Fiera Capital (FSZ) Q2 2026 earnings summary

Executive summary

• AUM reached $163.5 billion, up 2.1% quarter-over-quarter and 1.9% year-over-year, driven by strong market appreciation despite significant net outflows, especially from sub-advised mandates and client rebalancing.

• Private Markets platform grew, with AUM up 0.5% in the quarter and 1.4% year-to-date, supported by net inflows, market appreciation, and new mandates in Real Estate and Private Credit.

• Investment performance improved across flagship equity and fixed income strategies, with most large cap equity strategies outperforming benchmarks.

• Strategic alignment of Private Markets under the Global Investment Office aims to enhance oversight and multi-asset opportunities.

• Dividend of $0.108 per share declared, payable September 17, 2026.

Financial highlights

• Total revenues for Q2 were $155.1 million, up 1.2% sequentially but down 4.8% year-over-year, mainly due to lower base management fees in Public Markets.

• Adjusted EBITDA was $42.0 million, down 1.6% from Q1 2026 and 8.1% from Q2 2025, with a margin of 27.1%.

• Adjusted net earnings were $23.9 million, up 1.7% from Q1 2026 but down 12.1% from Q2 2025; diluted EPS was $0.21.

• LTM free cash flow was $92.9 million, down 2.8% sequentially but up 23.4% year-over-year.

• SG&A expenses (excluding share-based compensation) were $113.1 million, up 2.2% sequentially but down 3.6% year-over-year.

Outlook and guidance

• Expectation of further $1.5 billion sub-advised AUM transfer in the second half of the year, with overall direct transfers in 2026 projected to be lower than the prior year.

• Strong pipeline in Private Markets with $1.9 billion of committed, undeployed capital.

• Net debt anticipated to decline in the second half as cash collections improve.

• Continued focus on organic growth through financial intermediary channels and innovation in Private Markets solutions.

• Strategic initiatives include strengthening balance sheet and enhancing investment performance.