Author: Consultant

Record Financial Performance and Strong Balance Sheet

• Q2 2026: A record $929 million in revenue, $543 million in net earnings and $650 million in operating cash flow.
• First half of 2026: A record $1.8 billion in revenue, record $1.1 billion in net earnings and record $1.4 billion in operating cash flow.
• Declared a quarterly dividend ¹  of $0.195 per common share and made two quarterly dividend payments totaling $177 million.
• Balance Sheet: Cash balance of $100 million and debt outstanding totaling $2.0 billion, resulting in total net debt of $1.9 billion.
  • Enhanced financial flexibility by upsizing the Revolving Credit Facility by $500 million to $2.5 billion, extending the maturity date by one year to June 30, 2031, and broadening the lending syndicate. 
  • Together with the $500 million accordion feature under the Revolving Credit Facility, the Company has $2.6 billion of available liquidity.

High Quality Asset Base

• Streaming and royalty agreements on 22 operating mines, 20 development projects and 15 exploration & other stage projects, totaling 57 assets ⁵ .
• Delivered attributable gold equivalent production ³  (“GEOs”) of 202,200 ounces in the second quarter of 2026, a 6% increase relative to the comparable period of the prior year primarily due to the acquisition of the precious metals purchase agreement (“PMPA”) with BHP Group Limited (“BHP”) for its 33.75% portion of the silver produced at Antamina (the “BHP Antamina PMPA”), in addition to the continued realization of the Company’s growth strategy with production from Hemlo, Fenix, Platreef and Goose.
• Further de-risking of industry leading forecast growth profile with advancement of construction activities at a number of development projects, including Mineral Park, Platreef, Fenix, El Domo, Kurmuk, and Koné.
• On April 1, 2026, the Company entered into a PMPA with KGL Resources Limited (“KGL”) for a portion of the gold and silver produced at the Jervois project located in Australia.
• On April 20, 2026, the Company entered into a Royalty agreement with Spanish Mountain Gold Limited (“Spanish Mountain Gold”) for a 1.5% net smelter returns royalty on gold and silver production from the Spanish Mountain Gold project.
• On June 4, 2026, the Company entered into a Royalty agreement with Cipango Limited (“Cipango”) for a 1.5% net smelter returns royalty covering seven mineral exploration properties located in Japan.

Q2 2026 HIGHLIGHTS

• Backlog of $4.0 billion at quarter-end provides revenue visibility for 2026 and beyond and compares to $4.6 billion as of Q2 2025. This is an increase of $310 million compared to Q1 2026 driven by strong bookings in the quarter that exceeded conversion of backlog into revenue.
• Revenues of $498.6 million in Q2 2026 were up 33.6% year-over-year driven by higher volumes across all business areas in the quarter.
• Adjusted EBITDA of $96.3 million in Q2 2026 increased 26.2% year-over-year driven by higher volumes of work. Adjusted EBITDA margin of 19.3% in Q2 2026 is consistent with the Company’s full year margin guidance of 18%-20%.
• Net income of $27.9 million in Q2 2026 was up 2.6% year-over-year. Diluted earnings per share was $0.20 in Q2 2026, a decrease of 9.5% year-over-year driven primarily by the increase in the average number of common shares outstanding following the Company’s initial public offering on the New York Stock Exchange in March 2026.
• Adjusted net income in Q2 2026 was $51.8 million increasing 12.9% year-over-year driven by the higher gross profit, partially offset by investments in SG&A and R&D. Adjusted diluted earnings per share of $0.36 in Q2 2026 decreased 1.5% year-over-year as the higher adjusted net income was offset by higher average shares outstanding largely due to the abovementioned IPO in the US.
• Operating cash flow of $(93.4) million in Q2 2026 compared with $52.8 million in Q2 2025. The year- over-year decrease in operating cash flow was primarily due to normal program working capital fluctuations on major contracts.
• Free cash flow of $(150.2) million in Q2 2026 compared to $16.2 million in Q2 2025. The year-over- year decrease was driven by reduced operating cash flow as a result of the aforementioned lower working capital contributions as well as higher capital expenditures.
• Net cash position of $152.8 million at the end of Q2 2026 compares to a net debt position of $120.0 million as of December 31, 2025. The improved net cash position was largely driven by net proceeds received through the initial public offering in the United States, which was completed in March 2026.

