CPP Investments — mandate, returns, leadership

Registry · Top 100 · Rank 12 · Public pension investment board · Canada · Last researched 6 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

Executive brief
Speakable summary
Mandate & ownership
Scale & portfolio
Governance & leadership
Investment philosophy
Climate / ESG / ethics
Performance & reporting
Controversies & debates
Timeline
Annex: Q3 fiscal 2026 path
Annex: Fiscal 2025 Annual Report folds
Annex: Investment departments & Canada
Annex: Risk, costs & sustainable investing
FAQ
Sources
Official video
Completeness note

Executive brief

CPP Investments (Canada Pension Plan Investment Board / CPPIB) is Canada’s professional investment manager for the Canada Pension Plan Fund. It invests CPP assets not needed for current benefits under a statutory mandate to maximize long-term returns without undue risk of loss, at arm’s length from governments. Registry slug cpp-investments; UAO Top 100 rank 12.

Latest dated Fund scale: net assets C$780.7 billion at 31 December 2025 (Q3 fiscal 2026; CNW release 13 February 2026; interim financial statements net assets $780,750 million). Prior quarter C$777.5 billion; fiscal year-end 31 March 2025 net assets C$714.4 billion (F2025 news / Annual Report). Q3 F2026 quarterly net return 0.5%; 10-year annualized net return 8.4%. Fiscal 2025: net return 9.3%, net income C$59.8 billion, 10-year net return 8.3%. Prefer CAD / C$ as published — no invented USD conversion.

Leadership: President & CEO John Graham; Senior Managing Director & Chief Investment Officer Edwin D. (Ed) Cass (also styled Ed Cass on the official SMT organizational chart). Board Chairperson: Dean Connor (Annual Report; January 2026 newsroom). Global team of 2,125 employees at fiscal 2025 year-end (Annual Report), headquartered in Toronto with international offices as listed in dated releases.

Researchers care because CPP Investments is among the world’s largest public pension investment boards, with dual base/additional CPP accounts, a Total Portfolio Approach, multi-decade cumulative net income disclosures, integrated sustainable-investing reporting, and quarterly/annual transparency that supports cross-institution comparison. Related UAO hubs: Registry, Top 100, sovereign & public capital.

Speakable summary

CPP Investments manages the Canada Pension Plan Fund at arm’s length from governments under a statutory return-maximization mandate without undue risk of loss. At 31 December 2025 the Fund reported C$780.7 billion of net assets, after ending fiscal 2025 on 31 March 2025 at C$714.4 billion with a 9.3% net return. John Graham is President and CEO; Ed Cass is Chief Investment Officer; Dean Connor chairs the Board.

Mandate & ownership

What CPP Investments is: a federal statutory corporation (Canada Pension Plan Investment Board) that manages amounts transferred from the Canada Pension Plan. What it is not: it is not the CPP benefit administrator for individual claimants, not a retail asset manager open to the public, and not a sovereign wealth fund funded by commodity surpluses — its capital path is CPP contributions/transfers plus investment income.

The Fiscal 2025 Annual Report quotes the CPPIB Act objective: to “invest its assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the factors that may affect the funding of the Canada Pension Plan.” The same report states that the CPPIB Act sets no investment directions related to economic development, social objectives or political directives, and that CPP Investments operates at arm’s length, free from political interference. Net assets managed by CPP Investments do not include the liabilities and other assets of the CPP itself (stated in the Q3 F2026 interim financial statements).

Accountability: the organization is accountable to Parliament and to federal and participating provincial finance ministers through governance and disclosure frameworks described in the Annual Report; the Board of Directors is appointed through the federal process described in the CPPIB Act materials in the report. Every six years a special examination / review cycle is described in the governance sections of the Annual Report (see annex folds).

Canada Pension Plan Investment Board Act (CPPIB Act). Under federal Minister of Finance, following consultation with the CPP’s the CPPIB Act, CPP Investments has the objective to “invest participating provinces. its assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the factors that may The CPPIB Act sets no investment directions related to affect the funding of the Canada Pension Plan.” We manage all economic development, social objectives or political directives.

amounts the CPP transfers to us in the best interests of CPP While the federal and participating provincial governments have contributors and beneficiaries, helping to ensure the CPP is oversight of CPP Investments, they do not direct how or where there for current and future generations.

the Fund is invested; we are governed by our independent Board. Our independence from government is enshrined in The total assets we manage, net of liabilities, are referred to as carefully written legislation, ensuring that we can, and do, the “Fund”. It is critical that we manage the Fund in a way that operate at arm’s length, free from political interference.

has regard to the risks and socio-economic factors that the CPP itself faces. These factors include an aging population in Amendments to the legislation that governs CPP Investments Canada, future birth rates, employment and immigration, and require agreement by the federal government plus two-thirds of the real rate of growth in employment earnings on which CPP the provinces representing two-thirds of the population.

This is a contributions are based. To mitigate exposure of the Fund to higher requirement than the requirement for making changes to risks related to future Canadian economic and demographic the Canadian Constitution. These checks and balances protect conditions, we diversify our investments across the world.

the best interests of CPP contributors and beneficiaries, as well as the independence of CPP Investments. Independence with accountability We report to Parliament through the federal Minister of Finance, who tables our annual report in Parliament. We share Fund assets are owned by CPP Investments and are entirely quarterly financial statements with the federal and provincial separate from the assets of any government.

Contributions finance ministers and publish them on our website in both made to the CPP by individuals and employers that are official languages. not needed to pay current CPP benefits are transferred to CPP Investments. These contributions and investment returns As required under the CPPIB Act, every six years, we undergo a generated by CPP Investments support the payment of future special examination of our systems and practices, completed by retirement benefits at the benefit levels set by the CPP’s an independent examiner.

The most recent special examination government stewards. was completed by Deloitte LLP in February 2022. In this special examination, the independent examiner provided a clean Unlike Old Age Security, CPP benefits do not come from general opinion, concluding there is reasonable assurance that there tax revenues.

Source fold: Fiscal 2025 Annual Report — purpose / CPPIB Act mandate pages (opened PDF).

Scale & portfolio

Official Fund net assets are published in Canadian dollars. The table below uses dated F2025 year-end and Q3 F2026 figures only.

