CDPQ (La Caisse)

UAO Editorial September 6, 2026 62 min read

Registry · Top 100 · Rank 21 · Public pension / deposits manager · Canada (Québec) · Last researched 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief

CDPQ (La Caisse)—legally Caisse de dépôt et placement du Québec—is Québec’s global institutional investor for public and parapublic pension and insurance depositors. Created by a law passed in the National Assembly of Québec on 15 July 1965, it pursues a dual mandate: generate optimal long-term returns for its depositors and contribute to Québec’s economic development. Official communications now emphasize the brand La Caisse (with CDPQ retained in legal and subsidiary contexts such as CDPQ Infra and Espace CDPQ).

Prefer dated CAD labels. As at 31 December 2025, the 2025 Annual Report and March 2026 Global Investor Presentation report net assets of CAD 517.3 billion (officially paired as USD 377.4 billion). As at 30 June 2026, the 13 August 2026 mid-year release cites net assets of CAD 552 billion (Total Portfolio page: CAD 551.6 billion). Do not invent other USD conversions.

Leadership (live-verified on lacaisse.com, 6 September 2026): President & CEO Charles Emond; Board Chairman Jean St-Gelais (Chair and CEO are separate positions). Vincent Delisle is Executive Vice-President and Head of Liquid Markets—not CIO. This profile does not invent a CIO seat (a prior Registry seat patch cleared an erroneous CDPQ CIO field). FY2025 depositor-fund return 9.3% versus a 10.9% benchmark; five- and ten-year annualized returns 6.5% and 7.2%. Québec assets reached CAD 100.1 billion in 2025—one year ahead of the CAD 100 billion ambition.

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Speakable summary

CDPQ, branded La Caisse, is Québec’s deposits manager for forty-eight public and parapublic pension and insurance plans. Net assets were five hundred seventeen point three billion Canadian dollars at year-end twenty twenty-five, officially paired as three hundred seventy-seven point four billion U.S. dollars, and about five hundred fifty-two billion Canadian dollars at mid-year twenty twenty-six. Charles Emond is President and Chief Executive Officer. Vincent Delisle heads Liquid Markets; La Caisse does not publish a CIO title on its live Executive Committee page. The dual mandate pairs optimal depositor returns with Québec economic development.

Mandate & ownership

Official History and Investor Presentation language: La Caisse was created in 1965 by a law of the National Assembly of Québec to manage the funds of a new universal pension plan—the Québec Pension Plan—and has since expanded to manage funds for additional public and parapublic depositors. The mission is framed as a dual mandate: generate optimal returns while contributing to Québec’s economic development. That dual character distinguishes La Caisse from pure-return statutory managers that explicitly disclaim economic-development directives.

As at the 2025 reporting cycle, La Caisse manages funds for 48 depositors—mainly pension and insurance plans—representing more than six million people. Depositors set long-term asset-allocation targets with advisory support from La Caisse; capital is allocated across specialized portfolios (equity markets, private equity, fixed income/credit and rates, infrastructure, real estate, and related overlays). The nine largest depositor funds represented 96.6% of net assets as at 31 December 2025.

Governance is statutory and board-supervised. The Board of Directors can comprise up to 15 members, two-thirds of whom must be independent; the Chairman of the Board and the President and Chief Executive Officer are two separate positions. Day-to-day management sits with the Executive Committee chaired functionally by the President & CEO. La Caisse publishes annual reports, consolidated financial statements, a Report on GIPS® Compliance, sustainable investing reports, and periodic mid-year updates—prefer those primaries over secondary press when figures conflict.

Geographic footprint (official map / Snapshot): offices in Montréal, Québec City, Toronto, New York City, London, Singapore, Mexico City, New Delhi, Paris, São Paulo and Sydney. Investor Presentation headline scale markers as at 31 December 2025: 60 years of investing expertise, 48 depositors, 2,100+ employees, and AAA credit ratings from DBRS, Fitch, Moody’s and S&P. Brand note: communications emphasize La Caisse; legal name remains Caisse de dépôt et placement du Québec; subsidiaries Espace CDPQ and CDPQ Infra retain those names.

Scale & portfolio

Headline net assets (CAD, dated): CAD 517.3 billion as at 31 December 2025 (2025 Annual Report; Global Investor Presentation also pairs USD 377.4 billion). Comparative year-end 2024 net assets in the financial statements: CAD 473.3 billion. CEO letter framing in the 2025 Annual Report notes net assets reached about CAD 517 billion, up roughly CAD 152 billion since 2020. Mid-year 2026: CAD 552 billion (13 August 2026 release) / CAD 551.6 billion (Total Portfolio page) as at 30 June 2026.

Three main asset classes as at 31 December 2025 (Annual Report graphic and Total Portfolio page): Equities CAD 236.0 billion (2025 return 11.6%; 5y 12.0%; 10y 11.5%); Fixed Income CAD 176.3 billion (2025 return 6.6%; 5y −0.2%; 10y 2.5%); Real Assets CAD 117.4 billion (2025 return 5.7%; 5y 6.7%; 10y 5.5%).

Specialized portfolio net assets as at 31 December 2025 (Snapshot / specialist pages): Equity Markets CAD 151.1 billion (~29% of total); Private Equity CAD 84.9 billion (~16%); Infrastructure CAD 74.5 billion (~14%); Real Estate CAD 42.9 billion net / ~CAD 74 billion gross (~8%); Fixed Income CAD 176 billion (Credit and Rates; Annual Report graphic shows Credit ~CAD 120.7 billion, Rates ~CAD 52.8 billion, other ~CAD 2.9 billion).

Québec assets: CAD 100.1 billion as at 31 December 2025—ambition of CAD 100 billion reached one year early—with about CAD 32 billion of increase over five years (nearly 4× the prior five-year increase) and CAD 6.3 billion of new Québec investments and commitments in 2025. Official Québec Investments pages describe La Caisse as the global pension fund most invested in its local economy.

Organisation scale markers for researchers: 48 depositors; 2,100+ employees worldwide; investments spanning more than 65 countries (Total Portfolio page); Infrastructure Investor 2026 GI 75 ranking cited on the Infrastructure page as the world’s largest institutional infrastructure investor; PEI ranking language on the Private Equity page places La Caisse among the world’s ten largest private equity investors. Treat ranking claims as official self-attribution dated to the opened pages—not as UAO ratings.

Governance & leadership

President and Chief Executive Officer: Charles Emond. Official biography: responsible for setting strategic direction and positioning La Caisse in Québec and international markets to deliver optimal performance for depositors. In role since 2020 (after serving as EVP, Québec, Private Equity and Strategic Planning). On 7 February 2024, the Board renewed his mandate for five years concluding 6 February 2029, with approval by the Government of Québec pursuant to the incorporating act. Prior career includes nearly 20 years at Scotiabank / Scotia Capital (EVP Financial Affairs; Global Head, Investment Banking and Capital Markets; Chairman of Jarislowsky Fraser).

Liquid Markets (not CIO): Vincent Delisle has been Executive Vice-President and Head of Liquid Markets since August 2020. Official bio: leads teams responsible for public equities and fixed income, tactical asset allocation, systematic fundamental management, and investment funds / external management (public markets); sits on the Executive and Investment Risk Committees. Do not label Delisle as CIO—that title is not published on the live Executive Committee roster researched 6 September 2026.

Executive Committee (live lacaisse.com): Charles Emond (President & CEO); Sarah-Émilie Bouchard (EVP, Global Strategy and COO); Vincent Delisle (EVP, Liquid Markets); Rana Ghorayeb (EVP, Real Estate); Ève Giard (EVP, Talent and Performance); Emmanuel Jaclot (EVP, Infrastructure and Sustainability); Michel Lalande (EVP, Legal and Global Affairs); David Latour (EVP and Chief Risk Officer); Emmanuelle Leclerc-Granger (EVP and Chief Financial and Information Officer); Martin Longchamps (EVP, Private Equity and Private Credit); Kim Thomassin (EVP and Head of Québec); Philippe Tremblay (EVP, Depositors and Total Portfolio). The Committee oversees daily activities and monitors them with the support of different committees.

Board of Directors (official Board page): Chairman Jean St-Gelais; President & CEO Charles Emond; Jean-François Blais; Florence Brun-Jolicoeur; Alain Côté; René Dufresne (President & CEO, Retraite Québec); Olga Farman (President & CEO, Port of Québec); Nelson Gentiletti; Lynn Jeanniot; Luc Meunier; Wendy Murdock; Audrey Murray (President & CEO, Commission de la construction du Québec); Ghislain Parent; Marc Tremblay. Standing committees published: Audit; Investment and Risk Management; Governance and Ethics; Human Resources. Jean St-Gelais does not yet have a UAO person SSR (404 as of research date)—named in text only, not hyperlinked.

Investment philosophy

Official Total Portfolio and Approach language emphasizes diversification across asset classes, geographies, sectors and risk factors, with depositor-level allocation choices reflecting plan maturity, funding status and risk appetite. Most specialized portfolios are managed actively, primarily internally. Customized products include leverage overlays and interest-rate overlays tailored to individual depositors. Long-horizon framing in the 2025 CEO letter stresses diversification and “repeat hits over the long term” rather than occasional outsized bets amid tariff uncertainty and shifting global equilibria.

Equity Markets (Vincent Delisle leadership): build a resilient public-equity book with proprietary research, quality bias, dynamic risk management, and partnerships with Québec companies; 2025 evolution included more active risk management, systematic strategies, and a refocus on higher value-added mandates. Private Equity (Martin Longchamps with Private Credit): long-term goal to outperform stock markets; typically minority stakes of about CAD 75–500 million; active but “not activist” partnership model; ~76% of PE activities described as direct. Infrastructure (Emmanuel Jaclot): tangible assets for stable, predictable income and inflation protection; CDPQ Infra develops selected projects (REM, TramCité planning, Alto/Cadence high-speed rail mandate). Real Estate (Rana Ghorayeb): shift from operator to investor model with 70+ global strategic partners; value creation and post-investment management with a sustainability lens. Fixed Income / Liquid Markets: Credit and Rates portfolios; private credit premiums in real-estate finance and infrastructure financing called out in mid-year 2026 commentary.

Constructive-capital framing on Sustainable Investing pages: performance and progress go hand in hand; capital directed toward tangible transition solutions. Shareholder voting and engagement are treated as levers (see Climate / ESG). Efficiency theme in the 2025 CEO letter: operating expenses trimmed over two years; costs described as among the lowest in the industry as assets are expected to grow.

