Fiera Capital Corporation Class A · TSX:FSZ
Fiera Capital Corporation Class A — Q4 2025 Earnings Presentation
36 slides from Fiera Capital Corporation Class A's earnings presentation, Feb 26, 2026
Slide 1: Q4 2025 Results
February 26, 2026 Q4 2025 Results
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation 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 Capita
Slide 3: Conference Call Participants
Conference Call Participants Maxime Ménard Global President and Chief Executive Officer Lucas Pontillo Executive Director, Global Chief Financial Officer and Head of Corporate Strategy 3
Slide 4: Q4 2025 Highlights
Q4 2025 Highlights AUM decreased $2.8B, or 1.7%, in Q4 2025 AUM1 – $164.1B Public Markets AUM of $142.1B $2.9B, or 2.0% 31 Dec 2025 Private Markets AUM flat at $22.0B New mandates of ~$800M; negative net organic growth of $3.5B Distribution Public Markets: New mandates of ~$500M, mostly into e
Slide 5: AUM Overview – Q4 2025
AUM Overview – Q4 2025 QoQ ($B) Public Markets Private Markets 166.9 0.8 0.6 164.1 22.0 AUM down $2.8B or 1.7% Q/Q (0.7) (0.4) (3.1) 22.0 Reflects net outflows of $3.1B from sub-advised AUM 145.0 142.1 Partly offset by new mandates of ~$800M and positive market impact 30-Sep-25 New Lost Net Sub-
Slide 6: AUM Flows by Platform – Q4 2025
AUM Flows by Platform – Q4 2025 Public Markets ($B) Public Markets excl. Sub-advised AUM1 ($B) 145.0 0.5 0.7 142.1 107.6 0.5 0.4 0.5 108.2 (0.7) (0.2) (3.1) (0.7) (0.2) 30-Sep-25 New Lost Net Sub-advised Mkt and 31-Dec-25 30-Sep-25 New Lost Net Market and Strategic³ 31-Dec-25 Contributions AUM¹ Othe
Slide 7: AUM Flows by Geography – Q4 2025
AUM Flows by Geography – Q4 2025 Canada ($B) Public Markets Private Markets United States ($B) Public Markets Private Markets 111.3 0.6 0.0 0.3 112.1 36.8 0.0 34.1 14.7 (0.1) 14.5 0.2 1.9 (0.5) 1.9 (2.4) 96.6 97.6 34.9 32.1 30-Sep-25 New Lost Net Market and 31-Dec-25 30-Sep-25 New Lost Net Market an
Slide 8: Financial Intermediaries – Commercial Highlights
Commercial Highlights AUM Flows Base Management Fees3 In C$ billions In C$ millions Public Markets Private Markets 90.1 3.9 4.4 0.6 93.6 79.8 81.0 80.8 82.9 80.1 83.5 83.3 77.3 14.3 (1.1) 16.9 (4.3) Institutional 27.6 27.7 29.2 30.1 30.7 31.0 32.5 32.8 93.0 75.8 76.7 52.2 49.6 51.8 50.6 52.1 49.1 51
Slide 9: Private Wealth – Commercial Highlights cont'd
Commercial Highlights – cont’d AUM Flows Base Management Fees In C$ millions Public Markets Private Markets In C$ billions 27.2 27.3 27.6 27.4 27.5 26.7 26.7 26.5 Private Wealth 14.6 0.3 0.7 13.7 3.1 (0.4) 13.4 13.6 13.5 13.6 13.4 12.8 12.8 12.5 (1.6) 2.9 11.5 10.8 13.7 13.7 14.0 13.8 14.1 14.0 13.9
Slide 10: Private Markets – Continuous Growth Trend
Private Markets – Continuous Growth Trend AUM ($B) LTM Total Revenues ($M) 10% CAGR 15% CAGR 22.0 249.9 241.1 18.2 18.5 19.7 1.0 224.0 1.0 2.9 204.3 15.9 0.6 0.9 1.9 2.6 0.3 2.1 173.8 13.4 4.8 0.2 1.1 3.7 3.9 4.2 3.4 2.7 0.8 4.3 124.5 5.5 5.1 4.8 5.0 4.4 9.0 5.9 6.5 6.6 7.0 5.3 31-Dec-20 31-Dec-21 3
Slide 11: Investment Performance – Private Markets
Investment Performance – Private Markets1 Return Gross IRR Q4 2025 1-Year Select Private Markets Investment Strategies Since Since Absolute Absolute Inception2 Inception3 Return4 Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.21% - 1.59% 6.75% Fiera Real Estate Small Cap Industrial Fund L.P.
