Slides
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May 9, 2025 Q1 2025 Results
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2 Forward-Looking Statements This presentation contains forward-looking statements relating to future events or, future performance and reflecting management’s expectations or beliefs regarding future events including, without limitation, business and economic conditions, outlook and trends, Fiera Capital Corporation’s (the “Company” or “Fiera Capital”) 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 those 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 or 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 makes 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 and 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 Asset Management Inc. (“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 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 presentation, 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 presentation describe management’s expectations as at May 9, 2025 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. Non-IFRS Financial Measures This presentation contains non-IFRS financial measures. Non-IFRS measures are not recognized measures under International Financial Reporting Standards (“IFRS”), do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. 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 one relies 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 our ability to meet our future debt service, capital expenditure and working capital requirements. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and the associated reconciliations on pages 49-52 of Fiera Capital’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/. In relation to indicated returns of our public and private strategies, the indicated rates of return are drawn from Fiera Capital’s Management’s Discussion and Analysis for the three months ended March 31, 2025. As such, the aforementioned results remain subject to any disclaimers and limitations in that document. Further, our strategies are not guaranteed, their values change frequently and past performance may not be repeated.
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Conference Call Participants 3 Jean-Guy Desjardins Chair of the Board and Global Chief Executive Officer Lucas Pontillo Executive Director and Global Chief Financial Officer
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Topics for Discussion 4 Q1 2025 Highlights Commercial Performance Investment Performance Private Markets Public Markets Financial Performance
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Total Revenues of $162.9M, down 3% from Q1 2024 Adjusted EBITDA2 of $43.4M, down 4% from Q1 2024 Adjusted EBITDA margin2 of 26.6% vs. 27.0% in Q1 2024 Q1 2025 Highlights 5 1 Excludes AUM in segregated accounts managed on behalf of private wealth clients, discretionary accounts, Asia -based accounts and accounts for which total and relative return are not the primary measure of performance 2 Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Adjusted net earnings per share “Adjusted EPS” as well as LTM Free Cash Flow, Net debt and Net debt ratio are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliations on pages 49-52 of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 3 Attributable to the Company’s shareholders AUM – $161.6B March 31, 2025 AUM in Q1 2025 decreased $5.5B quarter-over-quarter Private Markets AUM of $21.1B $1.4B, including $0.9B from acquisition of a controlling interest in a UK real estate investment platform and net organic growth of $120M Public Markets AUM of $140.4B $7.0B related to $5.7B of previously announced outflows and negative contributions of $1.2B of portfolio rebalancings of ongoing relationships, all related to PineStone sub-advised AUM Distribution Performance Gross new mandates of $1.5B across both platforms Private Markets new mandates of ~$500M and net organic growth of ~$260M before return of capital of ~$140M Public Markets new mandates of $1.0B Excluding AUM sub-advised by PineStone, positive net organic growth of $421M Investment Platform Public Markets: On a trailing 5-year basis1, 83% of fixed income AUM outperformed benchmarks With the exception of Canadian Large Cap Equity, outperformance for equities remains challenged Private Markets: All key strategies produced positive absolute returns in Q1, with particular strength in Private Credit Continued solid investment performance with key strategies generating one-year absolute returns of 5%-12% Financial Performance Capital Structure Net debt2 of $703M, up $52M in the quarter due to higher cash used in operating activities, dividends paid to NCI and purchase of additional interest in a real estate investment platform Net debt ratio2 of 3.63x, up from 3.33x in Q4 2024 and 3.09x in Q1 2024 LTM Free Cash Flow2 of $87M, flat from Q4 2024 Quarterly dividend of $0.108, providing financial flexibility to invest in accretive opportunities and reduce leverage Adjusted Net Earnings2,3 of $25.4M compared with $26.1M in Q1 2024 Diluted Adjusted EPS2,3 of $0.20 Net Earnings3 of $21.8M and diluted EPS3 of $0.17
