EPS In Line Excluding the Gain From the NHC Transaction

Research evidence excerpt

EPS In Line Excluding the Gain From the NHC Transaction

Financial Services - Diversified Financials

AGF Management Ltd.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

June 24, 2026

Price: C$19.57 (06/23/2026) EPS In Line Excluding the Gain From the NHC

Price Target: C$24.00 Transaction

BUY (1)

ESG SCORE: 68/100

Graham Ryding, CFA^ THE TD COWEN INSIGHT

416 308 4416

We are calling this an in line quarter. Headline adjusted EPS and EBITDA beat our estimates

graham.ryding@tdsecurities.com

and consensus, but this included a $14.7mm gain from the recent NHC transaction (AGF

Michael McCue^ increased their ownership to 50%). Excluding this gain adjusted results were in line on EPS, and

416 982 8683 a slight miss on revenue and adjusted EBITDA.

michael.mccue@tdsecurities.com

Key Data Event: FQ2/26 results. Conference call is today at 11:00 am ET here.

Symbol TSX: AGF.B-T

Impact: NEUTRAL

Market Cap C$1.3B

Adjusted EPS of $0.72 was above our (and consensus) estimate of $0.53. However the beat

largely reflects the one-time $14.7mm pre-tax gain from the NHC transaction (closed on May

29, 2026) after acquiring an incremental 25% stake in this New York-based liquid alts manager

(AGF now has a 50% stake). Excluding this gain, adjusted EPS was $0.54.

Revenue of $166mm was above us at $153mm (consensus was $156mm). Management

fees were in line. Excluding the NHC gain revenue was $151mm, slightly below our $153mm

forecast.

Consolidated EBITDA of $64.1mm (50.6% margin) was above our $51.4mm estimate (45.4%);

consensus was $52.1mm. Ex the NHC gain consolidated EBITDA was $49.4mm (a slight miss

vs. our $51.4mm estimate). Expenses were generally in line.

Cdn. mutual fund flows of $6mm were a bit soft vs. our $180mm estimate (and down from +

$190mm q/q and a L4Q average of +183mm).