Climate / ESG / ethics

La Caisse states that sustainability is integral to fiduciary duty and a driver of risk management and value creation. A climate policy was adopted in 2017, enhanced in 2021 across the whole portfolio; in June 2025 a new 2025–2030 climate strategy phase targeted CAD 400 billion in climate action by 2030.

As at 31 December 2025, climate action investments totalled CAD 226 billion (including CAD 38 billion in Québec), up from CAD 158 billion at end-2024 (+CAD 68 billion). SIR key split: about CAD 156 billion invested in companies with decarbonization targets and CAD 70 billion in climate solutions. Two pillars: (1) investing in future-oriented climate solutions (low-carbon energy, resilience, nature-based solutions); (2) supporting companies that integrate climate into business models with credible medium-term GHG pathways. Official language stresses decarbonization of companies held—not merely rotating into low-intensity sectors.

Governance / stewardship figures from the 2025 SIR: shareholder engagement with 451 portfolio companies; 32,169 resolutions voted at 3,052 meetings; in 2025 La Caisse opposed reappointment of directors at 35 companies due to climate inaction (absent extenuating circumstances). Social key figure: 76% of actively managed public companies count at least 30% women on their boards. Twelve Québec companies were supported as they integrated sustainability into business strategies (SIR governance key figure). Commitments cited on SI pages include Investi Fund (May 2023), COP15 private financial sector statement (Dec 2022), and TNFD Forum (Dec 2022).

Performance & reporting

Calendar 2025 (Annual Report highlights): return 9.3% versus benchmark portfolio 10.9%; investment results CAD 42.7 billion. Five years: annualized 6.5% vs 6.2%; investment results CAD 134.4 billion. Ten years: annualized 7.2% vs 6.9%; investment results CAD 245.1 billion. Negative one-year value-added is attributed in official commentary partly to public equities outperforming private assets in a concentrated market—limiting relative gains for a diversified book.

Mid-year 2026 (release 13 August 2026, as at 30 June 2026): six-month average depositor-fund return 5.1% vs index 7.5%; about CAD 26 billion in gains; five-year annualized 6.4% (benchmark 6.8%) and ten-year 7.5% (benchmark 7.6%). Depositors’ stated long-term average need cited at about 6%. Net assets CAD 552 billion in the release. Equity Markets six-month return 14.6% vs benchmark 13.6% (described as best half-year return/value-added combination in 20 years); Private Equity −4.3% vs 8.0% benchmark; Fixed Income 1.7% vs 1.1%; Infrastructure 7.2%; Real Estate 2.7% vs 3.2%.

Transparency stack: Annual Reports (HTML + PDF); Sustainable Investing Reports; consolidated financial statements; Report on GIPS® Compliance (AR page 167); Global Investor Presentation; Snapshot page; mid-year press updates; specialist portfolio pages. QPP base plan (largest depositor fund) 2025 return cited at 9.8% for one year, 7.8% over five years and 8.0% over ten years on the Annual Report HTML. Nine largest depositor funds’ 2025 returns ranged from about 8.6% to 10.4% (five-year range about 4.6%–7.8%) per AR Figure 1 discussion.

Controversies & debates

Official attributable framing first. The 2025 Chairman’s message notes ongoing national debate about the role major institutional investors play in developing Canada’s economy, and presents La Caisse’s sustained Québec presence as a concrete demonstration of commitment to the roots of its mission. Board messaging also addresses a global pushback against sustainable approaches and restates the Board’s view that sustainability remains integral to fiduciary duty.

Performance debates are largely about value-added versus concentrated public-market benchmarks: 2025 and H1 2026 official releases emphasize that diversified portfolios with substantial private assets can lag indexes heavily driven by a narrow AI-led public equity cohort—even when absolute returns and long-horizon results remain above depositors’ funding needs. Private equity and U.S. office-exposed real estate are repeatedly cited as cyclical headwinds; infrastructure is repeatedly cited as a stabilizer.

Secondary press (label as secondary): July 2025 coverage of the brand shift from CDPQ to La Caisse discussed communication costs and transition wording; treat as secondary colour, not an official financial metric. This profile does not invent controversy narratives, litigation outcomes, or political attributions beyond opened official text. Corrections: info@universalassetowners.com.

Timeline

  • 15 Jul 1965 — Created by Québec National Assembly law; initial role managing Québec Pension Plan funds.
  • 1966 — First QPP deposit; first transaction IBRD bonds; Québec/Hydro-Québec bond book.
  • 1967 — First equity (Alcan); first commercial mortgages.
  • 1971 — Private investments portfolio including Québec companies.
  • 1974 — Largest Canadian equities portfolio in the country (155 companies); global equity diversification begins.
  • 1980 — Net assets exceed CAD 10 billion; first office building (Place Delta, Sainte-Foy).
  • 1983–84 — Global equity exchange trading; first international PE (France); real-estate build-out.
  • 1989–93 — Steinberg real-estate assets; Ivanhoé shopping centres; first international RE (Brussels).
  • 1994 — Net assets surpass CAD 50 billion.
  • 1997 — Equity allocation ceiling raised to 70% (from 40%).
  • 1999 — Highway 407 infrastructure entry (Toronto).
  • 2001 — Ivanhoé Cambridge merger.
  • 2003–04 — Top credit ratings; net assets exceed CAD 100 billion; responsible investing policy.
  • 2006 — Signs UN Principles for Responsible Investment.
  • 2015+ — CDPQ Infra / Espace CDPQ era; REM program.
  • 2017 — Climate policy adopted (enhanced 2021).
  • Feb 2020 — Charles Emond becomes President & CEO.
  • Feb 2024 — Emond mandate renewed through 6 Feb 2029.
  • 2025 — 60th anniversary; net assets CAD 517.3 B; Québec assets CAD 100.1 B; June climate strategy refresh (CAD 400 B by 2030 ambition); REM Deux-Montagnes branch inaugurated (Nov).
  • 13 Aug 2026 — Mid-year update: CAD 552 B net assets; 5.1% six-month return.

Source fold: official History page and 2025 Annual Report / mid-year release. Verify live lacaisse.com before extending beyond these milestones.

Annex: Depositors

Official Depositors page: three types—pension funds (including the Québec Pension Plan and plans covering hundreds of thousands of public/parapublic employees); insurance plans (e.g., Société de l’assurance automobile du Québec); and other organizations (e.g., Office de la protection du consommateur; Ministère des Finances du Québec).

Selected main depositor funds as at 31 December 2025 (official Depositors page): Québec Pension Plan Fund – base plan CAD 140.7 billion (4.3 million contributors; 2.2 million beneficiaries; CAD 19.3 billion benefits annually; administered by Retraite Québec); Québec Pension Plan Fund – additional plan CAD 22.8 billion; Retirement Plans Sinking Fund CAD 131.2 billion (capitalizes employer portion of public/parapublic retirement benefits); Government and Public Employees Retirement Plan (RREGOP) CAD 97.9 billion (646,000 contributors; 350,000 retirees); Supplemental Pension Plan for Employees of the Québec Construction Industry CAD 36.9 billion; Fonds de la santé et de la sécurité du travail CAD 22.3 billion (CNESST; 233,000 contributing employers; 4.3 million workers covered); Generations Fund CAD 19.5 billion (debt repayment; Ministère des Finances); Pension Plan of Management Personnel CAD 14.4 billion.

AR depositor chapter notes plan maturity pressures: aging active members and rising retiree ratios imply larger disbursements; benefits are expected to exceed contributions in the near future, so asset growth will rely primarily on investment returns. 2026 dialogue priorities include adjusting long-term allocation targets to plan realities, desired risk-return profiles, product evolution, and diversification. Most specialized portfolios are actively managed; customized leverage and rate-overlay products remain part of the depositor offering.

Annex: Equities depth

Equity Markets — CAD 151.1 billion net assets as at 31 December 2025 (~29% of total). Objective: robust long-term public equity portfolio via proprietary research; quality bias with room for value and growth; dynamic exposure management; Québec corporate partnerships. Leadership: Vincent Delisle. H1 2026: 14.6% six-month return vs 13.6% benchmark; five-year annualized 13.0% in line with benchmark; transformation toward growth exposure and systematic strategies credited for the shift. 2025 AR: more active risk management amid spring volatility; advanced data-science / systematic strategies; closure of certain fundamental strategies; Growth Markets mandate adjustments.

Private Equity — CAD 84.9 billion (~16%); ~76% direct; typically CAD 75–500 million minority stakes; among world’s ten largest PE investors per PEI (self-attributed). Leadership: Martin Longchamps (EVP, Private Equity and Private Credit). Approach: create long-term value; quality partnerships; active, not activist, shareholder; operational support via governance participation. H1 2026: −4.3% vs 8.0% public-heavy benchmark; five-year annualized 7.9% with nearly CAD 30 billion of gains over five years cited as a major contributor to overall results. 2025 named transactions (AR HTML): Antylia Scientific (life sciences, with Brookfield); Pike Corporation minority with TPG (U.S. electrical infrastructure).

Annex: Fixed Income depth

Fixed Income asset class net assets CAD 176.3 billion as at 31 December 2025. Annual Report graphic decomposes into Credit (~CAD 120.7 billion), Rates (~CAD 52.8 billion) and a smaller sleeve (~CAD 2.9 billion). Snapshot aggregates Fixed Income at CAD 176 billion covering government bonds, corporate and real-estate credit, and infrastructure financing.

H1 2026 official commentary: Fixed Income returned 1.7% vs benchmark 1.1%, aided by ~2.1% current yield and Government Debt exposure including emerging markets; private credit premiums favourable in Real Estate Finance and Infrastructure Financing. Five-year annualized 0.4% still recovering from 2022’s bond correction, but ahead of a −0.5% benchmark via public and private credit selection. 2025 AR highlights include Verdalia Bioenergy biomethane financing (Europe, €671 million alongside other investors) and interest in CAD 7 billion Rogers wireless-network infrastructure financing with Blackstone.

Annex: Real Assets depth

Infrastructure — CAD 74.5 billion (~14%); investments in 19 countries; self-attributed #1 institutional infrastructure investor on Infrastructure Investor’s 2026 GI 75. Assets include ports, airports, highways, wind/solar, transit, energy networks. Leadership: Emmanuel Jaclot (also Sustainability). CDPQ Infra provides integrated planning/financing/construction/operations on selected projects. H1 2026: 7.2% six-month return; five-year annualized 11.5% vs 10.2% index; ~5.2% current yield; energy transmission, highways and PPPs cited as contributors. 2025 examples: Edify (Australia renewables/storage, ~CAD 1 billion / AUD 1.1 billion); Sizewell C (UK nuclear) commitment CAD 3.2 billion (£1.7 billion) for 20% stake; Colonial Pipeline (U.S.) noted in AR lists.

