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Fiera Capital
Fiera Capital (FSZ) investor relations material
Fiera Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
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.
Canadian Built Fund: scaling potential?
Active equity demand despite market concentration?
Infrastructure leadership: addressing redemptions?
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Next Fiera Capital earnings date
Q4 202526 Feb, 2026
Fiera Capital
Next Fiera Capital earnings date
Q4 202526 Feb, 2026
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Fiera Capital Corporation is an independent asset management firm providing investment solutions across public and private markets, including equities, fixed income, and alternative investments. The company is headquartered in Montreal, Canada, and its shares are listed on the TSX.
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