AGF Management (AGF) investor relations material

Executive summary

• Assets under management and fee-earning assets reached $74.7 billion as of May 31, 2026, up 40% year-over-year, driven by organic growth, the New Holland Capital (NHC) investment, and strong net flows.

• Adjusted diluted EPS was $0.72, up from $0.39 year-over-year, with adjusted net income attributable to equity owners of $46.9 million.

• Adjusted EBITDA for the quarter was $64.1 million, up 62% year-over-year, with a margin of 50.6%.

• Free cash flow for the quarter was $36.4 million, up 52% year-over-year, supporting dividends and share repurchases.

• Strategic investments in alternatives and private markets, including increased NHC ownership to 50% and acquisition of Kensington Capital Partners, supported diversification.

Financial highlights

• Net management, advisory, and administration fees were $96.7 million, up 15% year-over-year, with an annualized fee rate of 0.68%.

• Adjusted EBITDA from AGF Capital Partners was $21.5 million, up from $10.0 million year-over-year, driven by higher long-term investment revenue and the NHC gain.

• Dividend per share increased to $0.135, with $16.7 million paid in the first half of 2026.

• Net debt at quarter-end was $51 million, with $435 million in investments and $145 million available on the credit facility.

• Free cash flow for the trailing twelve months was $134 million, with a dividend payout ratio of 24%.

Outlook and guidance

• Management expects the NHC transaction to be modestly accretive to earnings in the near term, with further growth as operating leverage expands.

• Long-term investments have generated over 11% annualized returns since inception, exceeding the 8%-10% target.

• Annualized return guidance for long-term investments remains at 5%-6% for 2026.

• Ongoing focus on responsible and sustainable investing, talent development, and operational resilience.

• Capital plan and liquidity position are expected to support business operations, strategic investments, and dividend policy.