Fiera Capital Corporation (FSZ) Earnings Call Transcripts

Fiera Capital Corporation's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Fiera Capital Corporation reported total revenues of $153 million, a decline of 6% year-over-year, primarily due to lower base management fees and performance fees. Adjusted net earnings were $23.5 million, translating to $0.21 per diluted share, which was a slight decrease from the previous quarter. Management emphasized a focus on expense discipline, achieving a year-over-year adjusted EBITDA margin growth of 130 basis points to 27.9%. The company also indicated a strategic shift towards private markets, with plans to deploy capital into new opportunities, which may enhance future revenue streams.

Reported metrics

Guidance from management

Management expects to continue deploying capital into private markets, with fees from investments in the Canadian built opportunities fund anticipated to contribute to earnings in the second quarter and gradually increase thereafter.

What management said

I think there's really two things impacting it. It's the mix on the equity versus fixed income side. So obviously, we've seen some pressure from the sub-advised mandates. But then if you look at this quarter in particular as well, we had net inflows on the fixed income side, but we had net outflows on the equity side. Again, that's causing the mix change in terms of the overall fee rate for public markets. And the ma...

No. We'll have the same setup that we have now, which is one publicly listed hybrid and one private placement hybrid. And so this one that we just refinanced is a private placement replacement of the original private placement. The composition on the cap structure remains the same. It's $100 million on the private placement and it's, call it, mid-70s on the public one.

What analysts pressed on

Analysts expressed concerns regarding the decline in AUM and the impact of client transfers to PineStone. There were also questions about the sustainability of fee rates in public markets given the recent outflows and market volatility.

Main topics on the call

• Revenue Decline — Total revenues were reported at $153 million, down 6% year-over-year. Management noted that this decline was primarily due to lower base management fees from sub-advised mandates and lower performance fees, stating, "per...
• Adjusted EBITDA Growth — Adjusted EBITDA for the quarter was $42.7 million, down slightly from $43.4 million year-over-year, but the adjusted EBITDA margin improved to 27.9%, up 130 basis points. Management highlighted that "this margin expansio...
• Assets Under Management (AUM) — Total AUM ended at $160.2 billion, down 2.4% from the prior quarter, impacted by equity market volatility and net outflows of $1.3 billion. Management noted, "excluding the previously announced wind-down of select strate...
• Private Markets Strategy — Private markets AUM increased approximately 1% during the quarter, with $140 million raised in new mandates. Management emphasized, "we continue to view private markets as a key driver of long-term value creation," indic...

Read the full Fiera Capital Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 30 Fiera Capital Corporation earnings call transcripts on record, spanning March 19, 2020 to August 7, 2026. Based on this history, Fiera Capital Corporation reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

FSZ

Exchange

TSX

Country

CA

Sector

Financials

Industry

Capital Markets

Calls on record

30

First call

March 19, 2020

Most recent

August 7, 2026

Reporting cadence

quarterly