Fiera Capital (FSZ) investor relations material

Executive summary

• Demonstrated resilience amid heightened market volatility, with Private Markets AUM growth and disciplined expense management supporting margin expansion year-over-year.

• Total AUM ended at $160.2 billion, down 2.4% from the prior quarter, reflecting equity market volatility, strategic wind-downs, and net outflows.

• Private Markets platform remained a key driver of long-term value, with continued investment, strategic acquisitions, and strong momentum in Canadian core real estate.

• Adjusted EBITDA was $42.7 million, down slightly year-over-year, but margin improved to 27.9%, up 130 bps.

• Share repurchases totaled approximately 558,000 shares for $3.2 million, and a quarterly dividend of $0.108 per share was declared, payable June 18, 2026.

Financial highlights

• Total revenues were $153.3 million, down 6% year-over-year, mainly due to lower Public Markets base management fees and lower performance/transaction fees.

• Adjusted net earnings for the quarter were $23.5 million, down from $25.4 million year-over-year.

• Free cash flow for the last 12 months was $95.6 million, up both sequentially and year-over-year.

• Net debt ended the quarter at $700 million, with a net debt ratio of 3.6x.

• SG&A expenses (excluding share-based comp) declined 7% year-over-year, driven by lower compensation and sub-advisory fees.

Outlook and guidance

• Pipeline of undeployed, committed capital in Private Markets remains strong at $2.0 billion.

• Fees from Canadian Built Opportunities Fund expected to contribute to earnings starting in Q2 and increase as capital is deployed.

• Focus remains on deleveraging in the second half of 2026, cost containment, and driving growth in Private Markets.

• Management remains focused on executing strategic priorities and supporting clients through market uncertainty.