As-of	Fund net assets	Base CPP	Additional CPP	Notes
31 Mar 2024	C$632.3B	—	—	F2025 news comparative
31 Mar 2025 (YE F2025)	C$714.4B	C$655.8B	C$58.6B	F2025 news / AR
30 Sep 2025	C$777.5B	—	—	Q3 F2026 CNW prior quarter
31 Dec 2025 (Q3 F2026)	C$780.7B	C$705.0B	C$75.7B	CNW 13 Feb 2026; FS $780,750M

Fiscal 2025 change in net assets: +C$82.1 billion, consisting of C$59.8 billion net income and C$22.3 billion net transfers from the CPP (F2025 news). Q3 F2026 quarter: +C$3.2 billion from C$4.0 billion net income less C$0.8 billion net CPP outflows. Nine months to 31 December 2025: +C$66.3 billion (C$51.3 billion net income + C$15.0 billion net transfers).

Fiscal 2025 results overview (May 2025) attributes department net income (CAD) including Total Fund Management C$22.5B (7.2% net return), Private Equity C$12.1B (8.7%), Credit Investments C$11.4B (16.5%), Real Assets C$11.8B (8.7%), Capital Markets & Factor Investing C$1.2B, Active Equities C$0.8B (some department returns labelled N/A in the overview). Canada: overview cites C$114 billion total investments in Canada (12% of Fund) and C$87.1 billion net assets in Canada including liabilities, with 1-year / 5-year net returns on net assets in Canada of 8.1% and 5.8%.

Organisation scale at YE F2025: 2,125 employees; headquarters Toronto; international offices listed in dated boilerplate (Q3 F2026 CNW: Hong Kong, London, Mumbai, New York City, São Paulo and Sydney). F2025 news also reported a planned closure of the San Francisco office by end of calendar 2025 after strategic review — do not list SF as a current office without a newer official confirmation.

Fiscal 2025 Annual Results Overview Investing for Canadians MAY 2025 All figures in Canadian dollars unless otherwise noted . Fiscal 2025 Financial Results Overview Disclaimer and forward-looking statements Certain statements included in this presentation constitute “forward-looking information” within the meaning of Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbors.

All such forward looking statements are made and disclosed in reliance upon the safe harbor provisions of applicable United States securities laws. Forward looking information and statements often but not always use words such as “trend,” “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.

The forward-looking information and statements are not historical facts but reflect CPP Investments’ current expectations regarding future results or events. The forward-looking information and statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including available investment income, intended acquisitions, regulatory and other approvals and general investment conditions.

Although CPP Investments believes that the assumptions inherent in the forward-looking information and statements are reasonable, such statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

CPP Investments does not undertake to publicly update such statements to reflect new information, future events, and changes in circumstances or for any other reason. The information contained on CPP Investments’ website, LinkedIn, Facebook, Instagram and X are not a part of this presentation.

CPP INVESTMENTS, INVESTISSEMENTS RPC, CANADA PENSION PLAN INVESTMENT BOARD, L'OFFICE D'INVESTISSEMENT DU RPC, CPPIB and other names, phrases, logos, icons, graphics, images, designs or other content used throughout the presentation may be trade names, registered trademarks, unregistered trademarks, or other intellectual property of Canada Pension Plan Investment Board, and are used by Canada Pension Plan Investment Board and/or its affiliates under license.

Governance & leadership

Operating leadership centres on President & CEO John Graham and CIO Edwin D. (Ed) Cass. The official Senior Management Team organizational chart lists investment and corporate SMDs including Manroop Jhooty (Head of Total Fund Management), Geoffrey Rubin (One Fund Strategist), Max Biagosch (Global Head of Real Assets & Head of Europe), Caitlin Gubbels (Global Head of Private Equity), Frank Ieraci (Global Head of Active Equities and Investment Science), Heather Tobin (Global Head of Capital Markets and Factor Investing), David Colla (Global Head of Credit Investments), Agus Tandiono (Head of Asia Pacific & Active Equities Asia), Kristina Fanjoy (CFO), Patrice Walch-Watson (CLO & Corporate Secretary), Priti Singh (CRO), Mary Sullivan (Chief Talent Officer), Jon Webster (COO), and Michel Leduc (Chief Public Affairs Officer). Titles above are taken from the opened SMT org-chart PDF — not invented.

Board Chairperson Dean Connor (Corporate Director, Toronto; Director since August 2021; Chair, Investment Strategy Committee per AR biographies as at 31 March 2025). Other directors with biographies in the Fiscal 2025 Annual Report as at that date include William ‘Mark’ Evans, Judith Athaide, Ashleigh Everett, Sylvia Chrominska, Tahira Hassan, John Montalbano, Mary Phibbs, Barry Perry, and Boon Sim. On 6 January 2026, CPP Investments’ newsroom announced Elizabeth Cannon joining the Board; Dean Connor is quoted welcoming her. That appointment is after the Annual Report’s 31 March 2025 as-of date.

F2025 news highlighted SMT appointments of Caitlin Gubbels (PE), Priti Singh (CRO), and Heather Tobin (CMFI), and noted John Graham’s appointment as Chair of FCLTGlobal’s board. Earlier DBRS commentary (opened rating PDF in research pack context) described separation of CIO and Head of Total Fund Management roles with Manroop Jhooty as Head of TFM — consistent with the org chart.

Dean Connor Chairperson I am pleased to report that CPP Investments performed well over this past fiscal year and has continued to deliver strong long-term results. As of fiscal year end at March 31, 2025, the Fund reached $714.4 billion, with a 10-year net return of 8.3%.

Our 10-year return, on a calendar basis, places CPP Investments second among national pension funds globally, according to the May 2025 report of Global SWF, a pension industry specialist. The Fund’s performance reflects a disciplined approach, and the execution of a clear, long-term investment strategy designed to generate sustainable value for generations of Canadians.

Oversight of long-term strategy In a world of increased uncertainty, the CPP remains a • Economic shifts: The investment landscape is shifting, reliable foundation for Canadians’ financial security in and yesterday’s winning asset classes, sectors and retirement.

And CPP Investments’ strategy – built on geographic markets are not necessarily future winners. diversification, active management, and disciplined capital The Board is engaged with management on risk oversight allocation – helps to make the Fund resilient through market in this area, so that the Fund has the best chance of cycles and uncertainty.

The Board provides oversight and navigating uncertainties while generating strong long- guidance to make sure this strategy remains appropriate term returns. • Talent: The Board is responsible for ensuring that CPP The Fund focuses on long-term returns but is not immune to Investments has the leadership and expertise to fulfil its the short-term impacts of geopolitical and economic events.

