Fiera Capital (FSZ) Q3 2026 earnings summary

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.