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November 13, 2025 Q3 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 November 13, 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 51-52 for the definitions and the associated reconciliations on pages 64-67 of Fiera Capital’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 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 and nine-month periods ended September 30, 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 Maxime Ménard Global President and Chief Executive Officer Lucas Pontillo Executive Director, Global Chief Financial Officer and Head of Corporate Strategy
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Topics for Discussion 4 Q3 2025 Highlights Commercial Performance Investment Performance Private Markets Public Markets Financial Performance
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Financial Performance Total Revenues of $167M, down 3% from Q3 2024 Adjusted EBITDA3 of $50.3M, down 3% from Q3 2024 Adjusted EBITDA margin3 of 30.1%, flat vs. Q3 2024 Q3 2025 Highlights 5 1 Sub-advised AUM refers to assets under management sub-advised by PineStone 2 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 3 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 51-52 for the definitions and associated reconciliations on pages 64-67 of the Company’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 4 Attributable to the Company’s shareholders AUM – $166.9B 30 Sep 2025 AUM in Q3 2025 increased $6.4B, or 4%, quarter-over-quarter Public Markets AUM of $145.0B $5.4B, or 3.9% Private Markets AUM of $22.0B $1.1B or 5.3% Distribution Performance Positive net organic growth of ~$900M driven by new mandates of $1.4B Public Markets: Positive net organic growth of $55M and new mandates of ~$500M, mostly into U.S. equity large cap growth Positive net organic growth of $802M excluding sub-advised AUM1 Private Markets: Positive net organic growth of $842M New mandates of over $900M, including more than $800M from the previously announced launch of the Canadian Built Opportunities Platform Investment Platform Public Markets: On a trailing 5-year basis2, 97% of fixed income AUM outperformed benchmarks Outperformance for equities continues to be challenged in Q3 Private Markets: Continued solid investment performance with key strategies generating one-year absolute returns of 5%-10% Capital Structure Paid down credit facility, reducing Net debt ratio3 to 3.5x from 3.7x in Q2 2025 Repurchased 536K shares for total consideration of $3.6M Adjusted Net Earnings3,4 of $25.0M compared with $28.9M in Q3 2024 Diluted Adjusted EPS3,4 of $0.23 Net Earnings4 of $5.8M and diluted EPS4 of $0.05
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139.6 145.0 20.9 22.0 160.5 1.4 (0.1) 0.3 (0.7) 5.6 166.9 30-Jun-25 New Lost Net Contributions Sub-advised AUM Net Flows¹ Market and Other² 30-Sep-25 AUM Overview – Q3 2025 6 QoQ ($B) YTD ($B) AUM up $6.4B or 4.0% Q/Q Favourable market impact of $5.6B and positive net organic growth, excluding sub-advised AUM, of $1.6B Partly offset by sub-advised AUM net outflows of approximately $700M AUM flat YTD Favourable market impact of $7.4B and positive net organic growth, excluding sub-advised AUM, of $1.3B Offset by sub-advised AUM net outflows of $8.8B Public Markets Private Markets 147.4 166.9 145.0 19.7 22.0 167.1 4.3 (0.5) (2.4) (8.8) 7.4 (0.2) 166.9 31-Dec-24 New Lost Net Contributions Sub-advised AUM Net Flows¹ Market and Other² Strategic³ 30-Sep-25 Public Markets Private Markets 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 Relates to wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies of ($1.1B) in Q2 2025 and acquisition of a controlling interest in a real estate investment platform totaling $947M in Q1 2025