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147.4 160.6 140.4 19.7 21.1 167.1 1.5 (0.3) (0.6) (7.0) (0.0) 0.9 161.6 31-Dec-24 New Lost Net Contributions PineStone Net Flows¹ Market and Other² Strategic³ 31-Mar-25 AUM Overview – Q1 2025 6 QoQ ($B) YoY ($B) Subtotals and totals may not reconcile due to rounding 1 Represents new mandates, lost mandates and net contributions from AUM sub-advised by PineStone 2 Market and Other includes the impact of market changes, income distributions and foreign exchange (“FX”) 3 Acquisition of a controlling interest in a real estate investment platform AUM down $5.5B or 3.3% Driven by outflows from AUM sub-advised by PineStone of $7.0B, of which $5.7B were previously announced and transferred directly to PineStone Partly offset by $0.9B from acquisition of a controlling interest in a real estate investment platform and net organic growth ex. PineStone of ~$550M AUM down $3.6B or 2.2% Driven by outflows from AUM sub-advised by PineStone of $13.7B, of which $10.5B transferred directly to PineStone Partly offset by favourable market impact of $12.1B and new mandates of $4.9B Public Markets Private Markets 146.3 160.6 140.4 18.9 21.1 165.2 4.9 (3.3) (4.5) (13.7) 12.1 0.9 161.6 31-Mar-24 New Lost Net Contributions PineStone Net Flows¹ Market and Other² Strategic³ 31-Mar-25 Public Markets Private Markets
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AUM Flows by Platform – Q1 2025 Subtotals and totals may not reconcile due to rounding 1 Represents new mandates, lost mandates and net contributions from AUM sub-advised by PineStone 2 Market and Other includes the impact of market changes, income distributions and FX 3 Net contributions in Private Markets includes return of capital to clients 4 Acquisition of a controlling interest in a real estate investment platform PineStone1 ($B) Public Markets excluding PineStone1 ($B) Private Markets ($B) Public Markets ($B) 77 147.4 1.0 (0.3) (0.3) (7.0) (0.4) 140.4 31-Dec-24 New Lost Net Contributions PineStone Net Flows¹ Market and Other² 31-Mar-25 103.4 1.0 (0.3) (0.3) 0.3 104.1 31-Dec-24 New Lost Net Contributions Market and Other² 31-Mar-25 44.0 - (5.8) (1.2) (0.7) 36.4 31-Dec-24 New Lost Net Contributions Market and Other² 31-Mar-25 19.7 0.5 (0.0) (0.3) 0.4 0.9 21.1 31-Dec-24 New Lost Net Contributions³ Market and Other² Strategic⁴ 31-Mar-25
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AUM Flows by Geography – Q1 2025 Subtotals and totals may not reconcile due to rounding 1 Market and Other includes the impact of market changes, income distributions and FX 2 Acquisition of a controlling interest in a real estate investment platform EMEA ($B) United States ($B) Asia ($B) Canada ($B) 88 35.5 34.0 1.9 2.0 37.4 0.6 (0.2) (0.6) (1.2) 36.0 31-Dec-24 New Lost Net Contributions Market and Other¹ 31-Mar-25 10.0 14.1 10.1 3.9 5.0 13.9 0.2 (0.0) (0.0) 0.2 0.9 15.1 31-Dec-24 New Lost Net Contributions Market and Other¹ Strategic² 31-Mar-25 3.6 3.2 0.3 0.3 3.9 0.0 (0.0) (0.4) (0.0) 3.5 31-Dec-24 New Lost Net Contributions Market and Other¹ 31-Mar-25 98.2 93.1 13.7 13.9 111.9 0.7 (5.8) (0.8) 1.0 107.0 31-Dec-24 New Lost Net Contributions Market and Other¹ 31-Mar-25 Public Markets Private Markets Public Markets Private Markets Public Markets Private MarketsPublic Markets Private Markets
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40.1 40.7 40.1 42.3 42.3 43.3 44.0 38.9 2.6 3.2 3.3 4.4 4.7 4.8 5.3 5.2 42.7 44.0 43.4 46.7 47.0 48.1 49.3 44.1 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Subtotals and totals may not reconcile due to rounding 1 Market and Other includes the impact of market changes, income distributions and FX 2 Acquisition of additional shares in a real estate investment platform 3 For comparability purposes, certain balances within revenue have been reclassified from performance fees and other revenues to management fees. Refer to the Company’s Management’s Discussion & Analysis for the three months ended March 31, 2025, on pages 26-28 for actual reported balances InstitutionalFinancial Intermediaries Commercial Highlights 9 73.0 90.9 76.0 13.8 15.9 86.8 3.2 (2.2) (3.8) 6.8 0.9 91.8 31-Mar-24 New Lost Net Contributions Market and Other¹ Strategic² 31-Mar-25 Public Markets Private Markets 62.2 53.3 1.8 2.2 64.0 0.7 (11.3) (2.3) 4.4 55.5 31-Mar-24 New Lost Net Contributions Market and Other¹ 31-Mar-25 55.9 50.9 50.2 52.2 49.6 51.8 50.6 52.1 26.9 28.2 28.3 27.6 27.7 29.4 30.1 30.7 82.8 79.2 78.5 79.8 77.3 81.2 80.8 82.9 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 AUM Flows In C$ billions In C$ millions Base Management Fees3 Public Markets Private Markets
