Letter from the Global President and Chief Executive Officer

Montreal, January 2026

Dear clients and partners,

As we kick off 2026, I want to express my gratitude for your trust and continued commitment. Together, we have navigated an environment marked by elevated risks, market dispersion and economic uncertainty.

Throughout 2025, Fiera Capital remained focused on disciplined investment management, risk oversight, and strengthening our liquidity management and client communication. Overall, our assets under management were broadly steady, with fluctuations reflecting market conditions and client activity.

In July, I had the privilege of succeeding our founder, Jean-Guy Desjardins, as Global President and Chief Executive Officer. Alongside a seasoned leadership team, I am committed to strengthening our execution, advancing our transformation toward a more agile and client-focused organization and continuing to create long-term value.

Throughout the year, we made strategic decisions to sharpen our focus. We streamlined our offerings to concentrate capital and talent where our competitive advantage is strongest. We also enhanced our capabilities in infrastructure and private credit, segments where we have deep expertise and privileged access to opportunities. This dynamic approach to capital and expertise is central to our operational strategy for delivering sustainable performance.

These actions are guided by a broader ambition that shapes our future. Our vision is clear: to be the partner of choice for clients seeking performance, and the home of people who deliver it. Our mission is equally straightforward: we allocate capital with discipline, deliver meaningful returns and back long-term drivers of value. These principles are at the heart of our strategy and inform every decision we make.

Our financial results confirm this trajectory: consolidated revenues grew year over year, and our operating margin strengthened, driven by rigorous cost management, streamlined product offerings, growth in private strategies and more targeted resource allocation.

We are entering 2026 with confidence and focus. Our ambition is to turn this momentum into sustained growth, expand our global footprint, and continue delivering tangible value to our clients. We will move forward with the same discipline that defines us, investing prudently and executing with rigour.

Thank you for your trust. I am optimistic about the evolution and growth that lie ahead in 2026.

Maxime Ménard
Global President and Chief Executive Officer
Fiera Capital