Fiera Capital Corporation Class A · TSX:FSZ
Fiera Capital Corporation Class A — Q3 2025 Earnings Presentation
37 slides from Fiera Capital Corporation Class A's earnings presentation, Nov 13, 2025
Slide 1: Q3 2025 Results
November 13, 2025 Q3 2025 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 Maxime Ménard Global President and Chief Executive Officer Lucas Pontillo Executive Director, Global Chief Financial Officer and Head of Corporate Strategy 3
Slide 4: Topics for Discussion
Topics for Discussion Q3 2025 Highlights Commercial Performance Investment Performance Private Markets Public Markets Financial Performance 4
Slide 5: Q3 2025 Highlights
Q3 2025 Highlights AUM in Q3 2025 increased $6.4B, or 4%, quarter-over-quarter AUM – $166.9B Public Markets AUM of $145.0B $5.4B, or 3.9% 30 Sep 2025 Private Markets AUM of $22.0B $1.1B or 5.3% Positive net organic growth of ~$900M driven by new mandates of $1.4B Public Markets: Positive net
Slide 6: AUM Overview – Q3 2025
AUM Overview – Q3 2025 QoQ ($B) Public Markets Private Markets 166.9 AUM up $6.4B or 4.0% Q/Q 160.5 1.4 0.3 5.6 22.0 Favourable market impact of 20.9 (0.1) (0.7) $5.6B and positive net organic growth, excluding sub-advised 139.6 145.0 AUM, of $1.6B Partly offset by sub-advised AUM net outflows o
Slide 7: AUM Flows by Platform – Q3 2025
AUM Flows by Platform – Q3 2025 Public Markets ($B) Public Markets excl. Sub-advised AUM1 ($B) 139.6 0.5 0.4 5.3 145.0 0.4 3.0 107.6 103.8 0.5 (0.0) (0.7) (0.0) 30-Jun-25 New Lost Net Sub-advised Mkt and 30-Sep-25 30-Jun-25 New Lost Net Market and 30-Sep-25 Contributions AUM¹ Other² Contributions Ot
Slide 8: AUM Flows by Geography – Q3 2025
AUM Flows by Geography – Q3 2025 Canada ($B) Public Markets Private Markets United States ($B) Public Markets Private Markets 107.2 1.3 0.3 2.6 111.3 36.8 35.0 14.7 0.0 2.2 13.8 (0.2) 1.9 1.9 (0.0) (0.4) 93.4 96.6 33.1 34.9 30-Jun-25 New Lost Net Market and 30-Sep-25 30-Jun-25 New Lost Net Market an
Slide 9: Commercial Highlights – Institutional and Financial Intermediaries
Commercial Highlights AUM Flows Base Management Fees3 In C$ billions In C$ millions Public Markets Private Markets 89.7 4.1 5.7 0.6 94.5 79.8 81.0 80.8 82.9 80.1 83.5 78.5 77.3 14.1 (0.9) (4.6) 16.8 Institutional 28.3 27.6 27.7 29.2 30.1 30.7 31.0 32.5 93.9 75.5 77.7 50.2 52.2 49.6 51.8 50.6 52.1 49
Slide 10: Commercial Highlights – Private Wealth
Commercial Highlights – cont’d AUM Flows Base Management Fees In C$ millions Public Markets Private Markets In C$ billions 27.4 27.2 27.3 27.6 27.4 27.5 26.7 26.7 Private Wealth 14.3 0.4 1.1 14.0 3.1 (0.3) 13.6 13.4 13.6 13.5 13.6 13.4 12.8 12.8 (1.5) 3.0 11.2 11.0 13.8 13.7 13.7 14.0 13.8 14.1 14.0
Slide 11: Private Markets – Continuous Growth Trend
Private Markets – Continuous Growth Trend AUM1 ($B) LTM Total Revenues ($M) 10% CAGR 15% CAGR 22.0 249.0 247.3 18.8 19.4 1.0 18.3 2.9 208.8 209.9 0.8 0.9 14.9 0.6 2.5 0.3 2.0 1.7 4.8 1.0 3.8 3.9 4.2 140.7 3.0 4.4 5.7 5.3 5.1 4.9 8.8 5.7 6.5 6.8 6.8 30-Sep-21 30-Sep-22 30-Sep-23 30-Sep-24 30-Sep-25 3
Slide 12: Investment Performance – Private Markets
Investment Performance – Private Markets1 Return Gross IRR Q3 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. 8.25% - 1.85% 8.45% Fiera Real Estate Small Cap Industrial Fund L.P.
Slide 13: Investment Performance – Public Markets
Investment Performance – Public Markets1 Key Public Markets Investment Q3 2025 1-year 3-year 5-year Strategies Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Atlas Global Companies 0.80% (8.58%) 8.59% (12.17%) 15.41% (8.82%) 8.27% (7.08%) US Equity C
Slide 14: 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 94% 95% 94% 97% 97% 96% 97% 94% 97% 84% 84% 86% 83% 89% 80% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Equity2 O
Slide 15: Total Revenues
Total Revenues ($M) 211.0 184.0 168.1 164.8 171.7 162.9 163.0 167.1 158.7 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Base Management Fees 147.6 147.4 151.5 149.3 154.4 156.7 154.5 147.9 152.8 Commitment and Transaction Fees 2.5 7.5 1.3 4.3 3.6 7.0 2.4 5.2 2.0 Performance
Slide 16: Public Markets Revenues
Public Markets Revenues ($M) 136.3 110.3 111.4 116.0 106.7 108.2 106.7 104.5 100.0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Base Management Fees 103.0 102.2 106.1 103.5 106.9 107.7 105.1 98.4 102.7 Performance Fees 1.4 31.8 0.7 0.9 0.9 5.5 ̶ ̶ 0.2 Other Revenues1 2.2 2
Slide 17: Private Markets Revenues
Private Markets Revenues ($M) 74.0 67.8 60.0 62.7 62.4 57.3 56.0 56.2 51.2 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Base Management Fees 44.6 45.2 45.5 45.9 47.5 49.1 49.4 49.5 50.1 Commitment and Transaction Fees 2.5 7.5 1.3 4.3 3.6 7.0 2.4 5.2 2.0 Performance Fees 1.