Real Estate — CAD 42.9 billion net / ~CAD 74 billion gross (~8%); 70+ global strategic partners; operator-to-investor transformation underway. Leadership: Rana Ghorayeb. H1 2026: 2.7% vs 3.2% benchmark; five-year annualized 0.9% with logistics strength and U.S. office headwinds. 2025 examples: Affinius Capital Data Center Fund (U.S., USD 1.0 billion target size); Japanese listed securities and funds including CapitaLand hospitality/residential and Ares logistics.

Annex: Québec footprint

Québec assets CAD 100.1 billion as at 31 December 2025; CAD 6.3 billion new investments and commitments in 2025; +CAD 32 billion over five years. Leadership: Kim Thomassin (EVP and Head of Québec). Priorities on Québec Investments pages: sustainable growth / greener infrastructure; global reach for Québec champions; and structuring projects for communities.

2025 named Québec / mobility highlights (Annual Report HTML): Innergex privatization (renewables); Ocean Group additional investment (maritime); Honco Group minority (steel processing); Synex Business Performance equity and debt (insurance brokerage); Terrion with TELUS (~CAD 1.3 billion) to create Canada’s largest specialized wireless tower operator headquartered in Montréal; Innocap commitment reaffirmation (managed accounts platform > USD 100 billion) with Bain Capital as new partner; Norda Stelo CAD 28 million equity after prior lending; Germain Hotels financing round participation (CAD 160 million total round); REM Deux-Montagnes branch inauguration (November 2025); TramCité planning start; CDPQ Infra leads Cadence group selected for Québec–Toronto high-speed train project (Alto contract).

Mid-2026 official newsroom examples (home/news listings): Brookfield and La Caisse complete Boralex acquisition (14 August 2026); Air Canada Aeroplan CAD 2.5 billion minority equity investment led by Blackstone and La Caisse (11 August 2026); Altius India telecom towers with Brookfield (2 September 2026); Maple Aircraft Company Holdings doubled to USD 3 billion with SMBC Aviation Capital (3 September 2026). Cite as dated press items—not as AUM adjustments unless a subsequent official aggregate is published.

Annex: Mid-year 2026 detail

Primary: 13 August 2026 Montréal release — “La Caisse posted a mid-year 2026 return of 5.1% over six months, 6.4% over five years and 7.5% over ten years.” Context bullets: Middle East conflict and AI enthusiasm; Equity Markets and Infrastructure stood out; ~CAD 26 billion gains over six months; plans in excellent financial health; negative value-added mainly from public markets outperforming private assets. Charles Emond quoted on AI excitement, Middle East tensions, Equity Markets outperformance, Private Equity pressure in AI-exposed industries (insurance/services), and Infrastructure strength despite inflationary pressures.

Portfolio colour from the same release (already summarized above): Equity Markets 14.6% / PE −4.3% / Fixed Income 1.7% / Infrastructure 7.2% / Real Estate 2.7% for the six months. Five-year annualized sleeves cited: Equity Markets 13.0%; Private Equity 7.9%; Fixed Income 0.4%; Infrastructure 11.5%; Real Estate 0.9%. Snapshot page mirrors CAD 552 billion net assets and 6.4% / 7.5% five- and ten-year annualized returns as at 30 June 2026, noting other snapshot figures remain as at 31 December 2025.

Annex: Climate strategy depth

2017 climate policy → 2021 whole-portfolio enhancement → June 2025 refresh aiming for CAD 400 billion climate action by 2030. Year-end 2025 stock CAD 226 billion (CAD 38 billion in Québec) versus CAD 158 billion at end-2024. Chart methodology note in SIR: 2025 figures include new low-carbon investments, transition assets, and Paris-aligned / aligning assets under prior classifications (~CAD 40 billion) plus assets under new 2025–2030 categories (~CAD 28 billion).

Success keys listed: climate risk management; proactive company engagement; dialogue with governments/regulators/civil society; variable compensation linkages (as published). Physical and transition risk management sections appear in the Environment SIR chapter; carbon intensity and carbon footprint analytics are disclosed for buildings and portfolio slices—prefer the PDF/HTML tables over paraphrased intensity ratios if a later refresh needs precise tCO₂e metrics. Board AR message: monitored development and deployment of the new climate strategy intended to accelerate real-economy decarbonization; views sustainability as fiduciary.

Annex: Board & Executive Committee roster

Executive Committee (titles as published): Charles Emond — President and Chief Executive Officer; Sarah-Émilie Bouchard — EVP, Global Strategy and Chief Operating Officer; Vincent Delisle — EVP and Head of Liquid Markets; Rana Ghorayeb — EVP and Head of Real Estate; Ève Giard — EVP, Talent and Performance; Emmanuel Jaclot — EVP and Head of Infrastructure and Sustainability; Michel Lalande — EVP and Head of Legal and Global Affairs; David Latour — EVP and Chief Risk Officer; Emmanuelle Leclerc-Granger — EVP and Chief Financial and Information Officer; Martin Longchamps — EVP and Head of Private Equity and Private Credit; Kim Thomassin — EVP and Head of Québec; Philippe Tremblay — EVP, Depositors and Total Portfolio.

Board committees (published membership): Audit — Alain Côté (Chair), Jean-François Blais, Florence Brun-Jolicoeur, Marc Tremblay; Investment and Risk Management — Jean-François Blais (Chair), Nelson Gentiletti, Luc Meunier, Wendy Murdock, Ghislain Parent; Governance and Ethics — Olga Farman (Chair), Nelson Gentiletti, Lynn Jeanniot, Jean St-Gelais; Human Resources — Lynn Jeanniot (Chair), Alain Côté, Ghislain Parent, Jean St-Gelais, Marc Tremblay. Do not invent quorum, attendance, or compensation figures beyond opened mandates.

Annex: Transparency & credit

Reporting cadence: audited consolidated financial statements annually; Annual Report narrative + Management Report + Sustainable Development Report + GIPS® compliance report; Sustainable Investing Report with environment/social/governance chapters; mid-year public updates; Investor Presentation for counterparties (March 2026 deck uses 31 December 2025 data unless noted). Credit: Investor Presentation states AAA long-term ratings from DBRS, Fitch, Moody’s and S&P (and corresponding short-term ratings tables in the AR). Ratings are third-party opinions—not recommendations to buy or sell—and may be revised.

Public-safe contact practice for this UAO profile: no private staff emails or phone directories from office listings. Institutional corrections for UAO copy: info@universalassetowners.com. Outbound research should prefer lacaisse.com primaries; secondary wires and newspapers can lag rebranding (CDPQ → La Caisse) or recycle older AUM round numbers.

Annex: Chairman & CEO letters (2025 AR)

Folded from the 2025 Annual Report Chairman and President & CEO messages.

Message from the Chairman of the Board 63 Governance 4 Message from the President and Chief Executive Officer 99 Sustainable Development Report 7 Our Depositors 105 Financial Report 15 Management Report 115 Consolidated Financial Statements 53 La Caisse in Québec 167 Report on G I P S ® Compliance This report presents an overview of our 2025 results, our achievements and our progress in Québec and around the world.

Message from the Chairman of the Board Looking back, 2025 was a pivotal year for La Caisse. Net assets surpassed the $500 billion mark, and its assets in Québec reached $100 billion. It was also the institution’s 60th anniversary, a milestone that shows how far it has come since it was founded.

In the Board’s opinion, La Caisse has everything it needs to keep growing, driven by its mission. The last fiscal year once again attests to La Caisse’s capacity to In terms of sustainable investing, the Board kept a close eye on navigate changing and uncertain environments. Despite the the development and deployment of the new climate strategy, challenges encountered in some markets, it recorded a return which is intended to accelerate the real economy’s decarboni- of 9.3% for one year, and created long-term value added for its zation.

We have also seen the efforts the organization has made depositors. Their plans remain financially sound due to to foster an even more inclusive work culture, incorporate investment results added. The Board therefore welcomes the rigorous sustainability criteria into investment processes and performances achieved over the different horizons, which promote exemplary tax practices within portfolio companies.

reflect a disciplined approach, rigorous risk management and The relevance of a sustainable approach is being increasingly coherent execution of the investment strategy. challenged worldwide, so it is essential to return to the In 2025, La Caisse moved forward on its major orientations with convictions that prompted us to adopt it.

As such, the Board numerous achievements. In particular, the Board notes that the believes that sustainability is an integral part of La Caisse’s ambition of $100 billion in assets in Québec was reached one fiduciary duty. year earlier than planned thanks to the collaboration of all of the teams.

Once again this year, the teams made multiple HIGHLIGHTS OF THE BOARD’S WORK investments and reinvestments in local companies. They also backed entrepreneurial initiatives, including efforts to Over the course of the year, the Board of Directors and its accelerate growth by female-owned businesses, and to better committees made sure that La Caisse is taking the steps equip companies to use artificial intelligence to increase their required to implement its strategic plan and reach its productivity.

Work was also carried out to advance promising objectives. We monitored progress on the transformations projects for the economy and communities. These include the that are underway, including the integration of the real estate REM, which tripled in length with the commissioning of the subsidiaries and a review of the investment decision Deux-Montagnes branch, and TramCité, Québec City’s future governance model.

We also paid close attention to organizational efficiency by In a context of ongoing national debate about the role major focusing on the budget and Message from the President and Chief Executive Officer 99 Sustainable Development Report 7 Our Depositors 105 Financial Report 15 Management Report 115 Consolidated Financial Statements 53 La Caisse in Québec 167 Report on G I P S ® Compliance This report presents an overview of our 2025 results, our achievements and our progress in Québec and around the world.

Source fold: opened La Caisse primary.

Annex: History depth

Folded from the official History page.

Our history | La Caisse Skip to main content Search Search Investor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

For the best browsing experience, Microsoft Edge or Google Chrome browsers are recommended. Home About La Caisse: Our foundation for lasting success Our history Since being created on July 15, 1965, La Caisse has contributed to the financial future of Quebecers and participated in the province’s economic development.

Today, we invest our depositors’ funds around the world, taking a long‑term perspective. Learn about the milestones of our journey. La Caisse | 60 years of ambition Jacques Parizeau and Jean Lesage, architects of La Caisse’s creation. 1965-1974 The early years 1965 La Caisse is created by a law passed in the National Assembly of Québec Initial role: to manage the funds of the Québec Pension Plan, a newly-created universal retirement plan 1966 First deposit by its first client: the Québec Pension Plan First transaction: the purchase of bonds issued by the International Bank for Reconstruction and Development Establishment of a bond portfolio that includes predominantly Québec government and Hydro‑Québec securities 1967 First equity investment: Alcan Aluminium First commercial mortgage loans 1971 Creation of the private investments portfolio which includes investments in Québec companies 1974 Management of the largest portfolio of Canadian equities in the country, which includes holdings in 155 companies Diversification of activities in global equity markets.

