18 slides from Agf Management Limited Class B's earnings presentation, Sep 24, 2025
Slide 1: AGF Management Limited Earnings Conference Call Third Quarter 2025
AGF Management Limited Earnings Conference Call Third Quarter 2025
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of September 24, 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 secur
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 N.A. a
Slide 4: Today's Discussion
Today’s Discussion • Highlights of the 3rd Quarter of Fiscal 2025 • Business Updates • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights AGF continued to make progress against strategic objectives Assets1 of $262 million Judy Goldring $56.8 billion of Retail Mutual Fund appointed as CEO 14% higher year over Net Sales year Strong Financial 64% increase in Adjusted Diluted Position ETFs and SMA AUM EPS of $0.46 $432
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 AUM driven by continuous strong growth in Traditional Asset and WM ($ millions) Q3-FY25 Q3-FY24 Change AGF Investments3 Mutual funds 32,958 28,104 17% ETFs and SMA 3,487 2,128 64% Segregated accounts and sub-advisory 6,685 6,430 4% AGF Private Wealth
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 3 8 1 Industry Sales 76 72 80 75 99 80 ($B)1 48 49 9 (19) - (33) (4) (4) Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 342 65 262 AGF 19 14 Retail 1,527 Mutual 914 934 1,012 993 1,148 1,260
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM Continued to show strong growth YoY CAGR +62% 3,487 2,128 1,332 Q3 2023 Q3 2024 Q3 2025 Closing AUM ($M) 8
Slide 9: Adjusted Financial Results
Adjusted Financial Results1,2 Favourable comparative results supported by higher AUM and other income Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q3 2025 Q2 2025 Variance Q3 2024 Variance Total Adjusted Net Revenue3 107.5 99.0 9% 99.8 8% Adj
Slide 10: Adjusted Net Revenues Split
Adjusted Net Revenues1,2 Split YoY improvement driven by higher revenues in Traditional Asset and WM Traditional Asset and Wealth Management Sequential Quarter Year over Year ($ millions, except per share amounts) Q3 2025 Q2 2025 Variance Q3 2024 Variance Net management, advisory and admin fees3 88.
Slide 11: Q3 Adjusted EBITDA
Q3 Adjusted EBITDA1 Adjusted EBITDA excludes non-cash acquisition related expenses Q3 Adjusted EBITDA Bridge ($ millions) Associated Q3 Balance Sheet items ($M): LLTIP Accrual $17.0 Net Contingent Consideration (2) $11.6 Put Option Liability $28.8 46.2 1.2 2.8 42.1 0.6 (0.5) Reported EBITDA Accrued
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 Q4 2024 to (Average AUM, $ billions) Q3-2025 Q2-2025 Q3 2025 Average AUM excl. AGF Capital Partners ($B)3 50.6 47.5 48.4 Average Mutual Fund 32.1 29.8 30.5 A
Slide 13: Capital & Liquidity
Capital & Liquidity1 AGF has excess capital available to fund growth and return to shareholders 110 108 106 106 105 120% 100 95 95 94 90% 90 85 60% 80 30% 30% 28% 28% 28% 75 30% 70 65 0% TTM Q3 2024 TTM Q4 2024 TTM Q1 2025 TTM Q2 2025 TTM Q3 2025 TTM FCF TTM Dividend to FCF % (1) Free cash flow is d
Slide 14: Enterprise value
Enterprise value Sum of the parts suggests upside to current valuation AGF Enterprise Value ($m) 1,000 900 17 800 700 432 TTM EBITDA Excl. 600 Income from LT Implied 500 & ST EV / EBITDA 900 900 917 Investments Multiple 400 300 485 485 $132m4 3.7x 200 100 - - - - Market Cap1 Net Debt2 Enterprise LT
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 $108m and 28% Position • $432m in long- and short-term investments and net debt of ~$17m • 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