Letter to shareholders

Our asset management segment is anchored by Mackenzie Investments and includes strategic investments in Northleaf Capital and China Asset Management. At Mackenzie, President and CEO Luke Gould and his team continued to make significant investments to strengthen and diversify core capabilities to compete against global players and fuel sustainable growth.

Mackenzie’s total AUM reached $244.0 billion at year‑end, up from $213.3 billion in 2024. Total net sales were $6.7 billion, compared to net redemptions of $2.0 billion in 2024 and investment fund net sales were $2.5 billion, compared to net redemptions of $1.6 billion in 2024.

These meaningful results were driven by a continued focus on product innovation, highlighted by the launch of 23 new investment funds. These additions expanded our quantitative equity platform, strengthened our fixed‑income lineup with yield‑focused solutions and brought proven international investment capabilities to Canadian clients.

Mackenzie’s Global Quantitative Equity (GQE) team continued to deliver exceptional results in 2025, managing $25 billion across 21 mandates and driving industry-leading returns. Retail momentum remained strong, with 13 quantitative investment mandates across mutual funds and ETFs generating over $2.5 billion in net sales in 2025. Our GQE team is well-positioned for continued growth and innovation.

And this was a landmark year for Mackenzie’s institutional business. After multi-year sales processes, Mackenzie was awarded business from some of the world’s largest institutional investors as well as some of the largest financial services providers in Canada. These wins contributed to $6 billion in institutional net sales in 2025, validating our world-class investment capabilities and representing a significant tipping point for this growing channel.

Mackenzie remained committed to expanding retail investors’ access to private assets, launching the Mackenzie Northleaf Multi Asset Private Markets Fund in October. With this addition, the firm now offers five innovative Northleaf solutions that broaden access for Canadian advisors and their clients. The Mackenzie Northleaf Private Credit Interval Fund, launched in 2022, remains the first and only interval fund available to Canadian retail investors. Together, these funds ended the year with $582 million in assets, up 79% from 2024.

In the 2025 Advisor Perception Study, Mackenzie delivered standout ETF results, rising from #8 in 2024 to #3 and our Net Promoter Score increased to #2 in the industry. These results demonstrate the high level of confidence our clients place in us and are a testament to our drive to create a more invested world, together.

Our strategic investments continued to drive strong results. Northleaf’s assets grew 9.4% to $35.0 billion, including fundraising of $5.8 billion over the past year. We also marked the fifth year of our partnership with Northleaf, which has delivered consistent growth and expanding capabilities. ChinaAMC demonstrated resilience in 2025, increasing market share of long-term funds and benefiting from a rebound in Chinese equity markets (CSI 300), which rose 20.6% in 2025. ChinaAMC’s total assets reached a record RMB¥3.0 trillion ($591 billion), with investment fund assets up 28% year over year.

IGM is committed to creating positive change and helping build strong communities across Canada. Our collective efforts to support our people, enrich communities across the country and improve the lives and financial well-being of Canadians brought renewed recognition in 2025. We were named one of Canada’s Top 100 Employers for 2026, and one of Canada’s Greenest Employers, one of Canada’s Best Diversity Employers and one of Manitoba’s Top Employers for 2025 by Mediacorp Canada in its annual ranking of companies that provide an outstanding workplace for their employees.

Our sustainability strategy, Action today, Better tomorrow, focuses on three pillars: Action on Indigenous Reconciliation, Action on Climate and Action on Economic Empowerment. During the year we advanced long-term goals and targets that guide our efforts and measure impact. This builds on a decade of environmental and social initiatives and was reflected in our recognition by Corporate Knights as one of its Best 50 Corporate Citizens in Canada and one of its 2026 Global 100 Most Sustainable Corporations.

Inclusion remains a priority at IGM. In 2025, we achieved a top score of 100 on Disability:IN’s Disability Index, underscoring our commitment to accessibility. We enhanced client and employee experiences by offering American Sign Language, Langue des Signes Québécoise and real-time translation services. And, through a new partnership with RRC Polytech, we welcomed our first cohort of Indigenous students who completed a summer work term at IG.

We are committed to strengthening communities across Canada. In 2025, the IGM Giving Campaign achieved record employee and advisor participation, raising over $1.5 million for the United Way and Mackenzie Investments Charitable Foundation. The IG Wealth Management Walk for Alzheimer’s also had a record year, with 28,000 participants raising $7.2 million, solidifying its position as one of Canada’s leading fundraising events.

Mackenzie continued advancing inclusion through the Mackenzie Together Grant Program, awarding $140,000 to six organizations promoting women’s economic empowerment. We also deepened partnerships with universities and industry associations, welcoming interns from Western University’s Women in Asset Management program. Our employee-led Mackenzie Investments Charitable Foundation, which has donated over $16 million to more than 90 Canadian grassroots charities since 1999, further reflects our commitment to building stronger communities.

In 2025 our employees and advisors came together to deliver a record-breaking year for both our clients and shareholders. We would like to thank them for embracing the transformational changes we’ve implemented over the last few years as well as new technologies like AI and adapting to an ever-changing world and market environment. Their efforts have helped enhance our overall offering and support solid earnings growth as we build on our increasingly competitive global presence.

In mid-February 2026 we announced upcoming leadership changes that reflect IGM’s commitment to strong succession planning while providing continuity for ongoing growth and momentum in our business. Damon Murchison has been appointed President and CEO of IGM and will retain his role as President and CEO of IG. This follows an announcement by Power Corporation of Canada (Power) that James O’Sullivan, currently President and CEO of IGM, has been appointed President and CEO of Power. James is succeeding Jeffrey Orr, who will become Vice-Chair of Power. These appointments are effective July 1, 2026. It is also expected that James will be appointed Chair of IGM’s Board.

Damon’s appointment reflects his successful track record at both IG and Mackenzie over the last 11 years, as well as our focus on succession planning and preserving IGM’s strong culture. These leadership changes allow us to build on our legacy of success and maintain focus on our strategic priorities that helped us deliver record results in 2025.

As we enter 2026 and celebrate IG Wealth Management’s 100th anniversary and a new era of leadership at IGM, we do so from a position of strength and confidence. The diversification we have built across our wealth and asset management businesses, including our strategic investments in high-growth platforms, and our commitment to innovation and excellence positions us well for the opportunities ahead.