Agf Management Limited Class B · TSX:AGF.B
Agf Management Limited Class B — Q1 2026 Earnings Presentation
20 slides from Agf Management Limited Class B's earnings presentation, Apr 14, 2026
Slide 1: AGF Management Limited Earnings Conference Call First Quarter 2026
AGF Management Limited Earnings Conference Call First Quarter 2026
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of April 14, 2026. 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 securitie
Slide 3: Conference Call Participants
Conference Call Participants Presenting Judy G. Goldring, LL.B, LL.D, ICD.D Chief Executive Officer Ken Tsang, CFA, CPA, MBA Chief Financial Officer Available for questions Ash Lawrence, MBA Head of AGF Capital Partners David Stonehouse, MBA, CFA Interim Chief Investment Officer SVP & Head of North
Slide 4: Today's Discussion
Today’s Discussion • Highlights of the 1st Quarter of Fiscal 2026 • Business Updates • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Q1 2026 Highlights
Q1 2026 Highlights Business Momentum Remains Strong Assets1 of Retail Mutual Fund Net 54% increase in $60.5 billion Sales of 12% higher year over ETFs and SMA AUM $237 million year over year year Strong Financial Quarterly Dividend Position 7 AGF Funds FundGrade A+® Increase to $0.135 $432 million i
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 Continuous strong growth in ETFs and SMA AUM ($ millions) Q1-FY26 Q1-FY25 Change AGF Investments3 Mutual funds 35,817 31,167 15% ETFs and SMA 4,492 2,913 54% Segregated accounts and sub-advisory 5,923 6,529 (9%) AGF Private Wealth3 9,764 8,623 13% AG
Slide 7: Canadian Mutual Fund Business Review
Canadian Mutual Fund Business Review AGF reports 7th consecutive quarter of positive retail mutual fund net sales Gross Sales Net Sales 19 11 12 Industry 9 3 8 Sales 1 ($B)1 117 99 97 76 72 80 75 80 80 (4) (4) Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 342 237 282 65 262 AGF 19 14 Retail
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM Continued to show strong growth YoY CAGR +64% 4,492 2,913 1,676 Q1 2024 Q1 2025 Q1 2026 Closing AUM ($M) 8
Slide 9: Adjusted Financial Results
Adjusted Financial Results1,2 Results impacted by revenue from AGF Capital Partners Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q1 2026 Q4 2025 Variance Q1 2025 Variance Total Adjusted Net Revenue3 95.3 120.3 (21%) 111.5 (15%) Adjusted SG&A
Slide 10: Adjusted Net Revenues Split
Adjusted Net Revenues1,2 Split YoY improvement across Traditional Asset and WM business; AGF Capital Partners impacted by revenue from LT investments Traditional Asset and Wealth Management Sequential Quarter Year over Year ($ millions, except per share amounts) Q1 2026 Q4 2025 Variance Q1 2025 Vari
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) $7.8 Put Option Liability $25.5 LLTIP Accrual $16.2 (1.0) (0.3) (0.2) 30.3 3.5 28.3 Reported EBITDA Sever
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 2025 to (Average AUM, $ billions) Q1-2026 Q4-2025 Q1 2026 Average AUM excl. AGF Capital Partners3 55.2 54.4 51.9 Average Mutual Fund 35.2 34.4 32.9 Average Inst
Slide 13: Capital & Liquidity
Capital & Liquidity1 AGF has excess capital available to fund growth and return to shareholders 125 122 118 120% 115 106 108 106 105 90% 95 60% 85 28% 28% 28% 27% 26% 30% 75 65 0% TTM Q1 2025 TTM Q2 2025 TTM Q3 2025 TTM Q4 2025 TTM Q1 2026 TTM FCF TTM Dividend to FCF % (1) Free cash flow is defined
Slide 14: Enterprise value
Enterprise value Sum of the parts suggests potential upside to current valuation AGF Enterprise Value ($m) 1,334 389 1,286 48 432 (43)8 945 FY25 Adj EBITDA excl. Income Implied from LT & ST EV / EBITDA Investments Multiple $137m4 6.9x Market Cap1 Net Debt2 Enterprise LT & ST Remaining Compared to Tr
Slide 15: 2026 Focus & Priorities
2026 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 $122m and 26% Position • $432m in long- and short-term investments and net debt of $48m • Supports strong dividend yield and share buybacks, while investing for growth Outperfo
Slide 17: Q&A
Q&A Judy G. Goldring, LL.B, LL.D, ICD.D Chief Executive Officer Ken Tsang, CFA, CPA, MBA Chief Financial Officer Ash Lawrence, MBA Head of AGF Capital Partners David Stonehouse, MBA, CFA Interim Chief Investment Officer SVP & Head of North American and Specialty Investments 17
Slide 18: 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 19: 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 LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA
Slide 20: 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+® calculati