AGF Management (AGF) Q1 2025 earnings summary

Executive summary

• Assets under management and fee-earning assets reached $53.8 billion as of February 28, 2025, up 20% year-over-year, driven by strong net sales, market appreciation, and growth in ETFs, SMAs, and private capital.

• Retail mutual fund net sales were $342 million, outpacing industry growth, with gross sales of $1,568 million and net sales of $258 million, reversing prior year redemptions.

• Three funds received FundGrade A+ awards for risk-adjusted performance.

• New alternative products were launched, including AGF NHC Tactical Alpha Fund and Enhanced US Income Plus Fund.

• Key business developments included a partnership with VersaFi to advance gender diversity.

Financial highlights

• Adjusted diluted EPS was $0.48, up from $0.45 in the previous quarter but down from $0.51 a year ago.

• Adjusted EBITDA was $47.9 million, up from $39.6 million sequentially but down from $49.5 million year-over-year.

• Adjusted net income attributable to equity owners was $32.1 million, up from $29.8 million last quarter but down from $33.7 million a year ago.

• Net management, advisory, and administration fees were $85.2 million, up from $83.6 million in the previous quarter and $74.9 million year-over-year.

• Free cash flow for the quarter was $31.6 million, up from $21.4 million last quarter and $21.2 million a year ago.

Outlook and guidance

• Guidance for long-term investment returns remains at 8%-10%, with management maintaining a conservative outlook amid ongoing market volatility.

• Focus remains on delivering consistent investment performance, maintaining sales momentum, and building a diversified private capital and alternatives business.

• Management is prepared to adjust capital allocation as needed in response to market conditions.