Latest news with #CIFinancial
Globe and Mail
28-05-2025
- Business
- Globe and Mail
Wednesday's Insider Report: This trio of financial stocks sees sizeable sales
Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships, including accounts they have control or direction over. The list features insider transaction activity; it does not convey total ownership information as an insider may hold numerous accounts. Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock's valuation; perhaps an insider needs to raise money for personal reasons. An insider's total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company's shares or units. Listed below is a stock that has had recent buying activity in the public market reported by large shareholder. Morguard Corp. (MRC-T) On May 23, Sime Armoyan, with an ownership position exceeding 10 per cent, invested over $582,000 in shares of Morguard. She acquired 5,200 shares at a cost per share of $111.9788 for an account in which she has control or direction over (G2S2 Capital Inc.), lifting the holdings in this specific account to 1,272,023 shares. ** Listed below are three financial stocks that have had recent selling activity in the public market reported by insiders. CI Financial Corp. (CIX-T) On May 22 and 23, Brigette Chang, who sits on the board of directors, sold a total of 60,100 shares at an average price per share of approximately $31.41 leaving 8,779,440 shares in this particular account. Proceeds from the sales totaled more than $1.8-million, excluding commission charges. Great-West Lifeco Inc. (GWO-T) On May 26, president and chief operating officer of Europe and capital and risk solutions David Harney exercised his options, receiving 36,100 shares at an average cost per share of approximately $35.344, and sold 36,100 shares at a price per share of $51.8485, after which this particular account held 1,786 shares. Net proceeds totaled over $595,000, not including any associated transaction fees. iA Financial Corporation Inc. (IAG-T) On May 26, executive vice-president, chief growth officer Canadian operations Pierre Miron exercised his options, receiving 15,000 shares at a cost per share of $57.87, and sold 15,000 shares at a price per share of $140.2926, after which this particular account held 4,900 shares. Net proceeds exceeded $1.2-million, excluding any associated transaction charges. Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.
National Post
14-05-2025
- Business
- National Post
CI Financial Reports Financial Results for the First Quarter of 2025
Article content Diluted EPS of $(0.06), adjusted diluted EPS 1 of $0.96 EBITDA of $158.3 million, adjusted EBITDA attributable to shareholders 1 of $273.9 million EBITDA per share of $1.09 and adjusted EBITDA attributable to shareholders 1 per share of $1.88 Operating cash flow of $148.4 million, free cash flow 1 of $200.8 million Operating cash flow per share of $1.02, free cash flow per share of $1.38 Total assets of $546.1 billion, up $71.9 billion or 15.2% year over year Paid $28.8 million in dividends at $0.20 per share Article content Article content All financial amounts in Canadian dollars as at March 31, 2025, unless stated otherwise. Article content TORONTO — CI Financial Corp. ('CI') (TSX: CIX) today released financial results for the quarter ended March 31, 2025. Article content First quarter net loss attributable to shareholders was $8.5 million compared to a net loss of $405.4 million in the fourth quarter of 2024. Excluding non-operating items, adjusted net income attributable to shareholders 1 was $140.7 million in the fourth quarter, down 8.6% from $153.9 million in the previous quarter. Article content First quarter total net revenues were $787.7 million, up from $677.8 million in the fourth quarter of 2024. Excluding non-operating items, adjusted total net revenues 1 were $792.4 million, down 0.9% from $799.5 million. U.S. wealth management revenues increased due to acquisitions during the quarter, which were partially offset by lower asset management fees. Asset management fees were higher in the fourth quarter due to performance fees, which are typically recorded in the fourth quarter. Article content First quarter total expenses decreased to $764.3 million from $1,046.7 million in the fourth quarter of 2024. Excluding non-operating items, adjusted total expenses 1 were $549.7 million, up 2.9% from $534.0 million in the previous quarter, primarily due to higher SG&A expenses as a result of acquisitions, and increased depreciation and other amortization. Article content Corient acquisitions Article content During the first quarter, Corient completed the acquisitions of two U.S. registered investment advisor businesses – the multi-family office of Geller & Co. of New York, and Rootstock Investment Management, LLC of Pennsylvania – adding approximately US$11 billion in client assets. Article content Capital allocation Article content In