AGF Management (AGF) Q1 2026 earnings summary

Executive summary

• Assets under management and fee-earning assets reached $60.5 billion as of February 28, 2026, up 12% year-over-year, driven by positive net sales and market performance.

• Achieved the seventh consecutive quarter of positive retail mutual fund net sales, with Q1 2026 net sales of $237 million.

• Quarterly dividend per share increased by 8% to $0.135, marking the sixth consecutive year of dividend growth.

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

• Added to the Nasdaq Dividend Achievers Index, reflecting consistent dividend growth.

Financial highlights

• Adjusted EBITDA for the quarter was $30.3 million, down from $52.4 million in the previous quarter and $47.9 million year-over-year, mainly due to lower net revenues from long-term investments.

• Adjusted diluted EPS was $0.30, compared to $0.62 last quarter and $0.48 a year ago.

• Free cash flow totaled $36.0 million for the quarter, up 14% year-over-year.

• Net management, advisory, and administration fees were $92.5 million, up 8.6% year-over-year.

• Dividend payout per share was $0.135, up from $0.115 year-over-year.

Outlook and guidance

• Management reduced long-term investment return expectations for fiscal 2026 to 5%-6%, down from the typical 8%-10%, due to economic and trade environment impacts.

• Management fee rate expected to compress by about 2 basis points annually as asset mix shifts.

• Focus remains on delivering consistent investment performance, maintaining sales momentum, and expanding in high-growth distribution channels.

• Management continues to monitor market volatility driven by monetary policy, economic data, and geopolitical tensions.

• Continued focus on expanding product offerings and responding to investor demand for alternatives and ETFs.