Fiera Capital Corporation Class A · TSX:FSZ
Fiera Capital Corporation Class A — Q4 2024 Earnings Presentation
37 slides from Fiera Capital Corporation Class A's earnings presentation, Feb 26, 2024
Slide 1: Q4 2024 Results
February 26, 2025 Q4 2024 Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements relating to future events or, future performance and reflecting management’s expectations or beliefs regarding future events including, without limitation, business and economic conditions, outlook and trends, Fiera Cap
Slide 3: Conference Call Participants
Conference Call Participants Jean-Guy Desjardins Chair of the Board and Global Chief Executive Officer Lucas Pontillo Executive Director and Global Chief Financial Officer 3
Slide 4: Topics for Discussion
Topics for Discussion Q4 2024 Highlights Commercial Performance Investment Performance Private Markets Public Markets Financial Performance 4
Slide 5: Q4 2024 Highlights
Q4 2024 Highlights AUM – $167.1B AUM in Q4 2024 increased $1.6B quarter-over-quarter Public Markets AUM 1% to $147.4B, primarily from positive F/X-related market impact due to the strength of the December 31, US dollar, partly offset by net outflows, largely from PineStone sub-advised AUM 2024
Slide 6: AUM Overview – Q4 2024
AUM Overview – Q4 2024 QoQ ($B) Public Markets Private Markets 165.5 1.2 3.7 167.1 AUM up $1.6B or 1.0% 19.5 19.7 Driven by favourable market (0.3) (1.8) (1.3) impact of $3.7B and new mandates of $1.2B Negative net organic growth 146.0 147.4 ex. PineStone of $0.8B and PineStone net outflows of $
Slide 7: AUM Flows by Platform – Q4 2024
AUM Flows by Platform – Q4 2024 Public Markets ($B) Public Markets excluding PineStone1 ($B) 101.4 0.9 2.8 103.4 146.0 0.9 3.5 147.4 (0.2) (1.6) (0.2) (1.6) (1.3) 30-Sep-24 New Lost Net PineStone Market and 31-Dec-24 30-Sep-24 New Lost Net Market and 31-Dec-24 Contributions Net Flows¹ Other² Contrib
Slide 8: AUM Flows by Geography – Q4 2024
AUM Flows by Geography – Q4 2024 Canada ($B) Public Markets Private Markets United States ($B) Public Markets Private Markets 111.4 1.0 1.6 111.9 36.5 0.1 1.7 37.4 1.7 1.9 13.7 (0.7) (1.3) 13.7 (0.1) (0.8) 98.2 34.7 35.5 97.7 30-Sep-24 New Lost Net Market and 31-Dec-24 30-Sep-24 New Lost Net Market
Slide 9: Commercial Highlights – Institutional and Financial Intermediaries
Commercial Highlights AUM Flows Base Management Fees2 In C$ billions In C$ millions Public Markets Private Markets 88.6 3.5 7.6 90.9 82.8 82.9 82.8 79.1 79.2 78.5 81.3 78.8 13.8 (4.7) 14.8 (4.1) Institutional 25.3 26.9 28.2 29.2 31.1 32.2 28.3 29.2 74.8 76.0 53.8 55.9 50.9 50.2 52.2 49.6 51.8 50.6 3
Slide 10: Commercial Highlights – Private Wealth
Commercial Highlights – cont’d AUM Flows Base Management Fees In C$ billions Public Markets Private Markets In C$ millions 26.2 26.2 27.4 26.3 26.4 26.7 26.2 25.7 Private Wealth 1.9 14.6 13.6 0.7 (0.6) 3.1 13.1 13.2 13.6 12.5 12.7 12.6 12.4 3.2 13.5 (1.0) 10.5 11.5 13.1 12.2 13.0 13.8 13.7 13.7 14.0
Slide 11: Private Markets – Continuous Growth Trend
Private Markets – Continuous Growth Trend AUM1 ($B) LTM Total Revenues ($M) 8% CAGR 12% CAGR 19.7 241.1 18.2 18.5 224.0 1.0 15.9 0.6 0.9 204.3 1.9 2.1 2.6 1.1 0.3 4.2 173.8 3.7 3.9 3.4 5.5 5.1 4.8 5.0 5.9 6.5 6.6 7.0 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 Rea
Slide 12: Investment Performance – Private Markets
Investment Performance – Private Markets1 Return Gross IRR Q4 2024 1-Year Select Private Markets Investment Strategies Since Since Absolute Absolute Inception2 Inception3 Return4 Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.34% - 3.20% 7.94% Fiera Real Estate Small Cap Industrial Fund L.P.
