18 slides from Agf Management Limited Class B's earnings presentation, Jun 25, 2025
Slide 1: AGF Management Limited Earnings Conference Call Second Quarter 2025
AGF Management Limited Earnings Conference Call Second Quarter 2025
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of June 25, 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 2nd Quarter of Fiscal 2025 • Business Updates • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Q2 2025 Highlights
Q2 2025 Highlights AGF continued to make progress against strategic objectives Assets1 of $65 million 54% increase in $53.5 billion 12% higher year over of Retail Mutual Fund SMA & ETFs AUM Net Sales year over year year Strong Financial Wealth Professional Adjusted Diluted Position Award Winner EPS
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 AUM driven by continuous strong growth in mutual funds, ETFs and SMA ($ millions) Q2-FY25 Q2-FY24 Change AGF Investments3 Mutual funds 30,975 26,961 15% ETFs and SMA 2,771 1,800 54% Segregated accounts and sub-advisory 6,448 6,313 2% AGF Private Weal
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 76 72 80 75 ($B)1 50 48 49 1 (16) (19) - (33) (4) (4) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 342 AGF 65 19 14 Retail 77 Mutual 1,527 1,148 914 934 1,012 993 Fund
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM Continued to show strong growth YoY CAGR 2,771 +41% 1,800 1,400 Q2 2023 Q2 2024 Q2 2025 Closing AUM ($M) 8
Slide 9: Adjusted Financial Results
Adjusted Financial Results1,2 Q2 2025 results reflect normalized fair value gains on LT investments vs. Q1 Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q2 2025 Q1 2025 Variance Q2 2024 Variance Total Adjusted Net Revenue3 99.0 111.5 (11%) 97.
Slide 10: Adjusted Net Revenues Split
Adjusted Net Revenues1,2 Split YoY improvement driven by higher revenues in AGF Capital Partners Traditional Asset and Wealth Management Sequential Quarter Year over Year ($ millions, except per share amounts) Q2 2025 Q1 2025 Variance Q2 2024 Variance Net management, advisory and admin fees3 83.8 85
Slide 11: Q2 Adjusted EBITDA
Q2 Adjusted EBITDA1 Adjusted EBITDA excludes non-cash acquisition related expenses Q2 Adjusted EBITDA Bridge ($ millions) Associated Q2 Balance Sheet items ($M): Net Contingent Consideration (2) $11.0 Put Option Liability $29.9 LLTIP Accrual $16.3 39.5 0.1 1.2 2.0 36.2 Reported EBITDA Severance LLTI
Slide 12: Financial Results – BPS Detail
Financial Results – BPS Detail1,2 QoQ improvement in adjusted SG&A driving higher EBITDA Bps Average AUM and Bps Detail Sequential Quarter TTM Q3 2024 to (Average AUM, $ billions) Q2-2025 Q1-2025 Q2 2025 Average AUM excl. AGF Capital Partners ($B)3 47.5 48.8 46.6 Average Mutual Fund 29.8 30.9 29.3 A
Slide 13: Capital & Liquidity
Capital & Liquidity1 AGF has excess capital available to fund growth and return to shareholders 120 80% 106 106 70% 100 95 94 88 60% 80 50% 60 40% 32% 30% 30% 28% 28% 30% 40 20% 20 10% - 0% TTM Q2 2024 TTM Q3 2024 TTM Q4 2024 TTM Q1 2025 TTM Q2 2025 TTM FCF TTM Dividend to FCF % (1) Free cash flow i
Slide 14: Enterprise value
Enterprise value Sum of the parts suggests upside to current valuation AGF Enterprise Value ($m) 900 800 50 700 426 600 2024 EBITDA Excl. Income Implied 500 from LT & ST EV / EBITDA 400 800 800 850 Investments Multiple 300 $119m4 3.6x 200 424 424 100 - - - - Market Cap1 Net Debt2 Enterprise LT & ST
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 • $426m in long- and short-term investments and net debt of ~$50m • 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 AGF Investments - AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF Internat