1975-1984 Entry into international markets and the real estate sector 1980 Net assets exceed $10 billion Acquisition of a first office building, Place Delta in Sainte‑Foy 1983 First transactions in global equities exchanges 1984 First international private equity investment: Compagnie financière Martin Maurel, in France La Caisse develops its real estate portfolio.

1985-1994 Diversification of the real estate portfolio 1989 Acquisition of the real estate assets of the Steinberg grocery chain Ivanhoé, the new real estate subsidiary, owns and manages primarily shopping centers 1993 First international real estate acquisition: Centre de conférence Albert-Borschette in Brussels 1994 Net assets surpass $50 billion La Caisse expands its network with initial investments in infrastructure.

1995-2004 Accelerating pace of growth and expansion 1996 La Caisse real estate group becomes the largest owner of real estate properties in Québec and the second largest in Canada 1997 A legislative change raises the allowable equity allocation to 70% of the portfolio’s assets, from 40% 1999 La Caisse moves into infrastructure investment with the construction of Highway 407 in Toronto 2001 Ivanhoé and Cambridge Shopping Centres are merged to create Ivanhoé Cambridge 2003 La Caisse obtains the top short-term and long-term credit ratings from the main rating agencies 2004 Net assets exceed $100 billion La Caisse adopts a responsible investing policy A new approach that consolidates a long-term vision and international investment.

2005-2013 Changing course toward the long term 2006 La Caisse signs the UN’s Principles for Responsible Investment 2008 La Caisse faces the worst financial crisis since the stock market crash of 1929 2009 Following the crisis, La Caisse adopts a series of measures to increase its effectiveness, to refocus on its core competencies and to strengthen its risk management in order to better sustain long-term yields.

La Caisse launches a major plan to support Québec businesses 2011 All real estate subsidiaries are combined under one banner: Ivanhoé Cambridge 2013 The Global Quality Equity Portfolio is created This portfolio is managed through a new investment philosophy which favours total returns, in-depth research, and investments in high quality assets, anchored in the real economy Opening of several offices around the world and official start of work on the REM.

2014-2019 Global expansion and sustainable investing 2014 New international offices are opened to take advantage of the best global investment opportunities 2015 CDPQ Infra is created as a new subsidiary that focuses on the design, financing, development and operation of infrastructure projects Creation of Espace CDPQ, an investment and development hub for entrepreneurs that is home to Canada’s largest venture capital community 2016 CDPQ Infra proposes an electric, public transit project for the Greater Montréal area The REM network, a light rail system, promises 67 kilometers of track, linking downtown Montréal to the South Shore, North Shore, West Island and the international airport 2017 Adoption of an investment strategy to address climate change and a statement on international taxation Repositioning fixed income portfolios and evolution of credit activities 2018 Réseau express métropolitain (REM) construction officially started Creation of Les Cheffes de file, a community of women entrepreneurs Strengthening of La Caisse's strategic partnerships approach, in both developed and growth markets 2019 Co-founded the Net-Zero Alliance, an initiative calling on major investors to commit to achieving carbon-neutral portfolios by 2050 Work began on several branches of the REM, including 2 kilometres of tracks on the South Shore and construction of 10 stations La Caisse navigates headwinds following the COVID‑19 outbreak.

2020-2025 Progress in a volatile market environment 2020 $4-billion envelope to support Québec companies temporarily affected by the pandemic Creation of CDPQ Global to steer our globalization strategy with a cross-functional perspective Implementation of strategic changes to evolve our portfolio 2021 Historic increase in our total assets in Québec in one year, which stand at $78 billion, including $60 billion in the private sector Announcement of a new climate strategy reflecting our enhanced ambition to meet this global challenge Evolution of our equity markets strategy to expand our investment universe 2022 An active year in Québec in a slowing global market, with an ambition of $100 billion in Québec assets by 2026 Internationally recognized expertise and sustainability approach, with several distinctions received, including being named 2022 Fund of the Year by Global SWF 2023 Notable progress on our key priorities, with a sustained level of activity in Québec and advances in sustainable investing to create more value Commissioning of the South Shore branch of the REM, which connects Brossard and downtown Montréal with 5 stations 2024 Integrated our real estate subsidiaries, Ivanhoé Cambridge and Otéra Capital, to optimize our activities, support our strategy and solidly position us for the future Exceeded the targets set in our climate strategy announced in 2021 Released the Plan CITÉ, a master plan to improve mobility in the Communauté métropolitaine de Québec 2025 Achieved our ambition of $100 billion of assets in Québec one year ahead of schedule New 2025–2030 Climate Strategy to accelerate decarbonizing the real economy Commissioning of the REM’s Deux-Montagnes branch, planning for the TramCité project and selection of Cadence, a group led by CDPQ Infra, for the Québec – Toronto high‑speed train

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Annex: Equities narrative (2025 AR)

AR and specialist Equity Markets / Private Equity pages.

Equity Markets portfolio continued to the vast majority of these portfolios managed actively (see evolve, notably through: Table 2, page 10). In addition, customized activities offer each depositor the opportunity to: • More active management of its risk level, which enabled us to take advantage of strong market volatility in the spring • Deploy additional capital to increase their exposure to financial markets and optimize their expected returns • Advanced data science capabilities, resulting in the through the leverage product deployment of new systematic strategies • Establish interest rate exposure that is tailored to their • A refocusing on higher value-added management strategies, needs using the customized overlay activities for rates including the closure of certain fundamental management product strategies and adjustments to our approach to managing the Growth Markets mandate Depositor fund returns La Caisse manages the funds of 48 depositors—mainly GRAPHIQUE 1 pension and insurance plans.

To meet their objectives, FIGURE 1 RENDEMENTS DES investment strategies are grouped in specialized RETURNS NEUF PLUSON THE NINE GRANDS LARGEST FONDS DES DÉPOSANTS portfolios in which depositors can select a target weight DEPOSITOR FUNDS (en pourcentage) based on their risk tolerance.

Depositors make long-term (as a percentage) asset allocation decisions with the support of analyses Rendement le moins élevé Lowest return and advice provided by La Caisse. Rendement moyen pondéré des fonds des déposants Weighted average Rendement return on all depositors’ funds le plus élevé Total portfolio returns, which represent the weighted Highest return 10,4 average of the returns on depositors’ funds, are generally 10.4 in line with depositors’ needs, both over five years and for 9,3 8,6 9.3 one year.

The performance of the nine largest funds 7,8 8.6 ranges from 4.6% to 7.8% over five years, and from 8.6% to 7.8 10.4% for 2025 (see Figure 1). The differences highlight 6,5 6.5 depositors’ asset allocation choices, which differ according to their realities, including: 4,6 4.6 • The type of plan and its underlying funding • The financial health of the plan • The plan’s maturity and its specific needs Note that the base plan of the Québec Pension Plan, 5 ans 2025 administered by Retraite Québec, posted returns of 7.8% 5 years 2025 over five years and 9.8% for one year.

Private Equity, the teams continued to implement the plan Real Assets to monetize certain assets, while also rolling out the strategy In 2025, against a backdrop that has been difficult for the real to institutionalize international partnerships and ensure estate sector for several years, our teams continued to adapt rigorous post-investment monitoring.

To that end, a number of levers have been defined, based on clear plans for deploy­ Fixed Income ment, asset disposition, financing optimization and value The Rates Management teams deployed new tactical creation in the portfolio. management activities—both systematic and discretionary— Lastly, in Infrastructure, portfolio diversification continued to to boost returns and diversify sources of value added.

This asset class has become increasingly In the Credit portfolio, the teams refined our public versus attractive to depositors due to its recognized character­ private credit management model to continue optimizing istics—protection against inflation, a stable and sustained value added.

Discipline in security selection, post-investment current yield and a pronounced diversification effect in monitoring and balanced diversification by region and turbulent times. profession remained at the heart of the strategy. In addition, they continued to establish partnerships around the world and strengthen our business development initiatives.

TABLE 2 PRODUCT OFFERING (as at December 31, 2025) (as at December 31, 2025) PRODUCTS COMPOSITION EQUITIES Equity Markets1 Shares of publicly traded companies in developed countries and growth markets Private Equity 1 Capital investments mainly transacted on a private basis and made outside organized markets FIXED INCOME Rates1 Government bonds with nominal fixed income Credit 1 A broad universe of instruments that provide periodic income and offer exposure to a potential yield premium Short Term Investments1, 2 Canadian Treasury Bills REAL ASSETS Real Estate1 Investments in various types of real estate assets Infrastructure1 Interests in infrastructure projects or assets in different sectors and regions CUSTOMIZED Leverage product Financial instruments used to allocate additional amounts to ACTIVITIES specialized portfolios Customized rate Financial instruments used by depositors to manage their exposure to exposure product2 bond yields to match liabilities and for diversification OTHER INVESTMENTS Asset Allocation1 Financial instruments, mainly derivatives, related to the main market risk factors, including interest rates, credit, public equity and currencies 1.

Index management 10 La Caisse | 2025 AR The nine largest depositor funds Represented 96.6% of net assets as at December 31, 2025 NET ASSETS $ 140.7 B Québec Pension Plan Fund – base plan • 4.3 million contributors • 2.2 million Equity Markets | La Caisse Skip to main content Search Search Investor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

Source fold: opened La Caisse primary.

Annex: Fixed Income & Real Assets narrative

AR Fixed Income, Infrastructure, Real Estate plus specialist pages.

Fixed Income ment, asset disposition, financing optimization and value The Rates Management teams deployed new tactical creation in the portfolio. management activities—both systematic and discretionary— Lastly, in Infrastructure, portfolio diversification continued to to boost returns and diversify sources of value added.

This asset class has become increasingly In the Credit portfolio, the teams refined our public versus attractive to depositors due to its recognized character­ private credit management model to continue optimizing istics—protection against inflation, a stable and sustained value added.

Discipline in security selection, post-investment current yield and a pronounced diversification effect in monitoring and balanced diversification by region and turbulent times. profession remained at the heart of the strategy. In addition, they continued to establish partnerships around the world and strengthen our business development initiatives.

