Fiera Capital Reports First Quarter 2026 Results

Fiera Capital’s Q1 2026 earnings release (May 8) reports a steep sequential decline: total revenues of $153.3 million, down 14.9% from Q4 2025; net earnings of only $2.8 million, down 63.6%; and adjusted EBITDA of $42.7 million, off 21.9%. Assets under management fell to $160.2 billion, a $3.9 billion drop from the previous quarter, driven by market volatility and net outflows in Public Markets. On a brighter note, LTM free cash flow improved to $95.6 million (+21.2% QoQ), SG&A was trimmed 7% year‑over‑year, and the dividend was held at $0.108 per share. Separately, on May 4 the company closed a $100 million debenture refinancing with Fonds de solidarité FTQ at 7.40%, extending maturity to 2031 but replacing a 6.00% note due in 2027; net debt consequently rose to $700 million. The CEO returned from medical leave on April 29, and the quarter’s preliminary AUM had already been disclosed on April 23, setting expectations for a weak print.

The Q1 results carry a negative tone – revenue and earnings materially missed the prior quarter’s pace, and AUM is now well off the $166.9 billion peak seen in Q3 2025. However, the market was well‑prepared for weak numbers after the April 23 preliminary AUM release telegraphed the $160.2 billion level. The earnings miss is therefore more incremental than surprising. The refinancing news, while raising interest costs, was a planned debt management move and does not introduce new, unexpected risk. The CEO’s return is a routine governance event. Taken together, the most recent news reinforces the existing negative trend but lacks the element of surprise that would make it materially worse than already discounted. No first‑time strategic equity investments, no takeover, and no transformative deal were announced. The disclosures fit the “negative‑but‑expected” profile.

Fiera Capital is a global independent asset‑management firm with $160.2 billion in AUM across Public Markets, Private Markets, and sub‑advised strategies. The flagship growth engine is the Private Markets segment, which has been expanding through initiatives like the Canadian Built Opportunities Platform (launched with a $0.8 billion commitment from the United Brotherhood of Carpenters). The company also operates in infrastructure private debt, as shown by the follow‑on loan to Starlight’s Alberta solar projects. The firm’s competitive advantage lies in its multi‑boutique model and a mix of institutional, intermediary, and private wealth channels, though recent quarters have seen net outflows in the Public Markets side.