Fiera Capital Reports Third Quarter 2025 Results

Fiera Capital Reports Third Quarter 2025 Results Canada NewsWire MONTREAL, Nov. 13, 2025 MONTREAL, Nov. 13, 2025 /CNW/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, today announced its financial results for the third quarter ended September 30, 2025. Financial references are in Canadian dollars unless otherwise indicated. (in $ thousands except where otherwise indicated) Q3    Q2    Q3    YTD    YTD    2025 2025 2024 2025 2024 End of period AUM(in $ billions) 166.9 160.5 165.5 166.9 165.5 Average AUM(in $ billions) 163.7 159.0 163.8 162.4 162.6 IFRS Financial Measures Total revenues 167,090 162,974 171,711 492,935 504,612 Base management fees 152,793 147,867 154,381 455,202 455,261 Performance fees 7,010 2,491 5,857 9,684 11,186 Commitment and transaction fees 2,032 5,246 3,622 9,718 9,224 Share of earnings in joint ventures and associates 1,387 2,035 1,691 6,017 10,667 Other revenues 3,868 5,335 6,160 12,314 18,274 Net earnings 1 5,834 3,757 12,639 31,380 25,179 Non-IFRS Financial Measures Adjusted EBITDA 2 50,325 45,692 51,685 139,420 142,364 Adjusted EBITDA margin 2 30.1 % 28.0 % 30.1 % 28.3 % 28.2 % Adjusted net earnings 1,2 25,034 27,198 28,909 77,658 79,870 LTM Free Cash Flow 2 87,059 75,336 95,215 87,059 95,215 Note: Certain totals, subtotals and percentages may not reconcile due to rounding 1 Attributable to the Company's shareholders 2 Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Free Cash Flow are non-IFRS measures.  Refer to the "Non-IFRS Measures" section of this press release        "This quarter we delivered positive net organic growth of close to $900 million, returning the firm to positive total net flows" said Maxime Ménard, Global President and Chief Executive Officer. "Results reflect net inflows from both our Public Markets and Private Markets platforms, which benefited from recently announced relationships with ATB Investment Management and the Canadian District of the United Brotherhood of Carpenters and Joiners of America.  These wins are a testament to the strength of our ability to design and deliver high-impact, customized investment solutions, and reflect the confidence that clients continue to place in our investment capabilities." "We are pleased with our financial performance during the third quarter. Adjusted EBITDA margin strengthened to 30% in the quarter, driven by higher revenues and cost containment efforts as part of our continued commitment to improving operating efficiency" said Lucas Pontillo, Executive Director, Global Chief Financial Officer and Head of Corporate Strategy. "We paid down our credit facility, reducing both our net debt and net debt ratio from the prior quarter, and repurchased more than 500,000 shares, reinforcing our commitment to return capital to shareholders. The Board of Directors has approved a dividend of 10.8 cents per share, payable on December 22, 2025." Assets Under Management (in $ millions, unless otherwise indicated) By Platform June 30, 2025 New Lost Net Contributions Net Organic Growth1 Market and Other2 September 30, 2025 Public Markets, excluding sub-advised AUM 103,797 470 (38) 370 802 3,030 107,629 Public Markets sub-advised AUM 35,824 12 (299) (460) (747) 2,268 37,345 Public Markets - Total 139,621 482 (337) (90) 55 5,298 144,974 Private Markets 20,853 936 (16) (78) 842 280 21,975 Total 160,474 1,418 (353) (168) 897 5,578 166,949   By Distribution Channel June 30, 2025 New Lost Net Contributions Net Organic Growth1 Market and Other2 September 30, 2025 Institutional 92,108 983 (313) (916) (246) 2,668 94,530 Financial Intermediaries 54,632 407 — 921 1,328 2,467 58,427 Private Wealth 13,734 28 (40) (173) (185) 443 13,992 Total 160,474 1,418 (353) (168) 897 5,578 166,949   By Platform December 31, 2024 New Lost Net Contributions Net Organic Growth1 Market and Other2 Strategic3 September 30, 2025 Public Markets, excluding sub-advised AUM 103,350 2,670 (435) (1,688) 547 4,842 (1,110) 107,629 Public Markets sub-advised AUM 44,045 20 (6,456) (2,337) (8,773) 2,073 — 37,345 Public Markets - Total 147,395 2,690 (6,891) (4,025) (8,226) 6,915 (1,110) 144,974 Private Markets 19,716 1,621 (108) (733) 780 532 947 21,975 Total 167,111 4,311 (6,999) (4,758) (7,446) 7,447 (163) 166,949   By Distribution Channel December 31, 2024 New Lost Net Contributions Net Organic Growth1 Market and Other2 Strategic3 September 30, 2025 Institutional 90,085 3,172 (559) (2,913) (300) 4,107 638 94,530 Financial Intermediaries 62,418 858 (6,135) (564) (5,841) 2,651 (801) 58,427 Private Wealth 14,608 281 (305) (1,281) (1,305) 689 — 13,992 Total 167,111 4,311 (6,999) (4,758) (7,446) 7,447 (163) 166,949 1 Net Organic Growth represents the sum of new mandates, lost mandates and net contributions 2 Market and Other includes the impact of market changes, income distributions and foreign exchange  3 Relates to the acquisition of a controlling interest in a real estate investment platform in Q1 2025 and the wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies in Q2 2025   AUM increased by $6.4 billion or 4.0% compared to June 30, 2025, largely due to a favourable market impact of $5.6 billion and net organic growth of $0.9 billion, mainly from Private Markets. The positive net organic growth from Private Markets was primarily from the previously announced launch of the Canadian Built Opportunities Platform with the United Brotherhood of Carpenters and Joiners of America, with an initial commitment of $0.8 billion, divided equally between Infrastructure and Real Estate investments. Positive net organic growth from Public Markets, excluding sub-advised AUM, was $0.8 billion, primarily from new mandates in US large cap equity strategies and positive net contributions from various equity and fixed income strategies. This was largely offset by negative net organic growth of $0.7 billion from Public Markets sub-advised AUM. AUM was relatively flat compared to December 31, 2024, primarily due to a favourable market impact of $7.6 billion, largely offset by negative net organic growth of $7.4 billion, primarily from sub-advised AUM. Excluding sub-advised AUM, net organic growth was $0.5 billion in Public Markets and $0.8 billion in Private Markets.  Third Quarter Financial Highlights Revenue increased by $4.1 million or 2.5% compared to Q2 2025, primarily from higher base management fees in Public Markets due to higher average AUM and higher performance fees in Private Markets, partly offset by lower commitment and transaction fees. Revenue decreased by $4.6 million or 2.7% compared to Q3 2024, primarily due to lower base management fees in Public Markets and lower other revenues, partly offset by higher base management fees in Private Markets.    Adjusted EBITDA increased by $4.6 million or 10.1% compared to Q2 2025, due to higher revenues and lower selling, general, and administrative ("SG&A") expenses, excluding share-based compensation. Adjusted EBITDA decreased by $1.4 million or 2.7% compared to Q3 2024, due to lower revenues, largely offset by lower sub-advisory fees. Adjusted net earnings decreased by $2.2 million or 8.1% compared to Q2 2025, primarily due to balance sheet foreign exchange revaluation losses from the stronger US dollar and higher income tax expense, partly offset by higher revenues. Adjusted net earnings decreased by $3.9 million or 13.5% compared to Q3 2024, primarily due to lower revenues and balance sheet foreign exchange revaluation losses, partly offset by lower SG&A expenses, excluding share-based compensation. Net earnings attributable to the Company's shareholders increased by $2.0 million or 52.6% compared to Q2 2025, primarily due to lower restructuring costs related to severance and higher revenues, partly offset by balance sheet foreign exchange revaluation losses in the current quarter and higher income tax expense. Net earnings attributable to the Company's shareholders decreased by $6.8 million or 54.0% compared to Q3 2024, primarily due to lower revenues and higher restructuring costs. LTM free cash flow increased by $11.8 million or 15.7% compared to Q2 2025. The increase was primarily due to the timing of accounts receivable collections, lower severance paid, the timing of vendor payments, and lower interest paid due to timing of payments on debentures. LTM free cash flow decreased by $8.1 million or 8.5% compared to Q3 2024, primarily due to lower distributions received from joint ventures and associates. Net debt decreased by $32 million to $680 million at the end of Q3 2025 compared to $712 million at the end of Q2 2025, and Net debt ratio decreased to 3.53x from 3.67x over the same period. Funded debt, as defined in accordance with our credit agreement, decreased by $10 million to $505 million at the end of Q3 2025 compared to $515 million at the end of Q2 2025. Funded Debt to EBITDA ratio, as defined in accordance with our credit agreement, decreased to 2.89x from 2.99x over the same period. The Company repurchased 536,048 Class A Shares for total consideration of $3.6 million.  