TABLE 2 PRODUCT OFFERING (as at December 31, 2025) (as at December 31, 2025) PRODUCTS COMPOSITION EQUITIES Equity Markets1 Shares of publicly traded companies in developed countries and growth markets Private Equity 1 Capital investments mainly transacted on a private basis and made outside organized markets FIXED INCOME Rates1 Government bonds with nominal fixed income Credit 1 A broad universe of instruments that provide periodic income and offer exposure to a potential yield premium Short Term Investments1, 2 Canadian Treasury Bills REAL ASSETS Real Estate1 Investments in various types of real estate assets Infrastructure1 Interests in infrastructure projects or assets in different sectors and regions CUSTOMIZED Leverage product Financial instruments used to allocate additional amounts to ACTIVITIES specialized portfolios Customized rate Financial instruments used by depositors to manage their exposure to exposure product2 bond yields to match liabilities and for diversification OTHER INVESTMENTS Asset Allocation1 Financial instruments, mainly derivatives, related to the main market risk factors, including interest rates, credit, public equity and currencies 1.

Index management 10 La Caisse | 2025 AR The nine largest depositor funds Represented 96.6% of net assets as at December 31, 2025 NET ASSETS $ 140.7 B Québec Pension Plan Fund – base plan • 4.3 million contributors • 2.2 million beneficiaries • $19.3 bill Infrastructure, portfolio diversification continued to to boost returns and diversify sources of value added.

This asset class has become increasingly In the Credit portfolio, the teams refined our public versus attractive to depositors due to its recognized character­ private credit management model to continue optimizing istics—protection against inflation, a stable and sustained value added.

Discipline in security selection, post-investment current yield and a pronounced diversification effect in monitoring and balanced diversification by region and turbulent times. profession remained at the heart of the strategy. In addition, they continued to establish partnerships around the world and strengthen our business development initiatives.

TABLE 2 PRODUCT OFFERING (as at December 31, 2025) (as at December 31, 2025) PRODUCTS COMPOSITION EQUITIES Equity Markets1 Shares of publicly traded companies in developed countries and growth markets Private Equity 1 Capital investments mainly transacted on a private basis and made outside organized markets FIXED INCOME Rates1 Government bonds with nominal fixed income Credit 1 A broad universe of instruments that provide periodic income and offer exposure to a potential yield premium Short Term Investments1, 2 Canadian Treasury Bills REAL ASSETS Real Estate1 Investments in various types of real estate assets Infrastructure1 Interests in infrastructure projects or assets in different sectors and regions CUSTOMIZED Leverage product Financial instruments used to allocate additional amounts to ACTIVITIES specialized portfolios Customized rate Financial instruments used by depositors to manage their exposure to exposure product2 bond yields to match liabilities and for diversification OTHER INVESTMENTS Asset Allocation1 Financial instruments, mainly derivatives, related to the main market risk factors, including interest rates, credit, public equity and currencies 1.

Index management 10 La Caisse | 2025 AR The nine largest depositor funds Represented 96.6% of net assets as at December 31, 2025 NET ASSETS $ 140.7 B Québec Pension Plan Fund – base plan • 4.3 million contributors • 2.2 million beneficiaries • $19.3 billion in benefits 22.8 B $ Québec Pension Plan Fund – paid annually additional plan $ 131.2 B Retirement Plans Sinking Fund Fund used by the Government of Québec to capitalize the employer’s portion of retirement benefits of employees in the public and parapublic sectors $ 19.5 B Generations Fund Fund used to repay Québec’s debt $ Real Estate portfolio strategy.

To that end, a number of levers have been defined, based on clear plans for deploy­ Fixed Income ment, asset disposition, financing optimization and value The Rates Management teams deployed new tactical creation in the portfolio. management activities—both systematic and discretionary— Lastly, in Infrastructure, portfolio diversification continued to to boost returns and diversify sources of value added.

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Annex: Quebec narrative (2025 AR)

AR Quebec chapter and Investments in Quebec page.

La Caisse in Québec 167 Report on G I P S ® Compliance This report presents an overview of our 2025 results, our achievements and our progress in Québec and around the world. Message from the Chairman of the Board Looking back, 2025 was a pivotal year for La Caisse. Net assets surpassed the $500 billion mark, and its assets in Québec reached $100 billion.

It was also the institution’s 60th anniversary, a milestone that shows how far it has come since it was founded. In the Board’s opinion, La Caisse has everything it needs to keep growing, driven by its mission. The last fiscal year once again attests to La Caisse’s capacity to In terms of sustainable investing, the Board kept a close eye on navigate changing and uncertain environments.

Despite the the development and deployment of the new climate strategy, challenges encountered in some markets, it recorded a return which is intended to accelerate the real economy’s decarboni- of 9.3% for one year, and created long-term value added for its zation. We have also seen the efforts the organization has made depositors.

Their plans remain financially sound due to to foster an even more inclusive work culture, incorporate investment results added. The Board therefore welcomes the rigorous sustainability criteria into investment processes and performances achieved over the different horizons, which promote exemplary tax practices within portfolio companies.

reflect a disciplined approach, rigorous risk management and The relevance of a sustainable approach is being increasingly coherent execution of the investment strategy. challenged worldwide, so it is essential to return to the In 2025, La Caisse moved forward on its major orientations with convictions that prompted us to adopt it.

As such, the Board numerous achievements. In particular, the Board notes that the believes that sustainability is an integral part of La Caisse’s ambition of $100 billion in assets in Québec was reached one fiduciary duty. year earlier than planned thanks to the collaboration of all of the teams.

Once again this year, the teams made multiple HIGHLIGHTS OF THE BOARD’S WORK investments and reinvestments in local companies. They also backed entrepreneurial initiatives, including efforts to Over the course of the year, the Board of Directors and its accelerate growth by female-owned businesses, and to better committees made sure that La Caisse is taking the steps equip companies to use artificial intelligence to increase their required to implement its strategic plan and reach its productivity.

Work was also carried out to advance promising objectives. We monitored progress on the transformations projects for the economy and communities. These include the that are underway, including the integration of the real estate REM, which tripled in length with the commissioning of the subsidiaries and a review of the investment decision Deux-Montagnes branch, and TramCité, Québec City’s future governance model.

We also paid close attention to organizational efficiency by In a context of ongoing national debate about the role major focusing on the budget and the plan to ensure optimal use of institutional investors play in developing the country’s resources. This underscored the progress made on efficiency economy, La Caisse’s increasingly sustained presence is a and cost management.

We also examined numerous transac- concrete demonstration of its commitment to Québec and the tions from different perspectives, including compliance with roots of its mission. risk management policies and directives. Other factors were 2 La Caisse | 2025 AR As I begin my second term of office as Chairman, I look forward to continuing to work with my colleagues on the Board, as well as with Charles Emond.

His leadership and ability to rally the organization around business priorities give us every confidence that he will be able to continue transforming La Caisse to execute the strategy and generate optimal returns. taken into consideration, such as the use of leverage, financing In closing, I would like to commend the work of the Executive capacity and the minimum liquidity required to maximize Committee, which, under Charles Emond’s direction, once flexibility in the current context.

again showed agility this year in steering large-scale projects to Investments in Québec | La Caisse Skip to main content Search Search Investor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

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Annex: SIR Environment fold

2025 SIR Environment chapter.

Environment | 2025 Sustainable Investing Report | La Caisse Html RID fr 2025 SIR Environment Key figures Our 2025–2030 Climate Strategy Our 2025–2030 Climate Strategy Two pillars to support our ambition Our actions for the climate transition Investing in future-oriented climate solutions Favouring and supporting companies undergoing decarbonization Carbon intensity Carbon intensity under the microscope Carbon intensity Carbon footprint Diverse energy sources to support the transition Integrating biodiversity Physical and transition risks Physical and transition risks Management of physical risks Management of transition risks To facilitate the understanding of the terms used in this document, a glossary is available in Appendix 6 .

Home A word from management Foundation Environment Social Governance Appendices $226 B in climate action $156 B invested in companies with decarbonization targets $70 B in climate solutions Our 2025–2030 Climate Strategy In 2017, La Caisse was one of the first institutional investors to adopt a climate policy, which was enhanced in 2021, covering its entire portfolio.

Since then, La Caisse’s climate discipline has paid off: our portfolio has decarbonized faster than anticipated, and we exceeded our targets. This is why, in June 2025, we introduced a new phase in our climate strategy to accelerate the decarbonization of companies and the economy.

We now aim to have $400 billion invested in climate action by 2030. With its climate action, La Caisse seeks to generate optimal returns while supporting the real economy’s transition toward a more resilient, low-carbon future. This ambitious approach enables us to continue seizing new investment opportunities in the context of the energy transition and increase our contribution to the decarbonization of the real economy.

The portfolio’s decarbonization is therefore the result of decarbonizing the companies held in it, rather than a consequence of having prioritized investments in low-intensity sectors. As at December 31, 2025, La Caisse’s climate action investments totalled $226 billion, including $38 billion in Québec, compared with $158 billion at the end of 2024, an increase of $68 billion.

Chart 2 Changes in our climate action (in $B) For 2025, the chart shows new low-carbon investments, transition assets, and assets aligned with or in the process of being aligned with the Paris Agreement, based on the classifications in effect as at December 31, 2024 ($40 billion).

It also includes assets qualified under the new categories of the 2025–2030 climate strategy ($28 billion). Two pillars to support our ambition We make sure that our portfolio companies are advantageously positioned to seize opportunities and manage risks related to the transition.

01 Investing in future-oriented climate solutions Activities promoting the transition to low-carbon energy and solutions Activities that enhance community and business resilience to climate change Nature-based activities and solutions generating positive impacts on both climate and biodiversity Activities that facilitate or form part of the goods and services mentioned above 02 Investing to support companies that integrate the climate into their business models and that adopt clear decarbonization pathways The most climate-mature companies with detailed and credible plans to reduce GHG emissions in the medium term, tailored to their sectoral and geographic context The keys to our success Climate risk management Proactive engagement with companies Ongoing dialogue with governments, regulators and civil society Variable compensation for all senior personnel, including the Executive Committee, linked to the achievement of our target and the implementation of our strategy Credible approach La Caisse’s rigorous approach is set out in our Transition Financing Framework .

This has been endorsed by the Climate Bonds Initiative (CBI) and is based on global best practices established by the Science Based Targets initiative (SBTi), the Net Zero Investment Framework (NZIF) and the Transition Pathway Initiative (TPI). Ongoing effort Since our new climate strategy was launched in June 2025, teams at La Caisse have been working to finalize the methodologies and tools required for its implementation.

They also began assessing part of the portfolio using the strategy’s new categories, work that is ongoing in 2026. Investing in future-oriented climate solutions We invest in companies, activities and technologies that contribute to the reduction of carbon emissions and belong to one of the four categories opposite.

