Agf Management Limited Class B · TSX:AGF.B
Agf Management Limited Class B — Q4 2025 Earnings Presentation
21 slides from Agf Management Limited Class B's earnings presentation, Jan 27, 2026
Slide 1: AGF Management Limited Earnings Conference Call Fourth Quarter 2025
AGF Management Limited Earnings Conference Call Fourth Quarter 2025
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of January 27, 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 securit
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 4th Quarter and Fiscal 2025 • Business Updates • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Fiscal 2025 Highlights
Fiscal 2025 Highlights AGF continued to make progress against strategic objectives Assets1 of 2025 Retail Mutual Fund 63% increase in $60.4 billion Net Sales of 13% higher year over ETFs and SMA AUM $951 million year over year year Strong Financial Awards Adjusted Diluted Position Greater Toronto’s
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 AUM driven by continuous strong growth in Traditional Asset and WM ($ millions) Q4-FY25 Q4-FY24 Change AGF Investments3 Mutual funds 34,984 30,662 14% ETFs and SMA 4,136 2,537 63% Segregated accounts and sub-advisory 7,190 6,977 3% AGF Private Wealth
Slide 7: Mutual Fund Business Review
Mutual Fund Business Review AGF achieved retail mutual fund net sales of $951m in 2025, an improvement of $1.2b YoY Gross Sales Net Sales 11 12 9 3 8 1 Industry Sales 99 97 80 80 80 ($B)1 49 76 72 75 (33) (4) (4) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 342 282 65 262 AGF 19 14 Retail 1
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM Continued to show strong growth YoY 4,136 CAGR +68% 2,537 1,465 Q4 2023 Q4 2024 Q4 2025 Closing AUM ($M) 8
Slide 9: Adjusted Financial Results
Adjusted Financial Results1,2 Favorable comparative results supported by higher AUM and LT Investment Income Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q4 2025 Q3 2025 Variance FY2025 FY2024 Variance Total Adjusted Net Revenue3 120.3 107.5
Slide 10: Adjusted Net Revenues Split
Adjusted Net Revenues1,2 Split QoQ improvement driven by higher revenues in Traditional Asset and WM and Capital Partners LT investment returns Traditional Asset and Wealth Management Sequential Quarter Year over Year ($ millions, except per share amounts) Q4 2025 Q3 2025 Variance FY2025 FY2024 Vari
Slide 11: Q4 Adjusted EBITDA
Q4 Adjusted EBITDA1 Adjusted EBITDA excludes non-cash acquisition related expenses Q4 Adjusted EBITDA Bridge ($ millions) Associated Q4 Balance Sheet items ($M): Net Contingent Consideration (2) $7.4 Put Option Liability $28.4 LLTIP Accrual $17.5 56.6 (4.5) 1.0 (0.9) 52.4 0.2 Reported EBITDA FVA on
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 Q1 2025 to (Average AUM, $ billions) Q4-2025 Q3-2025 Q4 2025 Average AUM excl. AGF Capital Partners ($B)3 54.4 50.6 50.4 Average Mutual Fund 34.4 32.1 31.8 Average
Slide 13: Capital & Liquidity
Capital & Liquidity1 AGF has excess capital available to fund growth and return to shareholders 125 118 120% 115 108 106 106 105 90% 95 95 60% 85 30% 28% 28% 27% 28% 30% 75 65 0% TTM Q4 2024 TTM Q1 2025 TTM Q2 2025 TTM Q3 2025 TTM Q4 2025 TTM FCF TTM Dividend to FCF % (1) Free cash flow is defined a
Slide 14: Enterprise value
Enterprise value Sum of the parts suggests upside to current valuation AGF Enterprise Value ($m) 1,092 1,086 6 449 (45)8 682 FY25 Adj EBITDA 404 excl. Income Implied from LT & ST EV / EBITDA Investments Multiple $137m4 5.0x Market Cap1 Net Cash2 Enterprise LT & ST Remaining Compared to Traditional A
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 $118m and 27% Position • $449m in long- and short-term investments and net cash of $6m • Supports strong dividend yield and share buybacks, while investing for growth Outperfor
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 Greater Toronto’s Top Employers: Now in its 20th year, Greater Toronto’s Top Employers is an editorial project that recognizes employers with exceptional human resources programs and forward- thinking workplace policies. Editors at Mediacorp review employers on eight criteria: (1) Workpla
Slide 21: 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