AGF Management (AGF) Q1 2026 earnings summary

Executive summary

• Announced John Porter as new CIO, effective May 1, 2026, bringing extensive investment management experience.

• AUM and fee-earning assets reached $60.5 billion, up 12% year-over-year, with strong retail mutual fund net sales for the seventh consecutive quarter.

• Seven investment funds received FundGrade A+ awards for risk-adjusted performance.

• Quarterly dividend per share increased by 8% to $0.135, marking the sixth consecutive annual increase, supported by a strong financial position.

• ETFs and SMA AUM grew 54% year-over-year globally, reaching $4.5 billion.

Financial highlights

• Adjusted EBITDA was $30.3 million, down from $52.4 million in the previous quarter and $47.9 million year-over-year, mainly due to lower net revenues from long-term investments.

• Adjusted diluted EPS was $0.30; excluding AGF Capital Partners, EPS was $0.35, up 21% year-over-year.

• Free cash flow totaled $36.0 million for the quarter, up 14% year-over-year.

• Net income attributable to equity owners was $19.7 million, down 39% year-over-year.

• Net management, advisory, and admin fees were $92.5 million, up from $85.2 million year-over-year.

Outlook and guidance

• Long-term investment return expectations for fiscal 2026 reduced to 5%-6%, down from the typical 8%-10%, due to economic and trade environment impacts.

• Management fee rate expected to compress by about 2 basis points annually as asset mix shifts.

• Focus remains on delivering consistent investment performance, maintaining sales momentum, and expanding in high-growth distribution channels.

• Committed to building a diversified private capital and alternatives business while meeting core expense guidance and investing in growth areas.

• Management highlighted the durability of the business and its multi-year diversification strategy to navigate current economic conditions.