29 slides from Fiera Capital Corporation Class A's earnings presentation, Aug 7, 2026
Slide 1: Q2 2026 Results
August 7, 2026 Q2 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: Q2 2026 Highlights
Q2 2026 Highlights Key Metrics Highlights Q2 2026 Q1 2026 Q2 2025 • Ending AUM up 2.1% Q/Q Ending AUM1 $163.5B $160.2B $160.5B • Reflects market growth partly offset by net outflows Average AUM1 $162.3B $163.3B $159.0B • Average AUM down 0.6% Q/Q due to timing New Mandates $0.7B $0.5B $1.7B of marke
Slide 6: Total AUM
Total AUM Q2 2026 ($B) Highlights Q/Q • AUM up $3.3B or 2.1% Net Organic Growth: (7.5) • Average AUM down 0.6% sequentially • Market & Other includes positive F/X impact of $1.2B Y/Y Year-over-Year ($B) • AUM up $3.0B or 1.9% • Excluding strategic wind down of Canadian Equity Small Cap Core strategy
Slide 7: Public Markets AUM and Flows
Public Markets AUM and Flows Q2 2026 AUM Walk ($B) Highlights • AUM up $3.3B or 2.4% in Q2 Net Organic Growth4: (2.2) • Up 4.3% ex sub- advised AUM • Average AUM down 0.9% sequentially • Up 1.2% ex sub- advised AUM • New mandates of $0.6B • Net inflows of ~$100M New Mandates & Net Organic Growth ($B
Slide 8: Private Markets AUM and Flows
Private Markets AUM and Flows Q2 2026 AUM Walk ($B) Highlights • AUM up $0.1B or 0.5% in Q2 • Average AUM up 0.5% sequentially Net Organic Growth: – • New mandates of $0.1B, primarily into Real Estate and Private Credit • Net inflows of $117M offset by return of capital • Deployed $0.5B of capital N
Slide 9: Private Markets: A Growth Driver
Private Markets: A Growth Driver AUM ($B) Revenues, LTM ($M) Private Markets 10% CAGR 13% CAGR Contribution 22.3 14.1 $1.5B $1.6B $487M $1.9B New mandates Deployed capital Return of capital Committed, undeployed LTM LTM LTM capital Q2 2026 Subtotals and totals may not reconcile due to rounding 9
Slide 10: Canada: Established Scale and Broad Market Presence
Canada: Established Scale and Broad Market Presence Strength of Franchise • Complete multi-strategy platform • Leadership position and strong market share • Efficient distribution • Strong client acquisition and asset growth • Cross-Canada presence with opportunities for growth – ‘white space’ West
Slide 11: Investment Performance – Public Markets
Investment Performance – Public Markets1 Q2 2026 1-year 3-year 5-year Key Public Markets Investment Strategies Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Canadian Equity 9.04% 2.08% 7.68% (25.19)% 15.33% (8.15)% 12.74% (2.11)% US Equity Core 8.61
Slide 12: Investment Performance – Private Markets
Investment Performance – Private Markets1 Return Gross IRR Q2 2026 1-Year Since Since Absolute Absolute Select Private Markets Investment Strategies Inception2 Inception3 Return4 Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.13% 1.21% 6.62% Fiera Real Estate Small Cap Industrial Fund L.P. 1
Slide 13: Public Markets AUM Outperforming Benchmark
Public Markets AUM Outperforming Benchmark1 Fixed Income Equity2 1 As at quarter-end. Percentages exclude AUM in segregated accounts managed on behalf of private wealth clients, discretionary accounts, Asia-based accounts and accounts for which total and relative return are not the primary measure o
Slide 14: Total Revenues
Total Revenues Q2 2026 compared to Q2 2025 ($M) Highlights • Revenues down 5%Y/Y • Lower Public Markets base management fees, largely from from sub- advised AUM, lower share of earnings in JVs and associates and lower commitment and transaction fees Q2 2026 compared to Q1 2026 ($M) • Revenues up 1%
Slide 15: Base Management Fees
Base Management Fees Public Markets Private Markets Highlights • Y/Y decline in fee rate due to lower sub-advised AUM • Y/Y decline in fee rate partly due to higher undeployed AUM • Net of sub-advisory fees, fee rate has remained steady 1 Fee rate calculated as annualized base management fees divide