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AUM Flows by Platform – Q3 2025 Subtotals and totals may not reconcile due to rounding 1 Represents new mandates, lost mandates and net contributions from AUM sub-advised by PineStone 2 Market and Other includes the impact of market changes, income distributions and FX 3 Net contributions in Private Markets includes return of capital to clients Sub-advised AUM1 ($B) Public Markets excl. Sub-advised AUM1 ($B) Private Markets ($B) Public Markets ($B) 77 139.6 0.5 (0.0) 0.4 (0.7) 5.3 145.0 30-Jun-25 New Lost Net Contributions Sub-advised AUM¹ Mkt and Other² 30-Sep-25 103.8 0.5 (0.0) 0.4 3.0 107.6 30-Jun-25 New Lost Net Contributions Market and Other² 30-Sep-25 35.8 0.0 (0.3) (0.5) 2.3 37.3 30-Jun-25 New Lost Net Contributions Market and Other² 30-Sep-25 20.9 0.9 (0.0) (0.1) 0.3 22.0 30-Jun-25 New Lost Net Contributions³ Market and Other² 30-Sep-25
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AUM Flows by Geography – Q3 2025 Subtotals and totals may not reconcile due to rounding 1 Market and Other includes the impact of market changes, income distributions and FX EMEA ($B) United States ($B) Asia ($B) Canada ($B) 88 33.1 34.9 1.9 1.9 35.0 0.0 (0.0) (0.4) 2.2 36.8 30-Jun-25 New Lost Net Contributions Market and Other¹ 30-Sep-25 9.8 10.4 5.0 5.1 14.8 0.1 (0.0) 0.0 0.6 15.5 30-Jun-25 New Lost Net Contributions Market and Other¹ 30-Sep-25 3.3 3.2 0.2 0.2 3.5 0.0 (0.2) (0.1) 0.2 3.4 30-Jun-25 New Lost Net Contributions Market and Other¹ 30-Sep-25 93.4 96.6 13.8 14.7 107.2 1.3 (0.2) 0.3 2.6 111.3 30-Jun-25 New Lost Net Contributions Market and Other¹ 30-Sep-25 Public Markets Private Markets Public Markets Private Markets Public Markets Private MarketsPublic Markets Private Markets
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40.1 42.3 42.3 43.3 44.0 38.9 35.4 37.7 3.3 4.4 4.7 4.8 5.3 5.2 5.7 4.8 43.4 46.7 47.0 48.1 49.3 44.1 41.1 42.5 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 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 Relates to wind down of the Canadian Equity Small Capitalization and Canadian Equity Microcap Opportunity strategies in Q2 2025 and acquisition of a controlling interest in a real estate investment platform in Q1 2025 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 and nine-month periods ended September 30, 2025, on pages 33-35 for actual reported balances InstitutionalFinancial Intermediaries Commercial Highlights 9 75.5 93.9 77.7 14.1 16.8 89.7 4.1 (0.9) (4.6) 5.7 0.6 94.5 30-Sep-24 New Lost Net Contributions Market and Other¹ Strategic² 30-Sep-25 Public Markets Private Markets 59.3 58.4 56.2 2.2 2.2 61.5 1.1 (6.6) (1.1) 4.4 (0.8) 58.4 30-Sep-24 New Lost Net Contributions Market and Other¹ Strategic² 30-Sep-25 50.2 52.2 49.6 51.8 50.6 52.1 49.1 51.1 28.3 27.6 27.7 29.2 30.1 30.7 31.0 32.5 78.5 79.8 77.3 81.0 80.8 82.9 80.1 83.5 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 AUM Flows In C$ billions In C$ millions Base Management Fees3 Public Markets Private Markets
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10 Private Wealth New mandates of ~$30M in Q3 and ~$400M for trailing 4Q Base management fees down 3% year-over-year reflecting slightly lower AUM Financial Intermediaries Net inflows of $1.3B in Q3, mostly into equity mandates for clients in Canada and the U.S. Year-over-year AUM growth impacted by outflows from sub-advised AUM Decline in base management fees year- over-year due to lower AUM and shift in asset mix Institutional Private Markets new mandates of $933M in Q3, including ~$800M into the newly launched Canadian Built Opportunities Platform Base management fees up 3% year- over-year due to higher AUM Private Wealth Q3 2025 Highlights 11.2 11.0 3.1 3.0 14.3 0.4 (0.3) (1.5) 1.1 14.0 30-Sep-24 New Lost Net Contributions Market and Other¹ 30-Sep-25 Public Markets Private Markets AUM Flows In C$ billions In C$ millions Base Management Fees 13.8 13.7 13.7 14.0 13.8 14.1 14.0 13.9 13.6 13.4 13.6 13.5 13.6 13.4 12.8 12.8 27.4 27.2 27.3 27.6 27.4 27.5 26.7 26.7 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Subtotals and totals may not reconcile due to rounding 1 Market and Other includes the impact of market changes, income distributions and FX Commercial Highlights – cont’d
