFECO INC. (GREAT WEST)
-- First quarter net earnings were $1,192 million, compared with $860
million in the first quarter of 2025. Adjusted net earnings 6 were
$1,239 million, compared with $1,030 million in the first quarter of
2025.
-- Adjusted net earnings increased 20.3% from the first quarter of 2025,
driven by continued momentum in Great West's Retirement and Wealth
businesses, led by Empower and benefiting from strong client asset growth,
as well as sustained strength in Capital & Risk Solutions' new business
volumes.
-- Great West delivered return on equity $(ROE)$ of 16.8% and adjusted ROE 7
of 19.1%, achieving its 19%+ medium-term objective for the first time,
owing to its strong underlying growth, disciplined capital deployment,
and share buybacks.
IGM FINANCIAL INC. $(IGM)$
-- First quarter net earnings were $283.8 million, compared with
$233.8 million in the first quarter of 2025.Adjusted net earnings 3 were
$284.3 million, compared with $237.8 million in the first quarter of
2025.
-- Assets under management and advisement 4 were $314.0 billion at March 31,
2026, an increase of 1.3% from December 31, 2025 and 14.2% from March 31,
2025.
-- Assets under management and advisement including strategic investments 4
were $568.9 billion at March 31, 2026, compared with $566.2 billion at
December 31, 2025 and $503.6 billion at March 31, 2025.
-- Record first quarter adjusted net earnings reflect growth across IGM's
wealth and asset management segments and the strength of its diversified
model.
GROUPE BRUXELLES LAMBERT (GBL)
-- GBL reported a net asset value 4 of EUR13.3 billion or EUR99.86 per share
at March 31, 2026, compared with EUR14.0 billion or EUR105.37 per share
at December 31, 2025.
-- In the first quarter of 2026, GBL completed a total of EUR31 million of
share buybacks.
-- GBL continues to execute its mid-term strategy, recently announcing the
partial disposition of its interest in Concentrix and increased exposure
to direct private investments with the acquisition 8 of an interest in
Rayner and BUKO Group.SHY
SAGARD HOLDINGS INC. (SAGARD)
-- In April 2026, Sagard announced the closing of a combination transaction
with Unigestion Private Equity Holding SA (Unigestion), marking the
formal launch of the partnership and the integration of Unigestion into
Sagard's global middle-market private equity platform, Sagard Private
Equity Solutions (SPES), increasing assets under management 4 of the
platform to US$23 billion 9.
WEALTHSIMPLE FINANCIAL CORPORATION (WEALTHSIMPLE)
-- Wealthsimple's clients increased to 3.4 million at March 31, 2026, and
assets under administration 4 were $124.8 billion, an increase of 12%
from December 31, 2025 and 71% from March 31, 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 As of May 12, 2026.
6 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.
7 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.
8 Expected to close in the second (Rayner) and third
(BUKO) quarters of 2026, subject to customary closing
approvals.
9 Pro forma assets under management including Unigestion,
as at December 31, 2025.
First Quarter
Net earnings attributable to participating shareholders were $820 million or $1.29 per share, compared with $689 million or $1.07 per share in 2025.
Adjusted net earnings attributable to participating shareholders (1) were $905 million or $1.43 per share, compared with $787 million or $1.22 per share in 2025.
Adjustments in the first quarter of 2026, excluded from adjusted net earnings, were a net negative impact to earnings of $85 million or $0.14 per share, mainly comprised of the Corporation's share of Adjustments of:
-- Great West of negative $44 million, mainly related to business
transformation and other impacts and amortization of acquisition-related
finite life intangible assets, partially offset by market experience
relative to expectations; and
-- Power Sustainable of negative $40 million, mainly related to the
revaluation of non-controlling interests $(NCI)$ liabilities within the
Power Sustainable Energy Infrastructure Partnership (PSEIP).
In the first quarter of 2025, Adjustments were a net negative impact to earnings of $98 million or $0.15 per share, mainly related to the Corporation's share of Adjustments of Great West, partially offset by Adjustments identified on the contribution from GBL.