Slide 16: SG&A Expenses
SG&A Expenses1 ↓ 4% Y/Y Highlights • SG&A excluding share-based ↑ 2% Q/Q compensation (“SBC”) down 4% Y/Y • Lower fixed and variable compensation costs from continued optimization efforts, and lower sub-advisory fees • SG&A excluding SBC up 2% Q/Q • Higher employee compensation expense mainly relate
Slide 17: Adjusted EBITDA and Net Earnings
Adjusted EBITDA1 and Net Earnings Adjusted EBITDA1 Highlights • Adjusted EBITDA1 down 8% Y/Y • Lower revenues partly offset by lower SG&A expenses • Adjusted EBITDA1 down 2% sequentially • Higher SG&A expenses, partly offset by higher revenues Net Earnings2 and Adjusted Net Earnings1,2 • LTM Adjuste
Slide 18: Adjusted Net Earnings Reconciliation
Adjusted Net Earnings Reconciliation Reconciliation of Q2 2026 Adjusted Net Earnings2 ($M) 4.5 1.2 23.9 5.7 0.3 (2.5) 11.3 3.5 Q2 2026 Amortization and Restructuring, Accretion and Share-based Other expenses Tax effect of Q2 2026 Adjusted Net earnings¹ depreciation acquisition change in FV of compen
Slide 19: Return of Capital
Return of Capital Dividends and Share Repurchases ($M) Highlights • Repurchased and cancelled ~134,100 shares for $0.7M in Q2 • LTM Free Cash Flow1 up 23% Y/Y • Higher cash from operating activities, primarily from the timing of working capital items, along with lower interest expense and lease paym
Slide 20: Financial Leverage
Financial Leverage Total Debt1 & Net Debt1,3 ($M) Highlights • Net debt up $11M Y/Y • Net debt up $23M Q/Q, primarily due to the purchase of the remaining 25% interest in Fiera Infrastructure, along with fees related to the transaction • Net debt ratio2 up Q/Q and Y/Y 1 Total debt represents the car
Slide 21: Progress on our Strategy
Progress on our Strategy • New mandates of $3.3B across Public and Private Markets over LTM 1 Focus distribution efforts • ~$200M of net inflows YTD from financial intermediary relationships established within the last 18 months Re-center the • Fixed income performance remained strong with 91% of AU
Slide 22: Appendix
< FIERACAPITAL Appendix
Slide 23: AUM Diversification
AUM Diversification AUM as at June 30, 2026 – $163.5B By Geographic Region By Distribution Channel By Asset Class Canada 70% Institutional 58 % Equity 43 % U.S. 20% Financial Intermediaries 34 % Fixed Income 42 % EMEA 9% Private Wealth 8% Private Markets 14 % Asia 1% Liquid Alts & Other1 2% 1 Liquid
Slide 24: Revenue Diversification
Revenue Diversification LTM Total Revenues – $656M By Geographic Region By Distribution Channel By Asset Class2 Canada 64% Institutional 53% Equity 53% U.S. 20% Financial Intermediaries 27% Fixed Income 13% EMEA 14% Private Wealth 17% Private Markets 33% Asia 2% 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 $69.8B1 Foreign Equities $9.4B Real Estate Emerging & Frontier Equities $4.2B Private Credit Treasury & Money Market $141.2B Canadian Fixed Income $22.3B2 $
Slide 26: Private Markets – Diversified Platform
Private Markets – Diversified Platform Agriculture Infrastructure • Two strategies • Two strategies • 10+ investment professionals • 20+ investment professionals • 13 platform investments across $2.9B • 60+ assets across six countries $5.0B five countries $0.9B Total AUM Private Equity Private Credi
Slide 27: Our Sustainability Journey
Our Sustainability Journey We actively contribute and collaborate to further promote the advancement of sustainability As at June 30, 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 doe
Slide 28: About Fiera Capital
About Fiera Capital Who We Are Our Mission Founded 2003 AUM $163.5B1 We allocate capital with discipline, deliver risk- adjusted returns and back long-term drivers of Symbol (TSX) FSZ Employees 769 value. Market Cap $558M2 Headquarters Montreal Our Values • We are a leading independent asset managem
Slide 29: Thank You
Thank You investorrelations@fieracapital.com ir.fieracapital.com 29