Slide 12: Investment Performance – Public Markets
Investment Performance – Public Markets1 Key Public Markets Investment Q4 2025 1-year 3-year 5-year Strategies Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Canadian Equity 2.55% (3.70%) 12.48% (19.19%) 16.07% (5.35%) 13.91% (2.18%) US Equity Core (
Slide 13: Percentage of Public Markets Assets Outperforming at Quarter-End
Percentage of Public Markets Assets Outperforming at Quarter-End1 Fixed Income One Year Three Years Five Years 95% 94% 97% 97% 96% 97% 94% 97% 95% 84% 84% 86% 83% 89% 80% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Equity2 O
Slide 14: Total Revenues
Total Revenues ($M) 211.0 688.6 673.0 184.0 180.1 168.1 164.8 171.7 162.9 163.0 167.1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Base Management Fees 147.4 151.5 149.3 154.4 156.7 154.5 147.9 152.8 154.0 612.0 609.2 Commitment and Transaction Fees 7.5 1.3
Slide 15: Public Markets Revenues
Public Markets Revenues ($M) 446.0 136.3 422.2 110.3 111.4 116.0 111.1 108.2 106.7 104.5 100.0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Base Management Fees 102.2 106.1 103.5 106.9 107.7 105.1 98.4 102.7 103.7 424.1 410.0 Performance Fees 31.8 0.7 0.9 0
Slide 16: Private Markets Revenues
Private Markets Revenues ($M) 74.0 67.8 68.7 249.9 60.0 62.7 62.4 241.1 57.3 56.0 56.2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Base Management Fees 45.2 45.5 45.9 47.5 49.1 49.4 49.5 50.1 50.2 187.9 199.2 Commitment and Transaction Fees 7.5 1.3 4.3 3.6
Slide 17: Selling, General and Administrative Expenses (SG&A)
Selling, General and Administrative Expenses (“SG&A”) Q4 2025 SG&A excl. SBC ($M) Total Revenues ($M) Increase in SG&A excluding 184.0 share-based compensation 180.1 180.1 167.1 (“SBC”) from the prior quarter 125.4 130.6 125.4 partly due to higher sub- 116.8 advisory fees connected to 7.8% 2.1
Slide 18: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA1 and Adjusted EBITDA Margin1 Quarterly 36.8% 100 37% 30.1% 29.0% 30.1% 30.4% 77.6 27.5% 28.0% 32% 80 27.0% 26.6% 27% 60 51.7 53.4 54.7 50.3 22% 45.4 45.3 43.4 45.7 40 17% 12% 20 7% 0 2% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (20) -3% Adjusted EBITDA¹
Slide 19: Net Earnings & Adjusted Net Earnings
Net Earnings1 & Adjusted Net Earnings1,2 50.2 39.4 28.9 27.2 29.9 26.1 24.9 25.4 25.0 22.8 21.8 12.6 7.6 4.9 5.8 7.7 3.8 (0.2) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M) Reconciliation of Q4 2025 Adjusted Net Earnin
Slide 20: Per Share Metrics
Per Share Metrics ($ per share) 2.01 2.06 1.98 1.99 1.83 1.80 1.80 1.79 1.81 1.21 1.22 1.17 1.22 0.96 0.95 0.97 1.00 0.93 0.86 0.86 0.86 0.86 0.86 0.86 0.76 0.64 0.61 0.65 0.56 0.59 0.54 0.37 0.35 0.36 0.23 0.28 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTM EPS LTM divi
Slide 21: LTM Free Cash Flow
LTM Free Cash Flow LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) 121 LTM Free Cash Flow1 down from the prior 95 89 89 90 91 91 87 91 87 91 87 quarter due to 80 79 higher dividends 75 paid to non- 72 68 controlling interest 57 and timing of accounts receivable collections, partly offset b
Slide 22: Financial Leverage Ratios
Financial Leverage Ratios Total Debt vs. Net Debt1,5 ($M) Funded Debt2 ($M) 739 735 712 705 685 687 589 552 555 540 515 505 655 651 703 712 680 664 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 Net Debt1,5 Cash & Cash Equivale
Slide 23: Progress on Our Strategy in 2025
