Laurentian Bank of Canada reports second quarter 2025 results

The financial information reported herein is based on the condensed interim consolidated (unaudited) information for the three-month and six-month periods ended April 30, 2025 and has been prepared in accordance with IFRS Accounting Standards, as issued by the International Accounting Standards Board (IASB). All amounts are denominated in Canadian dollars. The Laurentian Bank of Canada and its entities are collectively referred to as "Laurentian Bank" or the "Bank" and provide deposit, investment, loan, securities, trust and other products or services.

MONTREAL, May 30, 2025 /CNW/ - Laurentian Bank of Canada reported net income of $32.3 million and diluted earnings per share of $0.69 for the second quarter of 2025, compared with a net loss of $117.5 million and a diluted loss per share of $2.71 for the second quarter of 2024. Return on common shareholders' equity⁽¹⁾ was 4.9% for the second quarter of 2025, compared with a negative 18.6% for the second quarter of 2024. Adjusted net income⁽²⁾ was $34.0 million and adjusted diluted earnings per share⁽¹⁾ were $0.73 for the second quarter of 2025, compared with $40.5 million and $0.90 for the second quarter of 2024. Adjusted return on common shareholders' equity⁽¹⁾ was 5.2% for the second quarter of 2025, compared with 6.1% a year ago.

For the six months ended April 30, 2025, reported net income was $70.9 million and diluted earnings per share were $1.44, compared with a net loss of $80.3 million and a diluted loss per share of $1.97 for the six months ended April 30, 2024. Return on common shareholders' equity was 5.1% for the six months ended April 30, 2025, compared with a negative 6.7% for the six months ended April 30, 2024. Adjusted net income was $73.4 million and adjusted diluted earnings per share were $1.50 for the six months ended April 30, 2025, compared with $84.7 million and $1.80 for the six months ended April 30, 2024. Adjusted return on common shareholders' equity was 5.3% for the six months ended April 30, 2025, compared with 6.1% for the same period a year ago.

"As we mark the one-year anniversary of our strategic plan, Laurentian Bank has remained focused and disciplined in executing the priorities we set to transform the organization and achieve our medium-term financial objectives," said Éric Provost, President and Chief Executive Officer of Laurentian Bank. "We are seeing positive momentum in our specialized businesses. While there is still more to accomplish, we are satisfied with the progress we have made thus far. Looking ahead, we will continue to expand our presence and sharpen our focus in specialized areas, which will support both customer success and shareholder returns."

		For the three months ended								For the six months ended
In millions of dollars, except per share and percentage amounts (Unaudited)		April 30, 2025			April 30, 2024		Variance			April 30, 2025			April 30, 2024		Variance
Reported basis
Net income (loss)	$	32.3		$	(117.5)		(128) %		$	70.9		$	(80.3)		(188) %
Diluted earnings (loss) per share	$	0.69		$	(2.71)		(125) %		$	1.44		$	(1.97)		(173) %
Return on common shareholders' equity^(1)		4.9 %			(18.6) %					5.1 %			(6.7) %
Efficiency ratio^(3)		76.1 %			152.9 %					75.5 %			114.3 %
Common Equity Tier 1 (CET1) capital ratio^(4)		11.0 %			10.4 %					11.0 %			10.4 %
Adjusted basis
Adjusted net income^(2)	$	34.0		$	40.5		(16) %		$	73.4		$	84.7		(13) %
Adjusted diluted earnings per share^(1)	$	0.73		$	0.90		(19) %		$	1.50		$	1.80		(17) %
Adjusted return on common shareholders' equity^(1)		5.2 %			6.1 %					5.3 %			6.1 %
Adjusted efficiency ratio^(1)		75.2 %			73.8 %					74.8 %			73.4 %

(1)	This is a non-GAAP ratio. For more information, refer to the Non-GAAP Financial and Other Measures below and beginning on page 5 of the Second Quarter 2025 Report to Shareholders, including the Management's Discussion & Analysis (MD&A) for the period ended April 30, 2025, which pages are incorporated by reference herein. The MD&A is available on SEDAR+ at www.sedarplus.ca.
(2)	This is a non-GAAP financial measure. For more information, refer to the Non-GAAP Financial and Other Measures section below and beginning on page 5 of the Second Quarter 2025 Report to Shareholders, including the MD&A for the period ended April 30, 2025, which pages are incorporated by reference herein.
(3)	This is a supplementary financial measure. For more information, refer to the Non-GAAP Financial below and beginning on page 5 of the Second Quarter 2025 Report to Shareholders, including the MD&A for the period ended April 30, 2025, which pages are incorporated by reference herein.
(4)	In accordance with the Office of the Superintendent of Financial Institutions' (OSFI) "Capital Adequacy Requirements" guideline.

