Fiera Capital Corporation Class A · TSX:FSZ
Fiera Capital Corporation Class A — Q1 2026 Earnings Presentation
29 slides from Fiera Capital Corporation Class A's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Results
a FIERACAPITAL May 8, 2026 Q1 2026 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: Non-IFRS Measures
Non-IFRS Measures Fiera Capital reports its financial results and statements in accordance with IFRS Accounting Standards (“IFRS”). It also publishes certain financial measures or ratios that are not presented in accordance with IFRS. We have included non-IFRS measures in this presentation to provid
Slide 4: 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 4
Slide 5: Q1 2026 Highlights
Q1 2026 Highlights Key Metrics Highlights Q1 2026 Q4 2025 Q1 2025 • Average AUM down 1.9% sequentially Total AUM1 $160.2B $164.1B $161.6B • Reflects equity market volatility in March and wind-down of Canadian Average AUM1 $163.3B $166.4B $164.4B Equity Small Cap Core strategy New Mandates $479M $795
Slide 6: Total AUM
Total AUM Q1 2026 ($B) 164.1 0.5 Highlights 160.2 Q/Q (1.0) (0.8) (1.9) (0.7) • AUM down $3.9B or 2.4% Net Organic Growth: (1.3) • Average AUM down 1.9% sequentially • Market & Other includes positive F/X impact of 31-Dec-25 New Lost Net Market & Strategic² 31-Mar-26 $1.0B Contributions Other¹ • Str
Slide 7: Public Markets AUM and Flows
Public Markets AUM and Flows Q1 2026 AUM Walk ($B) 142.1 0.3 Highlights (0.9) (0.2) (0.5) 137.9 • AUM down $4.2B or 3.0% (2.2) in Q1 (0.7) Net Organic Growth4: (0.8) • Down 2.2% ex sub- advised AUM • Average AUM down 2.2% sequentially 31-Dec-25 New Lost Net Sub-advised AUM Market & Strategic³ 31-Mar
Slide 8: Private Markets AUM and Flows
Private Markets AUM and Flows Q1 2026 AUM Walk ($B) 22.0 0.1 0.3 22.2 Highlights (0.0) (0.1) • AUM up $0.2B or 0.9% in Q1 Net Organic Growth: 0.0 • Average AUM flat sequentially • New mandates of $0.1B, primarily into Real Estate and Private Credit 31-Dec-25 New Lost Net Market & 31-Mar-26 Contribut
Slide 9: Private Markets: A Growth Driver
Private Markets: A Growth Driver AUM ($B) Revenues, LTM ($M) Private Markets 10% CAGR 15% CAGR Contribution 37% 37% 22.2 35% 33% 0.9 30% 3.0 13.6 4.8 23% 0.3 2.7 0.8 4.3 247 18% 4.5 13% 14% 12% 11% 12% 127 9.2 8% 7% 5.4 31-Mar-21 31-Mar-26 31-Mar-21 31-Mar-26 2020 2021 2022 2023 2024 2025 Q1 Private
Slide 10: Canada: Established Scale and Broad Market Presence
Canada: Established Scale and Broad Market Presence Strength of Franchise • Complete multi-strategy platform • Leadership position and strong market share • Efficient distribution • Strong client acquisition and asset growth • Cross-Canada presence with opportunities for growth – ‘white space’ West
Slide 11: Investment Performance – Public Markets
Investment Performance – Public Markets1 Key Public Markets Investment Q1 2026 1-year 3-year 5-year Strategies Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Canadian Equity (1.08%) (5.02%) 7.11% (27.72%) 13.23% (7.95%) 12.03% (3.16%) US Equity Core
Slide 12: Investment Performance – Private Markets
Investment Performance – Private Markets1 Return Gross IRR Q1 2026 1-Year Select Private Markets Investment Strategies Since Since Absolute Absolute Inception2 Inception3 Return4 Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.20% - 1.81% 6.96% Fiera Real Estate Small Cap Industrial Fund L.P.