Slide 18: Selling, General and Administrative Expenses
Selling, General and Administrative Expenses (“SG&A”) QoQ ($M) SG&A excl. SBC Total Revenues SG&A excluding share-based 163.0 167.1 compensation (“SBC”) flat from the prior quarter vs. 3% 117.3 116.8 increase in total revenues Flat SG&A Q/Q reflects lower 3% fixed compensation and travel costs
Slide 19: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA1 and Adjusted EBITDA Margin1 Quarterly 36.8% 100 37% 30.1% 29.0% 30.1% 27.7% 77.6 27.5% 28.0% 32% 80 27.0% 26.6% 27% 60 51.7 53.4 50.3 43.9 45.4 45.3 43.4 45.7 22% 40 17% 12% 20 7% 0 2% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (20) -3% Adjusted EBITDA¹
Slide 20: Net Earnings and Adjusted Net Earnings
Net Earnings1 & Adjusted Net Earnings1,2 50.2 39.4 26.1 28.9 27.2 23.7 24.9 22.8 25.4 25.0 21.8 11.1 12.6 7.6 4.9 5.8 3.8 (0.2) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M) Reconciliation of Q3 2025 Adjusted Net Earni
Slide 21: Per Share Metrics
Per Share Metrics ($ per share) 2.01 2.06 1.98 1.99 1.83 1.80 1.80 1.79 1.74 1.21 1.22 1.17 1.22 1.05 0.96 0.95 0.97 0.93 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.76 0.64 0.61 0.65 0.56 0.59 0.37 0.35 0.23 0.28 0.20 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM EPS LTM divi
Slide 22: LTM Free Cash Flow
LTM Free Cash Flow LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) 121 Increase in LTM Free 98 Cash Flow1 from the 95 89 89 89 90 91 91 87 91 87 91 87 prior quarter due to 80 timing of accounts 75 receivable 72 68 collections, lower severance paid, the timing of vendor payments, and lower
Slide 23: Financial Leverage Ratios
Financial Leverage Ratios Total Debt vs. Net Debt1,5 ($M) Funded Debt2 ($M) 699 739 735 712 685 687 589 549 552 555 515 505 669 655 651 703 712 680 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 Net Debt1,5 Cash & Cash Equivale
Slide 24: Progress on Our Strategy in 2025
Progress on Our Strategy in 2025 Private Markets AUM growth of 12% year-to-date, driven by acquisition of controlling interest in a UK real estate investment platform and positive net organic growth of ~$800M Growing Private Markets New subscriptions of $1.6B year-to-date and $1.5B of capital deploy
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$166.9 billion1 SYMBOL (TSX) FSZ.TO 3rd 68th 166th MARKET CAP C$695 million2 Canada3 North America4 Global4 Leading independent asset management firm with a growing global prese
Slide 30: Growing our Portfolio Through a Competitive Investment Offering
Growing our Portfolio Through a Competitive Investment Offering AUM ($B) LTM Revenues ($M) +1% CAGR1 +3% CAGR1 179.2 704 166.9 677 161.011 1 674 1 5771 30-Sep-20 30-Sep-25 30-Sep-20 30-Sep-25 1 Excludes dispositions. The Company’s strategic activity has included various dispositions. The results of
Slide 31: AUM by Segments
AUM by Segments AUM as at September 30, 2025 – $166.9B By Geography By Distribution Channel By Asset Class1 Canada 67% Institutional 57% Equity 45% U.S. 22% Financial Intermediaries 35% Fixed Income 40% EMEA 9% Private Wealth 8% Private Markets 13% Asia 2% Liquid Alts & Other2 2% 1 Beginning Decembe
Slide 32: Revenue Diversification
Revenue Diversification Q3 2025 Total Revenues – $167.1M By Geography By Distribution Channel By Asset Class2 Canada 63% Institutional 53% Equity 56% U.S. 21% Financial Intermediaries 27% Fixed Income 14% EMEA 13% Private Wealth 17% Private Markets 29% Asia 3% Other1 3% Liquid Alts & Other 1% 1 Incl
Slide 33: Expanding our Global Footprint
Expanding our Global Footprint 780 employees INCLUDING 222 INVESTMENT PROFESSIONALS Calgary Halifax London The Hague Toronto Montreal Frankfurt Dayton Boston Zurich New York Tokyo Hong Kong Abu Dhabi Singapore As at September 30, 2025 33 33
Slide 34: Our Sustainable Investing Journey & Commitments
Our Sustainable Investing Journey & Commitments We actively contribute and collaborate to further promote the advancement of sustainability As at Seotember 30, 2025 All rights to the trademarks, brands and/or logos listed herein belong to the respective owners. Fiera Capital Corporation and its subs
Slide 35: Breadth of Innovative Investment Solutions
Breadth of Innovative Investment Solutions ASSET ALLOCATION BALANCED MANDATES OVERLAY STRATEGIES ADVISORY Public Markets Private Markets Canadian Equities $8.8B Real Estate $76.0B1 Foreign Equities Emerging & Frontier Equities $4.4B Private Credit Treasury & Money Market $145.0B Canadian Fixed Incom
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: Natalie Medak Director, Investor Relations nmedak@fieracapital.com T 416 884-4236