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.

"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)

 

 

 

 

• 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)

Reconciliation to Adjusted Net Earnings (in $ thousands except per share data)

Free Cash Flow Reconciliation (in $ thousands)

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