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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fiera Capital
Fiera Capital (FSZ) investor relations material
Fiera Capital Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
AUM ended Q3 at $151.4B, down 7.4% QoQ and 9.3% YoY, reflecting $8.3B of net outflows and adverse market impact, mainly in Fixed Income.
Revenue was $150.4M, down 3.0% QoQ and 10.0% YoY; Adjusted EBITDA was $42.9M, up 2.1% QoQ as lower costs partly offset softer revenue.
Priorities include deleveraging, client retention, investment performance, Private Markets fundraising and operating efficiency; the quarterly dividend was discontinued effective Nov. 11, 2026.
Financial highlights
Q3 revenue was $150.357M, versus $167.090M a year earlier; lower base management and performance fees were key drivers.
Adjusted EBITDA was $42.9M, down 14.7% YoY; its 28.5% margin rose from 27.1% QoQ and fell from 30.1% YoY.
Net earnings attributable to shareholders were $6.7M; adjusted net earnings were $23.9M, or $0.23 basic and $0.19 diluted per share.
Reported net earnings were $8.174M, versus $9.965M in Q3 2025; basic and diluted EPS were both $0.06, versus $0.05.
9M revenue was $458.8M, down 6.9% YoY; Adjusted EBITDA was $127.7M, down 8.4%, and adjusted net earnings were $71.3M, down 8.2%.
Outlook and guidance
Priorities include reducing debt, retaining clients, restoring consistent relative investment performance, and targeting distribution in financial intermediaries and insurance.
Fundraising will focus on Private Markets strategies with clear demand, including real estate and private credit; committed undeployed capital was $1.6B at quarter-end.
Management expects 2026 direct transfers from sub-advised mandates to be lower than in 2025; no Q4 performance-fee guidance was provided amid market volatility.
Expense optimization, systems modernization and replacement of legacy platforms continue, alongside AI initiatives to improve efficiency and productivity.
Private Debt anticipated a recovery in transaction activity after decisions were deferred amid Canada-U.S. trade uncertainty; private credit had a strong Q4 deployment pipeline.
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Latest events from Fiera Capital
- Q4 performance fees lifted earnings as PineStone outflows weighed on AUM growth.FSZ
Q4 2023 - Private Markets growth, operational efficiency, and international expansion drive future strategy.FSZScotiabank’s 27th Annual Financials Summit
- Market gains lifted AUM to CAD 163.5B, while outflows and lower fees weighed on results.FSZQ2 2026
- Margins expanded to 27.9% as Private Markets grew and AUM declined amid market volatility.FSZQ1 2026
- AUM reached CAD 164.1B, with Private Markets up 11.4% and EBITDA margin at 30.4%.FSZQ4 2025
- AUM at $160.5B; Private Markets growth and new mandates boost margins and earnings.FSZQ2 2025
- Q3 2024 saw record AUM, margin expansion, and strong Private Markets-driven profitability.FSZQ3 2024
- AUM fell 3.8% as outflows offset Private Markets growth; revenue and free cash flow rose.FSZQ2 2024
- AUM rose to $167.1B as Private Markets growth offset lower performance fees and PineStone outflows.FSZQ4 2024
Next Fiera Capital earnings date
Q4 202624 Feb, 2027
Fiera Capital
Next Fiera Capital earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
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.