Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) (TSX: POW.PR.E) today reported earnings results for the three and nine months ended September 30, 2025.
Power Corporation Consolidated results for the period ended September 30, 2025
HIGHLIGHTS
POWER CORPORATION
— Net earnings from continuing operations 1 for the third quarter of 2025 were $703 million or $1.10 per share 2, compared with $371 million or $0.58 per share in the third quarter of 2024. Adjusted net earnings from continuing operations 1 3 4 were $863 million or $1.35 per share, compared with $693 million or $1.07 per share in the third quarter of 2024.
— Adjusted net asset value per share 3 was $72.24 at September 30, 2025, compared with $60.44 at December 31, 2024, representing an increase of 19.5% primarily driven by the publicly traded operating companies. Book value per share 5 was $36.74 at September 30, 2025, compared with $35.56 at December 31, 2024, representing an increase of 3.3%.
— The Corporation completed an offering of 8,000,000 5.75% Non-Cumulative First Preferred Shares, Series H at $25.00 per share, for gross proceeds of $200 million on September 22, 2025.
— In September 2025, Power Corporation commenced its participation in Great-West Lifeco's Normal Course Issuer Bid (NCIB) on a basis pro-rata to the Corporation's ownership.
— The Corporation has purchased for cancellation 7.4 million subordinate voting shares for a total of $382 million year-to-date at September 30, 2025.
GREAT-WEST LIFECO INC. (LIFECO)
— Third quarter net earnings from continuing operations were $1,158 million, compared with $859 million in the third quarter of 2024. Adjusted net earnings from continuing operations 6 were $1,225 million, compared with $1,061 million in the third quarter of 2024.
— Adjusted net earnings from continuing operations increased 15% from the third quarter of 2024, driven by Lifeco's Retirement, Wealth and Group Benefits businesses. Empower's 7 Retirement business generated US$30 billion in net plan inflows in the third quarter of 2025, relative to Lifeco's expectation of US$25 billion for the second half of 2025 8.
— Lifeco announced its intention to purchase more than $1.5 billion 9 of its common shares under its existing NCIB in 2025, driven by strong organic capital generation.
IGM FINANCIAL INC. (IGM)
— Third quarter net earnings were $298.1 million, compared with $239.2 million in the third quarter of 2024. Adjusted net earnings 3 were an all-time high of $301.2 million, compared with $244.1 million in the third quarter of 2024.
— Record high assets under management and advisement 5 of $302.6 billion, an increase of 6.6% from the second quarter of 2025 and 14.2% from September 30, 2024.
— Assets under management and advisement including strategic investments 5 were $562.4 billion at September 30, 2025, compared with $521.1 billion at June 30, 2025 and $461.6 billion at September 30, 2024.
— Increase in the fair value of IGM's investment in Rockefeller Capital Management by $750 million in the third quarter of 2025 to $1.58 billion 10. IGM uses the equity method to account for its investment in Rockefeller which at September 30, 2025 was recorded at $872 million.
HIGHLIGHTS (continued)
GROUPE BRUXELLES LAMBERT (GBL)
— GBL reported a net asset value 1 of €14.0 billion or €104.83 per share at September 30, 2025, compared with €15.7 billion or €113.30 per share at December 31, 2024.
— GBL completed a total of €259 million of share buybacks at September 30, 2025.
— GBL announced a significant monetization in its GBL Capital portfolio representing €1.7 billion of net asset value 2, expected to generate cash proceeds of €1.5 billion 3, reinforcing GBL's strategy of portfolio simplification and focus on direct private investments.
WEALTHSIMPLE FINANCIAL CORPORATION (WEALTHSIMPLE)
— Wealthsimple announced its assets under administration 1 surpassed $100 billion at September 30, 2025, achieving the milestone three years ahead of its original December 2028 target.
— Wealthsimple announced a financing round of up to $750 million on October 27, 2025, including a primary offering of $550 million. The Corporation and IGM participated in the financing round with each company investing $100 million in the primary offering. The transaction values the Power group's interest at $3.9 billion 4, up from $2.7 billion at June 30, 2025, representing an increase of 47% in the third quarter.
SAGARD HOLDINGS INC. (SAGARD)
— Sagard and Baird Financial Group (Baird) announced a strategic partnership in September 2025 to accelerate the U.S. wealth channel expansion, in which Baird acquired a 5% minority interest in Sagard Holdings Management Inc. (SHMI). The partnership will enhance Sagard's ability to distribute in the U.S. wealth channel.
