Power . Of Canada Stock Earnings Reports

Power Corporation reported a strong start to 2026 with adjusted net earnings of $905 million (up 15% YoY) and EPS of $1.43 (second-highest quarterly EPS since the 2019 reorganization). Earnings- and cash-generating businesses — Great-West Life and IGM — both contributed materially and grew 21% YoY, with Great-West posting its eighth consecutive quarter of base earnings over $1 billion and achieving base ROE above 19%. NAV per share rose to $84.54 (up 23% YoY) driven by strong AUM growth at IGM, higher asset values across the portfolio, and significant gains in Wealthsimple and other NAV assets. Power ended the quarter with ~$2.1 billion of cash (~$1.7 billion after expected dividends) and returned $650 million in buybacks and dividends in Q1, with buybacks highlighted as a high-priority use of capital given an ~18% discount to NAV. GBL is actively shifting from listed holdings toward direct private assets after substantial public-portfolio sales; Sagard expanded its private equity scale (closing Unigestion) and Power Sustainable closed an $800M US infra credit fund. Management noted fundraising headwinds in certain private-credit retail channels but said portfolio credit quality remains sound. The call also marked CEO Jeff (Robert) Orr’s final Q&A as he hands the Power CEO role to James O’Sullivan; management reiterated the value-creation strategy is intact. Key investor takeaways: strong earnings and cash generation from Great-West and IGM, meaningful NAV appreciation, sizeable cash and continued buyback program, active pivot in the NAV portfolio toward private/direct investments, and a leadership transition with continuity emphasized.