Slide 13: Investment Performance – Public Markets
Investment Performance – Public Markets1 Q4 2024 1-year 3-year 5-year Key Public Markets Investment Value Value Value Value Strategies Returns Added Returns Added Returns Added Returns Added Large Cap Equity Atlas Global Companies 1.99% (4.30%) 10.62% (18.81%) 1.73% (9.31%) 12.05% (1.44%) Global Equ
Slide 14: Percentage of Public Markets Assets Outperforming at Quarter-End
Percentage of Public Markets Assets Outperforming at Quarter-End Fixed Income One Year Three Years Five Years 96% 92% 94% 94% 95% 95% 95% 94% 98% 97% 96% 97% 94% 80% 84% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Equity One
Slide 15: Total Revenues
Total Revenues ($M) 211.0 686.6 688.6 184.7 184.0 159.8 168.1 164.8 171.7 157.1 158.7 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Base Management Fees 147.4 147.4 149.8 147.6 147.4 151.5 149.3 154.4 156.7 592.2 612.0 Commitment and Transaction Fees 8.9 2.9
Slide 16: Public Markets Revenues
Public Markets Revenues ($M) 460.4 446.0 136.3 123.7 110.3 111.4 116.0 108.7 108.8 106.7 108.2 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Base Management Fees 105.7 106.4 106.8 103.0 102.2 106.1 103.5 106.9 107.7 418.4 424.1 Performance Fees 16.8 0.8 0.4
Slide 17: Private Markets Revenues
Private Markets Revenues ($M) 241.1 74.0 224.0 67.8 62.1 60.0 57.3 56.0 48.1 50.7 51.2 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Base Management Fees 41.7 41.0 43.0 44.6 45.2 45.5 45.9 47.5 49.1 173.9 187.9 Commitment and Transaction Fees 8.9 2.9 5.9 2.5
Slide 18: Selling, General and Administrative Expenses (SG&A)
Selling, General and Administrative Expenses (“SG&A”) Q4 2024 SG&A excl. SBC ($M) Total Revenues ($M) Q4 SG&A excluding share- based compensation 211.0 (“SBC”) decreased 2% year- 184.0 184.0 171.7 over-year due to lower sub- 130.6 133.4 130.6 advisory fees related to 120.0 lower performance fees,
Slide 19: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA1 and Adjusted EBITDA Margin1 Quarterly 36.8% 100 37% 30.1% 29.0% 28.6% 28.4% 27.7% 77.6 27.5% 32% 80 27.0% 24.7% 27% 60 52.8 51.7 53.4 45.5 43.9 45.4 45.3 22% 38.8 40 17% 12% 20 7% 0 2% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 -20 -3% Adjusted EBITDA¹ (
Slide 20: Net Earnings & Adjusted Net Earnings
Net Earnings1 & Adjusted Net Earnings1,2 50.2 39.4 33.1 28.7 26.1 28.9 23.5 23.7 24.9 22.8 10.5 11.1 12.6 7.6 4.9 2.5 (2.5) (0.2) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M) Reconciliation of Q4 2024 Adjusted Net Ear
Slide 21: Per Share Metrics
Per Share Metrics ($ per share) 2.01 2.06 1.98 1.99 1.87 1.83 1.78 1.77 1.74 1.19 1.21 1.22 1.17 1.22 1.09 1.06 1.05 0.96 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.64 0.59 0.61 0.56 0.25 0.20 0.23 0.18 0.18 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 LTM EPS LTM divi
Slide 22: LTM Free Cash Flow
LTM Free Cash Flow LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) 121 LTM Free Cash Flow1 98 95 decreased to $87M 88 88 89 89 89 90 91 91 91 88 87 from $89M in Q4 2023 72 Decrease reflects 68 59 marginally lower cash from operating activities 45 and higher interest payments largely attr
Slide 23: Financial Leverage Ratios
Financial Leverage Ratios Total Debt vs. Net Debt1,5 ($M) Funded Debt2 ($M) 693 699 687 528 549 552 555 665 670 685 504 483 623 604 656 669 655 651 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 Net Debt1,5 Cash & Cash Equivale
Slide 24: Progress on Our Strategy in 2024
Progress on Our Strategy in 2024 New subscriptions of ~$300M in Q4 and $1.7B in 2024 ~$600M capital deployed in Q4 and $2.2B deployed in 2024 Growing Private Markets Committed, undeployed capital of ~$900M provides strong pipeline for future opportunities 35% of 2024 total revenues from Private Ma
Slide 25: Appendix: Who We Are
< FIERACAPITAL APPENDIX Who We Are
