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February 26, 2026 Q4 2025 Results
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2 Forward-Looking Statements This presentation contains forward-looking statements relating to future events, or future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, initiatives such as those related to sustainability, and other statements that do not refer to historical facts. Forward-looking statements may include comments on Fiera Capital’s objectives, strategies to achieve these objectives, expected financial results or dividends, and the outlook for the Company’s businesses, as well as for the Canadian, American, European, Asian and other global economies. Such forward-looking statements reflect management’s current beliefs and are based on factors and assumptions it considers to be reasonable based on information currently available to management. These forward-looking statements may typically be identified by words 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”), AUM concentration related to strategies sub-advised by PineStone Asset Management Inc., key employees, the asset management industry and competitive pressure, reputational damage, litigation, regulatory compliance, client commitment and redemption, reliance on information technology and telecommunications systems and potential failure of or disruption to those systems, employee misconduct or error, insurance coverage, third-party relationships, conflicts of interest, privacy issues, investment valuation and model, limitations of enterprise risk management, environmental and social issues, acquisitions and disposals, the pace of the growth in Fiera Capital’s AUM, indebtedness, market rates and prices, inflation, interest rate fluctuations, recession, credit, liquidity, taxation, ownership structure and potential dilution, and other risks and uncertainties described in the Company’s Annual Information Form for the year ended December 31, 2025 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. Information contained in forward-looking statements is based upon certain material factors and assumptions that were applied in drawing a conclusion or making a forecast or projection, including, without limitation: management’s perceptions of historical trends, current conditions and expected future developments, the successful completion of strategic transactions, acquisitions, divestitures or other growth or optimization strategies, the accuracy of estimates, assumptions and judgments under applicable accounting policies, and the absence of any material change in accounting standards and policies applicable to the Company, the absence of material variation in interest rates, the absence of any significant changes to the Company’s effective tax rate, investment returns being in line with the Company’s expectations and consistent with historical trends, the absence of unexpected changes in the economic, competitive, asset management, legal or regulatory environment or actions by regulatory authorities that could have a material impact on the business or operations of the Company or its business partners, the absence of significant fluctuations in the exchange rate between the Canadian dollar and other currencies (including the U.S. dollar and the pound sterling), and the non-materialization of risk factors or other factors mentioned above or discussed elsewhere in this presentation 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 that could influence the Company’s performance or results. 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 the date hereof and, accordingly, are subject to change after that date. Fiera Capital does not undertake to update or revise any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf in order to reflect new information, future events or circumstances or otherwise, except as required by applicable law. . 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 beginning on page 48 for the definitions and the associated reconciliations on pages 63-66 of Fiera Capital’s Management’s Discussion and Analysis for the three months and year ended December 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 and year ended December 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 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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Financial Performance Total Revenues of $180M Adjusted EBITDA4 of $54.7M, up 2% from Q4 2024 Adjusted EBITDA margin4 of 30.4%, up from 29.0% in Q4 2024 Q4 2025 Highlights 4 1 AUM is defined as the total market value of all assets managed or sub-advised by the Company, including strategies offered to Fiera Capital’s clients but managed by third parties. For an explanation of the composition of the AUM, please refer to the section entitled “Results From Operations and Overall Performance – AUM and Revenues – Assets Under Management” of the Company’s Management’s Discussion and Analysis for the three months and year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/. 2 Sub-advised AUM refers to assets under management sub-advised by PineStone 3 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 4 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 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 beginning on page 48 for the definitions and associated reconciliations on pages 63-66 of the Company’s Management’s Discussion and Analysis for the three months and year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ 5 Attributable to the Company’s shareholders AUM1 – $164.1B 31 Dec 2025 AUM decreased $2.8B, or 1.7%, in Q4 2025 Public Markets AUM of $142.1B $2.9B, or 2.0% Private Markets AUM flat at $22.0B Distribution Performance New mandates of ~$800M; negative net organic growth of $3.5B Public Markets: New mandates of ~$500M, mostly into equity strategies Excluding sub-advised AUM2, negative net organic growth of $447M Private Markets: New mandates of ~$300M and positive net organic growth of $75M Investment Platform Public Markets: On a trailing 5-year basis3, 95% of fixed income AUM outperformed benchmarks Outperformance for equities remains challenged Private Markets: Continued solid investment returns, with key strategies delivering annualized returns of 5%-13% since inception Capital Structure Net debt ratio4 of 3.4x compared with 3.5x in Q3 2025 Redeemed $67.25M of 8.25% senior subordinated unsecured debentures due December 31, 2026 Adjusted Net Earnings4,5 of $29.9M compared with $22.8M in Q4 2024 Diluted Adjusted EPS4,5 of $0.24 Net Earnings5 of $7.7M and diluted EPS4 of $0.07
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145.0 142.1 22.0 22.0 166.9 0.8 (0.7) (0.4) (3.1) 0.6 164.1 30-Sep-25 New Lost Net Contributions Sub-advised AUM Net Flows¹ Market and Other² 31-Dec-25 AUM Overview – Q4 2025 5 QoQ ($B) YTD ($B) AUM down $2.8B or 1.7% Q/Q Reflects net outflows of $3.1B from sub-advised AUM Partly offset by new mandates of ~$800M and positive market impact AUM down $3.0B or 1.8% YTD Favourable market impact and new mandates of $5.1B more than offset by net outflows from sub-advised AUM Public Markets Private Markets 147.4 164.1 142.1 19.7 22.0 167.1 5.1 (1.3) (2.9) (11.9) 8.0 (0.2) 164.1 31-Dec-24 New Lost Net Contributions Sub-advised AUM Net Flows¹ Market and Other² Strategic³ 31-Dec-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 $0.9B in Q1 2025
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AUM Flows by Platform – Q4 2025 Subtotals and totals may not reconcile due to rounding 1 Represents new mandates, lost mandates and net contributions from AUM sub-advised by PineStone 2 Market and Other includes the impact of market changes, income distributions and FX 3 Relates to the transfer of Balanced Funds from PineStone sub-advised mandates to Fiera mandates in Q4 2025 4 Net contributions in Private Markets includes return of capital to clients Sub-advised AUM1 ($B) Public Markets excl. Sub-advised AUM1 ($B) Private Markets ($B) Public Markets ($B) 66 145.0 0.5 (0.7) (0.2) (3.1) 0.7 142.1 30-Sep-25 New Lost Net Contributions Sub-advised AUM¹ Mkt and Other² 31-Dec-25 108.2107.6 0.5 (0.7) (0.2) 0.4 0.5 30-Sep-25 New Lost Net Contributions Market and Other² Strategic³ 31-Dec-25 33.9 37.3 0.0 (0.0) (3.1) 0.2 (0.5) 30-Sep-25 New Lost Net Contributions Market and Other² Strategic³ 31-Dec-25 22.0 0.3 (0.0) (0.2) (0.1) 22.0 30-Sep-25 New Lost Net Contributions⁴ Market and Other² 31-Dec-25
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AUM Flows by Geography – Q4 2025 Subtotals and totals may not reconcile due to rounding 1 Market and Other includes the impact of market changes, income distributions and FX EMEA ($B) United States ($B) Asia ($B) Canada ($B) 77 34.9 32.1 1.9 1.9 36.8 0.0 (0.5) (2.4) 0.2 34.1 30-Sep-25 New Lost Net Contributions Market and Other¹ 31-Dec-25 10.4 10.3 5.1 5.3 15.5 0.2 (0.0) (0.1) 0.1 15.6 30-Sep-25 New Lost Net Contributions Market and Other¹ 31-Dec-25 3.2 2.1 0.2 0.2 3.4 0.0 (0.2) (1.0) 0.0 2.3 30-Sep-25 New Lost Net Contributions Market and Other¹ 31-Dec-25 96.6 97.6 14.7 14.5 111.3 0.6 (0.1) 0.0 0.3 112.1 30-Sep-25 New Lost Net Contributions Market and Other¹ 31-Dec-25 Public Markets Private Markets Public Markets Private Markets Public Markets Private MarketsPublic Markets Private Markets
