AGF Management (AGF) Q4 2025 earnings summary

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.