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Commercial Highlights – cont’d 10 Private Wealth New mandates of $361M in Public Markets and $36M in Private Markets Base management fees approximately flat quarter-over- quarter and year-over-year reflecting stable AUM Financial Intermediaries Public Markets AUM growth impacted by PineStone outflows, including $5.7B from Canoe in Q1 Base management fees down 5% year-over-year due to lower AUM, partly offset by a higher fee rate from higher Private Markets AUM Institutional Public Markets new mandates of ~$600M, mostly from Canadian and U.S. clients into equity strategies Private Markets net organic growth of $339M Base management fees up 4% year- over-year due to higher AUM, partly offset by a lower fee rate Private Wealth Q1 2025 Highlights 11.1 11.1 3.2 3.1 14.3 1.0 (0.6) (1.3) 0.8 14.2 31-Mar-24 New Lost Net Contributions Market and Other¹ 31-Mar-25 Public Markets Private Markets AUM Flows In C$ billions In C$ millions Base Management Fees 12.2 13.0 13.8 13.7 13.7 14.0 13.8 14.1 13.5 13.2 13.6 13.4 13.6 13.5 13.6 13.4 25.7 26.2 27.4 27.2 27.3 27.6 27.4 27.5 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Subtotals and totals may not reconcile due to rounding 1 Market and Other includes the impact of market changes, income distributions and FX
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127.1 189.0 206.4 233.2 240.0 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 17% CAGR Private Markets – Continuous Growth Trend 11 AUM1 ($B) 1 Includes committed, undeployed capital LTM Total Revenues ($M) Subtotals and totals may not reconcile due to rounding Revenue growth of Private Markets surpassing its AUM growth AUM up $7.5B, or ~55%, since March 2021 4-yr CAGR of 12% Real Estate assets boosted by acquisition of controlling interest in a UK real estate investment platform in Q1; Agriculture and Private Equity assets increased by more than 3x over four years Subscriptions of close to $500M received in Q1 and ~$500M deployed Committed, undeployed capital of $1.5B as at March 31, 2025, up from ~$900M last quarter Private Markets contributed 34% of total revenues in Q1 2025 and represented 13% of AUM 5.4 6.1 6.7 6.7 8.2 4.5 5.5 5.6 5.2 4.72.7 3.6 3.9 3.8 4.4 0.8 1.2 1.9 2.3 2.8 0.3 0.4 0.6 0.9 1.0 13.6 16.9 18.7 18.9 21.1 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 Real Estate Private Credit Infrastructure Agriculture Private Equity 12% CAGR
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1 For a more comprehensive list of the Company’s Private Markets investment strategies and their investment performance, refer to page 16 of the Company’s Management’s Discussion & Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 2 Annualized time weighted returns, presented gross of management and performance fees and expenses, unless otherwise stated 3 Presented gross of management and performance fees and expenses, unless otherwise stated 4 Gross time weighted returns, except where indicated 5 Represents the aggregate performance of assets available to global investors. Return shown gross of management fees, performa nce fees, fund operating expenses and adjusted for FX movements. The NAV and Total Undrawn Commitment include the investment values of the shared assets in the combined EagleCrest strategy (assets shared between EagleCrest Infrastructure Canada LP and EagleCrest Infrastracture SCSp). 6 Strategies with diversified allocation to various private debt LP, including some above mentioned 7 Gross returns recalculated with actual fees and expenses incurred by the funds that the pooled fund invested into 8 Gross IRR shown net of fund operating expenses Investment Performance – Private Markets1 12 Select Private Markets Investment Strategies Return Since Inception2 Gross IRR Since Inception3 Q1 2025 Absolute Return4 1-Year Absolute Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.30% - 1.62% 7.61% Fiera Real Estate Small Cap Industrial Fund L.P. 13.80% - 1.00% 5.56% Infrastructure EagleCrest Infrastructure5 - 8.67% 2.27% 8.56% Private Credit Fiera Real Estate Financing Fund 12.23% - 2.53% 7.94% Fiera Infrastructure Debt Fund II LP - 11.90% 2.67% 12.28% Clearwater Capital Partners Direct Lending Opportunities Fund, L.P. - 11.36% 2.41% 10.35% Fiera Private Debt Fund VI 5.49% - 2.73% 6.99% Fiera Comox Private Credit Opportunities Open-End Fund L.P.8 - 8.14% 2.44% 5.19% Diversified Private Markets Solutions Fiera Diversified Lending Fund6,7 9.09% - 2.27% 7.26% Global Agriculture Fiera Comox Global Agriculture Open-End Fund L.P.8 - 8.91% 1.21% 8.57% Private Equity Fiera Comox Global Private Equity Fund I L.P.8 - 15.25% 0.10% 9.61%
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Investment Performance – Public Markets1 13 1 For a more comprehensive list of the Company’s Public Markets investment strategies and their investment performance, refer to page 15 of the Company’s Management’s Discussion & Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 2 Inception date January 2021 Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Atlas Global Companies (1.39%) 0.33% 2.04% (11.80%) 7.12% (5.67%) 12.73% (3.65%) Global Equity (2.31%) (0.59%) 8.09% (5.75%) 11.29% (1.50%) 15.12% (1.27%) International Equity 0.67% (6.27%) 4.62% (6.92%) 9.85% (1.33%) 12.44% 0.42% Canadian Equity 3.88% 2.38% 16.13% 0.31% 12.45% 4.68% 17.04% 0.28% Small Cap, Emerging and Frontier Equity U.S. SMid Cap Growth (10.48%) 0.32% (12.17%) (5.80%) 0.26% (0.29%) 15.93% 4.56% Frontier Markets 3.38% (4.55%) 3.32% (8.76%) 8.31% 6.53% 26.58% 16.63% Emerging Markets Select2 3.08% 0.18% (2.23%) (2.90%) 8.22% 8.36% - - Canadian Fixed Income Strategies Active Core 2.07% 0.05% 8.48% 0.83% 3.01% 0.50% 1.41% 0.53% Strategic Core 2.41% 0.38% 9.03% 1.38% 3.45% 0.95% 1.82% 0.94% Integrated Core 2.10% 0.07% 8.35% 0.70% 3.23% 0.73% 1.73% 0.85% Foreign Fixed Income Strategies Tax Efficient Core Plus 0.49% (0.21%) 1.54% (0.45%) 2.33% 0.30% 1.37% 0.08% High Grade Core Intermediate 2.66% 0.05% 5.52% (0.06%) 1.77% 0.13% 0.68% 0.32% Global Multi-Sector Income 1.53% 0.72% 3.99% 0.62% 5.08% 4.36% 4.98% 5.08% Balanced Investment Strategies Tactical Asset Allocation 1.52% (0.35%) 10.81% 0.17% 5.67% (0.91%) 9.77% 0.99% Key Public Markets Investment Strategies Q1 2025 1-year 3-year 5-year