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42.3 42.3 43.3 44.0 38.9 35.4 37.7 39.2 4.4 4.7 4.8 5.3 5.2 5.7 4.8 4.9 46.7 47.0 48.1 49.3 44.1 41.1 42.5 44.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 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, prior year 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 and year ended December 31, 2025, on pages 30-32 for actual reported balances InstitutionalFinancial Intermediaries Commercial Highlights 8 75.8 93.0 76.7 14.3 16.9 90.1 3.9 (1.1) (4.3) 4.4 0.6 93.6 31-Dec-24 New Lost Net Contributions Market and Other¹ Strategic² 31-Dec-25 Public Markets Private Markets 60.1 56.7 54.6 2.3 2.1 62.4 0.9 (6.3) (2.4) 2.9 (0.8) 56.7 31-Dec-24 New Lost Net Contributions Market and Other¹ Strategic² 31-Dec-25 52.2 49.6 51.8 50.6 52.1 49.1 51.1 50.5 27.6 27.7 29.2 30.1 30.7 31.0 32.5 32.8 79.8 77.3 81.0 80.8 82.9 80.1 83.5 83.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 AUM Flows In C$ billions In C$ millions Base Management Fees3 Public Markets Private Markets
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9 Private Wealth New mandates of ~$300M across Public and Private Markets platforms Decline in base management fees reflects lower AUM Financial Intermediaries New mandates of ~$900M into Public Markets, primarily into equity mandates Year-over-year decline in AUM and base management fees due to net outflows from sub-advised AUM Institutional New mandates of $2.1B in Public Markets Private Markets new mandates of $1.9B, primarily into real assets Base management fees in 2025 up 3% from the prior year Private Wealth 2025 Highlights 11.5 10.8 3.1 2.9 14.6 0.3 (0.4) (1.6) 0.7 13.7 31-Dec-24 New Lost Net Contributions Market and Other¹ 31-Dec-25 Public Markets Private Markets AUM Flows In C$ billions In C$ millions Base Management Fees 13.7 13.7 14.0 13.8 14.1 14.0 13.9 14.0 13.4 13.6 13.5 13.6 13.4 12.8 12.8 12.5 27.2 27.3 27.6 27.4 27.5 26.7 26.7 26.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 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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124.5 173.8 204.3 224.0 241.1 249.9 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 15% CAGR Private Markets – Continuous Growth Trend 10 AUM ($B) LTM Total Revenues ($M) Subtotals and totals may not reconcile due to rounding Private Markets Revenue growth exceeds AUM growth $8.6B of growth in Private Markets AUM since December 2020 5-yr CAGR of 10% Year-over-year AUM growth reflects demand for real assets: Real Estate AUM up 29% year-over-year partly due to acquisition of controlling interest in a UK real estate investment platform in Q1 2025; year-over-year growth of 14% for Infrastructure assets and 12% for Agriculture assets Total new subscriptions of $1.9B in 2025 Deployed capital of $1.9B year-to-date; Committed, undeployed capital of $2.0B as at December 31 Private Markets represents 13% of total AUM and 37% of total revenues 10% CAGR 5.3 5.9 6.5 6.6 7.0 9.0 4.4 5.0 5.5 5.1 4.8 4.32.7 3.4 3.7 3.9 4.2 4.8 0.8 1.1 1.9 2.1 2.6 2.9 0.2 0.3 0.6 0.9 1.0 1.0 13.4 15.9 18.2 18.5 19.7 22.0 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 Real Estate Private Credit Infrastructure Agriculture Private Equity
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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 19 of the Company’s Management’s Discussion & Analysis for the three months and year ended December 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 Gross IRR shown net of fund operating expenses 7 Strategies with diversified allocation to various private debt LP, including some above mentioned. 8 Gross returns recalculated with actual fees and expenses incurred by the funds that the pooled fund invested into Investment Performance – Private Markets1 11 Select Private Markets Investment Strategies Return Since Inception2 Gross IRR Since Inception3 Q4 2025 Absolute Return4 1-Year Absolute Return4 Real Estate Fiera Real Estate CORE Fund L.P. 8.21% - 1.59% 6.75% Fiera Real Estate Small Cap Industrial Fund L.P. 13.15% - 0.78% 4.48% Infrastructure EagleCrest Infrastructure5 - 8.41% 1.47% 7.53% Private Credit Fiera Canadian Real Estate Debt Fund 12.13% - 2.38% 9.89% Fiera Infrastructure Debt Fund II LP - 11.04% 2.15% 9.90% Clearwater Capital Partners Direct Lending Opportunities Fund, L.P. - 11.16% 2.45% 10.27% Fiera Private Debt Fund VI 5.31% - (1.87%) 5.64% Fiera Comox Private Credit Opportunities Open-End Fund L.P. 6 - 8.23% 2.14% 9.20% Private Markets Solutions Fiera Diversified Lending Fund 7,8 9.01% - 1.79% 7.86% Global Agriculture Fiera Comox Global Agriculture Open-End Fund L.P. 6 - 8.45% 2.11% 5.90% Private Equity Fiera Comox Global Private Equity Fund I L.P. 6 - 12.88% (2.04%) 2.13%
