Q4 2025 Fiera Capital Corp Earnings Call

February 26, 2026

Speaker #1: Good morning and welcome to the Fiera Capital . S earnings call to discuss financial results for the fourth quarter of 2025 . I will now turn the conference over to Natalie Medak , director , Investor Relations .

Operator: Good morning, welcome to Fiera Capital's Earnings Call to discuss financial results for Q4 2025. I will now turn the conference over to Natalie Medak, Director, Investor Relations. You may begin your conference.

Speaker #1: You may begin your conference

Speaker #2: Thank you and good morning , Welcome to the Fiera Capital conference call to discuss our financial results for the fourth quarter and full year A copy of today's presentation can be found in the Investor Relations section of our website Comments made on today's call , including replies to certain questions , may deal with forward looking statements which are subject to risks and uncertainties that may cause actual results to differ from expectations .

Natalie Medak: Thank you. Good morning, everyone. Welcome to the Fiera Capital conference call to discuss our financial results for Q4 and full year. A copy of today's presentation can be found in the Investor Relations section of our website. Comments made on today's call, including replies to certain questions, may deal with forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ from expectations. Please refer to the forward-looking statements on page 2 of the presentation. Our speakers today are Maxime Ménard, Global President and CEO, and Lucas Pontillo, Executive Director, Global CFO, and Head of Corporate Strategy. Also available to answer questions will be John Valentini, President and CEO of Private Markets. I will now turn the call over to Maxime.

Speaker #2: Please refer to the forward looking statements on page two of the presentation . Our speakers today are Maxime Menard , global president and CEO and Lucas Pontillo executive director of global CFO and head of corporate strategy .

Speaker #2: Also available to answer questions will be John Valentini , president and CEO , Private Markets . I will now turn the call over to Maxime

Speaker #3: Good morning everyone . Thank you for joining us today . As we report operating and financial results for the quarter Fourth quarter and full year , our total assets under management ended the year at 164.1 billion .

Maxime Ménard: Good morning, everyone. Thank you for joining us today as we report operating and financial results for the Q4 and full year. Our total assets under management ended the year at CAD 164.1 billion. Excluding sub-advised strategies, assets under management increased 0.4% for the Q4 and increased by more than CAD 7 billion or 5.7% for the year, driven by net inflows of approximately CAD 1 billion and strong equity markets growth in 2025. Including sub-advisory AUM, our total assets under management declined by 1.7% for the Q4 and 1.8% for the year, reflecting net outflows from our sub-advisory strategies. In public markets, assets under management ended the year at CAD 142.1 billion.

Speaker #3: Excluding Subadvised strategies , assets under management increase 0.4% for the fourth quarter and increased by more than $7 billion , or 5.7% for the year , driven by net inflows of approximately 1 billion and strong equity markets growth in 2025 .

Speaker #3: Including Subadvisory AUM . Our total assets under management declined by 1.7% for the quarter and 1.8% for the year , reflecting net outflows from our Subadvisory strategies in public markets .

Speaker #3: Assets under management ended the year at 142.1 billion , excluding Subadvised Strategies . Public markets AUM reach 108 billion , increasing 0.5 percent in the fourth quarter and 4.7% for the year .

Maxime Ménard: Excluding sub-advised strategies, public markets AUM reached CAD 108 billion, increasing 0.5% in Q4 and 4.7% for the year. Assets in our private market platform ended the year at CAD 22 billion, up 11.4% from the end of the prior year, and reflect net inflows of approximately CAD 900 million, an acquisition of controlling interest in the real estate investment platform during the year. Private markets AUM was flat versus the prior quarter, as net inflows and positive market action were upset by negative FX impact. Turning to highlights of our commercial and investment platform, starting with our public market platforms. For the quarter, new mandates totaled approximately CAD 500 million, with good demand for our Canadian large cap and US Growth Equity strategy.

Speaker #3: Assets in our private market platform ended the year at $22 billion , up 11.4% from the end of the prior year . Prior year , and reflect net inflows of approximately 900 million and acquisition of controlling interest in the real estate investment platform during the year .

Speaker #3: Private markets AUM was flat versus the prior quarter as net inflows and positive market action were offset by negative effects . In fact , turning to highlights of our commercial and investment platform , starting with our public market platforms for the quarter .

Speaker #3: New mandates totaled approximately 500 million , with good demand for our Canadian large cap and US growth equity strategies , excluding Subadvised AUM net outflows for the quarter were 450 million , largely reflected outflows from our US fixed income during the quarter .

Maxime Ménard: Excluding sub-advised AUM, net outflows for the quarter were CAD 450 million, largely reflected outflows from our US fixed income. During the quarter, approximately CAD 550 million of sub-advised assets within our balance mandate were reallocated into our US equity strategy. Including this transfer, combined net inflows into our non-sub-advised AUM were CAD 100 million for the quarter. For the year, public markets captured new mandates of CAD 3.2 billion, reflecting strong interest in our Canadian large cap, US, and Global Emerging Markets strategies. Several of these new mandates were the results of relationship established with new financial intermediaries clients during the year, which are expected to generate ongoing net inflows on the go-forward basis. Approximately CAD 700 million of positive net contribution in 2025 were directly attributed to these new mandates.

Speaker #3: Approximately $550 million of sub-advised assets within our balanced mandate were reallocated into our US equity strategy. Including this transfer, combined net inflows into our non-sub-advised AUM were $100 million for the quarter and for the year.

Speaker #3: Public markets captured new mandates of 3.2 billion , reflecting strong interest . And our Canadian cap US and emerging market strategies . Several of these new mandates were the results of relationship established with new financial intermediaries clients during the year , which are expected to generate ongoing net inflows on the go forward basis .

Speaker #3: Approximately $700 million of positive net contribution in 2025 were directly attributed to these new mandates. For the year, net inflows, excluding subadvised assets, were approximately $100 million.

