Fiera Capital Reports Second Quarter 2025 Results

Aug 08 2025 12:30 BST

MONTREAL , Aug. 8, 2025 /CNW/ - Fiera Capital Corporation (TSX: FSZ) ("Fiera Capital" or the "Company"), a leading independent asset management firm, today announced its financial results for the second quarter ended June 30, 2025. Financial references are in Canadian dollars unless otherwise indicated.

(in $ thousands except where otherwise indicated)	Q2	Q1	Q2	YTD	YTD
(in $ thousands except where otherwise indicated)	2025	2025	2024	2025	2024
End of period AUM (in $ billions)	160.5	161.6	158.9	160.5	158.9
Average AUM (in $ billions)	159.0	164.4	159.1	161.7	162.0

IFRS Financial Measures
Total revenues	162,974	162,871	164,786	325,845	332,901
Base management fees	147,867	154,542	149,343	302,409	300,880
Performance fees	2,491	183	2,544	2,674	5,329
Commitment and transaction fees	5,246	2,440	4,287	7,686	5,602
Share of earnings in joint ventures and associates	2,035	2,595	2,689	4,630	8,976
Other revenues	5,335	3,111	5,923	8,446	12,114
Net earnings (loss) ¹	3,757	21,789	4,895	25,546	12,540

Non-IFRS Financial Measures
Adjusted EBITDA ²	45,692	43,403	45,284	89,095	90,679
Adjusted EBITDA margin ²	28.0 %	26.6 %	27.5 %	27.3 %	27.2 %
Adjusted net earnings ^1,2	27,198	25,426	24,872	52,624	50,961
LTM Free Cash Flow ²	75,336	86,674	121,148	75,336	121,148

Note: Certain totals, subtotals and percentages may not reconcile due to rounding
1	Attributable to the Company's shareholders
2	Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Free Cash Flow are non-IFRS measures. Refer to the "Non-IFRS Measures" section of this press release

"We are pleased with the momentum in our business during the second quarter. Our Public Markets platform secured $1.4 billion of new mandates, marking our strongest gross flows in nine quarters. Assets under management in our Private Markets platform grew year-over-year to reach nearly $21 billion" said Maxime Ménard, Global President and Chief Executive Officer. "These results underscore the trust our clients continue to place in us, the depth of our investment capabilities and the momentum that has been built through our regionalized distribution model. We remain focused on executing on our strategic priorities, including delivering consistent investment performance and providing a connected client experience, to drive sustained, long-term organic growth."

"Year-to-date base management fees increased from the same period last year, reflecting stable average AUM and a resilient fee rate which was driven by growing contribution from our Private Markets platform. SG&A expenses were down 3% year-over-year as we delivered on our commitment to streamline the organization and improve operating efficiency" said Lucas Pontillo, Executive Director, Global Chief Financial Officer and Head of Corporate Strategy. "During the quarter, we repurchased 1.1 million shares, reinforcing our commitment to return capital to shareholders. The Board of Directors has approved a dividend of 10.8 cents per share, payable on September 18, 2025."

Assets Under Management (in $ millions, unless otherwise indicated)

By Platform	March 31, 2025	New	Lost	Net Contributions	Net Organic Growth¹	Market and Other²	Strategic³	June 30, 2025
Public Markets, excluding sub-advised AUM	104,057	1,441	(140)	(1,757)	(456)	1,306	(1,110)	103,797
Public Markets sub-advised AUM	36,388	7	(406)	(658)	(1,057)	493	—	35,824
Public Markets - Total	140,445	1,448	(546)	(2,415)	(1,513)	1,799	(1,110)	139,621
Private Markets	21,149	209	(46)	(349)	(186)	(110)	—	20,853
Total	161,594	1,657	(592)	(2,764)	(1,699)	1,689	(1,110)	160,474

By Distribution Channel	March 31, 2025	New	Lost	Net Contributions	Net Organic Growth¹	Market and Other²	Strategic³	June 30, 2025
Institutional	91,843	1,149	(78)	(1,229)	(158)	732	(309)	92,108
Financial Intermediaries	55,544	431	(391)	(890)	(850)	739	(801)	54,632
Private Wealth	14,207	77	(123)	(645)	(691)	218	—	13,734
Total	161,594	1,657	(592)	(2,764)	(1,699)	1,689	(1,110)	160,474

