MONTRÉAL, March 18, 2026 /CNW/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX:POW) (TSX:POW) today reported earnings results for the three and twelve months ended December 31, 2025.
Power CorporationConsolidated results for the period 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.
1
Attributable to participating shareholders.
2
All per share amounts are per participating share of the Corporation.
3
Adjusted net earnings from continuing operations and adjusted net asset value are non-IFRS financial measures. Adjusted net earnings from continuing operations per share and adjusted net asset value per share are non-IFRS ratios. Refer to the Non-IFRS Financial Measures section later in this news release.
4
Refer to the Other Measures section later in this news release.
5
Defined as "base earnings" by Lifeco, a non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release.
6
Lifeco's U.S. Retirement and Wealth business.
7
In April 2025, Lifeco updated its medium-term growth objectives effective January 1, 2025, defined as 3-5 years, including base earnings per share growth and base return on equity, determined based on non-GAAP ratios defined by Lifeco.
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.
____________________________________________________________________________________________________________________________________________
1
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.
2
Refer to the Other Measures section later in this news release.
3
Payable in 2026, and subject to approval at GBL's General Shareholders' Meeting on May 7, 2026.
4
Includes commitments from the Corporation, associated companies and third parties, as well as commitments raised in continuation funds.
Fourth Quarter
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.
Contributions to Power Corporation's Earnings from Continuing Operations
(in millions of dollars, except per share amounts)
Adjusted Net Earnings
Net Earnings
2025
2024
2025
2024
Lifeco 2
856
760
721
761
IGM 2
190
156
203
159
GBL 2
(15)
18
(195)
18
Effect of consolidation - Lifeco and IGM 3
(45)
(6)
(84)
(5)
Publicly traded operating companies
986
928
645
933
Sagard and Power Sustainable 4
5
(10)
(113)
(22)
Standalone businesses
(5)
(5)
(5)
106
986
913
527
1,017
Corporate operations and Other 5
(119)
(84)
(119)
(84)
867
829
408
933
Per participating share
1.36
1.28
0.64
1.44
Average shares outstanding (in millions)
637.2
645.6
637.2
645.6
1
A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release.
2
Contribution to net and adjusted net earnings based on earnings reported by Lifeco 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
Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, 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 Earnings Summary below.
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.
Twelve Months
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.
Contributions to Power Corporation's Earnings from Continuing Operations
(in millions of dollars, except per share amounts)
Adjusted Net Earnings
Net Earnings
2025
2024
2025
2024
Lifeco 2
3,191
2,858
2,718
2,735
IGM 2
685
586
690
583
GBL 2
(38)
75
(263)
31
Effect of consolidation - Lifeco and IGM 3
(98)
(65)
(129)
(74)
Publicly traded operating companies
3,740
3,454
3,016
3,275
Sagard and Power Sustainable 4
105
(71)
(11)
(97)
Standalone businesses
(14)
(64)
(2)
(38)
3,831
3,319
3,003
3,140
Corporate operations and Other 5
(431)
(348)
(431)
(348)
3,400
2,971
2,572
2,792
Per participating share
5.31
4.58
4.01
4.31
Average shares outstanding (in millions)
640.9
648.1
640.9
648.1
______________________________________________________________________________________________________________________________________________
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 Lifeco and IGM. Contribution to net earnings based on earnings reported by GBL.
3
Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information.
4
Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries.
5
Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, as well as corporate operations of the Corporationand Power Financial, which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares.Refer to the Earnings Summary below.
Great-West Lifeco, IGM Financial and Groupe Bruxelles LambertResults for the quarter ended December 31, 2025
The information below is derived from Lifeco's and IGM's annual 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 annual MD&A for the year ended December 31, 2025, 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 fourth quarter press release at December 31, 2025. Further information on GBL's results is available on its website at www.gbl.com.
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.
___________________________________________________________________________________________________________________________________
1
Defined as "base earnings" by Lifeco. For additional information, refer to the Non-IFRS Financial Measures section later in this news release.
2
Adjusted net earnings reported by IGM is a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section later in this news release.
3
Refer to the Other Measures section later in this news release.
4
Related to assets under management and advisement.
Sagard and Power SustainableResults for the quarter ended December 31, 2025
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.
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.
Summary of assets under management 3 (including unfunded commitments 3):
(in billions of dollars)
December 31, 2025
December 31, 2024
Sagard 4
46.1
38.2
Power Sustainable
4.4
4.2
Total
50.5
42.4
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 $2,445 million at December 31, 2025, compared with $2,012 million at December 31, 2024. In the fourth quarter of 2025, there was an unrealized increase in fair value of the assets within the portfolio of $263 million, excluding foreign exchange losses.
3
Refer to the Other Measures section later in this news release.
4
Includes ownership in Wealthsimple valued at $3.8 billion at December 31, 2025 ($2.1 billion at December 31, 2024) and excludes assets under management of Sagard's private wealth investment platform. In the second quarter of 2025, Sagard acquired a controlling interest in BEX Capital SAS, representing assets under management of $3.3 billion at December 31, 2025.
5
Associated companies includes commitments from Lifeco, IGM and GBL, as well as commitments from management.
Adjusted Net Asset Value and Participating Shareholders' EquityAt December 31, 2025
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 $85.77 at December 31, 2025, compared with $60.44 at December 31, 2024, an increase of 41.9%.
(in millions of dollars, except per share amounts)
December 31, 2025
December 31, 2024
Variation %
Publicly traded operating companies
Lifeco
42,147
30,292
39
IGM
9,144
6,792
35
GBL
2,691
2,162
24
53,982
39,246
38
Alternative asset investment platforms
Sagard 1
2,947
2,181
35
Power Sustainable 1 2
902
1,155
(22)
3,849
3,336
15
Other
Standalone businesses
87
85
2
Cash and cash equivalents
2,232
1,606
39
Other assets and investments
803
451
78
3,122
2,142
46
Gross asset value
60,953
44,724
36
Liabilities and preferred shares
(6,427)
(5,750)
(12)
Adjusted net asset value
54,526
38,974
40
Shares outstanding (in millions)
635.7
644.8
Adjusted net asset value per share
85.77
60.44
42
1
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.
2
In the second quarter of 2025, wind assets developed by Potentia Renewables Inc., a wholly owned subsidiary, representing 425 MW were sold to PSEIP. The Corporation received cash proceeds of $262 million.
Power Corporation's Ownership in Publicly Traded Operating Companies
Ownership 1(%)
Shares held 1(in millions)
Share price
December 31, 2025
December 31, 2024
Lifeco
68.7
622.6
$67.69
$47.67
IGM
62.9
147.9
$61.81
$45.91
GBL 2
17.1
22.8
€75.95
€66.05
1
At December 31, 2025.
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 $36.31 at December 31, 2025, compared with $35.56 at December 31, 2024, an increase of 2.1%.
(in millions of dollars, except per share amounts)
December 31, 2025
December 31, 2024
Variation %
Publicly traded operating companies
Lifeco
17,237
17,108
1
IGM
4,337
4,094
6
GBL
3,291
3,683
(11)
24,865
24,885
−
Alternative asset investment platforms
Sagard
1,346
1,146
17
Power Sustainable
179
503
(64)
1,525
1,649
(8)
Other
Standalone businesses
84
89
(6)
Cash and cash equivalents
2,232
1,606
39
Other assets and investments
803
451
78
3,119
2,146
45
Total assets
29,509
28,680
3
