AGF Management Limited Reports Third Quarter 2026 Financial Results

• Reported quarterly adjusted diluted earnings per share of $0.49
• Free cash flows of $38.9 million in the quarter, up 27% from prior year
• Total assets under management and fee-earning assets of $74.2 billion, up 31% 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 third quarter ended August 31, 2026.

AGF reported total assets under management and fee-earning assets¹ of $74.2 billion compared to $74.7 billion in the prior period and $56.8 billion in the comparative prior year period. AGF generated strong free cash flows of $38.9 million in the quarter, up 27% from the prior year.

We are pleased with the progress we have made through the first three quarters of the year. Our teams continue to execute against our strategic priorities, strengthen our business and deepen relationships with clients and partners, said Judy Goldring, Chief Executive Officer, AGF Management Limited.

AGF Investments mutual fund gross sales were $1,366 million for the quarter compared to $1,363 million in the prior period and $1,260 million in the comparative prior year period. Canadian retail net flows² were $271.0 million for the quarter, compared to $161.0 million in the prior period and $309.0 million in the comparative prior year period.

As we look ahead, we remain committed to our strategy and focused on the long term. We are building on our strong foundation, continuing to expand our capabilities and pursuing opportunities to drive growth. With a strong team, differentiated investment capabilities and a clear sense of where we are going, we are well positioned to continue creating value for our clients and shareholders, 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.}

Key Business Highlights:

AGF Investments launched ETF series units for the AGF Enhanced U.S. Income Plus Fund (AENP), expanding the firms ETF lineup and providing investors with greater choice.

AGF Investments also continued to see strong demand across its ETF and separately managed account (SMA) offerings, reflecting growing interest in flexible investment solutions. During the quarter, the AGF U.S. Large Cap Growth Strategy was added to a leading U.S. advisory platform, further expanding SMA access and broadening the firms reach in the U.S. market.

In July, following an extensive global search, Kensington Capital Partners Limited, an affiliate manager of AGF Capital Partners, appointed industry veterans Saar Pikar and Bogdan Cenanovic to its senior leadership team, strengthening its depth and expertise to support the firms next phase of growth.

Financial Highlights:

• Adjusted EBITDA³ for the three months ended August 31, 2026 was $48.8 million, compared to $64.1 million for the three months ended May 31, 2026 and $46.2 million for the comparative prior year period.
• Net management, advisory and administration fees³ for the three months ended August 31, 2026 was $101.0 million, compared to $96.7 million for the three months ended May 31, 2026 and $88.8 million for the comparative prior year period.
• Adjusted selling, general and administrative costs³ for the three months ended August 31, 2026 was $63.7 million, compared to $62.6 million for the three months ended May 31, 2026 and $61.3 million for the comparative prior year period. Adjusted SG&A increased compared to the prior period and comparative prior year period, primarily driven by higher non-compensation expenses.
• Adjusted EBITDA³ from AGF Capital Partners for the three months ended August 31, 2026, was $8.5 million, compared to $21.5 million for the three months ended May 31, 2026 and $11.4 million for the comparative prior year period. The decrease over the prior period is primarily due to lower revenue from long-term investments and a $14.7 million gain recognized on the NHC transaction in the prior period.
• Adjusted EBITDA³ excluding AGF Capital Partners of $40.3 million for the three months ended August 31, 2026, compared to $42.6 million for the three months ended May 31, 2026 and $34.8 million for the comparative prior year period.
• Adjusted net income attributable to equity owners³ for the three months ended August 31, 2026 was $32.0 million ($0.49 adjusted diluted EPS), compared to $46.9 million ($0.72 adjusted diluted EPS) for the three months ended May 31, 2026 and $31.2 million ($0.46 adjusted diluted EPS) for the comparative prior year period.
• Free cash flow³ of $38.9 million for the three months ended August 31, 2026, compared to $36.4 million for the three months ended May 31, 2026 and $30.6 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.}