2026 FINANCIAL OUTLOOK

As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in attractive markets and geographies, scaling and expanding operations, skills, and talent to meet current and future market demand, leveraging strategic mergers, acquisitions and partnerships to complement organic growth, and continuing to position ourselves as Canada’s national defence and space champion and a trusted supplier to partners and allies globally. We continue to make good progress against our long-term strategic plan.

MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy.

Our fiscal 2026 outlook has been updated and now consists of the following:

• Narrowing Revenue to $1.8 – $1.9 billion, compared to $1.7 – $1.9 billion previously, representing year-over-year growth of approximately 13% at the mid-point of guidance and reflecting a solid H1 for MDA Space
• Narrowing Adjusted EBITDA to $330 – $370 million, compared to $320 – $370 million previously, representing year-over-year growth of approximately 8% at the mid-point of guidance
• Adjusted EBITDA margin is reaffirmed at 18% – 20%
• Capital expenditures are reaffirmed at $225 – $275 million to support another year of investments related to the production expansion at our Montreal facility and investments in chip development
• Free cash flow is reaffirmed to be neutral to negative driven by normal program working capital fluctuations

Sun Life Financial SLF-T +0.76%increase on Thursday reported a rise in second-quarter profit, driven by standout performance in its home market and Asia.

Sun Life also announced the retirement of board chair Scott Powers, who will be succeeded by Joseph Natale in May, 2027.

The company’s underlying earnings per share rose to $2.02 in the three months ended June 30, compared with $1.79 a year ago.

At its Canada business, underlying net income rose 23 per cent from the prior year to $427-million.

Sun Life to pay almost $3-billion for stakes in private credit and real estate management firms

Sun Life’s Asia underlying net income came in at $222-million in the second quarter, up 18 per cent from the prior-year period.

Global life insurers have increasingly relied on Asia to drive growth, as demand for protection and savings products remains strong.

“We saw strong momentum across our health and individual protection businesses,” President and CEO Kevin Strain said in a statement.

Sun Life, Canada’s second-largest life insurer with a market capitalization of roughly $63-billion, provides insurance, wealth management, asset management and health solutions to individual and institutional clients globally.

Its larger rival, Manulife Financial, also posted higher quarterly profits this week on the back of strong performance in its Asia and U.S. segments.

U.S. employers unexpectedly cut 23,000 jobs last month, and Labor Department revisions shaved 103,000 jobs off payrolls in May and June. But the unemployment rate dipped to 4.1 per cent as Americans left the job market.

The June jobs numbers from the Labor Department Friday marked a sharp reversal for the American labour market.

Hiring had rebounded this year from a lacklustre 2025 in the face of the conflict in the Persian Gulf that has sent energy prices surging and put a strain on family budgets. Job growth had been solid, if unspectacular. Some businesses are having trouble filling vacancies. Others are using technology to do the work humans used to do.

Canada’s economy added far more jobs in July than expected and the unemployment rate dropped to a two-year low, data showed on Friday, in another sign the economy is coping with U.S. tariffs and international tensions.

Statistics Canada said employment had jumped by 75,100 positions on strong gains in both the full-time and part-time sectors. The jobless rate fell for the third consecutive month, dipping from 6.5 per cent to 6.4 per cent, a level last seen in July, 2024.

Analysts polled by Reuters had forecast a net gain of 16,500 positions and estimated the jobless rate would remain at 6.5 per cent.

July’s blowout follows the creation of 87,800 jobs in May.

The Bank of Canada said on July 15 that there were clear signs the economy was dealing better with the challenges posed by U.S. President Donald Trump’s tariffs and the uncertainty caused by the Middle East conflict.

Canada’s economy grew 0.3% in May, coming in above expectations

It predicted annualized second quarter growth would hit 2.5 per cent after stalling earlier in the year. Preliminary Statscan data issued later that month showed the second-quarter gain was likely to be closer to 3.4 per cent.

In July, full-time employment increased by a net 38,600 jobs while part-time employment rose by 36,600 positions.

Gains were focused on the private sector, with strength in wholesale and retail trade, finance and insurance, and professional and scientific services. Public sector jobs fell by 14,500 amid an official bid to cut government spending.

The average hourly wages of permanent employees, a metric closely tracked by the central bank to gauge inflation expectations, grew 3.0 per cent in July, up from 3.7 per cent in June.

This was the lowest since the 2.8 per cent year-on-year increase recorded in February, 2022

SASKATOON – Cameco Corp. reported a drop in its revenue and profit in the second quarter compared with a year ago.

The company says its profit amounted to $25 million or six cents per diluted share for the quarter ended June 30.