By Platform	December 31, 2024	New	Lost	Net Contributions	Net Organic Growth¹	Market and Other²	Strategic³	June 30, 2025
Public Markets, excluding sub-advised AUM	103,350	2,202	(398)	(2,060)	(256)	1,813	(1,110)	103,797
Public Markets sub-advised AUM	44,045	7	(6,156)	(1,877)	(8,026)	(195)	—	35,824
Public Markets - Total	147,395	2,209	(6,554)	(3,937)	(8,282)	1,618	(1,110)	139,621
Private Markets	19,716	687	(92)	(655)	(60)	250	947	20,853
Total	167,111	2,896	(6,646)	(4,592)	(8,342)	1,868	(163)	160,474

By Distribution Channel	December 31, 2024	New	Lost	Net Contributions	Net Organic Growth¹	Market and Other²	Strategic³	June 30, 2025
Institutional	90,085	2,192	(246)	(1,996)	(50)	1,435	638	92,108
Financial Intermediaries	62,418	451	(6,135)	(1,486)	(7,170)	185	(801)	54,632
Private Wealth	14,608	253	(265)	(1,110)	(1,122)	248	—	13,734
Total	167,111	2,896	(6,646)	(4,592)	(8,342)	1,868	(163)	160,474

1	Net Organic Growth represents the sum of new mandates, lost mandates and net contributions
2	Market and Other includes the impact of market changes, income distributions and foreign exchange
3	Relates to the wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies in the current quarter, as previously announced, and the acquisition of a controlling interest in a real estate investment platform in the first quarter of 2025

AUM decreased by $1.1 billion or 0.7% compared to March 31, 2025 reflecting negative net organic growth of $1.7 billion and the previously announced wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies in the current quarter, which reduced AUM by $1.1 billion. This was partly offset by a positive market impact of $1.8 billion. The increase in the market value of AUM, specifically equity mandates, was partly offset by a negative foreign exchange impact during the quarter.
- Excluding sub-advised AUM, Public Markets net organic growth was a net outflow of $0.5 billion. Negative net contributions of $1.8 billion, due to rebalancing mainly from fixed income strategies, were largely offset by new mandates of $1.4 billion, primarily from equity strategies.
- Negative net organic growth included $1.1 billion of outflows connected to sub-advised AUM, including lost mandates of $0.4 billion and negative net contributions of $0.7 billion, related primarily to ongoing client relationships where clients simply rebalanced their overall investments.
AUM decreased by $6.6 billion or 3.9% compared to December 31, 2024 reflecting negative net organic growth of $8.3 billion, primarily from sub-advised AUM, partly offset by a favourable market impact of $2.0 billion.
- Negative net organic growth connected to sub-advised AUM decreased $8.0 billion, largely from approximately $5.7 billion of lost mandates from Canoe Financial LP in January 2025.
- Excluding sub-advised AUM, there was negative net organic growth of $0.3 billion, as negative net contributions were largely offset by new mandates.

Second Quarter Financial Highlights

Revenue was relatively flat compared to Q1 2025, reflecting an increase in commitment and transaction fees, performance fees, and other revenues, offset by lower base management fees in Public Markets. Revenue decreased by $1.8 million or 1.1% compared to Q2 2024, primarily due to lower base management fees in Public Markets, partly offset by higher base management fees in Private Markets.
Adjusted EBITDA increased by $2.3 million or 5.3% compared to Q1 2025, primarily due to lower-sub-advisory fees. Adjusted EBITDA increased by $0.4 million or 0.9% compared to Q2 2024, primarily due to lower selling, general and administrative ("SG&A") expenses, excluding share-based compensation.
Adjusted net earnings increased by $1.8 million or 7.1% compared to Q1 2025, primarily due to lower SG&A expenses and balance sheet foreign exchange revaluation gains from the weaker US dollar, partly offset by higher interest on debentures. Adjusted net earnings increased by $2.3 million or 9.2% compared to Q2 2024, primarily due to balance sheet foreign exchange revaluation gains and lower SG&A expenses.
Net earnings attributable to the Company's shareholders decreased by $18.0 million or 82.6% compared to Q1 2025. The decrease was primarily due to a $12.7 million gain on revaluation of an investment in the prior quarter related to the acquisition of a controlling interest in a real estate investment platform, and higher restructuring costs related to severance in the current quarter, as a result of management and organizational changes. Net earnings attributable to the Company's shareholders decreased by $1.1 million compared to Q2 2024, primarily due to higher restructuring costs partly offset by balance sheet foreign exchange revaluation gains in the current quarter.
LTM free cash flow decreased by $11.4 million or 13.1% compared to Q1 2025, primarily due to higher severance costs paid in the current quarter and the timing of accounts receivable collections. LTM free cash flow decreased by $45.8 million or 37.8% compared to Q2 2024, primarily due to higher performance fees and distributions from joint ventures and associates in the prior period.