— Sagard and Unigestion Private Equity Holding SA announced the combination of their middle-market private equity businesses in September 2025 5, creating a global leader in middle-market private equity investment solutions. The new platform will manage over US$23 billion in assets under management 1 across primaries, secondaries and co-investment activities for institutional and high net worth investors.
— Sagard acquired the remaining interest of Performance Equity Management to facilitate the collaboration and integration within its growing strategy in private equity investment solutions.
Third Quarter
Net earnings from continuing operations attributable to participating shareholders were $703million or $1.10 per share, compared with $371million or $0.58per share in 2024.
Adjusted net earnings from continuing operations attributable to participating shareholders 1 were $863million or $1.35per share, compared with $693million or $1.07per share in 2024.
Net earnings attributable to participating shareholders were $703million or $1.10per share, compared with $371million or $0.58per share in 2024.
Adjustments in the third quarter of 2025, excluded from adjusted net earnings from continuing operations, were a negative net impact to earnings of $160 million or $0.25 per share, mainly comprised of the Corporation's share of Adjustments of:
— Lifeco of negative $57 million, mainly related to business transformation and other impacts, assumption changes and management actions, partially offset by market experience relative to expectations;
— GBL of negative $67 million, mainly related to the loss on partial divestment of the GBL Capital portfolio; and
— Power Sustainable of negative $35 million, mainly related to the revaluation of non-controlling interests (NCI) liabilities within the Power Sustainable Energy Infrastructure Partnership (PSEIP).
In the third quarter of 2024, Adjustments were a negative net impact to earnings of $322 million or $0.49 per share, mainly related to the Corporation's share of Adjustments of Lifeco, as well as the Corporation's share of Adjustments of GBL, Power Sustainable and Standalone businesses.
Publicly traded operating companies:contribution to net earnings from continuing operations was $855million, an increase of 34.0% from the third quarter of 2024, and contribution to adjusted net earnings from continuing operations was $980million, an increase of 18.4% from the third quarter of 2024:
Lifeco:contribution to net earnings and adjusted net earnings increased by $209 million or 35.7% and by $118million or 16.3%, respectively.
IGM:contribution to net earnings and adjusted net earnings increased by $36million or 24.0% and by $35 million or 22.9%, respectively.
GBL:contribution to net earnings of negative $78 million and to adjusted net earnings of negative $11million in the third quarter of 2025, compared with a contribution to net earnings and adjusted net earningsof negative $62million and negative $18million, respectively, in the third quarter of 2024.
Sagard and Power Sustainable:Sagard had a contribution to net earnings and adjusted net earnings of negative $11 million. Power Sustainable's contribution to net earnings and adjusted net earnings was negative $51 million and negative $16 million, respectively.
Nine Months
Net earnings from continuing operations attributable to participating shareholders were $2,164million or $3.37 per share, compared with $1,859million or $2.87per share in 2024.
Adjusted net earnings from continuing operations attributable to participating shareholders 1 were $2,533million or $3.95per share, compared with $2,142million or $3.30per share in 2024.
Net earnings attributable to participating shareholders were $2,164 million or $3.37 per share, compared with $1,810 million or $2.79per share in 2024.
Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert Results for the quarter ended September 30, 2025
GREAT-WEST LIFECO INC.
Third Quarter
Net earnings from continuing operations attributable to common shareholders were $1,158million or $1.25 per share, compared with $859million or $0.92per share in 2024.
Adjusted net earnings from continuing operations1 attributable to common shareholders were $1,225million or $1.33per share, compared with $1,061million or $1.14per share in 2024.
Net earnings attributable to common shareholders were $1,158million or $1.25 per share, compared with $859million or $0.92per share in 2024.
Adjustments in the third quarter of 2025, excluded from adjusted net earnings, were a net negative impact of $67million, compared with a net negative impact of $202million in 2024. Lifeco's Adjustments consisted of:
— Business transformation and other impacts of negative $56 million;
— Assumption changes and management actions of negative $25 million; and
— Amortization of acquisition-related finite life intangible assets of negative $37 million;
Partially offset by:
— Market experience relative to expectations of positive $40 million;
— Tax legislative changes and other tax impacts of positive $11 million.