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140.7 208.8 209.9 247.3 249.0 30-Sep-21 30-Sep-22 30-Sep-23 30-Sep-24 30-Sep-25 15% 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 Private Markets Revenue growth exceeds AUM growth AUM increased $7B, or ~50%, since September 2021 4-yr CAGR of 10% Real Estate assets up 29% year-over-year partly reflecting acquisition of controlling interest in a UK real estate investment platform in Q1 2025; year-over-year growth of 18% for Agriculture assets and 15% for Infrastructure assets Total new subscriptions of $936M in Q3, including ~$800M into the newly launched Canadian Built Opportunities Platform Deployed capital of $400M in Q3 and $1.5B year-to-date; Committed, undeployed capital of $2.1B as at September 30 Private Markets contributed 37% of total revenues year-to-date and represented 13% of AUM 5.7 6.5 6.8 6.8 8.8 4.9 5.7 5.3 5.1 4.43.0 3.8 3.9 4.2 4.8 1.0 1.7 2.0 2.5 2.9 0.3 0.6 0.8 0.9 1.0 14.9 18.3 18.8 19.4 22.0 30-Sep-21 30-Sep-22 30-Sep-23 30-Sep-24 30-Sep-25 Real Estate Private Credit Infrastructure Agriculture Private Equity 10% 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 18 of the Company’s Management’s Discussion & Analysis for the three and nine-month periods ended September 30, 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 Q3 2025 Absolute Return4 1-Year Absolute Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.25% - 1.85% 8.45% Fiera Real Estate Small Cap Industrial Fund L.P. 13.39% - 1.19% 4.98% Infrastructure EagleCrest Infrastructure5 - 8.54% 1.76% 6.88% Private Credit Fiera Canadian Real Estate Debt Fund 12.16% - 2.29% 10.35% Fiera Infrastructure Debt Fund II LP - 11.39% 2.62% 10.38% Clearwater Capital Partners Direct Lending Opportunities Fund, L.P. - 11.23% 2.60% 10.20% Fiera Private Debt Fund VI 5.81% - 2.07% 7.34% Fiera Comox Private Credit Opportunities Open-End Fund L.P.8 - 8.20% 2.13% 9.42% Private Markets Solutions Fiera Diversified Lending Fund6,7 9.04% - 2.06% 8.39% Global Agriculture Fiera Comox Global Agriculture Open-End Fund L.P.8 - 8.69% 1.46% 5.95% Private Equity Fiera Comox Global Private Equity Fund I L.P.8 - 14.33% 2.08% 7.12%
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Investment Performance – Public Markets1 13 Performance returns are annualized for periods of 1 year and up. All returns are presented gross of management and custodial fees but net of all trading expenses and withholding taxes. Each strategy listed above represents a single discretionary portfolio or group of discretionary portfolios that collectively represent a unique inve stment strategy or composite. The above composites and pooled funds were selected from Fiera Capital's major investment strategies. Quartile rankings are calculated using eVestment. GIPS Composite r eports are available upon request. 1 For a more comprehensive list of the Company’s Public Markets investment strategies and their investment performance, refer to pages 16 -17 of the Company’s Management’s Discussion & Analysis for the three and nine-month periods ended September 30, 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 0.80% (8.58%) 8.59% (12.17%) 15.41% (8.82%) 8.27% (7.08%) US Equity Core 4.48% (3.64%) 13.24% (4.35%) 21.81% (3.12%) 15.86% (0.61%) International All Cap ADR 7.37% 0.48% 21.45% 5.00% 23.08% 2.40% 11.65% 1.39% Canadian Equity (2.65%) (15.14%) 10.95% (17.64%) 16.69% (4.62%) 14.50% (2.17%) Small Cap, Emerging and Frontier Equity U.S. SMid Cap Growth 6.14% (4.60%) 5.35% (7.27%) 13.22% (2.75%) 9.56% 1.80% Frontier Markets 9.68% (5.21%) 19.04% (17.18%) 22.86% 4.23% 23.78% 13.24% Emerging Markets Select2 9.03% 1.82% 17.98% 5.16% 22.04% 10.63% - - Canadian Fixed Income Strategies Active