Contributions to Power Corporation's Earnings
(in millions of Adjusted Net Earnings Net Earnings
dollars, except per
share amounts)
2026 2025 2026 2025
Great West (2) 851 703 819 587
IGM (2) 180 149 180 147
GBL (2) 20 3 20 25
Effect of
consolidation -
Great West and IGM
(3) (12) (5) (25) (7)
Publicly traded
operating companies 1,039 850 994 752
Sagard and Power
Sustainable (4) (18) 34 (58) 22
Corporate operations
and Other (5 6) (116) (97) (116) (85)
905 787 820 689
Per participating
share 1.43 1.22 1.29 1.07
Average shares
outstanding (in
millions) 634.1 643.0 634.1 643.0
Publicly traded operating companies: contribution to net earnings was $994 million, an increase of 32.2% from the first quarter of 2025, and contribution to adjusted net earnings was $1,039 million, an increase of 22.2% from the first quarter of 2025:
Great West: contribution to net earnings and to adjusted net earnings increased by $232 million or 39.5% and by $148 million or 21.1%, respectively.
IGM: contribution to net earnings and adjusted net earnings increased by $33 million or 22.4% and by $31 million or 20.8%, respectively.
GBL: contribution to net earnings and adjusted net earnings of $20 million in the first quarter of 2026, compared with a contribution to net earnings of $25 million and to adjusted net earnings of $3 million in the first quarter of 2025.
Sagard and Power Sustainable: Sagard's contribution to net earnings and adjusted net earnings was negative $5 million. Power Sustainable's contribution to net earnings and adjusted net earnings was negative $53 million and negative $13 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 Inc. (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.
Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert
Results for the quarter ended March 31, 2026
The information below is derived from Great West's and IGM's first 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 March 31, 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 first quarter press release at March 31, 2026. Further information on GBL's results is available on its website at www.gbl.com.
GREAT-WEST LIFECO INC.
First Quarter
Net earnings attributable to common shareholders were $1,192 million or $1.32 per share, compared with $860 million or $0.92 per share in 2025.
Adjusted net earnings (1) attributable to common shareholders were $1,239 million or $1.37 per share, compared with $1,030 million or $1.11 per share in 2025.
Adjustments in the first quarter of 2026, excluded from adjusted net earnings, were a net negative impact of $47 million, compared with a net negative impact of $170 million in 2025. Great West's Adjustments consisted of:
-- Amortization of acquisition-related finite life intangible assets of
negative $34 million; and
-- Business transformation and other impacts of negative $32 million;
Partially offset by:
-- Market experience relative to expectations of positive $16 million; and -- Assumption changes and management actions of positive $3 million.
IGM FINANCIAL INC.
First Quarter
Net earnings available to common shareholders were $283.8 million or $1.20 per share, compared with $233.8 million or $0.98 per share in 2025.
Adjusted net earnings (2) attributable to common shareholders were $284.3 million or $1.21 per share, compared with $237.8 million or $1.00 per share in 2025.
Assets under management and advisement (3) at March 31, 2026 were $314.0 billion, an increase of 1.3% from December 31, 2025 and 14.2% from March 31, 2025. Net inflows (4) were $5.6 billion in the first quarter of 2026, compared with net inflows of $4.2 billion in 2025.
GROUPE BRUXELLES LAMBERT
First Quarter
GBL reported net earnings of EUR65 million, compared with net earnings of EUR94 million in 2025.
GBL reported a net asset value (3) of EUR13,301 million or EUR99.86 per share at March 31, 2026, compared with EUR14,035 million or EUR105.37 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.
Inflows in the first quarter of 2026 include $3.1
billion of non-fee-bearing assets (3) .
Sagard and Power Sustainable
Results for the quarter ended March 31, 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.
First Quarter
The net loss of the alternative asset investment platforms was $58 million, compared with net earnings of $22 million in 2025. The adjusted net loss (1) of the alternative asset investment platforms was $18 million, compared with adjusted net earnings of $34 million in 2025.
The adjusted net loss is comprised of:
-- A negative contribution of $5 million from Sagard's asset management
activities; and
-- A negative contribution of $13 million from Power Sustainable comprised
of a negative contribution of $10 million from asset management
activities and a negative contribution of $3 million from investing
activities. Power Sustainable's Adjustments in the first quarter of 2026,
excluded from adjusted net earnings, were a net negative impact of
$40 million, compared with a negative impact of $12 million in the
corresponding period in 2025. Adjustments consisted primarily of the
revaluation of NCI liabilities 2 within PSEIP, due to an increase in the
fair value of projects held within the fund.
