The Wings Club Foundation Announces Sir Timothy (Tim) Clark, KBE as Its 2025 Distinguished Achievement Award Recipient
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** To Be Presented at the 83 rd Awards Gala in October NEW YORK — The Wings Club Foundation, Inc. is pleased to announce that Sir Timothy (Tim) Clark, KBE, President, Emirates Airline will be the recipient of this year's Distinguished Achievement Award. Acknowledging Mr. Clark's outstanding accomplishments in the field of aviation, The Wings Club Foundation will present this award on Oct. 17, 2025, at the 83 rd Annual Awards Gala to be held at the New York Hilton Midtown in New York.
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Mr. Clark has been in the civil aviation business for his entire professional career, having joined British Caledonian in 1972.
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In 1975, he moved to Gulf Air in Bahrain and subsequently in 1985 to Dubai where he became a member of the founding team of Emirates as Head of Airline Planning.
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In 2003, he became President of Emirates Airline, driving the company's continued rapid growth into the world's largest international airline serving over 140 cities on six continents. During his tenure, Mr. Clark has successfully steered Emirates through multiple ups and downs in the aviation industry, including a remarkable recovery from the COVID-19 pandemic into record profitability.
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Between April 1998 and March 2008, Mr. Clark was also the Managing Director of Sri Lankan Airlines, the latter position resulted from Emirates' acquisition in April 1998 of a major stake in the airline with full management control.
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Mr. Clark is Chairman of the Emirates Airline Foundation, which he was instrumental in founding. The Foundation strives to improve the welfare of disadvantaged children of the world. He was appointed an Independent Non-Executive Director at DP World in June 2022; and appointed to The Dubai International Chamber Board of Directors in February 2025.
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In the 2014 Queen's New Year's Honours list, Mr. Clark was invested as a Knight of the Most Excellent Order of the British Empire (KBE) for services to British prosperity and to the aviation industry. In November 2009, he was conferred an 'Officier de la Legion d'Honneur' by the French government for services to transport and aviation.
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Mr. Clark holds a degree in Economics from London University and is a Fellow of the Royal Aeronautical Society. He also holds honorary doctorate degrees from the Universities of Warwick, Middlesex and Northumbria in the United Kingdom.
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The Wings Club Foundation, Inc., is a 501(c)(3) charitable organization. Its mission is to focus on initiatives aimed at supporting scholarships for students who will pursue a career in aviation or aerospace, providing programs to educate in the field of aviation, and supporting charitable organizations that use aviation to help those in need. The Wings Club Foundation comprises more than 1,200 members including industry leaders, pilots, professionals in related service organizations, and students of aviation.
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CI Financial Reports Financial Results for the Second Quarter of 2025
Article content Diluted EPS of $0.97, adjusted diluted EPS 1 of $0.89 EBITDA of $296.6 million, adjusted EBITDA attributable to shareholders 1 of $256.3 million EBITDA per share of $2.05 and adjusted EBITDA attributable to shareholders 1 per share of $1.77 Operating cash flow of $98.5 million, free cash flow 1 of $174.7 million Operating cash flow per share of $0.68, free cash flow per share 1 of $1.21 Total assets of $550.9 billion, up $61.8 billion or 12.6% year over year Paid $28.7 million in dividends at $0.20 per share Article content All financial amounts in Canadian dollars as at June 30, 2025, unless stated otherwise. Article content TORONTO — CI Financial Corp. ('CI') (TSX: CIX) today released financial results for the quarter ended June 30, 2025. Article content Financial highlights Article content Second quarter net income attributable to shareholders was $141.8 million compared to a net loss of $8.5 million in the first quarter of 2025. Excluding non-operating items, adjusted net income attributable to shareholders 1 was $128.5 million in the second quarter, down 8.7% from $140.7 million in the previous quarter. Second quarter total net revenues were $898.8 million, up from $787.7 million in the first quarter of 2025. Excluding non-operating items, adjusted total net revenues 1 were $776.6 million, down 2.0% from $792.4 million. This resulted from a decline in asset management fees due to lower average assets under management, as well as a weaker U.S. dollar, which impacted the translation of U.S. Wealth Management revenues. Article content Second quarter total expenses decreased to $725.1 million from $764.3 million in the first quarter of 2025. Excluding non-operating items, adjusted total expenses 1 were $552.9 million, up 0.6% from $549.7 million in the previous quarter, primarily due to higher SG&A expenses and higher Advisor and Dealer fees resulting from higher fees in Canada wealth management. Article content Capital allocation Article content A previously announced debenture offering with a principal amount of $500 million maturing on April 3, 2028 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'). As announced on July 29, 2025, all regulatory approvals required to close the Arrangement have been obtained and CI expects the Arrangement to close on or about August 12, 2025, subject to the satisfaction of the remaining customary conditions to closing. Article content [millions of dollars, except share amounts] As of and for the quarters ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Total AUM and Client Assets: Asset Management AUM (2) 138,298 134,994 137,819 135,395 130,063 Canada Wealth Management assets 105,887 101,947 102,032 100,128 95,551 Canada custody (3) 38,327 35,624 34,697 31,886 29,350 U.S. Wealth Management assets (4) 268,338 273,573 254,871 250,646 234,062 Total assets 550,850 546,138 529,420 518,054 489,026 Asset Management Net Inflows: Retail (900 ) (334 ) 1,921 41 (332 ) Institutional 124 (210 ) 105 (24 ) (43 ) Australia 227 86 (274 ) 213 (24 ) Closed Business (143 ) (188 ) (212 ) (160 ) (216 ) Total Asset Management Segment (692 ) (645 ) 1,540 70 (616 ) U.S. Asset Management (5) 396 311 658 147 740 IFRS Results Net income attributable to shareholders 141.8 (8.5 ) (405.4 ) (27.6 ) 176.4 Diluted earnings per share 0.97 (0.06 ) (2.85 ) (0.19 ) 1.15 Pretax income 173.6 23.4 (368.9 ) 7.3 231.3 Pretax margin 19.3 % 3.0 % (54.4 )% 0.9 % 23.5 % Operating cash flow before the change in operating assets and liabilities 251.4 182.3 1.8 166.3 95.9 Adjusted Results (1) Adjusted net income 128.5 140.7 153.9 141.2 135.5 Adjusted diluted