Q1 2026 AGF Management Ltd Earnings Call Transcript
Key Points
- AGF Management Ltd (AGFMF) reported a 12% increase in AUM and fee-earning assets, reaching over $60 billion at the end of Q1 2026.
- The company achieved its seventh consecutive quarter of positive retail mutual fund net sales, totaling $237 million.
- AGF Investments' funds received seven FundGrade A+ awards for outstanding risk-adjusted performance.
- Free cash flows increased by 14% from the previous quarter, totaling $36 million, with a trailing 12-month total of $122 million.
- The Board declared an 8% increase in the quarterly dividend, marking the sixth consecutive year of dividend growth.
- Revenue from long-term investments decreased by $10.6 million, representing a 2.5% decline in value during the period.
- Adjusted EBITDA for the quarter was $30 million, down $22 million from the prior quarter, primarily due to lower net revenues from long-term investments.
- Segregated accounts and sub-advisory AUM decreased by 9% compared to the prior year due to redemptions from institutional clients.
- The adjusted EPS from AGF Capital Partners was negative $0.05 per share, impacted by the decline in long-term investment value.
- The company anticipates a reduced return expectation for its long-term investment portfolio for fiscal 2026, lowering guidance from 8%-10% to 5%-6%.
Thank you for standing by, and welcome to the Q1 2026 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 first quarter of 2026. 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 Judy Goldring, Chief Executive Officer. For the Q&A period following the presentation, Ash Lawrence, Head of AGF Capital Partners; and David Stonehouse, Interim Chief Investment Officer, 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.
With that, I will now turn the call over to
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