MONTRÉAL , March 18, 2026 /CNW/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) (TSX: POW.PR.E) today reported earnings results for the three and twelve months ended December 31, 2025.

HIGHLIGHTS

POWER CORPORATION

• Net earnings from continuing operations 1 for the fourth quarter of 2025 were $408 million or $0.64 per share 2 , compared with $933 million or $1.44 per share in the fourth quarter of 2024.
  Adjusted net earnings from continuing operations 1 3 were $867 million or $1.36 per share, compared with $829 million or $1.28 per share in the fourth quarter of 2024. Adjustments in the fourth quarter primarily include the Corporation's share of impairment charges related to Imerys, a consolidated investment of GBL, the revaluation of non-controlling interests liabilities within Power Sustainable Energy Infrastructure Partnership due mainly to fair value increases, and the Corporation's share of Lifeco's Adjustments.
• Net earnings from continuing operations in 2025 were $2,572 million or $4.01 per share, compared with $2,792 million or $4.31 per share in 2024.
  Adjusted net earnings from continuing operations were $3,400 million or $5.31 per share, compared with $2,971 million or $4.58 per share in 2024.
• Adjusted net asset value per share 3 was $85.77 at December 31, 2025, compared with $60.44 at December 31, 2024, representing an increase of 41.9%, primarily driven by the publicly traded operating companies.
  Book value per share 4 was $36.31 at December 31, 2025, compared with $35.56 at December 31, 2024, representing an increase of 2.1%.
• The Corporation completed an offering of 8,000,000 5.65% Non-Cumulative First Preferred Shares, Series I at $25.00 per share, for gross proceeds of $200 million on November 20, 2025.
• In 2025, the Corporation purchased and cancelled 12.4 million subordinate voting shares for a total of $711 million, and paid over $1.5 billion in dividends to participating shareholders.
• The Corporation declared a quarterly dividend of 66.75 cents per participating share, a 9% increase, payable May 1, 2026.
• The Corporation continued to execute and deliver on its long-term value creation strategy in 2025, with strong earnings momentum at Lifeco and IGM, value creation in strategic investments across the Power group of companies, and significant returns of capital to shareholders.

GREAT-WEST LIFECO INC. (LIFECO)

• Fourth quarter net earnings from continuing operations were $1,048 million, compared with $1,116 million in the fourth quarter of 2024.
  Adjusted net earnings from continuing operations 5 were $1,245 million, compared with $1,115 million in the fourth quarter of 2024.
• Adjusted net earnings from continuing operations increased 12% from the fourth quarter of 2024, driven by continued momentum in Lifeco's Retirement and Wealth businesses, mainly at Empower 6 , as well as new business volumes in Capital & Risk Solutions.
• Net earnings from continuing operations in 2025 were $3,960 million, compared with $4,011 million in 2024.
  Adjusted net earnings from continuing operations were $4,649 million, compared with $4,192 million in 2024.
• Lifeco reported adjusted net earnings per share growth of 12% for the full year, exceeding its medium-term objective 7 , and is well on its way to achieving its medium-term adjusted return on equity objective 7 .
• Lifeco announced an increase of 10% in its quarterly dividend payable March 31, 2026, and in 2025 repurchased total common shares for cancellation under its Normal Course Issuer Bid (NCIB) of $1.6 billion, driven by strong organic capital generation.

HIGHLIGHTS (CONTINUED)

IGM FINANCIAL INC. (IGM)

• Fourth quarter net earnings were $322.4 million, compared with $254.7 million in the fourth quarter of 2024.
  Adjusted net earnings 1 were a record high of $301.4 million, compared with $250.0 million in the fourth quarter of 2024.
• Net earnings in 2025 were $1,101.0 million, compared with $933.5 million in 2024. 
  Adjusted net earnings were an all-time high of $1,093.1 million, compared with $939.0 million in 2024.
• Assets under management and advisement 2 were $310.1 billion at December 31, 2025, an increase of 2.5% from the third quarter of 2025 and 14.7% from December 31, 2024.
• Assets under management and advisement including strategic investments 2 were $566.2 billion at December 31, 2025, compared with $562.4 billion at September 30, 2025 and $483.5 billion at December 31, 2024.
• IGM received proceeds of $394.2 million comprised primarily of a return of capital, and a partial sale of its equity interest in Rockefeller Capital Management (Rockefeller) that closed in the fourth quarter.
• IGM announced an increase of 10% in its quarterly dividend payable April 30, 2026.

