Canadian General Investments (CGI) Q4 2025 earnings summary

Executive summary

• 2025 NAV total return was 18.1% and share-price return 19.9%, both below the S&P/TSX Composite Index’s 31.7% total return.

• Year-end net assets rose to $1.683B from $1.446B, supported by $259.1M in net asset growth from operations.

Financial highlights

• Total income was $292.2M versus $348.3M in 2024; net gains on investments were $292.1M, including $72.6M realized and $198.0M unrealized gains.

• Increase in net assets from operations was $259.1M, or $12.42 per share, versus $306.6M, or $14.70 per share, in 2024.

• Dividend and interest income reached $21.521M, up 3.7% YoY; management fees rose 13.4% to $19.365M, while borrowing interest expense fell 33.0% to $6.283M.

• Year-end NAV per share was $80.66 versus $69.32; market price was $47.25 versus $40.48.

Outlook and guidance

• Markets face continued uncertainty from global policy shifts and geopolitical disruption; investors are advised to tread carefully amid a delicate balance between economic conditions and market sentiment.

• Canadian market composition and leadership rotation toward hard assets and commodities may support future prospects, as Canadian sector exposures align with the emerging macro environment.

• Investment strategy remains bottom-up, with a medium- to long-term focus on security selection and opportunistic portfolio management.