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Earnings

Power Corporation Reports Fourth Quarter and 2025 Financial Results, and Dividend Increase of 9%

By The Northwire Desk — AI Analysis Mar 18, 2026 · 17:00 POW · 66.49 POWER CORPORATION OF CANADA SV
POW · Price

Executive Summary

  • Power Corporation reported Q4 2025 net earnings of C$408 million ($0.64 per participating share), down 56% YoY, but adjusted net earnings rose to C$867 million ($1.36 per share).
  • Full‑year 2025 net earnings fell to C$2.572 billion ($4.01 per share) versus C$2.792 billion in 2024; however, adjusted net earnings increased to C$3.400 billion ($5.31 per share).
  • The Board declared a 9% quarterly dividend increase to C$0.6675 per participating share (payable May 1 2026) and completed a C$200 million preferred‑share offering plus C$711 million of common‑share repurchases.

Key Details

  • Q4 2025 Highlights
  • Net earnings from continuing operations: C$408 M ($0.64/share) vs. C$933 M YoY.
  • Adjusted net earnings from continuing ops: C$867 M ($1.36/share) vs. C$829 M YoY.

  • Adjustments (ex‑adjusted) were a negative C$459 M ($0.72/share), driven by:

    • Lifeco: –C$174 M (business transformation, market experience, assumption changes).
    • GBL: –C$180 M (Imerys impairment, portfolio divestments).
    • Power Sustainable: –C$118 M (revaluation of NCI liabilities).
    • Offsets: IGM gain on partial associate sales +C$13 M.

  • FY 2025 Highlights

  • Net earnings from continuing ops: C$2.572 B ($4.01/share) vs. C$2.792 B YoY.
  • Adjusted net earnings from continuing ops: C$3.400 B ($5.31/share) vs. C$2.971 B YoY.

  • Adjusted Net Asset Value (ANAV) per share rose to C$85.77, up 41.9% from C$60.44 a year earlier.

  • Dividend & Capital Actions

  • Quarterly dividend increased 9% to 66.75 cents per participating share; payable May 1 2026 (record date March 31 2026).
  • Completed offering of 8,000,000 5.65% First Preferred Shares, Series I at C$25.00 each – gross proceeds C$200 M (closed Nov 20 2025).

  • Repurchased and cancelled 12.4 M subordinate voting shares for C$711 M in 2025.

  • Segment Performance

  • Great‑West Lifeco (Lifeco) – Q4 net earnings C$1.048 B; adjusted net earnings C$1.245 B (+12% YoY). FY net earnings C$3.960 B, adjusted C$4.649 B. Dividend to Lifeco shareholders up 10%.
  • IGM Financial (IGM) – Q4 net earnings C$322.4 M; adjusted net earnings C$301.4 M (record high). FY net earnings C$1.101 B, adjusted C$1.093 B. Dividend to IGM shareholders up 10%.
  • Groupe Bruxelles Lambert (GBL) – Net asset value fell to €14.0 bn; reported Q4 net loss €416 M after impairment charges related to Imerys and portfolio divestments. Annual dividend increased to €5.125 per share.

  • Alternative Asset Platforms (Sagard & Power Sustainable) – Q4 net loss C$113 M vs. C$22 M in 2024; adjusted net earnings C$5 M (up from a C$10 M loss). Sagard contributed +C$26 M (asset‑management + investing); Power Sustainable contributed –C$21 M (mainly NCI liability revaluation).

  • Assets Under Management

  • IGM assets under management & advisement: C$310.1 bn at year‑end, up 2.5% QoQ and 14.7% YoY. Net inflows Q4: C$2.2 bn vs. C$244 M in Q4 2024.

  • Shareholder Equity

  • Book value per participating share: C$36.31 (up 2.1%).

  • Participating shareholders’ equity (IFRS): C$23.082 B; adjusted net asset value: C$54.526 B.

  • Future Outlook

  • Earnings call scheduled for Thursday, March 19 2026 at 8:00 a.m. ET with webcast and replay available through May 11 2026.

Notable Quotes

(No direct CEO/President quotes were included in the release.)

Read the original news release →

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