IGM Financial Inc.

Thank you for standing by. This is the conference operator. Welcome to the IGM Financial second quarter 2025 analyst call and webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Kyle Martins, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

Thank you, Gaylene. Good morning, everyone, and thank you for joining us. On the call today, we have James O'Sullivan, President and CEO of IGM Financial, Damon Murchison, President and CEO of IG Wealth Management, Luke Gould, President and CEO of McKinsey Investments, and Keith Potter, Executive Vice President and CFO of iGEM Financial. Before we get started, I would like to draw your attention to our cautions concerning Ford's listening statements on slide three of the presentation. Slides four and five summarize non-IFRS financial measures and other financial measures used in this material. And on slide six, we provide a list of documents that are available on our website related to iGEM Financial's second quarter results. That will take us to slide nine, where I'll turn it over to James.

All right, well, good morning, everyone, and thank you for joining us. Q2, I think, was a revealing quarter for IGM, one that showcased the strength and embedded growth in our wealth and asset management businesses. It's just about everything worked very well across our companies. Q2 was a quarter where we delivered strong earnings, and clearly, I think, revealed the path to continued earnings growth over time. Not only was the second quarter's adjusted EPS of $1.07 a record high second quarter, IGM's last four quarters adjusted EPS of $4.15 is also a record high for any period and was accomplished despite moments that were marked by uncertainty and volatility. Our performance is also, I'd point out, before we receive any earnings contribution from either Wealthsimple, where we are the largest shareholder, or Rockefeller Capital Management, where we are the second largest shareholder. Rockefeller's rapid growth trajectory positions it to begin contributing to IGM's EPS in the near term, reinforcing our thesis of embedded value creation that will reveal itself in earnings contributions. Continued strong performance at Wealthsimple contributed to the 21% increase in the fair value of this investment, which is now valued at $1.5 billion. As a reminder, our investment in Wealthsimple is currently classified on our balance sheet as fair value through other comprehensive income. As a result, IGM's earnings do not include the benefit of the significant growth in value of this business. We also demonstrated value creation through our participation in conquest planning, a secondary financing transaction. I think one of the unsung successes of IGM has been its participation in the Power Group's fintech ecosystem. Our participation has allowed us to be on the leading edge of innovation as we establish strong commercial partnerships. And it has allowed us to be early investors in fast-growing innovative platforms. Examples of this include Wealthsimple, Personal Capital, Conquest, Nesto, Clear Estate, and others that are being stood up as we speak. And we continue to return capital to shareholders during the quarter through both our strong dividend and our share repurchase program. We are determined to repurchase more shares as we do not believe the current price adequately reflects the strength of IG, the very clear progress in McKenzie, nor the significant value embedded in our strategic investments. Let's move to slide 10, where I'll speak to the broader operating environment. The first half of 2025 was characterized by periods of heightened volatility, most notably the month of April. But as we moved through the second quarter in July, uncertainty and volatility subsided, returning markets to an upward trend. Overall, while much of the underlying uncertainty remains, the average Canadian's diversified investment portfolio has achieved strong investment returns through July and over the last number of years, which has very much helped to support improving investor confidence. Slide 11 shows how improving investor confidence is supporting a stronger industry backdrop, with industry net sales returning to their previous upward trend. Turning to slide 12, Here you will see how earnings growth at all three of our reporting segments contributed to IGM's overall 15% year-over-year growth. And on slide 13, we have robust client asset growth across each of our wealth and asset management businesses, which combined drove IGM's AUM&A up 21% over the past 12 months. Contributing to this growth was McKenzie's momentum in the institutional and strategic partnerships channel, which continued through the second quarter and into July. There's no change there. Over the last four months is a very notable net flows inflection point in McKenzie's retail channel, which I know Luke will be happy to speak to shortly. But first, I'll turn it over to Damon to speak to the Wealth Management segment operating results, including the continued strong momentum at IG Wealth.