v3.25.4
Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2025
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of changes in share capital

Number

  ​

  ​

of shares

  ​

  ​

Amount

 

Balance at January 1, 2024

 

192,175,042

$

5,728.2

Exercise of stock options

71,864

3.6

Vesting of restricted share units

18,340

2.7

Dividend reinvestment plan

287,449

34.6

Balance at December 31, 2024

192,552,695

$

5,769.1

Balance at January 1, 2025

192,552,695

$

5,769.1

Exercise of stock options

110,917

9.9

Vesting of restricted share units

33,274

5.7

Dividend reinvestment plan

101,806

18.7

Balance at December 31, 2025

192,798,692

$

5,803.4

Schedule of dividends paid

  ​

  ​

2025

  ​

  ​

2024

  ​

Cash dividends

$

275.1

$

242.4

DRIP dividends

 

18.7

 

34.6

$

293.8

$

277.0

Schedule of options to purchase common shares that have been granted

  ​

  ​

  ​ ​ ​

Weighted

  ​

average exercise

Number

price

Stock options outstanding, at January 1, 2024

 

669,201

C$

111.76

Granted

 

45,396

 

C$

167.57

Exercised

 

(71,864)

 

C$

52.67

Forfeited

(10,353)

C$

180.58

Stock options outstanding, at December 31, 2024

 

632,380

 

C$

121.36

Stock options outstanding, at January 1, 2025

632,380

C$

121.36

Granted

16,345

 

C$

225.87

Exercised

(110,917)

 

C$

97.44

Forfeited

(2,000)

C$

168.43

Stock options outstanding, at December 31, 2025

 

535,808

 

C$

129.32

Exercisable stock options, at December 31, 2024

524,919

 

C$

110.82

Exercisable stock options, at December 31, 2025

 

446,565

 

C$

118.70

Schedule of fair value of options calculated using Black-Scholes option pricing model and weighted average assumptions utilized

2025

2024

Risk-free interest rate

2.71

%

3.08

%

Expected dividend yield

0.94

%

1.20

%

Expected price volatility of the Company’s common shares

26.1

%

26.4

%

Expected life of the option

 

4 years

4 years

Forfeiture rate

0

%

0

%

Schedule of options to purchase common shares outstanding, exercise prices and weighted average lives to maturity

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted

 

Exercise

Options

Options

average life

 

price

outstanding

exercisable

(years)

 

C$75.45 to C$82.11

 

104,775

 

104,775

 

0.86

C$82.12 to C$97.34

 

91,772

 

91,772

 

2.71

C$97.35 to C$141.97

 

119,022

 

119,022

 

3.07

C$141.98 to C$171.04

 

102,201

 

51,347

 

6.40

C$171.05 to C$231.18

 

118,038

 

79,649

 

5.39

  ​ ​ ​

535,808

  ​ ​ ​

446,565

  ​ ​ ​

3.28

Schedule of number of shares outstanding

For the year ended December 31, 

  ​

Performance-

  ​ ​ ​

Time-based

  ​ ​ ​

  ​

based RSUs

  ​ ​ ​

RSUs

  ​ ​ ​

Total RSUs

Balance at January 1, 2024

71,051

31,053

102,104

Granted

29,694

20,744

50,438

Settled

(2,639)

(15,701)

(18,340)

Forfeited

(22,086)

(757)

(22,843)

Balance at December 31, 2024

76,020

35,339

111,359

Balance at January 1, 2025

76,020

35,339

111,359

Granted

21,731

15,082

36,813

Settled

(16,368)

(16,906)

(33,274)

Forfeited

(7,641)

(7,641)

Balance at December 31, 2025

73,742

33,515

107,257

Schedule of share purchase warrants

At December 31, 

At December 31, 

  ​

  ​

2025

  ​

  ​

2024

 

Common shares outstanding

 

192,798,692

192,552,695

Stock options(1)

535,808

632,380

Restricted Share Units(2)

107,257

111,359

193,441,757

193,296,434

1There were 535,808 stock options under our share compensation plan outstanding to directors, officers, employees and others with exercise prices ranging from C$75.45 to C$231.18 per share. The above table assumes all stock options are exercisable.
2There were 33,515 time-based RSUs and 73,742 performance-based RSUs. Vesting of the performance-based RSUs are subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 200% of the number granted. The above table assumes a performance multiplier of 100% of performance-based RSUs granted.
DSU plan  
Disclosure of terms and conditions of share-based payment arrangement [line items]  
Schedule of number of shares outstanding

  ​

  ​

2025

  ​

  ​

2024

 

Balance at beginning of year

 

94,836

119,429

Granted

1,540

13,975

Settled

-

(38,568)

Balance at end of year

96,376

94,836