Year-to-Date Financial Highlights

Revenue decreased by $7.1 million or 2.1% compared to the corresponding period of 2024, primarily due to lower base management fees in Public Markets, share of earnings in joint ventures and associates, and other revenues, partly offset by higher base management fees in Private Markets.
Adjusted EBITDA decreased by $1.6 million or 1.8% compared to the corresponding period of 2024, primarily due to lower share of earnings in joint ventures and associates, lower other revenues, and higher technical services costs, partly offset by lower sub-advisory fees.
Adjusted net earnings increased by $1.6 million or 3.1% compared to the corresponding period of 2024, primarily due to lower SG&A and balance sheet foreign exchange revaluation gains from the weaker US dollar in the current year, partly offset by lower revenues.
Net earnings attributable to the Company's shareholders increased by $13.0 million compared to the corresponding period of 2024, primarily due to a $12.7 million gain on revaluation of an investment related to the acquisition of a controlling interest in a real estate investment platform.

Subsequent Events

Dividend Declared

On August 7, 2025, the Board declared a quarterly dividend of $0.108 per Class A subordinate voting share ("Class A Share") and Class B special voting share ("Class B Share"), payable on September 18, 2025 to shareholders of record at the close of business on August 20, 2025. The dividend is an eligible dividend for income tax purposes.

Normal Course Issuer Bid ("NCIB")

The Company announces that the Toronto Stock Exchange (the "TSX") approved the renewal of the Company's NCIB to purchase for cancellation up to a maximum of 4,000,000 Class A Shares over the twelve-month period commencing on August 16, 2025 and ending no later than August 15, 2026, and representing approximately 4.6% of its 87,210,436 issued and outstanding Class A Shares as at August 4, 2025 (the "Renewed NCIB").

Under the NCIB that will expire August 15, 2025, and pursuant to which the Company was authorized to purchase up to 4,000,000 Class A Shares, Fiera Capital purchased and cancelled 1,862,016 shares at a weighted average purchase price per security of $6.38 for total consideration of $11.9 million. This included 536,048 Class A Shares purchased and cancelled subsequent to quarter end, at a weighted average purchase price per security of $6.66 for total consideration of $3.6 million. Purchases were effected through the facilities of the TSX and through Canadian alternative trading systems.

Purchases under the Renewed NCIB will be made on the open market through the facilities of the TSX and through Canadian alternative trading systems, as well as outside the facilities of the TSX pursuant to exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities. The price that the Company will pay for the Class A Shares purchased under the Renewed NCIB will be the market price of such shares at the time of the acquisition as per the requirements of the market where the trade is made and applicable securities laws, except for purchases effected outside the facilities of the TSX pursuant to exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities, which will be at a discount to the prevailing market price.

The board of directors of the Company believes that the repurchase of Class A Shares, which the Company may carry out from time to time during the Renewed NCIB, represents a responsible investment and that the Renewed NCIB provides the Company with the flexibility to purchase Class A Shares as it considers advisable. Security holders may obtain a copy of the "Notice of Intention to Make a Normal Course Issuer Bid" filed with the TSX, without charge, by written request addressed to: Corporate Secretary, Fiera Capital Corporation, 1981 McGill College Avenue, Suite 1500, Montréal, Québec, H3A 0H5.

The average daily trading volume (the "ADTV") of the Class A Shares over the last six complete calendar months was 372,087 Class A Shares. Accordingly, under TSX rules and policies, Fiera Capital is entitled on any trading day to purchase on the TSX up to 93,021 Class A Shares. Fiera Capital may also purchase, once a week and in excess of the foregoing daily repurchase limit of 25% of the ADTV, blocks of Class A Shares that are not owned by any insiders, in accordance with the TSX rules and policies.

Additional details relating to the Company's operating results can be found in the Company's Management's Discussion and Analysis for the three and six-month periods ended June 30, 2025 available on our Investor Relations web page under Financial Documents- Quarterly Results - Management's Discussion and Analysis.

Conference Call

Live

Fiera Capital will hold a conference call at 10:00 a.m. (ET) on Friday, August 8, 2025, to discuss its financial results. The dial-in number to access the conference call from Canada and the United States is 1-800-990-4777 (toll-free) and 1-289-819-1299 from outside North America.

The conference call will also be accessible via webcast on the Investor Relations section of Fiera Capital's website under Events and Presentations.

Replay

An audio replay of the call will be available until August 15, 2025 by dialing 1-888-660-6345 (North American toll free), access code 49008 followed by the number sign (#).