Summary of assets under
management (3)
(including
unfunded commitments
(3) ):
(in billions of March 31, 2026 March 31, 2025
dollars)
Sagard (4) 47.7 38.8
Power Sustainable 4.5 4.6
Total 52.2 43.4
Percentage of
third-party and
associated companies
(5) 92% 92%
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.
The net asset value (3) of PSEIP was $2,522 million
at March 31, 2026, compared with $2,445 million at
December 31, 2025. In the first quarter of 2026, there
was an unrealized increase in fair value of the assets
within the portfolio of $43 million, excluding foreign
exchange gains.
3 Refer to the Other Measures section later in this
news release.
4 Includes ownership in Wealthsimple valued at $3.8
billion at March 31, 2026 ($2.1 billion at March 31,
2025) and excludes assets under management of Sagard's
private wealth investment platform.
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 March 31, 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 $84.54 at March 31, 2026, compared with $85.77 at December 31, 2025, a decrease of 1.4%.
(in millions of dollars, March 31, December Variation %
except per share amounts) 2026 31, 2025
Publicly
traded
operating
companies Great West 40,169 42,147 (5)
IGM 9,805 9,144 7
GBL 2,752 2,691 2
52,726 53,982 (2)
Alternative Sagard (1)
asset
investment
platforms
Asset management companies,
investment funds and other
(2) 1,718 1,482 16
Wealthsimple (3) 1,465 1,465 -
Power Sustainable (2) 1,001 902 11
4,184 3,849 9
Cash and cash
Other equivalents 2,114 2,232 (5)
Other assets and investments
(1) 828 890 (7)
2,942 3,122 (6)
Gross asset value 59,852 60,953 (2)
Liabilities and preferred
shares (6,413) (6,427) -
Adjusted net asset value 53,439 54,526 (2)
Shares outstanding (in
millions) 632.1 635.7
Adjusted net asset value per
share 84.54 85.77 (1)
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
(%) (in millions)
March 31, December
2026 31, 2025
Great West 68.6 616.6 $65.15 $67.69
IGM 63.4 147.9 $66.28 $61.81
GBL (2) 17.1 22.8 EUR77.75 EUR75.95
1 At March 31, 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 $36.52 at March 31, 2026, compared with $36.31 at December 31, 2025, representing an increase of 0.6%.
(in millions of dollars, March 31, December Variation %
except per share amounts) 2026 31, 2025
Publicly
traded
operating
companies Great West 17,287 17,237 -
IGM 4,389 4,337 1
GBL 3,079 3,291 (6)
24,755 24,865 -
Alternative Sagard (1)
asset
investment
platforms
Asset management companies,
investment funds and other 1,497 1,230 22
Wealthsimple (2) 112 116 (3)
Power Sustainable 197 179 10
1,806 1,525 18
Cash and cash
Other equivalents 2,114 2,232 (5)
Other assets and investments
(1) 819 887 (8)
2,933 3,119 (6)
Total assets 29,494 29,509 -
Liabilities and preferred
shares (6,413) (6,427) -
Participating shareholders'
equity 23,081 23,082 -
Shares outstanding (in
millions) 632.1 635.7
Book value per participating
share 36.52 36.31 1
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.
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 July 31, 2026 to shareholders of record June 30, 2026.
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable July 15, 2026 to shareholders of record at June 23, 2026:
Series Stock Symbol Amount Series Stock Symbol Amount Series A POW.PR.A 35c Series G POW.PR.G 35c Series B POW.PR.B 33.4375c Series H POW.PR.H 35.9375c Series C POW.PR.C 36.25c Series I POW.PR.I 35.3125c Series D POW.PR.D 31.25c
Investor Information
Access to Quarterly Results Quarterly Earnings Conference Call:
Materials:
The first quarter earnings Power Corporation will host an
news release and shareholder earnings call and live
report are available on the audio webcast on Wednesday, May 13,
Power Corporation website at 2026 at 8:00 a.m.
www.powercorporation.com/en/ (Eastern Time). A question-and-answer
investors period with
analysts will follow the presentation.
Shareholders, investors, and other
stakeholders are
welcome to participate on a
listen-only basis via
telephone and live audio webcast.
The live audio webcast and
presentation materials
will be available at:
www.powercorporation.com/en/investors/
events-presentations/
To listen via telephone, please dial
1-833-752-3688
toll-free in North America or
1-647-846-8526 for international
calls.