This is my fifth year as President and CEO, during which global disruption has been a constant companion. It • Caitlin Gubbels is now Senior Managing Director & remains a privilege to lead this institution through such Global Head of Private Equity, having joined CPP a pivotal time.

As I mentioned at the start of this letter, in Investments 14 years ago. 2024, approximately six million Canadians received CPP • Priti Singh was appointed Senior Managing Director & benefits. That is real money, supporting households and Chief Risk Officer after 16 years with us.

local communities, and reinforcing both the responsibility we carry and our pride in contributing to the long-term financial • Heather Tobin became Senior Managing Director & strength of the CPP for all Canadians. Global Head of Capital Markets and Factor Investing after 15 years with the organization.

On behalf of everyone at CPP Investments, I want to thank you for trusting us to deliver on Canada’s pension promise. These transitions reflect the pipeline of talent we have built, and our ability to evolve as the world grows more complex. Sincerely, A strategy built for long-term performance Our corporate strategy rests partly on a simple idea: extraordinary performance comes from a truly synchronized organization.

We can only deliver world-class results for John Graham Canadians by integrating all our capabilities and competing President & CEO as one Fund, not a collection of asset classes. Delivering steady, long-term investment returns CPP Investments was created to invest and grow the Fund to help provide retirement security for Canadians today and for generations to come.

Since we began investing the Fund more than 25 years ago, CPP Investments has contributed $492.1 billion in cumulative net income, enabled by active management and our Total Portfolio Approach. Headquartered in Toronto, Canada, our global team of 2,125 employees continue to seek out the best opportunities to deliver steady, long-term investment returns for the Fund.

Board of Directors Biographies Strategy as at March 31, 2025 DEAN CONNOR, CHAIRPERSON1,2*,3*,4*,5* WILLIAM ‘MARK’ EVANS1,4,5 Corporate Director, Toronto, Ontario Director since August 2021. Early-stage technology investor, Chairperson, Board of Directors. London, United Kingdom Chair, Investment Strategy Committee.

Board Chair for University Health Network. Former President & CEO of Works with early-stage technology entrepreneurs in the U.K., Europe, and Sun Life Financial Inc. and President (Americas) of Mercer Human Resource North America. He has degrees in Economics from Queen’s University and Consulting.

Qualified as a Fellow of the Society of Actuaries and the the University of Oxford. and Analysis Management’s Discussion Canadian Institute of Actuaries. Honours Business Administration Degree from the Ivey Business School, University of Western Ontario. More than four decades of global experience in financial services.

ASHLEIGH EVERETT1,3 JUDITH ATHAIDE1,3,5 Corporate Executive, Corporate Director, Corporate Executive, Corporate Director, Winnipeg, Manitoba Calgary, Alberta Director since February 2017. Director of Kiwetinohk Energy and CEO of The Cogent Group Inc. She has Director of The Wawanesa Mutual Insurance Company.

Former held academic positions at the Universities of Alberta, Brandon, Calgary Director of The Bank of Nova Scotia and Manitoba Telecom Services, and Analysis Compensation Discussion and Mount Royal. Comm (Honours), University President & Director of Royal Canadian Securities Limited, subsidiaries of Alberta Master of Business Administration and Bachelor of Science in Royal Canadian Properties Limited, Domo Corporation Ltd., and Mechanical Engineering.

Masters of Business Administration, Ivey Business School, University of Western Ontario. Experience in the broad energy sector, as a professional engineer and entrepreneur. Extensive board experience in the public finance, insurance, and telecom sectors and more than 35 years of senior management experience in private property development and retail business operations.

CPP Investments Organizational Structure SENIOR MANAGEMENT TEAM OFFICE OF PRESIDENT & CEO John Graham President & CEO ACTIVE EQUITIES ASIA PACIFIC CAPITAL MARKETS AND FACTOR INVESTING Frank Ieraci Agus Tandiono Heather Tobin Senior Managing Director, Global Head of Active Equities and Senior Managing Director, Head of Asia Pacific & Active Equities Senior Managing Director, Global Head of Capital Markets and Investment Science Asia Factor Investing CREDIT INVESTMENTS FINANCE LEGAL David Colla Kristina Fanjoy Patrice Walch-Watson Senior Managing Director, Global Head of Credit Investments Senior Managing Director, Chief Financial Officer Senior Managing Director, Chief Legal Officer & Corporate Secretary OFFICE OF THE CIO ONE FUND STRATEGY PRIVATE EQUITY Ed Cass Geoffrey Rubin Caitlin Gubbels Senior Managing Director, Chief Investment Officer Senior Managing Director & One Fund Strategist Senior Managing Director, Global Head of Private Equity PUBLIC AFFAIRS AND COMMUNICATIONS REAL ASSETS & EUROPE RISK Michel Leduc Max Biagosch Priti Singh Senior Managing Director, Chief Public Affairs Officer Senior Managing Director, Global Head of Real Assets & Senior Managing Director, Chief Risk Officer Head of Europe TALENT TECHNOLOGY & OPERATIONS TOTAL FUND MANAGEMENT Mary Sullivan Jon Webster Manroop Jhooty Senior Managing Director, Chief Talent Officer Senior Managing Director, Chief Operating Officer Senior Managing Director, Head of Total Fund Management

Source fold: AR Chair/CEO letters, Board biographies as at 31 Mar 2025, SMT org chart PDF, F2025 news leadership bullets, Jan 2026 newsroom director announcement (via opened CNW/newsroom text where HTML WAF-blocked).

Investment philosophy

CPP Investments describes a Total Portfolio Approach and Total Portfolio Investment Framework spanning how it allocates, deploys and manages risk across public equities, private equities, real estate, infrastructure, credit, fixed income and alternative strategies, including partnerships with funds. Comparative advantages cited in the Annual Report include long horizon, certainty of cash-flow profile relative to many peers, governance/culture, and global partner network.

Fiscal 2025 strategy communication stressed updating leadership so investment departments report to the CIO, raising minimum market-risk settings for base and additional CPP based on updated capital-market assumptions, and seeking diversification including private assets while managing equity concentration. Relative performance disclosure: F2025 news states the Fund’s 10-year return outperformed aggregated benchmark portfolios by 1.4% value-added after costs; in fiscal 2025 itself the benchmark portfolios’ 10.9% exceeded the Fund’s 9.3% by 1.6%, primarily on levered global public equity indexes.