The webcast will remain available for three months following the call and can be accessed on the Investor Relations section of Fiera Capital's website under Events and Presentations.

Non-IFRS Measures

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA per share, Adjusted net earnings and Adjusted net earnings per share (basic and diluted), and Last Twelve Months ("LTM") Free Cash Flow are not standardized measures prescribed by International Financial Reporting Standards ("IFRS"), and are therefore unlikely to be comparable to similar measures presented by other companies. We have included non-IFRS measures to provide investors with supplemental measures of our operating and financial performance. We believe non-IFRS measures are important supplemental metrics of operating and financial performance because they highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. Securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers, many of which present non-IFRS measures when reporting their results. Management also uses non-IFRS measures in order to facilitate operating and financial performance comparisons from period to period, to prepare annual budgets and to assess its ability to meet future debt service, capital expenditure and working capital requirements.

For a description of the Company's non-IFRS Measures, please refer to page 51 of the Company's Management's Discussion and Analysis for the three months ended June 30, 2025 which is available on SEDAR+ at www.sedarplus.ca. For a reconciliation of the Company's non-IFRS Measures, refer to the below tables:

Reconciliation to EBITDA and Adjusted EBITDA (in $ thousands except per share data)

	FOR THE THREE MONTHS ENDED			FOR THE SIX-MONTH PERIODS ENDED
	June 30, 2025	March 31, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Net earnings	5,960	23,902	6,578	29,862	16,344
Income tax expense	1,799	3,679	2,531	5,478	3,531
Amortization and depreciation	12,215	12,270	12,603	24,485	25,445
Interest on long-term debt and debentures	12,057	11,389	12,431	23,446	24,134
Interest on lease liabilities, foreign currency revaluation and other financial charges	(740)	433	2,087	(307)	5,009
EBITDA	31,291	51,673	36,230	82,964	74,463
Restructuring, acquisition related and other costs	10,112	2,818	5,140	12,930	9,633
Accretion and change in fair value of purchase price obligations and other	(7)	(932)	(680)	(939)	(1,799)
Share-based compensation	5,022	2,599	4,813	7,621	8,586
Gain on investments, net	(190)	(542)	(222)	(732)	(209)
Revaluation of assets held for sale	—	(12,730)	—	(12,730)	—
Other expenses (income)	(536)	517	3	(19)	5
Adjusted EBITDA	45,692	43,403	45,284	89,095	90,679
Adjusted EBITDA Margin	28.0 %	26.6 %	27.5 %	27.3 %	27.2 %
Per share basic	0.42	0.40	0.42	0.82	0.85
Per share diluted	0.41	0.31	0.42	0.68	0.83
Weighted average shares outstanding - basic (thousands)	108,068	108,003	106,584	108,032	106,515
Weighted average shares outstanding - diluted (thousands)	111,709	140,459	109,023	130,091	108,957

Reconciliation to Adjusted Net Earnings (in $ thousands except per share data)

	FOR THE THREE MONTHS ENDED			FOR THE SIX-MONTH PERIODS ENDED
	June 30, 2025	March 31, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Net earnings attributable to the Company's shareholders	3,757	21,789	4,895	25,546	12,540
Amortization and depreciation	12,215	12,270	12,603	24,485	25,445
Restructuring, acquisition related and other costs	10,112	2,818	5,140	12,930	9,633
Accretion and change in fair value of purchase price obligations and other, and effective interest on debentures	320	(703)	(412)	(383)	(1,325)
Share-based compensation	5,022	2,599	4,813	7,621	8,586
Revaluation of an investment related to an acquisition	—	(12,730)	—	(12,730)	—
Other expenses (income)	(536)	517	3	(19)	5
Tax effect of above-mentioned items	(3,692)	(1,134)	(2,170)	(4,826)	(3,923)
Adjusted net earnings	27,198	25,426	24,872	52,624	50,961
Per share – basic
Net earnings (loss) ¹	0.03	0.20	0.05	0.24	0.12
Adjusted net earnings ¹	0.25	0.24	0.23	0.49	0.48
Per share – diluted
Net earnings (loss) ¹	0.03	0.17	0.04	0.22	0.12
Adjusted net earnings ¹	0.24	0.20	0.23	0.42	0.47
Weighted average shares outstanding - basic (thousands)	108,068	108,003	106,584	108,032	106,515
Weighted average shares outstanding - diluted (thousands)	111,709	140,459	109,023	130,091	108,957

1	Attributable to the Company's shareholders

Free Cash Flow Reconciliation (in $ thousands)