Year-to-Date Financial Highlights Revenue decreased by $11.7 million or 2.3% compared to the corresponding period of 2024, primarily due to lower share of earnings in joint ventures and associates and other revenues. Lower base management fees in Public Markets were offset by higher base management fees in Private Markets. Adjusted EBITDA decreased by $3.0 million or 2.1% compared to the corresponding period of 2024, primarily due to lower revenues, partly offset by lower SG&A expenses, excluding share-based compensation, mainly from lower sub-advisory fees. Adjusted net earnings decreased by $2.2 million or 2.8% compared to the corresponding period of 2024, primarily due to lower revenues and higher income tax expense, partly offset by lower SG&A expenses, excluding share-based compensation, and balance sheet foreign exchange revaluation gains from the weaker US dollar in the current year. Net earnings attributable to the Company's shareholders increased by $6.2 million compared to the corresponding period of 2024, primarily due to a $12.7 million gain on revaluation of an investment related to the acquisition of a controlling interest in a real estate investment platform, lower SG&A expenses, and balance sheet foreign exchange revaluation gains in the current year. These decreases were partly offset by lower revenues and higher restructuring costs related to severance. The Company repurchased 1.6 million Class A Shares for total consideration of $9.8 million.  Subsequent Events Dividend Declared On November 12, 2025, the Board declared a quarterly dividend of $0.108 per Class A Share and Class B Share, payable on December 22, 2025 to shareholders of record at the close of business on November 24, 2025. The dividend is an eligible dividend for income tax purposes. Additional details relating to the Company's operating results can be found in the Company's Management's Discussion and Analysis for the three and nine-month periods ended September 30, 2025 available on our Investor Relations web page under Financial Documents- Quarterly Results - Management's Discussion and Analysis. Conference Call Live Fiera Capital will hold a conference call at 10:00 a.m. (ET) on Thursday, November 13, 2025, to discuss its financial results. The dial-in number to access the conference call from Canada and the United States is 1-800-990-4777 (toll-free) and 1-289-819-1299 from outside North America. The conference call will also be accessible via webcast on the Investor Relations section of Fiera Capital's website under Events and Presentations. Replay An audio replay of the call will be available until November 20, 2025 by dialing 1-888-660-6345 (North American toll free), access code 81331 followed by the number sign (#).   The webcast will remain available for three months following the call and can be accessed on the Investor Relations section of Fiera Capital's website under Events and Presentations. Non-IFRS Measures Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earnings per share (basic and diluted), Last Twelve Months ("LTM") Free Cash Flow, Net debt and Net debt ratio are not standardized measures prescribed by International Financial Reporting Standards ("IFRS"), and are therefore unlikely to be comparable to similar measures presented by other companies. Net debt is the carrying amounts of long-term debt and debentures plus the fair value of cross currency swaps, net of cash and cash equivalents, as reported in the statement of financial position in the consolidated financial statements. We define Net debt ratio as the ratio of Net Debt to LTM Adjusted EBITDA. We have included non-IFRS measures to provide investors with supplemental measures of our operating and financial performance. We believe non-IFRS measures are important supplemental metrics of operating and financial performance because they highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers, many of which present non-IFRS measures when reporting their results. Management also uses non-IFRS measures in order to facilitate operating and financial performance comparisons from period to period, to prepare annual budgets and to assess its ability to meet future debt service, capital expenditure and working capital requirements. For a description of the Company's non-IFRS Measures, please refer to page 51 of the Company's Management's Discussion and Analysis for the three and nine-month periods ended September 30, 2025 which is available on SEDAR+ at www.sedarplus.ca. For a reconciliation of the Company's non-IFRS Measures, refer to the below tables: Reconciliation to EBITDA and Adjusted EBITDA (in $ thousands except per share data) FOR THE THREE MONTHS ENDED FOR THE NINE-MONTH PERIODS ENDED September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net earnings 9,965 5,960 16,060 39,827 32,404 Income tax expense 5,395 