Canadian General Investments (CGI) Q2 2025 earnings summary

Executive summary

• NAV return, with dividends reinvested, was 2.3% for H1 2025, trailing the S&P/TSX Composite’s 10.2%; gold-sector strength drove much of the index’s outperformance.

• Markets recovered after a sharp early-April selloff tied to U.S. tariff announcements, but trade-policy uncertainty and volatility remained elevated.

Financial highlights

• Total income was $46.207 million for the six months ended June 30, 2025, versus $177.844 million in 2024; net investment income before tax was $33.030 million versus $163.589 million.

• Increase in net assets from operations was $33.072 million, or $1.59 per share, versus $153.793 million, or $7.37 per share, in H1 2024.

• Dividend and interest income was $11.815 million, up 8.7% YoY; management fees rose 10.1% to $9.024 million, while interest expense fell 35.1% to $3.294 million.

• Net assets were $1.468 billion at June 30, 2025, and NAV per share was $70.37, versus $1.446 billion and $69.32 at year-end 2024.

Outlook and guidance

• Cautious optimism rests on resilient economic conditions, easing trade tensions and possible policy support; elevated volatility and unresolved trade issues remain likely.

• Maintaining diversification and quality holdings was identified as a way to navigate uncertainty; historical performance is not an assurance of future returns.