Power Corporation of Canada

Good morning, ladies and gentlemen, and welcome to the Power Corporation fourth quarter and year-end 2025 earnings conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Analysts who wish to join the question queue may press star then 1 at any point throughout the call. You will hear a tone acknowledging your request. If anyone has any difficulties hearing the conference, please press star then zero for operator assistance at any time. I would like to remind everyone that this call is being recorded on Thursday, March 19th, 2026. I would now like to turn the conference over to Mr. Stephen Hung, Head of Investor Relations for Power Corporation. Please go ahead, sir.

Thank you, operator. Good morning, everyone. and thank you for joining the fourth quarter financial results call. Before we start, please note that a link to our live webcast and materials for this call have been posted to our website at powercorporation.com under the shareholder results reports tab. Please turn to slide two. I would like to draw your attention to the cautionary note regarding the use of forward-looking statements, which form part of today's remarks. Please also refer to slide three for a note on the use of non-IFRS financial measures and clarifications on adjusted net asset value. To discuss our results today, joining us are President and CEO Jeffrey Hort and our EVP and CSO Jake Lawrence. We will begin with opening remarks followed by human aid. With that, I'll turn the call over to Jeff.

Okay, thank you, Steve. I'll pass it right along to slide number five. And I guess my overall comment is that we have Excuse me. We can go over to slide six. Excuse me. That's my error. Thank you. I think very, very strong quarter, strong earnings growth from those parts of our businesses that are earnings-based, strong contributions from the businesses that we have that are more valued on an NAV basis, strong capital generation, strong return of capital to shareholders, and then a number of moves that we made from a leadership point of view. I think it was a The quarter was strong and the year was strong. I would characterize them in a very similar fashion. Just strong value generation, all parts of the strategy coming together and contributing to value creation. A little bit of noise in the earnings as we sometimes get coming from some consolidating adjustments and some other parts of the portfolio, GBL, etc. We'll have Jake will walk you through some of that, but I'm really, really happy with how we finished the year and with the year overall. And with that, Jake, I'll pass it to you, and you can go through the results.