Fiera Capital Reports Fourth Quarter 2025 Results

MONTREAL, Feb. 26, 2026 /CNW/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2025. Financial references are in Canadian dollars unless otherwise indicated.

"We saw strong momentum in our core business in 2025. Within our Public Markets platform, we captured more than $3 billion in new mandates, along with an additional $700 million of inflows related to mandates won during the year. In Private Markets, our AUM grew more than 11% for the year, driven by strong demand for real assets" said Maxime Ménard, Global President and Chief Executive Officer. "Looking ahead to 2026, we are well-positioned to build on this momentum and remain focused on accelerating growth through diligent and committed execution of our strategic priorities."

"We are pleased to report year-over-year growth in Adjusted EBITDA and margins for the fourth quarter, aided by effective cost containment initiatives, with SG&A expenses declining by 7% from the prior year quarter" said Lucas Pontillo, Executive Director, Global Chief Financial Officer and Head of Corporate Strategy. "We reduced our total debt during the quarter, lowering our net debt ratio to 3.4x from 3.5x in the prior quarter. The Board of Directors has approved a dividend of 10.8 cents per share, payable on April 9, 2026."

Assets Under Management (in $ millions, unless otherwise indicated)

 

 

 

• AUM decreased by $2.8 billion or 1.7% compared to September 30, 2025, primarily due to negative net contributions of $3.5 billion. This decrease was partly offset by a favourable market impact of $0.7 billion, as increases in the market value of AUM, primarily from equity mandates, were partly offset by an unfavourable foreign exchange impact from a weaker US dollar. 
  • Negative net organic growth included $3.1 billion from sub-advised AUM, from net contributions related to ongoing client relationships, and $0.4 billion from Public Markets, excluding sub-advised AUM.
  • The net organic growth from Private Markets was relatively flat as new mandates were largely offset by negative net contributions, primarily from return of capital.
• AUM decreased by $3.0 billion or 1.8% compared to December 31, 2024, primarily due to negative net organic growth of $10.9 billion, mainly from sub-advised AUM, partly offset by a favourable market impact of $8.3 billion from equity and fixed income mandates. Excluding sub-advised AUM, there was positive net organic growth of $1.0 billion, mainly from Private Markets. 

Fourth Quarter Financial Highlights

• Revenue increased by $13.0 million or 7.8% compared to Q3 2025, primarily from higher performance fees, higher commitment and transaction fees, and higher base management fees in Public Markets. Revenue decreased by $3.9 million or 2.1% compared to Q4 2024, primarily due to lower base management fees in Public Markets and lower share of earnings in joint ventures and associates, partly offset by higher base management fees in Private Markets.        
• Adjusted EBITDA increased by $4.4 million or 8.7% compared to Q3 2025 due to higher revenues, partly offset by higher sub-advisory fees connected to performance fees, higher travel costs, and higher variable compensation. Adjusted EBITDA increased by $1.3 million or 2.4% compared to Q4 2024, primarily due to lower sub-advisory fees and lower fixed compensation, partly offset by lower revenues.
• Adjusted net earnings increased by $4.9 million or 19.6% compared to Q3 2025, primarily due to higher revenues, partly offset by higher selling, general, and administrative ("SG&A") expenses, excluding share-based compensation. Adjusted net earnings increased by $7.1 million or 31.1% compared to Q4 2024, primarily due to lower SG&A expenses, excluding share-based compensation, and balance sheet foreign exchange revaluation losses in the prior-year quarter, partly offset by lower revenues.
• Net earnings attributable to the Company's shareholders increased by $1.9 million or 32.8% compared to Q3 2025, primarily due to higher revenues, partly offset by higher SG&A expenses and higher restructuring, acquisition related and other costs. Net earnings attributable to the Company's shareholders increased by $7.9 million compared to Q4 2024, primarily due to lower SG&A expenses and balance sheet foreign exchange revaluation losses in the prior-year quarter, partly offset by higher restructuring, acquisition related and other costs and lower revenues.  
• LTM free cash flow decreased by $8.2 million or 9.4% compared to Q3 2025. The decrease was primarily due to higher dividends paid to non-controlling interest and the timing of accounts receivable collections, partly offset by higher distributions received from joint ventures and associates. LTM free cash flow decreased by $8.5 million or 9.7% compared to Q4 2024. The decrease was primarily due to higher dividends paid to non-controlling interest and lower distributions received from joint ventures and associates, partly offset by settlements of purchase price obligations in the prior year, lower lease payments, and lower interest paid on long-term debt and debentures.
• Net debt³ decreased by $16 million to $664 million at the end of Q4 2025 compared to $680 million at the end of Q3 2025, and Net debt ratio³ decreased to 3.42x from 3.53x over the same period. Funded debt, as defined in accordance with our credit agreement, increased by $35 million to $540 million at the end of Q4 2025 compared to $505 million at the end of Q3 2025, as funds from the credit facility along with cash generated during the quarter were used to redeem $67.25 million of senior subordinated unsecured debentures. As a result, Funded Debt to EBITDA ratio, as defined in accordance with our credit agreement, increased to 2.99x from 2.89x over the same period.