the first quarter of 2025, CI paid $28.8 million in dividends at a rate of $0.20 per share. CI also paid a quarterly dividend of $0.20 per share on April 15, 2025 to shareholders of record as of March 31, 2025. Article content In March, CI announced a debenture offering with a principal amount of $500 million maturing on April 3, 2028. The offering closed on April 1, 2025. Article content Mubadala Capital transaction Article content As previously announced, CI has entered into a definitive agreement with an affiliate of Mubadala Capital to take CI private by way of a plan of arrangement under the Business Corporations Act (Ontario) (the 'Arrangement'), which was overwhelmingly approved by CI shareholders on February 12, 2025, and approved by the Ontario Superior Court of Justice (Commercial List) on February 18, 2025. Completion of the Arrangement remains subject to certain closing conditions, including the receipt of certain regulatory approvals. All regulatory approval requests have been submitted and are proceeding in the normal course. CI expects that the transaction will close in the third quarter of 2025. Article content [millions of dollars, except share amounts] As of and for the quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Total AUM and Client Assets: Asset Management AUM (2) 134,994 137,819 135,395 130,063 130,132 Canada Wealth Management assets 101,947 102,032 100,128 95,551 93,726 Canada custody (3) 35,624 34,697 31,886 29,350 28,011 U.S. Wealth Management assets (4) 273,573 254,871 250,646 234,062 222,347 Total assets 546,138 529,420 518,054 489,026 474,216 Asset Management Net Inflows: Retail (334) 1,921 41 (332) (1,320) Institutional (210) 105 (24) (43) 4 Australia 86 (274) 213 (24) (92) Closed Business (188) (212) (160) (216) (212) Total Asset Management Segment (645) 1,540 70 (616) (1,620) U.S. Asset Management (5) 311 658 147 740 78 IFRS Results Net income attributable to shareholders (8.5) (405.4) (27.6) 176.4 (154.4) Diluted earnings per share (0.06) (2.85) (0.19) 1.15 (1.00) Pretax income 23.4 (368.9) 7.3 231.3 (122.6) Pretax margin 3.0% (54.4)% 0.9% 23.5% (19.0)% Operating cash flow before the change in operating assets and liabilities 182.3 1.8 166.3 95.9 88.3 Adjusted Results (1) Adjusted net income 140.7 153.9 141.2 135.5 132.8 Adjusted diluted earnings per share 0.96 1.06 0.97 0.90 0.86 Adjusted EBITDA 324.9 340.3 316.8 293.4 289.5 Adjusted EBITDA margin 41.0% 42.6% 42.0% 40.1% 41.4% Adjusted EBITDA attributable to shareholders 273.9 292.7 270.5 253.2 246.1 Free cash flow 200.8 179.9 192.3 151.7 156.2 Average shares outstanding 143,373,011 142,254,436 144,175,387 149,248,861 153,821,117 Adjusted average diluted shares outstanding 145,814,512 144,852,964 146,222,481 150,662,154 155,018,911 Ending shares outstanding 143,380,401 143,335,143 143,489,243 149,075,523 153,821,117 Total debt 4,245 4,047 3,741 3,642 3,608 Net debt 4,100 3,884 3,602 3,510 3,480 Net debt to adjusted EBITDA 3.7 3.3 3.3 3.5 3.5 Article content Free cash flow, net debt, adjusted net income, adjusted earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted net revenues and adjusted expenses are not standardized earnings measures prescribed by IFRS. For further information, see 'Non-IFRS Measures' note below. Includes $35.5 billion, $35.4 billion, $36.0 billion, $34.1 billion, and $34.4 billion of assets managed by CI and held by clients of advisors with CI Assante Wealth Management (CI Assante), CI Private Counsel (CIPC) and Aligned Capital Partners (Aligned Capital) as at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively. Includes $30.5 billion, $29.8 billion, $27.5 billion, $25.6 billion, and $24.5 billion of assets advised by CI and held by clients of advisors with CI Assante, CIPC, CI Direct Investing and Aligned Capital as at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively. Month-end USD/CAD exchange rates of 1.4391, 1.4375, 1.3524, 1.3680, and 1.3546 for March 2025, December 2024, September 2024, June 2024, and March 2024. Includes 100% of flows from CI's minority investments in Columbia Pacific Advisors, OCM Capital Partners (up to and including October 2024), The Cabana Group and GLASfunds Holdings. Article content CI Financial Corp. is a diversified global asset and wealth management company operating primarily in Canada, the United States and Australia. Founded in 1965, CI has developed world-class portfolio management talent, extensive capabilities in all aspects of wealth planning, and a comprehensive product suite. CI operates in three segments: Article content Asset Management, which includes CI Global Asset Management, which operates in Canada, and GSFM, which operates in Australia. Canadian Wealth Management, operating as CI Wealth, which includes CI Assante Wealth Management, Aligned Capital Partners, CI Assante Private Client, CI Private Wealth, Northwood Family Office, CI Coriel Capital, CI Direct Investing, CI Direct