Earnings release
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NEWS RELEASE Page | 1 Readers are referred to the disclaimer regarding Forward-Looking Statements, Non-IFRS Financial Measures and Other Financial Measures at the end of this Release. IGM FINANCIAL REPORTS THIRD QUARTER EARNINGS Winnipeg – November 6, 2025: IGM Financial Inc. (IGM or the Company) (TSX:IGM) today announced earnings results for the third quarter of 2025. IGM HIGHLIGHTS • All time high adjusted net earnings1 were $301.2 million compared to $244.1 million in the third quarter of 2024, an increase of 23.4%. Record high a djusted earnings per share 1 were $ 1.27 compared to $1.03 in the third quarter of 2024. • Record high third quarter n et earnings of $ 298.1 million increased by 24.6% from $239.2 million in the third quarter of 202 4. Record high third quarter e arnings per share of $ 1.26 compared to $1.01 in the third quarter of 2024. • Record high assets under management and advisement of $ 302.6 billion, up 14.2% from the third quarter of 2024 and up 6.6% from the prior quarter. • IGM’s assets under management and advisement including strategic investments were an all - time high of $562.4 billion compared with $461.6 billion at September 30, 2024 and $521.1 billion at June 30, 2025. • Net inflows were $2.4 billion compared to net outflows of $272 million in the third quarter of 2024. • Increase in the fair value of IGM’s investment in Wealthsimple Financial Corp. by $680 million ($2.87 per IGM share) in the quarter to $2.2 billion. • Increase in the fair value of IGM’s investment in Rockefeller Capital Management by $750 million ($3.18 per IGM share) in the quarter to $1.58 billion.2 IGM uses the equity method to account for its investment in Rockefeller which at September 30, 2025 was recorded at $ 872 million. “We posted best-ever adjusted net earnings of $301.2 million, driven by strong performance at our core operating companies, IG Wealth Management and Mackenzie Investments. This was underpinned by historic client asset levels and strong net sales in the period of $2.4 billion,” said James O’Sullivan, President and Chief Executive Officer of IGM Financial Inc. “In addition, the fair value of our investments in Wealthsimple and Rockefeller increased by $680 million and $750 million , respectively, which highlights the long-term growth potential inherent in our portfolio of companies.” Three months ended Nine months ended September 30 September 30 2025 2024 Change 2025 2024 Change IFRS Financial Measures Net earnings (millions) $ 298.1 $ 239.2 24.6 % $ 778.6 $ 678.8 14.7 % Earnings per share $ 1.26 $ 1.01 24.8 % $ 3.28 $ 2.86 14.7 % Non-IFRS Financial Measures Adjusted net earnings(1) (millions) $ 301.2 $ 244.1 23.4 % $ 791.7 $ 689.0 14.9 % Adjusted earnings per share(1) $ 1.27 $ 1.03 23.3 % $ 3.33 $ 2.90 14.8 % Assets under management and advisement (AUM&A) (billions) AUM&A $ 302.6 $ 264.9 14.2 % $ 302.6 $ 264.9 14.2 % AUM&A including strategic investments $ 562.4 $ 461.6 21.8 % $ 562.4 $ 461.6 21.8 %
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Page | 2 WEALTH MANAGEMENT Reflects the activities of its core business and strategic investments that are principally focused on providing financial planning and related services . This segment includes the activities of IG Wealth Management, the Company’s investments in Rockefeller Capital Management (Rockefeller) and Wealthsimple Financial Corp. (Wealthsimple). Adjusted net earnings available to common shareholders in the third quarter of 2025 were $158.2 million, an increase of 26.7% compared to the third quarter of 202 4, and represented 52.5% of IGM’s adjusted net earnings available to common shareholders. Assets under advisement including strategic investments at September 30, 2025 were $235.3 billion, an increase of 8.5% from $216.8 billion at June 30, 2025 and an increase of 22.6% from $191.8 billion at September 30, 2024. IG Wealth Management Record high assets under advisement at September 30, 2025 were $155.9 billion, an increase of 6.3% from $146.7 billion at June 30, 2025 and an increase of 14.3% from $ 136.4 billion at September 30, 2024. Quarterly net client inflows were $426 million, compared to net client inflows of $330 million in the third quarter of 2024. Record high third quarter gross client inflows were $3.8 billion, an increase of 10.2% from 2024. Wealthsimple The fair value of the Company’s investment in Wealthsimple was $ 2.2 billion at September 30, 2025 compared to $1.5 billion at June 30, 2025, due to a fair value increase of 46%. The increase in fair value considers a transaction involving multiple third parties which closed on October 31, 2025, the increase in public market peer valuations, as well as Wealthsimple’s business performance and revenue expectations. Wealthsimple is classified as fair value through other comprehensive income and the change in fair value is not recorded in our earnings. IGM remains Wealthsimple’s largest shareholder and the investment is primarily held through a limited partnership controlled by Power Corporation. Rockefeller The Company uses the equity method to account for its investment in Rockeller, which at September 30, 2025 was recorded at $872 million. The fair value of the Company’s investment in Rockefeller was $ 1.58 billion at September 30, 2025 compared to its initial investment of $835 million. 