Non-GAAP Financial and Other Measures

In addition to financial measures based on generally accepted accounting principles (GAAP), management uses non-GAAP financial measures to assess the Bank's underlying ongoing business performance. Non-GAAP financial measures presented throughout this document are referred to as "adjusted" measures and exclude amounts designated as adjusting items. Adjusting items include certain items of significance that arise from time to time which management believes are not reflective of underlying business performance, as well as the amortization of acquisition-related intangible assets. Non-GAAP financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Bank and might not be comparable to similar financial measures disclosed by other issuers. The Bank believes non-GAAP financial measures are useful to readers in obtaining a better understanding of how management assesses the Bank's performance and in analyzing trends. 

The following tables show a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure that is disclosed in the primary financial statements of the Bank.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES — CONSOLIDATED STATEMENT OF INCOME

	For the three months ended						For the six months ended
In thousands of dollars (Unaudited)	April 30 2025		January 31 2025		April 30 2024		April 30 2025		April 30 2024
Total revenue	$      242,516		$      249,637		$      252,594		$      492,153		$      510,935
Less: Adjusting items, before income taxes
Profit on sale of assets under administration^(1)	—		(875)		—		(875)		—
Adjusted total revenue	$      242,516		$      248,762		$      252,594		$      491,278		$      510,935
Non-interest expenses	$      184,518		$      186,973		$      386,341		$      371,491		$      584,175
Less: Adjusting items, before income taxes
Restructuring and other impairment charges^(2)	2,222		2,027		40,832		4,249		46,908
P&C Banking segment impairment charges^(3)	—		—		155,933		—		155,933
Amortization of acquisition-related intangible assets^(4)	—		—		3,229		—		6,446
	2,222		2,027		199,994		4,249		209,287
Adjusted non-interest expenses	$      182,296		$      184,946		$      186,347		$      367,242		$      374,888
Income (loss) before income taxes	$        41,305		$        47,489		$    (151,678)		$        88,794		$    (108,069)
Adjusting items, before income taxes (detailed above)	2,222		1,152		199,994		3,374		209,287
Adjusted income before income taxes	$        43,527		$        48,641		$        48,316		$        92,168		$      101,218
Reported net income (loss)	$        32,329		$        38,601		$    (117,547)		$        70,930		$      (80,264)
Adjusting items, net of income taxes
Profit on sale of assets under administration^(1)	—		(643)		—		(643)		—
Restructuring and other impairment charges^(2)	1,633		1,490		30,020		3,123		34,488
P&C Banking segment impairment charges^(3)	—		—		125,629		—		125,629
Amortization of acquisition-related intangible assets^(4)	—		—		2,410		—		4,812
	1,633		847		158,059		2,480		164,929
Adjusted net income	$        33,962		$        39,448		$        40,512		$        73,410		$        84,665
Net income (loss) available to common shareholders	$        30,393		$        33,352		$    (118,835)		$        63,745		$      (86,153)
Adjusting items, net of income taxes (detailed above)	1,633		847		158,059		2,480		164,929
Adjusted net income available to common shareholders	$        32,026		$        34,199		$        39,224		$        66,225		$        78,776

