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Fiera Capital (FSZ) investor relations material
Fiera Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Assets under management (AUM) rose 4% to $166.9 billion in Q3 2025, driven by favorable market impact and net organic growth, especially in Private Markets, which grew 5.3% sequentially and contributed 37% of total revenues.
Public Markets AUM increased 3.9% quarter-over-quarter, with positive net organic growth and new mandates, though equity strategies underperformed benchmarks.
Net organic growth was nearly $900 million in Q3 2025, with both Public and Private Markets contributing.
Repurchased over 500,000 shares in Q3 and paid down credit facility, reducing net debt and net debt ratio.
Declared a quarterly dividend of $0.108 per share.
Financial highlights
Q3 2025 revenues were $167 million, up 2.5% sequentially but down 3% year-over-year; adjusted EBITDA was $50.3 million, up 10.1% sequentially, with a margin of 30.1%.
Net earnings attributable to shareholders were $5.8 million ($0.05 per diluted share), up from last quarter but down from a year ago.
Adjusted net earnings were $25 million ($0.23 per share), down from both the prior quarter and prior year.
Last 12 months' free cash flow was $91 million, up sequentially but down year-over-year.
SG&A expenses (excluding share-based comp) were down 3% year-over-year and flat quarter-over-quarter.
Outlook and guidance
Management expects continued AUM growth in Private Markets, with upside from new mandates and union partnerships; Q4 organic growth expected to be mixed, and performance fees likely lower than historical Q4 levels.
Committed capital from the Canadian Built Opportunity Fund ($800 million) will be deployed over three years, with revenue impact ramping up from 2026.
Focus remains on operating efficiency, cost containment, and capital return to shareholders.
Commitment to sustainability and climate initiatives continues, with recent publication of the 2024 Sustainability and Climate Reports.
Canadian Built Fund: scaling potential?
Active equity demand despite market concentration?
Infrastructure leadership: addressing redemptions?
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Next Fiera Capital earnings date
Q4 202518 Mar, 2026
Next Fiera Capital earnings date
Q4 202518 Mar, 2026
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Fiera Capital Corporation is an independent asset management firm providing investment solutions across public and private markets, including equities, fixed income, and alternative investments. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.
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