Trading and CI Investment Services. U.S. Wealth Management, which includes Corient Private Wealth, an integrated wealth management firm providing comprehensive solutions to ultra-high-net-worth and high-net-worth clients across the United States. Article content This press release contains 'forward-looking information' within the meaning of applicable Canadian securities laws. Forward-looking information may relate to our future outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities, including the timing for completion of the Arrangement, is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'budget', 'scheduled', 'estimates', 'outlook', 'forecasts', 'projection', 'prospects', 'strategy', 'intends', 'anticipates', 'does not anticipate', 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will', 'will be taken', 'occur' or 'be achieved'. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Article content Undue reliance should not be placed on forward-looking information. The forward-looking information in this press release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Further, forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, those described in this press release. The belief that the investment fund industry and wealth management industry will remain stable and that interest rates will remain relatively stable are material factors made in preparing the forward-looking information and management's expectations contained in this press release and that may cause actual results to differ materially from the forward-looking information disclosed in this press release. In addition, factors that could cause actual results to differ materially from expectations include, among other things, the possibility that the Arrangement may not be completed, the timing of closing of the Arrangement, the negative impact that the failure to complete the Arrangement for any reason could have on the price of the shares or on the business of the Corporation, general economic and market conditions, including interest and foreign exchange rates, global financial markets, the impact of pandemics or epidemics, changes in government regulations or in tax laws, industry competition, technological developments and other factors described or discussed in CI's disclosure materials filed with applicable securities regulatory authorities from time to time. Additional information about the risks and uncertainties of the Corporation's business and material risk factors or assumptions on which information contained in forward‐looking information is based is provided in the Corporation's disclosure materials, including the Corporation's most recently filed annual information form and any subsequently filed interim management's discussion and analysis, which are available under our profile on SEDAR+ at Article content There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date of this news release and is subject to change after such date. CI disclaims any intention or obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Article content This communication is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. Article content As at As at CONSOLIDATED BALANCE SHEET March 31, 2025 December 31, 2024 [in thousands of Canadian dollars] $ $ ASSETS Current Cash and cash equivalents 146,696 167,611 Client and trust funds on deposit 1,285,392 1,082,126 Investments 45,835 36,594 Accounts receivable and prepaid expenses 431,122 433,001 Income taxes receivable 56,838 49,587 Total current assets 1,965,883 1,768,919 Capital assets, net 176,336 170,168 Right-of-use assets 264,212 237,944 Intangibles and goodwill 8,389,576 8,086,266 Deferred income tax assets 106,820 107,106 Other assets 389,473 394,355 Total assets 11,292,300 10,764,758 LIABILITIES AND EQUITY Current Accounts payable and accrued liabilities 509,104 527,652 Current portion of provisions and other financial liabilities 235,267 209,258 Dividends payable 28,676 57,334 Client and trust funds payable 1,286,490 1,076,242 Income taxes payable 10,245 17,004 Redeemable unit liabilities 1,469,646 1,464,371 Preferred Share Liability 2,094,940 2,044,888 Current portion of long-term debt 1,083,293 889,975 Current portion of lease liabilities 32,231 30,483 Total current liabilities 6,749,892 6,317,207 Long-term debt 3,161,743 3,157,257 Provisions and other financial liabilities 120,495 54,224 Other long-term payable 27,361 29,189 Deferred income tax liabilities 482,076 480,122 Lease liabilities 345,736 316,233 Total liabilities 10,887,303 10,354,232 Equity Share capital 1,375,134 1,373,814 Contributed surplus 14,105 14,124 Deficit (1,114,368) (1,105,649) Accumulated other comprehensive income 128,858 126,881 Total equity attributable to the shareholders of the Company 403,729 409,170 Non-controlling interests 1,268 1,356 Total equity 404,997 410,526 Total liabilities and equity 11,292,300 10,764,759 Article content CONSOLIDATED STATEMENT