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Percentage of Public Markets Assets Outperforming at Quarter-End 14 Fixed Income Equity Percentages exclude AUM in segregated accounts managed on behalf of private wealth clients, discretionary accounts, Asia-based accounts and accounts for which total and relative return are not the primary measure of performance 80% 92% 94% 84% 80% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 One Year 95% 95% 95% 94% 97% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Three Years 97% 96% 97% 94% 83% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Five Years 48% 48% 36% 20% 17% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 One Year 93% 52% 50% 33% 29% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Three Years 97% 88% 89% 52% 54% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Five Years
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Total Revenues 15 Total revenues of $163M in Q1 2025, $5M, or 3% compared to Q1 2024, due to lower share of earnings in JVs due to the timing of project completion and lower performance fees, partly offset by higher base management fees Base management fees of $155M in Q1 2025, $3M, or 2% year-over-year Performance fees of $0.2M in Q1 2025, from $3M in Q1 2024, mostly due to lower fees from Private Markets Other revenues of $3M from $6M in Q1 2024 Subtotals and totals may not reconcile due to rounding ($M) 157.1 159.8 158.7 211.0 168.1 164.8 171.7 184.0 162.9 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Base Management Fees 147.4 149.8 147.6 147.4 151.5 149.3 154.4 156.7 154.5 Commitment and Transaction Fees 2.9 5.9 2.5 7.5 1.3 4.3 3.6 7.0 2.4 Performance Fees 3.9 1.0 3.3 42.2 2.8 2.5 5.9 13.6 0.2 Share of Earnings in JV and Associates 0.6 0.6 1.2 8.7 6.3 2.7 1.7 1.8 2.6 Other Revenues 2.3 2.6 4.1 5.2 6.2 5.9 6.2 4.9 3.1 Total Revenues 157.1 159.8 158.7 211.0 168.1 164.8 171.7 184.0 162.9
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Public Markets Revenues 16 Total revenues of $107M in Q1 2025, $4M or 3% from the prior year due to lower other revenues, base management fees and performance fees Base management fees of $105M in Q1 2025, $1M or 1% year-over-year Decrease due to outflows from PineStone sub-advised mandates, partly offset by higher average AUM due to favourable market impact Performance fees in Q1 2025 ~$1M year-over-year, due to lower fees from investment strategies in EMEA Other revenues of ~$2M in Q1 2025 $2M year-over-year reflecting revenues related to a prior year insurance claim; Other revenues within Public Markets also consist of referral fees and fund charges ($M) 108.7 108.8 106.7 136.3 110.3 108.2 111.4 116.0 106.7 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Base Management Fees 106.4 106.8 103.0 102.2 106.1 103.5 106.9 107.7 105.1 Performance Fees 0.8 0.4 1.4 31.8 0.7 0.9 0.9 5.5 ̶ Other Revenues1 1.5 1.6 2.2 2.4 3.5 3.8 3.7 2.8 1.5 Total Revenues 108.7 108.8 106.7 136.3 110.3 108.2 111.4 116.0 106.7 Subtotals and totals may not reconcile due to rounding 1 Other revenues allocated amongst public and private markets beginning Q1 2024. Prior period figures have been reclassified to conform with the current period's presentation
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Private Markets Revenues 17 Total revenues of $56M in Q1 2025, $1M, or 2% compared to Q1 2024, largely due to lower share of earnings in JV partly offset by higher base management fees Base management fees of $49M in Q1 2025, $4M, or 9% year-over-year due to higher AUM in Real Estate, Agriculture and Infrastructure strategies reflecting new subscriptions and acquisition of controlling interest in a real estate investment platform Performance fees in Q1 2025 $2M year-over-year reflecting higher performance fees from Agriculture in Q1 2024 Share of earnings in JV and associates of $3M in Q1 2025 $4M from Q1 2024 due to timing of project completions; realizations were notably high in Q1 2024 Other revenues of ~$2M in Q1 2025, approximately flat year-over-year; Other revenues primarily include administration fees related to fund-of-funds and consultancy fees earned from joint venture partners ($M) 48.1 50.7 51.2 74.0 57.3 56.0 60.0 67.8 56.2 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Base Management Fees 41.0 43.0 44.6 45.2 45.5 45.9 47.5 49.1 49.4 Commitment and Transaction Fees 2.9 5.9 2.5 7.5 1.3 4.3 3.6 7.0 2.4 Performance Fees 3.1 0.6 1.8 10.4 2.1 1.6 5.0 8.1 0.2 Share of Earnings in JV and Associates 0.6 0.6 1.2 8.7 6.3 2.7 1.7 1.8 2.6 Other Revenues1 0.5 0.6 1.0 2.3 2.1 1.5 2.2 1.9 1.5 Total Revenues 48.1 50.7 51.2 74.0 57.3 56.0 60.0 67.8 56.2 Subtotals and totals may not reconcile due to rounding 1 Other revenues allocated amongst public and private markets beginning Q1 2024. Prior period figures have been reclassified to conform with the current period's presentation