Slide 13: Public Markets AUM Outperforming Benchmark
Public Markets AUM Outperforming Benchmark1 Fixed Income One Year Three Years Five Years 95% 96% 97% 97% 96% 97% 95% 97% 95% 94% 84% 86% 83% 89% 80% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Equity2 One Year Three Years Fi
Slide 14: Total Revenues
Total Revenues Q1 2026 compared to Q1 2025 ($M) 162.9 Highlights 0.7 153.3 Revenues down 6% Y/Y (6.9) (0.4) (0.2) (1.1) (1.7) Lower Public Markets base management fees from sub-advised AUM, lower share of earnings in JVs and associates Q1 2025 Public Mkts Private Mkts Performance Commitment Share
Slide 15: Base Management Fees
Base Management Fees Public Markets Private Markets 29.3 28.9 28.7 101.5 101.6 28.5 101.2 100.9 97.8 27.8 94.6 95.0 94.0 91.5 88.9 105 98 103 104 98 49 49 50 50 49 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Base Management Fees ($M) Fee Rate¹ (bps) Base Managemen
Slide 16: SG&A Expenses
SG&A Expenses1 ↓ 7% Y/Y ↓ 12% Q/Q Highlights SG&A excluding share-based 130.6 compensation (“SBC”) down 122.1 122.3 122.5 7% Y/Y 114.1 Lower fixed and variable compensation costs and lower sub-advisory fees SG&A excluding SBC down 125.4 12% Q/Q 119.5 117.3 116.8 110.6 Lower variable compensation
Slide 17: Adjusted EBITDA and Net Earnings
Adjusted EBITDA1 and Net Earnings Adjusted EBITDA1 30.1% 30.4% 28.0% 27.9% 29.2% 26.6% Highlights Adjusted EBITDA1 down 2% Y/Y Lower revenues largely 50.3 54.7 193.4 43.4 45.7 42.7 offset by lower employee compensation costs and lower sub-advisory fees Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 LTM A
Slide 18: Adjusted Net Earnings Reconciliation
Adjusted Net Earnings Reconciliation Reconciliation of Q1 2026 Adjusted Net Earnings2 ($M) 3.5 0.1 9.1 23.5 (0.1) (3.1) 11.2 2.8 Q1 2026 Amortization and Restructuring, Accretion and Share-based Other expenses Tax effect of Q1 2026 Adjusted Net earnings¹ depreciation acquisition change in FV of comp
Slide 19: Return of Capital
Return of Capital Dividends and Share Repurchases ($M) Highlights Repurchased and cancelled ~558,000 shares for $3.2M 6.3 in Q1 3.6 3.2 23.4 LTM Free Cash Flow1 up 10% 11.8 Y/Y 11.5 11.5 11.5 Lower dividends paid to non-controlling interest Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 and lower lease S
Slide 20: Financial Leverage
Financial Leverage Total Debt1 & Net Debt1,3 ($M) 3.63x 3.67x 3.62x Highlights 3.53x 3.42x Net debt down $3M Y/Y 739 735 749 712 705 Compares favourably with Y/Y increase of $46M in the same quarter last year Net debt up $36M Q/Q 703 712 680 664 700 Higher cash used in operating activities from
Slide 21: Progress on our Strategy
Progress on our Strategy • New mandates of more than $4B across Public and Private Markets over LTM 1 Focus distribution efforts • Excluding sub-advised AUM, LTM net organic growth improved by close to $3B Y/Y Re-center the • Fixed income performance remained strong with 96% of AUM outperforming ove
Slide 22: Appendix
< FIERACAPITAL Appendix
Slide 23: AUM Diversification
AUM Diversification AUM as at March 31, 2026 – $160.2B By Geographic Region By Distribution Channel By Asset Class Canada 68% Institutional 58% Equity 42% U.S. 21% Financial Intermediaries 34% Fixed Income 42% EMEA 10% Private Wealth 8% Private Markets 14% Asia 1% Liquid Alts & Other1 2% 1 Liquid al
Slide 24: Revenue Diversification
Revenue Diversification LTM Total Revenues – $663M By Geographic Region By Distribution Channel By Asset Class2 Canada 63% Institutional 53% Equity 55% U.S. 20% Financial Intermediaries 27% Fixed Income 14% EMEA 14% Private Wealth 17% Private Markets 30% Asia 3% Other1 3% Liquid Alts & Other3 1% 1 I
Slide 25: Breadth of Investment Solutions
Breadth of Investment Solutions Asset Allocation Balanced Mandates Overlay Strategies Advisory Public Markets Private Markets Canadian Equities $68.2B1 Foreign Equities $9.2B Real Estate Emerging & Frontier Equities $4.3B Private Credit Treasury & Money Market $137.9B Canadian Fixed Income $22.2B2 $
Slide 26: Private Markets – Diversified Platform
Private Markets – Diversified Platform Agriculture Infrastructure • Two strategies • Two strategies • 10+ investment professionals • 20+ investment professionals $3.0B • 13 platform investments across • 60+ assets across six countries $4.8B five countries $0.9B Total AUM $22.2B Private Equity Privat
Slide 27: Our Sustainability Journey
Our Sustainability Journey We actively contribute and collaborate to further promote the advancement of sustainability As at March 31, 2026 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 do
Slide 28: About Fiera Capital
About Fiera Capital Who We Are Our Mission Founded 2003 AUM $160.2B1 We allocate capital with discipline, deliver risk- adjusted returns and back long-term drivers of Symbol (TSX) FSZ Employees 771 value. Market Cap $569M2 Headquarters Montreal Our Values We are a leading independent asset managemen
Slide 29: Thank You
Thank You investorrelations@fieracapital.com ir.fieracapital.com 29