Q2 2025 AGF Management Ltd Earnings Call Transcript
Key Points
- AGF Management Ltd (AGFMF) reported a 12% year-over-year increase in AUM and fee-earning assets, reaching $53.5 billion.
- The company's SMA and ETF business saw a significant 54% year-over-year growth in AUM, reaching $2.8 billion.
- AGF Investments' retail mutual fund business outpaced the Canadian mutual fund industry with net sales of $65 million in the quarter.
- The company was recognized as the Mutual Fund Provider of the Year at the 2025 Wealth Professional Awards, highlighting its innovative product lineup.
- AGF Management Ltd (AGFMF) declared a $0.125 per share dividend for Q2 2025, demonstrating a commitment to returning capital to shareholders.
- Average AUM was down 3% compared to Q1 due to market volatility.
- Adjusted EBITDA for the quarter was $40 million, $8 million lower than Q1, primarily due to an outsized long-term investment gain in Q1.
- Free cash flows for the quarter were $24 million, down $8 million from Q1, mainly due to higher distribution income in the previous quarter.
- Net management fees were $1 million lower than the prior quarter, reflecting market volatility and shifts in asset allocation.
- The company experienced a decrease in adjusted revenue from AGF Capital Partners by $9 million compared to the previous quarter, due to outsized revenues from long-term investments in Q1.
Thank you for standing by, and welcome to the Q2 2025 AGF Management Limited earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mr. Tsang, you may begin.
Thank you, operator, and good morning, everyone. I'm Ken Tsang, Chief Financial Officer of AGF Management Limited. Today, we will be discussing the financial results for the second quarter of fiscal 2025. Slides supporting today's call and webcast can be found in the Investor Relations section of agf.com.
Also speaking on the call today will be Kevin McCreadie, Chief Executive Officer and Chief Investment Officer. For the question-and-answer period following the presentation, Judy Goldring, President and Head of Global Distribution; and Ash Lawrence, Head of AGF Capital Partners, will also be available to address questions.
Slide 4 provides the agenda for today's call. After the prepared remarks, we will be happy to take questions.
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