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122.7 119.5 168.1 162.9 Q1 2024 Q1 2025 Selling, General and Administrative Expenses (“SG&A”) 18 Q1 2025 SG&A excluding share-based compensation (“SBC”) decreased 9% from Q4 2024 due to lower employee compensation and lower sub-advisory fees related to lower performance fees Q1 2025 SG&A excluding SBC decreased 3% year- over-year, in line with total revenues Decrease reflects lower employee compensation and sub-advisory fees, partly offset by higher travel and marketing costs SG&A excl. SBC Total RevenuesQoQ ($M) YoY ($M) SG&A excl. SBC Total Revenues 3% 3% 1 Total revenues adjusted to exclude performance fees and SG&A adjusted to exclude expenses directly related to performance fees 130.6 119.5 184.0 162.9 Q4 2024 Q1 2025 11% 9%
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19 1 Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net earnings are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliations on pages 49-50 of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ Quarterly Last Twelve Months Adjusted EBITDA1 and Adjusted EBITDA Margin1 38.8 45.5 43.9 77.6 45.4 45.3 51.7 53.4 43.4 24.7% 28.4% 27.7% 36.8% 27.0% 27.5% 30.1% 29.0% 26.6% -3% 2% 7% 12% 17% 22% 27% 32% 37% (20) 0 20 40 60 80 100 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Adjusted EBITDA¹ ($M) Net Earnings ($M) Adjusted Net Earnings¹ ($M) Adjusted EBITDA Margin¹ (%) 183.3 182.4 181.1 205.9 212.4 212.2 220.0 195.8 193.8 27.5% 27.5% 27.4% 30.0% 30.5% 30.2% 30.7% 28.4% 28.4% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 300 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTM Adjusted EBITDA¹ ($M) LTM Net Earnings ($M) LTM Adjusted Net Earnings¹ ($M) Adjusted EBITDA Margin¹ (%)
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21.8 12.3 2.8 (0.7) 2.6 (12.7) 0.5 (1.1) 25.4 Q1 2025 Net earnings¹ Amortization and depreciation Restructuring, acquisition related and other costs Accretion and change in FV of PPOs and other, and effective interest on debentures Share-based compensation Gain on disposal of equity investment Other expenses (income) Tax effect of adjusted items Q1 2025 Adjusted net earnings¹ ² Subtotals and totals may not reconcile due to rounding 1 Attributable to the Company’s shareholders 2 Adjusted net earnings and Adjusted net earnings per share are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliation on page 50 of the Company’s Management Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ Reconciliation of Q1 2025 Adjusted Net Earnings1,2 ($M) $0.24 per share basic $0.20 per share diluted $0.20 per share basic $0.17 per share diluted Net Earnings1 & Adjusted Net Earnings1,2 2020 (2.5) 10.5 11.1 39.4 7.6 4.9 12.6 (0.2) 21.8 23.5 28.7 23.7 50.2 26.1 24.9 28.9 22.8 25.4 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M)
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0.18 0.18 0.20 0.56 0.64 0.59 0.61 0.23 0.37 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.86 1.09 1.06 1.05 1.21 1.22 1.17 1.22 0.96 0.95 1.78 1.77 1.74 1.98 2.01 1.99 2.06 1.83 1.80 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTM EPS LTM dividends paid LTM Adjusted net earnings per share¹ - basic LTM Adjusted EBITDA per share¹ - basic 1 Adjusted EBITDA per share and Adjusted net earnings per share (Adjusted EPS) are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. The definition of Adjusted net earnings was amended, and certain comparative figures have been restated to conform with the current presentation. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliations on pages 49-50 of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ Per Share Metrics 21 ($ per share)
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68 45 98 89 72 121 95 87 8788 88 89 89 90 91 91 91 91 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 LTM Free Cash Flow¹ LTM Dividends Paid LTM Free Cash Flow 22 1 LTM Free Cash Flow is not a standardized measure prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliation on page 51 of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) LTM Free Cash Flow1 of $87M flat from the prior quarter Decrease reflects lower taxes and lower prepaids, offset by higher dividends paid to non-controlling interests and lower distributions received from joint ventures