earnings per share 0.89 0.96 1.06 0.97 0.90 Adjusted EBITDA 304.3 324.9 340.3 316.8 293.4 Adjusted EBITDA margin 39.2 % 41.0 % 42.6 % 42.0 % 40.1 % Adjusted EBITDA attributable to shareholders 256.3 273.9 292.7 270.5 253.2 Free cash flow 174.7 200.8 179.9 192.3 151.7 Average shares outstanding 143,387,824 143,373,011 142,254,436 144,175,387 149,248,861 Adjusted average diluted shares outstanding 144,981,723 145,814,512 144,852,964 146,222,481 150,662,154 Ending shares outstanding 143,413,857 143,380,401 143,335,143 143,489,243 149,075,523 Total debt 4,099 4,245 4,047 3,741 3,642 Net debt 3,941 4,100 3,884 3,602 3,510 Net debt to adjusted EBITDA 3.8 3.7 3.3 3.3 3.5 Article content Free cash flow, free cash flow per share, 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 $36.3 billion, $35.5 billion, $35.4 billion, $36.0 billion, and $34.1 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 June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively. Includes $32.4 billion, $30.5 billion, $29.8 billion, $27.5 billion, and $25.6 billion of assets advised by CI and held by clients of advisors with CI Assante, CIPC, CI Direct Investing and Aligned Capital as at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively. Month-end USD/CAD exchange rates of 1.3617, 1.4391, 1.4375, 1.3524, and 1.3680 for June 2025, March 2025, December 2024, September 2024, and June 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 About CI Financial 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 CI is headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX). To learn more, visit CI's website or LinkedIn page. Article content Forward-Looking Information 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 . 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 CI Global Asset Management is a registered business name of CI Investments Inc., a wholly owned subsidiary of CI. Article content CONSOLIDATED STATEMENT OF INCOME For the three-month period ended June 30 2025 2024 [in thousands of Canadian dollars, except per share amounts] $ $ REVENUE Canada asset management fees 371,088 374,932 Trailer fees and deferred sales commissions (110,256 ) (113,936 ) Net asset management fees 260,832 260,996 Canada wealth management fees 185,564 168,733 U.S. wealth management fees 279,792 261,292 Other revenues 47,571 34,837 Foreign exchange gains (losses) 121,373 (22,599 ) Other gains 3,625 282,700 Total net revenues 898,757 985,959 EXPENSES Selling, general and administrative 377,212 432,226 Advisor and dealer fees 140,527 128,641 Interest and lease finance 61,304 55,166 Amortization and depreciation 19,449 18,403 Amortization of intangible assets from acquisitions 40,833 36,496 Transaction, integration, restructuring and legal 58,289 19,466 Change in fair value of contingent consideration (10,554 ) 12,594 Change in fair value of Preferred Share Liability 33,445 42,396 Other 4,632 9,321 Total expenses 725,137 754,709 Income (loss) before income taxes 173,620 231,250 Provision for (recovery of) income taxes Current 30,320 57,398 Deferred 1,493 (3,157 ) 31,813 54,241 Net income (loss) for the period 141,807 177,009 Net income (loss) attributable to non-controlling interests 9 594 Net income (loss) attributable to shareholders 141,798 176,415 Basic earnings (loss) per share attributable to shareholders 0.99 1.18 Diluted earnings (loss) per share attributable to shareholders 0.97 1.15 Other comprehensive income (loss), net of tax Exchange differences on translation of foreign operations (64,190 ) 16,089 Total other comprehensive income (loss), net of tax (64,190 ) 16,089 Comprehensive income (loss) for the period 77,617 193,098 Comprehensive income (loss) attributable to non-controlling interests 9 367 Comprehensive loss attributable to shareholders 77,608 192,731 Article content As at As at CONSOLIDATED BALANCE SHEET June 30, 2025 December 31, 2024 [in thousands of Canadian dollars] $ $ ASSETS Current Cash and cash equivalents 147,236 167,611 Client and trust funds on deposit 1,325,106 1,082,126 Investments 52,198 36,594 Accounts receivable and prepaid expenses 432,545 433,001 Income taxes receivable 65,521 49,587 Total current assets 2,022,606 1,768,919 Capital assets, net 167,876 170,168 Right-of-use assets 241,649 237,944 Intangibles and goodwill 8,109,451 8,086,266 Deferred income tax assets 99,447 107,106 Other assets 372,102 394,355 Total assets 11,013,131 10,764,758 LIABILITIES AND EQUITY Current Accounts payable and accrued liabilities 548,272 527,652 Current portion of provisions and other financial liabilities 158,812 209,258 Dividends payable — 57,334 Client and trust funds payable 1,344,404 1,076,242 Income taxes payable 3,646 17,004 Redeemable unit liabilities 1,385,057 1,464,371 Preferred Share Liability 2,015,853 2,044,888 Current portion of long-term debt 589,608 889,975 Current portion of lease liabilities 30,069 30,483 Total current liabilities 6,075,721 6,317,207 Long-term debt 3,509,886 3,157,257 Provisions and other financial liabilities 115,625 54,224 Other long-term payable 25,444 29,189 Deferred income tax liabilities 480,341 480,122 Lease liabilities 322,682 316,233 Total liabilities 10,529,699 10,354,232 Equity Share capital 1,375,952 1,373,814 Contributed surplus 14,105 14,124 Deficit (972,570 ) (1,105,649 ) Accumulated other comprehensive income 64,668 126,881 Total equity attributable to the shareholders of the Company 482,155 409,170 Non-controlling interests 1,277 1,356 Total equity 483,432 410,526 Total liabilities and equity 11,013,131 10,764,759 Article content CONSOLIDATED STATEMENT OF CASH FLOWS For the three-month period ended June 30 2025 2024 [in thousands of Canadian dollars] $ $ OPERATING ACTIVITIES (*) Net income (loss) for the year 141,807 177,009 Add (deduct) items not involving cash Other (gains) losses (3,625 ) (282,700 ) Change in fair value of contingent consideration (10,554 ) 12,594 Change in fair value of Preferred Share Liability 33,445 42,396 Contingent and deferred consideration recorded as compensation 229 651 Amortization of loan guarantees (249 ) (498 ) Recognition of non-cash vesting of redeemable unit liabilities (3,401 ) 82,420 Equity-based compensation 31,987 11,935 Equity accounted income (1,456 ) (1,088 ) Amortization of equity accounted investments 1,404 1,427 Amortization and depreciation 19,449 18,403 Amortization of intangible assets from acquisitions 40,833 36,496 Deferred income taxes 1,493 (3,157 ) Cash provided by operating activities before net change in operating assets and liabilities 251,362 95,888 Net change in operating assets and liabilities (152,884 ) 80,871 Cash provided by operating activities 98,478 176,759 INVESTING ACTIVITIES Cash paid to settle contingent liabilities (43,634 ) (116,909 ) Acquisitions, net of cash acquired (7,560 ) (106,638 ) Purchase of investments (190 ) (152 ) Proceeds on sale of investments 31 139 Additions to capital assets (5,919 ) (38,242 ) Decrease (increase) in other assets (6,025 ) (3,298 ) Additions to intangibles (2,114 ) (259 ) Cash used in investing activities (65,411 ) (265,359 ) FINANCING ACTIVITIES Repayment of long-term debt (76,238 ) (420,000 ) Issuance of