AGF Management Limited Reports Third Quarter 2025 Financial Results
TORONTO, Sept. 24, 2025 (GLOBE NEWSWIRE) --
- Reported quarterly adjusted diluted earnings per share of $0.46
- Total assets under management and fee-earning assets of $56.8 billion
- Declared quarterly dividend per share to 12.5 cents
AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2025.
AGF reported total assets under management and fee-earning assets1 of $56.8 billion compared to $53.5 billion as at May 31, 2025 and $49.7 billion as at August 31, 2024.
"We experienced a strong quarter, with net sales outpacing the industry, supported by solid investment performance, said Judy Goldring, Chief Executive Officer, AGF. These results reflect the health of our business and the strength of our strategy, which emphasizes diversification across asset classes and client channels positioning us to successfully navigate evolving market conditions and investor preferences.
AGFs mutual fund gross sales were $1,260 million for the quarter compared to $1,148 million in the previous quarter and $1,012 million in the prior year quarter. Retail mutual fund2 net sales were $262 million compared to $65 million in the previous quarter and $19 million in the prior year quarter.
"I am proud to lead this organization and excited about the opportunities ahead. With a strong leadership team and a clear strategic vision, we are well-positioned to execute our multi-year growth strategy and deliver meaningful results for our clients and shareholders, added Goldring.
| 1 | Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers. |
| 2 | Retail mutual fund net sales (redemptions) are calculated as reported mutual fund net sales (redemption) less non-recurring institutional net sales (redemptions) in excess of $5 million invested in our mutual funds. |
Key Business Highlights:
AGF named Judy Goldring Chief Executive Officer (CEO) following the passing of Kevin McCreadie, the firms CEO and Chief Investment Officer (CIO). Ms. Goldring is a respected leader in the asset management industry with over 30 years experience in a range of roles. In her most recent role as President and Head of Global Distribution, she oversaw the execution of strategic plans in support of business priorities and was instrumental in shaping business planning and direction for corporate initiatives.
As CEO, Judy Goldring announced the following changes to AGFs senior leadership team to capitalize on the strength of the firms talent and its multi-year growth strategy:
- Chris Jackson was appointed President & Chief Operating Officer. In this expanded role, he reports to the CEO and oversees the execution of strategic plans in support of business priorities and provides counsel on business planning and direction for corporate initiatives to AGFs leadership team.
- David Stonehouse was appointed interim Chief Investment Officer, AGF Investments. A search process for a new CIO has been initiated.
- Additionally, Ash Lawrence, Head of AGF Capital Partners, serves as EMT sponsor for AGF Investments Office of the CIO. In this role, Ash provides counsel and direction to the OCIO on corporate strategic planning and decision-making.
This quarter, AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.
Financial Highlights:
- Adjusted EBITDA3 for the three months ended August 31, 2025 was $46.2 million, compared to $39.5 million for the three months ended May 31, 2025 and $40.2 million for the comparative prior year period.
- Net management, advisory and administration fees3 for the three months ended August 31, 2025 was $88.8 million, compared to $83.8 million for the three months ended May 31, 2025 and $78.7 million for the comparative prior year period.
- Adjusted selling, general and administrative costs3 for the three months ended August 31, 2025 was $61.3 million, compared to $59.5 million for the three months ended May 31, 2025 and $59.6 million for the comparative prior year period. The increase in adjusted SG&A from prior quarter is driven by higher performance-based compensation, partially offset by timing of expenses.
- Adjusted EBITDA from AGF Capital Partners for the three months ended August 31, 2025, was $11.4 million, compared to $10.0 million for the three months ended May 31, 2025 and $12.6 million for the comparative prior year period.
- Adjusted net income attributable to equity owners3 for the three months ended August 31, 2025 was $31.2 million ($0.46 adjusted diluted EPS), compared to $26.0 million ($0.39 adjusted diluted EPS) for the three months ended May 31, 2025 and $24.5 million ($0.37 adjusted diluted EPS) for the comparative prior year period.
| Three months ended | Nine months ended | |||||||||||||||||||
| August 31, | May 31, | August 31, | August 31, | August 31, | ||||||||||||||||
| (in millions of Canadian dollars, except per share data) | 2025 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Revenues | ||||||||||||||||||||
| Management, advisory and administration fees | $ | 126.7 | $ | 119.5 | $ | 114.4 | $ | 369.0 | $ | 339.4 | ||||||||||
| Trailing commissions and investment advisory fees | (37.9 | ) | (35.7 | ) | (35.7 | ) | (111.2 | ) | (104.6 | ) | ||||||||||
| Net management, advisory and administration fees3 | $ | 88.8 | $ | 83.8 | $ | 78.7 | $ | 257.8 | $ | 234.8 | ||||||||||
| Deferred sales charges | 0.9 | 1.0 | 1.4 | 3.1 | 5.3 | |||||||||||||||
| Adjusted revenue from AGF Capital Partners3 | 15.5 | 14.6 | 18.5 | 53.7 | 54.7 | |||||||||||||||
| Other revenue (loss)3 | 2.3 | (0.4 | ) | 1.2 | 3.4 | 5.1 | ||||||||||||||
| Total adjusted net revenue3 | 107.5 | 99.0 | 99.8 | 318.0 | 299.9 | |||||||||||||||
| Selling, general and administrative | 65.9 | 62.8 | 66.3 | 196.6 | 192.3 | |||||||||||||||
| Adjusted selling, general and administrative3 | 61.3 | 59.5 | 59.6 | 184.4 | 173.1 | |||||||||||||||
| EBITDA3 | 42.1 | 36.2 | 33.0 | 122.5 | 104.8 | |||||||||||||||
| Adjusted EBITDA3 | 46.2 | 39.5 | 40.2 | 133.6 | 126.8 | |||||||||||||||
| Net income - equity owners of the Company | 28.4 | 24.3 | 20.3 | 83.6 | 68.9 | |||||||||||||||
| Adjusted net income - equity owners of the Company3 | 31.2 | 26.0 | 24.5 | 89.3 | 81.8 | |||||||||||||||
| Diluted earnings per share | 0.42 | 0.36 | 0.30 | 1.24 | 1.03 | |||||||||||||||
| Adjusted diluted earnings per share3 | 0.46 | 0.39 | 0.37 | 1.33 | 1.23 | |||||||||||||||
| Free cash flow3 | 30.6 | 24.0 | 29.1 | 86.2 |
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