Maxime Ménard: For the year, net inflows, excluding sub-advised assets, were approximately CAD 100 million. Our four largest core public market franchise, consisting of Canadian Equity, US Growth Equity, Active and Strategic Fixed Income, and Integrated Fixed Income, and representing more than 50% of our public market AUM, captured net inflows of CAD 2.8 billion for the year. These were largely offset by Treasury and US fixed income net outflows within our financial intermediary channel in the US. Net outflows on our US fixed income business in 2025 were mostly related to structural changes at investment advisory partners and not related to performance. These advisory firms continue to view Fiera US Fixed Income team as a value partner and have added funds year-over-year. Over the last year, we have seen very positive underlying momentum in our public market platform.

Speaker #3: Our fourth for largest core public market franchise , consisting of Canadian equity , US growth equity , active and strategic fixed income , and integrated fixed income and representing more than 50% of our public market AUM captured net inflows of 2.8 billion for the year .

Speaker #3: These were largely offset by Treasury and US fixed income , net outflows within our financial intermediary channel . In the US Net outflows on our US fixed income business in 2025 were mostly related to structural changes at investment advisory partners , and not related to performance .

Speaker #3: These advisory firm continue to view Finra , US fixed income team as a valued partner and have added funds year over year over the last year , we have seen very positive underlying momentum and our public market platform within our core Canadian business , excluding Subadvised strategy , we captured positive net contribution of 400,000,020 25 , up from negative net contribution of 4.3 billion a year over year improvement of 4.7 billion .

Maxime Ménard: Within our core Canadian business, excluding sub-advised strategy, we captured positive net contribution of CAD 400 million in 2025, up from negative net contribution of CAD 4.3 billion, a year-over-year improvement of CAD 4.7 billion. We also saw year-over-year growth in gross mandate of better client retention. We lost mandates totaling approximately CAD 200 million in 2025, compared to CAD 2.2 billion the prior year. Overall, net organic growth in our core Canadian public market increased from net outflows of more than CAD 4 billion in 2024 to net inflows of CAD 2.7 billion in 2025, an improvement of CAD 6.8 billion year-over-year.

Speaker #3: We also saw year over year growth and growth mandate of better client retention . We lost mandates totally , approximately 200,000,000 in 2025 , compared to 2.2 billion the prior year Overall , net organic growth .

Speaker #3: And our core Canadian public market increased from net outflows of more than 4,000,000,000 in 2024 to net inflows of 2.7 billion and 2025 , and improvement of 6.8 billion year over year .

Speaker #3: We are pleased to note that a higher share of new mandates won in the past year have been through the financial intermediary channels , where mandates are multi-product in nature and flows from these mandates are expected to grow with greater advisory level strategy penetration Turning to the investment performance in public markets , our fixed income strategies continues to perform exceptionally well , with nearly all strategies adding value for the quarter .

Maxime Ménard: We are pleased to note that a higher share of new mandates won in the past year have been through the financial intermediary channels, where mandates are multi-products in nature, and flows from these mandates are expected to grow with greater advisor-level strategy penetration. Turning to the investment performance in public markets. Our fixed income strategies continues to perform exceptionally well, with nearly all strategies adding value for the quarter. Approximately 95% of our fixed income assets outperformed their benchmark over both the 1-year and 5-year period, and 97% of fixed income assets outperform over the 3-year period. Most of our equity strategies delivered positive absolute returns in the quarter, outperform remain a challenge as low quality index continue to drive growth in benchmark index. In 2025 was a challenge year for value and high conviction manager in general.

Speaker #3: Approximately 95% of our fixed income assets outperformed their benchmark over both the one year and five year periods , and 97% of fixed income assets outperform over the three year period .

Speaker #3: Most of our equity strategies delivered positive absolute returns in the quarter , but outperform remain a challenge as low quality index constituent continue to drive growth in benchmark index and 2025 was a challenge year for value and high , conviction manager in general .

Speaker #3: But despite near-term challenges , absolute return for our strategies remain strong have helped our client achieve their overall objectives . We have seen minimal attrition related to performance over the year Now , turning to our private market platform for the quarter , we capture new mandates of approximately 300 million , primarily into real estate strategies and saw net organic growth of $75 million for the year .

Maxime Ménard: Despite near-term challenges, absolute return for our strategies remained strong and helped our clients achieve their overall objectives. We have seen minimal attrition related to performance over the year. Now, turning to our private market platform. For the quarter, we captured new mandates of approximately CAD 300 million, primarily into real estate strategies, and saw net organic growth of CAD 75 million. For the year, new subscription were CAD 1.9 billion, and net inflows were close to CAD 900 million. Flows were mostly driven by demand for our real assets strategies, mainly real estate, infrastructure, and agriculture. Demand for these strategies reflect the strength of our expertise and secular demand as investors seek inflation and downside protection. Lost mandate within the private market platform remain limited, testament of the strength of our offering and stickiness of our clients.

Speaker #3: New subscriptions were $1.9 billion and net inflows were close to $900 million. Flows were mostly driven by demand for our real estate assets strategy, namely real estate, infrastructure, and agriculture. Demand for these strategies reflects the strength of our expertise and the secular demand.

Speaker #3: As investors seek inflation and downside protection Lost mandate within the private market platform remained limited . Testament of the strength of our offering and stickiness of our clients .

Speaker #3: We return capital of approximately 100 million for the quarter and 600 million for the year . We also deployed approximately 400,000,450 million of capital into new projects .

Maxime Ménard: We returned capital of approximately CAD 100 million for Q4 and CAD 600 million for the year. We also deployed approximately CAD 450 million of capital into new projects during Q4 and close to CAD 2 billion year to date. We maintain a robust pipeline of CAD 2 billion and committed undeployed capital for future opportunities. Moving to the investment performance. Our Private Market strategies continue to perform well in Q4 and for the year. Within real estate, our core and small cap industrial strategies produced positive absolute returns for Q4. We have generated returns of 8% and 13%, respectively, since inception. We see a more constructive backdrop in these strategies in 2026, given improvement in investor appetite and supportive industry tailwinds. In infrastructure, returns were positive for Q4 and close to 8% for the year.