long-term debt 79,940 1,290,666 Repurchase of long-term debt (4,846 ) (596,386 ) Repurchase of share capital — (85,542 ) Payment of lease liabilities (705 ) (1,998 ) Issuance of redeemable unit liabilities, net of redemptions (2,002 ) (65,933 ) Dividends paid to shareholders (28,676 ) (30,292 ) Cash provided by financing activities (32,527 ) 90,515 Net increase (decrease) in cash and cash equivalents during the year 540 1,915 Cash and cash equivalents, beginning of year 146,696 126,149 Cash and cash equivalents, end of year 147,236 128,064 SUPPLEMENTAL CASH FLOW INFORMATION (*) Included in operating activities are the following: Interest paid 91,440 78,196 Income taxes paid 45,321 44,444 Article content ASSETS UNDER MANAGEMENT AND NET FLOWS [billions of dollars] Quarters ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning AUM 135.0 137.8 135.4 130.1 130.1 Gross inflows 6.5 7.2 9.3 6.3 8.1 Gross outflows (7.2 ) (7.8 ) (7.8 ) (6.2 ) (8.7 ) Net inflows/(outflows) (0.7 ) (0.6 ) 1.5 0.1 (0.6 ) Market move and FX 4.0 (2.2 ) 0.9 5.3 0.5 Ending AUM 138.3 135.0 137.8 135.4 130.1 Proprietary AUM 36.3 35.5 35.4 36.0 34.1 Non-proprietary AUM 102.0 99.5 102.4 99.4 95.9 Average assets under management 134.2 138.3 138.2 132.5 129.2 Annualized organic growth (2.1 )% (1.9 )% 4.5 % 0.2 % (1.9 )% Gross management fee/average AUM 1.14 % 1.14 % 1.15 % 1.17 % 1.18 % Net management fee/average AUM 0.78 % 0.78 % 0.79 % 0.79 % 0.80 % Net Inflows/(Outflows) Retail (0.9 ) (0.3 ) 1.9 — (0.3 ) Institutional 0.1 (0.2 ) 0.1 — — Closed business (0.1 ) (0.2 ) (0.2 ) (0.2 ) (0.2 ) Total Canada net inflows/(outflows) (0.9 ) (0.7 ) 1.8 (0.1 ) (0.6 ) Australia 0.2 0.1 (0.3 ) 0.2 — Total net inflows/(outflows) (0.7 ) (0.6 ) 1.5 0.1 (0.6 ) Article content RETAIL [billions of dollars] Quarters Ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning AUM 112.9 115.3 108.0 115.1 108.1 Net Flows (0.9 ) (0.3 ) 1.9 0.0 (0.3 ) Market Move / FX 3.2 (2.1 ) 4.3 (6.8 ) 12.7 Acquisitions — — — — — Ending AUM 115.2 112.9 115.3 108.0 115.1 Average AUM 114.0 114.1 111.7 111.5 105.3 Article content INSTITUTIONAL [billions of dollars] Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning AUM 9.1 9.3 9.6 9.2 9.1 Net Flows 0.1 (0.2 ) 0.1 — — Market Move / FX 0.8 0.0 (0.4 ) 0.4 0.1 Acquisitions — — — — — Ending AUM 10.0 9.1 9.3 9.6 9.2 Average AUM 9.6 9.2 9.5 9.4 8.9 Article content AUSTRALIA [billions of dollars] Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning AUM 6.1 6.0 6.2 5.8 5.7 Net Flows 0.2 0.1 (0.3 ) 0.2 0.0 Market Move / FX (0.1 ) 0.0 0.1 0.2 0.1 Acquisitions — — — — — Ending AUM 6.2 6.1 6.0 6.2 5.8 Average AUM 6.2 6.1 6.1 6.0 5.4 Article content CLOSED BUSINESS [billions of dollars] Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning AUM 6.9 7.2 7.3 7.1 7.3 Net Flows (0.1 ) (0.2 ) (0.2 ) (0.2 ) (0.2 ) Market Move / FX 0.2 (0.1 ) 0.1 0.4 — Acquisitions — — — — — Ending AUM 7.0 6.9 7.2 7.3 7.1 Average AUM 7.0 7.1 7.3 7.2 7.2 Article content AUM BY ASSET CLASS [billions of dollars] Quarters ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Balanced 53.3 52.8 53.6 53.5 51.8 Equity 45.5 43.1 45.3 44.6 42.4 Fixed income 14.5 14.2 14.0 12.8 12.0 Alternatives 8.7 8.3 8.6 7.8 7.6 Cash/Other 10.1 10.6 10.2 10.5 10.6 Total Canada asset management 132.1 128.9 131.8 129.1 124.3 Australia 6.2 6.1 6.0 6.2 5.8 Total asset management segment 138.3 135.0 137.8 135.4 130.1 Article content CANADA WEALTH MANAGEMENT CLIENT ASSETS [billions of dollars] Quarters ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning client assets 101.9 102.0 100.1 95.6 93.7 Net flows and market move 3.9 (0.1 ) 1.9 4.6 1.8 Ending client assets 105.9 101.9 102.0 100.1 95.6 Average client assets 103.9 102.0 101.1 97.8 94.6 Wealth management fees/average client assets 0.89 % 0.89 % 0.88 % 0.88 % 0.90 % Canada custody 38.3 35.6 34.7 31.9 29.4 Proprietary custody 32.4 30.5 29.8 27.5 25.5 Non-proprietary custody 5.9 5.1 4.9 4.4 3.8 Article content U.S. WEALTH MANAGEMENT CLIENT ASSETS [billions of dollars] Quarters ended Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Beginning billable client assets 249.0 243.6 240.0 223.7 212.4 Acquisitions/divestitures — 18.5 (7.6 ) 8.2 5.6 Net flows and market move 4.2 (13.1 ) 11.2 8.1 5.8 Ending billable client assets 253.2 249.0 243.6 240.0 223.7 Non-billable client assets 15.1 24.6 11.3 10.7 10.3 Total client assets 268.3 273.6 254.9 250.6 234.1 Fees/beginning billable client assets 0.46 % 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 and free cash flow per share Net debt. 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 August 5, 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 Jun. 30, 2025 Mar. 31, 2025 Jun. 30, 2024 Net Income 141.8 (8.6 ) 177.0 Amortization of intangible assets from acquisitions 40.8 50.6 36.5 Amortization of intangible assets for equity accounted investments 1.4 1.5 1.4 Change in fair value of contingent consideration (10.6 ) 5.9 12.6 Change in fair value of Preferred Share Liability 33.4 47.8 42.4 Interest expense — — 3.0 Acquisition and strategic recruitment consideration recorded as compensation 12.3 7.8 25.8 Non-controlling interest reclassification 0.6 0.7 1.1 Accounting for Corient and CIPW Canada redeemable units 13.1 61.2 98.6 Severance 4.7 2.2 7.2 Amortization of loan guarantees (0.2 ) (0.4 ) (0.5 ) FX losses (121.4 ) 3.2 22.6 Transaction, integration, restructuring and legal 58.5 20.0 20.1 Accelerated share-based compensation 19.6 18.7 — Other (gains)/losses — — 2.7 Gain on debt retirement (2.1 ) — (281.3 ) Total adjustments 50.1 219.3 (7.8 ) Tax effect of adjustments (25.2 ) (29.8 ) (2.7 ) Less: Non-controlling interest 38.2 40.1 31.0 Adjusted net income 128.5 140.7 135.5 Adjusted earnings per share 0.90 0.98 0.91 Adjusted diluted earnings per share 0.89 0.96 0.90 Average diluted shares outstanding under IFRS 146.2 143.4 153.8 Weighted average impact of Options — 0.1 — Weighted average impact of RSU awards — 2.4 — Weighted average impact of PSU awards (1.2 ) — — Shares convertible into common in connection with an acquisition — — (3.1 ) Adjusted average diluted shares outstanding 145.0 145.8 150.7 Article content EBITDA, ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN [millions of dollars, except per share amounts] Quarters ended Jun. 30, 2025 Mar. 31, 2025 Jun. 30, 2024 Pretax income 173.6 23.4 231.3 Amortization of intangible assets from acquisitions 40.8 50.6 36.5 Amortization of intangible assets for equity accounted investments 1.4 1.5 1.4 Depreciation and other amortization 19.4 20.0 18.4 Interest and lease finance expense 61.3 62.7 55.2 EBITDA 296.6 158.3 342.7 Change in fair value of contingent consideration (10.6 ) 5.9 12.6 Change in fair value of Preferred Share Liability 33.4 47.8 42.4 Acquisition and strategic recruitment consideration recorded as compensation 12.3 7.8 25.8 Non-controlling interest reclassification 0.6 0.7 1.1 Accounting for Corient and CIPW Canada redeemable units 13.1 61.2 98.6 Severance 4.7 2.2 7.2 Amortization of loan guarantees (0.2 ) (0.4 ) (0.5 ) FX losses (121.4 ) 3.2 22.6 Transaction, integration, restructuring and legal 58.3 19.5 19.5 Accelerated share-based compensation 19.6 18.7 — Other (gains)/losses — — 2.7 Gain on debt retirement (2.1 ) — (281.3 ) Total adjustments 7.7 166.6 (49.4 ) Adjusted EBITDA 304.3 324.9 293.4 Less: Non-controlling interest 48.0 51.0 40.2 Adjusted EBITDA attributable to shareholders 256.3 273.9 253.2 Reported net revenue 898.8 787.7 986.0 Less: FX losses 121.4 (3.2 ) (22.6 ) Less: Non-operating other gains/(losses) — — (2.7 ) Less: Amortization of equity accounted investments (1.4 ) (1.5 ) (1.4 ) Less: Gain on debt retirement 2.1 — 281.3 Adjusted net revenue 776.6 792.4 731.3 Adjusted EBITDA margin 39.2 % 41.0 % 40.1 % Article content FREE CASH FLOW [millions of dollars] Quarters ended Jun. 30, 2025 Mar. 31, 2025 Jun. 30, 2024 Cash provided by operating activities 98.5 148.4 176.8 Less: Net change in operating assets and liabilities (152.9 ) (33.9 ) 80.9 Operating cash flow before the change in operating assets and liabilities 251.4 182.3 95.9 FX (gains)/losses (121.4 ) 3.2 22.6 Transaction, integration, restructuring and legal 58.5 20.0 20.1 Total adjustments (62.9 ) 23.2 42.7 Tax effect (recovery) of adjustments (10.3 ) (4.8 ) 14.6 Less: Non-controlling interest 3.5 (0.2 ) 1.4 Free cash flow 174.7 200.8 151.7 Article content NET DEBT Quarters ended [millions of dollars] Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Current portion of long-term debt 589.6 1,083.3 890.0 346.7 525.0 Long-term debt 3,509.9 3,161.7 3,157.3 3,394.4 3,117.2 4,099.5 4,245.0 4,047.2 3,741.0 3,642.2 Less: Cash and short-term investments 147.2 146.7 167.6 144.1 128.1 Marketable securities 37.2 30.9 21.8 18.1 27.8 Add: Regulatory capital and non-controlling interests 26.4 32.1 26.2 23.6 24.0 Net Debt 3,941.4 4,099.5 3,884.0 3,602.4 3,510.4 Adjusted EBITDA attributable to shareholders 256.3 273.9 292.7 270.5 253.2 Adjusted EBITDA, annualized 1,025.3 1,095.4 1,170.7 1,081.9 1,012.7 Gross leverage (Gross debt/Annualized adjusted EBITDA) 4.0 3.9 3.5 3.5 3.6 Net leverage (Net debt/Annualized adjusted EBITDA) 3.8 3.7 3.3 3.3 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 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Revenues Asset management fees 371.1 383.4 395.4 383.1 374.9 371.1 383.4 395.4 383.1 374.9 Trailer fees and deferred sales commissions (110.3) (114.8) (118.8) (116.2) (113.9) (110.3) (114.8) (118.8) (116.2) (113.9) Net asset management fees 260.8 268.5 276.6 266.9 261.0 260.8 268.5 276.6 266.9 261.0 Canada wealth management fees 185.6 182.0 179.1 172.5 168.7 185.6 182.0 179.1 172.5 168.7 U.S. wealth management fees 279.8 293.1 293.8 274.9 261.3 279.8 293.1 293.8 274.9 261.3 Other revenues 47.6 48.2 48.8 38.1 34.8 49.0 49.7 49.9 39.5 36.3 FX gains/(losses) 121.4 (3.2) (145.2) 24.8 (22.6) — — — — — Other gains/(losses) 3.6 (0.8) 24.7 8.3 282.7 1.5 (0.8) 0.1 1.1 4.1 Total net revenues 898.8 787.7 677.8 785.4 986.0 776.6 792.4 799.5 754.9 731.3 Expenses Selling, general & administrative 377.2 414.2 485.2 397.6 432.2 327.8 324.6 317.3 300.5 301.1 Advisor and dealer fees 140.5 137.8 135.7 131.4 128.6 140.5 137.8 135.7 131.4 128.6 Other 4.6 5.8 6.9 7.1 9.3 4.0 5.1 6.3 6.2 8.3 Interest and lease finance expense 61.3 62.7 59.5 59.3 55.2 61.3 62.6 59.4 57.8 51.7 Depreciation and other amortization 19.4 20.0 16.6 19.0 18.4 19.2 19.5 15.4 17.4 18.2 Amortization of intangible assets from acquisitions 40.8 50.6 53.3 37.7 36.5 — — — — — Transaction, integration, restructuring and legal 58.3 19.5 41.1 35.0 19.5 — — — — — Change in fair value of contingent consideration (10.6) 5.9 5.3 1.9 12.6 — — — — — Change in fair value of Preferred Share Liability 33.4 47.8 243.1 89.1 42.4 — — — — — Total expenses 725.1 764.3 1,046.7 778.1 754.7 552.9 549.7 534.0 513.2 507.9 Pretax income (loss) 173.6 23.4 (368.9) 7.3 231.3 223.8 242.7 265.6 241.7 223.5 Income tax expense 31.8 32.1 31.8 34.2 54.2 57.1 61.9 67.7 61.6 57.0 Net income (loss) 141.8 (8.6) (400.8) (26.8) 177.0 166.7 180.8 197.8 180.1 166.5 Less: Non-controlling interest — (0.1) 4.6 0.8 0.6 38.2 40.1 44.0 38.9 31.0 Net income (loss) attributable to shareholders 141.8 (8.5) (405.4) (27.6) 176.4 128.5 140.7 153.9 141.2 135.5 Basic earnings per share 0.99 (0.06) (2.85) (0.19) 1.18 0.90 0.98 1.08 0.98 0.91 Diluted earnings per share 0.97 (0.06) (2.85) (0.19) 1.15 0.89 0.96 1.06 0.97 0.90 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 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Revenues Asset management fees 376.3 388.6 400.7 388.1 379.9 376.3 388.6 400.7 388.1 379.9 Trailer fees and deferred sales commissions (118.4) (122.8) (127.1) (123.9) (121.4) (118.4) (122.8) (127.1) (123.9) (121.4) Net asset management fees 257.9 265.8 273.6 264.3 258.4 257.9 265.8 273.6 264.3 258.4 Other revenues 7.1 5.6 29.3 10.7 6.2 7.1 5.6 29.3 10.7 6.2 FX gains/(losses) 125.5 (3.0) (148.8) 25.7 (22.7) — — — — — Other gains/(losses) 3.8 (0.8) — 7.3 281.9 1.6 (0.8) 0.1 1.7 3.5 Total net revenues 394.2 267.6 154.1 308.0 523.8 266.6 270.6 303.1 276.7 268.1 Expenses Selling, general & administrative 129.0 123.1 157.4 105.9 111.9 106.5 106.1 113.5 104.1 106.1 Other 1.0 0.2 1.9 0.3 3.2 1.0 0.2 1.9 0.3 3.2 Interest and lease finance expense 0.6 0.6 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.5 Depreciation and other amortization 5.2 4.9 4.9 4.3 4.4 5.2 4.9 4.9 4.3 4.4 Amortization of intangible assets from acquisitions 0.6 0.6 0.6 0.6 0.6 — — — — — Transaction, integration, restructuring and legal 21.9 2.0 22.7 10.4 0.3 — — — — — Change in fair value of contingent consideration (0.3) 1.9 1.0 3.3 (0.3) — — — — — Total expenses 158.0 133.4 189.1 125.5 120.6 113.2 111.8 120.8 109.3 114.2 Pretax income 236.3 134.2 (35.0) 182.5 403.2 153.4 158.8 182.3 167.4 153.9 Non-IFRS adjustments Pretax income 236.3 134.2 (35.0) 182.5 403.2 153.4 158.8 182.3 167.4 153.9 Amortization of intangible assets from acquisitions 0.6 0.6 0.6 0.6 0.6 — — — — — Depreciation and other amortization 5.2 4.9 4.9 4.3 4.4 5.2 4.9 4.9 4.3 4.4 Interest and lease finance expense 0.6 0.6 0.6 0.6 0.5 0.6 0.6 0.6 0.6 0.5 EBITDA 242.6 140.3 (28.9) 188.1 408.7 159.1 164.3 187.7 172.4 158.8 Change in fair value of contingent consideration (0.3) 1.9 1.0 3.3 (0.3) — — — — — FX (gains)/losses (125.5) 3.0 148.8 (25.7) 22.7 — — — — — Severance 3.3 0.9 0.5 1.8 5.8 — — — — — Transaction, integration, restructuring and legal 21.9 2.0 22.7 10.4 0.3 — — — — — Accelerated share based compensation 19.2 16.1 43.5 — — — — — — — Other (gains)/losses — — 0.2 (0.2) 2.9 — — — — — Gain on debt retirement (2.1) — — (5.3) (281.3) — — — — — Total adjustments (83.5) 24.0 216.6 (15.7) (249.9) — — — — — Adjusted EBITDA 159.1 164.3 187.7 172.4 158.8 159.1 164.3 187.7 172.4 158.8 Less: Non-controlling interest (0.1) — 0.1 0.1 (0.1) (0.1) — 0.1 0.1 (0.1) Adjusted EBITDA attributable to shareholders 159.2 164.3 187.7 172.3 158.9 159.2 164.3 187.7 172.3 158.9 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 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Revenues Canada wealth management fees 227.2 224.7 224.8 215.9 211.4 227.2 224.7 224.8 215.9 211.4 Other revenues 31.7 31.5 29.7 32.6 33.3 31.7 31.5 29.8 32.7 33.4 FX gains/(losses) (2.6) (0.2) 2.1 (0.8) — — — — — — Total net revenues 256.3 256.0 256.7 247.8 244.7 259.0 256.2 254.6 248.6 244.7 Expenses