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Financial Leverage Ratios 23 Funded Debt2 ($M) Leverage Ratios Total Debt vs. Net Debt1,5 ($M) 1 Represents the carrying amounts of long-term debt and debentures, net of cash and cash equivalents, as reported in the statement of financial position in the consolidated financial statements 2 Represents gross long-term debt and other obligations net of cash, as calculated in accordance with the credit agreement. Refer to Note 9, Long-term Debt, in the notes to the consolidated financial statements 3 Represents funded debt, divided by last twelve months EBITDA as calculated in accordance with the credit agreement 4 Represents net debt, divided by last twelve months Adjusted EBITDA 5 Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Net debt and Net debt ratio are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliations on pages 49 and 52 of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 604 656 669 655 651 703 670 693 699 685 687 739 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Net Debt Cash & Cash Equivalents1,5 483 528 549 552 555 589 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 3.32x 3.63x 3.44x 2.94x 3.09x 3.15x 2.98x 3.33x 3.63x 2.67x 2.45x 2.92x 2.65x 2.90x 2.97x 2.93x 3.06x 3.27x 31-Mar-23 30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Net Debt Funded Debt34,5
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Progress on Our Strategy in 2025 Growing Private Markets Private Markets AUM growth of 7% in Q1, largely due to acquisition of controlling interest in a UK real estate investment platform New subscriptions of ~$500M in Q1 ~$500M capital deployed in Q1 Committed, undeployed capital of $1.5B, up from ~$900M at the end of 2024, provides strong pipeline for future opportunities Private Markets contributed 34% to Q1 2025 total revenues, up from 26% three years ago Investment Performance Sustained strong performance in the majority of our Private Markets strategies Most Public Markets flagship strategies performed well and generated positive relative returns in Q1 All flagship fixed income strategies continue to outperform over the long-term, generating alpha over the three- and five-year periods Focused on Organic Growth by Bolstering Distribution $1.5B in new mandates across both platforms in Q1 New mandates of ~$400M into Private Wealth in Q1 – the highest quarter for new mandates since 2022 Net organic growth of ~$550M, excluding PineStone sub-advised AUM Profitability Q1 Adjusted EBITDA margin1 of 26.6%, approximately flat vs. 27.0% last year Commitment to Sustainability Awarded new mandates of $50M into the Global Sustainable & Impact Bond strategy from the Investi Fund, which grants mandates to experienced managers who demonstrate best ESG integration and impact investing approaches. The strategy now has more than $100M invested 2424 1 Earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA and Adjusted EBITDA margin are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 37-38 for the definitions and associated reconciliation on pages 49 of the Company’s Management’s Discussion and Analysis for the three months ended March 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/
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25 APPENDIX Who We Are
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Fiera Capital Statement of Purpose We are passionate about creating innovative investment solutions by being efficient allocators of capital with the objective of fostering sustainable prosperity for all our stakeholders. Purpose World-class portfolio of high conviction, sophisticated investment capabilities: We are committed to delivering investment excellence across our range of public and private market strategies, which are underpinned by independence of perspective, disciplined processes, and long-term orientations for alpha generation. A culture powered by human intellect and pursuit of excellence: We foster an inclusive, collaborative, entrepreneurial environment that is an irresistible destination for diverse, ambitious, creative professionals. Trusted, impact-oriented asset allocators: Integrity is one of our core values and we place our client interests first. We are efficient allocators of capital, develop tailored solutions that contribute to optimal investment outcomes for our clients, provide funding sources to support promising mid-market enterprises, and responsible long-term economic wealth creation for society at large. 2626
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Progressing our Mission and Purpose “We are passionate about creating innovative investment solutions by being efficient allocators of capital with the objective of fostering sustainable prosperity for all our stakeholders.” Solutions Sustainability Fostering sustainable prosperity for all our stakeholders Contribute to socially responsible outcomes. In every investment we make, we optimize not just for financial returns, but also for the long-term sustainability impact of the decision. Forefront of investment management science Sustainability factors lead to better understanding of the risk/return profiles of our investment opportunities. Solving for specific needs of our clients Construct tailored multi-asset portfolios to deliver on client outcomes. Our focus is on delivering the specific risk/return outcome the client needs with the highest probability of success. Research and Innovation at the core Offer innovative products, where each product has a purpose. We design products as building blocks that are complementary to one another. EFFICIENT CAPITAL ALLOCATOR DE&I Diversity of thought & perspective fuels our ability to generate innovative solutions, enabling us to build sustainable prosperity for all our clients. We strive to cultivate an inclusive, safe and trusting environment where everyone feels a sense of belonging and can bring their full selves to work. As we continue to grow, we aspire to achieve a level of diversity that reflects the communities and organizations we serve and support around the globe. Accelerating our Solutions and Sustainability capabilities aligns with our mission and purpose 27