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Returns Value Added Returns Value Added Returns Value Added Returns Value Added Large Cap Equity Canadian Equity 2.55% (3.70%) 12.48% (19.19%) 16.07% (5.35%) 13.91% (2.18%) US Equity Core (0.35%) (3.01%) 11.12% (6.76%) 17.61% (5.40%) 12.96% (1.47%) International All Cap ADR 1.30% (3.75%) 30.37% (2.01%) 17.35% 0.02% 9.19% 1.28% Atlas Global Companies (1.89%) (3.48%) 4.46% (10.96%) 11.80% (9.84%) 5.83% (7.97%) Small Cap, Emerging and Frontier Equity Emerging Markets Select2 2.20% (1.34%) 28.06% 4.73% 21.69% 10.94% - - U.S. SMid Cap Growth 3.59% 3.26% 6.68% (3.63%) 12.67% (1.65%) 5.84% 2.86% Frontier Markets 1.57% (4.99%) 27.38% (19.48%) 22.72% 1.22% 17.93% 8.33% Canadian Fixed Income Strategies Active Core (0.18%) 0.14% 3.44% 0.79% 5.28% 0.77% 0.04% 0.40% Strategic Core (0.27%) 0.05% 3.65% 1.00% 5.61% 1.10% 0.22% 0.57% Integrated Core (0.27%) 0.05% 3.18% 0.53% 5.28% 0.77% 0.28% 0.64% Foreign Fixed Income Strategies Global Multi-Sector Income 0.64% 0.31% 3.46% 0.41% 6.69% 2.77% 3.02% 3.44% Tax Efficient Core Plus 1.32% 0.35% 5.64% 0.50% 4.09% 0.55% 1.37% 0.17% High Grade Core Intermediate 1.27% (0.08%) 7.40% (0.05%) 4.70% (0.31%) 0.89% 0.21% Balanced Investment Strategies Tactical Asset Allocation 2.03% 0.12% 12.19% (1.09%) 10.33% (1.39%) 8.33% 0.65% Sub-advised Strategies US Equity (2.23%) (3.36%) 3.18% (9.17%) 14.52% (8.96%) 12.73% (3.39%) International Equity 2.26% (1.05%) 7.02% (18.05%) 13.36% (4.32%) 7.95% (2.58%) Global Equity 1.20% (0.39%) 10.19% (5.23%) 16.36% (5.28%) 11.82% (1.98%) Key Public Markets Investment Strategies Q4 2025 1-year 3-year 5-year Investment Performance – Public Markets1 12 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 17 -18 of the Company’s Management’s Discussion & Analysis for the three months and year ended December 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
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Percentage of Public Markets Assets Outperforming at Quarter-End1 13 Fixed Income Equity2 84% 80% 84% 86% 95% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 One Year 94% 97% 97% 96% 97% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Three Years 94% 83% 89% 97% 95% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Five Years 10% 36% 6% 7% 5% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 One Year 83% 60% 47% 10% 11% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Three Years 88% 84% 79% 40% 40% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 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 14 Total revenues of $180.1M in Q4 2025, $3.9M, or 2.1% compared to Q4 2024, due to lower base management fees and lower share of earnings in JVs Base management fees of $154M in Q4 2025, $2.7M, or 1.7% year-over-year as lower base management fees from Public Markets were partly offset by an increase in base management fees from Private Markets Subtotals and totals may not reconcile due to rounding ($M) 211.0 168.1 164.8 171.7 184.0 162.9 163.0 167.1 180.1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Base Management Fees 147.4 151.5 149.3 154.4 156.7 154.5 147.9 152.8 154.0 Commitment and Transaction Fees 7.5 1.3 4.3 3.6 7.0 2.4 5.2 2.0 7.7 Performance Fees 42.2 2.8 2.5 5.9 13.6 0.2 2.5 7.0 13.5 Share of Earnings in JV and Associates 8.7 6.3 2.7 1.7 1.8 2.6 2.0 1.4 0.6 Other Revenues 5.2 6.2 5.9 6.2 4.9 3.1 5.3 3.9 4.3 Total Revenues 211.0 168.1 164.8 171.7 184.0 162.9 163.0 167.1 180.1 688.6 673.0 FY 2024 FY 2025 612.0 609.2 16.3 17.4 24.8 23.2 12.4 6.6 23.2 16.7 688.6 673.0
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Public Markets Revenues 15 Total revenues of $111.1M in Q4 2025, $4.9M or 4.2% from the prior year Base management fees of $103.7M in Q4 2025, $4.0M or 3.7% year-over-year due to lower average AUM from sub-advised strategy net outflows Performance fees approximately flat year-over-year Other revenues down slightly due to revenues related to a prior year insurance claim 136.3 110.3 108.2 111.4 116.0 106.7 100.0 104.5 111.1 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Base Management Fees 102.2 106.1 103.5 106.9 107.7 105.1 98.4 102.7 103.7 Performance Fees 31.8 0.7 0.9 0.9 5.5 ̶ ̶ 0.2 5.2 Other Revenues1 2.4 3.5 3.8 3.7 2.8 1.5 1.6 1.6 2.1 Total Revenues 136.3 110.3 108.2 111.4 116.0 106.7 100.0 104.5 111.1 Subtotals and totals may not reconcile due to rounding 1 Other revenues allocated amongst public and private markets beginning Q1 2024. Prior period figures have been reclassified to conform with the current period's presentation ($M) 446.0 422.2 FY 2024 FY 2025 424.1 410.0 8.0 5.4 13.9 6.8 446.0 422.2