Slide 26: Fiera Capital Statement of Purpose
Fiera Capital Statement of Purpose World-class portfolio of high conviction, sophisticated investment capabilities: We are committed to delivering investment excellence across our range of public and private market strategies, which are underpinned by independence of perspective, disciplined process
Slide 27: Progressing our Mission and Purpose
Progressing our Mission and Purpose “We are passionate about creating innovative investment solutions by being efficient allocators of capital with the objective of fostering sustainable prosperity for all our stakeholders.” EFFICIENT CAPITAL ALLOCATOR Solutions Sustainability Solving for specific n
Slide 28: What Being an Efficient Allocator of Capital Means for Fiera Capital
What Being an Efficient Allocator of Capital Means for Fiera Capital We allocate capital efficiently … … To construct optimized portfolios to deliver on client outcomes. 1 Our focus is on delivering the specific risk/return outcome the client needs with the highest probability of success. … To offer
Slide 29: A Values-Driven, Leading Independent Asset Manager
Fiera Capital A Values-Driven, Leading Independent Asset Manager FOUNDED 2003 ASSET MANAGER RANKING (by Total Assets) AUM C$167.1 billion1 SYMBOL (TSX) FSZ.TO 3rd 68th 166th MARKET CAP C$976.0 million4 Canada2 North America3 Global3 Leading independent asset management firm with a growing global pre
Slide 30: Growing our Portfolio Through a Competitive Investment Offering
Growing our Portfolio Through a Competitive Investment Offering AUM ($B) LTM Revenues ($M) 1.9% CAGR1 4.8% CAGR1 171.0 167.1 689 657 151.9 1 1 54411 31-Dec-19 31-Dec-24 31-Dec-19 31-Dec-24 1 Excludes dispositions. The Company's strategic activity during fiscal 2020 and fiscal 2021 included various d
Slide 31: AUM by Segments
AUM by Segments AUM as at December 31, 2024 – $167.1B By Geography By Distribution Channel By Asset Class1 Canada 67% Institutional 54% Equity 48% U.S. 22% Financial Intermediaries 37% Fixed Income 39% EMEA 8% Private Wealth 9% Private Markets 12% Asia 2% Liquid Alts & Other2 2% 1 Beginning December
Slide 32: Revenue Diversification
Revenue Diversification Q4 2024 Total Revenues – $184.0M By Geography By Distribution Channel By Asset Class2 Canada 63% Institutional 52% Equity 56% U.S. 20% Financial Intermediaries 29% Fixed Income 12% EMEA 14% Private Wealth 16% Private Markets 31% Asia 3% Other1 4% Liquid Alts & Other 1% 1 Incl
Slide 33: Expanding our Global Footprint
Expanding our Global Footprint 863 employees INCLUDING SOME 225 INVESTMENT PROFESSIONALS Calgary Halifax London The Hague Toronto Montreal Frankfurt Dayton Boston Zurich New York Hong Kong Abu Dhabi Singapore As at December 31, 2024 33 33
Slide 34: Our Sustainable Investing Journey & Commitments
Our Sustainable Investing Journey & Commitments We recognize and adhere to several responsible business codes of conduct, along with internationally recognized standards for due diligence and reporting.
Slide 35: Breadth of Innovative Investment Solutions
Breadth of Innovative Investment Solutions ASSET ALLOCATION BALANCED MANDATES OVERLAY STRATEGIES ADVISORY Public Markets1 Private Markets Canadian Equities $7.0B Real Estate $79.7B2 Foreign Equities Emerging & Frontier Equities $4.8B Private Debt Treasury & Money Market $147.4B Canadian Fixed Income
Slide 36: Important Disclosures
Important Disclosures Fiera Capital Corporation is a global asset management firm with affiliates in various jurisdictions (collectively, “Fiera Capital”). The information and opinions expressed herein are provided for informational purposes only. It is subject to change and should not be relied upo
Slide 37: Thank You
Thank You Investor Relations contact: Marie-France Guay Senior Vice President, Treasury and Investor Relations mguay@fieracapital.com T 514 294-5878