Fiera Capital (FSZ) Q3 2025 earnings summary

Executive summary

• Assets under management (AUM) rose 4% to $166.9 billion as of September 30, 2025, driven by favorable market impact and net organic growth, especially in Private Markets, with a major new $800 million mandate from the Canadian Built Opportunities Platform.

• Private Markets AUM grew 5.3% sequentially, contributing 37% of total revenues, while Public Markets AUM increased 3.9% with positive net organic growth and new mandates.

• Total revenues for Q3 2025 were $167 million, up 3% quarter-over-quarter but down 3% year-over-year; adjusted EBITDA was $50.3 million with a margin of 30.1%.

• Net earnings attributable to shareholders were $6 million ($0.05 per diluted share) for Q3, while nine-month net earnings rose to $39.8 million.

• Repurchased over 1.6 million shares YTD for $9.8 million and declared a quarterly dividend of $0.108 per share.

Financial highlights

• Q3 2025 revenue increased 2.5% sequentially but decreased 2.7% year-over-year; adjusted EBITDA rose 10.1% sequentially, with margin above 30%.

• 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 from the prior quarter but below the prior year due to lower performance fees.

• Base management fees for the nine months were $455.2 million, nearly flat year-over-year.

• Operating expenses for the nine months were $420 million, slightly down from the prior year.

Outlook and guidance

• Management expects continued AUM growth in Private Markets, with committed capital from the Canadian Built Opportunity Fund ($800 million) to be deployed over three years and revenue impact ramping up from 2026.

• Adjusted EBITDA margin is expected to remain above 30% in the near term.

• Q4 is expected to be mixed for organic growth, with performance fees likely to be lower than historical Q4 levels.

• Commitment to sustainability and climate initiatives continues, with recent publication of the 2024 Sustainability and Climate Reports.

• Management continues to assess the impact of new IFRS standards, with no material effect expected in the near term.