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AGF Management
AGF Management (AGF) investor relations material
AGF Management Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
AUM and fee-earning assets surpassed $60.4 billion in 2025, up 13% year-over-year, with retail mutual fund net sales reaching $951 million and ETF/SMA AUM growing 63% to $4.14 billion.
Adjusted diluted EPS rose 16% year-over-year to $1.93, and adjusted EBITDA for the year was $186 million, up 12% from the prior year.
Recognized as one of Greater Toronto's Top Employers for 2026 and received multiple industry awards for fund performance and workplace excellence.
Leadership transition with Judy Goldring appointed CEO and key changes in senior management to support growth strategy.
New product launches included AGF NHC Tactical Alpha Fund and AGF Enhanced U.S. Income Plus Fund, expanding alternative and income-focused offerings.
Financial highlights
Adjusted EBITDA for 2025 was $186 million, up 12% year-over-year, with a margin of 42.4%; Q4 adjusted EBITDA was $52.4 million.
Adjusted net income attributable to equity owners grew 17% year-over-year to $130.5 million.
Free cash flow for the year was $117.6 million, up 23% from the prior year; 27% of free cash flow paid as dividends.
Net cash at year-end was $6 million, with $449 million in investments and $208 million available on the credit facility.
Returned $56 million to shareholders via dividends and share buybacks in 2025; repurchased 2 million shares during the year.
Outlook and guidance
2026 adjusted SG&A expense guidance set at $256 million, reflecting a reset of performance-based compensation.
Focus for 2026 includes delivering consistent investment performance, maintaining sales momentum, expanding private capital and alternatives, and disciplined expense management.
Management remains committed to executing strategic priorities and diversifying the client base.
Kensington fund redemption impact on financials
Update on New Holland convertible note conversion
Institutional AUM strategy post redemptions
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Next AGF Management earnings date
Q1 20267 Apr, 2026
AGF Management
Next AGF Management earnings date
Q1 20267 Apr, 2026
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Frequently asked questions
AGF Management Limited is a publicly owned asset management holding company. AGF's wholly-owned subsidiaries provide financial services to individual investors, institutions and corporate clients worldwide. It operates through two segments: Retail Asset Management and Institutional Asset Management. The Retail Asset Management segment provides a range of discretionary portfolio management products (including mutual funds and non-registered investment funds), platform solutions, broker-dealer services, investments, retirement savings products and other services to retail investors. The Institutional Asset Management segment provides discretionary portfolio management services to institutions and corporate clients. AGF Management Limited is headquartered in Toronto, Canada.
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