Progress on Our Strategy in 2025 Private Markets AUM growth of 11% in 2025, driven by strong net organic growth and a strategic acquisition Growing Private Markets $1.9B of capital deployed in 2025, with a strong pipeline of committed, undeployed capital for future opportunities Private Markets comp
Slide 24: Appendix: Who We Are
< FIERACAPITAL APPENDIX Who We Are
Slide 25: Mission Statement and Values
Fiera Capital Mission Statement and Values Our Values Lead with Integrity We uphold the highest standards of ethics and accountability, fostering a culture of trust and merit. Think Critically, Act Decisively We make confident, well-informed decisions grounded in rigorous analysis and world-class ex
Slide 26: Progressing Our Mission and Vision
Progressing Our Mission and Vision Our Vision We aspire to be the partner of choice for clients seeking performance, and the home of people who deliver it. EFFICIENT CAPITAL ALLOCATOR Solutions Sustainability Solving for our clients’ specific needs Fostering sustainable prosperity for all our stakeh
Slide 27: 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 28: A Leading Independent Asset Manager
Fiera Capital A Leading Independent Asset Manager FOUNDED 2003 ASSET MANAGER RANKING (by Total Assets) AUM C$164.1 billion1 SYMBOL (TSX) FSZ.TO 4th 68th 166th MARKET CAP C$661 million2 Canada3 North America4 Global4 Leashareholders andng independent asset management firm with a growing global presen
Slide 29: Growing our Portfolio Through a Competitive Investment Offering
Growing our Portfolio Through a Competitive Investment Offering AUM ($B) LTM Revenues ($M) +0.1% CAGR1 +3% CAGR1 181.9 695 673 164.1 163.5 1 1 671 1 1 5741 31-Dec-20 31-Dec-25 31-Dec-20 31-Dec-25 1 Excludes dispositions. The Company’s strategic activity has included various dispositions. The results
Slide 30: AUM by Segments
AUM by Segments AUM as at December 31, 2025 – $164.1B By Geography By Distribution Channel By Asset Class Canada 68% Institutional 57% Equity 45% U.S. 21% Financial Intermediaries 35% Fixed Income 40% EMEA 10% Private Wealth 8% Private Markets 13% Asia 1% Liquid Alts & Other1 2% 1 Liquid alternative
Slide 31: Revenue Diversification
Revenue Diversification Q4 2025 Total Revenues – $180.1M By Geography By Distribution Channel By Asset Class2 Canada 62% Institutional 53% Equity 56% U.S. 20% Financial Intermediaries 27% Fixed Income 14% EMEA 16% Private Wealth 17% Private Markets 29% Asia 2% Other1 3% Liquid Alts & Other 1% 1 Incl
Slide 32: Expanding our Global Footprint
Expanding our Global Footprint 780 employees INCLUDING ~221 INVESTMENT PROFESSIONALS Calgary Halifax London The Hague Toronto Montreal Frankfurt Dayton Boston Zurich New York Tokyo Hong Kong Abu Dhabi Singapore As at December 31, 2025 32 32
Slide 33: Our Sustainability Journey
Our Sustainability Journey We actively contribute and collaborate to further promote the advancement of sustainability As at December 31, 2025 All rights to the trademarks, brands and/or logos listed herein belong to the respective owners. Fiera Capital Corporation and its subsidiaries use of hereof
Slide 34: Breadth of Innovative Investment Solutions
Breadth of Innovative Investment Solutions ASSET ALLOCATION BALANCED MANDATES OVERLAY STRATEGIES ADVISORY Public Markets Private Markets Canadian Equities $9.0B Real Estate $73.1B1 Foreign Equities Emerging & Frontier Equities $4.3B Private Credit Treasury & Money Market $142.1B Canadian Fixed Incom
Slide 35: 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 36: Thank You
Thank You Investor Relations Contact: Natalie Medak investorrelations@fieracapital.com 416-884-4236 ir.fieracapital.com