Headquartered in Toronto, Canada, our global team of 2,125 employees continue to seek out the best opportunities to deliver steady, long-term investment returns for the Fund. CPP contributors 10-year net 10-year net and beneficiaries nominal return real return 22M+ 8.3% 5.6% $492.1B in cumulative income since 1999 As at March 31 ($ billions) 800 $714.4B 700 600 500 $492.1B 400 300 200 100 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative net income since 1999 Total Fund size 8 Building a diversified, resilient portfolio for the long term Our portfolio is designed to be resilient in the face of wide-ranging market and economic cycles, built to push through short-term uncertainty to deliver stable, long-term returns for CPP contributors & beneficiaries.

We invest across different asset classes and investment strategies in Canada and around the world to capture global growth and provide protection during market downturns. We remain disciplined in our approach, engaging with world- class partners and investing in real, lasting opportunities while managing risk.

Countries where we Global investment Transactions announced hold investments partners over $100 million 55 341 100+ The base and additional CPP are projected to remain financially sustainable for at least the next 75 years at the legislated contribution rates. The Office of the Chief Actuary, an independent federal body, calculates these projections every three years.

The latest report at December 2021 reconfirmed the long-term financial sustainability of both the additional and base CPP. Projection of Fund Assets As at December 31 ($ billions) 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 19 20 21 22 23 24 251 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Actual Assets Projected Assets The chart above illustrates the combined projections of assets from the Chief Actuary’s 31st Report, which considers future changes in demographics, the economy and investment environments.

The Fund has two sources of growth: net contributions from CPP participants and net income earned from investments. By 2050, the Chief Actuary’s Report projects the total Fund will reach $3.6 trillion ($2.0 trillion when value is adjusted for expected inflation).

How We Develop and Implement Strategy 15 How We Design and Execute Our Investment Approach 16 Consolidated Financial Statements and Notes How We Manage Risk and Govern the Fund 24 Management’s Responsibility for Financial Reporting 95 How We Manage Costs 28 Investment Certificate 96 How We Pay for Performance 29 Independent Auditor’s Report 97 Consolidated Financial Statements 99 Management’s Discussion and Analysis Notes to the Consolidated Financial Statements 104 Key Performance Indicators 33 Fund Composition and Performance 34 Delivering Long-Term Incremental Returns 39 Managing Risks to Safeguard Value 42 Managing Costs as We Pursue Value 47 Investment Department Performance 50 Embedding Talent and Sustainability Considerations in Our Operations and Investments 65 Implementing Our Strategic Objectives 69 Financial Policies and Controls 70 How to read this report This annual report describes the strategy, performance and governance of Canada Pension Plan Investment Board (CPP Investments™) for the fiscal year ended March 31, 2025.

The Strategy section includes a description of our purpose, how we invest and govern the Fund as well as how we pay for performance. The report then describes our performance in the Management’s Discussion and Analysis section, attributing our results to various investment and operational activities during the fiscal year and over the past five years.

This is followed by additional information on our fiscal 2025 compensation disclosures, our governance and detailed Consolidated Financial Statements. An overview of this report and supplementary information, including previous annual reports, is available at www.cppinvestments.com.

For the fiscal year ended March 31, 2025, our Report on Sustainable Investing has been integrated into this annual report. More information on our approach to sustainability can be found on our website. Legal Notices This annual report, and the disclosures contained herein, are provided solely for informational purposes, and not for the purposes of promoting, either directly or indirectly, any business or business interest.

CPP Investments does not assume any responsibility or obligation to update or revise any statements in this document. No representation or warranty, express or implied, is or will be made in relation to the accuracy, reliability or completeness of the information contained herein.

No liability whatsoever is or will be accepted by CPP Investments for any loss or damage howsoever arising out of or in connection with the use of, or reliance upon, the information contained in this document. The forward-looking information and statements are not historical facts but reflect CPP Investments’ current expectations regarding future results or events.

The forward-looking information and statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including available investment income, intended acquisitions, regulatory and other approvals, general investment conditions and technological, political, economic, regulatory, environmental and climatic factors.

Source fold: AR Total Portfolio / strategy sections; F2025 news relative-performance paragraphs.

Climate / ESG / ethics

For fiscal 2025, the Report on Sustainable Investing is integrated into the Annual Report. Climate Change Principles (opened AR text): (1) invest for a whole-economy transition; (2) evolve strategy as transition pathways and decarbonization standards emerge; (3) exert influence to create value and mitigate risk; (4) support a responsible transition consistent with investment beliefs — including that accelerating the global energy transition requires a sophisticated long-term approach rather than blanket divestment; (5) report on actions, impacts and portfolio emissions.

The AR states that achieving net zero by 2050 remains a widely adopted goal, while the pace of transition depends on government commitments, technology, corporate targets, consumer/corporate behaviour, reporting standards and carbon markets. The CIO is described as responsible for integrating climate-change factors into portfolio construction; sustainability-related financial disclosures including GHG metrics are discussed in the MD&A sustainable-investing sections. Ethics/conduct: Code of Conduct for directors and employees is referenced in governance materials (Annual Report).

Our core beliefs regarding climate change Our approach to climate change is grounded in our Investment Beliefs and Climate Change Principles, where we seek to: • Principle 1: Invest for a whole economy transition required by climate change. • Principle 2: Evolve our strategy as transition pathways emerge and global standards for decarbonization materialize.

Governance • Principle 3: Exert influence to create value and mitigate risk. • Principle 4: Support a responsible transition consistent with our investment beliefs and expertise, including our belief that accelerating the global energy transition requires a sophisticated, long-term approach rather than blanket divestment.

• Principle 5: Report on our actions, their impacts and our portfolio emissions. These principles frame how we engage with stakeholders and deploy capital to support our portfolio companies in aligning their strategies with a low-carbon and climate-resilient future, where doing so unlocks and protects long-term value.

They also outline our support for a whole economy transition, with continued investment and engagement across all sectors. Achieving net zero by 2050 remains a widely adopted goal and critical ambition for many companies, countries and international organizations.

The fulfillment of commitments made by governments, technological progress, fulfillment of corporate targets, changes in consumer and corporate behaviours, and development of global reporting standards and carbon markets will determine the pace of the transition to net zero.