Core 1.75% 0.23% 3.55% 0.61% 5.43% 0.77% 0.28% 0.44% Strategic Core 1.84% 0.33% 3.90% 0.96% 5.84% 1.18% 0.47% 0.63% Integrated Core 1.74% 0.23% 3.63% 0.70% 5.51% 0.85% 0.53% 0.69% Foreign Fixed Income Strategies Tax Efficient Core Plus 2.58% 0.24% 2.98% (0.16%) 4.76% 0.50% 1.38% 0.17% High Grade Core Intermediate 1.79% 0.01% 3.55% (0.27%) 4.72% (0.42%) 0.73% 0.23% Global Multi-Sector Income (0.69%) (1.44%) 0.57% (0.79%) 7.86% 3.74% 3.74% 4.06% Balanced Investment Strategies Tactical Asset Allocation 5.12% (0.52%) 12.42% (0.83%) 10.63% (1.77%) 9.18% 0.86% Sub-advised Strategies US Equity 7.72% (2.54%) 9.13% (11.99%) 19.39% (6.07%) 14.55% (2.87%) International Equity 1.70% (5.13%) 2.11% (16.32%) 17.34% (4.87%) 8.92% (3.14%) Global Equity 9.26% (0.13%) 12.58% (8.18%) 19.97% (4.26%) 13.06% (2.29%) Key Public Markets Investment Strategies Q3 2025 1-year 3-year 5-year
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Percentage of Public Markets Assets Outperforming at Quarter-End1 14 Fixed Income Equity2 94% 84% 80% 84% 86% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 One Year 95% 94% 97% 97% 96% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Three Years 97% 94% 83% 89% 97% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Five Years 45% 10% 36% 6% 7% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 One Year 87% 83% 60% 47% 10% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Three Years 88% 88% 84% 79% 40% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Five Years 1 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 2 Excludes sub-advised AUM
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Total Revenues 15 Total revenues of $167M in Q3 2025, $5M, or 3% compared to Q3 2024, due to lower other revenues, lower commitment and transaction fees and lower base management fees, partly offset by higher performance fees Base management fees of $153M in Q3 2025, $2M, or 1% year-over-year as a decline in base management fees from Public Markets was largely offset by an increase in base management fees from Private Markets Subtotals and totals may not reconcile due to rounding ($M) 158.7 211.0 168.1 164.8 171.7 184.0 162.9 163.0 167.1 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Base Management Fees 147.6 147.4 151.5 149.3 154.4 156.7 154.5 147.9 152.8 Commitment and Transaction Fees 2.5 7.5 1.3 4.3 3.6 7.0 2.4 5.2 2.0 Performance Fees 3.3 42.2 2.8 2.5 5.9 13.6 0.2 2.5 7.0 Share of Earnings in JV and Associates 1.2 8.7 6.3 2.7 1.7 1.8 2.6 2.0 1.4 Other Revenues 4.1 5.2 6.2 5.9 6.2 4.9 3.1 5.3 3.9 Total Revenues 158.7 211.0 168.1 164.8 171.7 184.0 162.9 163.0 167.1
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Public Markets Revenues 16 Total revenues of $104.5M in Q3 2025, $7M or 6% from the prior year Base management fees of $103M in Q3 2025, $4M or 4% year-over-year due to lower average AUM, largely due to outflows from sub-advised mandates Performance fees $1M year-over-year, largely due to lower fees from investment strategies in EMEA Other revenues $2M year-over-year reflecting revenues related to a prior year insurance claim 106.7 136.3 110.3 108.2 111.4 116.0 106.7 100.0 104.5 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Base Management Fees 103.0 102.2 106.1 103.5 106.9 107.7 105.1 98.4 102.7 Performance Fees 1.4 31.8 0.7 0.9 0.9 5.5 ̶ ̶ 0.2 Other Revenues1 2.2 2.4 3.5 3.8 3.7 2.8 1.5 1.6 1.6 Total Revenues 106.7 136.3 110.3 108.2 111.4 116.0 106.7 100.0 104.5 Subtotals and totals may not reconcile due to rounding 1 Other revenues allocated amongst public and private markets beginning Q1 2024. Prior period figures have been reclassified to conform with the current period's presentation ($M)
