Guardian Capital Group Limited (TSX: GCG; GCG.A) Announces 2025 Third Quarter Operating Results

Core Viewpoint - The company reported a decline in net revenue for the third quarter of 2025 compared to the same period in 2024, but showed significant growth in net earnings and net gains, largely driven by changes in the fair values of its securities portfolio. Financial Performance - Net revenue for Q3 2025 was $91.96 million, down from $98.13 million in Q3 2024 [2][3] - Operating loss for Q3 2025 was $0.18 million, compared to operating earnings of $4.79 million in Q3 2024 [2][3] - EBITDA for Q3 2025 was $8.86 million, down from $14.12 million in Q3 2024 [2][3] - Net gains for Q3 2025 were $83.18 million, compared to $39.39 million in Q3 2024 [5] - Net earnings attributable to shareholders for Q3 2025 were $70.20 million, up from $39.22 million in Q3 2024 [5] Cash Flow and Equity - Adjusted cash flow from operations attributable to shareholders for Q3 2025 was $5.71 million, down from $13.33 million in Q3 2024 [6] - Shareholders' equity as of September 30, 2025, was $1,386 million, or $56.68 per share, compared to $1,318 million, or $53.76 per share as of December 31, 2024 [7] Client Assets - Total client assets as of September 30, 2025, were $166.59 billion, a slight decrease from $168.98 billion as of December 31, 2024 [2] Dividend Declaration - The Board of Directors declared a quarterly eligible dividend of $0.39 per share, payable on January 16, 2026, to shareholders of record on January 9, 2026 [8] Acquisition and Regulatory Updates - The company received a "no-action letter" from the Commissioner of Competition regarding its plan of arrangement with Desjardins Global Asset Management Inc., which will acquire all issued and outstanding shares for C$68.00 per share [9] - The completion of the arrangement is anticipated in the first half of 2026, subject to regulatory approvals and other closing conditions [10] Auditor Change - The company announced a change of auditor from KPMG LLP to PricewaterhouseCoopers LLP in connection with the arrangement [11][12]