(1)	The profit on sale of assets under administration resulted from the sale of assets under administration of Laurentian Bank Securities' (LBS) retail full-service investment broker division in the fourth quarter of 2024 and of LBS' discount brokerage division in the first quarter of 2025. The profit on sale of assets under administration is included in the Other income line item. For more information, refer to the Business Highlights section beginning on page 7 of the Second Quarter 2025 Report to Shareholders including the MD&A for the period ended April 30, 2025, which pages are incorporated by reference herein.
(2)	Restructuring and other impairment charges in 2025 mainly resulted from the simplification of the Bank's technology infrastructure and organizational structure. Restructuring and other impairment charges in 2024 mainly resulted from the Bank's decision to suspend the Advanced Internal-Ratings Based (AIRB) approach to credit risk project and to reduce its leased corporate office premises in Toronto, as well as from the simplification of the Bank's technology infrastructure, organizational structure and headcount reduction. Restructuring and other impairment charges mainly comprised of impairment charges, severance charges and professional fees and are included in the Impairment and restructuring charges line item.
(3)	The Personal and Commercial (P&C) Banking segment impairment charges related to the impairment of the P&C Banking segment as part of the goodwill impairment test performed as at April 30, 2024. Impairment charges are included in the Impairment and restructuring charges line item.
(4)	Amortization of acquisition-related intangible assets resulted from business acquisitions and was included in the Other non-interest expenses line item.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES — CONSOLIDATED BALANCE SHEET

	For the three months ended						For the six months ended
In thousands of dollars (Unaudited)	April 30 2025		January 31 2025		April 30 2024		April 30 2025		April 30 2024
Shareholders' equity	$   2,857,415		$   2,865,480		$   2,744,758		$   2,857,415		$   2,744,758
Less:
Preferred shares and other equity instruments	245,625		245,554		245,558		245,625		245,558
Cash flow hedge reserve^(1)	(72,795)		(72,438)		(9,140)		(72,795)		(9,140)
Common shareholders' equity	$   2,538,995		$   2,547,417		$   2,490,060		$   2,538,995		$   2,490,060
Impact of averaging month-end balances^(2)	(825)		(8,934)		104,149		(666)		111,010
Average common shareholders' equity	$   2,538,170		$   2,538,483		$   2,594,209		$   2,538,329		$   2,601,070

(1)	The cash flow hedge reserve is presented in the Accumulated other comprehensive income line item.
(2)	Based on the month-end balances for the period.

Consolidated Results

Three months ended April 30, 2025 financial performance

Net income was $32.3 million and diluted earnings per share were $0.69 for the second quarter of 2025, compared with a net loss of $117.5 million and a diluted loss per share of $2.71 for the second quarter of 2024. Adjusted net income was $34.0 million and adjusted diluted earnings per share were $0.73 for the second quarter of 2025, compared with $40.5 million and $0.90 for the second quarter of 2024. Refer to the Non-GAAP Financial and Other Measures section for a reconciliation of non-GAAP financial measures.

Total revenue 

Total revenue decreased by $10.1 million to $242.5 million for the second quarter of 2025, compared with $252.6 million for the second quarter of 2024, mostly due to lower other income as detailed below.

Net interest income increased by $2.6 million or 1% to $182.2 million for the second quarter of 2025, compared with $179.6 million for the second quarter of 2024. The positive impact of favourable changes in the Bank's business mix was partly offset by lower interest income from the reduction in average earning assets. The net interest margin was 1.85% for the second quarter of 2025, an increase of 5 basis points compared with the second quarter of 2024, mainly for the same reasons.

Other income decreased by $12.6 million to $60.3 million for the second quarter of 2025, compared with $73.0 million for the second quarter of 2024. Fees and securities brokerage commissions decreased by $6.8 million compared with the second quarter of 2024 mainly as a result of the sale of assets under administration of LBS' retail full-service investment broker division in the fourth quarter of 2024. Lending fees also decreased by $3.4 million compared with the second quarter of 2024 considering lower real estate activity.

Provision for credit losses

The provision for credit losses was $16.7 million for the second quarter of 2025, compared with $17.9 million for the second quarter of 2024, a decrease of $1.2 million mainly as a result of lower provisions on impaired loans, partly offset by higher provisions on performing loans. The provision for credit losses as a percentage of average loans was 19 basis points for the quarter, compared with 20 basis points for the same quarter a year ago. Refer to the "Credit risk management" section on pages 13 to 15 of the Bank's MD&A for the second quarter of 2025 and to Note 5 to the Condensed Interim Consolidated Financial Statements for more information on provision for credit losses and allowances for credit losses.

