Total assets under management and fee-earning assets of $74.2 billion, up 31% from prior year
- Declared quarterly dividend per share of 13.5 cents
AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the third quarter ended August 31, 2026.
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Limited → earn → quarter
AGF reported total assets under management and fee-earning assets1 of $74.2 billion compared to $74.7 billion in the prior period and $56.8 billion in the comparative prior year period.
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AGF → report → period
AGF generated strong free cash flows of $38.9 million in the quarter, up 27% from the prior year.
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AGF → generate → quarter
“We are pleased with the progress we have made through the first three quarters of the year.
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we → please → year
Our teams continue to execute against our strategic priorities, strengthen our business and deepen relationships with clients and partners,” said Judy Goldring, Chief Executive Officer, AGF Management Limited.
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Goldring → continue → clients
AGF Investments’ mutual fund gross sales were $1,366 million for the quarter compared to $1,363 million in the prior period and $1,260 million in the comparative prior year period.
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sales → compare → period
Canadian retail net flows2 were $271.0 million for the quarter, compared to $161.0 million in the prior period and $309.0 million in the comparative prior year period.
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flows2 → compare → period
“As we look ahead, we remain committed to our strategy and focused on the long term.
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we → look → term
We are building on our strong foundation, continuing to expand our capabilities and pursuing opportunities to drive growth.
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We → build → growth
With a strong team, differentiated investment capabilities and a clear sense of where we are going, we are well positioned to continue creating value for our clients and shareholders,” added Goldring.
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Goldring → go → clients
1 AUM represents assets under management and model delivery assets of AGF subsidiaries and affiliates.
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AUM → represent → subsidiaries
Fee-earning assets represents assets managed by affiliates in which AGF has carried interest ownership and earns fees but does not have ownership interest in the managers.
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AGF → earn → managers
2 Canadian retail net flows includes Canadian retail mutual fund net sales and Canadian ETF and SMA net sales.
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flows → include → sales
AGF Investments
AGF Investments launched ETF series units for the AGF Enhanced U.S. Income Plus Fund (AENP), expanding the firm’s ETF lineup and providing investors with greater choice.
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Investments → launch → choice
AGF Investments also continued to see strong demand across its ETF and separately managed account (SMA) offerings, reflecting growing interest in flexible investment solutions.
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Investments → continue → solutions
During the quarter, the AGF U.S. Large Cap Growth Strategy was added to a leading U.S. advisory platform, further expanding SMA access and broadening the firm’s reach in the U.S. market.
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Strategy → add → market
In July, following an extensive global search, Kensington Capital Partners Limited, an affiliate manager of AGF Capital Partners, appointed industry veterans Saar Pikar and Bogdan Cenanovic to its senior leadership team, strengthening its depth and expertise to support the firm’s next phase of growth.
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Limited → follow → growth
Financial Highlights:
- Adjusted EBITDA3 for the three months ended August 31, 2026 was $48.8 million, compared to $64.1 million for the three months ended May 31, 2026 and $46.2 million for the comparative prior year period.
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EBITDA3 → end → period
- Net management, advisory and administration fees3 for the three months ended August 31, 2026 was $101.0 million, compared to $96.7 million for the three months ended May 31, 2026 and $88.8 million for the comparative prior year period.
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fees3 → end → period
- Adjusted selling, general and administrative costs3 for the three months ended August 31, 2026 was $63.7 million, compared to $62.6 million for the three months ended May 31, 2026 and $61.3 million for the comparative prior year period.
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costs3 → adjust → period
Adjusted SG&A increased compared to the prior period and comparative prior year period, primarily driven by higher non-compensation expenses.
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SG&A → increase → expenses
- Adjusted EBITDA3 from AGF Capital Partners for the three months ended August 31, 2026, was $8.5 million, compared to $21.5 million for the three months ended May 31, 2026 and $11.4 million for the comparative prior year period.
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EBITDA3 → end → period
The decrease over the prior period is primarily due to lower revenue from long-term investments and a $14.7 million gain recognized on the NHC transaction in the prior period.
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decrease → recognize → period
- Adjusted net income attributable to equity owners3 for the three months ended August 31, 2026 was $32.0 million ($0.49 adjusted diluted EPS), compared to $46.9 million ($0.72 adjusted diluted EPS) for the three months ended May 31, 2026 and $31.2 million ($0.46 adjusted diluted EPS) for the comparative prior year period.
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income → end → period
3 Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total adjusted net revenue, adjusted selling, general and administrative, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted earnings per share and free cash flow are not standardized measures prescribed by IFRS.
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fees → prescribe → IFRS
The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period.
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Company → utilize → period
They allow us to assess our investment management business without the impact of non-operational items.
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us → allow → items
These non-IFRS measures may not be comparable with similar measures presented by other companies.
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measures → present → companies
These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
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measures → include → www.agf.com
4 Mutual fund AUM includes retail AUM, pooled funds AUM and institutional client AUM invested in customized series offered within mutual funds.
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AUM → include → funds
5 ETF and SMA AUM includes model delivery assets – third-party managed account assets for which AGF provides model portfolios and earns a model delivery fee, without custody or discretionary management of the underlying accounts.
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AGF → include → accounts
AGF Capital Partners AUM represents the total assets under management of the Affiliate Managers that comprise AGF Capital Partners.
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that → represent → Partners
This includes the full AUM of Affiliate Managers for which AGF consolidates or uses the equity method of accounting.
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AGF → include → accounting
7 Fee-earning assets represents assets managed by affiliates in which AGF has carried interest ownership and earns fees but does not have ownership interest in the managers.
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AGF → earn → managers
Net sales in retail mutual funds is calculated as reported mutual fund net sales (redemptions) less non-recurring institutional net sales (redemptions) in excess of $5.0 million invested in our mutual funds.
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sales → calculate → funds
For further information and detailed financial statements for the third quarter ended August 31, 2026, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.ca.
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which → end → www.sedarplus.ca
AGF will host a conference call to review its earnings results today at 11 a.m. ET.
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AGF → host → ET
The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/iksbp2qy.
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webcast → support → https://edge.media-server.com/mmc/p/iksbp2qy
Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.
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call → access → numbers
A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.
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archive → support → call
…and 31 more, not listed.
The Aporia