Speaker #3: During the fourth quarter and close to $2 billion year to date. We maintain a robust pipeline of $2 billion and committed undeployed capital for future opportunities. Moving to the investment performance, our private market strategies continue to perform well in the fourth quarter and for the year.

Speaker #3: Within real estate , our core and small cap industrial strategies produce positive , absolute returns for the quarter . We have generated returns of eight and 13% , respectively , respectively .

Speaker #3: Since inception , we see a more constructive backdrop and these strategies and 2026 give an improvement in investor appetite and supportive industry tailwinds .

Speaker #3: And infrastructure returns were positive for the quarter and close to 8% for the year . And in agriculture , we saw good returns for the quarter , supported by consistent income generation with primarily reports indicating that our full year performance is tracking ahead of industry benchmark within private credit performance in our real estate debt and infrastructure debt strategies remained strong and absolute returns of 10% for the year and gross internal rates of return of 12% 11% , respectively .

Maxime Ménard: In agriculture, we saw good returns for the quarter, supported by consistent income generation, with primarily reports indicating that our full-year performance is tracking ahead of industry benchmark. Within private credit, performance in our real estate debt and infrastructure debt strategies remained strong, and absolute returns of 10% for the year and gross internal rates of return of 12%, 11%, respectively, since inception. Now turning to private wealth. Assets under management of CAD 14 billion at the end of Q4 declined by 2% for the quarter and down 6% for the end of the prior year. The quarter was impacted by negative net contribution, largely out of Treasuries and sub-advised strategies. I will now turn it over to Lucas for review of our financial performance.

Speaker #3: Since inception Now , turning to private wealth assets under management of $14 billion at the end of the fourth quarter declined by 2% for the quarter and down 6% for the for the for the for the end of the prior year .

Speaker #3: The quarter was impacted by negative net contribution , largely out of treasuries and subadvised strategies . I will now turn it over to Lucas for review of our financial performance

Speaker #4: Thank you , Maxim , and good morning , everyone . We'll now review the financial results for the fourth quarter and full year , beginning with earnings on an adjusted basis .

Lucas Pontillo: Thank you, Maxime, Good morning, everyone. I will now review the financial results for Q4 and full year. Beginning with earnings. On an adjusted basis, net earnings for the quarter were CAD 30 million, up from CAD 25 million in the prior quarter and CAD 23 million in the same quarter last year. On a diluted per share basis, adjusted net earnings was for CAD 0.24 for the quarter, up CAD 0.01 from the prior quarter and up CAD 0.03 from the same quarter last year. This increase is in spite of the fact that adjusted EPS for the current quarter reflects share dilution from our 6% hybrid debenture, which was not the case in the prior quarter or the same quarter last year, which adversely impacted adjusted EPS by approximately CAD 0.03.

Speaker #4: Net earnings for the quarter were 30 million , up from 25 million in the prior quarter . And 23 million in the same quarter last year .

Speaker #4: On a diluted per share basis , adjusted net earnings was $0.24 for the quarter , up $0.01 from the prior quarter and up $0.03 from the same quarter last year .

Speaker #4: This increase is in spite of the fact that adjusted EPs for the current quarter reflects share dilution from our 6% hybrid debenture , which was not the case in the prior quarter or the same quarter last year , which adversely impacted adjusted EPs by approximately $0.03 .

Speaker #4: Adjusted net earnings were 108 million for the full year , up 5% from adjusted net earnings of 103 million for the prior year .

Lucas Pontillo: Adjusted net earnings were CAD 108 million for the full year, up 5% from adjusted net earnings of CAD 103 million for the prior year. On a per share basis, however, adjusted net earnings of CAD 0.87 per diluted share when compared to the CAD 0.94 of the prior year, with the decline being explained by the share dilution from our 6% hybrid debenture on a weighted average share count for the current year. Whereas there was no dilution from hybrid debenture in the prior year, weighted average share count during the year. The impact on dilution by including the 6% hybrid instrument in the weighted average share count reduced adjusted EPS by approximately CAD 0.09 for the full year. Excluding this impact, our adjusted EPS would have increased by approximately CAD 0.02 year-over-year.

Speaker #4: On a per share basis . However , adjusted net earnings of $0.87 per diluted share when compared to the $0.94 of the prior year .

Speaker #4: With the decline being explained by the share dilution from 6% hybrid debenture on a weighted average share count for the year , whereas there was no dilution from hybrid debenture in the prior year , weighted average share count during the year , the impact on dilution by including the 6% hybrid instrument in the weighted average share count , reduced adjusted EPs by approximately $0.09 for the full year .

Speaker #4: Excluding this impact , our adjusted EPs would have increased by approximately $0.02 year over year Turning to adjusted EBITDA and adjusted EBITDA margin .

Lucas Pontillo: Turning to adjusted EBITDA and adjusted EBITDA margin. Our adjusted EBITDA was CAD 55 million for Q4, up CAD 4 million or 9% for Q3, and up CAD 1 million or 2% for Q4 last year. We saw a margin expansion both quarter-over-quarter and year-over-year, as adjusted EBITDA margin of 30.4% in Q4 increased from 30.1% in Q3 and increased from 29% in Q4 last year. On a full year, adjusted EBITDA of CAD 194 million was down by less than CAD 2 million or 1% from the prior year, despite the decline in revenues, primarily from lower sub-advised assets under management, share of earnings in joint ventures, and public market performance fees.

Speaker #4: Our adjusted EBITDA was 55 million for the quarter , up 4 million , or 9% for the prior quarter and up 1 million , or 2% for the same quarter last year .

Speaker #4: We saw margin expansion both quarter over quarter and year over year as adjusted EBITDA margin of 30.4% in the fourth quarter increased from 30.1% in the prior quarter .

Speaker #4: And increased from 29% in the same quarter last year . On a full year adjusted EBITDA of 194 million was down by less than 2 million , or 1% , from the prior year .