Statements and Notes Consolidated Financial We believe that applying these principles can support both the whole economy’s transition and the long-term performance of the Fund. 24 How We Manage Risk and Govern the Fund Our Integrated Risk Framework CPP Investments Mandate Maximize returns without undue risk of loss Risk Appetite Alignment Strategic Objectives Plan Adjustment Risk Regulatory Key Risk Categories Market Credit Liquidity Leverage Operational Strategic & Legal Risk Risk Risk Risk Risk Risk Risk Culture Financial Impact Impacts Reputational Impact Accountable for managing the risks associated with investment and operational matters 1st Line under their responsibility Lines of 2nd Line Provides independent oversight, constructive challenge and value-add analysis Defence Assurance & Advisory: Provides independent assurance over the system of governance, 3rd Line risk management, and internal controls Our approach to integrated risk management allows us to both create and safeguard value.

It is central to delivering on our mandate to maximize returns without undue risk of loss. This framework is grounded and sustained by our risk culture, as further discussed on page 25. Risk governance defines clear parameters within which the Fund operates. This starts with the articulation of our risk appetite and other provisions as approved by the Board of Directors to manage key risks associated with the base CPP, additional CPP and the Fund as a whole.

Risk appetite describes how much risk CPP Investments is willing to take to fulfil our mandate and achieve our strategic objectives. Our risk appetite consists of: • Risk limits which state the boundaries within which we must normally operate; • Risk statements which qualitatively express the boundaries for certain risks that are difficult to quantify; and • Risk targets which express the targeted level of risk within our risk limits at which we seek to operate.

Performance & reporting

Transparency stack used for this profile: annual report + consolidated financial statements; fiscal results overview deck; English news releases; quarterly condensed interim financial statements; CNW wire copies when the corporate site HTML is WAF-gated; SMT org chart PDF. Long-horizon framing is explicit: management and the Board repeatedly state that multi-year and 10-year net returns matter more than single-year outcomes for a multi-generational plan.

Fiscal 2025 headline path: 9.3% net return; C$59.8B net income; C$714.4B net assets; 10-year 8.3% net / 5.6% net real (overview); cumulative net income C$492.1B since 1999 (~70% of Fund value per F2025 news). Calendar-year 2024 net return 14.2% (F2025 news). Chief Actuary sustainability: F2025 materials cite confirmation the Plan remains financially sustainable for at least the next 75 years (31st Actuarial Report context); Q3 F2026 release cites the 32nd Actuarial Report affirming sustainability until at least the end of the current century and notes base CPP investment performance more than C$75 billion higher than expected over three years since 31 December 2021.

Q3 F2026: 0.5% quarterly net return; 8.4% 10-year; cumulative net income C$543.4B including the quarter. Public equities were the primary quarterly contributor; private equities, credit and infrastructure contributed positively; a stronger Canadian dollar weighed on foreign assets in CAD terms (CNW).

All figures in Canadian dollars unless otherwise noted CPP Investments Net Assets Total $714.4 Billion at 2025 Fiscal Year End Highlights 1: • Net income of $59.8 billion, one of the highest levels in our history • Net annual return of 9.3% in fiscal 2025 • Net annual return of 14.2% in calendar 2024 • 10-year net return of 8.3% • Cumulative net income of $492.1 billion since inception in 1999 TORONTO, ON (May 21, 2025): Canada Pension Plan Investment Board (CPP Investments) ended its fiscal year on March 31, 2025, with net assets of $714.4 billion, compared to $632.3 billion at the end of fiscal 2024.

The $82.1 billion increase in net assets consisted of $59.8 billion in net income and $22.3 billion in net transfers from the Canada Pension Plan (CPP). The Fund, which consists of the base CPP and additional CPP accounts, generated a net return of 9.3% for the fiscal year.

Since the CPP is designed to serve multiple generations of beneficiaries, evaluating the performance of CPP Investments over extended periods is more suitable than in single years. The Fund returned a 10-year annualized net return of 8.3%. Since CPP Investments first started investing the Fund in 1999, it has contributed $492.1 billion in cumulative net income, which is approximately 70% of its value today, with the balance attributed to net contributions.

“The Fund’s performance during the fiscal year was strong, with all investment departments contributing to one of the highest levels of annual net income in our history — despite market headwinds in the final quarter,” said John Graham, President & CEO. “The Fund remains on solid financial footing and is well- positioned to deliver long-term value for current and future generations of Canadians.” On a calendar-year basis, the Fund delivered a 14.2% net return, reflecting strong global equity market growth during that period, compared to a lower return environment in the last quarter of the fiscal year.

The multi-strategy platform employed by CPP Investments continues to deliver value. Strong returns across multiple assets classes were instrumental in driving the Fund’s fiscal year results. Public equities, especially in the U.S. and China, delivered gains despite geopolitical and trade-related headwinds in the fourth quarter.

Investments in private equities and infrastructure contributed positively to returns, as did credit, which benefited from tightening credit spreads. The strengthening of other currencies against the Canadian dollar was a significant contributor to gains across our asset classes for the year.

1 “Our portfolio – diversified across sectors, themes, asset types and geographic markets – is built for the long term. And while we’re not immune to short-term market shifts, our strategy is designed to remain resilient despite periodic fluctuations,” added Graham.

“Our investment strategy continues to deliver, earning $492.1 billion in cumulative net income since we started investing the Fund more than 25 years ago. By investing today in high-quality opportunities – from technology to infrastructure – we’re positioning the Fund to deliver steady returns over the long term.” “In times of uncertainty, Canadians can take comfort in knowing that the CPP is designed to support them in retirement,” added Graham.

All figures in Canadian dollars unless otherwise noted Highlights: Net assets increase by $3.2 billion 10-year net return of 8.4% 32 nd Actuarial Report reaffirms long-term financial sustainability of the Canada Pension Plan TORONTO , Feb. 13, 2026 /CNW/ - Canada Pension Plan Investment Board ( CPP Investments ) ended its third quarter of fiscal 2026 on December 31, 2025, with net assets of $780.7 billion, compared to $777.5 billion at the end of the previous quarter.

The $3.2 billion increase in net assets for the quarter consisted of $4.0 billion in net income, less $0.8 billion in net Canada Pension Plan (CPP) outflows. CPP Investments routinely receives more CPP contributions than required to pay benefits during the first part of the calendar year, partially offset by benefit payments exceeding contributions in the final months of the year.

The Fund, composed of the base CPP and additional CPP accounts, generated a 10-year annualized net return of 8.4%. For the quarter, the Fund's net return was 0.5%. Since CPP Investments first started investing the Fund in 1999, and including the third quarter of fiscal 2026, it has contributed $543.4 billion in cumulative net income to the Fund.