Furthermore, in 2025, we updated our reference framework for green bonds to remain compliant with the principles of the International Capital Market Association (ICMA) and market best practices, thereby enabling the use of funds for investments that generate environmental impacts aligned with the climate solutions set out in our 2025–2030 climate strategy.

Low-carbon assets Adaptation or resilience solutions Nature-based solutions Climate solution enablers Low-carbon assets Adaptation or resilience solutions Nature-based solutions Climate solution enablers Low-carbon or zero-carbon alternatives to fossil fuels Includes renewable energies, green buildings, sustainable mobility, low-carbon materials, decarbonized fuels or biofuels As at December 31, 2025, the value of our low-carbon assets had reached $65 billion, of which nearly $20 billion is invested in Québec.

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Annex: SIR Governance fold

2025 SIR Governance chapter.

Governance | 2025 Sustainable Investing Report | La Caisse Html RID fr 2025 SIR Governance Key figures Our governance rules and bodies Our governance rules and bodies Sustainability integrated at every stage Post-investment Our levers of intervention Our levers of intervention with our portfolio companies Dialogue and engagement Strategic support Shareholder voting Voting: Our preferred leverage Home A word from management Foundation Environment Social Governance Appendices 12 Québec companies supported as they integrated sustainability into their business strategies Shareholder engagement with 451 portfolio companies 32169 resolutions voted on at 3052 shareholder meetings held by our portfolio companies Our governance rules and bodies La Caisse’s activities are governed by various laws, regulations and policies .

This enables us to achieve our investment objectives rigorously, efficiently and transparently. La Caisse’s main governance bodies are: The Board of Directors and its committees The Executive Committee, composed of the President and Chief Executive Officer and senior executives from various business units La Caisse’s Annual Report sets out its organizational structure as at December 31, 2025.

Our governance rules are regularly updated. They align with best practices and are adjusted to reflect organizational changes. In 2025, La Caisse optimized governance and reviewed processes to enhance efficiency and support performance. This enables our fast-growing organization to remain agile while maintaining our rigorous standards.

La Caisse also sets clear expectations for employees and Board members through a series of rules set out in the Codes of Ethics. Each year, La Caisse personnel and directors confirm their commitment to their respective Codes by signing an annual declaration. They are also required to watch videos that raise awareness on ethical issues and are trained in best practices through roleplay simulation.

Sustainability integrated at every stage At La Caisse, we use our Sustainable Investing Policy to guide our decisions and integrate sustainability into portfolio management. This approach applies both before and after the investment is made. Pre-investment We invest in companies and sectors that comply with Canadian laws, international conventions, and financial prohibitions imposed by Canada.

Our approach to sector exclusion is also aimed at avoiding investments in economic activities deemed unsustainable over the long term for society or the environment. When an opportunity meets our criteria, it goes through the investment process in accordance with the related frameworks (Figure 10).

Figure 10 A rigorous process for reviewing and approving investments Post-investment We monitor our portfolio using specialized tools and strict analytical processes. They help us identify, anticipate and manage the sustainability challenges that our portfolio companies may face. If an issue arises, we launch an escalation procedure.

Depending on the type of asset and the situation, a multidisciplinary analysis group is mobilized, combining specialists in that specific asset class, sustainable investing and risk management. They assess the situation and formulate a recommendation to support decision-making. Where necessary, we get the company involved in implementing corrective measures.

Our levers of intervention with our portfolio companies We help our portfolio companies advance their sustainability practices. We have three levers of influence to support their adoption of best practices: Dialogue and engagement Strategic support Shareholder voting Dialogue and engagement La Caisse regularly engages with portfolio companies and external managers.

This enables us to better understand their business opportunities and challenges. During these private discussions, we share our expectations regarding governance, risk management and the integration of sustainability factors into their business plans. This direct dialogue, based on trust, helps us build strong ties with our partners.

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Annex: Mid-year 2026 release fold

13 August 2026 mid-year release fold.

La Caisse posted a mid-year 2026 return of 5.1% over six months, 6.4% over five years and 7.5% over ten years | La Caisse Skip to main content Search Search Investor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

For the best browsing experience, Microsoft Edge or Google Chrome browsers are recommended. Home News News release Return August 13, 2026 La Caisse posted a mid-year 2026 return of 5.1% over six months, 6.4% over five years and 7.5% over ten years Finance Montréal, August 13, 2026 partager The first half of the year was marked by the conflict in the Middle East and strong enthusiasm for artificial intelligence La Caisse’s equity markets and infrastructure activities stood out during this volatile period This performance translates into $26 billion in gains over six months The overall return remains above depositors’ long-term needs and their plans are in excellent financial health The negative value added mainly stems from stock markets continuing to outperform private assets, limiting gains for a diversified portfolio La Caisse presented today an update to its results as at June 30.

Over six months, the average return on depositors’ funds was 5.1%, below its index’s 7.5%. The weighted average annualized return stood at 6.4% over five years and 7.5% over ten years, compared with a benchmark portfolio that posted returns of 6.8% and 7.6%, respectively. The benchmark portfolio recorded higher returns partly due to the extended superior performance of stock indexes compared with private assets.

It should be noted that depositors have determined that they need an average return of 6% to meet their obligations over the long term. “The first half of the year was dominated by two major trends: excitement for AI and the geopolitical tensions in the Middle East. In Equity Markets, our teams outperformed in the context of a strong rally driven by AI.

Meanwhile, our Private Equity portfolio was affected by AI’s impact on certain industries, such as insurance and services. Despite inflationary pressures, our Infrastructure portfolio once again was distinguished by outstanding performance,” said Charles Emond, President and Chief Executive Officer of La Caisse.

“Over the long term, our well-diversified overall portfolio continues to demonstrate an ability to navigate various market conditions, delivering less volatile returns and a well-managed risk level for our depositors.” Return Highlights EQUITIES Equity Markets: Portfolio Outperforms in a Bullish, Concentrated and Volatile Environment The first half of the year was marked by strong global stock market performance, particularly in emerging markets, despite the volatility caused by geopolitical tensions in the Middle East.

The market rally was once again largely due to a small group of AI-related stocks, which are benefiting from an unprecedented investment cycle in data centres. This concentration of performance in major stock market indexes remains exceptionally high by historical standards. Over six months, the portfolio posted its best combination of returns and value added for a half-year period in 20 years, thanks to favourable positioning in global technology sectors.

The return was 14.6% over six months, above the benchmark index’s 13.6% return. Over five years, the portfolio’s annualized return was 13.0%, in line with its benchmark index. The portfolio’s transformation during the period, in particular to gain more exposure to growth stocks and incorporate systematic management strategies, generated a significant shift in performance.

Private Equity: Industry and Portfolio Still Under Pressure The private equity industry continued to face challenging market conditions: a decline in transaction volume, a limited number of IPOs and interest rates that continue to rise. The portfolio also experienced a decline in valuation multiples for certain companies operating in industries seen as more vulnerable to the increasing adoption of AI, such as technology, insurance and financial services.

In this environment, the portfolio posted a six-month return of ‑4.3%. In contrast, its benchmark index, half of which is made up of public stocks benefiting from the opposite reality amid the enthusiasm surrounding artificial intelligence, posted a return of 8.0%. The five-year annualized return was 7.9%, driven by growth in the profitability of portfolio companies, which are managed both directly and through external funds.

This performance resulted in nearly $30 billion of gains, making the portfolio one of the main contributors to the overall results for the period. A decline in performance by a handful of portfolio companies and the stronger showing by the stock market indexes, which make up half of the benchmark index, explain the difference in returns.

FIXED INCOME Current Yield Gains Partly Limited by Higher Long-Term U.S. Bond Yields In the United States, in an environment where the economy has been resilient against geopolitical tensions, rising energy prices and inflationary pressures, long-term bond yields ended the first half of the year higher.

In Canada, better-controlled inflation and a more modest growth outlook led to a slight easing of long-term bond yields over the same period. In this context, the Fixed Income asset class, primarily made up of the Credit and Rates portfolios, generated a 1.7% six-month return, above its benchmark index of 1.1%.

It benefited from a stable current yield of 2.1% and positive execution, particularly in Government Debt, which stood out due to its strategic exposure to emerging markets. Premiums earned on private credit were also favourable, particularly in the Real Estate Finance and Infrastructure Financing segments.

Source fold: opened La Caisse primary.

Annex: Global Investor Presentation fold

March 2026 Investor Presentation fold.

Global Investor Presentation Investing constructive capital 2026 This document contains privileged and confidential information and cannot be transmitted or communicated without La Caisse’s prior consent. 2 Cautionary statements This presentation (and the accompanying oral presentation, if applicable) contains forward-looking statements within the meaning of applicable securities legislation.

Forward-looking statements are typically identified by words such as “projected,” “estimate,” “may,” “anticipate,” “believe,” “expect,” “plan,” “intend,” “could” or similar words suggesting future outcomes or statements regarding an outlook (and the negative form thereof). All statements other than statements of historical fact contained in these slides are forward-looking statements.

Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond the control of La Caisse, may cause actual results to differ materially from the expectations expressed in its forward-looking statements. These factors include, but are not limited to, risks related to financial markets and economic conditions in Canada, the United States and internationally, changes in standards, laws and regulations, risks related to defaults by financial institutions, risks related to financial instruments, fluctuations in interest rate levels, increased competition for assets, fluctuations in investment returns, foreign exchange rate fluctuations, adverse changes in the credit markets, the risk of damage to La Caisse’s reputation, La Caisse’s ability to access the capital markets for debt financing, changes in the real estate and infrastructure markets in Canada, the United States and elsewhere, and risks more generally associated with the markets and La Caisse’s portfolios of investments.

La Caisse does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on its behalf. No information presented in this presentation and the accompanying oral presentation as of a date more recent than December 31, 2025 has been audited and only the consolidated financial statements of La Caisse as at December 31, 2025, and for the year then ended have been audited.

The information on, or accessible through, our website or any of the other websites or links to websites referred to in this presentation, is not part of or incorporated by reference into this presentation. Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to buy any security of La Caisse, CDP Financial Inc.

(“CDP Financial”) or any of their respective affiliates in the United States or in any other jurisdiction where such offer or solicitation would be unlawful, and such information does not constitute an offer to sell or a solicitation of an offer to buy or an advertisement in respect of securities in any province or territory of Canada.

Any offer to sell or solicitation of an offer to buy securities of La Caisse, CDP Financial or their respective affiliates in the United States may not be made absent registration under the Securities Act of 1933, as amended (the “Securities Act”), or an exemption from registration under the Securities Act.