Selling, general & administrative 59.7 62.8 59.3 58.4 57.1 59.2 58.8 57.1 57.0 56.8 Advisor and dealer fees 174.0 172.5 172.3 166.2 162.9 174.0 172.5 172.3 166.2 162.9 Other 3.9 3.6 3.8 5.4 6.1 3.3 2.9 4.4 4.5 5.0 Interest and lease finance expense 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.3 0.3 Depreciation and other amortization 4.4 4.8 5.0 5.0 4.8 4.4 4.8 5.0 5.0 4.8 Amortization of intangible assets from acquisitions 2.6 2.6 2.4 2.3 2.3 — — — — — Transaction, integration, restructuring and legal 0.1 — 1.8 — — — — — — — Change in fair value of contingent consideration 1.1 (0.4) 1.2 0.2 0.3 — — — — — Total expenses 246.2 246.4 246.2 237.9 233.9 241.2 239.5 239.2 233.1 229.9 Pretax income 10.1 9.6 10.5 9.9 10.8 17.7 16.7 15.5 15.5 14.8 Non-IFRS adjustments Pretax income 10.1 9.6 10.5 9.9 10.8 17.7 16.7 15.5 15.5 14.8 Amortization of intangible assets from acquisitions 2.6 2.6 2.4 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 4.4 4.8 5.0 5.0 4.8 4.4 4.8 5.0 5.0 4.8 Interest and lease finance expense 0.4 0.4 0.4 0.3 0.3 0.4 0.4 0.4 0.3 0.3 EBITDA 17.5 17.5 18.4 17.6 18.3 22.5 22.0 20.9 20.8 19.9 Change in fair value of contingent consideration 1.1 (0.4) 1.2 0.2 0.3 — — — — — 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) (0.2) 0.8 0.6 1.6 (0.3) — — — — — FX (gains)/losses 2.6 0.2 (2.1) 0.8 — — — — — — Severance 0.5 0.5 0.5 (0.3) 0.5 — — — — — Transaction, integration, restructuring and legal 0.1 — 1.8 — — — — — — — Accelerated share-based compensation 0.4 2.6 1.1 — — — — — — — Non-controlling interest reclassification (included in Other) 0.6 0.7 (0.6) 0.9 1.1 — — — — — Total adjustments 4.9 4.5 2.5 3.2 1.7 — — — — — Adjusted EBITDA 22.5 22.0 20.9 20.8 19.9 22.5 22.0 20.9 20.8 19.9 Less: Non-controlling interest 1.3 1.3 1.3 1.8 1.9 1.3 1.3 1.3 1.8 1.9 Adjusted EBITDA attributable to shareholders 21.2 20.7 19.6 19.0 18.0 21.2 20.7 19.6 19.0 18.0 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 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sep. 30, 2024 Jun. 30, 2024 Revenues U.S. wealth management fees 279.8 293.1 293.8 274.9 261.3 279.8 293.1 293.8 274.9 261.3 Other revenues 18.5 22.8 0.5 5.1 5.7 19.8 24.2 1.6 6.5 7.0 FX gains/(losses) (1.6) — 1.5 (0.2) 0.1 — — — — — Other gains/(losses) (0.2) — 24.8 1.0 0.8 (0.2) — (0.1) (0.6) 0.6 Total net revenues 296.5 315.8 320.5 280.8 267.8 299.4 317.2 295.3 280.8 268.9 Expenses Selling, general & administrative 204.0 244.1 285.1 249.5 278.9 177.6 175.5 163.3 155.5 153.9 Other (0.9) 3.1 0.3 1.6 0.4 (0.9) 3.1 0.3 1.6 0.4 Interest and lease finance expense 4.1 4.5 3.8 3.9 5.1 4.2 4.4 3.6 3.5 4.7 Depreciation and other amortization 9.9 10.3 6.7 9.7 9.2 9.7 9.8 5.4 9.4 8.9 Amortization of intangible assets from acquisitions 37.6 47.4 50.3 34.7 33.6 — — — — — Transaction, integration, restructuring and legal 36.2 17.5 16.6 24.5 19.1 — — — — — Change in fair value of contingent consideration (11.4) 4.4 4.3 (1.5) 12.6 — — — — — Change in fair value of Preferred Share Liability 33.4 47.8 243.1 89.1 42.4 — — — — — Total expenses 313.0 379.0 610.2 411.4 401.3 190.5 192.8 172.7 170.0 167.9 Pretax income (16.5) (63.2) (289.7) (130.6) (133.5) 108.9 124.4 122.6 110.7 101.0 Non-IFRS adjustments Pretax income (16.5) (63.2) (289.7) (130.6) (133.5) 108.9 124.4 122.6 110.7 101.0 Amortization of intangible assets from acquisitions 37.6 47.4 50.3 34.7 33.6 — — — — — Amortization of intangible assets for equity accounted investments 1.3 1.4 1.1 1.3 1.4 — — — — — Depreciation and other amortization 9.9 10.3 6.7 9.7 9.2 9.7 9.8 5.4 9.4 8.9 Interest and lease finance expense 4.1 4.5 3.8 3.9 5.1 4.2 4.4 3.6 3.5 4.7 EBITDA 36.5 0.4 (227.8) (81.0) (84.2) 122.7 138.6 131.7 123.7 114.6 Change in fair value of contingent consideration (11.4) 4.4 4.3 (1.5) 12.6 — — — — — Change in fair value of Preferred Share Liability 33.4 47.8 243.1 89.1 42.4 — — — — — Acquisition and strategic recruitment consideration recorded as compensation (included in SG&A) 12.4 7.7 23.7 11.2 25.7 — — — — — Accounting for redeemable units (included in SG&A) 13.3 60.4 96.6 80.8 99.0 — — — — — FX (gains)/losses 1.6 — (1.5) 0.2 (0.1) — — — — — Severance 0.9 0.8 0.9 2.1 0.9 — — — — — Amortization of loan guarantees (0.2) (0.4) (0.6) (0.2) (0.5) — — — — — Transaction, integration, restructuring and legal 36.2 17.5 16.6 24.5 19.1 — — — — — Accelerated share-based compensation — — 1.3 — — — — — — — Other (gains)/losses — — (24.8) (1.6) (0.2) — — — — — Total adjustments 86.2 138.2 359.5 204.6 198.9 — — — — — Adjusted EBITDA 122.7 138.6 131.7 123.7 114.6 122.7 138.6 131.7 123.7 114.6 Less: Non-controlling interest 46.8 49.7 46.3 44.5 38.3 46.8 49.7 46.3 44.5 38.3 Article content Article content Article content Article content Article content Contacts Article content Investor Relations Article content Article content Jason Weyeneth, CFA Article content Article content Vice-President, Investor Relations & Strategy Article content Article content 416-681-8779 Article content Article content jweyeneth@ Article content Media Relations Article content Article content Canada Article content Article content Murray Oxby Article content Article content Vice-President, Corporate Communications Article content Article content 416-681-3254 Article content Article content moxby@ Article content
National Post
25 minutes ago
- National Post
ImmunityBio Reports Q2 Earnings Release Reflecting 60% Increase in Revenue in Q2 2025, With Year-to-Date Sales of $43 Million and 246% Unit Growth Since J-code
Article content Q2 2025 Revenue Growth with Continued Strong Sales Momentum: $26.4 million, up 60% from Q1 2025, with year-to-date sales of approximately $43 million. ANKTIVA ® Unit Growth Since J-code: 246% unit sales volume growth in 1H 2025 compared to 2H 2024. Cash Position: $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025, with additional $80 million equity financing closed in July 2025, with warrants which could result in an additional gross proceeds of up to approximately $96.0 million. Non-Small Cell Lung Cancer (NSCLC): ImmunityBio has launched ResQ201A, a randomized controlled trial (RCT), in the U.S., evaluating its IL-15 superagonist N-803 in combination with tislelizumab, a PD-1 CPI from BeOne Medicines in patients with second-line lung cancer who were progressing on checkpoint inhibitors (CPIs). The Company has also submitted clinical trial applications for ResQ201A in the EU and the UK, with Canada expected to be submitted in early Q3 2025, and with plans underway to submit in Asia. Lymphopenia: The Company met with the Division of Non-Malignant Hematology at the U.S. Food and Drug Administration (FDA) in June 2025 to present updated data from its lymphopenia program. The Division was supportive of the findings including the underlying science of stimulating lymphocytes with ANKTIVA and expressed a desire to support an efficient path to approval, noting that additional time will be required to finalize the appropriate development plan. Expanded Access Program (EAP) authorization has been activated for the indication for all solid tumors in patients who have failed first-line treatment on chemotherapy, radiotherapy or immunotherapy and exhibit low absolute