AGF Management Limited Reports Second Quarter 2026 Financial Results

• Reported quarterly adjusted diluted earnings per share of $0.72
• Free cash flows of $36.4 million in the quarter, up 52% from prior year
• Total assets under management and fee-earning assets of $74.7 billion, up 40% from prior year
• Declared quarterly dividend per share of 13.5 cents
  
  

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the second quarter ended May 31, 2026.

AGF reported total assets under management and fee-earning assets¹ of $74.7 billion compared to $60.5 billion as at February 28, 2026 and $53.5 billion as at May 31, 2025. AGF generated strong free cash flows of $36.4 million in the quarter, up 52% from the prior year.

The second quarter reflects the continued diversification and growth of our business, said Judy Goldring, Chief Executive Officer, AGF. Our strong results and cash flow generation reflect continued operating momentum and the ability to execute on our strategic plan.

AGF Investments mutual fund gross sales were $1,363 million for the quarter compared to $1,650 million in the prior period and $1,148 million in the comparative prior year period. Canadian retail net flows² were $161.0 million for the quarter, compared to $431.0 million for the three months ended February 28, 2026 and $110.0 million in the comparative prior year period.

In May, we announced a subsequent investment in NHC, marking another important step in the evolution of AGF Capital Partners and our broader growth strategy. This investment supports the continued diversification of AGFs business, assets and client base, added Goldring. 

_{¹ AUM represents assets under management and model delivery assets of AGF subsidiaries and affiliates. Fee-earning assets represents assets managed by affiliates in which AGF has carried interest ownership and earns fees but does not have ownership interest in the managers.
² Canadian retail net flows includes Canadian retail mutual fund net sales and Canadian ETF and SMA net sales.}

Under the terms of the transaction with NHC, AGF converted its existing convertible note to equity and made an additional investment of $20.6 million USD in increasing its interest in the company to 50%, effective May 29, 2026. AGF retained options to increase its ownership interest in the future.

John Porter joined AGF Investments as Chief Investment Officer, bringing decades of global investment management and leadership experience to support the firm's investment capabilities and long-term growth strategy.

This quarter, AGF launched Capitol Signals, a subscription-based newsletter featuring insights from Henrietta Treyz, Co-Founder and Director of Economic Policy at Veda Partners, providing clients with timely analysis of U.S. policy developments and their potential impact on global markets.

AGF International Advisors Company Limited, a subsidiary of AGF, remains a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.

Financial Highlights:

• Adjusted EBITDA³ for the three months ended May 31, 2026 was $64.1 million, compared to $30.3 million for the three months ended February 28, 2026 and $39.5 million for the comparative prior year period.
• Net management, advisory and administration fees³ for the three months ended May 31, 2026 was $96.7 million, compared to $92.5 million for the three months ended February 28, 2026 and $83.8 million for the comparative prior year period.
• Adjusted selling, general and administrative costs³ for the three months ended May 31, 2026 was $62.6 million, compared to $65.0 million for the three months ended February 28, 2026 and $59.5 million for the comparative prior year period. Adjusted SG&A decreased compared to the prior period, primarily due to lower government benefits, and increased over the comparable prior year period, driven by higher performance-based compensation expenses.
• Adjusted EBITDA³ from AGF Capital Partners for the three months ended May 31, 2026, was $21.5 million, compared to -$3.8 million for the three months ended February 28, 2026 and $10.0 million for the comparative prior year period. The increase over the prior period was primarily due to higher revenue from long-term investments and a $14.7 million gain recognized on the NHC transaction.
• Adjusted EBITDA³ excluding AGF Capital Partners of $42.6 million for the three months ended May 31, 2026, compared to $34.1 million for the three months ended February 28, 2026 and $29.5 million for the comparative prior year period.
• Adjusted net income attributable to equity owners³ for the three months ended May 31, 2026 was $46.9 million ($0.72 adjusted diluted EPS), compared to $19.7 million ($0.30 adjusted diluted EPS) for the three months ended February 28, 2026 and $26.0 million ($0.39 adjusted diluted EPS) for the comparative prior year period.
• Free cash flow³ of $36.4 million for the three months ended May 31, 2026, compared to $36.0 million for the three months ended February 28, 2026 and $24.0 million for the comparative prior year period.
  
  

_{³ Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total adjusted net revenue, adjusted selling, general and administrative, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted earnings per share and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Managements Discussion and Analysis available at www.agf.com.}