Any offer of securities of La Caisse, CDP Financial or their respective affiliates will be made pursuant to a private offering memorandum. The ratings presented in this document are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Unless otherwise indicated, data is presented as at December 31, 2025, and amounts are in Canadian dollars. Figures for geographic allocations are based on total investments, adjusted for financial and derivatives exposure. 3 La Caisse, one of the largest institutional investors in the world $517.3 B USD 377.4 B Net assets as at December 31, 2025 60 years 48 depositors 2,100+ employees AAA of investing mainly public and in our offices around the highest credit ratings expertise parapublic pension the world from DBRS, Fitch, and insurance plans Moody’s and S&P 4 A dual mandate that has set us apart for 60 years Created in 1965 by a law passed by the National Assembly of Québec to manage the funds of a new universal pension plan, La Caisse pursues a mission with a dual mandate that is Our mission still unmatched.

To generate optimal long-term returns while contributing to Québec’s economic development 5 Our depositors1: An exceptionally stable base • Exclusive legislated mandates for more than 98% of La Caisse’s net assets • Liabilities are the responsibility of the depositors Independence from government, clearly established in legislation We are legally, operationally and financially independent, and we apply the highest standards of governance.

30% Québec Pension Plan At least two-thirds of members of the (QPP) Board of Directors, including the Chair, must be independent. 58% 8% 4% Insurance Pension plans Other (excluding the QPP) plans 1. As at December 31, 2024 6 A recognized leader in sustainable investing $58 B 69% low-carbon decrease in our First assets in portfolio’s 2024 carbon intensity Our position in the annual ranking by since 2017 Canadian group Shift: Action for Pension Wealth and Planet Health $400 B in climate action investments by 2030 to decarbonize the economy and companies Investing sustainably means fulfilling our fiduciary duty while focusing on the best strategy for long-term performance.

We invest constructive capital to build companies and projects that drive the economy. 8 A diversified portfolio Allocation by asset class (%) Geographic exposure (%) INCREASE IN OUR EXPOSURE TO GLOBAL MARKETS Fixed Income 34 Canada $129 B 29 OVER FIVE YEARS United States 38 Equity Markets 29 Europe 17 Private Equity 16 Asia Pacific 10 Infrastructure 14 Latin America 4 Real Estate 8 Other regions 2 9 Sustained long-term performance Our net assets OVER 5 YEARS (in billions of dollars) 6.5% Annualized return 517 6.2% Benchmark portfolio 365 $134.4 B Investment results 248 OVER 10 YEARS* 7.2% Annualized return 152 122 6.9% 88 Benchmark portfolio 36 51 $245.1 B 22 Investment results 4 11 1 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Sustainable investment, a performance driver 11 Accelerating decarbonization: Our 2025–2030 climate strategy After exceeding our climate targets in 2024, we now aim to reach $400 billion in climate action investments by 2030.

Source fold: opened La Caisse primary.

Annex: Total Portfolio & depositors fold

Total Portfolio and Depositors pages.

Total Portfolio | La Caisse Skip to main content Search Search Investor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

For the best browsing experience, Microsoft Edge or Google Chrome browsers are recommended. Home Investments: Diversified activities Total Portfolio Our total portfolio is comprised of all our investments in various asset classes in Québec and around the world. Our teams carefully select them to generate returns that meet the long-term needs of our depositors .

Our Depositors and Total Portfolio team manages our Depositor Advisory Services, as well as activities related to portfolio construction, currency management and economic and financial analysis. In figures $551.6 B Net assets as at June 30, 2026 Over 65 Countries where we invest Over 60 Years of investing A diversified portfolio Diversification is central to our investment approach .

It results from asset allocation decisions made by each depositor in accordance with their investment policy. We take diversification into account in terms of risk factors as well as asset classes, geographic markets and sectors where we invest. Our asset classes We enable our depositors to allocate their funds to specialized portfolios that hold securities of the same type.

The vast majority of these portfolios is managed actively, primarily internally. Net assets by portfolio Equities CAD 236.0 B As at December 31, 2025 Fixed Income CAD 176.3 B As at December 31, 2025 Real Assets CAD 117.4 B As at December 31, 2025 Our markets Our investments are strategically located around the world, in markets targeted for their performance potential.

This allows us to reap the benefits of each region and diversify our risk. Exposure By region As at December 31, 2025 Our sectors We also allocate our investments by sector to seize the best opportunities in a variety of fields chosen by our teams based on in-depth analysis. Exposure By sector As at December 31, 2025 Depositors and Total Portfolio team Our objective We seek to contribute to the financial soundness of our depositors ’ plans and ensure the prosperity of the funds they entrust to us.

To that end, we offer them top-tier advisory services and work to continuously improve the risk-return profile of La Caisse portfolios. Our activities Depositor Advisory Services Help our depositors establish their investment policies by thoroughly understanding their needs and leveraging our long investment track record Portfolio Construction Optimize the strategic allocation of long-term assets to improve the risk-return profile of the total portfolio, while conducting integrated monitoring of the portfolio Currency Management Manage La Caisse’s exposure to foreign currencies to ensure optimal positioning and provide the total portfolio with a diversification effect Economic and Financial Analysis Analyze global macroeconomic conditions and financial market developments to support investment activities TreasurY Manage and optimize La Caisse’s various financing sources and cash reserves in support of the total portfolio and specialized portfolio strategies Leadership Philippe Tremblay Executive Vice-President, Depositors and Total Portfolio Jacques Demers Senior Vice-President, Depositor Advisory Services Alexandre Châteauneuf Managing Director, Portfolio Construction and Currencies Nicolas Parent Vice-President, Economic and Financial Analysis Ian Charest Vice-President, Treasury estor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

For the best browsing experience, Microsoft Edge or Google Chrome browsers are recommended. Home About La Caisse: Our foundation for lasting success Our depositors We manage the funds of 48 depositors, primarily pension and insurance funds in Québec’s public and parapublic sectors, who represent over six million people.

We seize the best investment opportunities for them, targeting optimal performance of their funds, based on their specific yield objectives, risk tolerance and investment horizons. Three types of depositors Pension funds Québec Pension Plan and the pension plans of hundreds of thousands of public and parapublic sector employees Insurance plans Insurance plans such as the Société de l’assurance automobile du Québec which has a fund to provide indemnities to victims of road accidents and to promote road safety Other organizations Other organizations, such as the Office de la protection du consommateur and the Ministère des Finances du Québec Our depositors Net Assets by Type As at December 31, 2025 Our main depositors The nine largest depositor funds represented 96.6% of La Caisse’s net assets as at December 31, 2025.

Québec Pension Plan Fund – base plan Net assets: $140.7 billion 4.3 million contributors 2.2 million beneficiaries $19.3 billion in benefits paid annually Administered by Retraite Québec Québec Pension Plan Fund – additional plan Net assets: $22.8 billion Retirement Plans Sinking Fund Net assets: $131.2 billion Fund used by the Government of Québec to capitalize the employer’s portion of retirement benefits of employees in the public and parapublic sectors Generations Fund Net assets: $19.5 billion Fund used to repay Québec’s debt Administered by the Ministère des Finances du Québec Government and Public Employees Retirement Plan Net assets: $97.9 billion 646,000 contributors 350,000 retirees 25,000 surviving spouses or orphans $8.3 billion in benefits paid annually Supplemental Pension Plan for Employees of the Québec Construction Industry Net assets: $36.9 billion 202,000 contributors 104,000 retirees or surviving spouses $1.0 billion in benefits paid annually Fonds de la santé et de la sécurité du travail Net assets: $22.3 billion 233,000 contributing employers 4.3 million workers covered $3.1 billion in benefits paid annually Administered by the Commission des normes, de l’équité, de la santé et de la sécurité du travail Pension Plan of Management Personnel Net assets: $14.4 billion 37,000 contributors 37,000 retirees 4,000 surviving spouses or orphans $1.9 billion in benefits paid annually Fonds d’assurance automobile du Québec Net assets: $14.2 billion 5.8 million driver’s licence holders 7.2 million registered vehicles $1.4 billion in benefits paid annually Other depositors We also manage the funds of several other Québec public and parapublic organizations.

Source fold: opened La Caisse primary.

Annex: About / foundation fold

About page foundation language.

About La Caisse: Our foundation for lasting success | Caisse de dépôt et placement du Québec Skip to main content Search Search Investor relations Careers Contact us Français Français Navigation principale - v2 About Back Our foundation for lasting success About La Caisse: Our foundation for lasting success Governance Board of Directors Executive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Aligning performance and progress Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Diversified activities Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Generating sustainable value Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche utive Committee Laws, regulations and policies Access to information Distribution of information Right to vote Snapshot of La Caisse Our depositors History Artwork collection Approach Back Our approach: Aligning performance and progress Our impact in Québec Les Cheffes de file AI Expertise Program Sustainable Investing Environment Social Governance Sustainable development Donations and sponsorships Investments Back Investments: Diversified activities Total Portfolio Investments in Québec Mid-market company offering Private equity Fixed income Real estate Infrastructure Equity Markets Funds and External Management Risk management Performance Back Performance: Generating sustainable value Annual Reports 2025 Annual Report Sustainable investing reports 2025 Sustainable Investing Report News Recherche header_mobile Investor relations Careers Contact us Français × Internet Explorer is not supported by this website.

For the best browsing experience, Microsoft Edge or Google Chrome browsers are recommended. About La Caisse: Our foundation for lasting success Our foundation for lasting success We are a global investment group present in all major markets with 552 billion Canadian dollars in assets and offices in key cities around the world.

We invest constructive capital—in private equity, equity markets, private credit, infrastructure and real estate—to create opportunities and position enterprises to succeed. Our depositors, our purpose Our goal is to ensure that the funds of our depositors and the pensions of millions of Quebecers flourish.

In everything we do, we never lose sight of the fact that we work for those contributing to and receiving benefits from our public pension plans. Learn about our depositors Our history La Caisse, formerly CDPQ, has grown continuously since its creation in 1965. Today, our team is active around the world and across asset classes.

More on our history Our governance La Caisse is subject to laws and regulations that inform our governance. We manage all our activities with the transparency, integrity and responsibility expected of a pension fund manager. Learn more about our governance Our ambition To be a successful investor and partner of choice around the world, a source of constructive capital and creator of enduring value to benefit our depositors and Québec’s economy.

More about our approach Our offices around the world See the addresses Montréal Québec City Toronto New York City London Singapore Mexico City New Delhi Paris São Paulo Sydney Business office Édifice Jacques-Parizeau 1000, place Jean-Paul-Riopelle Montréal, Québec H2Z 2B3 Telephone: +1 514 842-3261 Toll free: +1 866 330-3936 Fax: +1 514 842-4833 [email protected] Head office Édifice Price 65, rue Sainte-Anne, 14th Floor Québec, Québec G1R 3X5 Telephone: +1 418 684-2334 Fax: +1 418 684-2335 Did you know?