OF CASH FLOWS For the three-month period ended March 31 2025 2024 [in thousands of Canadian dollars] $ $ OPERATING ACTIVITIES (*) Net income (loss) for the year (8,622) (154,539) Add (deduct) items not involving cash Other (gains) losses 833 (5,047) Change in fair value of contingent consideration 5,920 32,132 Change in fair value of Preferred Share Liability 47,776 52,286 Contingent and deferred consideration recorded as compensation 327 763 Amortization of loan guarantees (356) (574) Recognition of non-cash vesting of redeemable unit liabilities 35,950 109,860 Equity-based compensation 26,905 5,072 Equity accounted income 244 188 Amortization of equity accounted investments 1,478 1,410 Amortization and depreciation 20,012 17,233 Amortization of intangible assets from acquisitions 50,637 35,012 Deferred income taxes 1,146 (5,481) Cash provided by operating activities before net change in operating assets and liabilities 182,250 88,315 Net change in operating assets and liabilities (33,888) 31,393 Cash provided by operating activities 148,362 119,708 INVESTING ACTIVITIES Purchase of marketable securities (9,630) (630) Proceeds on sale of marketable securities 18 2,711 Additions to capital assets (11,265) (31,926) Decrease (increase) in other assets (1,379) (39,364) Net cash paid on acquisition (171,567) (691) Additions to intangibles (309) (711) Cash paid to settle contingent liabilities (41,586) (51,195) Cash used in investing activities (235,718) (121,806) FINANCING ACTIVITIES Repayment of long-term debt — (375,000) Issuance (repayment) of long-term debt 193,000 420,000 Repurchase of share capital — (115) Issuance of share capital 18 — Payment of lease liabilities (11,654) (3,349) Dividends paid to shareholders (28,843) (31,248) Redeemable share units (86,080) (19,071) Cash provided by financing activities 66,441 (8,783) Net increase (decrease) in cash and cash equivalents during the year (20,915) (10,881) Cash and cash equivalents, beginning of year 167,611 137,030 Cash and cash equivalents, end of year 146,696 126,149 SUPPLEMENTAL CASH FLOW INFORMATION (*) Included in operating activities are the following: Interest paid 26,921 17,151 Income taxes paid 44,913 36,378 Article content ASSETS UNDER MANAGEMENT AND NET FLOWS [billions of dollars] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning AUM 137.8 135.4 130.1 130.1 125.0 Gross inflows 7.2 9.3 6.3 8.1 6.7 Gross outflows (7.8) (7.8) (6.2) (8.7) (8.3) Net inflows/(outflows) (0.6) 1.5 0.1 (0.6) (1.6) Market move and FX (2.2) 0.9 5.3 0.5 6.7 Ending AUM 135.0 137.8 135.4 130.1 130.1 Proprietary AUM 35.5 35.4 36.0 34.1 34.4 Non-proprietary AUM 99.5 102.4 99.4 95.9 95.7 Average assets under management 138.3 138.2 132.5 129.2 126.8 Annualized organic growth (1.9)% 4.5% 0.2% (1.9)% (5.2)% Gross management fee/average AUM 1.14% 1.15% 1.17% 1.18% 1.19% Net management fee/average AUM 0.78% 0.79% 0.79% 0.80% 0.81% Net Inflows/(Outflows) Retail (0.3) 1.9 — (0.3) (1.3) Institutional (0.2) 0.1 — — — Closed business (0.2) (0.2) (0.2) (0.2) (0.2) Total Canada net inflows/(outflows) (0.7) 1.8 (0.1) (0.6) (1.5) Australia 0.1 (0.3) 0.2 — (0.1) Total net inflows/(outflows) (0.6) 1.5 0.1 (0.6) (1.6) Article content Retail [billions of dollars] Quarters Ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning AUM 115.3 108.0 115.1 108.1 103.7 Net Flows (0.3) 1.9 0.0 (0.3) -1.3 Market Move / FX (2.1) 4.3 (6.8) 12.7 5.7 Acquisitions — — — — — Ending AUM 112.9 115.3 108.0 115.1 108.1 Average AUM 114.1 111.7 111.5 105.3 100.7 Article content Institutional [billions of dollars] Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning AUM 9.3 9.6 9.2 9.1 8.8 Net Flows (0.2) 0.1 — — 0.0 Market Move / FX 0.0 (0.4) 0.4 0.1 0.3 Acquisitions — — — — — Ending AUM 9.1 9.3 9.6 9.2 9.1 Average AUM 9.2 9.5 9.4 8.9 8.5 Article content AUSTRALIA [billions of dollars] Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning AUM 6.0 6.2 5.8 5.7 5.4 Net Flows 0.1 (0.3) 0.2 0.0 (0.1) Market Move / FX 0.0 0.1 0.2 0.1 0.4 Acquisitions — — — — — Ending AUM 6.1 6.0 6.2 5.8 5.7 Average AUM 6.1 6.1 6.0 5.4 5.0 Article content CLOSED BUSINESS [billions of dollars] Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning AUM 7.2 7.3 7.1 7.3 7.1 Net Flows (0.2) (0.2) (0.2) (0.2) (0.2) Market Move / FX (0.1) 0.1 0.4 — 0.4 Acquisitions — — — — — Ending AUM 6.9 7.2 7.3 7.1 7.3 Average AUM 7.1 7.3 7.2 7.2 7.2 Article content AUM BY ASSET CLASS [billions of dollars] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Balanced 52.8 53.6 53.5 51.8 52.5 Equity 43.1 45.3 44.6 42.4 42.7 Fixed income 14.2 14.0 12.8 12.0 11.7 Alternatives 8.3 8.6 7.8 7.6 7.7 Cash/Other 10.6 10.2 10.5 10.6 9.8 Total Canada asset management 128.9 131.8 129.1 124.3 124.5 Australia 6.1 6.0 6.2 5.8 5.7 Total asset management segment 135.0 137.8 135.4 130.1 130.1 Article content CANADA WEALTH MANAGEMENT CLIENT ASSETS [billions of dollars] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning client assets 102.0 100.1 95.6 93.7 88.0 Acquisitions — — — — — Net flows and market move (0.1) 1.9 4.6 1.8 5.7 Ending client assets 101.9 102.0 100.1 95.6 93.7 Average client assets 102.0 101.1 97.8 94.6 90.9 Wealth management fees/average client assets 0.89% 0.88% 0.88% 0.90% 0.89% Canada custody 35.6 34.7 31.9 29.4 28.0 Proprietary custody 30.5 29.8 27.5 25.5 24.5 Non-proprietary custody 5.1 4.9 4.4 3.8 3.5 Article content U.S. WEALTH MANAGEMENT CLIENT ASSETS [billions of dollars] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Beginning billable client assets 243.6 240.0 223.7 212.4 196.8 Acquisitions/divestitures 18.5 (7.6) 8.2 5.6 — Net flows and market move (13.1) 11.2 8.1 5.8 15.5 Ending billable client assets 249.0 243.6 240.0 223.7 212.4 Non-billable client assets 24.6 11.3 10.7 10.3 10.0 Total client assets 273.6 254.9 250.6 234.1 222.3 Fees/beginning billable client assets 0.49% 0.49% 0.49% 0.49% 0.49% Article content NON-IFRS MEASURES Article content In an effort to provide additional information regarding our results as determined by IFRS, we also disclose certain non-IFRS information which we believe provides useful and meaningful information. Our management reviews these non-IFRS financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-IFRS measurements so as to share this perspective of management. Non-IFRS measurements do not have any standardized meaning, do not replace nor are superior to IFRS financial measurements and may not be comparable to similar measures presented by other companies. The non-IFRS financial measurements include: Article content Adjusted net income and adjusted basic and diluted earnings per share Adjusted EBITDA, adjusted EBITDA margin and adjusted net revenue Free cash flow Net debt. Article content These non-IFRS financial measurements exclude the following revenues and expenses which we believe allows investors a consistent way to analyze our financial performance, allows for better analysis of core operating income and business trends and permits comparisons of companies within the industry, normalizing for different financing methods and levels of taxation: Article content Costs related to our acquisitions, including: amortization of intangible assets change in fair value of contingent consideration related advisory and legal fees contingent consideration and consideration for strategic recruitment classified as compensation per IFRS Interest expense associated with redeemable preferred shares issued in connection with acquisitions Integration-related costs associated with our U.S. Wealth segment, including: organizational expenses for the establishment of Corient restructuring and severance-related charges rebranding efforts technology, operations and real estate related integration costs Accounting treatment of Corient and CIPW Canada redeemable units including: compensation expenses associated with Corient and CIPW Canada redeemable units non-cash charges related to guarantees for Corient and CIPW Canada related loans Gains or losses related to foreign currency fluctuations Legal provisions for a class action related to market timing and others Certain realized and unrealized gains or losses in assets and investments Costs related to issuing or retiring debt obligations and any related gains or losses Unusual trading or bad debt write-off charges Preparation costs for the planned initial public offering of our U.S. Wealth business or sale to a group of institutional investors Pass-through carried interest revenue and expense as a result of CI being deemed the principal to a revenue arrangement but where the economics are directly related to an entity in which CI has no interest. Changes in fair value for preferred shares issued to a group of institutional investors Costs related to the Mubadala privatization offer, including third-party costs and additional share-based compensation expenses directly attributable to the transaction. Article content Further explanations of these Non-IFRS measures can be found in the 'Non-IFRS Measures' section of Management's Discussion and Analysis dated May 13, 2025 available on SEDAR+ at or at Article content ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE [millions of dollars, except per share amounts] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Mar. 31, 2024 Net Income (8.6) (400.8) (154.5) Amortization of intangible assets from acquisitions 50.6 53.3 35.0 Amortization of intangible assets for equity accounted investments 1.5 1.2 1.4 Change in fair value of contingent consideration 5.9 5.3 32.1 Change in fair value of Preferred Share Liability 47.8 243.1 52.3 Interest expense — — 1.5 Acquisition and strategic recruitment consideration recorded as compensation 7.8 23.7 13.8 Non-controlling interest reclassification 0.7 0.7 1.0 Accounting for Corient and CIPW Canada redeemable units 61.2 97.2 126.7 Severance 2.2 1.8 9.8 Amortization of loan