GROUPE BRUXELLES LAMBERT (GBL)

• GBL reported a net asset value 2 of €14.0 billion or €105.37 per share at December 31, 2025, compared with €15.7 billion or €113.30 per share at December 31, 2024.
• In 2025, GBL completed a total of €335 million of share buybacks and cancelled 5.2 million treasury shares.
• In February 2026, GBL announced the exit of its position in Umicore, NV/SA and reported that it had completed 95% of its €5 billion portfolio simplification target communicated in its mid-term strategic plan in November 2024.
• GBL announced an increase in its annual dividend to €5.125 per share 3 .

SAGARD HOLDINGS INC. (SAGARD) AND POWER SUSTAINABLE CAPITAL INC.  (POWER SUSTAINABLE)

• In 2025, the alternative asset investment platforms raised over $5.4 billion in new capital commitments 2 4 .

Net earnings from continuing operations attributable to participating shareholders were $408 million or $0.64 per share, compared with $933 million or $1.44 per share in 2024.

Adjusted net earnings from continuing operations attributable to participating shareholders 1 were $867 million or $1.36 per share, compared with $829 million or $1.28 per share in 2024.

Net earnings attributable to participating shareholders were $408 million or $0.64 per share, compared with $933 million or
$1.44 per share in 2024.

Adjustments in the fourth quarter of 2025, excluded from adjusted net earnings from continuing operations, were a negative net impact to earnings of $459 million or $0.72 per share, mainly comprised of the Corporation's share of Adjustments of:

• Lifeco of negative $174 million, mainly related to business transformation and other impacts, market experience relative to expectations, and assumption changes and management actions;
• GBL of negative $180 million, mainly related to GBL's share of an impairment charge by Imerys SA (Imerys) recorded on its Solutions for Refractory, Abrasives and Construction business due to difficult market conditions, and an impairment recognized by Parjointco SA (Parjointco) on GBL's investment in Imerys, as well as a net charge on divestments in the GBL Capital portfolio and impairment charges on Sienna Investment Managers;
• Power Sustainable of negative $118 million, mainly related to the revaluation of non-controlling interests (NCI) liabilities within the Power Sustainable Energy Infrastructure Partnership (PSEIP), mainly due to fair value increases in the fourth quarter; and
• Partially offset by IGM of positive $13 million, mainly related to its gain on partial sales of investment in associates.

In the fourth quarter of 2024, Adjustments were a positive net impact to earnings of $104 million or $0.16 per share, mainly related to the Corporation's share of Adjustments of Standalone businesses.

Publicly traded operating companies: contribution to net earnings from continuing operations was $645 million, a decrease of 30.9% from the fourth quarter of 2024, and contribution to adjusted net earnings from continuing operations was $986 million, an increase of 6.3% from the fourth quarter of 2024:

Lifeco: contribution to net earnings decreased by $40 million or 5.3% and contribution to adjusted net earnings increased by $96 million or 12.6%.

IGM: contribution to net earnings and adjusted net earnings increased by $44 million or 27.7% and by $34 million or 21.8%, respectively.

GBL: contribution to net earnings of negative $195 million and to adjusted net earnings of negative $15 million in the fourth quarter of 2025, compared with a contribution to net earnings and adjusted net earnings of positive $18 million in the fourth quarter of 2024.

Sagard and Power Sustainable: Sagard had a contribution to net earnings and adjusted net earnings of positive $26 million. Power Sustainable's contribution to net earnings and adjusted net earnings was negative $139 million and negative $21 million, respectively.

Net earnings from continuing operations attributable to participating shareholders were $2,572 million or $4.01 per share, compared with $2,792 million or $4.31 per share in 2024.

Adjusted net earnings from continuing operations attributable to participating shareholders 1 were $3,400 million or $5.31 per share, compared with $2,971 million or $4.58 per share in 2024.

Net earnings attributable to participating shareholders were $2,572 million or $4.01 per share, compared with $2,743 million or
$4.23 per share in 2024.

GREAT-WEST LIFECO INC.

Fourth Quarter

Net earnings from continuing operations attributable to common shareholders were $1,048 million or $1.15 per share, compared with $1,116 million or $1.20 per share in 2024.

Adjusted net earnings from continuing operations  1  attributable to common shareholders were $1,245 million or $1.36 per share, compared with $1,115 million or $1.20 per share in 2024.