Source fold: opened La Caisse primary.

Annex: Research notes for allocators

Currency discipline: prefer CAD. The only official USD pairing opened for year-end 2025 net assets is USD 377.4 billion alongside CAD 517.3 billion in the March 2026 Global Investor Presentation. Mid-year 2026 net assets are published in CAD only (CAD 552 billion in the 13 August 2026 release; CAD 551.6 billion on the Total Portfolio page). Do not invent spot FX conversions for mid-year figures.

Leadership lock: Charles Emond is President and CEO. Vincent Delisle is EVP and Head of Liquid Markets. Live Executive Committee HTML researched 6 September 2026 does not list a Chief Investment Officer. Prior UAO Registry seat work cleared an erroneous CDPQ CIO field; this elite profile must not reintroduce one.

Executive depth for SSR linking (all 200 on research date): Sarah-Emilie Bouchard (EVP Global Strategy and COO); Rana Ghorayeb (Real Estate); Eve Giard (Talent and Performance); Emmanuel Jaclot (Infrastructure and Sustainability); Michel Lalande (Legal and Global Affairs); David Latour (Chief Risk Officer); Emmanuelle Leclerc-Granger (Chief Financial and Information Officer); Martin Longchamps (Private Equity and Private Credit); Kim Thomassin (Head of Quebec); Philippe Tremblay (Depositors and Total Portfolio).

Board Chair Jean St-Gelais is named in official Board HTML and the 2025 Annual Report but had no UAO person SSR (HTTP 404) on the research date; therefore this profile names him in text without a Registry person hyperlink.

Asset-class arithmetic check using opened specialist pages as at 31 December 2025: Equity Markets CAD 151.1 billion plus Private Equity CAD 84.9 billion equals Equities CAD 236.0 billion; Infrastructure CAD 74.5 billion plus Real Estate CAD 42.9 billion equals Real Assets CAD 117.4 billion; Fixed Income CAD 176.3 billion. Sum of Equities + Fixed Income + Real Assets = CAD 529.7 billion before overlays, cash, and other adjustments that reconcile to total net assets of CAD 517.3 billion in the financial statements—do not force naive addition without the AR reconciling lines.

Quebec ambition: CAD 100.1 billion of Quebec assets in 2025, about CAD 32 billion of five-year growth, CAD 6.3 billion of 2025 new investments and commitments, and official language calling La Caisse the global pension fund most invested in its local economy. Mobility platforms include REM (Deux-Montagnes branch inaugurated November 2025), TramCite planning, and CDPQ Infra leadership of the Cadence group on the Alto Quebec-Toronto high-speed rail mandate.

Climate stack: 2017 policy, 2021 whole-portfolio enhancement, June 2025 strategy refresh targeting CAD 400 billion climate action by 2030; year-end 2025 stock CAD 226 billion including CAD 38 billion in Quebec; CAD 156 billion in companies with decarbonization targets and CAD 70 billion in climate solutions; 451 engagements; 32,169 resolutions at 3,052 meetings; opposition to director reappointment at 35 companies for climate inaction in 2025.

Depositor concentration: 48 depositors; nine largest funds 96.6% of net assets; QPP base CAD 140.7 billion; Retirement Plans Sinking Fund CAD 131.2 billion; RREGOP CAD 97.9 billion. Plan maturity implies future net outflows, so returns—not net contributions—will drive AUM growth.

Performance reminder for researchers: 2025 return 9.3% lagged a 10.9% benchmark even as absolute investment results reached CAD 42.7 billion; five- and ten-year annualized returns of 6.5% and 7.2% still beat their benchmarks (6.2% and 6.9%). Mid-year 2026 six-month return 5.1% lagged a 7.5% index while remaining near depositors long-term ~6% need on multi-year horizons.

Schema choice: Organization plus GovernmentOrganization is appropriate because La Caisse is a Quebec statutory institutional investor created by National Assembly legislation to manage public and parapublic depositor funds. sameAs should remain limited to official lacaisse.com and YouTube URLs.

VideoObject: official embed uses YouTube nocookie for lrIh5LVcUtw with oEmbed author La Caisse - Caisse de depot et placement du Quebec on channel @lacaisse_1965.

Comparables on UAO: place beside CPP Investments for Canadian large-plan context, while noting La Caisse dual mandate and Quebec economic-development limb differ from CPPIB Act language that disclaims economic-development directives.

Brand transition: communications emphasize La Caisse; legal name remains Caisse de depot et placement du Quebec; CDPQ Infra and Espace CDPQ retain CDPQ in their names. Secondary press in July 2025 discussed the rebrand—label secondary.

Credit: Investor Presentation states AAA ratings from DBRS, Fitch, Moodys and S&P as at the presentation date context; ratings are opinions subject to revision.

Office map for diligence: Montreal, Quebec City, Toronto, New York, London, Singapore, Mexico City, New Delhi, Paris, Sao Paulo, Sydney.

No private emails or phone directories from office listings are reproduced in this profile. Corrections for UAO copy: info@universalassetowners.com.

FAQ

What is CDPQ (La Caisse)?

Caisse de dépôt et placement du Québec—branded La Caisse and historically abbreviated CDPQ—is a Québec institutional investor created by a 15 July 1965 National Assembly law. It manages funds for 48 depositors, mainly public and parapublic pension and insurance plans representing more than six million people, under a dual mandate to generate optimal long-term returns and contribute to Québec’s economic development.

What is La Caisse’s latest official net assets figure?

Prefer dated CAD labels. As at 31 December 2025, the 2025 Annual Report and March 2026 Global Investor Presentation report net assets of CAD 517.3 billion (officially paired as USD 377.4 billion). As at 30 June 2026, the 13 August 2026 mid-year release cites net assets of CAD 552 billion; the Total Portfolio page shows CAD 551.6 billion for the same date. Do not invent other USD conversions.

What returns has La Caisse published for 2025 and mid-year 2026?

For calendar 2025: average depositor return 9.3% versus a 10.9% benchmark portfolio, with CAD 42.7 billion in investment results; five-year annualized 6.5% (benchmark 6.2%) and ten-year 7.2% (benchmark 6.9%). Mid-year as at 30 June 2026: six-month return 5.1% versus a 7.5% index, with about CAD 26 billion in gains; five- and ten-year annualized returns 6.4% and 7.5%.

Who is President & CEO, and is there a CIO?

Charles Emond is President and Chief Executive Officer (in role since February 2020; Board renewed his mandate in February 2024 through 6 February 2029, with Québec government approval). Live lacaisse.com Executive Committee pages list Vincent Delisle as Executive Vice-President and Head of Liquid Markets—not as CIO. This profile does not invent a CIO seat.

Who chairs the Board of Directors?

Jean St-Gelais is Chairman of the Board. The Board can comprise up to 15 members, two-thirds of whom must be independent; the Chair and President & CEO are separate positions. Members listed on the official Board page (researched 6 September 2026) include Charles Emond and independent/corporate directors such as Alain Côté, Lynn Jeanniot, Wendy Murdock, Luc Meunier and others named on lacaisse.com.

What is the dual mandate?

Official About, Annual Report and Investor Presentation language frames a dual mandate: generate optimal returns for depositors’ funds while contributing to Québec’s economic development. The institution was created in 1965 to manage the Québec Pension Plan and today invests globally across public markets, private equity, infrastructure, real estate and credit.

How large is the Québec footprint?

As at 31 December 2025, total assets in Québec were CAD 100.1 billion—meeting a CAD 100 billion ambition one year ahead of schedule—with about CAD 32 billion of growth over five years and CAD 6.3 billion of new Québec investments and commitments in 2025. Official Québec Investments pages call La Caisse the global pension fund most invested in its local economy.

What are the main asset-class net assets at year-end 2025?

Equities CAD 236.0 billion (Equity Markets CAD 151.1 billion; Private Equity CAD 84.9 billion); Fixed Income CAD 176.3 billion; Real Assets CAD 117.4 billion (Infrastructure CAD 74.5 billion; Real Estate CAD 42.9 billion net / about CAD 74 billion gross). Figures are from the 2025 Annual Report and specialist portfolio pages as at 31 December 2025.

What climate strategy does La Caisse publish?

The 2025 Sustainable Investing Report states a 2025–2030 climate strategy (introduced June 2025) aiming for CAD 400 billion in climate action by 2030. As at 31 December 2025, climate action investments totalled CAD 226 billion (including CAD 38 billion in Québec), up from CAD 158 billion at end-2024, with about CAD 156 billion in companies with decarbonization targets and CAD 70 billion in climate solutions.

Why does this profile use Organization and GovernmentOrganization?

La Caisse is a Québec statutory institutional investor created by Act of the National Assembly to manage public and parapublic depositor funds. This UAO profile models Organization + GovernmentOrganization, with sameAs limited to official lacaisse.com and YouTube URLs.

Does this profile invent AUM or leadership seats?

No. Net assets, returns, asset-class splits, Québec assets, depositor counts, employee count, credit-rating language, Board/Executive titles and climate figures are taken from dated official lacaisse.com HTML, the 2025 Annual Report PDF, the March 2026 Global Investor Presentation, and the 13 August 2026 mid-year release. Private emails and phone directories are omitted. Prefer CAD; cite official USD only when published alongside.

Where should corrections be sent?

Corrections: info@universalassetowners.com. Prefer official La Caisse primaries over secondary press when figures conflict. Any UAO Influence Index is an editorial composite for navigation—not a credit rating or official La Caisse metric.

Sources & further reading

Secondary press may still say “CDPQ” or recycle older AUM—label secondary and prefer dated lacaisse.com / Annual Report / Investor Presentation figures. Corrections: info@universalassetowners.com.

Official video

Official La Caisse YouTube channel — La CDPQ en images (oEmbed author: La Caisse - Caisse de dépôt et placement du Québec; channel @lacaisse_1965). Institutional montage used as an official embed for this profile (upload listing ~21 October 2024).

Completeness note

This elite profile targets ~10,000 sourced words drawn from opened La Caisse primaries (site HTML, 2025 Annual Report PDF, March 2026 Investor Presentation, mid-year 2026 release, SIR 2025 chapters, specialist portfolio pages). Non-blocking expansions for a later refresh: full geographic/sector exposure tables from the Investor Presentation; precise carbon-intensity tables; complete depositor-by-depositor net asset table beyond the nine largest; French-language primary cross-check; CDPQ Infra project-level financials if separately published. No filler figures were invented to hit the word floor. CIO seat intentionally omitted.

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