2 The increase in fair value is related to a third party transaction expected to close in the fourth quarter in which IGM will sell a portion of its interest in Rockefeller. IGM will remain Rockefeller’s second largest shareholder. ASSET MANAGEMENT Reflects the activities of its core business and strategic investments primarily focused on providing investment management services . This segment includes the operations of Mackenzie Investments and the Company’s investments in China Asset Management Co., Ltd. (ChinaAMC) and Northleaf Capital Group Ltd. (Northleaf). Adjusted net earnings available to common shareholders in the third quarter of 2025 were $110.6 million, an increase of 2 1.1% compared to the third quarter of 2024, and represented 36.7% of IGM’s adjusted net earnings available to common shareholders.
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Page | 3 Assets under management including strategic investments at September 30, 2025 were $ 421.8 billion, an increase of 7.2% from $393.4 billion at June 30, 2025 and an increase of 18.9% from $354.7 billion at September 30, 2024. Mackenzie Investments Record high t otal assets under management were $239.5 billion, an increase of 6.6% from $ 224.6 billion at June 30, 2025 and an increase of 12.9% from $212.1 billion at September 30, 2024. Third party assets under management were $146.7 billion at September 30, 2025, an increase of 6.9% from June 30, 2025 and an increase of 14.2% from September 30, 2024. Total net sales were $ 2.0 billion 3 compared to net redemptions of $ 602 million in the third quarter of 2024. Investment fund net sales were $407 million compared to n et redemptions of $296 million in the third quarter of 2024. Mutual fund gross sales were $2.3 billion, up 26.5% from the third quarter of 2024. ETF business – ETF assets under management totalled $ 21.0 billion at September 30, 2025, up from $18.7 billion at June 30, 2025 and $14.9 billion at September 30, 2024. Excluding investment in ETFs by IGM’s managed products , ETF assets under management were $ 9.9 billion at September 30, 2025, compared to $8.7 billion at June 30, 2025 and $6.9 billion at September 30, 2024. ChinaAMC The Company’s proportionate share of ChinaAMC’s third quarter earnings was $46.1 million compared to $32.9 million in the third quarter of 2024. CORPORATE AND OTHER Represents the investments in Great-West Lifeco Inc. (Lifeco) and Portag e Ventures LPs, as well as unallocated capital. Lifeco – The Company’s proportionate share of Lifeco’s third quarter earnings was $ 26.4 million 4 compared to $20.4 million in the third quarter of 2024. The Company’s proportionate share of Lifeco’s base earnings was $29.5 million compared to $25.3 million in the third quarter of 2024. DIVIDENDS The Board of Directors has declared a dividend of 56.25 cents per share on the Company’s common shares which is payable on January 30, 2026 to shareholders of record on December 30, 2025. 1 A non-IFRS measure – see Non-IFRS Financial Measures and Other Financial Measures section of this press release. Adjusted net earnings exclude Other items. In 2025, Other items consisted of: • Lifeco other items of ($ 3.1) million recorded in the third quarter and ($ 13.1) million for the nine months ended September 30 reflecting the Company’s proportionate share of items Lifeco excludes from its base earnings (Lifeco other items). Base earnings is an alternate measure Lifeco uses to understand the underlying business performance compared to IFRS net earnings. In 2024, Other items consisted of: • Lifeco other items of ($4.9) million recorded in the third quarter and ($6.9) million for the nine months ended September 30. • The Company’s proportionate share of Rockefeller’s one -time debt refinancing costs of $3.3 million, recorded in the second quarter, related to the early repayment of one of Rockefeller’s financing facilities. 2 A 1.40 USD/CAD exchange rate was used to translate the current value of IGM’s equity interest and a 1.34 USD/CAD exchange rate was used to translate the initial value of IGM’s equity interest. 3 Mackenzie onboarded institutional mandates of $1.7 billion in the third quarter of 2025. 4 The Company records its proportionate share of Lifeco earnings based on actual earnings.
