Canada · Delayed Price · Currency is CAD Fiera Capital Earnings Call Transcripts
Fiscal Year 2026
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The discussion highlighted a focus on performance, client-centric solutions, and operational efficiency, with Private Markets as a key growth driver. Strategic differentiation, technology investment, and international expansion are central to future success, alongside efforts to ensure positive net flows and attract top talent.
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Q2 AUM rose 2.1% QoQ on market gains despite elevated outflows, while revenue fell 5% YoY and adjusted EBITDA margin held at 27.1%. Private Markets expanded deployment and pipeline, but identified transfers and redemptions remain near-term flow risks.
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First quarter results showed resilience with margin expansion, Private Markets AUM growth, and disciplined expense management despite lower revenues and AUM declines from equity volatility. Strategic acquisitions and capital actions support long-term growth and deleveraging.
Fiscal Year 2025
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AUM excluding sub-advised strategies grew 5.7% in 2025, with strong net inflows and robust private market performance. Adjusted net earnings and EBITDA margins improved, while a revised capital allocation strategy focuses on deleveraging and growth.
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AUM grew 4% to CAD 166.9B, led by strong private market inflows and a major new infrastructure mandate. Revenues rose 3% sequentially, with adjusted EBITDA margin above 30% and leverage declining. Performance fees are expected to be lower in Q4 amid mixed fund results.
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AUM held steady at CAD 160.5B in Q2 2025, with strong new mandates and private market growth offset by outflows and FX headwinds. Adjusted EBITDA margin rose to 28%, and adjusted net earnings increased year-over-year, despite restructuring charges.
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Q1 2025 saw resilient base management fees and strong private markets growth, despite a 3% revenue decline and AUM drop due to Pinestone outflows. Dividend was reduced to enhance flexibility, and a leadership transition was announced, with continued focus on deleveraging and growth.
Fiscal Year 2024
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AUM grew to CAD 167.1 billion in 2024, with strong Private Markets performance and resilient base management fees, despite significant PineStone-related outflows and a sharp decline in performance fees. Management expects improved net inflows and continued demand for private credit and real assets in 2025.
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Q3 2024 saw 4% AUM growth to CAD 165.5B, strong revenue and margin expansion, and robust performance in both public and private markets. Private markets and agriculture strategies drove outsized revenue growth, while cost discipline lifted adjusted EBITDA margin to 30.1%.
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Q2 2024 saw AUM decline 3.8% to CAD 158.9B due to anticipated outflows, but private markets grew and revenue rose 3% year-over-year. Management expects PineStone outflows to slow, with a strong sales pipeline and positive net organic growth anticipated for H2 2024.