guarantees (0.4) (0.6) (0.6) FX losses 3.2 145.2 54.6 Transaction, integration, restructuring and legal 20.0 42.5 26.4 Accelerated share based compensation 18.7 45.9 — Other (gains)/losses — (24.7) (3.1) Total adjustments 219.3 634.5 351.0 Tax effect of adjustments (29.8) (35.9) (26.3) Less: Non-controlling interest 40.1 44.0 37.4 Adjusted net income 140.7 153.9 132.8 Adjusted earnings per share 0.98 1.08 0.86 Adjusted diluted earnings per share 0.96 1.06 0.86 Average diluted shares outstanding under IFRS 143.4 142.3 153.8 Weighted average impact of Options 0.1 0.1 — Weighted average impact of RSU awards 2.4 2.5 1.2 Adjusted average diluted shares outstanding 145.8 144.9 155.0 Article content EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN [millions of dollars, except per share amounts] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Mar. 31, 2024 Pretax income (loss) 23.4 (368.9) (122.6) Amortization of intangible assets from acquisitions 50.6 53.3 35.0 Amortization of intangible assets for equity accounted investments 1.5 1.2 1.4 Depreciation and other amortization 20.0 16.6 17.2 Interest and lease finance expense 62.7 59.5 48.3 EBITDA 158.3 (238.3) (20.7) Change in fair value of contingent consideration 5.9 5.3 32.1 Change in fair value of Preferred Share Liability 47.8 243.1 52.3 Acquisition and strategic recruitment consideration recorded as compensation 7.8 23.7 13.8 Non-controlling interest reclassification 0.7 0.7 1.0 Accounting for Corient and CIPW Canada redeemable units 61.2 97.2 126.7 Severance 2.2 1.8 9.8 Amortization of loan guarantees (0.4) (0.6) (0.6) FX losses 3.2 145.2 54.6 Transaction, integration, restructuring and legal 19.5 41.1 23.4 Accelerated share based compensation 18.7 45.9 — Other gains — (24.7) (3.1) Total adjustments 166.6 578.6 310.1 Adjusted EBITDA 324.9 340.3 289.5 Less: Non-controlling interest 51.0 47.6 43.4 Adjusted EBITDA attributable to shareholders 273.9 292.7 246.1 Reported net revenue 787.7 677.8 645.7 Less: FX losses (3.2) (145.2) (54.6) Less: Non-operating other gains — 24.7 3.1 Less: Amortization of equity accounted investments (1.5) (1.2) (1.4) Adjusted net revenue 792.4 799.5 698.6 Adjusted EBITDA margin 41.0% 42.6% 41.4% Article content FREE CASH FLOW [millions of dollars] Quarters ended Mar. 31, 2025 Dec. 31, 2024 Mar. 31, 2024 Cash provided by operating activities 148.4 107.1 119.7 Less: Net change in operating assets and liabilities (33.9) 105.3 31.4 Operating cash flow before the change in operating assets and liabilities 182.3 1.8 88.3 FX (gains)/losses 3.2 145.2 54.6 Transaction, integration, restructuring and legal 20.0 42.5 26.4 Other (gains)/loses — — — Total adjustments 23.2 187.7 80.9 Tax effect (recovery) of adjustments (4.8) (9.1) (12.8) Less: Non-controlling interest (0.2) 0.5 0.3 Free cash flow 200.8 179.9 156.2 Article content NET DEBT Quarters ended [millions of dollars] Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Current portion of long-term debt 1,083.3 890.0 346.7 525.0 482.4 Long-term debt 3,161.7 3,157.3 3,394.4 3,117.2 3,125.2 4,245.0 4,047.2 3,741.0 3,642.2 3,607.6 Less: Cash and short-term investments 146.7 167.6 144.1 128.1 126.1 Marketable securities 30.9 21.8 18.1 27.8 27.0 Add: Regulatory capital and non-controlling interests 32.1 26.2 23.6 24.0 25.4 Net Debt 4,099.5 3,884.0 3,602.4 3,510.4 3,479.9 Adjusted EBITDA attributable to shareholders 273.9 292.7 270.5 253.2 246.1 Adjusted EBITDA, annualized 1,095.4 1,170.7 1,081.9 1,012.7 984.4 Gross leverage (Gross debt/Annualized adjusted EBITDA) 3.9 3.5 3.5 3.6 3.7 Net leverage (Net debt/Annualized adjusted EBITDA) 3.7 3.3 3.3 3.5 3.5 Article content SUMMARY OF QUARTERLY RESULTS [millions of dollars, except per share amounts] IFRS Results Adjusted Results For the quarters ended For the quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Revenues Asset management fees 383.4 395.4 383.1 374.9 371.6 383.4 395.4 383.1 374.9 371.6 Trailer fees and deferred sales commissions (114.8) (118.8) (116.2) (113.9) (113.6) (114.8) (118.8) (116.2) (113.9) (113.6) Net asset management fees 268.5 276.6 266.9 261.0 258.0 268.5 276.6 266.9 261.0 258.0 Canada wealth management fees 182.0 179.1 172.5 168.7 159.7 182.0 179.1 172.5 168.7 159.7 U.S. wealth management fees 293.1 293.8 274.9 261.3 242.1 293.1 293.8 274.9 261.3 242.1 Other revenues 48.2 48.8 38.1 34.8 35.4 49.7 49.9 39.5 36.3 36.8 FX gains/(losses) (3.2) (145.2) 24.8 (22.6) (54.6) — — — — — Other gains/(losses) (0.8) 24.7 8.3 282.7 5.0 (0.8) 0.1 1.1 4.1 2.0 Total net revenues 787.7 677.8 785.4 986.0 645.7 792.4 799.5 754.9 731.3 698.6 Expenses Selling, general & administrative 414.2 485.2 397.6 432.2 432.0 324.6 317.3 300.5 301.1 282.3 Advisor and dealer fees 137.8 135.7 131.4 128.6 120.8 137.8 135.7 131.4 128.6 120.8 Other 5.8 6.9 7.1 9.3 7.1 5.1 6.3 6.2 8.3 6.1 Interest and lease finance expense 62.7 59.5 59.3 55.2 48.3 62.6 59.4 57.8 51.7 45.1 Depreciation and other amortization 