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Page | 4 FORWARD-LOOKING STATEMENTS Certain statements in this Release, other than statements of historical fact, are forward -looking statements based on certain assumptions and reflect IGM Financial Inc.’s (IGM Financial, IGM or the Company) and, where applicable, its subsidiaries’ and strategic investments’, current expectations. Forward-looking statements are provided to assist the reader in understanding the Company’s, and its subsidiaries and strategic investments, financial position and results of operations as at and for the periods en ded on certain dates and to present information about management’s current expectations and plans relating to the future . Readers are 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 Company, and its subsidiaries and strategic investments, as well as the outlook for North American and international economi es, for the current fiscal year and subsequent periods. 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”. This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements, including the perception of historical trends, current condi tions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. While the Company consider s these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect. 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, including environmental and social, strategic goals and priorities will not be achieved. A variety of material factors, many of which are beyond the Company’s and its subsidiaries’ and strategic investments’ control, affect the operations, performance and results of the Company and its subsidiaries and strategic investments, 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 fac tors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, management of market liquidity and funding risks, changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates), the effect of applying future accounting changes, operational and reputational risks, environmental and social risks, business competition, technological change, changes in government regulations and legislation, changes in tax laws, the impact of trade relations, unexpected judicial or regulatory proceedings, catastrophic events, outbreaks of disease or pandemics (such as COVID -19), the Company’s ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and the Company’s and its subsidiaries’ and strategic investments’ success in anticipating and managing the foregoing factors. The reader is cautioned that the foregoing list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not place undue reliance on forward-looking statements. Other than as specifically required by applicable Canadian law, the Company undertake s no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are 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 Company’s business and material factors or assumptions on which information contained in forward -looking statements is based is provided in its disclosure materials filed with the securities regulatory authorities in Canada, available at www.sedarplus.ca. NON-IFRS FINANCIAL MEASURES AND OTHER FINANCIAL MEASURES This report contains Non-IFRS financial measures and non-IFRS ratios that do not have standard meanings prescribed by International Financial Reporting Standards (IFRS) and may not be directly comparable to similar measures used by other companies. These measures and ratios are used to provide management, investors and investment analysts with additional measures to assess earnings performance. Non-IFRS financial measures include, but are not limited to, “ adjusted net earnings available to common shareholders”, “adjusted net earnings”, “adjusted earnings before income taxes”, “adjusted earnings before interest and taxes” (Adjusted EBIT), “earnings before interest, taxes, depreciation and amortization before sales commissions” (EBITDA before sales commissions), and “earnings before interest, taxes, depreciation and amortization after sales commissions” (EBITDA after sales commissions). These measures exclude other items which are items of a non-