A replay of the conference call will
be available
from May 13, 2026 at 11:00 a.m.
(Eastern Time) until
July 28, 2026 by calling
1-855-669-9658 toll-free
in North America or 1-412-317-0088 for
international calls, using the access
code 6924730#.
A webcast archive will also be
available on Power
Corporation's website.
Investor Relations Contact:
514-286-7400investor.relations@power
corp.com
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 March 31, 2026, Power Corporation held the following economic interests:
100% -- Power Financial www.powerfinancial.com
68.6 % Great-West Lifeco (1) (TSX: GWO) www.greatwestlifeco.com
63.4 % IGM Financial (2) (TSX: IGM) www.igmfinancial.com
17.1 % GBL (3) (Euronext: GBLB) www.gbl.com
52.4 % Wealthsimple (4) www.wealthsimple.com
Investment Platforms
Sagard (5) www.sagard.com
Power Sustainable (6) www.powersustainable.com
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 63.4% interest in IGM, and
Great West held an additional 3.9% 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 73.0% interest in Power Sustainable
Manager Inc., and Great West also held a 20.4% interest.
Earnings Summary
Contribution to Adjusted Net Earnings and Net Earnings
Three months ended March 31,
(in millions of dollars, 2026 2025
except per share amounts)
Adjusted net earnings (1)
Great West (2) 851 703
IGM (2) 180 149
GBL 20 3
Effect of consolidation --
Great West and IGM (3) (12) (5)
1,039 850
Sagard and Power Sustainable (18) 34
Corporate operations and Other
(4) (116) (97)
Adjusted net earnings (5) 905 787
Adjustments (6) (85) (98)
Net earnings (5)
Great West (2) 819 587
IGM (2) 180 147
GBL (2) 20 25
Effect of consolidation --
Great West and IGM (3) (25) (7)
994 752
Sagard and Power Sustainable (58) 22
Corporate operations and Other
(4) (116) (85)
Net earnings (5) 820 689
Earnings per share --
basic (5)
Adjusted net earnings 1.43 1.22
Adjustments (0.14) (0.15)
Net earnings 1.29 1.07
1 For a reconciliation of Great West, IGM, Sagard and
Power Sustainable, and Corporate operations and Other's
non-IFRS adjusted net earnings to their net earnings,
and the contribution to adjusted net earnings from
GBL, refer to the Non-IFRS Financial Measures, Sagard
and Power Sustainable, and Corporate operations and
Other sections below.
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 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, which includes
operating expenses, financing charges, depreciation,
income taxes, and dividends on non-participating and
perpetual preferred shares. Certain comparatives have
been reclassified to conform with the current presentation.
5 Attributable to participating shareholders.
6 Refer to the detailed table of Adjustments in the
Non-IFRS Financial Measures section below.
Sagard and Power Sustainable
Three months ended March 31,
(in millions of dollars) 2026 2025
Contribution to Power
Corporation's:
Adjusted net earnings
(loss)
Asset management
activities (1)
Sagard (5) (4)
Power Sustainable (10) (6)
Investing activities
(proprietary capital)
Sagard (2) - 41
Power Sustainable (3) (3) 3
Adjusted net earnings (loss) (18) 34
Adjustments (4)
Power Sustainable (40) (12)
Net earnings (loss) (58) 22
1 Includes management fees charged by the investment
platforms on proprietary capital. Management fees
paid by the Corporation are deducted from income from
investing activities.
2 Includes the Corporation's share of earnings (losses)
of Wealthsimple.
3 Consists mainly of the Corporation's share of earnings
(losses) from direct investments in energy infrastructure
and in the consolidated activities of PSEIP, as well
as fair value changes of other investments managed
within the Power Sustainable platform.
4 Refer to the detailed table of Adjustments in the
Non-IFRS Financial Measures section below.
Corporate operations and Other
Three months ended March 31,
(in millions of 2026 2025
dollars)
Adjusted net earnings
(loss)
LMPG (1) (6) (5)
Other corporate investments
(2) 23 22
Operating and other expenses
(3) (77) (66)
Dividends on
non-participating and
perpetual preferred
shares (56) (48)
Adjusted net earnings (loss) (116) (97)
Adjustments (4) - 12
Net earnings (loss) (116) (85)
1 The Corporation's investment in LMPG was previously
presented separately within Standalone businesses.
