Fiera Capital (FSZ) investor relations material

Executive summary

• Q2 2025 AUM was $160.5B, flat excluding the wind-down of Canadian small/micro cap strategies, with gross new mandates of $1.7B and improved net organic flows.

• Private Markets AUM grew 6% year-to-date, driven by a UK real estate platform acquisition and new mandates; committed, undeployed capital at $1.3B.

• Private Markets contributed 36% of total revenues year-to-date, up from 28% three years ago.

• Net organic outflows improved to ~$300M year-to-date from ~$2.8B last year.

• Private markets and private wealth platforms remain key growth drivers, with new leadership and focus on operational efficiency.

Financial highlights

• Q2 2025 revenue was $163M, down 1% year-over-year, mainly due to lower base management fees in Public Markets, partially offset by higher Private Markets fees.

• Adjusted EBITDA was $45.7M, up 1% year-over-year; margin rose to 28% from 27.5%.

• Adjusted net earnings were $27M ($0.24/diluted share), up from $25M ($0.23/diluted share).

• Net earnings attributable to shareholders were $4M ($0.03/diluted share), down from $5M, mainly due to restructuring charges and one-time items.

• Free cash flow over the last twelve months was $75M, down from $87M, impacted by restructuring, severance, and timing of receivables.

Outlook and guidance

• Management expects continued growth in Private Markets, supported by a strong pipeline of committed, undeployed capital.

• Focus remains on margin expansion, aiming for a 30% EBITDA margin through product mix and operational efficiencies.

• Anticipates ongoing strong demand for private market solutions, especially in agriculture and real estate, with global expansion initiatives.

• Net organic growth is improving, with momentum in gross flows and new mandates.

• Management highlights ongoing cost discipline and strategic platform growth.