lymphocyte counts (ALC < 1,000/μL). Lynch Syndrome: Full enrollment reached in the randomized National Cancer Institute (NCI) cancer prevention clinical trial using ANKTIVA in combination with adenovirus vaccine in 186 patients with Lynch Syndrome. UK's Medicines and Healthcare products Regulatory Agency (MHRA) approved marketing authorization application of ANKTIVA in combination with BCG for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer with CIS with or without papillary tumors. Papillary NMIBC: ImmunityBio conducted a Type A meeting with the FDA in June 2025 to discuss its program targeting papillary-only non-muscle invasive bladder cancer (NMIBC) and the FDA's response to the supplemental BLA (sBLA) filing. Contrary to the advice the FDA gave the Company in January 2025 to submit the sBLA, the FDA responded with a Refuse to File (RTF) notice in May 2025 on the basis of requiring a randomized control trial (RCT) against chemotherapy. At the June 2025 meeting, ImmunityBio provided new data regarding the updated results since the initial BLA filing of papillary-only data as well as real-world data of chemotherapy just published in this indication. In the papillary-only NMIBC new data based on 26 of the 100 subjects in Cohort A and 80 subjects in Cohort B (Papillary Alone) of our QUILT-3.032 trial, demonstrated long-term (36-month) progression free survival and bladder sparing with ANKTIVA in combination with BCG. ImmunityBio presented the newly published real-world data, which demonstrates that compared to chemotherapy, ANKTIVA in combination with BCG led to improved outcomes of progression-free survival and cystectomy avoidance at 36-months. To our knowledge, the results to date of ANKTIVA in combination with BCG represent the longest duration of follow-up with the longest duration of bladder sparing in these subjects. The Company indicated at the meeting that it would seek a new meeting request with this new data and withdraw the prior sBLA filing; however, the Company is re-evaluating this approach in consultation with its regulatory counsel and may seek to amend the initial filing with the new data rather than withdrawing it, with a commitment to initiate a RCT of chemotherapy-free ANKTIVA in combination with BCG versus chemotherapy in the Papillary Alone indication. Article content In addition, ImmunityBio has applied to the National Comprehensive Cancer Network (NCCN) to seek expansion of the BCG-unresponsive NMIBC guidelines to include papillary-only disease, in addition to the currently recognized CIS with or without papillary disease. The NCCN is expected to review the submission at its August 2025 meeting. Article content CULVER CITY, Calif. — ImmunityBio, Inc. ( NASDAQ: IBRX), a leading immunotherapy company, today announced its financial results for the fiscal quarter and six months ended June 30, 2025. Article content In the second quarter of 2025, ImmunityBio reported $26.4 million in revenue, representing a 60% increase from $16.5 million in the first quarter of 2025. This growth reflects continued commercial traction of ANKTIVA in combination with BCG in BCG-unresponsive NMIBC with carcinoma in situ (CIS) with or without Papillary tumors. The first half 2025 sales of $42.9 million represents a 246% increase in unit volume during the first two quarters of 2025 since the J-code approval versus the last two quarters of 2024. The Company ended the quarter with $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025. Article content 'ANKTIVA continues to deliver clinical results and promising commercial potential for ImmunityBio,' said Richard Adcock, President and CEO of ImmunityBio. 'We're seeing robust demand across U.S. urology practices of all sizes, driven in part by ANKTIVA's ease of storage and administration. With commercial authorization now in place in the UK, we're actively evaluating our go-to-market strategy for this important initial global market. In parallel, our recombinant BCG (rBCG) therapeutic has been administered safely to more than 150 patients to date in the United States under the expanded access protocol, helping urologists address the ongoing BCG shortage in the U.S. The recent equity financing further strengthens our balance sheet and enables us to accelerate key studies.' Article content 'Our goal has always been to use our innovative science to attack a broad range of cancers, and we are deeply committed to this goal in order to meet the urgent needs of millions of patients,' said Dr. Patrick Soon-Shiong, Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. 'To that end, we've begun global expansion of key clinical trials, including those for BCG-naïve NMIBC and second-line lung cancer. In addition, we've initiated enrollment across multiple trials to validate our novel lymphopenia rescue agent in prolonging duration of survival across multiple tumor types—a critical effort to address this life-threatening immune deficiency, and is often triggered by chemotherapy, radiation, or some immunotherapies.' Article content Second-Quarter Ended June 30, 2025 Financial Summary and Comparison to Prior Year Quarter Article content Product Revenue, Net Article content Product revenue, net increased $25.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, due to an increase in sales of ANKTIVA, which was approved in April 2024. Article content Research and Development Expense Article content Research and development (R&D) expense increased $4.1 million to $55.2 million during the three months ended June 30, 2025, as compared to $51.1 million during the three months ended June 30, 2024. The increase was due to higher manufacturing costs and higher distribution costs driven by more production and clinical trial activities, and higher license fees, partially offset by fewer sponsored research agreements. Article content Selling, General and Administrative Expense Article content Selling, general and administrative (SG&A) expense decreased $6.9 million to $42.3 million during the three months ended June 30, 2025, as compared to $49.2 million during the three months ended June 30, 2024. The decrease was due to lower costs related to litigation settlements and commercial consulting activities. Article content Net loss attributable to ImmunityBio common stockholders was $92.6 million during the three months ended June 30, 2025, compared to $134.6 million during the three months ended June 30, 2024. The reduction of loss was primarily driven by increased product revenue, lower SG&A expense described above, lower related-party interest expense, changes in the fair value of warrant liabilities and a related-party convertible note, partially offset by changes in the fair value of derivative liabilities and an increase in interest expense related to the revenue interest liability. Article content Six Months Ended June 30, 2025 Financial Summary and Comparison to Prior Year Six Months Ended Article content Product Revenue, Net Article content Product revenue, net increased $41.9 million during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due to an increase in sales of ANKTIVA, which was approved in April 2024. Article content