Power Corporation of Canada (POW) Q2 2026 earnings summary

Executive summary

• Reported record adjusted EPS of $1.55, up 12% year-over-year, with adjusted net earnings of $974 million and strong growth from Great-West, IGM, and Wealthsimple.

• Adjusted net asset value (NAV) per share surged 74% year-over-year to $112.94, driven by gains in operating companies and alternative asset platforms.

• Over $1.5 billion returned to shareholders in 2026 through dividends and share repurchases.

• No major changes to strategy; focus remains on active ownership, value creation, and transparent communication.

• Portfolio simplification continues, highlighted by the sale of LMPG and ongoing consolidation of holdings.

Financial highlights

• Adjusted net earnings were $974 million, up 10% year-over-year; reported net earnings were $690 million.

• NAV per share reached $112.94 at quarter end, up 74% year-over-year and 31.7% from year-end 2025.

• Book value per share increased to $37.74 at June 30, 2026.

• Cash and cash equivalents stood at $2.2 billion, up from $1.7 billion a year ago.

• Gross asset value rose 63% to $77.4 billion; liabilities and preferred shares increased 8% to $6.3 billion.

Outlook and guidance

• Great-West targets 8-10% base EPS growth per annum plus a 2.9% dividend yield and achieved 19%+ base ROE for the second consecutive quarter.

• IGM targets 9%+ adjusted EPS growth per annum plus a 2.9% dividend yield.

• GBL aims for medium-term double-digit total shareholder return (TSR).

• Proprietary capital investments in Sagard and Power Sustainable strategies target 10%+ net returns.

• Strong balance sheet with $1.8 billion available cash supports ongoing capital returns.