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Private Markets Revenues 16 Total revenues of $68.7M in Q4 2025, $0.9M, or 1.3% compared to Q4 2024 Base management fees of $50.2M in Q4 2025, $1.1M, or 2.2% year-over-year due to acquisition of controlling interest in a real estate investment platform in Q1 2025 Commitment and transaction fees $0.7M year-over-year Share of earnings in JV and associates $1.2M year-over-year due to timing of project completions Performance fees and Other revenues approximately flat year-over-year 74.0 57.3 56.0 60.0 67.8 56.2 62.7 62.4 68.7 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Base Management Fees 45.2 45.5 45.9 47.5 49.1 49.4 49.5 50.1 50.2 Commitment and Transaction Fees 7.5 1.3 4.3 3.6 7.0 2.4 5.2 2.0 7.7 Performance Fees 10.4 2.1 1.6 5.0 8.1 0.2 2.5 6.8 8.3 Share of Earnings in JV and Associates 8.7 6.3 2.7 1.7 1.8 2.6 2.0 1.4 0.6 Other Revenues1 2.3 2.1 1.5 2.2 1.9 1.5 3.4 2.1 2.0 Total Revenues 74.0 57.3 56.0 60.0 67.8 56.2 62.7 62.4 68.7 Subtotals and totals may not reconcile due to rounding 1 Other revenues allocated amongst public and private markets beginning Q1 2024. Prior period figures have been reclassified to conform with the current period's presentation ($M) 187.9 199.2 16.3 17.4 16.8 17.8 12.4 6.6 7.7 9.0 241.1 249.9 241.1 249.9 FY 2024 FY 2025
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492.8 478.9 688.6 673.0 2024 2025 Selling, General and Administrative Expenses (“SG&A”) 17 Increase in SG&A excluding share-based compensation (“SBC”) from the prior quarter partly due to higher sub- advisory fees connected to performance fees SG&A excluding SBC down 4% year-over-year due to lower sub-advisory fees and lower fixed compensation SG&A excluding SBC decreased 3% year-over-year, mainly from lower sub-advisory fees SG&A excl. SBC ($M) Total Revenues ($M)Q4 2025 2025 SG&A excl. SBC ($M) Total Revenues ($M) 2.3% 2.8% 116.8 125.4 167.1 180.1 Q3 2025 Q4 2025 7.8% 7.4% 130.6 125.4 184.0 180.1 Q4 2024 Q4 2025 4.0% 2.1%
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18 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 beginning on page 48 for the definitions and associated reconciliations on pages 63-64 of the Company’s Management’s Discussion and Analysis for the three months and year ended December 31, 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 77.6 45.4 45.3 51.7 53.4 43.4 45.7 50.3 54.7 36.8% 27.0% 27.5% 30.1% 29.0% 26.6% 28.0% 30.1% 30.4% -3% 2% 7% 12% 17% 22% 27% 32% 37% (20) 0 20 40 60 80 100 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Adjusted EBITDA¹ ($M) Net Earnings² ($M) Adjusted Net Earnings¹ ² ($M) Adjusted EBITDA Margin¹ (%) 205.9 212.4 212.2 220.0 195.8 193.8 194.2 192.8 194.1 30.0% 30.5% 30.2% 30.7% 28.4% 28.4% 28.5% 28.5% 28.8% 0% 5% 10% 15% 20% 25% 30% 0 50 100 150 200 250 300 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTM Adjusted EBITDA¹ ($M) LTM Net Earnings² ($M) LTM Adjusted Net Earnings¹ ² ($M) Adjusted EBITDA Margin¹ (%)
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7.7 10.8 8.8 0.4 5.2 0.1 (3.0) 29.9 Q4 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 Q4 2025 Adjusted net earnings¹ ² Reconciliation of Q4 2025 Adjusted Net Earnings1,2 ($M) $0.28 per share basic $0.24 per share diluted $0.07 per share basic $0.07 per share diluted Net Earnings1 & Adjusted Net Earnings1,2 1919 39.4 7.6 4.9 12.6 (0.2) 21.8 3.8 5.8 7.7 50.2 26.1 24.9 28.9 22.8 25.4 27.2 25.0 29.9 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net earnings (loss)¹ ($M) Adjusted net earnings¹ ² ($M) Subtotals and totals may not reconcile due to rounding 1 Attributable to the Company’s shareholders 2 Adjusted net earnings and Adjusted net earnings per share are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section beginning on page 48 for the definitions and associated reconciliation on page 64 of the Company’s Management Discussion and Analysis for the three months and year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/