Research and Development Expense Article content R&D expense decreased $1.0 million to $103.5 million during the six months ended June 30, 2025, as compared to $104.5 million during the six months ended June 30, 2024. The decrease was mainly due to a reduction in outside service costs, CMO fees and drug materials purchased and used in manufacturing, partially offset by an increase in clinical trial costs and by higher manufacturing costs driven by increased production activities. Article content SG&A expense decreased $16.1 million to $75.0 million during the six months ended June 30, 2025, as compared to $91.1 million during the six months ended June 30, 2024. The decrease was primarily driven by lower costs related to litigation settlements and commercial consulting activities, partially offset by higher stock-based compensation expense, recruiting and training expenses, salaries, benefits and commissions, and travel expenses due to growing sales and marketing activities. Article content Net loss attributable to ImmunityBio common stockholders was $222.2 million during the six months ended June 30, 2025, compared to $268.7 million during the six months ended June 30, 2024. This reduction of loss was primarily driven by increased product revenue, lower R&D and SG&A expense described above, lower related-party interest expense, and changes in the fair value of warrant liabilities, partially offset by changes in the fair value of derivative liabilities and a related-party convertible note, an increase in interest expense related to the revenue interest liability and lower interest and investment income. Article content About ANKTIVA Article content The cytokine interleukin-15 (IL-15) plays a crucial role in the immune system by affecting the development, maintenance, and function of key immune cells—NK and CD8+ killer T cells—that are involved in killing cancer cells. By activating natural killer (NK) cells, ANKTIVA overcomes the tumor escape phase of clones resistant to T cells and restores memory T cell activity with resultant prolonged duration of complete response. Article content ANKTIVA is a first-in-class IL-15 agonist IgG1 fusion complex, consisting of an IL-15 mutant (IL-15N72D) fused with an IL-15 receptor alpha, which binds with high affinity to IL-15 receptors on NK, CD4+, and CD8+ T cells. This fusion complex of ANKTIVA mimics the natural biological properties of the membrane-bound IL-15 receptor alpha, delivering IL-15 by dendritic cells and drives the activation and proliferation of NK cells with the generation of memory killer T cells that have retained immune memory against these tumor clones. The proliferation of the trifecta of these immune killing cells and the activation of trained immune memory results in immunogenic cell death, inducing a state of equilibrium with durable complete responses. ANKTIVA has improved pharmacokinetic properties, longer persistence in lymphoid tissues, and enhanced anti-tumor activity compared to native, non-complexed IL-15 in-vivo. Article content ANKTIVA was approved by the FDA in 2024 Article content Article content and by UK MHRA in 2025 for BCG-unresponsive non-muscle invasive bladder cancer CIS with or without papillary tumors. For more information, visit Article content . Article content About ImmunityBio Article content ImmunityBio is a vertically-integrated commercial stage biotechnology company developing next-generation therapies that bolster the natural immune system to defeat cancers and infectious diseases. The Company's range of immunotherapy and cell therapy platforms, alone and together, act to drive and sustain an immune response with the goal of creating durable and safe protection against disease. Designated an FDA Breakthrough Therapy, ANKTIVA is the first FDA-approved immunotherapy for non-muscle invasive bladder cancer CIS that activates NK cells, T cells, and memory T cells for a long-duration response. The Company is applying its science and platforms to treating cancers, including the development of potential cancer vaccines, as well as developing immunotherapies and cell therapies that we believe sharply reduce or eliminate the need for standard high-dose chemotherapy. These platforms and their associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. For more information, visit (Founder's Vision) and connect with us on X (Twitter), Facebook, LinkedIn, and Instagram. Article content Forward-Looking Statements Article content This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding future operating results and prospects, commercialization activities, momentum and market data, discussions and meetings with the U.S. FDA, including with respect to the previously reported RTF letter received by the Company and potential implications thereof, potential next steps, decisions and timelines related to the Company's regulatory submissions and strategy, participation by urology practices in ImmunityBio's rBCG EAP, the expectation that the rBCG EAP will enable ImmunityBio to reliably bring an alternative source of BCG to patients in the U.S., the expectation that the EAP for lymphopenia will enable patients to have access to ANKTIVA for the indication described, the RMAT designation as previously reported and potential results therefrom and regulatory submissions and clinical development plan and trial in connection therewith, the belief that ALC levels and NLR levels obtained from a CBC are predictors of clinical benefit and outcomes relating to overall survival, clinical trial and expanded access program enrollment, timing, data and potential results to be drawn therefrom, anticipated components of ImmunityBio's CancerBioShield™ platform, anticipated review timeline for the Company's NCCN guidelines submission in NMIBC papillary only and potential implications therefrom, the development of therapeutics for cancer and infectious diseases, potential benefits to patients, potential treatment outcomes for patients, the described mechanism of action and results and contributions therefrom, potential future uses and applications of ANKTIVA alone or in combination with other therapeutic agents for the prevention or reversal of lymphopenia, potential future uses and applications of ANKTIVA alone or in combination with other therapeutic agents across multiple tumor types and indications and for potential applications beyond oncology, potential Article content regulatory pathways and the regulatory review process and timing thereof, the application of the Company's science and platforms to treat cancers or develop cancer vaccines, immunotherapies and cell therapies that have the potential to change the paradigm in cancer care, and ImmunityBio's approved product and investigational agents as compared to existing treatment options, among others. Statements in this press release that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as 'anticipates,' 'believes,' 'continues,' 'goal,' 'could,' 'estimates,' 'scheduled,' 'expects,' 'intends,' 'may,' 'plans,' 'potential,' 'predicts,' 'indicate,' 'projects,' 'is,' 'seeks,' 'should,' 'will,' 'strategy,' and variations of such words or similar