The result was down from a profit of $321 million or 74 cents per diluted share in the second quarter of 2025.

Revenue totalled $814 million, down from $877 million in the same quarter last year.

On an adjusted basis, Cameco says it earned 18 cents per share in its latest quarter, down from an adjusted profit of 71 cents per diluted share a year earlier.

Cameco says its quarterly and first-half results were lower than in 20205 mainly because of equity earnings from its investment in Westinghouse Nuclear.

This report by The Canadian Press was first published July 31, 2026.

Magna International Inc. reported a profit attributable to the company of US$469 million in its latest quarter, up from a profit of US$379 million a year earlier.

The Ontario-based automotive supplier, which keeps its books in U.S. dollars, says the profit amounted to $1.72 per diluted share for the quarter ended June 30 compared with a profit of $1.35 per diluted share a year ago.

On an adjusted basis, Magna says it earned US$1.86 per share in its latest quarter compared with an adjusted profit of US$1.44 per share a year earlier.

Sales totalled US$11.0 billion for the second quarter, up three per cent from a year ago.

In its updated outlook, Magna says it now expects its sales for 2026 to total between US$41.3 billion and US$42.5 billion, down from its earlier forecast for between $41.5 billion and US$43.1 billion.

Magna says it expects its adjusted earnings per share for 2026 to be between US$6.70 and US$7.30, up from its earlier forecast of US$6.25 and US$7.25.

This report by The Canadian Press was first published July 31, 2026.

For the second quarter ended June 30, 2026, iA Financial Group (TSX: IAG) recorded core earnings ^† of $330 million and core diluted earnings per common share (EPS) ^†† of $3.68, which is 5% higher than the same period in 2025, when insurance experience was very favourable. Core return on common shareholders’ equity (ROE) ^†† for the trailing 12 months was 17.5%, in line with the 2026 target of 17%+. ¹ Second quarter net income attributed to common shareholders was $384 million, diluted EPS was $4.28 and ROE for the trailing 12 months was 15.1%. The solvency ratio was 137% as at June 30, 2026, highlighting a robust capital position.

“Our diversified business model continued to demonstrate its strength in the second quarter, as broad-based performance across our businesses, led by Wealth Management, generated solid earnings and robust capital generation,” commented Denis Ricard, President and CEO of iA Financial Group. “The 25% increase in premiums and deposits and the 37% growth in assets ⁵ over the past year reflect the strength of our distribution capabilities, our ability to attract and support high-quality advisors, and the continued execution of our growth strategy.”

‘’Wealth Management generated significant earnings growth in the second quarter, reflecting strong organic momentum, favourable markets and the contribution from RF Capital. This strong momentum continues to drive robust growth across our business units, supported by our leading distribution platform and sustained demand for segregated fund solutions,” added Éric Jobin, Executive Vice-President, CFO and Chief Actuary. “Strong earnings, combined with a solid capital position and $1.1 billion in capital available for deployment, gives us continued flexibility to allocate capital in a disciplined manner and create long-term value for shareholders.”

iA Financial Corp Inc is an insurance and wealth management group based in Canada. It offers various life and health insurance products, savings and retirement plans, mutual funds, securities, loans, auto and home insurance, creditor insurance, replacement insurance, replacement warranties, extended warranties, and other ancillary products for dealer services and other financial products and services. The company’s products and services are offered on both an individual and group basis and extend throughout Canada and the United States. Its operating segments are: Insurance, Canada; Wealth Management; U.S. Operations; Investment; and Corporate. Maximum revenue is generated from the Insurance, Canada segment.

Second Quarter Financial Highlights ^1,2,3 :

• Total gross transaction value (“GTV”) increased 11% year over year to $4.7 billion.
• Total revenue increased 11% year over year to $1.3 billion.
  • Service revenue increased 5% year over year to $933.4 million.
  • Inventory sales revenue increased 28% year over year to $383.7 million.
• Net income increased 31% year over year to $143.6 million.
• Net income available to common stockholders increased 33% year over year to $132.0 million.
• Diluted earnings per share available to common stockholders increased 34% to $0.71 per share.
• Diluted adjusted earnings per share available to common stockholders increased 6% year over year to $1.13 per share.
• Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 6% year over year to $387.2 million.
• During the second quarter, the Company repurchased and retired approximately 1.5 million common shares for total proceeds of $150.0 million.
• On July 21, 2026, the Company increased its quarterly cash dividend from $0.31 to $0.33 per common share.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260804030984/en/