20.0 16.6 19.0 18.4 17.2 19.5 15.4 17.4 18.2 16.0 Amortization of intangible assets from acquisitions 50.6 53.3 37.7 36.5 35.0 — — — — — Transaction, integration, restructuring and legal 19.5 41.1 35.0 19.5 23.4 — — — — — Change in fair value of contingent consideration 5.9 5.3 1.9 12.6 32.1 — — — — — Change in fair value of Preferred Share Liability 47.8 243.1 89.1 42.4 52.3 — — — — — Total expenses 764.3 1,046.7 778.1 754.7 768.3 549.7 534.0 513.2 507.9 470.3 Pretax income (loss) 23.4 (368.9) 7.3 231.3 (122.6) 242.7 265.6 241.7 223.5 228.4 Income tax expense 32.1 31.8 34.2 54.2 31.9 61.9 67.7 61.6 57.0 58.2 Net income (loss) (8.6) (400.8) (26.8) 177.0 (154.5) 180.8 197.8 180.1 166.5 170.1 Less: Non-controlling interest (0.1) 4.6 0.8 0.6 (0.1) 40.1 44.0 38.9 31.0 37.4 Net income (loss) attributable to shareholders (8.5) (405.4) (27.6) 176.4 (154.4) 140.7 153.9 141.2 135.5 132.8 Basic earnings per share (0.06) (2.85) (0.19) 1.18 (1.00) 0.98 1.08 0.98 0.91 0.86 Diluted earnings per share (0.06) (2.85) (0.19) 1.15 (1.00) 0.96 1.06 0.97 0.90 0.86 Article content RESULTS OF OPERATIONS – ASSET MANAGEMENT SEGMENT [millions of dollars, except per share amounts] IFRS Results Adjusted Results For the quarters ended For the quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Revenues Asset management fees 388.6 400.7 388.1 379.9 376.3 388.6 400.7 388.1 379.9 376.3 Trailer fees and deferred sales commissions (122.8) (127.1) (123.9) (121.4) (121.0) (122.8) (127.1) (123.9) (121.4) (121.0) Net asset management fees 265.8 273.6 264.3 258.4 255.4 265.8 273.6 264.3 258.4 255.4 Other revenues 5.6 29.3 10.7 6.2 4.4 5.6 29.3 10.7 6.2 4.4 FX gains/(losses) (3.0) (148.8) 25.7 (22.7) (58.7) — — — — — Other gains/(losses) (0.8) — 7.3 281.9 4.4 (0.8) 0.1 1.7 3.5 1.7 Total net revenues 267.6 154.1 308.0 523.8 205.5 270.6 303.1 276.7 268.1 261.5 Expenses Selling, general & administrative 123.1 157.4 105.9 111.9 108.0 106.1 113.5 104.1 106.1 101.2 Other 0.2 1.9 0.3 3.2 0.1 0.2 1.9 0.3 3.2 0.1 Interest and lease finance expense 0.6 0.6 0.6 0.5 0.5 0.6 0.6 0.6 0.5 0.5 Depreciation and other amortization 4.9 4.9 4.3 4.4 4.0 4.9 4.9 4.3 4.4 4.0 Amortization of intangible assets from acquisitions 0.6 0.6 0.6 0.6 0.6 — — — — — Transaction, integration, restructuring and legal 2.0 22.7 10.4 0.3 1.3 — — — — — Change in fair value of contingent consideration 1.9 1.0 3.3 (0.3) 3.5 — — — — — Total expenses 133.4 189.1 125.5 120.6 118.0 111.8 120.8 109.3 114.2 105.7 Pretax income 134.2 (35.0) 182.5 403.2 87.5 158.8 182.3 167.4 153.9 155.7 Non-IFRS adjustments Pretax income 134.2 (35.0) 182.5 403.2 87.5 158.8 182.3 167.4 153.9 155.7 Amortization of intangible assets from acquisitions 0.6 0.6 0.6 0.6 0.6 — — — — — Depreciation and other amortization 4.9 4.9 4.3 4.4 4.0 4.9 4.9 4.3 4.4 4.0 Interest and lease finance expense 0.6 0.6 0.6 0.5 0.5 0.6 0.6 0.6 0.5 0.5 EBITDA 140.3 (28.9) 188.1 408.7 92.6 164.3 187.7 172.4 158.8 160.2 Change in fair value of contingent consideration 1.9 1.0 3.3 (0.3) 3.5 — — — — — FX (gains)/losses 3.0 148.8 (25.7) 22.7 58.7 — — — — — Severance 0.9 0.5 1.8 5.8 6.9 — — — — — Amortization of loan guarantees — — — — — — — — — — Transaction, integration, restructuring and legal 2.0 22.7 10.4 0.3 1.3 — — — — — Accelerated share based compensation 16.1 43.5 — — — — — — — — Other (gains)/losses — 0.2 (0.2) 2.9 (2.7) — — — — — Gain on debt retirement — — (5.3) (281.3) — — — — — — Total adjustments 24.0 216.6 (15.7) (249.9) 67.7 — — — — — Adjusted EBITDA 164.3 187.7 172.4 158.8 160.2 164.3 187.7 172.4 158.8 160.2 Less: Non-controlling interest — 0.1 0.1 (0.1) (0.4) — 0.1 0.1 (0.1) (0.4) Adjusted EBITDA attributable to shareholders 164.3 187.7 172.3 158.9 160.6 164.3 187.7 172.3 158.9 160.6 Article content RESULTS OF OPERATIONS – CANADA WEALTH MANAGEMENT SEGMENT [millions of dollars, except per share amounts] IFRS Results Adjusted Results For the quarters ended For the quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Revenues Canada wealth management fees 224.7 224.8 215.9 211.4 201.0 224.7 224.8 215.9 211.4 201.0 Other revenues 31.5 29.7 32.6 33.3 33.4 31.5 29.8 32.7 33.4 33.4 FX gains/(losses) (0.2) 2.1 (0.8) — 1.0 — — — — — Total net revenues 256.0 256.7 247.8 244.7 235.4 256.2 254.6 248.6 244.7 234.4 Expenses Selling, general & administrative 62.8 59.3 58.4 57.1 55.4 58.8 57.1 57.0 56.8 53.9 Advisor and dealer fees 172.5 172.3 166.2 162.9 153.9 172.5 172.3 166.2 162.9 153.9 Other 3.6 3.8 5.4 6.1 6.3 2.9 4.4 4.5 5.0 5.3 Interest and lease finance expense 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.3 0.3 0.4 Depreciation and other amortization 4.8 5.0 5.0 4.8 4.9 4.8 5.0 5.0 4.8 4.9 Amortization of intangible assets from acquisitions 2.6 2.4 2.3 2.3 2.3 — — — — — Transaction, integration, restructuring and legal — 1.8 — — — — — — — — Change in fair value of contingent consideration (0.4) 1.2 0.2 0.3 1.6 — — — — — Total expenses 246.4 246.2 237.9 233.9 224.8 239.5 