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Private Markets Revenues 17 Total revenues of $62M in Q3 2025, $2M, or 4% compared to Q3 2024 Base management fees of $50M in Q3 2025, $3M, or 6% year-over-year due to acquisition of controlling interest in a real estate investment platform and higher deployed AUM in Agriculture and Real Estate Commitment and transaction fees $2M year-over-year due to lower transaction fees from Canada and EMEA Performance fees $2M year-over-year due to higher fees accrued on the Comox Global Agriculture Fund in the current quarter Share of earnings in JV and associates slightly year-over-year due to timing of project completions Other revenues of $2M in Q3 2025, flat year-over-year 51.2 74.0 57.3 56.0 60.0 67.8 56.2 62.7 62.4 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Base Management Fees 44.6 45.2 45.5 45.9 47.5 49.1 49.4 49.5 50.1 Commitment and Transaction Fees 2.5 7.5 1.3 4.3 3.6 7.0 2.4 5.2 2.0 Performance Fees 1.8 10.4 2.1 1.6 5.0 8.1 0.2 2.5 6.8 Share of Earnings in JV and Associates 1.2 8.7 6.3 2.7 1.7 1.8 2.6 2.0 1.4 Other Revenues1 1.0 2.3 2.1 1.5 2.2 1.9 1.5 3.4 2.1 Total Revenues 51.2 74.0 57.3 56.0 60.0 67.8 56.2 62.7 62.4 Subtotals and totals may not reconcile due to rounding 1 Other revenues allocated amongst public and private markets beginning Q1 2024. Prior period figures have been reclassified to conform with the current period's presentation ($M)
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120.0 116.8 171.7 167.1 Q3 2024 Q3 2025 Selling, General and Administrative Expenses (“SG&A”) 18 SG&A excluding share-based compensation (“SBC”) flat from the prior quarter vs. 3% increase in total revenues Flat SG&A Q/Q reflects lower fixed compensation and travel costs, offset by higher sub- advisory fees and higher variable compensation due to timing SG&A excluding SBC decreased 3% year-over-year, due to lower sub-advisory fees, fixed compensation and travel costs, partly offset by higher variable compensation due to timing SG&A excl. SBC Total RevenuesQoQ ($M) YoY ($M) SG&A excl. SBC Total Revenues 3% 3% 117.3 116.8 163.0 167.1 Q2 2025 Q3 2025 3% 0.4%
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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 51-52 for the definitions and associated reconciliations on pages 64-65 of the Company’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 2 Attributable to the Company’s shareholders Quarterly Last Twelve Months Adjusted EBITDA1 and Adjusted EBITDA Margin1 43.9 77.6 45.4 45.3 51.7 53.4 43.4 45.7 50.3 27.7% 36.8% 27.0% 27.5% 30.1% 29.0% 26.6% 28.0% 30.1% -3% 2% 7% 12% 17% 22% 27% 32% 37% (20) 0 20 40 60 80 100 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Adjusted EBITDA¹ ($M) Net Earnings² ($M) Adjusted Net Earnings¹ ² ($M) Adjusted EBITDA Margin¹ (%) 181.1 205.9 212.4 212.2 220.0 195.8 193.8 194.2 192.8 27.4% 30.0% 30.5% 30.2% 30.7% 28.4% 28.4% 28.5% 28.5% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 300 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM Adjusted EBITDA¹ ($M) LTM Net Earnings² ($M) LTM Adjusted Net Earnings¹ ² ($M) Adjusted EBITDA Margin¹ (%)
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5.8 12.3 3.4 0.0 5.7 (0.2) (2.0) 25.0 Q3 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 Other expenses (income) Tax effect of adjusted items Q3 2025 Adjusted net earnings¹ ² Reconciliation of Q3 2025 Adjusted Net Earnings1,2 ($M) $0.23 per share basic $0.23 per share diluted $0.05 per share basic $0.05 per share diluted Net Earnings1 & Adjusted Net Earnings1,2 2020 11.1 39.4 7.6 4.9 12.6 (0.2) 21.8 3.8 5.8 23.7 50.2 26.1 24.9 28.9 22.8 25.4 27.2 25.0 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M) Subtotals and totals may not reconcile due to rounding 1 Attributable to the Company’s shareholders 2 Adjusted net earnings and Adjusted net earnings per share are not standardized measures prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 51-52 for the definitions and associated reconciliation on page 65 of the Company’s Management Discussion and Analysis for the three and nine-month periods ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/