Net earnings attributable to common shareholders were $1,048 million or $1.15 per share, compared with $1,116 million or $1.20 per share in 2024.

Adjustments in the fourth quarter of 2025, excluded from adjusted net earnings, were a net negative impact of $197 million, compared with a net positive impact of $1 million in 2024. Lifeco's Adjustments consisted of:

• Business transformation and other impacts of negative $73 million;
• Market experience relative to expectations of negative $61 million;
• Assumption changes and management actions of negative $27 million; and
• Amortization of acquisition-related finite life intangible assets of negative $36 million.

IGM FINANCIAL INC.

Fourth Quarter

Net earnings available to common shareholders were $322.4 million or $1.36 per share, compared with $254.7 million or $1.07 per share in 2024.

Adjusted net earnings 2 attributable to common shareholders were $301.4 million or $1.27 per share, compared with $250.0 million or $1.05 per share in 2024. Adjusted net earnings of IGM in the fourth quarter of 2025 excluded a positive impact related to a gain on partial sales of investment in associates of $26.1 million, net of tax and one-time costs.

Assets under management and advisement 3 at December 31, 2025 were $310.1 billion, an increase of 2.5% from September 30, 2025 and 14.7% from December 31, 2024. Net inflows 4 were $2.2 billion in the fourth quarter of 2025, compared with net inflows of $244 million in 2024.

GROUPE BRUXELLES LAMBERT

Fourth Quarter

GBL reported a net loss of €416 million, compared with net earnings of €77 million in 2024. In the fourth quarter of 2025, the Corporation recognized Adjustments of negative $180 million on the contribution from GBL mainly relating to its share of the impairment charge recognized by Imerys on its Solutions for Refractory, Abrasives and Construction business due to difficult market conditions, and an impairment recognized by Parjointco on GBL's investment in Imerys, as well as its share of a loss recognized on divestments in the GBL Capital portfolio and impairment charges on Sienna Investment Managers.

GBL reported a net asset value 3 of €14,035 million or €105.37 per share at December 31, 2025, compared with €15,681 million or €113.30 per share at December 31, 2024.

Fourth Quarter

The net loss of the alternative asset investment platforms was $113 million, compared with a net loss of $22 million in 2024. The adjusted net earnings 1 of the alternative asset investment platforms was $5 million, compared with an adjusted net loss of $10 million in 2024.

The adjusted net earnings is comprised of:

• A positive contribution of $26 million from Sagard comprised of a positive contribution of $9 million from asset management activities and a positive contribution of $17 million from investing activities, mainly driven by increases in fair value of private equity investments. Adjustments in the fourth quarter of 2024, excluded from adjusted net earnings, were a positive impact of $16 million related to the Corporation's share of the remeasurement of deferred tax assets by Wealthsimple; and
• A negative contribution of $21 million from Power Sustainable comprised of a negative contribution of $6 million from asset management activities and a negative contribution of $15 million from investing activities. Adjustments in the fourth quarter of 2025, excluded from adjusted net earnings, were a net negative impact of $118 million, compared with a negative impact of $28 million in the corresponding period in 2024. Power Sustainable 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.

Adjusted Net Asset Value

The Corporation's adjusted net asset value per share was $85.77 at December 31, 2025, compared with $60.44 at December 31, 2024, an increase of 41.9%.

Power Corporation's Ownership in Publicly Traded Operating Companies

Participating Shareholders' Equity

The Corporation's book value per participating share was $36.31 at December 31, 2025, compared with $35.56 at December 31, 2024, an increase of 2.1%.

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, representing an increase of 9%, payable May 1, 2026 to shareholders of record March 31, 2026.

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable April 15, 2026 to shareholders of record at March 26, 2026:

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 December 31, 2025, Power Corporation held the following economic interests:

Contribution to Adjusted Net Earnings and Net Earnings

BASIS OF PRESENTATION

The 2025 consolidated 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 from continuing operations attributable to participating shareholders are comprised of:

• Adjusted net earnings from continuing operations (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 Lifeco and IGM, would make the period-over-period comparison of results from operations less meaningful. Includes the Corporation's share of Lifeco'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.

Adjusted net earnings from continuing operations (or adjusted net earnings) represents net earnings from continuing operations excluding Adjustments.

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 Lifeco, 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 from continuing operations per share (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 Lifeco, 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 Lifeco, 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 35 of the 2025 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