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Page | 5 recurring nature, or that could make the period-over-period comparison of results from operations less meaningful. Effective in the first quarter of 2024, these measures also exclude the Company’s proportionate share of items that Great-West Lifeco Inc. (Lifeco) excludes from its IFRS reported net earnings in arriving at Lifeco’s base earnings. Base earnings is an alternate measure Lifeco uses to understand the underlying business performance compared to IFRS net earnings. Lifeco’s financial information can be obtained in its disclosure materials filed on www.sedarplus.ca . Comparative periods have been restated to reflect this change. EBITDA before sales commissions excludes all sales commissions. EBITDA after sales commissions includes all sales commissions and highlights aggregate cash flows. Non-IFRS ratios include the following: Ratio Numerator Denominator Adjusted earnings per share (Adjusted EPS) Adjusted net earnings available to common shareholders Average number of outstanding common shares on a diluted basis Return (Adjusted return) on equity (ROE, Adjusted ROE) Net earnings (Adjusted net earnings) available to common shareholders Average shareholders’ equity ROE (Adjusted ROE) excluding the impact of fair value through other comprehensive income investments Net earnings (Adjusted net earnings) available to common shareholders Average shareholders’ equity excluding the impact of fair value through other comprehensive income investments net of tax Refer to the appropriate reconciliations of non-IFRS financial measures, including as components of non-IFRS ratios, to reported results in accordance with IFRS included in IGM Financial Inc.’s most recent Management ’s Discussion and Analysis. This report also contains other financial measures which include: • Assets Under Management and Advisement (AUM&A) represents the consolidated AUM and AUA of IGM Financial’s core businesses IG Wealth Management and Mackenzie Investments. In the Wealth Management segment, AUM is a component part of AUA. All instances where the a sset management segment is providing investment management services or distributing its products through the Wealth Management segment are eliminated in IGM Financial’s reporting such that there is no double -counting of the same client savings held at IGM Financial’s core businesses. • Assets Under Advisement (AUA) are the key driver of the Wealth Management segment. AUA are savings and investment products held within client accounts of our Wealth Management segment core business. • Assets Under Management (AUM) are the key driver of the Asset Management segment. AUM are an additional driver of revenues and expenses within the Wealth Management segment in relation to its investment management activities. AUM are client assets where we provide investment management services, and include investment funds where we are the fund manager, investment advisory mandates to institutions, and other client accounts where we have discretionary portfolio management responsibilities. • Assets Under Management and Advisement Including Strategic Investments (AUM&A Including SI) represents AUM&A including the Company’s proportionate share of the AUM&A of strategic investments based on the Company’s interest in the strategic i nvestments. The strategic i nvestments included are those whose activities are primarily in asset and wealth management, and include ChinaAMC, Northleaf, Rockefeller and Wealthsimple. Rockefeller client assets include assets under management and advisement as well as assets held for investment purposes and only receiving administrative services. THIRD QUARTER WEBCAST AND CONFERENCE CALL IGM Financial Inc.’s Third Quarter 20 25 results conference call and webcast will be held on Friday , November 7, 2025 at 8:00 a .m. ET. The webcast and conference call can be accessed respectively through igmfinancial.com/en or you may register to obtain a calendar booking with your dial in numbers, PIN and webcast links. Alternatively, dial 1-833-752-3519. The most recent Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) of operating results are available on IGM Financial Inc.’s website at igmfinancial.com/en.
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Page | 6 ABOUT IGM FINANCIAL INC. IGM Financial Inc. (“IGM”, TSX: IGM) is a leading Canadian diversified wealth and asset management organization with approximately $ 307 billion in total assets under management and advisement as of October 31, 2025. The company is committed to bettering the lives of Canadians by better planning and managing their money. To achieve this, IGM provides a broad range of financial planning and investment management services to help approximately two million Canadians meet their financial goals. IGM’s activities are carried out principally through IG Wealth Management and Mackenzie Investments and are complimented by strategic positions in wealth managers Rockefeller Capital Management and Wealths imple and asset managers ChinaAMC and Northleaf Capital. These strengthen IGM’s capabilities, reach and diversification. IGM is a member of the Power Corporation group of companies. For more information, visit igmfinancial.com. FOR MORE INFORMATION CONTACT: Media Relations: Nini Krishnappa 647-828-2553 Nini.krishnappa@igmfinancial.com Investor Relations: Kyle Martens 204-777-4888 investor.relations@igmfinancial.com