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0.56 0.64 0.59 0.61 0.23 0.37 0.35 0.28 0.36 0.86 0.86 0.86 0.86 0.86 0.86 0.76 0.65 0.54 1.21 1.22 1.17 1.22 0.96 0.95 0.97 0.93 1.00 1.98 2.01 1.99 2.06 1.83 1.80 1.80 1.79 1.81 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTM EPS LTM dividends paid LTM Adjusted net earnings per share¹ - basic LTM Adjusted EBITDA per share¹ - basic 1 Adjusted EBITDA per share and Adjusted net earnings per share “Adjusted EPS” are not standardized measures prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. The definition of Adjusted net earnings was amended, and certain comparative figures have been restated to conform with the current presentation. Please refer to the “Non-IFRS Measures” Section beginning on page 48 for the definitions and associated reconciliations on pages 63-64 of the Company’s Management’s Discussion and Analysis for the three months and year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/ Per Share Metrics 20 ($ per share)
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89 72 121 95 87 87 75 87 79 89 90 91 91 91 91 80 68 57 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 LTM Free Cash Flow¹ LTM Dividends Paid LTM Free Cash Flow 21 LTM Free Cash Flow1 Relative to LTM Dividends Paid ($M) LTM Free Cash Flow1 down from the prior quarter due to higher dividends paid to non- controlling interest and timing of accounts receivable collections, partly offset by higher distributions received from JVs 1 LTM Free Cash Flow is not a standardized measure prescribed by IFRS. These non-IFRS measures do not have any standardized meaning and may not be comparable to similar measures presented by other companies. Please refer to the “Non-IFRS Measures” Section beginning on page 48 for the definitions and associated reconciliation on page 65 of the Company’s Management’s Discussion and Analysis for the three months and year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca and on Fiera Capital’s Investor Relations website at https://ir.fieracapital.com/
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Financial Leverage Ratios 22 Funded Debt2 ($M) Leverage Ratios Total Debt vs. Net Debt1,5 ($M) 655 651 703 712 680 664 685 687 739 735 712 705 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 Net Debt Cash & Cash Equivalents1,5 552 555 589 515 505 540 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 2.94x 3.09x 3.15x 2.98x 3.33x 3.63x 3.67x 3.53x 3.42x 2.65x 2.90x 2.97x 2.93x 3.06x 3.27x 2.99x 2.89x 2.99x 31-Dec-23 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-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 17, 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 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 beginning on page 48 for the definitions and associated reconciliations on pages 63 and 66 of the Company’s Management’s Discussion and Analysis for the three months and year ended December 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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Progress on Our Strategy in 2025 Growing Private Markets Private Markets AUM growth of 11% in 2025, driven by strong net organic growth and a strategic acquisition $1.9B of capital deployed in 2025, with a strong pipeline of committed, undeployed capital for future opportunities Private Markets comprised 13% of total AUM and contributed 37% to total revenues in 2025 Investment Performance Solid and consistent performance across Private Markets strategies Fiera Real Estate CORE fund awarded the Private Market Portfolio Manager Award at the Institutional Connect Awards Fixed income performance remained strong, with 95% of AUM outperforming in 2025 Focused on Organic Growth by Bolstering Distribution New mandates of more than $5B across both Public and Private Markets platforms in 2025 Excluding sub-advised AUM, positive net organic growth was ~$950M in 2025, an improvement of $4.3B year-over-year Profitability Adjusted EBITDA margin1 of 30.4% in Q4 2025 2025 Adjusted EBITDA margin of 28.8%, up 40 basis points from the prior year Commitment to Sustainability Achieved highest GRESB results to-date for Fiera Infrastructure Canadian and Luxembourg investment vehicles Received annual PRI scores, with most of our underlying strategies receiving above-median scores 2323 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 beginning on page 48 for the definitions and associated reconciliation on pages 63 of the Company’s Management’s Discussion and Analysis for the three months and year ended December 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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24 APPENDIX Who We Are
