Agf Management Limited Class B · TSX:AGF.B
Agf Management Limited Class B — Q1 2025 Earnings Presentation
18 slides from Agf Management Limited Class B's earnings presentation, Apr 8, 2025
Slide 1: AGF Management Limited Earnings Conference Call First Quarter 2025
AGF Management Limited Earnings Conference Call First Quarter 2025
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of April 8, 2025. Certain information presented in these remarks and in this presentation that is not historical factual information may constitute forward-looking information within the meaning of securities
Slide 3: Conference Call Participants
Conference Call Participants Presenting Kevin McCreadie, CFA, MBA Chief Executive Officer & Chief Investment Officer Ken Tsang, CFA, CPA, MBA Chief Financial Officer Available for questions Judy G. Goldring, LL.B, LL.D, ICD.D President & Head of Global Distribution Ash Lawrence, MBA Head of AGF Capi
Slide 4: Today's Discussion
Today’s Discussion • Highlights of the 1st Quarter of Fiscal 2025 • Business Updates • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Q1 2025 Highlights
Q1 2025 Highlights AGF continued to make progress against strategic objectives Assets1 of $53.8 billion $342 million FundGrade A+® of Retail Mutual Fund 20% higher year over Awards Winner2 Net Sales year Strong Financial Adjusted Diluted Position Quarterly dividend EPS of $0.48 $403 million increase
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 Continuous strong growth in ETFs and SMA ($ millions) Q1-FY25 Q1-FY24 Change AGF Investments3 Mutual funds 31,167 26,186 19% ETFs and SMA 2,913 1,676 74% Segregated accounts and sub-advisory 6,529 7,162 (9%) AGF Private Wealth3 8,623 7,836 10% AGF Ca
Slide 7: Mutual Fund Business Review
Mutual Fund Business Review AGF outpaced industry on net sales as a % of AUM Gross Sales Net Sales 11 Industry 3 8 Sales 99 70 76 72 80 75 ($B)1 50 48 49 (9) (16) (19) (33) (4) (4) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 342 AGF 19 14 Retail 227 77 Mutual 1,527 982 1,012 993 Fund 819 6
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM Continued to show strong growth YoY CAGR +45% 2,913 1,676 1,394 Q1 2023 Q1 2024 Q1 2025 Closing AUM ($M) 8
Slide 9: Adjusted Financial Results
Adjusted Financial Results1,2 Strong Q1 2025 results driven by AGF Capital Partners revenue & lower SG&A Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q1 2025 Q4 2024 Variance Q1 2024 Variance Total Adjusted Net Revenue3 111.5 105.8 5% 103.0 8
Slide 10: Adjusted Financial Results Split
Adjusted Financial Results1,2 Split YoY improvement across Traditional Asset and WM business; strong CP revenue reflected in Q1 2025 Traditional Asset and Wealth Management Sequential Quarter Year over Year ($ millions, except per share amounts) Q1 2025 Q4 2024 Variance Q1 2024 Variance Net manageme
Slide 11: Q1 Adjusted EBITDA
Q1 Adjusted EBITDA1 Adjusted EBITDA excludes non-cash acquisition related expenses Q1 Adjusted EBITDA bridge ($ millions) Associated Q1 Balance Sheet items ($M): Net Contingent Consideration (2) $11.1 Put Option Liability $32.9 LLTIP Accrual $15.9 (0.1) (0.4) 47.9 3.2 1.0 44.2 Reported EBITDA Severa
Slide 12: Financial Results – BPS Detail
Financial Results – BPS Detail1,2 EBITDA yield in line with the trailing twelve months Average AUM and Bps Detail Sequential Quarter TTM Q2 2024 to (Average AUM, $ billions) Q1-2025 Q4-2024 Q1 2025 Average AUM excl. AGF Capital Partners ($B)3 48.8 46.6 45.7 Average Mutual Fund 30.9 29.2 28.5 Average
Slide 13: Capital & Liquidity
Capital & Liquidity1 AGF has excess capital available to fund growth and return to shareholders 120 80% 106 70% 100 94 95 85 88 60% 80 50% 60 40% 33% 32% 30% 30% 28% 30% 40 20% 20 10% - 0% TTM Q1 2024 TTM Q2 2024 TTM Q3 2024 TTM Q4 2024 TTM Q1 2025 TTM FCF TTM Dividend to FCF % (1) Free cash flow is
Slide 14: Enterprise Value
Enterprise value Sum of the parts suggests upside to current valuation AGF Enterprise Value ($m) 700 52 600 500 403 2024 EBITDA 400 Excl. Income Implied 652 from LT & ST EV / EBITDA 300 600 600 Investments Multiple 200 $119m4 2.1x 249 249 100 - - - - Market Cap1 Net Debt2 Enterprise LT & ST Remainin
Slide 15: 2025 Focus & Priorities
2025 Focus & Priorities Meet core Maintain sales Deliver consistent Build a diversified expense momentum and and repeatable private capital guidance penetrate high investment and alternatives while continuing growth distribution performance business to invest in key channels growth areas 15
Slide 16: Investment Thesis
Investment Thesis Stable cash flows to fund dividends and growth: Strong Financial • TTM free cash flow and payout ratio of $106m and 28% Position • $403m in long- and short-term investments and net debt of ~$52m • Supports strong dividend yield and share buybacks, while investing for growth Outperf
Slide 17: Thank You!
Thank You! To learn more about AGF’s history visit: www.agf.com/ca/en/about- agf/our-story To learn more visit AGF.com ® The “AGF” logo and all associated trademarks are registered trademarks or trademarks of AGF Management Limited and used under licence.
Slide 18: Disclaimer
DISCLAIMER About the Fundata FundGrade A+ Rating FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculatio