AGF Management Limited (TSX: AGF.B) reported a strong year-over-year expansion in assets under management, reaching $74 billion in Q3 2026—a 31% increase from the same period in 2025. However, the company missed earnings expectations, with adjusted diluted EPS of CAD $0.49, down 32% sequentially from $0.72 in Q2 2026 and 15% below consensus forecasts. Shares fell 7.67%, trading at CAD $17.02, after the earnings release on September 23, 2026, following a 52-week range of $13.33 to $24.20. The dividend yield remained at 2.92%, with an enterprise value of $1.24 billion and a trailing twelve-month free cash flow of $143 million—up 32% year-over-year from $108 million in Q3 2025.
AGF’s asset growth was driven by its core segments, with AGF Investments Mutual Funds expanding 14% year-over-year to $37.5 billion, while ETF and SMA assets surged 57%, reaching $5.5 billion—a 60% compound annual growth rate over two years. The AGF Capital Partners platform, however, saw a notable outperformance, with assets rising 238% year-over-year to $15.7 billion, including $10.6 billion in absolute return strategies, $1.2 billion in venture capital, and $1.0 billion in private credit. In contrast, the Segregated Accounts and Sub-Advisory segment declined 12% to $5.9 billion, driven by institutional redemptions.
Revenue for the quarter was CAD $112.5 million, a 5% year-over-year increase but a 11% sequential decline from $126.7 million in Q2 2026. Adjusted net revenue from AGF Investments and AGF Private Wealth grew 10% year-over-year to $101.6 million, while AGF Capital Partners contributed $10.9 million, down from $15.5 million in the prior year. Adjusted EBITDA rose 6% year-over-year to $48.8 million, though it fell 24% sequentially, with an EBITDA margin of 43.4%—down from 50.6% in Q2 2026 but slightly above the 43.0% recorded a year earlier. Adjusted net income attributable to equity owners was $32.0 million, up 3% year-over-year but down 32% sequentially. Free cash flow improved to $39 million, up 27% year-over-year, with $170 million available on its credit facility and a net debt position of $28 million.
The company’s balance sheet remained strong, with $432 million invested in short- and long-term assets. Despite the EPS shortfall, AGF’s CFO, Ken Tsang, highlighted a 26-basis-point EBITDA yield, describing it as **