Non-interest expenses

Non-interest expenses amounted to $184.5 million for the second quarter of 2025, a decrease of $201.8 million compared with the second quarter of 2024. Of note, reported results for the second quarter of 2024 included impairment and restructuring charges of $196.8 million related to the restructuring of the Bank's operations and to the impairment of the P&C Banking segment. Adjusted non-interest expenses decreased by $4.1 million or 2% to $182.3 million for the second quarter of 2025, compared with $186.3 million the second quarter of 2024.

Salaries and employee benefits amounted to $92.4 million for the second quarter of 2025, a decrease of $7.1 million compared with the second quarter of 2024, mostly due to efficiency gains resulting from the reduced headcount and lower performance-based compensation, mainly due to the sale of assets under administration of LBS' retail investment broker divisions.

Premises and technology costs were $51.8 million for the second quarter of 2025, an increase of $1.7 million compared with the second quarter of 2024. The increase year-over-year is mainly due to higher technology costs as the Bank is investing in its strategic priorities, partly offset by lower amortization charges and rent expenses resulting from the impairment effected in the second quarter of 2024.

Other non-interest expenses were $38.1 million for the second quarter of 2025, a decrease of $1.9 million compared with the second quarter of 2024, mainly resulting from lower amortization of acquisition-related intangible assets, partly offset by higher professional fees to support the Bank's strategic priorities.

Impairment and restructuring charges were $2.2 million for the second quarter of 2025, compared with $196.8 million for the second quarter of 2024. In the second quarter of 2025, impairment and restructuring charges were related to streamlining the Bank's organizational structure. In the second quarter of 2024, the impairment test of the P&C Banking segment resulted in impairment charges of $155.9 million. Restructuring and other impairment charges of $40.8 million were also recorded following the Bank's decision to suspend the AIRB project and to reduce its leased corporate office premises in Toronto, as well as from the simplification of the Bank's organizational structure and headcount reduction. Refer to the Non-GAAP Financial and Other Measures section for further details.

Efficiency ratio

The efficiency ratio on a reported basis decreased to 76.1% for the second quarter of 2025, compared with 152.9% for the second quarter of 2024. The decrease year-over-year is mainly due to the impairment and restructuring charges recorded in the second quarter of 2024, as described above. The adjusted efficiency ratio increased to 75.2% for the second quarter of 2025, compared with 73.8% for the second quarter of 2024, mainly as a result of lower total revenue.

Income taxes

For the second quarter of 2025, the income tax expense was $9.0 million, and the effective income tax rate was 21.7%. The lower effective income tax rate, compared to the statutory income tax rate, was essentially attributed to a lower taxation level of income from foreign operations. For the second quarter of 2024, the income tax recovery was $34.1 million, and the effective income tax rate was 22.5%. The lower effective income tax rate, compared to the statutory income tax rate, was attributed to the non-tax deductible goodwill impairment charge, partly offset by the lower taxation level of income from foreign operations.

Financial Condition

As at April 30, 2025, total assets amounted to $49.5 billion, a 4% increase compared with $47.4 billion as at October 31, 2024 mostly due to the higher level of liquid assets and loans.

Liquid assets

As at April 30, 2025, liquid assets as presented on the balance sheet amounted to $12.6 billion, an increase of $1.5 billion compared with $11.2 billion as at October 31, 2024. The Bank continues to prudently manage its level of liquid assets. The Bank's funding sources remain well diversified and sufficient to meet all liquidity requirements. Liquid assets represented 26% of total assets as at April 30, 2025, in line with October 31, 2024.

Loans

Loans, net of allowances, stood at $35.5 billion as at April 30, 2025, an increase of $0.4 billion since October 31, 2024. Commercial loans amounted to $17.5 billion as at April 30, 2025, an increase of $0.9 billion or 5% since October 31, 2024 mainly resulting from higher inventory financing and real estate commercial loans. Personal loans of $2.0 billion as at April 30, 2025 decreased by $0.1 billion from October 31, 2024, mainly as a result of a decline in the investment loan portfolio driven by volatile market conditions and high interest rates. Residential mortgage loans of $16.1 billion as at April 30, 2025 decreased by $0.4 billion or 2% from October 31, 2024.