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Fiera Capital Mission Statement and Values We allocate capital with discipline, deliver risk- adjusted returns and back long-term drivers of value. Our Mission Lead with Integrity We uphold the highest standards of ethics and accountability, fostering a culture of trust and merit. Innovate with Purpose We create value-accretive solutions, combining ingenuity with purposeful applications to create continuous improvement. Think Critically, Act Decisively We make confident, well-informed decisions grounded in rigorous analysis and world-class expertise. 2525 Collaborate with Intent We leverage the ambition and diverse perspectives of our global teams to deliver lasting value. Adapt with Agility We navigate complexity with discipline and foresight, adapting decisively to change. Our Values
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Progressing Our Mission and Vision We aspire to be the partner of choice for clients seeking performance, and the home of people who deliver it. 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. At the forefront of investment management science Sustainability factors lead to better understanding of the risk/return profiles of our investment opportunities. Solving for our clients’ specific needs Construct tailored single- and 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 and 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 vision 26 Our Vision
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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 2727
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Fiera Capital A Leading Independent Asset Manager 28 1 As at December 31, 2025 2 Source: Bloomberg as at December 31, 2025 3 Source: Fiera Capital analysis of peers, as at December 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$164.1 billion1 SYMBOL (TSX) FSZ.TO MARKET CAP C$661 million2 ASSET MANAGER RANKING (by Total Assets) 4th 68th Canada3 North America4 Global4 166th Leashareholders andng independent asset management firm with a growing global presence and approximately C$164.1B1 in AUM We deliver customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East We adhere to the highest governance and investment risk management standards and operate with transparency and integrity to create value for clients and shareholders over the long term We place a strong focus on talent to ensure we continue to deliver consistently for our clients and our shareholders and are guided by our values.
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Growing our Portfolio Through a Competitive Investment Offering 29 AUM ($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 29 163.5 181.9 164.1 31-Dec-20 31-Dec-25 1 574 671 695 673 31-Dec-20 31-Dec-25 1 +0.1% CAGR1 +3% CAGR1 1
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Equity 45% Fixed Income 40% Private Markets 13% Liquid Alts & Other1 2% AUM by Segments By Geography By Distribution Channel By Asset Class AUM as at December 31, 2025 – $164.1B Canada 68% U.S. 21% EMEA 10% Asia 1% Institutional 57% Financial Intermediaries 35% Private Wealth 8% 1 Liquid alternative investment strategies are accounted for in the Company’s Public Markets investment platform 30
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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 Q4 2025 Total Revenues – $180.1M Canada 62% U.S. 20% EMEA 16% Asia 2% 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 31
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Expanding our Global Footprint 32 780 employees INCLUDING ~221 INVESTMENT PROFESSIONALS As at December 31, 2025 Montreal Boston New York Toronto Calgary London Frankfurt Singapore Hong Kong Halifax Dayton Zurich Abu Dhabi The Hague 32 Tokyo
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Our Sustainability Journey As at December 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. 33 We actively contribute and collaborate to further promote the advancement of sustainability
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Breadth of Innovative Investment Solutions 34 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 $73.1B1 $66.0B $3.0B $142.1B $9.0B $4.3B $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 $33.9B 2 Includes $2.0B 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 35
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Thank You Investor Relations Contact: Natalie Medak investorrelations@fieracapital.com 416-884-4236 ir.fieracapital.com