Founded in 1925 to benefit from growing demand for industrial and domestic electricity across the country, Power Corporation evolved significantly in the subsequent decades, particularly after our father acquired control of the company in 1968. Since then, our family, as controlling shareholder, has considered itself both an owner and active manager of Power Corporation and its businesses, with a duty to develop the Corporation so that it grows and prospers for generations to come.

At the core of what we do are our long-held values of integrity, respect, trust, and corporate citizenship. Those values have helped guide us and all our colleagues, as we strived to create long-term value for shareholders and other stakeholders.

In 1996, our father entrusted us with the management of the company, and we have diligently worked to uphold and enrich a great legacy. Our unwavering commitment to long-term shareholder value, responsible ownership, respect for individuals, and community support have remained constant.

These deeply held convictions have had a profound influence on how we do business. We prioritize the Corporation’s growth and stability through both prosperous and challenging times. We maintain our focus on having a long-term vision and managing with a prudent view.

Power Corporation has experienced steady and sustained growth since it announced its very first financial results in 1926. After our family took controlling ownership 57 years ago, our results clearly continued to demonstrate this upward trajectory. Power now has consolidated assets of $851 billion at year-end 2024. In 1967, the Corporation reported net earnings attributable to participating shareholders of $3 million, compared with $2.74 billion in 2024, an almost thousand-fold increase. Likewise, an investment of $100 on December 31, 1967 was worth approximately $180,000 by the end of 2024, including the reinvestment of dividends paid. During that period, shareholders realized total shareholder returns of 14.1 per cent.

We are fortunate to have played a major role in the transformation of the insurance industry in the mid-1990s and early 2000s. Attesting to the success of the actions taken to become a consolidator in the financial services sector, Power Corporation now has more than 98 per cent of its assets in that industry.

Community investment and service are legacies instilled from the beginning and rooted in our corporate DNA. We provide support to a large number of non-profit organizations and social entrepreneurs, and we encourage our employees to get involved, to be leaders, and to give their time to charitable causes they hold dear.

In addition, we have a responsibility to support the financial health of individuals across all levels of society at every major step of their lives, which is now more critical than ever. This is, in fact, the core of our business. Through our group, we are committed to providing accessible and innovative financial solutions that help individuals and families achieve financial security, as well as products and services that provide peace of mind, in terms of health and wellness support, as well as for unforeseen events. This is a commitment that we take to heart.

Power Corporation’s journey has been one of outstanding leadership and extraordinary people who have contributed to its remarkable achievements. It has been our privilege to work closely with so many of them across our group of companies, and we salute their dedication and unwavering commitment to our vision and shared values, which have helped give the Power group such a successful past and a promising future.

We are also grateful to our many long-term business partners, both in Canada and internationally, with whom we’ve enjoyed strong relationships that have been integral to our achievements. These have helped us successfully develop synergies, grow our businesses, and deliver long-term value to our shareholders.

To our Directors, past and present, we thank you for your loyalty, expertise, and passion, all of which have been a driving force behind our journey. We also wish to extend our heartfelt thanks to Mr. Pierre Beaudoin, who will not be standing for re-election to our Board of Directors this year. The Directors, on behalf of the shareholders, wish to thank him for his important contributions throughout his 20 years of service.

To our shareholders, we sincerely thank you for your continued confidence in our group. Your unwavering support has been crucial to our success and has helped us deliver strong results and positively position our business for the future.

We would be remiss to not also mention our profound gratitude to all employees at Power Corporation and throughout our group companies. We have had the privilege of working with some of the very best people in the industry. This includes the extremely devoted and talented leaders that we have been able to attract at Power Corporation and its operating companies. Their contributions to Power’s success, at every step of its history, have made a tremendous difference. We are forever grateful to them.

We are also deeply grateful to our current president and chief executive officer, Mr. Jeffrey Orr, for his vision, drive and values-based leadership.

As we look to the future with renewed energy and commitment, we will draw from the previous century’s experiences to build the next one. The values and principles that have guided us for decades have laid the solid foundation for continued success. With our talented team, strong financial position and strategic vision, we are well prepared and excited to seize new opportunities and meet future challenges.