For the nine-month fiscal year-to-date period, the Fund increased by $66.3 billion consisting of $51.3 billion in net income, plus $15.0 billion in net transfers from the CPP. For the period, the Fund's net return was 7.0%. "We experienced a volatile quarter amid slowing growth and escalating geopolitical tensions," said John Graham, President & Chief Executive Officer, CPP Investments.

"The Fund remained resilient, and we stayed focused and disciplined as a patient investor. To meet obligations to current and future CPP beneficiaries we must hold to our long-horizon perspective and let fundamentals drive our conviction and decisions." Public equities were the primary contributor to Fund returns in the third quarter, with continued gains in developed market equities.

However, gains were more measured than in recent quarters as optimism softened and pricing concerns increased. Private investments, particularly in private equities, credit, and infrastructure, contributed positively to results; external managers also delivered steady performance.

Controversies & debates

Official attributable actions / disclosures first. Relative underperformance versus benchmark portfolios in fiscal 2025 (−1.6 percentage points versus a 10.9% benchmark return) is disclosed by CPP Investments itself and attributed primarily to strong levered global public equity indexes in the benchmarks versus the Fund’s diversified construction (F2025 news). That is a performance-debate fact from primary disclosure, not an external allegation.

Operational footprint: F2025 news reports a strategic review culminating in planned closure of the San Francisco office by end of calendar 2025, after establishing the office in January 2019 for technology-ecosystem opportunity — an official restructuring disclosure.

Climate debate context (labelled as official framing, not press narrative): Principle 4 explicitly rejects blanket divestment as the energy-transition approach, which is a stated policy choice that stakeholders may contest; this profile records the principle as published rather than adjudicating it.

Secondary press may discuss specific holdings or stewardship votes; this profile does not invent those narratives. Prefer holdings/voting reports on cppinvestments.com when HTML access is available.

Timeline

1999 — CPP Investments begins investing the Fund (cumulative net income clock used in all modern releases).
Additional CPP — separate account with different funding profile; YE F2025 net assets C$58.6B; Q3 F2026 C$75.7B (official releases).
Feb 2021 — John Graham appointed President & CEO (historical context in prior releases; still CEO in 2025–2026 disclosures).
2021+ — Ed Cass named dedicated CIO (historical SMT announcements); later TFM role separated (Manroop Jhooty as Head of TFM on current org chart).
Oct 2023 — Dean Connor succeeds Heather Munroe-Blum as Board Chairperson (DBRS/AR governance context).
31 Mar 2025 — YE F2025: C$714.4B net assets; 9.3% net return; C$59.8B net income; 10-year 8.3%.
May 2025 — F2025 news release (21 May 2025) and Annual Report / results overview published.
31 Dec 2025 — Q3 F2026: C$780.7B net assets; 0.5% quarterly net return; 10-year 8.4%.
6 Jan 2026 — Elizabeth Cannon joins Board (newsroom; Dean Connor quoted).
12–13 Feb 2026 — Board approves Q3 F2026 interim FS (12 Feb); CNW results release 13 Feb 2026.

Annex: Q3 fiscal 2026 path

Opened CNW release text for 13 February 2026 and Condensed Interim Consolidated Financial Statements for the three and nine months ended 31 December 2025 (approved 12 February 2026).

As a stronger Canadian dollar reduced the value of foreign investments in Canadian-dollar terms, foreign exchange movements negatively affected the Fund's globally diversified portfolio. CPP Investments intentionally constructs a diversified, globally invested portfolio that is less concentrated than public market indices, supporting the Fund's long-term resilience.

"With that longer-term imperative in mind, the Chief Actuary's latest report provides an independent expert affirmation that the Canada Pension Plan remains financially sustainable until at least the end of the current century," added Mr. "The report highlights that investment performance of the base CPP over the three-year period since December 31, 2021, was more than $75 billion higher than expected, resulting in a CPP Fund that is substantially larger than projected in the previous actuarial report.

This independent confirmation supports the soundness of our long-term investment approach to help support a stable retirement foundation for CPP contributors and beneficiaries for generations to come." Performance of the Base and Additional CPP Accounts The base CPP account ended its third quarter of fiscal 2026 on December 31, 2025, with net assets of $705.0 billion, compared to $706.0 billion at the end of the previous quarter.

The $1.0 billion decrease in net assets consisted of $3.8 billion in net income less $4.8 billion in net base CPP outflows. The base CPP account's net return for the quarter was 0.5% and the 10-year annualized net return was 8.5%. The additional CPP account ended its third quarter of fiscal 2026 on December 31, 2025, with net assets of $75.7 billion, compared to $71.5 billion at the end of the previous quarter.

The $4.2 billion increase in net assets consisted of $0.2 billion in net income and $4.0 billion in net transfers from the additional CPP. The additional CPP account's net return for the quarter was 0.3% and the annualized net return since inception was 6.1%. The additional CPP was designed with a different legislative funding profile and contribution rate compared to the base CPP.

Given the differences in its design, the additional CPP has had a different market risk target and investment profile since its inception in 2019. As a result of these differences, we expect the performance of the additional CPP to generally differ from that of the base CPP.

Furthermore, due to the differences in its net contribution profile, the additional CPP account's assets are also expected to grow at a much faster rate than those in the base CPP account. CPP Investments Net Nominal Returns 1 (For the period ended December 31, 2025) Base CPP Five-Year 7.3 % 10-Year 8.5 % Additional CPP Five-Year 4.4 % Since Inception 6.1 % Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2025 CPP Investments Condensed Interim Consolidated Balance Sheet (Unaudited) As at As at (CAD millions) December 31, 2025 March 31, 2025 Assets Cash and cash equivalents $ 10,694 $ 7,781 Investments (Note 2) 996,719 923,978 Pending trades receivable (Note 2) 1,673 1,939 Premises and equipment 686 703 Other assets 85 82 Total assets 1,009,857 934,483 Liabilities Investment liabilities (Note 2) 217,935 216,101 Pending trades payable (Note 2) 9,988 2,543 Accounts payable and accrued liabilities 1,184 1,396 Total liabilities 229,107 220,040 Net assets $ 780,750 $ 714,443 Net assets, represented by: Share capital $ - $ - Accumulated net income and comprehensive income 543,436 492,138 Accumulated net transfers from the Canada Pension Plan 237,314 222,305 Net assets $ 780,750 $ 714,443 The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.

