AGF Management Ltd.

AGF Management Limited Reports Fourth Quarter and Fiscal Year 2025 Financial Results

• Reported quarterly adjusted diluted earnings per share of $0.62
• Total assets under management and fee-earning assets of $60.4 billion
• Declared quarterly dividend per share to 12.5 cents
  

TORONTO, Jan. 27, 2026 (GLOBE NEWSWIRE) -- AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the fourth quarter and fiscal year ended November 30, 2025.

AGF reported total assets under management and fee-earning assets¹ of $60.4 billion compared to $56.8 billion as at August 31, 2025 and $53.6 billion as at November 30, 2024.

“Over the last year, we demonstrated resilience and adaptability while remaining focused on execution. Our results reflect continued progress against our strategic priorities, as we expanded our offerings, diversified our client base and earned industry recognition for our strong performance, innovation, and culture,” said Judy Goldring, Chief Executive Officer, AGF.

AGF’s mutual fund gross sales were $1,425 million for the quarter compared to $1,260 million in the previous quarter and $993 million in the prior year quarter. Retail mutual fund² net sales were $282 million compared to $262 million in the previous quarter and $14 million in the prior year quarter.

“I’m proud of what we’ve accomplished and excited about the opportunities ahead. Our results reflect the discipline and focus behind our strategy, and as the industry landscape evolves, we remain committed to executing, staying responsive, and building on our momentum,” added Goldring.

___________________
_{¹ Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
² Retail mutual fund net sales (redemptions) are calculated as reported mutual fund net sales (redemption) less non-recurring institutional net sales (redemptions) in excess of $5 million invested in our mutual funds.}

Key Business Highlights:

AGF named Judy Goldring as Chief Executive Officer (CEO) in July following the passing of Kevin McCreadie, CEO and Chief Investment Officer. Ms. Goldring is a respected industry leader with over 30 years of experience. In her most recent role as President and Head of Global Distribution, she drove strategic planning and shaped key corporate initiatives.

As CEO, she announced the following changes to AGF’s senior leadership team to capitalize on the strength of the firm’s talent and its multi-year growth strategy:

• Chris Jackson was appointed President & Chief Operating Officer. Reporting to the CEO, he oversees the execution of strategic plans in support of business priorities and provides counsel on business planning and direction for corporate initiatives to AGF's leadership team.
• David Stonehouse was named interim CIO, AGF Investments, while a search for a new CIO is underway.
• Ash Lawrence, Head of AGF Capital Partners, AGF’s multi-boutique alternatives business, serves as EMT sponsor for the Office of the CIO, providing strategic guidance and support.
  

AGF Capital Partners announced the launch of AGF NHC Tactical Alpha Fund, an absolute-return strategy designed to deliver attractive risk-adjusted returns with low beta to traditional asset classes.

AGF Investments Inc. launched AGF Enhanced U.S. Income Plus Fund, an alternative mutual fund that seeks to provide long-term capital appreciation and generate a high level of consistent income by investing in U.S. equity securities and employing dynamic options strategies such as put writing and covered call writing.

AGF International Advisors Company Limited, a subsidiary of AGF, was once again accepted as a signatory to the UK Stewardship Code, a best-practice benchmark in investment stewardship.

AGF advanced its commitment to gender equity by partnering with VersaFi (formerly Women in Capital Markets), an organization dedicated to removing barriers to women’s advancement and promoting best practices, policies, and programs that drive gender diversity in the workplace.

AGF renewed its partnership with Trees for Life through a new three-year agreement, continuing a relationship that began in 2019. Through this partnership, AGF supports initiatives that expand urban tree planting, enhance local biodiversity, and engage communities in environmental education. To date, AGF employees have helped plant more than 1,000 trees across Canada.

Awards Wins

AGF was recognized as one of Greater Toronto’s Top Employers for 2026, an honour that reflects the strength of the firm’s culture and the meaningful work being done to invest in its people.

AGF Investments Inc. was recognized with 2024 FundGrade A+® Awards for AGF American Growth Fund, AGF Fixed Income Plus Fund and AGF Global Select Fund.