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0.20 0.56 0.64 0.59 0.61 0.23 0.37 0.35 0.28 0.86 0.86 0.86 0.86 0.86 0.86 0.86 0.76 0.65 1.05 1.21 1.22 1.17 1.22 0.96 0.95 0.97 0.93 1.74 1.98 2.01 1.99 2.06 1.83 1.80 1.80 1.79 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM EPS LTM dividends paid LTM Adjusted net earnings per share¹ - basic LTM Adjusted EBITDA per share¹ - basic 1 Adjusted EBITDA per share and Adjusted net earnings per share (Adjusted EPS) are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. The definition of Adjusted net earnings was amended, and certain comparative figures have been restated to conform with the current presentation. Please refer to the “Non-IFRS Measures” Section on pages 51-52 for the definitions and associated reconciliations on pages 64-65 of the Company’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ Per Share Metrics 21 ($ per share)
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98 89 72 121 95 87 87 75 8789 89 90 91 91 91 91 80 68 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 LTM Free Cash Flow¹ LTM Dividends Paid LTM Free Cash Flow 22 LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) Increase in LTM Free Cash Flow1 from the prior quarter due to timing of accounts receivable collections, lower severance paid, the timing of vendor payments, and lower interest paid due to timing of payments on debentures 1 LTM Free Cash Flow is not a standardized measure prescribed by International Financial Reporting Standards (“IFRS”). These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section on pages 51-52 for the definitions and associated reconciliation on page 66 of the Company’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/
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Financial Leverage Ratios 23 Funded Debt2 ($M) Leverage Ratios Total Debt vs. Net Debt1,5 ($M) 669 655 651 703 712 680 699 685 687 739 735 712 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 Net Debt Cash & Cash Equivalents1,5 549 552 555 589 515 505 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 3.44x 2.94x 3.09x 3.15x 2.98x 3.33x 3.63x 3.67x 3.53x 2.92x 2.65x 2.90x 2.97x 2.93x 3.06x 3.27x 2.99x 2.89x 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 Net Debt Funded Debt34,5 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 51-52 for the definitions and associated reconciliations on pages 64 and 67 of the Company’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 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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Progress on Our Strategy in 2025 Growing Private Markets Private Markets AUM growth of 12% year-to-date, driven by acquisition of controlling interest in a UK real estate investment platform and positive net organic growth of ~$800M New subscriptions of $1.6B year-to-date and $1.5B of capital deployed year-to-date Private Markets contributed 37% to total revenues year-to-date Investment Performance Private Markets continues to deliver steady performance across strategies Public Markets flagship strategies delivered positive absolute returns for Q3 2025 and year-to-date, but relative performance remained mixed due to concentrated, tech-driven rallies Fixed income continues to outperform, with 97% of AUM beating benchmarks over 5 years Focused on Organic Growth by Bolstering Distribution New mandates of $4.3B across both platforms year-to-date Positive net organic growth of ~$900M in Q3 Excluding sub-advised AUM, net inflows were $1.3B year-to-date vs. net outflows of $2.5B for the same period last year Profitability Adjusted EBITDA margin1 above 30% in Q3 2025 Year-to-date Adjusted EBITDA margin1 of 28.3%, stable from the same period last year Commitment to Sustainability Published our 2024 Sustainability Report and 2024 Climate Report, showcasing our commitment to climate and sustainable investing initiatives and