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What Being an Efficient Allocator of Capital Means for Fiera Capital … To construct optimized portfolios to deliver on client outcomes. Our focus is on delivering the specific risk/return outcome the client needs with the highest probability of success. We allocate capital efficiently … 1 … To offer innovative investment strategies, where each has a purpose. We design strategies as building blocks that are complementary to one another.2 … To contribute to socially responsible outcomes. In every investment we make, we aim first and foremost for financial returns while also considering the long-term sustainability impact of the decision fostering sustainable prosperity. 3 … To deliver value for our shareholders. We affect all our internal capital and resource allocation decisions with a disciplined value lens for our shareholders. 4 … By harnessing the intellectual capital of our diverse and inclusive team. We invest with the objective of helping our employees be at their best and deliver their full potential, for our clients and for our shareholders. 5 2828
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Fiera Capital A Values-Driven, Leading Independent Asset Manager 29 1 As at March 31, 2025 2 Source: Bloomberg as at March 31, 2025 3 Source: Fiera Capital analysis of peers, as at March 31, 2025 4 Source: “The World’s Largest 500 Asset Managers”, Thinking Ahead Institute and Pensions & Investments joint study, October 2024 FOUNDED 2003 AUM C$161.6 billion1 SYMBOL (TSX) FSZ.TO MARKET CAP C$661 million2 ASSET MANAGER RANKING (by Total Assets) 4th 68th Canada3 North America4 Global4 166th Leading independent asset management firm with a growing global presence and approximately C$167.1B1 in AUM We deliver customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia We adhere to the highest governance and investment risk management standards and operate with transparency and integrity to create value for clients and shareholders over the long term We place a strong focus on talent to ensure we continue to deliver consistently for our clients and our shareholders, and are guided by our values: INTEGRITY AMBITION COLLABORATION INNOVATION EXCELLENCE
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Growing our Portfolio Through a Competitive Investment Offering 30 AUM ($B) LTM Revenues ($M) 11 1 Excludes dispositions. The Company's strategic activity during fiscal 2020 and fiscal 2021 included various dispositions. For comparative purposes, the Company has provided information on the impact of these dispositions, where significant. Where the term "impact of dispositions" is referenced, the results of the disposed entities prior to their sale have been excluded from the comparative periods, as follows: For the year ended December 31, 2021: Excludes the results of Bel Air Investment Advisors disposed of on February 28, 2021, and the rights to manage the Fiera Capital Emerging Markets Fund disposed of on July 9, 2021 For the year ended December 31, 2020: Excludes the results of the rights to manage the retail mutual funds of Fiera Investments LP disposed of on June 26, 2020, and Wilkinson Global Asset Management disposed of on December 31, 2020 30 141.8 159.5 161.6 31-Mar-20 31-Mar-25 1 555 676 683 31-Mar-20 31-Mar-25 1 2.7% CAGR1 4.3% CAGR1
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Equity 44% Fixed Income 41% Private Markets 13% Liquid Alts & Other2 2% AUM by Segments By Geography By Distribution Channel By Asset Class1 AUM as at March 31, 2025 – $161.6B Canada 66% U.S. 22% EMEA 9% Asia 2% Institutional 57% Financial Intermediaries 34% Private Wealth 9% Totals may not reconcile due to rounding 1 Beginning December 31, 2024, certain strategies have been reclassified from Equity to Liquid Alts & Other and to/from Fixed Income and Liquid Alts & Other to more appropriately reflect changes to how these strategies are executed 2 Liquid alternative investment strategies are accounted for in the Company’s Public Markets investment platform 31
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Equity 52% Fixed Income 14% Private Markets 33% Liquid Alts & Other 1% Revenue Diversification By Geography By Distribution Channel By Asset Class2 Q1 2025 Total Revenues – $162.9M Canada 62% U.S. 21% EMEA 14% Asia 3% Institutional 52% Financial Intermediaries 28% Private Wealth 17% Other1 4% Totals may not reconcile due to rounding 1 Includes Share of earnings in joint ventures and associates and Other revenues, which are not allocated to a channel 2 Based on estimated annualized base management fees 32
