Fiera Capital (FSZ) Q2 2026 earnings summary

Executive summary

• Ending AUM was CAD 163.5B, up 2.1% QoQ and 1.9% YoY as market gains outweighed net outflows.

• Q2 revenue was CAD 155.1M, up 1.2% QoQ but down 4.8% YoY, mainly on lower Public Markets base fees.

• Adjusted EBITDA was CAD 42.0M, down 1.6% QoQ and 8.1% YoY; margin was 27.1%.

• Adjusted net earnings were CAD 23.9M, up 1.7% QoQ and down 12.1% YoY; adjusted diluted EPS was CAD 0.21, down from CAD 0.24 a year earlier.

Financial highlights

• Net organic growth was negative CAD 7.5B, primarily due to sub-advised AUM outflows; Public Markets excluding sub-advised had CAD 2.2B in net outflows.

• LTM free cash flow was CAD 92.9M, up 23.4% YoY and down 2.8% QoQ.

• SG&A excluding share-based compensation was CAD 113.1M, down 3.6% YoY and up 2.2% QoQ.

Outlook and guidance

• One remaining sub-advised transfer request of ~CAD 1.5B is expected in H2; direct transfers in 2026 are expected to be lower than the prior year.

• A separate CAD 500M equity mandate redemption is expected in Q3 and is not a leakage or transfer.

• Net debt is expected to decline in H2 as cash outflows typically ease after the first half; management expressed comfort with Q3–Q4 leverage.

• Private Markets pipeline and committed, undeployed capital totaled CAD 1.9B; continued demand for private credit and real assets is expected.

• Strategic priorities include cost optimization, strengthening the balance sheet, and enhancing investment performance.