expressions. Statements of past performance, efforts, or results of our preclinical and clinical trials, about which inferences or assumptions may be made, can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of ImmunityBio's management as well as assumptions made by and information currently available to ImmunityBio. Such information may be limited or incomplete, and ImmunityBio's statements should not be read to indicate that it has conducted a thorough inquiry into, or review of, all potentially available relevant information. Such statements reflect the current views of ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about ImmunityBio, including, without limitation, (i) risks and uncertainties regarding the FDA regulatory submission, filing and review process and the timing thereof, as well as that associated with regulatory agencies outside of the U.S. such as the European Medicines Agency (EMA), Medicines and Healthcare products Regulatory Agency (MHRA) and other regulatory agencies, (ii) risks and uncertainties regarding commercial launch execution, success and timing, (iii) whether the RMAT designation will lead to an accelerated review or approval, of which there can be no assurance, (iv) risks and uncertainties regarding participation and enrollment and potential results from the expanded access clinical investigation programs described herein, (v) whether clinical trials will result in registrational pathways, (vi) whether clinical trial data will be accepted by regulatory agencies, (vii) whether the NCCN will review and/or approve the Company's submission described herein on the anticipated timeline or at all, (viii) risks and uncertainties regarding market access initiatives and timing, (ix) whether the FDA will permit the resubmission of the NMIBC papillary sBLA and the requirements thereof, (x) whether the FDA will ultimately approve the sBLA, or other submissions in a timely matter, or at all, of which there can be no assurance, (xi) risks and uncertainties regarding changes in personnel at the FDA and limited resources at the FDA and potential delays associated therewith, (xii) the ability of ImmunityBio to fund its ongoing and anticipated clinical trials, (xiii) the ability of ImmunityBio to continue its planned preclinical and clinical development of its development programs through itself and/or its investigators, and the timing and success of any such continued preclinical and clinical development, patient enrollment and planned regulatory submissions, (xiv) potential delays in product availability and regulatory approvals, (xv) the risks and uncertainties associated with third-party collaborations and agreements, including that with Serum Institute of India, (xvi) ImmunityBio's ability to retain and hire key personnel, (xvii) ImmunityBio's ability to obtain additional financing to fund its operations and complete the development and commercialization of its various product candidates, (xviii) potential product shortages or manufacturing disruptions that may impact the availability and timing of product, (xix) ImmunityBio's ability to successfully commercialize its approved product and product candidates, (xx) ImmunityBio's ability to scale its manufacturing and commercial supply operations for its approved product and future approved products, and (xxi) ImmunityBio's ability to obtain, maintain, protect, and enforce patent protection and other proprietary rights for its product candidates and technologies. More details about these and other risks that may impact ImmunityBio's business are described under the heading 'Risk Factors' in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 3, 2025, and the Company's Form 10-Q filed with the SEC on May 12, 2025, and in subsequent filings made by ImmunityBio with the SEC, which are available on the SEC's website at ImmunityBio cautions you not to place undue reliance on any forward looking statements, which speak only as of the date hereof. ImmunityBio does not undertake any duty to update any forward-looking statement or other information in this press release, except to the extent required by law. Article content Article content Article content Article content Article content Contacts Article content Investors Article content Article content Hemanth Ramaprakash, PhD, MBA Article content Article content ImmunityBio, Inc. Article content Article content +1 858-746-9289 Article content Article content Article content Media Article content Article content Sarah Singleton Article content Article content ImmunityBio, Inc. Article content Article content Article content
National Post
25 minutes ago
- National Post
Satellos to Present at Canaccord Genuity's 45th Annual Growth Conference
Article content TORONTO — Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF) ('Satellos' or the 'Company'), a clinical-stage biotechnology company developing life-improving medicines to treat degenerative muscle diseases, will present at the Canaccord Genuity's 45th Annual Growth Conference, taking place Aug. 13–14, 2025, at the InterContinental Boston. Article content Satellos management will present on Wed., Aug. 13, from 12:30 to 12:55 p.m. ET in Abigail Adams C and will participate in one-on-one meetings during the conference. Article content Article content Canaccord Genuity's 45th Annual Growth Conference Article content Format: Presentation and Article content webcast Article content Article content Date: Wed., Aug. 13 Article content Article content Time: 12:30 p.m. ET Article content Article content Location: InterContinental Boston Article content The presentation will be available via live webcast on the Events and Presentations page in the Investors section of the Company's website, and a replay will be available following the presentation. Article content About Satellos Bioscience Inc. Article content Satellos is a clinical-stage drug development company focused on restoring natural muscle repair and regeneration in degenerative muscle diseases. Through its research, Satellos has developed SAT-3247, a first-of-its-kind, orally administered small molecule drug designed to address deficits in muscle repair and regeneration. SAT-3247 targets AAK1, a key protein that Satellos has identified as capable of replacing the signal normally provided by dystrophin in muscle stem cells to effect repair and regeneration. By restoring this missing signal in DMD, SAT-3247 enables muscle stem cells to divide properly and more efficiently, promoting natural muscle repair and regeneration. SAT-3247 is currently in clinical development as a potential disease-modifying treatment, starting with DMD. Satellos also is leveraging its proprietary discovery platform MyoReGenX™ to identify additional muscle diseases or injury conditions where restoring muscle repair and regeneration may have therapeutic benefit and represent future clinical development opportunities. For more information, visit Article content Article content Article content Article content Article content Contacts Article content Investors: Article content Liz Williams, CFO, Article content ir@ Article content Article content Media: Article content Article content