Speaker #4: Despite the decline in revenues , primarily from lower subadvised assets under management , share of earnings and joint ventures and public market performance fees .

Speaker #4: Hence , while total revenues were down year over year , we were still able to generate margin growth for the full year with adjusted EBITDA margin of 28.8% , up from 28.4% in the prior year Focusing on total revenues , total revenues were 180 million in the fourth quarter , up 13 million , or 8% quarter over quarter , primarily due to higher performance fees and higher commitment and fees year over year .

Lucas Pontillo: Hence, while total revenues were down year-over-year, we were still able to generate margin growth for the full year, with adjusted EBITDA margin of 28.8%, up from 28.4% in the prior year. Focusing on total revenues. Total revenues were CAD 180 million in Q4, up CAD 13 million or 8% quarter-over-quarter, primarily due to higher performance fees and higher commitment and transaction fees. Year-over-year, total revenues declined CAD 4 million or 2%, reflecting lower base management fees in public markets, which were partially offset by base management fees in private markets. On a full year basis, total revenues declined CAD 16 million or 2%, largely from a decline in revenues from sub-advised mandates, share of earnings in joint ventures, as well as lower performance fees in public markets.

Speaker #4: Total revenues declined 4 million , or 2% , reflecting lower base management fees and public markets , which were partially offset by base management fees in private markets on a full year basis , total revenues declined 16 million , or 2% , largely from a decline in revenues from Subadvised mandates .

Speaker #4: Share of earnings and joint ventures , as well as lower performance fees in public markets . Base management fees across both platforms were 154 million in the fourth quarter , up 1 million , or 1% from the previous quarter , but down 3 million , or 2% from the same quarter last year .

Lucas Pontillo: Base management fees across both platforms were CAD 154 million in Q4, up CAD 1 million or 1% from the previous quarter, but down CAD 3 million or 2% from Q4 last year. For the full year, base management fees declined by CAD 3 million or 1% from the same period last year, as the decline in fees in public market sub-advised assets was largely offset by higher base management fees from our private markets. Turning to private market revenues. Base management fees of CAD 104 million in Q4 increased CAD 1 million from the prior quarter, reflecting average AUM growth. Base management fees declined CAD 4 million or 4% from Q4 last year, primarily due to lower sub-advised assets under management.

Speaker #4: For the full year , base management fees declined by 3 million , or 1% , from the same period last year as the decline in fees and public market subadvised assets was largely offset by higher base management fees from our private markets .

Speaker #4: Turning to private market revenues, base management fees of $104 million in the fourth quarter increased $1 million from the prior quarter, reflecting average AUM growth.

Speaker #4: Base management fees declined 4 million , or 4% , from the same quarter last year , primarily due to lower subadvised assets under management for the year .

Lucas Pontillo: For the year, base management fees of CAD 410 million declined CAD 14 million or 3% from the prior year, due to lower sub-advisory AUM. Performance fees were CAD 5.2 million during the quarter, compared with CAD 5.5 million in the same quarter last year. For the year, performance fees of CAD 5.4 million were down compared with CAD 8 million in the prior year, due to lower performance fees crystallized. Other revenue of CAD 2.1 million in the quarter, compared with other revenues of CAD 1.6 million in the prior quarter, and CAD 2.8 million in the same quarter last year. For the year, other revenues of CAD 7 million declined from CAD 14 million in the prior year, largely due to revenues related to an insurance claim settled in the prior year. Moving on to private market revenues.

Speaker #4: Base management fees of 410 million declined 14 million , or 3% , from the prior year , due to lower Subadvised AUM performance fees were 5.2 million during the quarter , compared with 5.5 million in the same quarter last year .

Speaker #4: For the year performance fees of 5.4 million were down compared with 8 million in the prior year , due to lower due to lower performance fees crystallized and other revenue of 2.1 million in the quarter compared with other revenues of 1.6 million in the prior quarter and 2.8 million in the same quarter last year .

Speaker #4: For the year , other revenues of 7 million declined from 14 million in the prior year , largely due to revenues related to an insurance claim settled in the prior year Moving on to private market revenues , base management fees of 50 million in the fourth quarter were steady from the prior quarter , year over year fees increased 1 million , or 2% , for the year .

Lucas Pontillo: Base management fees of CAD 50 million in Q4 were steady from the prior quarter. Year-over-year, fees increased CAD 1 million or 2%. For the year, base management fees of CAD 199 million increased CAD 11 million or 6% from the prior year. Commitment and transaction fees of CAD 8 million for Q4 compare with fees of CAD 2 million in the prior quarter and CAD 7 million in the same quarter last year. For the year, commitment and transaction fees were CAD 17 million or CAD 1 million higher from the prior year. Performance fees of CAD 8 million during the quarter were CAD 1 million higher from the prior quarter and effectively flat year-over-year. For the year, performance fees were CAD 18 million, up from CAD 17 million in the prior year, due to higher performance fees crystallized in our private equity strategy.

Speaker #4: Base management fees of 199 million increased 11 million , or 6% , from the prior year . Commitment and transaction fees of 8 million for the fourth quarter , compared with fees of 2 million in the prior quarter and 7 million in the same quarter last year .

Speaker #4: For the year , commitment and transaction fees were 17 million , or 1 million higher from the prior year . Performance fees of 8 million during the quarter were 1 million higher from the prior quarter , and effectively flat year over year .

Speaker #4: For the year . Performance fees were 18 million , up from 17 million in the prior year due to higher performance fees crystallized in our private equity strategy .

Speaker #4: Lastly , share of earnings in joint ventures related to our U.K. real estate business were approximately 600,000 in the quarter , down from 1.4 million in the prior quarter and 1.8 million in the same quarter last year .

Lucas Pontillo: Lastly, share of earnings and joint ventures related to our UK real estate business were approximately GBP 600 thousand in Q4, down from GBP 1.4 million in the prior Q3 and GBP 1.8 million in the same Q4 last year. For the year, earnings from joint ventures were GBP 7 million, compared with GBP 12 million from the prior year, largely reflecting income earned from the completion of several large construction projects in the prior year, and the fact that controlling interest in a joint venture on our UK real estate investment platform is now consolidated in our results and reported in base management fees. Other revenues were CAD 2 million for Q4, flat from the prior Q3 and the same Q4 last year. For the year, other revenues were CAD 9 million, up from CAD 8 million from the prior year.

