IGM Financial Inc.

Thank you for standing by. This is the conference operator. Welcome to the IGM Financial Second Quarter 2026 Analyst Call-In Webcast. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. You'll hear a tone acknowledging your request. Should you need assistance during the conference call, you may reach an operator by pressing star and 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, Jason. Good morning, everyone, and thank you for joining us. On the call today, we have Damon Murchison, President and CEO of IGM Financial and IG Wealth Management. Luke Gould, President and CEO of McKinsey Investments. and Keith Potter, Executive Vice President and CFO, IGF Financial. Before we get started, I would like to draw your attention to our cautions concerning the forward-looking statements on slide three of the presentation. Slides four and five summarize non-IFRS financial measures and other financial measures used in the presentation. On slide six, we provide a list of documents available on our website related to IGF Financial's 2026 second quarter results. With that, I'll turn it over to Damon.

Thank you, Kyle, and good morning, everyone. Today is my 24th quarterly earnings call, and my first as president and CEO of IGM Financial. I'm excited and honored to be leading this great organization, and I want to thank James for his leadership and guidance over the past five-plus years, and I look forward to working together in his new capacity as chair of our board. While many of you may know me from McKenzie Investments and IG Wealth, let me provide a brief background for those of you who may be new to our story. I've been part of IGM's leadership team since 2014, including senior role I'm McKenzie Investments and nearly six years as CEO of IG Wealth. I've also stayed connected to the wealth and asset management businesses that are part of our strategic investments. I'm proud of what we built as a company of team players united by a commitment to our clients, execution excellence, and shared success. We enter IGM's next chapter from a position of strength and momentum. And today, I will provide my outlook on the opportunities ahead and share my priorities starting on slide nine. Since the planned leadership transition was announced in February, I've spent time meeting with employees, advisors, leaders, and partners. I've also stood back and looked at IGM as a whole. These conversations and reflections reinforced my confidence in our business and the strength of the leadership team across IGM. They also clarified where we can build on our strengths and advantages. To be clear, our strategy is working well. It's focused on the growth of our core asset and wealth management businesses Amplified by our strategic investments and supported by disciplined capital allocation. The markets we operate in are attractive but also highly competitive. Clients' expectations continue to rise and fee pressure remains a reality across the industry. That makes differentiation, productivity, and disciplined execution even more important. My role is to sharpen our focus, move faster, and concentrate resources on the opportunity with the greatest potential. That work is already underway. The actions we announced in June show this approach in motion in our trajectory, simplifying how we operate so we can direct more capacity to clients, advisors, and profitable growth. Let me take a few minutes to break that down. Firstly, IG Wealth and McKinsey are the core of IGM, comprising 75% of our earnings. Each has distinct strength and meaningful room to grow. At IG Wealth, Our strength is rooted in our national network of financial planners, our deeply embedded financial planning culture, which fosters multi-generational family relationships, and our omnichannel approach to servicing our clients. These strengths are most relevant to affluent Canadians whose financial lives tend to be more complex. Profitable growth comes from two levers that drive advisor productivity. First is increasing advisor capacity. By leveraging an omnichannel approach, and using our industry-leading Planning First technology platform to ensure right client, right channel, and give our advisors more time to service their existing clients and acquire new clients. Second is increasing advisor capabilities by strengthening our value proposition around our key wealth drivers so our advisors can solve more complex family needs and our clients can benefit from our different financial planning advice across various dimensions. At McKenzie, Our advantages come from investment excellence across a multi-boutique model, a leading brand known for product innovation, and multi-channel distribution strength. This includes deep relationships with independent Canadian advisors, connections across the PowerCorp ecosystem, and growing global institutional reach. Growth comes from continued product innovation and bringing our strongest capabilities to more advisors, more clients, and more institutions. Secondly, our strategic investments expand and diversify IGM's growth opportunity. These ownership interests in attractive wealth and asset management businesses connect us into different business models, client segments, and markets, and also strengthen IG and McKinsey. Together, IG Wealth, McKinsey, and our strategic investments give IGM distinct and customary sources of growth and drivers of shareholder returns. Lastly, Our capital allocation priorities remain consistent. We'll invest first in our core businesses where we can strengthen competitive advantages and drive profitable growth. We will maintain financial strength and flexibility as we balance discipline investment in growth with share repurchases and dividend growth over time. And we will continue to concentrate on the wealth and asset management businesses we own today. So to be clear, building on our strategy that is working, Sharpen our focus, simplify how we operate, and invest with discipline. We will measure this progress in practical terms. For better client and advisor outcomes, improve productivity, improve operating efficiency, and ultimately profitable growth and stronger earnings. I know this company well, I strongly believe in our businesses, and I'm ambitious about what comes next. Our leadership team has a strong track record of execution, And our second quarter results are the latest evidence of that. With that, let me turn to slide 11 and talk about our quarterly results. Adjusted EPS of $1.41 per share was up 32% from a year ago. Higher average AUNA supported earnings, reflecting $2.2 billion in net flows and strong investment returns. We paired that growth with disciplined expense management and delivered operating leverage. Beyond adjusted earnings, the fair value of our 25% interest in Wealthsimple increased by 50% during the quarter to $2.6 billion, reflecting continued growth in the business. We also returned record capital to shareholders through dividend and share repurchases. We did that while maintaining financial flexibility with more than $900 million of unallocated capital and a conservative leverage profile. As shown on slide 12, the operating environment was supportive in Q2. Strong financial markets generated average client returns of approximately 9% across IG and McKinsey, and industry flows remained positive. Markets are at or near record highs, although we've seen periods of volatility this year. We remain prepared for a range of market conditions as we enter the second half. On slide 13, adjusted earnings increased across all three segments, with both wealth management and asset management up more than 30%. Slide 14 shows our asset growth, which was not concentrated in just one or two businesses. Total AU&A increased by 90% year-over-year to $622 billion, with all six of our wealth and asset management businesses higher than a year ago. This brings me back to the actions we announced in June on slide 15. We designed these actions to create more meaningful capacity to invest in the future of our businesses without simply layering on more cost and complexity. That capacity will support the next phase of our AI investment. This investment will be in people, in process, and establishing the AI foundational platforms necessary to make it work. There are two principles guiding this work, simplification and personalization. Simplification means removing friction points and making it easier for us to work together, for our advisors and clients to work with us, and ensuring that we are working with our clients in the best way that fits their needs. Personalization means using better data, technology, and insights to elevate the client experience by enabling advisors to deliver more personalized advice, solutions, and service. AI is a critical enabler of simplification and personalization. At IG, AI at the onset is giving advisors time back to help them deliver more personalized client experience. One example is how AI is supporting the client meeting flow, servicing relevant meeting prep, insights before meetings, and streamlining follow-up and documentation. At McKinsey, AI is already embedded in parts of the investment process, helping teams process complex data and supporting idea generation, research, and client service. Across IGM, it can reduce repetitive tasks, eliminate manual work, and give people more time for high-value work that improves both that employee and the advisor experience. Our participation in the Cigar and AI Fund complements the work by giving us another source of market intelligence and opportunities to engage with leading AI companies. The objective here is straightforward. Better client experience, greater advisor productivity and sales team productivity, improved operating efficiency and supportive growth, and investment returns. And with that, let me turn to slide 17 and talk about our wealth management segment's results. IG Wealth delivered another strong record quarter, including record second quarter new client inflows and the eighth consecutive quarter of positive net flows. That progress reflects our focus on massive fluid and high net worth Canadians where comprehensive financial planning is most relevant and valuable. IG was also recognized in the quarter by Forbes as being one of Canada's best employers for company culture. Turn to slide 18. Closed inflows were $4.5 billion, up 26% from a year ago, and our trailing 12-month net flows rate was 1.5%. Investment performance was also strong, with 97% of our investment solutions rated three stars or higher by Morningstar. That performance continues to support client and advisor confidence and IGM Managed Solutions, which represented 88% of our assets under advisement. Slide 19 shows that both massive float and high net worth clients contributed to our new client momentum, reinforcing the strength of our value proposition in the segments we are built to serve. Slide 20 covers mortgages and insurance, two very important parts of our comprehensive financial planning offering. I'll focus on insurance for a moment. where our new annualized premium has reached $33 million, significantly higher than prior periods. This reflects our continued focus on estate planning part of the insurance market, which generally leads to policies with higher face values. Those higher policies are becoming a more meaningful part of the business as we strengthen our insurance capabilities and serve our client segments with more complex needs. While the timing of larger policies can make results uneven from quarter to quarter, Our focus on insurance has led not to just larger policies over time, but to higher case counts. The direction of the firm is clear. Insurance is becoming more a part of how we serve our clients and grow this business. Turn to slide 21. These six industry wealth drivers capture the key financial challenges facing our target client segments. And the area is where our advisors can help clients navigate these challenges and add value through financial planning advice. One of those areas is high net worth family wealth. During the quarter, we added two new partnerships with Legacy Next and Tamron Learning to strengthen our capabilities in the family wealth dynamics, education, and governance pillar. Together, these partnerships give our advisors more tools to help families build the confidence, knowledge, and structure needed to manage wealth across generations. Now let's turn to slide 22 and talk about Rockefeller. BoxFare's client access increased 31% year-over-year, with market returns, organic growth, and additional new advisor teams all contributing. Its iconic brand and comprehensive high-net-worth platform continue to attract leading advisor teams across the United States. Turn to slide 23 in WellSimple. WellSimple's AOA reached $155.6 billion, up 84% year-over-year, and $30.8 billion during the quarter. Record net flows of approximately $17 billion were the largest contributor. Wealthsimple's strong brand, jubilant first experience, and pace of innovation continue to drive client and asset growth. With that, I'll turn the call over to Luke to discuss McKenzie's second quarter results.