Deposits

Deposits increased by $0.7 billion to $23.9 billion as at April 30, 2025 compared with $23.2 billion as at October 31, 2024. Personal deposits stood at $20.8 billion as at April 30, 2025, an increase of $1.1 billion compared with $19.7 billion as at October 31, 2024. Of note, deposits from advisors and brokers increased by $1.7 billion and personal notice and demand deposits from partnerships decreased by $0.6 billion since October 31, 2024. Personal deposits represented 87% of total deposits as at April 30, 2025, compared with 85% as at October 31, 2024, and contributed to the Bank's sound liquidity position. Business and other deposits decreased by $0.4 billion over the same period to $3.1 billion as at April 30, 2025.

Debt related to securitization activities

Debt related to securitization activities increased by $0.4 billion or 3% compared with October 31, 2024 and stood at $13.9 billion as at April 30, 2025. During the quarter, new issuances of cost-effective long-term debt related to securitization activities more than offset maturities of liabilities, as well as normal repayments.

Shareholders' equity and regulatory capital

Shareholders' equity stood at $2.9 billion as at April 30, 2025 and increased by $28.9 million compared with October 31, 2024. Retained earnings increased by $23.6 million compared to October 31, 2024, mainly as a result of the sum of the net income contribution of $70.9 million, partly offset by dividends and other distributions amounting to $48.6 million. Accumulated other comprehensive income decreased by $1.4 million compared to October 31, 2024. For additional information, please refer to the Capital Management section of the Bank's MD&A and to the Consolidated Statement of Changes in Shareholders' Equity for the period ended April 30, 2025.

The Bank's book value per common share was $57.40 as at April 30, 2025 compared to $57.36 as at October 31, 2024.

The CET1 capital ratio was 11.0% as at April 30, 2025, in excess of the minimum regulatory requirement and the Bank's target management levels. The CET1 capital ratio increased by 10 basis compared with 10.9% as at October 31, 2024, mainly due to the risk-weighted assets reduction. The Bank met OSFI's capital and leverage requirements throughout the quarter.

On May 13, 2025, the Board of Directors declared a dividend of $0.38725 per Preferred Share Series 13, payable on June 15, 2025 (the "Payment Date"), that will be paid out on June 16, 2025, the first business day after the Payment Date, to shareholders of record on June 9, 2025. On May 29, 2025, the Board of Directors declared a quarterly dividend of $0.47 per common share, payable on August 1, 2025, to shareholders of record on July 1, 2025. This quarterly dividend is equal to the dividend declared in the previous quarter and to the dividend declared in the previous year. On May 29, 2025, the Board also determined that shares attributed under the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan will be made in common shares issued from Corporate Treasury with a 2% discount.

Caution Regarding Forward-Looking Statements

From time to time, Laurentian Bank of Canada and, as applicable its subsidiaries (collectively referred to as the Bank) will make written or oral forward-looking statements within the meaning of applicable Canadian and United States (U.S.) securities legislation, including, forward-looking statements contained in this document (and in the documents incorporated by reference herein), as well as in other documents filed with Canadian and U.S. regulatory authorities, in reports to shareholders, and in other written or oral communications. These forward-looking statements are made in accordance with the "safe harbor" provisions of, and are intended to be forward-looking statements in accordance with, applicable Canadian and U.S. securities legislation. They include, but are not limited to; statements regarding the Bank's vision, strategic goals, business plans and strategies, priorities and financial performance objectives; the economic, market, and regulatory review and outlook for Canadian, U.S. and global economies; the regulatory environment in which the Bank operates; the risk environment, including, credit risk, liquidity, and funding risks; statements under the heading "Risk Appetite and Risk Management Framework" contained in the 2024 Annual Report, including, the MD&A for the fiscal year ended October 31, 2024; and other statements that are not historical facts.

Forward-looking statements typically are identified with words or phrases such as "believe", "assume", "estimate", "forecast", "outlook", "project", "vision", "expect", "foresee", "anticipate", "intend", "plan", "goal", "aim", "target", and expressions of future or conditional verbs such as "may", "should", "could", "would", "will", "intend" or the negative of any of these terms, variations thereof or similar terminology. 