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IGM FINANCIAL INC. Consolidated Statements of Earnings (unaudited) (in thousands of Canadian dollars, except per share amounts)2025 2024 2025 2024 Revenues Wealth management 696,756$ 616,037$ 1,985,696$ 1,788,648$ Asset management 270,686 253,333 782,434 741,045 Dealer compensation expense (86,192) (82,778) (253,593) (243,942) Net asset management 184,494 170,555 528,841 497,103 Net investment income and other 13,390 10,106 32,787 35,703 Proportionate share of associates' earnings 77,240 56,455 193,075 159,670 971,880 853,153 2,740,399 2,481,124 Expenses Advisory and business development 309,139 278,250 915,190 822,404 Operations and support 221,106 211,405 650,733 621,196 Sub-advisory 23,821 19,978 67,229 56,882 Interest 32,399 32,438 96,633 96,916 586,465 542,071 1,729,785 1,597,398 Earnings before income taxes 385,415 311,082 1,010,614 883,726 Income taxes 87,027 71,229 228,205 201,816 Net earnings 298,388 239,853 782,409 681,910 Non-controlling interest (299) (672) (3,834) (3,157) Net earnings available to common shareholders 298,089$ 239,181$ 778,575$ 678,753$ Earnings per share (in dollars) Net earnings available to common shareholders - Basic 1.26$ 1.01$ 3.29$ 2.86$ - Diluted 1.26$ 1.01$ 3.28$ 2.86$ Three months ended September 30 Nine months ended September 30
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IGM FINANCIAL INC. Financial Highlights (unaudited) 2025 2024 Change 2025 2024 Change Net earnings available to common shareholders ($ millions) Net Earnings 298.1$ 239.2$ 24.6 % 778.6$ 678.8$ 14.7 % Adjusted Net Earnings(1) 301.2 244.1 23.4 791.7 689.0 14.9 Diluted earnings per share Net Earnings 1.26 1.01 24.8 3.28 2.86 14.7 Adjusted Net Earnings(1) 1.27 1.03 23.3 3.33 2.90 14.8 Return on equity Net Earnings 12.7% 12.9% Adjusted Net Earnings(1) 12.9% 13.1% Dividends per share 0.5625 0.5625 - 1.6875 1.6875 - Consolidated assets under management and advisement (AUM&A)(2) ($ millions) 302,612$ 264,914$ 14.2 % Consolidated assets under management(2) 284,706 249,294 14.2 Wealth Management (IG Wealth Management) Assets under management(3) 137,978 120,788 Other assets under advisement 17,906 15,620 Assets under advisement 155,884 136,408 14.3 Asset Management (Mackenzie Investments) Investment funds 75,677 67,819 Institutional SMA 14,683 8,079 Sub-advisory to Canada Life 56,368 52,608 Total excluding sub-advisory to Wealth Management 146,728 128,506 Sub-advisory and AUM to Wealth Management 92,759 83,584 Total assets under management 239,487 212,090 12.9 Consolidated AUM&A including strategic investments 562,408 461,584 21.8 Consolidated AUM&A 302,612 264,914 Strategic investments(4) 259,796 196,670 Net Flows Asset ($ millions) Wealth Management(3) Management(5) Total (2) For the three months ended September 30, 2025 Investment fund net sales 533 $ 407 $ 940$ Institutional SMA net sales - 1,552 1,552 IGM product net sales 533 1,959 2,492 Other dealer net flows (107) - (107) Total net flows 426 1,959 2,385 For the nine months ended September 30, 2025 Investment fund net sales 1,966 $ 509 $ 2,475$ Institutional SMA net sales - 4,756 4,756 IGM product net sales 1,966 5,265 7,231 Other dealer net flows (597) - (597) Total net flows 1,369 5,265 6,634 (1) 2024 adjusted net earnings excluded: • Lifeco other items of ($4.9) million in the third quarter and ($6.9) million in the nine months ended September 30. • The Company's proportionate share of Rockefeller's one-time debt refinancing costs of $3.3 million, recorded in the second quarter. (2) (3) (4) (5) Proportionate share of strategic investments' AUM comprised of: 27.8% (2024 - 27.8%) of ChinaAMC's AUM; 56% (2024 - 56%) of Northleaf's AUM; 20.5% (2024 - 20.5%) of Rockefeller's client assets; and 26.0% (2024 - 27.3%) of Wealthsimple's AUA. For the three months ended September 30 As at and for the nine months ended September 30 Non-IFRS Financial Measures Consolidated results eliminate double counting where business is reflected within multiple segments. Asset Management flows activity excludes sub-advisory to Canada Life and the Wealth Management segment. Includes separately managed accounts. 2025 adjusted net earnings excluded Lifeco other items of ($3.1) million recorded in the third quarter and ($13.1) million for the nine months ended September 30.