Fiera Capital Reports Fourth Quarter 2025 Results

Executive Summary

• Fiera Capital reported Q4 2025 net earnings of $7.7 M (up 32.8% YoY quarter‑over‑quarter) and adjusted EBITDA of $54.7 M, reflecting a 30.4% margin – the highest quarterly margin in the last three years.
• Total assets under management (AUM) stood at $164.1 B at year‑end 2025, down modestly from $166.9 B three months earlier but up 2.0% versus FY 2024 end‑year levels.
• The Board declared a quarterly dividend of $0.108 per share payable April 9 2026; net debt fell to $664 M (net‑debt ratio 3.42×).

Key Details

• Financial Highlights – Q4 2025 vs. Q3 2025
• Total revenues: $180.1 M (+7.8%)
• Base management fees: $153.9 M (up 0.6%)
• Performance fees: $13.5 M (up 93%)
• Commitment & transaction fees: $7.7 M (up 277%)
• Adjusted EBITDA: $54.7 M (+8.7%) – margin 30.4%

• Adjusted net earnings: $29.9 M (+19.6%)

• Financial Highlights – Q4 2025 vs. Q4 2024

• Revenue down $3.9 M (‑2.1%) due to lower base fees in Public Markets and lower JV/associate share.
• Adjusted EBITDA up $1.3 M (+2.4%); margin improved 1.4 pts.

• Adjusted net earnings up $7.1 M (+31.1%).

• Year‑to‑Date (FY 2025) vs. FY 2024

• Revenue down $15.6 M (‑2.3%).
• Adjusted EBITDA down $1.7 M (‑0.9%).

• Adjusted net earnings up $4.9 M (+4.8%).

• AUM Performance

• End‑period AUM: $164.1 B (down $2.8 B vs. Sep 30 2025, primarily from net outflows of $3.5 B).
• Market impact added $0.7 B; foreign‑exchange headwinds reduced value.

• Excluding sub‑advised AUM, net organic growth was +$1.0 B driven by Private Markets.

• Segment Breakdown (Dec 31 2025)

• Public Markets (excl. sub‑advised): $108.2 B
• Public Markets – sub‑advised: $33.9 B

• Private Markets: $21.97 B

• Balance Sheet

• Net debt: $664 M (down $16 M QoQ).
• Funded debt increased to $540 M (up $35 M) after redeeming $67.25 M of senior subordinated debentures.

• Funded‑Debt/EBITDA ratio rose to 2.99× from 2.89×.

• Cash Flow

• LTM free cash flow: $78.9 M (down 9.4% QoQ).

• Q4 free cash flow: $33.3 M (down from $53.97 M in Q3).

• Dividend & Investor Call

• Quarterly dividend declared: $0.108 per Class A/B share, payable April 9 2026.
• Conference call scheduled for Feb 26 2026 at 10:00 a.m. ET; webcast and replay available.

Notable Quotes

• Maxime Ménard, Global President & CEO – “We saw strong momentum in our core business… captured more than $3 B in new mandates and $700 M of inflows in Public Markets.”
• Lucas Pontillo, CFO – “Adjusted EBITDA grew YoY, SG&A expenses declined 7%, and we reduced net‑debt ratio to 3.4×.”

All figures are presented in Canadian dollars unless otherwise noted.