CPP Investments 1 of 28 Condensed Interim Consolidated Statement of Comprehensive Income (Loss) (Unaudited) For the three months ended For the nine months ended December 31, December 31, (CAD millions) 2025 2024 2025 2024¹ Income (Loss): Interest income $ 2,483 $ 2,369 $ 7,672 $ 6,700 Dividend income 2,863 2,158 15,970 5,469 Net gains (losses) on private investments (2,067) (9) (3,462) 438 Net gains (losses) on public investments 2,946 (415) 34,177 12,893 Net gains on investment holding subsidiaries (Note 4) 176 24,929 4,211 37,798 Other (2) (791) 286 (809) 6,399 28,241 58,854 62,489 Expenses: Personnel 283 277 888 819 General and administrative 138 124 391 411 Management fees 3 4 11 11 Performance fees - 11 82 125 Transaction-related 127 97 278 295 Taxes 14 (3) 331 350 Financing 1,847 1,733 5,575 5,141 2,412 2,243 7,556 7,152 Net income and comprehensive income $ 3,987 $ 25,998 $ 51,298 $ 55,337 1 Certain comparatives have been updated to conform to the current period's presentation.

Source fold: Q3 F2026 CNW + Q3-F26-Financial-Statements-EN.pdf. Verify against the live page/PDF before citing beyond this page.

Annex: Fiscal 2025 Annual Report folds

Opened Fiscal 2025 Annual Report (English PDF) — Chair and CEO letters, purpose/mandate, strategy and Total Portfolio language, and KPI/MD&A performance narrative.

This year, the Board endorsed three executive Our role as the Board is to ensure that the organization is appointments of talented leaders from within the well positioned to navigate these turbulent times and deliver organization: Caitlin Gubbels (Private Equity), Priti Singh strong performance over the long run.

(Risk), and Heather Tobin (Capital Markets and Factor Investing). These appointments highlight the depth and The Board’s key focus areas this fiscal year included: breadth of the talent bench at CPP Investments. • Geopolitical dynamics: Changing global trading patterns, international tensions and market instability present both risks and opportunities for CPP Investments.

The Board is engaged with management to help ensure the Fund is resilient, leveraging a diversified portfolio to mitigate risks while capitalizing on opportunities. Oversight of CPP Investments’ business activities Board renewal is also a priority. We work with the federal Diversification is a key element of our investment strategy, Finance Minister, in consultation with the CPP’s participating including diversification by geography.

Within that, CPP provinces, and the Minister’s nominating committee, to make Investments continues to seek out opportunities to invest in sure we continue to have the right exp This is my fifth year as President and CEO, during which global disruption has been a constant companion.

It • Caitlin Gubbels is now Senior Managing Director & remains a privilege to lead this institution through such Global Head of Private Equity, having joined CPP a pivotal time. As I mentioned at the start of this letter, in Investments 14 years ago. 2024, approximately six million Canadians received CPP • Priti Singh was appointed Senior Managing Director & benefits.

That is real money, supporting households and Chief Risk Officer after 16 years with us. local communities, and reinforcing both the responsibility we carry and our pride in contributing to the long-term financial • Heather Tobin became Senior Managing Director & strength of the CPP for all Canadians.

Global Head of Capital Markets and Factor Investing after 15 years with the organization. On behalf of everyone at CPP Investments, I want to thank you for trusting us to deliver on Canada’s pension promise. These transitions reflect the pipeline of talent we have built, and our ability to evolve as the world grows more complex.

Sincerely, A strategy built for long-term performance Our corporate strategy rests partly on a simple idea: extraordinary performance comes from a truly synchronized organization. We can only deliver world-class results for John Graham Canadians by integrating all our capabilities and competing President & CEO as one Fund, not a collection of asset classes.

Delivering steady, long-term investment returns CPP Investments was created to invest and grow the Fund to help provide retirement security for Canadians today and for generations to come. Since we began investing the Fund more than 25 years ago, CPP Investments has contributed $492.1 billion in cumulative net income, enabled by active management and our Total Portfolio Approach.

Source fold: CPP-Investments-F2025-Annual-Report-English.pdf. Verify against the live page/PDF before citing beyond this page.

Annex: Investment departments & Canada

Department net-income attribution and Canada-market figures from the Fiscal 2025 Annual Results Overview (May 2025) plus investment-department MD&A folds from the Annual Report.

ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE Fiscal 2025 performance 9.3% $59.8B $714.4B Net Return Net Income Net Assets (nominal) as at March 31, 2025 . ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE Significant year-over-year net asset increase CHANGE IN NET ASSETS1 $ billions 59.8 22.3 714.4 $82.1B 632.3 Annual Net Increase 31-Mar-24 Net Income Net CPP Cash Inflows 31-Mar-25 1 – Numbers may not sum due to rounding .

ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE What pays pensions The Fund has grown in 25 of our 26 years of management ANNUAL PROFITS FUND GROWTH 90 $714.4B 80 632.3 70 539.3 570 $59.8B 497.2 60 50 40 30 20 10 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net income, $ billions, fiscal years Net assets, $ billions, fiscal years .

ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE Solid fiscal-year performance Our multi-strategy platform continues to deliver Our portfolio – diversified across sectors, value. Strong returns across multiple asset themes, asset types and geographic markets – classes were instrumental in driving results.

All investment departments contributed to one While we’re not immune to short-term market of the highest levels of annual net income in shifts, our strategy is designed to remain our history. resilient despite periodic fluctuations. ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE Continued strong long-term performance 10-Year $355.8B 8.3% 5.6% Net Income Net Nominal Return Net Real Return .

ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE The Fund is on track and projected to exceed $3 trillion by 2050 As at December 31 ($ Billions) This chart illustrates the combined projections of assets from the Chief Actuary’s 31st Report, which considers future changes in demographics, the economy and investment environments.

Represents actual total net assets as at March 31, 2025 . ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE The Fund continues to grow through periods of uncertainty As at March 31 ($ Billions) $492.1B Cumulative net income since 1999 .

ANNUAL RESULTS LONG-TERM PERFORMANCE INVESTMENT STRATEGY RELATIVE PERFORMANCE MANAGEMENT UPDATE Once again ranked one of the world’s top-performing public pension funds #2 A recognition of our strong 10-year performance and the resilience of our diversified portfolio among global peers Source: Global SWF data platform, May 2025 .

Source fold: F25 results overview PDF + AR MD&A department pages + F25 news. Verify against the live page/PDF before citing beyond this page.

Annex: Risk, costs & sustainable investing

Integrated risk framework, cost management, talent/sustainability operations language, and Climate Change Principles from the opened Annual Report.

