Q2 revenue +35% on record advisory, equity underwriting; ~$1.47B (27.6M × $53.42; filing rounds to $1.5B) equity offering completed

Filed July 9, 2026 · Period ending May 31, 2026 · Compared to 10-Q Jul 9, 2025 · ~2 min read

Key Changes

• high

  Net revenues rose 35.0% to $2.21B in Q2 (30.9% for six months to $4.22B), driven by record advisory revenues of $674M (+47%) and equity underwriting of $371M (+203%). Net earnings attributable to common shareholders jumped 157% to $226M.

  MD&A: Consolidated Results verify on EDGAR →
• high

  Completed ~$1.47B (27.6M × $53.42; filing rounds to $1.5B) equity offering (27.6M shares at $53.42), representing material dilution to existing holders. Separately, repurchased $371.7M of shares under the buyback program during the six-month period.

  Notes: Equity & Cash Flow Statement verify on EDGAR →
• high

  Introduced 9.2M non-voting common shares via exchange of voting shares, reducing voting shares outstanding from 206.3M to 194.1M. This new capital structure element concentrates voting control among remaining voting shareholders.

  Notes: Equity verify on EDGAR →