Certain comparatives have been reclassified to conform
with the current presentation.
2 Includes the Corporation's investments held in private
investment funds, as well as foreign exchange gains
or losses and interest on cash and cash equivalents.
3 Includes operating expenses, financing charges, depreciation
and income taxes of the Corporation and Power Financial.
4 Refer to the detailed table of Adjustments in the
Non-IFRS Financial Measures section below.
BASIS OF PRESENTATION
The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards unless otherwise noted and are the basis for the figures presented in this news release, unless otherwise noted.
NON-IFRS FINANCIAL MEASURES
Net earnings attributable to participating shareholders are comprised of:
-- Adjusted net earnings attributable to participating shareholders; and
-- Adjustments, which include the after-tax impact of any item that in
management's judgment, including those identified by management of
Great West and IGM, would make the period-over-period comparison of
results from operations less meaningful. Includes the Corporation's share
of Great West's impact of market-related impacts, where actual market
returns in the current period are different than longer-term expected
returns; assumption changes and management actions that impact the
measurement of assets and liabilities; direct equity and interest rate
impacts on the measurement of surplus assets and liabilities; and
amortization of acquisition-related finite life intangible assets, as
well as items that management believes are not indicative of the
underlying business results which include those identified by management
of a subsidiary or a jointly controlled corporation, including: business
transformation and other impacts (including restructuring or
reorganization and integration costs, acquisition and divestiture costs);
material legal settlements; material impairment charges; material impacts
of the remeasurement of deferred tax assets and liabilities including
those as a result of income tax rate changes, and other tax impairments;
certain non-recurring material items, net gains, losses or costs related
to the disposition or acquisition of a business, including those related
to an investment in an associate or jointly controlled corporation;
impacts related to remeasurements due to market changes that result in an
accounting mismatch including the remeasurement of derivatives where the
hedged item is not also measured at fair value and hedge accounting is
not applied, and the revaluation of redemption liabilities, share
warrants and conversion options on convertible and exchangeable debt
obligations; the impact of the revaluation of non-controlling interests
liabilities related to PSEIP which result from changes in fair value of
assets held within the fund, and the share of earnings (losses) from the
consolidated activities of PSEIP attributable to third-party investors;
and other items that, when removed, assist in explaining underlying
operating performance.
Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation, and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Adjusted net earnings, as defined by the Corporation, assists the reader in the comparison of the current period's results to those of previous periods as it reflects management's view of the operating performance of the Corporation and its subsidiaries, excluding items that are not considered to be part of the underlying business results.
Fee-related earnings is presented for Sagard and Power Sustainable and includes management fees and fee-related performance revenues earned across all asset classes, less investment platform expenses which include i) fee-related compensation including salary, bonus, and benefits, and ii) operating expenses. Fee-related performance revenues represents the realized portion of performance revenues from perpetual capital vehicles that are i) measured and expected to be received on a recurring basis, ii) not dependent on realization events from underlying investments, and iii) not subject to clawback. Fee-related earnings is presented on a gross pre-tax basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii) amortization of acquisition-related finite life intangible assets, iii) foreign exchange-related gains and losses, iv) net interest, and v) other items that in management's judgment are not indicative of underlying operating performance of the alternative asset investment platforms, which include restructuring costs, transaction and integration costs related to business acquisitions and certain non-recurring material items. Management uses this measure to assess the profitability of the asset management activities of the alternative asset investment platforms. This financial measure provides insight as to whether recurring revenues from management fees and fee-related performance revenues, which are not based on future realization events, are sufficient to cover associated operating expenses.
Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value represents the fair value of the participating shareholders' equity of Power Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (also referred to as gross asset value) less their net debt and preferred shares. The investments held in public entities (including Great West, IGM and GBL) are measured at their market value and investments in private entities and investment funds are measured at management's estimate of fair value. The definition of adjusted net asset value involves a number of assumptions, judgments and estimates that may prove to be inaccurate, and the adjusted net asset value per share is not a representation or guarantee of the value a participating shareholder will be able to realize. This measure presents the fair value of the participating shareholders' equity of the holding company, and assists the reader in determining or comparing the fair value of investments held by the holding company or its overall fair value.
Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, adjusted net earnings per share and adjusted net asset value per share are non-IFRS financial measures and ratios that do not have a standard meaning and may not be comparable to similar measures used by other entities.