Year-to-Date Financial Highlights

• Revenue decreased by $15.6 million or 2.3%, primarily due to lower base management fees in Public Markets, lower other revenues and lower share of earnings in joint ventures and associates, partly offset by higher base management fees in Private Markets.
• Adjusted EBITDA decreased by $1.7 million or 0.9%, 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 increased by $4.9 million or 4.8%, primarily due to lower SG&A expenses, excluding share-based compensation and balance sheet foreign exchange revaluation losses in the prior year, partly offset by lower revenues.
• Net earnings attributable to the Company's shareholders increased by $14.0 million, primarily due to lower SG&A expenses, a $12.7 million gain on revaluation of an investment related to the acquisition of a controlling interest in a real estate investment platform, and balance sheet foreign exchange revaluation losses in the prior year. These increases were partly offset by lower revenues and higher restructuring, acquisition related and other costs.  

Subsequent Events

Dividend Declared
On February 25, 2026, the Board declared a quarterly dividend of $0.108 per Class A Share and Class B Share, payable on April 9, 2026 to shareholders of record at the close of business on March 11, 2026. 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 months and year ended December 31, 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, February 26, 2026, 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 March 5, 2026 by dialing 1-888-660-6345 (North American toll free), access code 04266 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.

Footnotes

1. AUM is defined as the total market value of all assets managed or sub-advised by the Company, including strategies offered to Fiera Capital's clients but managed by third parties. For an explanation of the composition of AUM, please refer to the section entitled "Results from Operations and Overall Performance – AUM and Revenues" of the Management's Discussion and Analysis for the three months and year ended December 31, 2025.
   
   
2. Attributable to the Company's shareholders.
   
   
3. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Free Cash Flow, Net debt and Net debt ratio are non-IFRS measures.  Refer to the "Non-IFRS Measures" section of this press release.
   
   
4. Net Organic Growth represents the sum of new mandates, lost mandates and net contributions.
   
   
5. Market and Other includes the impact of market changes, income distributions and foreign exchange. 
   
   
6. Relates to the transfer of Balanced Funds from sub-advised mandates to US Growth Equity mandates in Q4 2025.
   
   
7. 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.    

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 47 of the Company's Management's Discussion and Analysis for the three months and year ended December 31, 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)

Net Debt and Net Debt Ratio Reconciliation (in $ thousands)

Forward-Looking Statements

This press release 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, 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 or 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 makes 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 and investment of AUM, AUM concentration related to strategies sub-advised by PineStone Asset Management Inc., key employees, the asset management industry and competitive pressure, reputational damage, litigation, regulatory compliance, client commitment and redemption, reliance on information technology and telecommunications systems and potential failure of or disruption to those systems, employee misconduct or error, insurance coverage, third-party relationships, conflicts of interest, privacy issues, investment valuation and model, limitations of enterprise risk management, environmental and social issues, acquisitions and disposals, the pace of the growth in Fiera Capital's AUM, indebtedness, market rates and prices, inflation, interest rate fluctuations, recession, credit, liquidity, taxation, ownership structure and potential dilution, and other risks and uncertainties described in the Annual Information Form of the Company for the year ended December 31, 2025 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. 

Information contained in forward-looking statements is based upon certain material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection, including, without limitation: management's perceptions of historical trends, current conditions and expected future developments, the successful completion of strategic transactions, acquisitions, divestitures or other growth or optimization strategies, the accuracy of estimates, assumptions and judgments under applicable accounting policies, and the absence of any material change in accounting standards and policies applicable to the Company, the absence of material variation in interest rates, the absence of any significant changes to the Company's effective tax rate, investment returns being in line with the Company's expectations and consistent with historical trends, the absence of unexpected changes in the economic, competitive, asset management, legal or regulatory environment or actions by regulatory authorities that could have a material impact on the business or operations of the Company or its business partners, the absence of significant fluctuations in the exchange rate between the Canadian dollar and other currencies (including the U.S. dollar and the pound sterling), and the non-materialization of risk factors or other factors mentioned above or discussed elsewhere in this press release 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 that could influence the Company's performance or results.

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 press release, 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