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Expanding our Global Footprint 33 858 employees INCLUDING 224 INVESTMENT PROFESSIONALS As at March 31, 2025 Montreal Boston New York Toronto Calgary London Frankfurt Singapore Hong Kong Halifax Dayton Zurich Abu Dhabi The Hague 33
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Our Sustainable Investing Journey & Commitments As at March 31, 2025 All rights to the trademarks, brands and/or logos listed herein belong to the respective owners. Fiera Capital Corporation and its subsidiaries use of hereof does not imply an affiliation with, or endorsement by, the owners of these trademarks/logos. 34 We actively contribute and collaborate to further promote the advancement of sustainability
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Breadth of Innovative Investment Solutions 35 Public Markets1 Private Markets 1 Beginning December 31, 2024, certain strategies have been reclassified from Equity to Liquid Alts & Other and to/from Fixed Income and Liquid Alts & Other to more appropriately reflect changes to how these strategies are executed 2 Includes $36.4B sub-advised by PineStone 3 Includes $0.4B of committed, undeployed capital MULTI-ASSET CLASS SOLUTIONS ASSET ALLOCATION BALANCED MANDATES OVERLAY STRATEGIES ADVISORY Canadian Equities Foreign Equities Emerging & Frontier Equities Treasury & Money Market Canadian Fixed Income Foreign Fixed Income Liability Driven Investments Liquid Alternatives & Other $71.7B2 $66.1B $2.6B $140.4B $8.2B $4.7B $4.4B $2.8B $1.0B Real Estate Private Credit Infrastructure Private Equity Agriculture $21.1B3
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Important Disclosures Fiera Capital Corporation is a global asset management firm with affiliates in various jurisdictions (collectively, “Fiera Capital”). The information and opinions expressed herein are provided for informational purposes only. It is subject to change and should not be relied upon as the basis of any investment or disposition decisions. While not exhaustive in nature, these important disclosures provide important information about Fiera Capital and its services and are intended to be read and understood in association with all materials available on Fiera Capital’s websites. Past performance is no guarantee of future results. All investments pose the risk of loss and there is no guarantee that any of the benefits expressed herein will be achieved or realized. Valuations and returns are computed and stated in Canadian dollars, unless otherwise noted. The information provided herein does not constitute investment advice and should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any security or other financial instrument. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. There is no representation or warranty as to the current accuracy of, or responsibility for, decisions based on such information. Any opinions expressed herein reflect a judgment at the date of publication and are subject to change at any point without notice. Although statements of fact and data contained in this presentation have been obtained from, and are based upon, sources that Fiera Capital believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. No liability will be accepted for any direct, indirect, incidental or consequential loss or damage of any kind arising out of the use of all or any of this material. Any charts, graphs, and descriptions of investment and market history and performance contained herein are not a representation that such history or performance will continue in the future or that any investment scenario or performance will even be similar to such chart, graph, or description. Any charts and graphs contained herein are provided as illustrations only and are not intended to be used to assist the recipient in determining which securities to buy or sell, or when to buy or sell securities. Any investment described herein is an example only and is not a representation that the same or even similar investment scenario will arise in the future or that investments made will be as profitable as this example or will not result in a loss. All returns are purely historical, are no indication of future performance and are subject to adjustment. Each entity of Fiera Capital only provides investment advisory services or offers investment funds only in those jurisdictions where such entity and/or the relevant product is registered or authorized to provide such services pursuant to an applicable exemption from such registration. Thus, certain products, services, and information related thereto provided in the materials may not be available to residents of certain jurisdictions. Please consult the specific disclosures relating to the products or services in question for further information regarding the legal requirements (including any offering restrictions) applicable to your jurisdiction. 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. www.fiera.com 36
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Thank You Investor Relations contact: Marie-France Guay Senior Vice President, Treasury and Investor Relations mguay@fieracapital.com T 514 294-5878