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Oops, something went wrong Power Co. CEO Jeff Orr said recent shareholder returns have been primarily earnings-driven, citing Great‑West Lifeco’s roughly 12% EPS growth over the past four years and continued execution of a simplification/value‑unlocking strategy. With an elevated NAV discount and “a lot of cash” on the balance sheet, the company expects to pursue more aggressive buybacks, arguing repurchases effectively buy Great‑West exposure while acquiring the rest of the portfolio at a discount. Power’s alternatives platform is focusing on scale first, profits later, backing Sagard and Power Sustainable with about CAD 1 billion each and targeting long‑term returns (roughly 10%) despite near‑term accounting “earnings noise.” Interested in Power Co. of Canada? Here are five stocks we like better. Power Co. of Canada (TSE:POW) President and CEO Jeff Orr said the company’s strategy to simplify its structure and unlock value remains intact, emphasizing that recent shareholder returns have been driven primarily by earnings growth rather than multiple expansion. Orr made the comments in a conference discussion moderated by National Bank equity analyst James Glynn, where Orr also addressed leadership transitions across the group, operating momentum at Great-West Lifeco and IGM Financial, the company’s alternative asset platform, and his view of how artificial intelligence may affect financial services. → Is Oracle the First of the AI Bubbles to Pop? Orr said the company is “in a better position to execute the strategy” than when it was launched about six years ago, adding that he does not expect a “radical change” in direction. He attributed value creation to three main elements: Improving the performance of the group’s “earnings parts” — including Great-West Life and IG Wealth and Mackenzie at IGM — through organic investment and acquisitions to support more consistent growth. Building and validating longer-dated investments that “will earn money for us in five years and 10 years,” pointing to Wealthsimple and Rockefeller as examples of value surfacing outside near-term reported earnings. Simplifying the corporate structure, focusing the company more tightly on financial services, and improving communication with investors. Orr also pushed back on the idea that the stock’s performance has been primarily a valuation story. “It hasn’t been a valuation story. It’s been a growth earnings story,” he said, citing Great-West Life’s “12% earnings growth EPS for the last four years” and noting the company’s discount has narrowed but remains elevated. → The Often-Missed Corner of Healthcare That Wall Street Is Loving Asked about strategic continuity amid a leadership transition, Orr said he is “delighted with the leadership changes,” noting that the group has changed leaders at its three main companies as well as at Power Corporation over the past 12 months. He described the process as a “classic Power transition playbook,” highlighting executive familiarity with the organization and its subsidiaries. Orr said he felt “great” about incoming CEO James’ readiness for the role, citing experience running IGM, board exposure to Great-West Life, and knowledge of Power Corp. He also said the transition to David Harney at Great-West Life from Paul Mahon was executed successfully, and called the move to Damon Murchison at IGM “fantastic.” → Why It's Not Time to Give Up on the Gold Trade Orr said Great-West Lifeco’s shareholder returns have been driven by “consistent earnings growth,” again citing roughly 12% EPS growth over the past four years. He said the performance has been diversified but “obviously led by Empower.” He said Great-West’s scale and franchise strength have been built through long-term investment and M&A that repositioned the business. Looking forward, Orr said the company is “not dependent on doing acquisitions” to meet its stated “8%-10% earnings growth hurdle,” though he added that additional M&A could contribute on top of that. On Empower specifically, Orr said the company can grow “in the double digits without further acquisitions,” while also arguing additional consolidation opportunities are likely over time. He pointed to Empower’s cost position and integration experience, noting, “We actually put them all on one platform.” However, he said timing is uncertain: “I don’t know whether it’s next year or whether it’s five years from now.” Orr also offered a forward-looking perspective on returns, saying he does not expect the next five years to match the “20+” annualized returns achieved over the last six years. Still, he suggested that earnings growth plus dividend yield could support “low- to mid-teens” returns, describing Power and Great-West as businesses run at “a lower risk point than the peer group” by design. Discussing IGM Financial, Orr said the recent return to more consistent net flows at IG Wealth and Mackenzie reflects both improving industry conditions and company-specific initiatives. He de

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