	FOR THE THREE MONTHS ENDED
	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
	2025	2025	2024	2024	2024	2024	2023	2023
Cash flow from operations before the impact of working capital	33,647	37,658	47,487	48,589	37,218	34,641	70,265	46,180
Changes in non-cash operating working capital items	8,287	(55,639)	4,464	6,187	15,807	(60,389)	(12,666)	33,528
Net cash generated by (used in) operating activities	41,934	(17,981)	51,951	54,776	53,025	(25,748)	57,599	79,708
Settlement of purchase price obligations	—	—	(937)	—	(1,500)	—	—	—
Proceeds on promissory note	1,406	1,509	1,538	1,502	1,521	1,501	1,500	1,510
Distributions received from joint ventures and associates, net of investments	4,061	531	(321)	925	8,137	3,326	1,723	1,617
Dividends and other distributions to Non-Controlling Interest	(1,191)	(9,110)	—	—	(6,215)	—	(3,167)	—
Lease payments	(3,851)	(3,913)	(3,862)	(4,727)	(3,038)	(4,718)	(4,690)	(3,837)
Interest paid on long-term debt and debentures	(14,213)	(11,814)	(10,519)	(11,244)	(12,775)	(13,995)	(6,299)	(12,174)
Other restructuring costs	2,329	1,873	3,333	1,015	2,685	1,569	2,075	1,226
Acquisition related and other costs	27	129	180	—	—	32	420	130
Free Cash Flow	30,502	(38,776)	41,363	42,247	41,840	(38,033)	49,161	68,180
LTM Free Cash Flow	75,336	86,674	87,417	95,215	121,148	71,847	89,212	98,056

Forward-Looking Statements

This document contains forward-looking statements relating to future events or, future performance reflecting management's expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital's growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. Forward-looking statements may include comments on Fiera Capital's objectives, strategies to achieve these objectives, expected financial results or dividends, and the outlook for the Company's businesses, as well as for the Canadian, American, European, Asian and other global economies. Such forward-looking statements reflect management's current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as "assumption, "continue", "estimate", "forecast", "goal", "guidance", "likely", "plan", "objective", "outlook", "potential", "foresee", , "project", "strategy", "target", and other similar words or expressions or future or conditional verbs (including in their negative form), such as "aim", "anticipate", "believe", "could", "expect", "foresee", "intend", "may", "plan", "predict", "seek", "should", "strive" and "would".

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management's expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, the Company does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's objectives, strategies, expectations, plans and business outlook as well as the anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.

A number of important risk factors and uncertainties, many of which are beyond Fiera Capital's control, could cause actual events, performance or results to differ materially from the predictions, forecasts, projections, expectations, conclusions or statements expressed in such forward-looking statements which include, without limitation: risks related to investment performance, investment of the assets under management ("AUM"), including, without limitation, risks related to external market and economic conditions and other events beyond Fiera Capital's control such as the imposition of economic measures such as tariffs and other trade restrictions, AUM concentration related to strategies sub-advised by PineStone, key employees, asset management industry and competitive pressure, reputational risk, regulatory compliance, information security policies, procedures and capabilities, litigation risk, employee misconduct or error, insurance coverage, third-party relationships, client commitment, indebtedness, market risk, credit risk, inflation, interest rates and recession risks, ownership structure and potential dilution and other risks and uncertainties described in the Company's Annual Information Form for the year ended December 31, 2024 under the heading "Risk Factors and Uncertainties" or discussed in other materials filed by the Company with applicable securities regulatory authorities from time to time which are available on SEDAR+ at www.sedarplus.ca

Readers are cautioned that the preceding list of risk factors and uncertainties is not exhaustive and that other risks and uncertainties could affect the Company. Additional risks and uncertainties, including those not currently known to Fiera Capital or currently deemed immaterial, could also have a material adverse effect on the Company's business, financial condition, liquidity, operations or financial results. When relying on forward-looking statements in this document or in any other disclosure made by Fiera Capital, investors and others should carefully consider the risks and uncertainties listed above, along with other potential events that could affect the Company's financial condition, operations, performance or results.

Unless otherwise indicated, forward-looking statements in this press release describe management's expectations as at the date hereof and, accordingly, are subject to change after that date. Fiera Capital does not undertake to update or revise any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf in order to reflect new information, future events or circumstances or otherwise, except as required by applicable law.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

Each affiliated entity (each an "Affiliate") of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital's Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

Additional information about Fiera Capital, including the Company's Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

SOURCE Fiera Capital Corporation

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Fiera Capital Reports Second Quarter 2025 Results