AGF Management (AGF) Q2 2025 earnings summary

Executive summary

• Assets under management and fee-earning assets reached $53.5 billion as of May 31, 2025, up 12% year-over-year but slightly down sequentially, with strong growth in mutual funds, ETFs, and SMAs.

• Retail mutual fund net sales were $65 million, marking the fourth consecutive quarter of positive sales and outpacing the Canadian industry.

• The company was named Mutual Fund Provider of the Year and recognized as an Employer of Choice.

• Adjusted diluted EPS for Q2 2025 was $0.39, up from $0.35 year-over-year but down from $0.48 sequentially.

• Investment performance remained solid, with mutual fund gross returns in the 39th percentile over one year and 41st percentile over five years.

Financial highlights

• Adjusted EBITDA for Q2 2025 was $39.5 million, up from $37.0 million year-over-year but down from $47.9 million sequentially.

• Total adjusted net revenue was $99.0 million, up 2% year-over-year but down 11% sequentially.

• Adjusted net income attributable to equity owners was $26.0 million, up from $23.6 million year-over-year.

• Free cash flow for the quarter was $24.0 million, up from $23.7 million year-over-year but down from $31.6 million sequentially.

• Net management, advisory, and administration fees were $83.8 million, up from $81.2 million year-over-year but down from $85.2 million sequentially.

Outlook and guidance

• Management remains conservative in guidance, targeting annual returns of 8%-10% for AGF Capital Partners and focusing on consistent investment performance and sales momentum.

• Plans to build a diversified private capital and alternatives business while maintaining disciplined expense management and balanced capital allocation.

• Management continues to monitor global trade policy and tariff risks, expecting continued volatility and focusing on strong capital position and liquidity.