Speaker #4: For the year , earnings from joint ventures were 7 million , compared with the 12 million from the prior year , largely reflecting income earned from the completion of several large construction projects in the prior year .

Speaker #4: And the fact that controlling interest in a joint venture on our U.K. real estate investment platform is now consolidated in our results and reported in base management fees , other revenues were 2 million for the fourth quarter , flat from the prior quarter , and the same quarter last year .

Speaker #4: For the year . Other revenues were 9 million , up from 8 million from the prior year . Assets under management in our private market platform comprised 13% of total assets under management and generated 37% of our total revenues for the year .

Lucas Pontillo: Assets under management in our private market platform comprised 13% of total assets under management and generated 37% of our total revenues for the year. This compared to 35% in the prior year. The platform continues to deliver attractive AUM and revenue growth and provides diversification to our overall business. Now looking at expenses. SG&A expenses, excluding share-based compensation, were CAD 125 million in the Q4, up CAD 9 million or 7% quarter-over-quarter, largely due to higher sub-advisory fees connected to the recognition of performance fees in the Q4. Year-over-year, SG&A expenses, excluding share-based comp, declined CAD 5 million or 4%, primarily due to lower compensation costs, sub-advisory fees, and operating expenses.

Speaker #4: This compared to 35% in the prior year . The platform continues to deliver attractive AUM and revenue growth and provides diversification to our overall business .

Speaker #4: Now , looking at expenses , SGA expenses excluding share based compensation , were 125 million in the fourth quarter , up 9 million , or 7% quarter over quarter , largely due to higher subadvisory fees connected to the recognition of performance fees in the fourth quarter .

Speaker #4: Year over year G&A expenses , excluding share based comp , declined 5 million , or 4% , primarily due to lower compensation costs , subadvisory fees and operating expenses for the full year G&A expenses , excluding share based compensation , were 479 million , down 14 million , or 3% , reflecting our ongoing cost containment initiatives and lower subadvisory fees Finally , a look at our last 312 month free cash flow of 79 million , which compares with 87 million for both the prior quarter and the same quarter last year .

Lucas Pontillo: For the full year, SG&A expenses, excluding share-based compensation, were CAD 479 million, down CAD 14 million or 3%, reflecting our ongoing cost containment initiatives and lower sub-advisory fees. Finally, a look at our last three twelve-month Free Cash Flow of CAD 79 million, which compares with CAD 87 million for both the prior quarter and the same quarter last year. The decrease primarily reflects higher dividends paid to non-controlling interests during the current twelve-month trailing period, as we harvested dividends from some of our operating platforms in order to reduce leverage. As such, net debt was CAD 664 million at the end of Q4, down CAD 16 million from the end of the prior quarter. Our net debt ratio also declined to 3.4x in the quarter, from 3.5 at the end of the prior quarter.

Speaker #4: The decrease primarily reflects higher dividends paid to non-controlling interests during the current 12 month trailing period . As we harvested dividends from some of our operating platforms in order to reduce leverage as such , net debt was 664 million at the end of the fourth quarter , down 16 million from the end of the prior quarter .

Speaker #4: Our net debt ratio also declined to 3.4 times in the quarter from 3.5 at the end of the prior quarter . At the end of December , we also redeemed 67 million of our senior subordinated unsecured debentures using funds from our credit facility , along with a cash generated during the period .

Lucas Pontillo: At the end of December, we also redeemed CAD 67 million of our senior subordinated unsecured debentures, using funds from our credit facility along with the cash generated during the period. As a result, funded debt, as defined by our credit facility agreement, increased by CAD 35 million to CAD 540 million, and our funded debt ratio increased 3 times from 2.9 during the period. Delivering value to our shareholders remains a fundamental pillar of our strategy. During the year, we accretively repurchased 1.6 million shares for a total consideration of close to CAD 10 million. Lastly, the board has approved a quarterly dividend of CAD 0.108 per share, payable on 9 April 2026, to shareholders of record on 11 March 2026. I will now turn the call back to Maxime for his closing remarks.

Speaker #4: As a result , funded debt as defined by our credit facility agreement , increased by 35 million to 540 million , and our debt ratio increased three times from 2.9 during the period Delivering value to our shareholders remains a fundamental pillar of our strategy .

Speaker #4: During the year , we repurchased 1.6 million shares for total consideration of close to $10 million . Lastly , the board has approved a quarterly dividend of 10.8 cents per share , payable on April 9th , 2026 to shareholders of record on March 11th , 2026 .

Speaker #4: I will now turn the call back to Maxim for his closing remarks

Maxime Ménard: Thank you, Lucas. 2025 was a year where we laid out the groundwork for the future of the growth of the organization. We rightsized our organization, streamlining our operation and reporting lines and setting us up to drive improvement in operating efficiency. We revised our capital allocation strategy, which reallocated Free Cash Flow towards deleveraging and provides greater flexibility for buy, share buybacks, and opportunistic transaction. We continue to specialize our distribution teams in both public and private markets, an approach which has already yielded positive results. We made improvements in our client service offering, putting more structure around our processes to ensure that regardless of geography, clients are being serviced in a consistent and a very efficient way. As a result, we have seen good momentum in our business during the year.

Speaker #3: Thank you . Lucas 2025 was a year where we laid out the groundwork for the future of the of the growth of the organization .

Speaker #3: We rightsize organization streamline our operation and reporting lines and setting us up to drive improvement and operating efficiency . We revise our capital allocation strategy , which reallocate free cash flow towards deleveraging and provides greater for share buybacks and opportunistic transaction .