Presentation of Holding Company Activities
The Corporation's reportable segments include Great West, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies, as well as the holding company. These reportable segments, in addition to the asset management activities, reflect Power Corporation's management structure and internal financial reporting. The Corporation evaluates its performance based on the operating segments' contributions to earnings.
The holding company comprises the corporate activities of the Corporation and Power Financial, on a combined basis, and presents the investment activities of the Corporation. The investment activities of the holding company, including the investments in Great West, IGM and controlled entities within the alternative asset investment platforms, are presented using the equity method. The holding company activities present the holding company's assets and liabilities, including cash, investments, debentures and non-participating shares. The discussions included in the sections Financial Position and Cash Flows of the Corporation's most recent MD&A present the segmented balance sheets and cash flow statements of the holding company, which are presented in Note 20 of the Interim Consolidated Financial Statements. This presentation is useful to the reader as it presents the holding company's (parent) results separately from the results of its consolidated operating subsidiaries.
RECONCILIATIONS OF IFRS AND NON-IFRS FINANCIAL MEASURES
Power Corporation
Adjusted net earnings
Three months ended March 31,
(in millions of 2026 2025
dollars)
Adjusted net earnings --
Non-IFRS financial
measure
(1) 905 787
Share of Adjustments
(2) , net of tax
Great West (44) (118)
IGM (1) (2)
GBL - 22
Sagard and Power
Sustainable (40) (12)
Corporate operations and
Other - 12
(85) (98)
Net earnings -- IFRS
financial measure (1) 820 689
1 Attributable to participating shareholders of Power
Corporation.
2 Refer to the Adjustments section for more details
on Adjustments from Great West, IGM, GBL, Sagard and
Power Sustainable and Corporate operations and Other.
Adjustments (excluded
from Adjusted net
earnings)
Three months ended March 31,
(in millions of 2026 2025
dollars)
Great West (1)
Market experience relative
to expectations (pre-tax) 21 (77)
Income tax (expense) benefit (10) 15
Assumption changes and
management actions
(pre-tax) 1 (29)
Income tax (expense) benefit 1 7
Business transformation and
other impacts (pre-tax)
(2) (29) (9)
Income tax (expense) benefit 7 2
Amortization of
acquisition-related finite
life intangible
assets (pre-tax) (31) (35)
Income tax (expense) benefit 8 10
Tax legislative changes 3 -
and other tax impacts
Income tax (expense) (3) -
benefit
(32) (116)
Effect of consolidation
(pre-tax) (3) (12) (2)
Income tax (expense) - -
benefit
(44) (118)
IGM (1)
Share of Great West
adjustments (pre-tax) - (2)
Income tax (expense) - -
benefit
- (2)
Effect of consolidation (1) -
(pre-tax) (3)
Income tax (expense) - -
benefit
(1) (2)
GBL
Affidea's gain on debt
modification (pre-tax and
post-tax) - 22
- 22
Sagard and Power
Sustainable
Revaluation of NCI
liabilities and other
market-related
impacts (pre-tax) (40) (14)
Income tax (expense) benefit - 2
(40) (12)
Corporate operations
and Other
LMPG remeasurement of
deferred tax liabilities - 12
(85) (98)
1 As reported by Great West and IGM.
2 Business transformation and other impacts include
acquisition and divestiture costs as well as restructuring
and integration costs.
3 The Effect of consolidation reflects: i) the elimination
of intercompany transactions; and ii) the application
of the Corporation's accounting method for investments
under common ownership to the Adjustments reported
by Great West and IGM.
Adjusted net asset value
Adjusted net asset value 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 less their net debt and preferred shares.
The Corporation's adjusted net asset value per share
is presented on a look-through basis.
The following table presents a reconciliation of the participating shareholders' equity reported in accordance with IFRS to the adjusted net asset value, a non-IFRS financial measure:
(in millions of March 31, 2026 December 31, 2025
dollars, except per
share amounts)
Participating
shareholders' equity
-- IFRS financial
measure
Share capital --
participating shares 9,107 9,159
Retained earnings 11,804 11,674
Reserves 2,170 2,249
23,081 23,082
Fair value adjustments
(1)
Great West 22,882 24,910
IGM 5,416 4,807
GBL (327) (600)
Sagard and Power
Sustainable 2,378 2,324
Other investments (2) 9 3
30,358 31,444
Adjusted net asset value --
Non-IFRS financial measure 53,439 54,526
Per share (3)
Participating shareholders'
equity (book value) 36.52 36.31
Adjusted net asset value 84.54 85.77
1 Refer to the table below for more details on the fair
value adjustments.