corporate responsibility Real Estate and Infrastructure teams obtained 2024 GRESB results, with improvement in the majority of fund scores from prior years 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 51-52 for the definitions and associated reconciliation on pages 64 of the Company’s Management’s Discussion and Analysis for the three and nine-month periods ended September 30, 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 September 30, 2025 2 Source: Bloomberg as at September 30, 2025 3 Source: Fiera Capital analysis of peers, as at September 30, 2025 4 Source: “The World’s Largest 500 Asset Managers”, Thinking Ahead Institute and Pensions & Investments joint study, October 2024 FOUNDED 2003 AUM C$166.9 billion1 SYMBOL (TSX) FSZ.TO MARKET CAP C$695 million2 ASSET MANAGER RANKING (by Total Assets) 3rd 68th Canada3 North America4 Global4 166th Leading independent asset management firm with a growing global presence and approximately C$166.9B1 in AUM We deliver customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East We adhere to the highest governance and investment risk management standards and operate with transparency and integrity to create value for clients and shareholders over the long term We place a strong focus on talent to ensure we continue to deliver consistently for our clients and our shareholders, and are guided by our values: INTEGRITY AMBITION COLLABORATION INNOVATION EXCELLENCE
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Growing our Portfolio Through a Competitive Investment Offering 30 AUM ($B) LTM Revenues ($M) 11 1 Excludes dispositions. The Company’s strategic activity has included various dispositions. The results of the following dipsosed entities prior to their sale have been excluded from comparative periods: Bel Air Investment Advisors, disposed of on February 28, 2021 The rights to manage the Fiera Capital Emerging Markets Fund, disposed of on July 9, 2021 The rights to manage the retail mutual funds of Fiera Investments LP, disposed of on June 26, 2020 Wilkinson Global Asset Management, disposed of on December 31, 2020 Canadian Equity Small and Micro Cap strategies, wound down on April 25, 2025 30 161.0 179.2 166.9 30-Sep-20 30-Sep-25 1 577 674 704 677 30-Sep-20 30-Sep-25 1 +1% CAGR1 +3% CAGR1 1
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Equity 45% Fixed Income 40% Private Markets 13% Liquid Alts & Other2 2% AUM by Segments By Geography By Distribution Channel By Asset Class1 AUM as at September 30, 2025 – $166.9B Canada 67% U.S. 22% EMEA 9% Asia 2% Institutional 57% Financial Intermediaries 35% Private Wealth 8% 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 56% Fixed Income 14% Private Markets 29% Liquid Alts & Other 1% Revenue Diversification By Geography By Distribution Channel By Asset Class2 Q3 2025 Total Revenues – $167.1M Canada 63% U.S. 21% EMEA 13% Asia 3% Institutional 53% Financial Intermediaries 27% Private Wealth 17% Other1 3% 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 33 780 employees INCLUDING 222 INVESTMENT PROFESSIONALS As at September 30, 2025 Montreal Boston New York Toronto Calgary London Frankfurt Singapore Hong Kong Halifax Dayton Zurich Abu Dhabi The Hague 33 Tokyo
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Our Sustainable Investing Journey & Commitments As at Seotember 30, 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 Markets Private Markets 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 $76.0B1 $66.1B $2.9B $145.0B $8.8B $4.4B $4.8B $2.9B $1.0B Real Estate Private Credit Infrastructure Private Equity Agriculture $22.0B2 Totals may not reconcile due to rounding 1 Includes sub-advised AUM of $37.3B 2 Includes $2.1B of committed, undeployed capital
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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: Natalie Medak Director, Investor Relations nmedak@fieracapital.com T 416 884-4236