Speaker #3: We continue to specialize our distribution teams in both public and private markets , an approach which has already yielded positive results . And we made improvement in our client service offering , putting more structure around our processes to ensure that regardless of geography , clients are being serviced and consistent and a very efficient way .

Speaker #3: As a result , we have seen good momentum in our business during the year . We captured more than $5 billion of new subscription across both platforms , of which close to $4 billion went into higher fee .

Maxime Ménard: We captured more than $5 billion of new subscription across both platforms, of which close to $4 billion went into higher fee, US Growth, Canadian large cap, Global Emerging Markets, and private market strategies. Excluding sub-advised strategies, we produced positive net organic growth of $1 billion, including net inflows of $2.8 billion into our four largest public market investment teams. As I touched on earlier, we saw very strong flows momentum within our core Canadian business in public markets, which saw net organic growth increase by $6.7 billion year-over-year. We established relationships with several new financial intermediary clients, which are expected to generate more consistent long-term flows.

Speaker #3: US growth . Canadian large cap global emerging markets and private market strategies excluding excluding Subadvised strategies , we produced positive net organic growth of $1 billion , including net inflows of 2.8 billion into our four largest public market investment teams .

Speaker #3: As I touch on earlier , we saw very strong flows , momentum within our core Canadian business in public markets , which saw net organic growth increase by 6.7 billion year over year .

Speaker #3: We established relationships with several new financial intermediary clients , which are expected to generate more consistent long term flows . We also entered a new market with a Qatar equity Strategies and partnership with the Shia , which we announced earlier this year , and we grew our private market platform by more than 11% through strong North organic growth and the strategic Looking ahead for 2026 and beyond , we are well positioned to build on the momentum myself and the executive leadership team at Sierra developed a three year plan , which executes on five strategic initiatives to accelerate growth in key areas where we believe we have significant growth potential and competitive edge .

Maxime Ménard: We also entered a new market with the Qatar Equity Strategies in partnership with the QIA, which we announced earlier this year. We grew our private market platform by more than 11% through strong net organic growth and the strategic acquisition. Looking ahead for 2026 and beyond, we are well positioned to build on the momentum. Myself and the executive leadership team at Fiera have developed a 3-year plan, which executes on 5 strategic initiatives to accelerate growth in key areas where we believe we have significant growth, potential, and competitive edge. First, we are focusing on distribution efforts. We are investing in Canadian distribution to both maintain our market leadership and serve markets where we believe are untapped. We are putting greater focus on developing relationships within the financial intermediaries channels that are carrying long-term and more consistent flow profiles.

Speaker #3: First , we are focusing on distribution efforts . We are investing in Canadian distribution to both maintain our market leadership and serve markets where we believe are untapped .

Speaker #3: We are putting greater focus on developing relationships within the financial intermediaries channels that are carrying long term and more consistent flow profiles . The ATB relationship is an excellent example of our recent success in this area .

Maxime Ménard: The ATB relationship is an excellent example of our recent success in this area. Globally, we are strengthening our presence in core markets, where our investment capabilities are well aligned with the needs of clients, ensuring our distribution teams have the right specialization and support, while also bringing best practice from Canada to other geographies. Second, we are centering the organization around investment performance. We are strengthening performance management process tools and investing in attracting, developing, and retaining some of the best talent in the business. Next, we are positioning private markets to be a growth driver. Across each geography, we are aligning our product shelves with areas of investment and demand and investing in those areas with the highest growth potential. The momentum of our real asset strategies is expected to carry our over in 2026, with tailwinds for growth, given aging infrastructure and housing shortages.

Speaker #3: Globally , we are strengthening our presence in core markets where our investment capabilities are well aligned with the needs of clients and ensuring our distribution teams have the right specialization and support , while also bringing best practice from Canada to other geographies .

Speaker #3: Second , we are centering the organization around investment performance . We are strengthening performance management process tools and investing in attracting , developing and retaining some of the best talent in the business .

Speaker #3: Next , we are positioning private markets to be a growth driver across each geography . We are aligning our product shelf with areas of investment , demand and investing in those areas with the highest growth potential .

Speaker #3: The momentum of our real assets strategies is expected to carry on in 2026, with tailwinds for growth given aging infrastructure and housing shortages.

Speaker #3: Next , in order to drive efficiency , efficiency and scalability , we are optimizing our operations . This includes streamlining middle and back office functions , platform and improving systems that support client service and investment teams .

Maxime Ménard: Next, in order to drive efficiency and scalability, we are optimizing our operations. This includes streamlining middle and back-office functions across platforms and improving the systems that support client service and investment teams. Lastly, we are creating more financial capacity for greater reinvestment in our business. Over the past year, we introduced a new capital allocation strategy, freeing up capital for future growth. We are also exploring initiatives like engaging with strategic partners who can provide long-term capital and help us accelerate growth of key platforms. These strategic initiatives will ultimately drive us in achieving our ambitions to lead the Canadian market as the top independent multi-strategy asset manager, grow globally in a disciplined and profitable way, and deliver consistent and high-quality results for our clients. I will now turn the call over to the operator for questions.

Speaker #3: And lastly , we are creating more financial capacity for greater reinvestment in our business . Over the past year , we introduced a new capital allocation strategy , freeing it , freeing up capital for future growth .

Speaker #3: We are also exploring initiatives like engaging with strategic partners who can provide long term capital and help us accelerate growth of key platforms .

Speaker #3: These strategic initiatives will ultimately drive us and achieving our ambitions to lead the Canadian market . As the top independent multi asset manager grow globally and the discipline and profitable way and deliver consistent and high quality results for our clients .

Speaker #3: I will now turn the call over to the operator for questions .

Speaker #1: Thank you ladies and gentlemen . If you'd like to ask a question , please press star one on your telephone keypad . If you'd like to withdraw your question , press star two .

Operator: Thank you. Ladies and gentlemen, if you'd like to ask a question, please press star one on your telephone keypad. If you'd like to withdraw your question, press star two. One moment, please, for your first question. Your first question comes from Gary Ho from Desjardins Capital Markets. Please go ahead.