At the 2025 Wealth Professional Awards, AGF Investments Inc. was named Mutual Fund Provider of the Year. The firm was also honoured as an Excellence Awardee in the Employer of Choice category.

AGF SAF Private Credit Trust won best 3-Year Return in the Private Debt category and Kensington Private Equity Fund won best 10-Year Return in the Private Equity category at the 2025 Canadian Hedge Fund Awards. 

AGF Investments Inc. earned multiple 2025 LSEG Lipper Fund Awards across three categories:

• AGF European Equity Class (Series F) won for both the 3-year and 5-year periods in the European Equity category.
• AGF Global Select Fund (Series F) won for the 10-year period in the Global Equity category.
• AGF American Growth Fund (Series F) won for the 5-year period in the U.S. Equity category.
  

Financial Highlights:

• Adjusted EBITDA³ for the three months and year ended November 30, 2025 was $52.4 million and $186.0 million, compared to $39.6 million and $166.4 million for the comparative prior year period.
• Net management, advisory and administration fees³ for the three months and year ended November 30, 2025 was $94.8 million and $352.6 million, compared to $83.6 million and $318.4 million for the comparative prior year period.
• Adjusted selling, general and administrative costs for the three months and year ended November 30, 2025 was $67.9 million and $252.3 million, compared to $66.2 million and $239.3 million for the comparative prior year period. The increase in adjusted SG&A from prior year is driven by higher salaries and benefits and non-compensation expenses, as well as one additional quarter of KCPL results.
• Adjusted EBITDA from AGF Capital Partners for the three months and year ended November 30, 2025, was $16.7 million and $56.6 million, compared to $12.4 million and $56.9 million for the comparative prior year period.
• Adjusted net income attributable to equity owners³ for the three months and year ended November 30, 2025 was $41.2 million ($0.62 adjusted diluted EPS) and $130.5 million ($1.93 adjusted diluted EPS), compared to $29.8 million ($0.45 adjusted diluted EPS) and $111.6 million ($1.67 adjusted diluted EPS) for the comparative prior year period.
  

_{³ Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted earnings per share and free cash flow are not standardized measures prescribed by 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. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other 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/corporate/investor-relations.
⁴ Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
⁵ Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.}

For further information and detailed financial statements for the fourth quarter and year ended November 30, 2025, 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.com.

Conference Call

AGF will host a conference call to review its earnings results today at 11 a.m. 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/5fu9rqdk/. 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.

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.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $60 billion in total assets under management and fee-earning assets, AGF serves more than 820,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

About 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 (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

About AGF Capital Partners

AGF Capital Partners is AGF’s multi-boutique alternatives business with Affiliate Managers across both private assets and alternative strategies. Clients benefit from the specialized investment expertise of Affiliate Managers¹ combined with the organizational support and breadth of resources of AGF Management Limited (AGF). With over 18 years average experience, AGF Capital Partners Affiliate Managers including, Kensington Capital Partners Limited, New Holland Capital, LLC and AGF SAF Private Credit, manage approximately C$14.4 billion* in alternative AUM and fee earning assets on behalf of institutional and retail clients. Affiliate Manager AUM may not be consolidated into AGF Management Limited's reported AUM.

 ^{*U.S. AUM converted FX rate as at November 30, 2025 (1.40)}
The term ‘Affiliate Manager’ refers to any partner regardless of relationship structures or revenue sharing agreements. The form of AGF’s structured partnership interests in Affiliate Managers differs from Affiliate Manager to Affiliate Manager. The structure of the relationship with a particular Affiliate Manager, or the revenue that AGF agrees to share in, may change. Affiliate Managers only provide investment advisory services or offer products in the jurisdiction where such firm, individuals and/or product is registered or authorized to provide such services.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

AGF Management Limited shareholders, analysts and media, please contact:

Nick Smerek
VP, Financial Planning & Analysis
416-865-4337, InvestorRelations@agf.com

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2025 Annual MD&A.

