Agf Management Limited Class B · TSX:AGF.B
Agf Management Limited Class B — Q3 2026 Earnings Presentation
20 slides from Agf Management Limited Class B's earnings presentation, Sep 23, 2026
Slide 1: AGF Management Limited Earnings Conference Call Third Quarter 2026
AGF Management Limited Earnings Conference Call Third Quarter 2026
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of September 23, 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 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 Ash Lawrence, MBA Head of AGF Capital Partners Available for questions John Porter, MBA Chief Investment Officer 3
Slide 4: Today’s Discussion
Today’s Discussion • Highlights of the 3rd Quarter of Fiscal 2026 • Business Updates • AGF Capital Partners Overview • Financial Results • Capital & Liquidity • Investment Highlights 4
Slide 5: Q3 2026 Highlights
Q3 2026 Highlights Business momentum continues, financial position remains strong Assets1 of 9th Consecutive 57% increase in $74 billion Quarter of ETFs and SMA AUM +31% YoY Positive Canadian Retail YoY Mutual Fund Net Sales Kensington Strong Strong Financial Welcomes Industry Free Cash Flow Positio
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 AUM growth reflects strong ETF/SMA expansion, market and incl. NHC’s AUM ($ millions) Q3-FY26 Q3-FY25 Change AGF Investments1 Mutual funds 37,529 32,958 14% ETFs and SMA 5,481 3,487 57% Segregated accounts and sub-advisory 5,874 6,685 (12%) AGF Priva
Slide 7: Canadian Mutual Fund Business Review
Canadian Mutual Fund Business Review 9th Consecutive quarter of positive retail mutual fund net sales Industry LT MF Net Sales 18 19 ($B)1,2 11 9 12 8 7 3 1 Cdn Retail Mutual Fund Cdn SMA and ETF 488 410 431 AGF 68 206 Canadian 309 194 271 Retail 47 Net Flows 342 161 179 110 282 ($M)2 70 74 45 262 2
Slide 8: ETFs and SMA AUM
ETFs and SMA AUM1 Rapid ETF and SMA scaling with 60% CAGR 5,481 CAGR +60% 3,487 2,128 Q3 2024 Q3 2025 Q3 2026 Closing AUM ($M) (1) See definition on page 20. 8
Slide 9: AGF Capital Partners
AGF Capital Partners1 A diversified multi-boutique alternatives business that brings together Affiliate Managers1 with specialized expertise across private assets and alternative strategies. $15.7 Billion AUM & Fee-earning Assets1 Private Equity Private Credit Absolute Return Venture Capital $0.8 B
Slide 10: Adjusted Financial Results
Adjusted Financial Results1,2 Earnings normalized after prior quarter $15m gain on the NHC transaction; free cash flow remains robust Consolidated Adjusted Results Sequential Quarter Year over Year ($ millions, except per share amounts) Q3 2026 Q2 2026 Variance Q3 2025 Variance Total Adjusted Net Re
Slide 11: Adjusted Net Revenues Split
Adjusted Net Revenues1,2 Split YoY and QoQ improvement in AGF Investments and AGF Private Wealth; AGF Capital Partners decrease driven by LTI revenue variability & NHC gain in Q2’26 AGF Investments and AGF Private Wealth Sequential Quarter Year over Year ($ millions, except per share amounts) Q3 202
Slide 12: 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): Net Contingent Consideration (2) $6.9 Put Option Liability $26.4 LLTIP Accrual $14.2 (2.3) 3.4 48.8 0.3 47.4 Reported EBITDA Severance and
Slide 13: Financial Results – BPS Detail
Financial Results – BPS Detail1,2 Operating leverage lifted EBITDA yield comparable to trailing twelve months Average AUM and Bps Detail Sequential Quarter TTM Q4 2025 to (Average AUM, $ billions) Q3-2026 Q2-2026 Q3 2026 Average AUM excl. AGF Capital Partners3 59.6 56.5 56.4 Average Mutual Fund 38.0
Slide 14: Capital & Liquidity
Capital & Liquidity1 Strong free cash flow generation supports capital flexibility and shareholder returns 155 145 143 120% 134 135 125 122 118 90% 115 108 105 60% 95 85 28% 27% 26% 24% 23% 30% 75 65 0% TTM Q3 2025 TTM Q4 2025 TTM Q1 2026 TTM Q2 2026 TTM Q3 2026 TTM FCF TTM Dividend to FCF % (1) Fre
Slide 15: Enterprise value
Enterprise value Sum of the parts suggests potential upside to current valuation 3 1 195 1,240 13 85 At 6.3x EBITDA, Long-Term Investments are valued at a 80% discount to balance sheet value of $415m2. 6.3x 182 EV/EBITDA 1,155 At 6.3x EV/EBITDA, Rest of the business is trading at a discount vs. Trad
Slide 16: 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 16
Slide 17: Investment Thesis
Investment Thesis Stable cash flows to fund dividends and growth: Strong Financial • TTM free cash flow and payout ratio of $143m and 23% Position • $432m in long- and short-term investments and net debt of $28m • Supports strong dividend yield and share buybacks, while investing for growth Outperfo
Slide 18: 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 John Porter, MBA Chief Investment Officer 18
Slide 19: 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 20: Definitions
DEFINITIONS 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 (AGFI