Speaker #1: One moment please . For your first question . Your first question comes from Gary Ho from Desjardins Capital Markets . Please go ahead

Speaker #5: Thanks, and good morning. You just start off with maybe just on the private market side. Good to see 11% growth in your AUM.

Gary Ho: Thanks, and good morning. Maybe just start off with maybe just on the private market side. Good to see 11% growth in your AUM. Not sure if John is around, but, you know, as you look out next few years, which strategies do you see the greatest opportunity there? Also, just wanted to see or get an update on the infrastructure fund or funds or strategies, how those are tracking with the recent kind of PM changes.

Speaker #5: Not sure if John is around , but you know , as as you look out next few years , which strategies do you see the greatest opportunity there .

Speaker #5: And also I just want to see or get an update on the infrastructure fund or funds or strategies , how those are tracking with the recent kind of PM changes

Speaker #6: On the growth , I mean , we're going to continue to see growth , I think , in our real assets . I mean , in in our private markets , our strongest assets and platform really are in real assets .

John Valentini: On the growth, I mean, we're going to continue to see growth, I think, in our real assets. I mean, in our private markets, our strongest assets and platform really are in real assets. It's real estate, infrastructure, and natural capital, continue to be the strongest pillars of our business, our core competencies. I mean, we still have credit. We do over CAD 5 billion in credit. We have a private equity strategy. They will continue to grow. I would say, Gary, our strongest part of our business is really our real assets, and we will continue to see growth in those, and we see the momentum in 2026 as well. With respect to infrastructure, could you repeat what your question was on infrastructure?

Speaker #6: It's real estate infrastructure , natural capital continue to be the strongest pillars of our business . Our core competencies . I mean , we still have credit .

Speaker #6: We we do over $5 billion in credit . We have a private equity strategy . will continue to grow . But I would say , Gary , our strongest Part of our business is really our real assets .

Speaker #6: And we will continue to see growth in those . And we see the momentum in 2026 as well . With respect to infrastructure , just your question is precisely .

Speaker #6: Could you repeat what your question was on infrastructure ?

Speaker #5: Yeah , no , just on on the recent kind of PM changes , kind of how that how that is

Gary Ho: Yeah, no, just on the recent kind of PM changes, kind of how that.

John Valentini: It's stabilized. Yeah, I mean, the transition's been very good with the leadership change. You know, there's been stability in the platform. On the major mandate we won last year, you know, we expect to deploy capital this year, on the SMA of CAD 420 million. You know, the business is performing as expected. You know, that's, that's the situation.

Speaker #6: Stabilized . Yeah , I mean the , the transition has been very good with the leadership change . You know , there's been stability in the platform on the major mandate .

Speaker #6: We won last year . You know , we we expect to deploy capital this year on the the SMA of 420 million . So you know , the the business is performing as expected .

Speaker #6: So you know that that's that's the situation

Speaker #5: Okay . And then my second question I wanted to kind of touch on the pine stone . So another sizable kind of redemption in the quarter I think there were 12 billion of net outflows in the year .

Gary Ho: Okay. My second question, wanted to kind of touch on the PineStone. Another sizable kind of redemption in the quarter. I think there were CAD 12 billion of net outflows in the year. They still managed roughly CAD 34 billion as of December. What's your outlook, and should those redemptions kind of stabilize as we look out to 2026?

Speaker #5: They still managed roughly 34 billion as of December What's your outlook ? And should those redemptions kind of stabilize as we look out to 2026 ?

Speaker #4: Yeah , Gary , thanks for that . And I saw your report this morning . You know , look just two points really .

Lucas Pontillo: Gary, thanks for that. I saw your report this morning. You know, look, just 2 points. Really, the outflows you saw on the Q4 were really sort of overall client losses, right? They were performance driven. This is not a question of sort of the leakage or the transfer to PineStone that we sometimes talk about. As such, it's tough to give any visibility there, as at this point, we have no indications from clients as we're heading into 2026. I did just want to clarify that those, you know, those outflows that you saw in Q4, they were spread across the board. We've had, you know, we had mandates redeemed in Canada, the US, and in Asia.

Speaker #4: The the outflows . You you saw in the fourth quarter were really sort of overall client losses , right . And they were performance driven .

Speaker #4: So this is not a question of sort of the the leakage or the transfer to pine stone that we , that we sometimes talk about .

Speaker #4: So as such it's , it's tough to give any visibility there as at this point we have no indications from , from clients as we're heading into 2026 .

Speaker #4: But I did just want to clarify that those , you know , those outflows that you saw in Q4 and they were spread across the board , we've had you know , we had mandates redeemed in Canada , the US and in Asia .

Lucas Pontillo: They, as I say, this, not really related, not at all related to any transfers, so tough to give you any kind of guidance on what that looks like for next year.

Speaker #4: But they , as I say this , not really related , not at all related to any transfers . So tough to to give you any kind of guidance on what that looks like for for next year

Lucas Pontillo: They, as I say, this, not really related, not at all related to any transfers, so tough to give you any kind of guidance on what that looks like for next year.

Speaker #5: Okay . And then maybe just sneak one , one more in . Lucas . In that sense , I have you there . Good to see tick down in your leverage .

Gary Ho: Okay. maybe just sneak one more in, Lucas, in that sense, I have you there.

Lucas Pontillo: Yeah.

Gary Ho: Good to see a tick down in your leverage. Just wondering, if you look out 26, 27, where do you see leverage going?

Speaker #5: Just wondering if you look out 2627 . Where do you see going ?

Speaker #4: I mean , I think , look , we're we're targeting over the three year plan period . We're targeting our target leverage to be down to 2.5 times on the net debt side .

Lucas Pontillo: I mean, I think, look, we're targeting over the 3-year plan period, we're targeting our target leverage to be down to 2.5 times on the net debt side, okay. There's going to be ebbs and flows in that over the 3-year period, depending on how we're allocating capital. As Max spoke to, it is one of the strategic pillars of our 3-year plan going forward, and it really is on focusing on deleveraging the balance sheet and creating balance sheet capacity to be able to reinvest in the business.

