Fiera Capital Reports Third Quarter 2025 Results

Executive Summary

• Fiera Capital reported Q3 2025 net earnings of C$5.8 M, a 52.6% increase versus Q2 2025 and a 54.0% decline versus Q3 2024.
• Assets under management (AUM) rose to C$166.9 bn (+4.0% YoY), driven primarily by net organic growth in Private Markets ($0.9 bn).
• Adjusted EBITDA margin improved to 30.1%, and the company repurchased 536,048 Class A shares for $3.6 M.

Key Details

• AUM: End‑period C$166.9 bn (average C$163.7 bn); up C$6.4 bn YoY.
• Revenue: Total revenues C$167,090 k (+2.5% QoQ, –2.7% YoY).
• Base management fees: C$152,793 k (+3.3% QoQ)
• Performance fees: C$7,010 k (+181% QoQ)
• Adjusted EBITDA: C$50,325 k (+10.1% QoQ), margin 30.1% (up from 28.0% QoQ).
• Net Earnings (attributable): C$5,834 k (+52.6% QoQ, –54.0% YoY).
• Adjusted Net Earnings: C$25,034 k (‑8.1% QoQ, ‑13.5% YoY).
• LTM Free Cash Flow: C$87,059 k (+15.7% QoQ).
• Net Debt: C$680 M (down C$32 M QoQ); Net debt ratio 3.53×.
• Share Repurchase: 536,048 Class A shares for $3.6 M; cumulative YTD repurchases 1.6 M shares for $9.8 M.
• Dividend: Board declared quarterly dividend of C$0.108 per share (payable Dec 22 2025).

AUM Composition & Growth

• Public Markets (ex‑sub‑advised): Net organic growth +C$0.8 bn, mainly new US large‑cap equity mandates.
• Private Markets: Net organic growth +C$0.9 bn, highlighted by launch of Canadian Built Opportunities Platform with the United Brotherhood of Carpenters & Joiners of America (initial commitment $0.8 bn).
• Sub‑advised AUM: Negative net organic growth –C$0.7 bn offsetting other gains.

Quarterly Financial Highlights

• Revenue up QoQ due to higher base fees in Public Markets and higher performance fees in Private Markets; down YoY from lower base fees in Public Markets.
• Adjusted EBITDA up QoQ from revenue lift and SG&A cost containment; down YoY from reduced sub‑advisory fees.
• Adjusted net earnings down QoQ because of FX revaluation losses (stronger USD) and higher tax expense; down YoY from lower revenues and higher restructuring costs.

Subsequent Events

• Dividend Declaration: C$0.108 per share, payable Dec 22 2025 to shareholders of record Nov 24 2025.
• Conference Call: Live call on Nov 13 2025 at 10:00 a.m. ET; webcast and replay available for three months.

Notable Quotes

“This quarter we delivered positive net organic growth of close to $900 million, returning the firm to positive total net flows,” – Maxime Ménard, Global President & CEO.

“Adjusted EBITDA margin strengthened to 30% … we repurchased more than 500,000 shares, reinforcing our commitment to return capital to shareholders,” – Lucas Pontillo, Executive Director & CFO.