IGM FINANCIAL INC.
Third Quarter
Net earnings available to common shareholders were $298.1 million or $1.26per share, compared with $239.2million or $1.01 per share in 2024.
Adjusted net earnings attributable to common shareholders were $301.2million or $1.27 per share, compared with $244.1million or $1.03per share in 2024.
Assets under management and advisement (AUM&A)2 at September30, 2025 were $302.6billion, an increase of 6.6% from June30, 2025 and 14.2% from September30, 2024. Net inflows 3 were $2.4 billion in the third quarter of 2025, compared with net outflows of $272million in 2024.
GROUPE BRUXELLES LAMBERT
Third Quarter
GBL reported a net loss of €253million, compared with a net loss of €224 million in 2024. In the third quarter of 2025, GBL recognized a loss of €223 million relating to the partial divestment of the GBL Capital portfolio.
GBL reported a net asset value2of €13,963million or €104.83per share at September30, 2025, compared with €15,681million or €113.30 per share at December31, 2024.
Sagard and Power Sustainable Results for the quarter ended September 30, 2025
Third Quarter
The net loss of the alternative asset investment platforms was $62million, compared with a net loss of $65million in 2024. The adjusted netloss of the alternative asset investment platforms was $27million, compared with an adjusted net loss of $30million in 2024.
The adjusted net loss is comprised of:
— A negative contribution of $11 million from Sagard comprised of a positive contribution of $1 million from asset management activities and a negative contribution of $12 million from investing activities, mainly driven by a charge related to carried interest payable due to the fair value increase of Wealthsimple; and
— A negative contribution of $16 million from Power Sustainable comprised of a negative contribution of $11 million from asset management activities and a negative contribution of $5 million from investing activities. Adjustments in the third quarter of 2025, excluded from adjusted net earnings, were a negative impact of $35 million, comparable with the corresponding period in 2024. Power Sustainable Adjustments consisted primarily of the revaluation of NCI liabilities 1 within PSEIP, due to an increase in the fair value of projects held within the fund.
Summary of assets under management2(including unfunded commitments):
Adjusted Net Asset Value and Participating Shareholders' Equity At September 30, 2025
Adjusted Net Asset Value
The Corporation's adjusted net asset value per share was $72.24 at September 30, 2025, compared with $60.44 at December 31, 2024, an increase of 19.5%.
Power Corporation's Ownership in Publicly Traded Operating Companies
Participating Shareholders' Equity
The Corporation's book value per participating share was $36.74 at September 30, 2025, compared with $35.56 at December 31, 2024, an increase of 3.3%.
Dividend on Power Corporation Participating Shares
The Board of Directors declared a quarterly dividend of 61.25cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable January 30, 2026 to shareholders of record December 31, 2025.
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable January15, 2026 to shareholders of record at December 24, 2025:
Investor Information
About Power Corporation
Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit www.powercorporation.com.
At September30, 2025, Power Corporation held the following economic interests:
Earnings SummaryContribution to Adjusted Net Earnings and Net Earnings
Sagard and Power Sustainable
Corporate operations and Other
BASIS OF PRESENTATION
The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this news release, unless otherwise noted.
NON-IFRS FINANCIAL MEASURES
Net earnings from continuing operations attributable to participating shareholders are comprised of:
— Adjusted net earnings from continuing operations (adjusted net earnings) attributable to participating shareholders; and
— Adjustments, which include the after-tax impact of any item that in management's judgment, including those identified by management of Lifeco and IGM, would make the period-over-period comparison of results from operations less meaningful. Includes the Corporation's share of Lifeco's impact of market-related impacts, where actual market returns in the current period are different than longer-term expected returns; assumption changes and management actions that impact the measurement of assets and liabilities; direct equity and interest rate impacts on the measurement of surplus assets and liabilities; and amortization of acquisition-related finite life intangible assets, as well as items that management believes are not indicative of the underlying business results which include those identified by management of a subsidiary or a jointly controlled corporation, including: business transformation and other impacts (including restructuring or reorganization and integration costs, acquisition and divestiture costs); material legal settlements; material impairment charges; material impacts of the remeasurement of deferred tax assets and liabilities including those as a result of income tax rate changes, and other tax impairments; certain non-recurring material items, net gains, losses or costs related to the disposition or acquisition of a business, including those related to an investment in an associate or jointly controlled corporation; impacts related to remeasurements due to market changes that result in an accounting mismatch including the remeasurement of derivatives where the hedged item is not also measured at fair value and hedge accounting is not applied, and the revaluation of redemption liabilities, share warrants and conversion options on convertible and exchangeable debt obligations; the impact of the revaluation of non-controlling interests liabilities related to PSEIP which result from changes in fair value of assets held within the fund, and the share of earnings (losses) from the consolidated activities of PSEIP attributable to third-party investors; and other items that, when removed, assist in explaining underlying operating performance.
