AGF Management (AGF) Q3 2025 earnings summary

Executive summary

• Assets under management and fee-earning assets reached $56.8 billion as of August 31, 2025, up 14% year-over-year and 6% sequentially, with strong growth in ETFs and SMAs (up 64%).

• Retail mutual fund net sales were $262 million, outpacing the Canadian industry and marking a significant increase from prior periods.

• Judy Goldring was appointed CEO following the passing of the previous CEO and CIO, with additional senior leadership changes and a global search for a permanent CIO underway.

• Maintained a strong financial position with $432 million in investments and clear succession planning.

• Strategic priorities and a multi-year growth strategy remain in focus, supported by disciplined capital allocation.

Financial highlights

• Adjusted diluted EPS was $0.46, up 18% sequentially and 24% year-over-year.

• Adjusted EBITDA for the quarter was $46.2 million, up 15% year-over-year and 17% sequentially.

• Total adjusted net revenue was $107.5 million, up 8% year-over-year.

• Free cash flow for the quarter was $30.6 million, up from $24.0 million last quarter and $29.1 million a year ago.

• Quarterly dividend per share increased to $0.125, with total dividends paid of $23.7 million year-to-date.

Outlook and guidance

• Focus remains on delivering consistent investment performance, maintaining sales momentum, and building a diversified private capital and alternatives business.

• SG&A guidance for next year to be provided in Q4, with ongoing evaluation of investment opportunities.

• Management expects ongoing volatility in global markets and is prepared to adjust capital allocation as needed.

• Positive momentum in New Holland Capital, with options to increase ownership stake.