2 Certain comparatives have been reclassified to conform
with the current presentation.
3 Attributable to participating shareholders.
The Corporation's adjusted net asset value per share was $84.54 at March 31, 2026, compared with $85.77 at December 31, 2025, representing a decrease of 1.4%. The Corporation's book value per participating share was $36.52 at March 31, 2026, compared with $36.31 at December 31, 2025, representing an increase of 0.6%.
March 31, 2026 December 31, 2025
(in millions of Holding Fair value Adjusted Holding Fair value Adjusted
dollars, except company adjustment net adjustment net
per share amounts) balance asset company asset
sheet value value
balance
sheet
Holding company
assets
Investments
Power Financial
Great West 17,287 22,882 40,169 17,237 24,910 42,147
IGM 4,389 5,416 9,805 4,337 4,807 9,144
GBL (1) 3,079 (327) 2,752 3,291 (600) 2,691
Alternative asset
investment
platforms
Asset management
companies (2)
Sagard 347 216 563 164 244 408
Power Sustainable - - - - - -
Investing
activities
Sagard (3)
Investment funds
and other (4) 1,150 5 1,155 1,066 8 1,074
Wealthsimple (5) 112 1,353 1,465 116 1,349 1,465
Power Sustainable 197 804 1,001 179 723 902
Cash and cash
equivalents 2,114 - 2,114 2,232 - 2,232
Other assets and
investments (3) 819 9 828 887 3 890
Total holding
company assets 29,494 30,358 59,852 29,509 31,444 60,953
Holding company
liabilities and
non-participating
shares
Debentures and
other debt
instruments 897 - 897 897 - 897
Other liabilities
(6) 1,336 - 1,336 1,350 - 1,350
Non-participating
shares and
perpetual
preferred shares 4,180 - 4,180 4,180 - 4,180
Total holding
company
liabilities and
non-participating
shares 6,413 - 6,413 6,427 - 6,427
Net value
Participating
shareholders'
equity (IFRS) /
Adjusted net
asset value
(non-IFRS) 23,081 30,358 53,439 23,082 31,444 54,526
Per share 36.52 84.54 36.31 85.77
1 The Corporation's share of GBL's reported net asset
value was $3.7 billion (EUR2.3 billion) at March 31,
2026 ($3.9 billion (EUR2.4 billion) at December 31,
2025).
2 The management company of Sagard is presented at its
fair value. The management company of Power Sustainable
is presented at its carrying value.
3 Certain comparatives have been reclassified to conform
with the current presentation.
4 Includes Power Financial's investments in Portage
Ventures I and Portage Ventures II.
5 Represents 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.
6 In accordance with IAS 12, Income Taxes, no deferred
tax liability is recognized with respect to temporary
differences associated with investments in subsidiaries
and jointly controlled corporations as the Corporation
is able to control the timing of the reversal of the
temporary differences and it is probable that the
temporary differences will not reverse in the foreseeable
future. If the Corporation were to dispose of an investment
in a subsidiary or a jointly controlled corporation,
income taxes payable on such disposition would be
minimized through careful and prudent tax planning
and structuring, as well as with the use of available
tax attributes not otherwise recognized on the balance
sheet, including tax losses, tax basis, safe income
and foreign tax surplus associated with the subsidiary
or jointly controlled corporation.
This news release also contains other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries including adjusted net earnings and adjusted net earnings per share. The section below includes the description and reconciliation of the non-IFRS financial measures included in this news release as reported by the Corporation's subsidiaries. The information below is derived from Great West's and IGM's first quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com.
Great West
Adjusted net earnings attributable to Great West's common shareholders
Adjusted net earnings (1) reflects Great West management's view of the underlying business performance of Great West and provides an alternate measure to understand the underlying business performance compared with net earnings. Adjusted net earnings excludes the following items from net earnings:
-- Market-related impacts, where actual market returns in the current period
are different than longer-term expected returns;
-- Assumption changes and management actions that impact the measurement of
assets and liabilities;
-- Business transformation and other impacts, when removed, assist in
explaining Great West's underlying business performance, including
acquisition and divestiture costs and restructuring and integration
costs;
-- Material legal settlements, material impairment charges related to
goodwill and intangible assets, impacts of income tax rate changes on the
remeasurement of deferred tax assets and liabilities and other tax
impairments, net gains, losses or costs related to the disposition or
acquisition of a business; net earnings (loss) from discontinued
operations;
-- The direct equity and interest rate impacts on the measurement of surplus
assets and liabilities;
-- Amortization of acquisition-related finite life intangible assets; and
-- Other items that, when removed, assist in explaining Great West's
underlying business performance.
