Canada · Delayed Price · Currency is CAD Fiera Capital Earnings Call Transcripts
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 growth offsetting Public Markets outflows, mainly from PineStone. Revenue and earnings declined due to lower performance fees, but base management fees and Private Wealth AUM increased. Outlook is positive for private credit and real assets.
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Q3 2024 saw 4% AUM growth to CAD 165.5B, 8% revenue growth, and a 30.1% adjusted EBITDA margin. Private and public markets both contributed to strong results, with a robust pipeline and increased dividend, while performance fees and flows remain sensitive to market volatility.
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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.