1,799 6,444 10,873 9,975 Amortization and depreciation 12,307 12,215 11,736 36,792 37,181 Interest on long-term debt and      debentures 12,519 12,057 11,733 35,965 35,867 Interest on lease liabilities, foreign      currency revaluation and other      financial charges 1,809 (740) 389 1,502 5,398 EBITDA 41,995 31,291 46,362 124,959 120,825 Restructuring, acquisition related      and other costs 3,405 10,112 1,422 16,335 11,055 Accretion and change in fair value      of purchase price obligations      and other (377) (7) (238) (1,316) (2,037) Share-based compensation 5,746 5,022 3,357 13,367 11,943 Gain on investments, net (203) (190) (448) (935) (657) Revaluation of an investment      related to an acquisition — — — (12,730) — Other expenses (income) (241) (536) 1,230 (260) 1,235 Adjusted EBITDA 50,325 45,692 51,685 139,420 142,364 Adjusted EBITDA Margin 30.1 % 28.0 % 30.1 % 28.3 % 28.2 % Per share basic 0.47 0.42 0.48 1.30 1.33 Per share diluted 0.45 0.41 0.42 1.09 1.31 Weighted average shares      outstanding - basic (thousands) 106,742 108,068 107,583 107,596 106,875 Weighted average shares      outstanding - diluted (thousands) 110,709 111,709 122,513 127,707 109,052 Reconciliation to Adjusted Net Earnings (in $ thousands except per share data) FOR THE THREE MONTHS ENDED FOR THE NINE-MONTH PERIODS ENDED September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net earnings attributable to the Company's shareholders 5,834 3,757 12,639 31,380 25,179 Amortization and depreciation 12,307 12,215 11,736 36,792 37,181 Restructuring, acquisition related      and other costs 3,405 10,112 1,422 16,335 11,055 Accretion and change in fair value of      purchase price obligations and      other, and effective interest on      debentures 30 320 (20) (353) (1,345) Share-based compensation 5,746 5,022 3,357 13,367 11,943 Revaluation of an investment related to an acquisition — — — (12,730) — Other expenses (income) (241) (536) 1,230 (260) 1,235 Tax effect of above-mentioned items (2,047) (3,692) (1,455) (6,873) (5,378) Adjusted net earnings 25,034 27,198 28,909 77,658 79,870 Per share – basic Net earnings 1 0.05 0.03 0.12 0.29 0.24 Adjusted net earnings 1 0.23 0.25 0.27 0.72 0.75 Per share – diluted Net earnings 1 0.05 0.03 0.11 0.27 0.23 Adjusted net earnings 1 0.23 0.24 0.25 0.63 0.73 Weighted average shares      outstanding - basic (thousands) 106,742 108,068 107,583 107,596 106,875 Weighted average shares      outstanding - diluted (thousands) 110,709 111,709 122,513 127,707 109,052 1   Attributable to the Company's shareholders Free Cash Flow Reconciliation (in $ thousands) FOR THE THREE MONTHS ENDED Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 2025 2025 2025 2024 2024 2024 2024 2023 Cash flow from operations before the impact      of working capital 45,533 33,647 37,658 47,487 48,589 37,218 34,641 70,265 Changes in non-cash operating working      capital items 17,462 8,287 (55,639) 4,464 6,187 15,807 (60,389) (12,666) Net cash generated by (used in) operating      activities 62,995 41,934 (17,981) 51,951 54,776 53,025 (25,748) 57,599 Settlement of purchase price obligations — — — (937) — (1,500) — — Proceeds on promissory note 1,395 1,406 1,509 1,538 1,502 1,521 1,501 1,500 Distributions received from joint ventures and      associates, net of investments 321 4,061 531 (321) 925 8,137 3,326 1,723 Dividends and other distributions to Non-      Controlling Interest — (1,191) (9,110) — — (6,215) — (3,167) Lease payments (3,900) (3,851) (3,913) (3,862) (4,727) (3,038) (4,718) (4,690) Interest paid on long-term debt and      debentures (7,769) (14,213) (11,814) (10,519) (11,244) (12,775) (13,995) (6,299) Other restructuring costs 928 2,329 1,873 3,333 1,015 2,685 1,569 2,075 Acquisition related and other costs — 27 129 180 — — 32 420 Free Cash Flow 53,970 30,502 (38,776) 41,363 42,247 41,840 (38,033) 49,161 LTM Free Cash Flow 87,059 75,336 86,674 87,417 95,215 121,148 71,847 89,212 Forward-Looking Statements This document contains forward-looking statements relating to future events or, future performance reflecting management's expectations or beliefs regarding future events, including, without limitation,  business and economic conditions, outlook and trends, Fiera Capital's growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. Forward-looking statements may include comments on Fiera Capital's objectives, strategies to achieve these objectives, expected financial results or dividends, and the outlook for the Company's businesses, as well as for the Canadian, American, European, Asian and other global economies. Such forward-looking statements reflect management's current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as "assumption, "continue", "estimate", "forecast", "goal", "guidance", "likely", "plan", "objective", "outlook", "potential", "foresee", "project", "strategy", "target", and other similar words or expressions or future or conditional verbs (including in their negative form), such as "aim", "anticipate", "believe", "could", "expect", "foresee", "intend", "may", "plan", "predict", "seek", "should", "strive" and "would". Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management's expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, the Company does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's objectives, strategies, expectations, plans and business outlook as well as the anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes. A number of important risk factors and uncertainties, many of which are beyond Fiera Capital's control, could cause actual events, performance or results to differ materially from the predictions, forecasts, projections, expectations, conclusions or statements expressed in such forward-looking statements which include, without limitation: risks related to investment performance, investment of AUM, including, without limitation, risks related to external market and economic conditions and other events beyond Fiera Capital's control such as the imposition of economic measures such as tariffs and other trade restrictions, AUM concentration related to strategies sub-advised by PineStone Asset Management Inc., key employees, asset management industry and competitive pressure, reputational risk, regulatory compliance, information security policies, procedures and capabilities, litigation risk, employee misconduct or error, insurance coverage, third-party relationships, client commitment, indebtedness, market risk, credit risk, inflation, interest rates and recession risks, ownership structure and potential dilution and other risks and uncertainties described in the Company's Annual Information Form for the year ended December 31, 2024 under the heading "Risk Factors and Uncertainties" or discussed in other materials filed by the Company with applicable securities regulatory authorities from time to time which are available on SEDAR+ at www.sedarplus.ca. Readers are cautioned that the preceding list of risk factors and uncertainties is not exhaustive and that other risks and uncertainties could affect the Company. Additional risks and uncertainties, including those not currently known to Fiera Capital or currently deemed immaterial, could also have a material adverse effect on the Company's business, financial condition, liquidity, operations or financial results. When relying on forward-looking statements in this document or in any other disclosure made by Fiera Capital, investors and others should carefully consider the risks and uncertainties listed above, along with other potential events that could affect the Company's financial condition, operations, performance or results. Unless otherwise indicated, forward-looking statements in this press release describe management's expectations as at the date hereof and, accordingly, are subject to change after that date. Fiera Capital does not undertake to update or revise any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf in order to reflect new information, future events or circumstances or otherwise, except as required by applicable law.   About Fiera Capital Corporation Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.  Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM). Each affiliated entity (each an "Affiliate") of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration. Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital's Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions. Additional information about Fiera Capital, including the Company's Annual Information Form, is available on SEDAR+ at www.sedarplus.ca. Disclosure The information presented is for informational purposes only and is not intended to be, and should not be construed as, an offer to sell, or the solicitation of an offer to buy, any investment product. The information presented in this document, in whole or in part, is not investment, tax, legal or other advice, nor does it consider the investment objectives or financial circumstances of any investor. SOURCE Fiera Capital Corporation View original content: http://www.newswire.ca/en/releases/archive/November2025/13/c5697.html Contact: For more information: Analysts and investors, Natalie Medak, Director, Investor Relations, Fiera Capital Corporation, 416 884-4236, [email protected]