AGF Management B NV (A3J) Q3 2026 Earnings Report
DE:A3J Q3 2026 EPS Results
- Actual EPS
- EUR 0.31
- Consensus EPS
- EUR 0.37
- Beat/Miss
- Missed by -EUR 0.05
- One Year Ago EPS
- EUR 0.29
DE:A3J Q3 2026 Revenue Results
- Actual Revenue
- EUR 99.49M
- Expected Revenue
- EUR 103.19M
- Beat/Miss
- Missed by -EUR 3.70M
- YoY Revenue Growth
- +10.45%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 09/23/2026
- Time
- Before Open
- Conference Call
- Wednesday, September 23, 2026
AGF Management B NV's next earnings date is estimated for January 21, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was predominantly positive, supported by 31% year-over-year growth in AUM and fee-earning assets, consecutive positive retail mutual fund sales, strong ETF and SMA momentum, higher year-over-year EBITDA and cash flow, improving EBITDA yields, a strong balance sheet, and increased shareholder returns. The main challenges were risk-off equity flows, a 12% decline in segregated and sub-advisory AUM, expected fee-rate compression, higher SG&A, subdued long-term investment returns, and a 7.5% year-to-date decline in Kensington's private equity fund. Highlights significantly outweighed the lowlights.
AGF is guiding to a 2-3 basis point net management fee rate decline going forward; expects LP returns to be around 6%-8% over the next one to five years versus long-term target returns of 8%-10%; will continue to target long-term returns of 8%-10%; expects to monetize a material portion of its long-term investments over the next one to five years; expects New Holland Capital to move into a fee-related earnings profit position sometime in the next 12-24 months and would look strongly at exercising an additional ownership option to get to a controlling position at some point in the next one to three years; and expects long-term investments to generate somewhere in the 1%-2% range overall for the full book in 2026.
- AUM and Fee-Earning Assets GrowthAUM and fee-earning assets reached CAD 74 billion at quarter end, up 31% from a year ago. AGF Investments Mutual Fund AUM was CAD 37.5 billion, up 14% year over year, while AGF Private Wealth AUM increased 7% to CAD 9.7 billion.
- Continued Positive Canadian Retail Mutual Fund SalesAGF Investments Canadian Retail Mutual Funds delivered its ninth consecutive quarter of positive retail mutual fund net sales, with CAD 92 million in net sales during the quarter.
- Strong ETF and SMA GrowthGlobal ETF and SMA AUM increased 57% year over year to CAD 5.5 billion and has grown at a 60% compounded rate over the last two years. Canadian ETF and SMA net flows were CAD 179 million, more than tripling last year's level, with positive momentum across the U.S., Canada, and Asia.
- Positive Combined Retail Flows and U.S. SMA MomentumDespite a risk-off investor appetite during Q3, the combined Canadian retail mutual fund, SMA, and ETF flows remained net positive. Management also said U.S. SMA flows were constructive.
- AGF Capital Partners Platform ExpansionAGF Capital Partners AUM and fee-earning assets reached CAD 15.7 billion, including NHC AUM. The business continues to support affiliate managers and pursue targeted acquisition opportunities, with active discussions and a select few opportunities under underwriting.
- Kensington Leadership StrengthenedKensington Capital Partners appointed Saar Pikar as President and Bo Cenanovic as Senior Managing Director and Head of Private Equity. Both joined Kensington's Executive Management Committee and fund investment committees, bringing institutional investing backgrounds from OMERS, PSP, and Ontario Teachers' Pension Plan.
- Positive Quarterly Earnings and Cash FlowAdjusted diluted EPS was CAD 0.49, adjusted net income attributable to equity owners was CAD 32 million, and free cash flow was CAD 39 million. Free cash flow increased CAD 3 million from the prior quarter and CAD 8 million from the prior year, mainly due to higher EBITDA from AGF Investments.
