IGM Financial (IGM) Q4 2025 earnings summary

Executive summary

• Achieved record adjusted EPS of $4.61 (CAD 4.61) in 2025, up 17% year-over-year, with reported EPS of $4.64, reflecting broad-based growth in client assets and core businesses.

• Consolidated AUM & A including strategic investments reached $566.2B, up 17.1% year-over-year, with strong net flows and client asset growth across all segments.

• Returned $827MM to shareholders in 2025 through dividends and share repurchases, including a 10% increase in the quarterly dividend and a new NCIB for up to 5% of shares.

• Strategic investments in Rockefeller and Wealthsimple delivered significant value, with Rockefeller's recapitalization nearly doubling equity interest value and Wealthsimple equity valued at $2.3B after a $100MM investment.

• Recognized among Canada's top 100 employers and Corporate Knights Global 100 Most Sustainable Companies.

Financial highlights

• Q4 2025 adjusted EPS was $1.27, up 21% year-over-year; reported EPS was $1.36, up 27.1% year-over-year.

• Full-year net flows totaled $8.8B, with IG Wealth contributing $2.1B and Mackenzie $6.7B.

• Asset growth at the IGM level was 17% year-over-year, with contributions from all six businesses.

• Returned $263MM to shareholders in Q4, including $130MM in share repurchases.

• Wealthsimple AUA grew by $47.3B (+74% year-over-year), and ChinaAMC investment fund net flows were $37.6B.

Outlook and guidance

• Entering 2026 with record client assets, strong earnings, $1B in unallocated capital, and low debt levels.

• 2026 focus areas include continued growth in HNW and mass affluent segments, investment in core businesses, and increased capital returns to shareholders.

• Expense growth guidance for 2026 set at 4%, with expense reclassification at Mackenzie.

• Intends to repurchase the full 5% of shares outstanding under the NCIB in 2026.

• Dividend policy reviewed annually, with a focus on maintaining payout ratios below 60%.