Three months ended March 31,
(in millions of 2026 2025
dollars)
Adjusted net earnings --
Non-IFRS financial measure
(1 2) 1,239 1,030
Adjustments (3)
Market experience relative
to expectations (pre-tax) 30 (113)
Income tax (expense) benefit (14) 22
Assumption changes and
management actions
(pre-tax) 1 (42)
Income tax (expense) benefit 2 10
Business transformation and
other impacts (pre-tax)
(4) (42) (13)
Income tax (expense) benefit 10 3
Amortization of
acquisition-related finite
life intangible
assets (pre-tax) (45) (51)
Income tax (expense) benefit 11 14
Tax legislative changes 5 -
and other tax impacts
(pre-tax)
Income tax (expense) (5) -
benefit
(47) (170)
Net earnings -- IFRS
financial measure (2) 1,192 860
1 Defined as "base earnings" and identified as a non-GAAP
financial measure by Great West.
2 Attributable to Great West common shareholders.
3 Described as "items excluded from base earnings" by
Great West.
4 Business transformation and other impacts include
acquisition and divestiture costs as well as restructuring
and integration costs.
IGM Financial
Adjusted net earnings attributable to IGM's common shareholders
Adjusted net earnings attributable to common shareholders excludes Adjustments, which includes the after--tax impact of any item that management of IGM considers to be of a non--recurring nature, or that could make the period--over--period comparison of results from operations less meaningful. Adjusted net earnings also excludes IGM's proportionate share of items that Great West excludes from its IFRS-reported net earnings in arriving at Great West's base earnings.
Three months ended March 31,
(in millions of 2026 2025
dollars)
Adjusted net earnings --
Non-IFRS financial measure
(1) 284.3 237.8
Adjustments (2)
Great West other items (0.5) (4.0)
Net earnings -- IFRS
financial measure (1) 283.8 233.8
1 Available to IGM common shareholders.
2 Described as "Other items" by IGM.
OTHER MEASURES
This news release and other continuous disclosure documents also include other measures used to discuss activities of the Corporation, its consolidated publicly traded operating companies and alternative asset investment platforms including, but not limited to, "assets under management", "assets under administration", "assets under management and advisement", "assets under management and advisement including strategic investments", "book value per participating share", "capital commitments", "carried interest", "net asset value", "non-fee-bearing assets" and "unfunded commitments". Refer to the section "Other Measures" in the Corporation's most recent MD&A, which can be located in the Corporation's profile on SEDAR+ at www.sedarplus.ca, for definitions of such measures, which definitions are incorporated herein by reference.
ELIGIBLE DIVIDENDS
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries, and capital commitments to strategies of the investment platforms, GBL's mid-term strategy to simplify its portfolio and the expected timing of its investments in direct private assets, and the Corporation's subsidiaries' disclosed expectations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could".
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Corporation's and its subsidiaries' control, affect the operations, performance and results of the Corporation and its subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government administrations, regulation, legislation and policies, changes in tax laws, the impacts of trade relations, ongoing trade tensions and fiscal policy developments, geopolitical tensions and related economic impacts, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the factors identified by such subsidiaries in their respective MD&A.
The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, and that strategic transactions, acquisitions, divestitures or other growth or optimization strategies will be completed on expected terms, including that any required approvals will be received when and on such terms as are expected, as well as other considerations that are believed to be appropriate in the circumstances, including that the list of risks and uncertainties in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, that the risks identified by such subsidiaries in their respective MD&A and Annual Information Form are not expected to have a material impact on the Corporation. While the Corporation considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the Corporation's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent annual MD&A and subsequent interim MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca.
SOURCE Power Corporation du Canada
/CONTACT:
Copyright CNW Group 2026
(END) Dow Jones Newswires
May 12, 2026 17:00 ET (21:00 GMT)