Adjusted net earnings from continuing operations (or adjusted net earnings) represents net earnings from continuing operations excluding Adjustments. In 2024, the Corporation modified the definition of adjusted net earnings, a non-IFRS earnings measure, to better reflect the underlying performance of the Corporation. Effective the fourth quarter of 2024, the definition of Adjustments was modified to include the impacts from applying the definition of Adjustments to the net earnings disclosed by GBL, the results of the Corporation's investing activities and the standalone businesses. The definition was also expanded to include impacts related to remeasurements due to market changes that result in an accounting mismatch. The comparative periods have been restated to conform with the current definition.
Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation, and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Adjusted net earnings, as defined by the Corporation, assists the reader in the comparison of the current period's results to those of previous periods as it reflects management's view of the operating performance of the Corporation and its subsidiaries, excluding items that are not considered to be part of the underlying business results.
Fee-related earnings is presented for Sagard and Power Sustainable and includes management fees and fee-related performance revenues earned across all asset classes, less investment platform expenses which include i) fee-related compensation including salary, bonus, and benefits, and ii) operating expenses. Fee-related performance revenues represents the realized portion of performance revenues from perpetual capital vehicles that are i) measured and expected to be received on a recurring basis, ii) not dependent on realization events from underlying investments, and iii) not subject to clawback. Fee-related earnings is presented on a gross pre-tax basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii)amortization of acquisition-related finite life intangible assets, iii)foreign exchange-related gains and losses, iv) net interest, and v) other items that in management's judgment are not indicative of underlying operating performance of the alternative asset investment platforms, which include restructuring costs, transaction and integration costs related to business acquisitions and certain non-recurring material items. Management uses this measure to assess the profitability of the asset management activities of the alternative asset investment platforms. This financial measure provides insight as to whether recurring revenues from management fees and fee-related performance revenues, which are not based on future realization events, are sufficient to cover associated operating expenses.
Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value represents the fair value of the participating shareholders' equity of Power Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (also referred to as gross asset value) less their net debt and preferred shares. The investments held in public entities (including Lifeco, IGM and GBL) are measured at their market value and investments in private entities and investment funds are measured at management's estimate of fair value. The definition of adjusted net asset value involves a number of assumptions, judgments and estimates that may prove to be inaccurate, and the adjusted net asset value per share is not a representation or guarantee of the value a participating shareholder will be able to realize. This measure presents the fair value of the participating shareholders' equity of the holding company, and assists the reader in determining or comparing the fair value of investments held by the holding company or its overall fair value.
Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, adjusted net earnings from continuing operations per share (adjusted net earnings per share) and adjusted net asset value per share are non-IFRS financial measures and ratios that do not have a standard meaning and may not be comparable to similar measures used by other entities.
Presentation of Holding Company Activities
The Corporation's reportable segments include Lifeco, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies, as well as the holding company. These reportable segments, in addition to the asset management activities, reflect Power Corporation's management structure and internal financial reporting. The Corporation evaluates its performance based on the operating segments' contributions to earnings.
The holding company comprises the corporate activities of the Corporation and Power Financial, on a combined basis, and presents the investment activities of the Corporation. The investment activities of the holding company, including the investments in Lifeco, IGM and controlled entities within the alternative asset investment platforms, are presented using the equity method. The holding company activities present the holding company's assets and liabilities, including cash, investments, debentures and non-participating shares. The discussions included in the sections Financial Position and Cash Flows of the Corporation's most recent MD&A present the segmented balance sheets and cash flow statements of the holding company, which are presented in Note 20of the Interim Consolidated Financial Statements. This presentation is useful to the reader as it presents the holding company's (parent) results separately from the results of its consolidated operating subsidiaries.
