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% year-over-year to CAD 22 billion, supported by organic growth, strong demand for real assets, and a real estate platform acquisition.

• Public Markets AUM (excluding sub-advised) reached CAD 108 billion, up 4.7% for the year, with over CAD 3 billion in new mandates, but overall Public Markets AUM declined due to sub-advised outflows and FX impacts.

• 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 net earnings for Q4 were CAD 30 million, up from CAD 23 million in Q4 2024; full-year adjusted net earnings rose 5% to CAD 108 million.

Financial highlights

• Q4 2025 total revenues were CAD 180 million, up 2.1% year-over-year, with adjusted EBITDA of CAD 55 million (margin 30.4%), and full-year adjusted EBITDA of CAD 194 million.

• Adjusted diluted EPS for Q4 was CAD 0.24; full-year adjusted EPS was CAD 0.87, down from CAD 0.94 due to share dilution.

• SG&A expenses (excluding share-based comp) for the year were CAD 479 million, down 3–7% year-over-year due to cost containment.

• Free cash flow for the trailing 12 months was CAD 79 million, down from prior periods, mainly due to higher dividends to non-controlling interests.

• Net earnings attributable to shareholders rose to CAD 7.7 million in Q4 2025, up from a loss in Q4 2024.

Outlook and guidance

• Management expects continued growth in real assets (real estate, infrastructure, natural capital) within Private Markets, with momentum carrying into 2026.

• Strategic focus on deleveraging, targeting a net debt ratio of 2.5x by end of 2028, with half of excess free cash flow allocated to debt reduction.

• Five strategic initiatives for the next three years: distribution focus, investment performance, private markets growth, operational efficiency, and financial capacity for reinvestment.

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

• Board declared a quarterly dividend of CAD 0.108 per share, payable April 9, 2026.