Managing Risks to Safeguard Value 42 Managing Costs as We Pursue Value 47 Investment Department Performance 50 Embedding Talent and Sustainability Considerations in Our Operations and Investments 65 Implementing Our Strategic Objectives 69 Financial Policies and Controls 70 How to read this report This annual report describes the strategy, performance and governance of Canada Pension Plan Investment Board (CPP Investments™) for the fiscal year ended March 31, 2025.

CPP Investments does not undertake to publicly update such statements to reflect new information, future events, and changes in circumstances or for any other reason. Additional caution regarding sustainability-related disclosures CPP Investments also cautions readers of the following regarding the statements and other disclosures in this report related to the Sustainability Objectives (collectively, “Sustainability Disclosures”): • In establishing and implementing Sustainability Objectives, and in making Sustainability Disclosures, CPP Investments has made various assumptions, including about technological, political, economic, regulatory, environmental and climatic factors.

These assum Managing Costs as We Pursue Value 47 Investment Department Performance 50 Embedding Talent and Sustainability Considerations in Our Operations and Investments 65 Implementing Our Strategic Objectives 69 Financial Policies and Controls 70 How to read this report This annual report describes the strategy, performance and governance of Canada Pension Plan Investment Board (CPP Investments™) for the fiscal year ended March 31, 2025.

Source fold: AR risk/costs/talent/climate/governance sections. Verify against the live page/PDF before citing beyond this page.

FAQ

What is CPP Investments?

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund (base CPP and additional CPP accounts) in the best interests of more than 22 million contributors and beneficiaries. It is governed and managed independently of the Canada Pension Plan and at arm’s length from governments, under the Canada Pension Plan Investment Board Act.

What is CPP Investments’ latest official net assets figure?

At 31 December 2025 (third quarter of fiscal 2026), CPP Investments reported Fund net assets of C$780.7 billion, up from C$777.5 billion at the prior quarter-end (CNW release dated 13 February 2026; Condensed Interim Consolidated Financial Statements show net assets of $780,750 million). At fiscal year-end 31 March 2025, net assets were C$714.4 billion (F2025 news release and Annual Report).

What is the statutory investment mandate?

Under the CPPIB Act, as quoted in the Fiscal 2025 Annual Report, CPP Investments has the objective to invest its assets with a view to achieving a maximum rate of return, without undue risk of loss, having regard to the factors that may affect the funding of the Canada Pension Plan. The Act sets no investment directions related to economic development, social objectives or political directives.

Who is President & CEO and who is CIO?

John Graham is President & Chief Executive Officer (quoted on F2025 results and the Q3 fiscal 2026 release). Edwin D. (Ed) Cass is Senior Managing Director & Chief Investment Officer (Annual Report SMT listing and official Senior Management Team organizational chart).

What were fiscal 2025 returns and net income?

For the fiscal year ended 31 March 2025, the Fund’s net return was 9.3% and net income was C$59.8 billion. Net assets rose to C$714.4 billion from C$632.3 billion at 31 March 2024. The 10-year annualized net return at year-end was 8.3%. Cumulative net income since investing began in 1999 was C$492.1 billion at year-end (F2025 news release / Annual Report).

How did Q3 fiscal 2026 perform?

For the quarter ended 31 December 2025, net assets were C$780.7 billion (+C$3.2 billion in the quarter from C$4.0 billion net income less C$0.8 billion net CPP outflows). Quarterly net return was 0.5%. The 10-year annualized net return was 8.4%. Nine-month fiscal year-to-date: Fund up C$66.3 billion (C$51.3 billion net income plus C$15.0 billion net transfers); net return 7.0%. Cumulative net income since 1999 including Q3 F2026: C$543.4 billion (CNW 13 February 2026).

What are the base CPP and additional CPP accounts?

The Fund consists of the base CPP and additional CPP accounts, which have different legislative funding profiles and contribution rates and therefore different market-risk targets and investment profiles. At 31 December 2025, base CPP net assets were C$705.0 billion and additional CPP C$75.7 billion. At 31 March 2025, base CPP was C$655.8 billion and additional CPP C$58.6 billion (official releases).

Who chairs the Board of Directors?

Dean Connor is Chairperson of the Board of Directors (Fiscal 2025 Annual Report; quoted on the 6 January 2026 newsroom announcement welcoming Elizabeth Cannon as a new director). Board biographies in the Annual Report are stated as at 31 March 2025.

What climate approach does CPP Investments publish?

The Fiscal 2025 Annual Report integrates the Report on Sustainable Investing and sets out five Climate Change Principles: invest for a whole-economy transition; evolve strategy as pathways emerge; exert influence to create value and mitigate risk; support a responsible transition consistent with investment beliefs (including that accelerating the energy transition requires sophistication rather than blanket divestment); and report on actions, impacts and portfolio emissions. Net zero by 2050 is described as a widely adopted ambition whose pace depends on governments, technology, corporate targets, behaviour and markets.

Why does this profile use Organization and GovernmentOrganization?

CPP Investments is a federal statutory investment board created by Act of Parliament to manage Canada Pension Plan assets at arm’s length from governments. This UAO profile models Organization + GovernmentOrganization, with sameAs limited to official cppinvestments.com / YouTube URLs.

Does this profile invent AUM or leadership seats?

No. Net assets, returns, transfers, department net income figures, employee count, Canada exposure, Board chair/bios as-of dates, and SMT titles are taken from dated official PDFs (Annual Report, news release, results overview, Q3 F2026 financial statements, SMT org chart) and the CNW wire carrying CPP Investments’ Q3 F2026 release. Private emails and phone directories are omitted. Prefer CAD as published — no invented USD conversion.

Where should corrections be sent?

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

Sources & further reading

Secondary press was not used for AUM, returns, or seats. Corrections: info@universalassetowners.com.

Official video

Official embed from the CPP Investments YouTube channel (@CPPInvestments): Why the CPP Matters — Gen Z Edition (video id f7aM3XvwD74; channel date text 5 December 2025).

Completeness note

This profile targets ~10,000 sourced words from opened official PDFs and the CNW wire carrying CPP Investments’ Q3 F2026 release. Non-blocking expansions if HTML WAF access improves: full public holdings files, proxy-voting reports, detailed Sustainable Investing microsite pages, and complete Board roster HTML after Elizabeth Cannon’s January 2026 appointment. No filler invented seats, phones, private emails, or USD conversions.