Greater Toronto’s Top Employers:

Now in its 20th year, Greater Toronto’s Top Employers is an editorial project that recognizes employers with exceptional human resources programs and forward-thinking workplace policies. Editors at Mediacorp review employers on eight criteria: (1) Workplace; (2) Work Atmosphere & Social; (3) Health, Financial & Family Benefits; (4) Vacation & Time Off; (5) Employee Communications; (6) Performance Management; (7) Training & Skills Development; and (8) Community Involvement. The editors publish clear “reasons for selection,” ensuring transparency. The competition is open to organizations headquartered or operating primarily in the Greater Toronto Area.

FundGrade A+® Awards:

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

AGF American Growth Fund won in the U.S. Equity CIFSC Category, out of 237 funds. The FundGrade A+ start date was 12/31/2014 and the FundGrade A+ end date was 12/31/2024.

AGF Global Select Fund won in the Global Equity CIFSC Category, out of 306 funds. The FundGrade A+ start date was 12/31/2014 and the FundGrade A+ end date was 12/31/2024.

AGF Fixed Income Plus Fund won in the Canadian Fixed Income CIFSC Category, out of 137 funds. The FundGrade A+ start date was 12/31/2014 and the FundGrade A+ end date was 12/31/2024.

Wealth Professional Awards:

The Wealth Professional Awards, presented by Wealth Professional Magazine, celebrate the outstanding achievements of wealth professionals, financial advisors, fund providers, and service partners across the country. For more information on the awards and the 2025 winners, please visit Wealth Professional Awards | Wealth Professional.

2025 Canadian Hedge Fund Awards:

The 2025 Canadian Hedge Fund Awards (CHFA) were awarded in October 2025 and determined on an entirely quantitative process, based on solely on performance data to June 30, 2025, collected and tabulated by Fundata. Eligibility requirements for hedge funds to be considered for a CHFA are that the fund must be domiciled in Canada (and management team must be in Canada), must have a track record of at least 1 year to June 30th, must have a minimum of $10 million in AUM and must be in Canadian dollars. The Private Debt category includes credit focused hedge funds in which the majority of the underlying securities are not marked-to-market and must be structured as a mutual fund trust or LP and trade on Fundserv. The Private Equity category includes equity focused hedge funds in which the majority of the underlying securities are not marked-to-market and must be structured as a mutual fund trust or LP and trade on Fundserv. Awards, rankings, and other forms of recognition are not indicative of the Fund’s future performance.

Lipper Fund Awards:

AGF Global Select Fund (Series F):

LSEG Lipper Fund Awards Canada 2025 Winner, AGF Global Select Fund (F Series), Best Global Equity Fund over 10 years out of a classification total of 138 funds, for the period ending July 31, 2025. 

The corresponding Lipper Leader ratings of the Fund for the period ending July 31, 2025 are as follows: N/A (one year), 5 (three years), 5 (five years), 5 (ten years). The fund’s most recent month-end performance is shown in the Annualized Compound Returns here.

AGF American Growth Fund (Series F):

LSEG Lipper Fund Awards Canada 2025 Winner, AGF American Growth Fund (F Series), Best US Equity Fund over 5 years out of a classification total of 126 funds, for the period ending July 31, 2025. 

The corresponding Lipper Leader ratings of the Fund for the period ending July 31, 2025 are as follows: N/A (one year), 5 (three years), 5 (five years), N/A (ten years). The fund’s most recent month-end performance is shown in the Annualized Compound Returns here.

AGF European Equity Class (Series F):

LSEG Lipper Fund Awards Canada 2025 Winner, AGF European Equity Class (F Series), Best European Equity Fund over three and five year periods out of a classification total of 15 and 15 funds, for the period ending July 31, 2025.  

The corresponding Lipper Leader ratings of the Fund for the period ending July 31, 2025 are as follows: N/A (one year), 5 (three years), 5 (five years), 4 (ten years). The fund’s most recent month-end performance is shown in the Annualized Compound Returns here.   

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. The highest 20% of funds in each classification are named Lipper Leaders for Consistent Return and receive a rating of 5; the next 20% receive a rating of 4; the middle 20% are rated 3; the next 20% are rated 2; and the lowest 20% are rated 1. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, their accuracy is not guaranteed by LSEG Lipper.