239.2 233.1 229.9 218.4 Pretax income 9.6 10.5 9.9 10.8 10.6 16.7 15.5 15.5 14.8 16.0 Non-IFRS adjustments Pretax income 9.6 10.5 9.9 10.8 10.6 16.7 15.5 15.5 14.8 16.0 Amortization of intangible assets from acquisitions 2.6 2.4 2.3 2.3 2.3 — — — — — Amortization of intangible assets for equity accounted investments 0.1 0.1 0.1 0.1 0.1 — — — — — Depreciation and other amortization 4.8 5.0 5.0 4.8 4.9 4.8 5.0 5.0 4.8 4.9 Interest and lease finance expense 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.3 0.3 0.4 EBITDA 17.5 18.4 17.6 18.3 18.3 22.0 20.9 20.8 19.9 21.3 Change in fair value of contingent consideration (0.4) 1.2 0.2 0.3 1.6 — — — — — Contingent consideration recorded as compensation (included in SG&A) 0.1 — 0.1 0.1 0.1 — — — — — Accounting for CIPW Canada redeemable units (included in SG&A) 0.8 0.6 1.6 (0.3) 0.7 — — — — — FX (gains)/losses 0.2 (2.1) 0.8 — (1.0) — — — — — Severance 0.5 0.5 (0.3) 0.5 0.7 — — — — — Transaction, integration, restructuring and legal — 1.8 — — — — — — — — Accelerated share based compensation 2.6 1.1 — — — — — — — — Non-controlling interest reclassification (included in Other) 0.7 (0.6) 0.9 1.1 1.0 — — — — — Total adjustments 4.5 2.5 3.2 1.7 3.1 — — — — — Adjusted EBITDA 22.0 20.9 20.8 19.9 21.3 22.0 20.9 20.8 19.9 21.3 Less: Non-controlling interest 1.3 1.3 1.8 1.9 1.8 1.3 1.3 1.8 1.9 1.8 Adjusted EBITDA attributable to shareholders 20.7 19.6 19.0 18.0 19.5 20.7 19.6 19.0 18.0 19.5 Article content RESULTS OF OPERATIONS – U.S. WEALTH MANAGEMENT SEGMENT [millions of dollars, except per share amounts] IFRS Results Adjusted Results For the quarters ended For the quarters ended Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Mar. 31, 2024 Revenues U.S. wealth management fees 293.1 293.8 274.9 261.3 242.1 293.1 293.8 274.9 261.3 242.1 Other revenues 22.8 0.5 5.1 5.7 7.4 24.2 1.6 6.5 7.0 8.8 FX gains/(losses) — 1.5 (0.2) 0.1 3.1 — — — — — Other gains/(losses) — 24.8 1.0 0.8 0.6 — (0.1) (0.6) 0.6 0.3 Total net revenues 315.8 320.5 280.8 267.8 253.2 317.2 295.3 280.8 268.9 251.1 Expenses Selling, general & administrative 244.1 285.1 249.5 278.9 283.7 175.5 163.3 155.5 153.9 142.4 Other 3.1 0.3 1.6 0.4 0.8 3.1 0.3 1.6 0.4 0.8 Interest and lease finance expense 4.5 3.8 3.9 5.1 5.2 4.4 3.6 3.5 4.7 3.5 Depreciation and other amortization 10.3 6.7 9.7 9.2 8.3 9.8 5.4 9.4 8.9 7.0 Amortization of intangible assets from acquisitions 47.4 50.3 34.7 33.6 32.1 — — — — — Transaction, integration, restructuring and legal 17.5 16.6 24.5 19.1 22.1 — — — — — Change in fair value of contingent consideration 4.4 4.3 (1.5) 12.6 27.1 — — — — — Change in fair value of Preferred Share Liability 47.8 243.1 89.1 42.4 52.3 — — — — — Total expenses 379.0 610.2 411.4 401.3 431.7 192.8 172.7 170.0 167.9 153.8 Pretax income (63.2) (289.7) (130.6) (133.5) (178.4) 124.4 122.6 110.7 101.0 97.4 Non-IFRS adjustments Pretax income (63.2) (289.7) (130.6) (133.5) (178.4) 124.4 122.6 110.7 101.0 97.4 Amortization of intangible assets from acquisitions 47.4 50.3 34.7 33.6 32.1 — — — — — Amortization of intangible assets for equity accounted investments 1.4 1.1 1.3 1.4 1.3 — — — — — Depreciation and other amortization 10.3 6.7 9.7 9.2 8.3 9.8 5.4 9.4 9.2 8.3 Interest and lease finance expense 4.5 3.8 3.9 5.1 5.2 4.4 3.6 3.5 5.1 5.2 EBITDA 0.4 (227.8) (81.0) (84.2) (131.5) 138.6 131.7 123.7 114.6 107.9 Change in fair value of contingent consideration 4.4 4.3 (1.5) 12.6 27.1 — — — — — Change in fair value of Preferred Share Liability 47.8 243.1 89.1 42.4 52.3 — — — — — Acquisition and strategic recruitment consideration recorded as compensation (included in SG&A) 7.7 23.7 11.2 25.7 13.7 — — — — — Non-controlling interest reclassification (included in Other) — — — — — — — — — — Accounting for redeemable units (included in SG&A) 60.4 96.6 80.8 99.0 126.0 — — — — — FX (gains)/losses — (1.5) 0.2 (0.1) (3.1) — — — — — Severance 0.8 0.9 2.1 0.9 2.2 — — — — — Amortization of loan guarantees (0.4) (0.6) (0.2) (0.5) (0.6) — — — — — Transaction, integration, restructuring and legal 17.5 16.6 24.5 19.1 22.1 — — — — — Accelerated share-based compensation — 1.3 — — — — — — — — Other (gains)/losses — (24.8) (1.6) (0.2) (0.4) — — — — — Total adjustments 138.2 359.5 204.6 198.9 239.4 — — — — — Adjusted EBITDA 138.6 131.7 123.7 114.6 107.9 138.6 131.7 123.7 114.6 107.9 Less: Non-controlling interest 49.7 46.3 44.5 38.3 41.9 49.7 46.3 44.5 38.3 41.9 Adjusted EBITDA attributable to shareholders 88.9 85.4 79.2 76.3 66.0 88.9 85.4 79.2 76.3 66.0 Article content Article content Article content Article content Article content Contacts Article content Investor Relations Jason Weyeneth, CFA Vice-President, Investor Relations & Strategy 416-681-8779 jweyeneth@ Article content Media Relations Canada Murray Oxby Vice-President, Communications 416-681-3254 moxby@ Article content United States Jimmy Moock Managing Partner, StreetCred 610-304-4570 jimmy@ ci@ Article content Article content