RECONCILIATIONS OF IFRS AND NON-IFRS FINANCIAL MEASURES
Power Corporation
The following table presents a reconciliation of the participating shareholders' equity reported in accordance with IFRS to the adjusted net asset value, a non-IFRS financial measure:
The Corporation's adjusted net asset value per share was $72.24 at September 30, 2025, compared with $60.44 at December 31, 2024, representing an increase of 19.5%. The Corporation's book value per participating share was $36.74 at September 30, 2025, compared with $35.56 at December 31, 2024, representing an increase of 3.3%.
This news release also contains other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries including adjusted net earnings and adjusted net earnings per share. The section below includes the description and reconciliation of the non-IFRS financial measures included in this news release as reported by the Corporation's subsidiaries. The information below is derived from Lifeco's and IGM's third quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.comand www.igmfinancial.com.
Lifeco
Adjusted net earnings (loss) from continuing operations attributable to Lifeco's common shareholders
Adjusted net earnings (loss) from continuing operations 1 (adjusted net earnings (loss)) reflects Lifeco management's view of the underlying business performance of Lifeco and provides an alternate measure to understand the underlying business performance compared with IFRS net earnings. Adjusted net earnings (loss) excludes the following items from IFRS-reported net earnings:
— Market-related impacts, where actual market returns in the current period are different than longer-term expected returns;
— Assumption changes and management actions that impact the measurement of assets and liabilities;
— Business transformation and other impacts, when removed, assist in explaining Lifeco's underlying business performance, including acquisition and divestiture costs and restructuring and integration costs;
— Material legal settlements, material impairment charges related to goodwill and intangible assets, impacts of income tax rate changes on the remeasurement of deferred tax assets and liabilities and other tax impairments, net gains, losses or costs related to the disposition or acquisition of a business, and net earnings (loss) from discontinued operations;
— The direct equity and interest rate impacts on the measurement of surplus assets and liabilities;
— Amortization of acquisition-related finite life intangible assets; and
— Other items that, when removed, assist in explaining Lifeco's underlying business performance.
IGM Financial
Adjusted net earnings attributable to IGM's common shareholders
Adjusted net earnings attributable to common shareholders excludes Adjustments, which includes the after-tax impact of any item that management of IGM considers to be of a non-recurring nature, or that could make the period-over-period comparison of results from operations less meaningful. Effective in the first quarter of 2024, adjusted net earnings also excludes IGM's proportionate share of items that Lifeco excludes from its IFRS-reported net earnings in arriving at Lifeco's base earnings.
OTHER MEASURES
This news release and other continuous disclosure documents also include other measures used to discuss activities of the Corporation, its consolidated publicly traded operating companies and alternative asset investment platforms including, but not limited to, “assets under management”, “assets under administration”, “assets under management and advisement”, “assets under management and advisement including strategic investments”, “book value per participating share”, “carried interest”, “net asset value”, and “unfunded commitments”. Refer to the section “Other Measures” in the Corporation's most recent MD&A, which can be located in the Corporation's profile on SEDAR+ at www.sedarplus.ca, for definitions of such measures, which definitions are incorporated herein by reference.
ELIGIBLE DIVIDENDS
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries, and capital commitments to strategies of the investment platforms, the expected timing and impact of SHMI's investment in Unigestion, the expected impacts of Baird's investment in SHMI, GBL's strategy to simplify its portfolio and expected timing and impact of its partial divestment of GBL Capital's portfolio, and the Corporation's subsidiaries' disclosed expectations including Lifeco's NCIB and the Corporation's participation therein. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Corporation's and its subsidiaries' control, affect the operations, performance and results of the Corporation and its subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government administrations, regulation, legislation and policies, changes in tax laws, the impact of trade relations and ongoing trade tensions, including the threat of tariffs and other governmental actions, as well as retaliatory actions, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the factors identified by such subsidiaries in their respective MD&A.
The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or makinga forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, and that strategic transactions, acquisitions, divestitures or other growth or optimization strategies will be completed on expected terms, including that any required approvals will be received when and on such terms as are expected, as well as other considerations that are believed to be appropriate in the circumstances, including that the list of risks and uncertainties in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, that the risks identified by such subsidiaries in their respective MD&A and Annual Information Form are not expected to have a material impact on the Corporation. While the Corporation considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether asa result of new information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the Corporation's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent annual MD&A and subsequent interim MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca.
SOURCE Power Corporation of Canada
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