AGF Management Limited Reports Third Quarter 2026 Financial Results

TORONTO, Sept. 23, 2026 (GLOBE NEWSWIRE) --

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.

_{¹AUM 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.}
_{²Canadian retail net flows includes Canadian retail mutual fund net sales and Canadian ETF and SMA net sales.}

Key Business Highlights:

AGF Investments

AGF Investments launched ETF series units for the AGF Enhanced U.S. Income Plus Fund (AENP), expanding the firm’s 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 firm’s reach in the U.S. market.

AGF Capital Partners

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 firm’s 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.


	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)		2026			2026			2025			2026			2025

Revenues
Management, advisory and administration fees	$	141.7		$	135.8		$	126.7		$	408.4		$	369.0
Trailing commissions and investment advisory fees		(40.7	)		(39.1	)		(37.9	)		(118.3	)		(111.2	)
Net management, advisory and administration fees³	$	101.0		$	96.7		$	88.8		$	290.1		$	257.8
Deferred sales charges		0.6			0.8			0.9			2.3			3.1
Adjusted revenue from AGF Capital Partners³		10.9			26.6			15.5			38.3			53.7
Other revenue³		–			2.6			2.3			3.8			3.4
Total adjusted net revenue³		112.5			126.7			107.5			334.5			318.0

Selling, general and administrative		64.8			64.0			65.9			196.3			196.6
Adjusted selling, general and administrative³		63.7			62.6			61.3			191.4			184.4

EBITDA³		47.4			63.0			42.1			138.7			122.5
EBITDA margin³		42.1%			49.7%			39.2%			41.4%			38.5%
Adjusted EBITDA³		48.8			64.1			46.2			143.1			133.6
Adjusted EBITDA margin³		43.4%			50.6%			43.0%			42.8%			42.0%

Net income - equity owners of the Company		31.2			46.3			28.4			95.6			83.6
Adjusted net income - equity owners of the Company³		32.0			46.9			31.2			98.6			89.3

Diluted earnings per share		0.48			0.71			0.42			1.46			1.24

Adjusted diluted earnings per share³		0.49			0.72			0.46			1.50			1.33

Free cash flow³		38.9			36.4			30.6			111.2			86.2

Dividends paid per share		0.135			0.135			0.125			0.395			0.365

^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 Management’s Discussion and Analysis available at www.agf.com.}


	Three months ended
		August 31,			May 31,		February 28,		November 30,		August 31,
(in millions of Canadian dollars)		2026			2026		2026		2025		2025

Mutual fund AUM⁴	$	37,529		$	37,985	$	35,817	$	34,984	$	32,958
ETFs and SMA AUM⁵		5,481			4,823		4,492		4,136		3,487
Segregated accounts and sub-advisory AUM		5,874			6,634		5,923		7,190		6,685
Total AGF Investments AUM		48,884			49,442		46,232		46,310		43,130
AGF Private Wealth AUM		9,685			9,948		9,764		9,488		9,016
AGF Capital Partners AUM⁶		13,533			13,178		2,345		2,454		2,510
Total AUM	$	72,102		$	72,568	$	58,341	$	58,252	$	54,656
AGF Capital Partners fee-earning assets⁷		2,133			2,129		2,120		2,136		2,121
Total AUM and fee-earning assets⁷	$	74,235		$	74,697	$	60,461	$	60,388	$	56,777

Mutual fund net sales (redemptions)		(30	)		6		190		276		247
Canadian retail net flows²		271			161		431		488		309
Canadian retail mutual fund net sales⁸		92			6		237		282		262
Canadian ETF and SMA net sales⁵		179			155		194		206		47
Average daily mutual fund AUM		38,045			35,869		35,154		34,424		32,122

^₄_{Mutual fund AUM includes retail AUM, pooled funds AUM and institutional client AUM invested in customized series offered within mutual funds.}
_{⁵ETF and SMA AUM includes model delivery assets – third-party managed account assets for which AGF provides model portfolios and earns a model delivery fee, without custody or discretionary management of the underlying accounts.}
_{⁶AGF Capital Partners AUM represents the total assets under management of the Affiliate Managers that comprise AGF Capital Partners. This includes the full AUM of Affiliate Managers for which AGF consolidates or uses the equity method of accounting.}
_{⁷Fee-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.}
_{⁸Net sales in retail mutual funds is calculated as reported mutual fund net sales (redemptions) less non-recurring institutional net sales (redemptions) in excess of $5.0 million invested in our mutual funds.}

For further information and detailed financial statements for the third quarter ended August 31, 2026, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.ca.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. ET.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/iksbp2qy. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and alternative investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $74 billion in total assets under management and fee-earning assets, AGF serves more than 820,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

About AGF Capital Partners

AGF Capital Partners is AGF’s multi-boutique alternatives business with Affiliate Managers across both private assets and alternative strategies. Clients benefit from the specialized investment expertise of Affiliate Managers combined with the organizational support and breadth of resources of AGF Management Limited (AGF). With over 19 years average experience, AGF Capital Partners Affiliate Managers including, Kensington Capital Partners Limited, New Holland Capital, LLC and AGF SAF Private Credit, manage approximately C$15.7 billion* in alternative AUM and fee earning assets on behalf of institutional and retail clients.

*U.S. AUM converted FX rate as at August 31, 2026 (1.39)
The term ‘Affiliate Manager’ refers to any partner regardless of relationship structures or revenue sharing agreements. The form of AGF’s structured partnership interests in Affiliate Managers differs from Affiliate Manager to Affiliate Manager. The structure of the relationship with a particular Affiliate Manager, or the revenue that AGF agrees to share in, may change. Affiliate Managers only provide investment advisory services or offer products in the jurisdiction where such firm, individuals and/or product is registered or authorized to provide such services.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

AGF Management Limited shareholders, analysts and media, please contact:

Nick Smerek
VP, Financial Planning & Analysis
416-865-4337, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2025 Annual MD&A.