By their very nature, forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature, which give rise to the possibility that the Bank's predictions, forecasts, projections, expectations, or conclusions may prove to be inaccurate; that the Bank's assumptions may be incorrect (in whole or in part); and that the Bank's financial performance objectives, visions, and strategic goals may not be achieved. Forward-looking statements should not be read as guarantees of future performance or results, or indications of whether or not actual results will be achieved. Material economic assumptions underlying such forward-looking statements are set out in the 2024 Annual Report under the heading "Outlook", which assumptions are incorporated by reference herein.

The Bank cautions readers against placing undue reliance on forward-looking statements, as a number of factors, many of which are beyond the Bank's control and the effects of which can be difficult to predict or measure, could influence, individually or collectively, the accuracy of the forward-looking statements and cause the Bank's actual future results to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These factors include, but are not limited to general and market economic conditions; inflationary pressures; the dynamic nature of the financial services industry in Canada, the U.S., and globally; risks relating to credit, market, liquidity, funding, insurance, operational and regulatory compliance (which could lead to the Bank being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory restrictions, penalties, and fines); reputational risks; legal and regulatory risks; competitive and systemic risks; supply chain disruptions; geopolitical events and uncertainties; government sanctions and tariffs (both domestic and foreign); conflict, war, or terrorism; and various other significant risks discussed in the risk-related portions of the Bank's 2024 Annual Report, such as those related to: Canadian and global economic conditions; Canadian housing and household indebtedness; technology, information systems and cybersecurity; technological disruption, privacy, data and third party related risks; competition; the Bank's ability to execute on its strategic objectives; digital disruption and innovation (including, emerging fintech competitors); changes in government fiscal, monetary and other policies; tax risk and transparency; fraud and criminal activity; human capital; business continuity; emergence of widespread health emergencies or public health crises; environmental and social risks including, climate change; and various other significant risks, as described beginning on page 14 of the 2024 Annual Report, including the MD&A, which information is incorporated by reference herein. The Bank further cautions that the foregoing list of factors is not exhaustive. When relying on the Bank's forward-looking statements to make decisions involving the Bank, investors, financial analysts, and others should carefully consider the foregoing factors, uncertainties, and current and potential events.

Any forward-looking statements contained herein or incorporated by reference represent the views of management of the Bank only as at the date such statements were or are made, are presented for the purposes of assisting investors, financial analysts, and others in understanding certain key elements of the Bank's financial position, current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Bank's business and anticipated financial performance and operating environment and may not be appropriate for other purposes. The Bank does not undertake any obligation to update any forward-looking statements made by the Bank or on its behalf whether as a result of new information, future events or otherwise, except to the extent required by applicable securities legislation. Additional information relating to the Bank can be located on SEDAR+ at www.sedarplus.ca.

Access to Quarterly Results Materials

This press release can be found on the Bank's website at www.laurentianbank.ca, in the About us section under the News releases tab, and the Bank's Report to Shareholders, Investor Presentation and Supplementary Financial Information can be found in the About us section under the Investor relations tab, Quarterly results.

Conference Call

Laurentian Bank of Canada invites media representatives and the public to listen to the conference call to be held at 9:00 a.m. (ET) on May 30, 2025. The live, listen-only, toll-free, call-in number is 1-800-990-4777, and mention Laurentian Bank to the operator. A live webcast will also be available on the Bank's website in the Investor relations tab, Quarterly results.

The conference call playback will be available on a delayed basis from 12:00 p.m. (ET) on May 30, 2025, until 12:00 p.m. (ET) on June 6, 2025, on our website under the Investor Centre tab, Financial Results.

The presentation material referenced during the call will be available on our website in the Investor relations section, Quarterly results.

About Laurentian Bank of Canada

Founded in Montréal in 1846, Laurentian Bank wants to foster prosperity for all customers through specialized commercial banking and low-cost banking services to grow savings for middle-class Canadians.

With a workforce of approximately 2,800 employees, the Bank offers a wide range of financial services and advice-based solutions to customers across Canada and the United States. Laurentian Bank manages $49.5 billion in balance sheet assets and $24.2 billion in assets under administration.

SOURCE Laurentian Bank of Canada

Contact Information: Investor Relations: Raphael Ambeault, Head of Investor Relations, Mobile: [phone], [email protected]; Media: Frédérique Lavoie-Gamache, Lead Advisor, Media and Investor Relations, 438-364-1596, [email protected]