- Year-over-Year EBITDA and Net Management Fee GrowthAdjusted EBITDA was CAD 49 million, up CAD 3 million from the prior year, mainly driven by higher net revenues. Net management fees from AGF Investments and AGF Private Wealth were CAD 101 million, up CAD 4 million from the prior quarter and CAD 12 million from the prior year, mainly due to higher average AUM.
- Improving EBITDA Yield and Expense DisciplineThe EBITDA yield was 26 basis points for the quarter, one basis point higher than the trailing 12 months. On a trailing 12-month basis, EBITDA as a percentage of AUM increased from 17 basis points in 2022 to 25 basis points in the last 12 months of 2026; management noted that 25 basis points is more than twice the overall industry level.
- Solid Investment PerformanceAGF Investments' one-, three-, and five-year mutual fund performance ranked in the 46th, 47th, and 44th percentiles, respectively, relative to peers. Approximately 57% of funds outperformed peers on a three- and five-year basis.
- Strong Balance Sheet and Capital FlexibilityAGF ended the quarter with CAD 432 million in short- and long-term investments, net debt of CAD 28 million, and CAD 170 million available on its credit facility. Management said this capital position provides flexibility to deploy capital thoughtfully, invest for growth, and return capital to shareholders.
- Shareholder Returns and Increased BuybacksTrailing 12-month free cash flow was CAD 143 million, with dividends representing 23% of free cash flow. AGF returned CAD 56 million to shareholders, consisting of CAD 31 million in dividends and CAD 25 million in share buybacks. More than 600,000 shares were repurchased during the quarter, and year-to-date NCIB repurchases reached 2.2 million shares versus 1.5 million in the prior-year period.
- Valuation Discount and Potential Upside IdentifiedTrailing 12-month adjusted EBITDA was CAD 195 million and enterprise value was approximately CAD 1.2 billion, implying a 6.3x EV-to-EBITDA multiple. Long-term investments were valued at CAD 85 million, an 80% discount to their CAD 415 million balance sheet value, while the rest of the business traded at more than a two-turn discount to other traditional asset managers.
- Long-Term Investment Returns and Planned MonetizationsLong-term investments have generated approximately 11% per annum since inception. AGF expects to monetize a material portion of these investments over the next one to five years to recycle capital into new affiliates and strategies, while diversifying the long-term investments portfolio.
- New Holland Profitability ProgressNew Holland Capital is profitable when performance fees and carried interest are included and is currently roughly breakeven on a fee-related earnings basis. Management expects New Holland to move into a fee-related earnings profit position sometime in the next 12-24 months.
- Continued Investment for Long-Term GrowthManagement said AGF remains disciplined in expense management while continuing to invest for growth, including investment in affiliate managers, new strategies, and the long-term development of the business.
DE:A3J Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 21, 2027 | 2026 (Q4) | 0.32- | 0.4 | ― | ― |
| Sep 23, 2026 | 2026 (Q3) | 0.370.31 | 0.29 | 6.52% (+0.02) | |
| Jun 24, 2026 | 2026 (Q2) | 0.340.46 | 0.25 | 84.62% (+0.21) | |
| Apr 14, 2026 | 2026 (Q1) | 0.300.19 | 0.31 | -37.50% (-0.11) | |
| Jan 27, 2026 | 2025 (Q4) | 0.300.40 | 0.29 | 37.78% (+0.11) | |
| Sep 24, 2025 | 2025 (Q3) | 0.290.29 | 0.24 | 24.32% (+0.06) | |
| Jun 25, 2025 | 2025 (Q2) | 0.260.25 | 0.22 | 11.43% (+0.03) | |
| Apr 08, 2025 | 2025 (Q1) | 0.260.31 | 0.33 | -5.88% (-0.02) | |
| Jan 22, 2025 | 2024 (Q4) | 0.250.29 | 0.18 | 60.71% (+0.11) | |
| Sep 25, 2024 | 2024 (Q3) | 0.230.24 | 0.22 | 8.82% (+0.02) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
