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Fiera Capital (FSZ) investor relations material
Fiera Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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