Fiera Capital (FSZ) Q4 2025 earnings summary

Executive summary

• Assets under management (AUM) ended 2025 at CAD 164.1 billion, down 1.7% quarter-over-quarter due to sub-advised outflows, but up 5.7% year-over-year excluding sub-advised strategies, driven by net inflows and strong equity markets.

• Private Markets AUM grew 11.4% year-over-year to CAD 22 billion, supported by net inflows and a strategic real estate platform acquisition; Public Markets AUM (excluding sub-advised) reached CAD 108 billion, up 4.7% for the year.

• Net organic growth in core Canadian public markets improved by CAD 6.8 billion year-over-year, shifting from net outflows to net inflows.

• Adjusted EBITDA and margins improved year-over-year in Q4, supported by cost containment and a 7% decline in SG&A expenses.

• Net earnings attributable to shareholders rose to CAD 7.7 million in Q4 2025, up from a loss in Q4 2024, driven by lower SG&A and reduced FX losses.

Financial highlights

• Q4 2025 total revenues were CAD 180.1 million, up 2.1% year-over-year, with adjusted EBITDA of CAD 54.7 million (30.4% margin), and adjusted net earnings of CAD 29.9 million.

• Full-year adjusted net earnings reached CAD 108 million, up 5% from the prior year; adjusted EPS declined to CAD 0.87 due to share dilution.

• Adjusted EBITDA for the full year was CAD 194 million, down 1% year-over-year.

• LTM free cash flow was CAD 79 million, down from CAD 87 million in prior periods, mainly due to higher dividends to non-controlling interests.

• Net debt at Q4 end was CAD 664 million, with a net debt ratio of 3.4x, down from 3.5x in Q3.

Outlook and guidance

• Management targets reducing net debt ratio to 2.5x over a three-year plan ending in 2028, focusing on deleveraging and reinvestment.

• Strategic initiatives include expanding distribution, centering on investment performance, and growing private markets, especially real assets.

• Pipeline of committed, undeployed capital remains strong for future opportunities.

• Continued focus on developing financial intermediary relationships and entering new markets, such as Qatar.

• Board declared a quarterly dividend of CAD 0.108 per share, payable April 2026.