Speaker #4: Okay . There's there's going to be ebb and flow in that over , over the three year period , depending on how we're allocating capital .

Speaker #4: But but as Max spoke to it , it is one of the strategic pillars of our three year plan going forward . And it really is on focusing on deleveraging the balance sheet and creating balance sheet capacity to be able to reinvest in the business

Speaker #5: And how much of that decline is paying down debt versus the EBITDA growing

Gary Ho: How much of that decline is paying down debt versus kind of the EBITDA growing?

Lucas Pontillo: I think there's a combination of the two for sure. I think as you look at it, the other piece of this is, don't forget, it's not only the increase in EBITDA that we're expecting, but it's also the reallocation of capital. The decision we made to reduce the dividend this year, you know, the intent behind that is to expressly have a large amount of that excess Free Cash Flow that's coming from that going to debt repayment. You know, at the time, we've effectively said to ourselves that the excess capital would be used.

Speaker #4: I mean , I think there's there's a combination of the two for sure . I think as you look at it , the other piece of this is don't forget , it's not only the increase in EBITDA that we're expecting , but it's also the reallocation of capital .

Speaker #4: So the decision we made to reduce the dividend this year , you know , the intent behind that is to expressly have a large amount of that excess free cash flow that's coming from that going to debt repayment , you know , so at the time , we we effectively said to ourselves that the excess capital would be used , sort of you can think about half of that capital being earmarked for debt reduction , a quarter of that capital being earmarked for reinvestment in the business .

Lucas Pontillo: Sort of you can think about half of that capital being earmarked for debt reduction, a quarter of that capital being earmarked for reinvestment in the business, another quarter of that being opportunistically used for things like share buybacks.

Speaker #4: And another quarter of that being opportunistically used for things like share buybacks .

Speaker #5: Got it .

Gary Ho: Got it.

Speaker #4: Particularly for the share price .

Lucas Pontillo: Particularly our current share price.

Speaker #5: Yeah, okay. Got it. Questions. Thank you.

Gary Ho: Yeah. Okay, got it. Those are my questions. Thank you.

Speaker #1: Okay , ladies and gentlemen , as a reminder , if you'd like to ask a question , press star one . Your next question comes from Graham riding from TD securities .

Operator: Ladies and gentlemen, as a reminder, if you'd like to ask a question, press star one. Your next question comes from Graham Ryding from TD Securities. Please go ahead.

Speaker #1: Please go ahead

Speaker #7: Hi . Good morning Lucas . Just to clarify on that last piece you're targeting two and a half times over a three year period .

John Valentini: Hi, good morning. Lucas, just to clarify on that last piece, you're targeting 2.5x over a three-year period. Does that imply end of 2027 as sort of the timeline to that?

Graham Ryding: Hi, good morning. Lucas, just to clarify on that last piece, you're targeting 2.5x over a three-year period. Does that imply end of 2027 as sort of the timeline to that?

Speaker #7: Does that imply end of 2027 as sort of the timeline for that ?

Lucas Pontillo: No. I mean, our three-year plan is effectively starting this year, right? You'd be end of 2028 in terms of that timeline.

Speaker #4: No . So , I mean , our three year plan is effectively starting this year . Right ? So you'd be end of 2028 in terms of that timeline .

Lucas Pontillo: No. I mean, our three-year plan is effectively starting this year, right? You'd be end of 2028 in terms of that timeline.

Speaker #7: Okay , okay . Understood . Max , you made reference to when you were referring to your financial flexibility has been increased since one of your pillars of the strategy going forward .

John Valentini: Okay. Okay, understood. Max, you made reference to when you were referring to your financial flexibility has been increased, it's one of your pillars of the strategy going forward. You said you're investigating strategic partnerships as part of that. Is there anything you can elaborate on what exactly you're referring to there?

Graham Ryding: Okay. Okay, understood. Max, you made reference to when you were referring to your financial flexibility has been increased, it's one of your pillars of the strategy going forward. You said you're investigating strategic partnerships as part of that. Is there anything you can elaborate on what exactly you're referring to there?

Speaker #7: You said your investigating strategic partnerships as part of that . Is there anything you can elaborate on on what exactly you're referring to there ?

Speaker #3: Yeah , it's a good question . So I think we've made a fair assessment of where we have like a very strong competitive edge in terms of our ability to deploy a full multi-asset strategy .

Maxime Ménard: Yeah, that's a good question. I think we've made a fair assessment of where we have, like, a very strong competitive edge in terms of our ability to deploy a full multi-asset strategy. Canada is certainly one of the markets that we lead and dominate in terms of being able to deploy our entire strategies. When you start to look a little bit on the international, whether you go to Japan or even like the US or even some larger, more competitive markets, we're looking for opportunities to partner up with some of the, you know, large multi-asset players to sort of fill in some of our strategies and add on.

Speaker #3: Canada , certainly one of the market that we lead and dominate in terms of being able to deploy our entire strategies , when you start to look a little bit on the international , whether you go to Japan or even like the US or even some larger , more competitive markets We're looking for opportunities to partner up with some of the , you know , la large multi-asset players to sort of fill some of our strategies as add on .

Speaker #3: It's not unlike the rest of the industry where you've seen some of the very big players in the world coming together , whether it's Blackstone , Blackrock , Wellington West , others , I think there's a clear consolidation from a .

Maxime Ménard: It's not unlike the rest of the industry, where you've seen, you know, some of the very big players in the world coming together, whether it's Blackstone, BlackRock, Wellington West, others. I think there's a clear consolidation from a solution strategy standpoint, and I wanna make sure that we capitalize on introducing these strategies and also have the ability to allow some of those perhaps to access the Canadian market. One of our strengths, when you look at it as a non-bank, independent, multi-asset and asset manager, we're a single-purpose organization. We focus on adding value from an asset management and you know, tactical asset allocation and multi-asset strategy. There's very few left here in Canada.

Speaker #3: Solution strategy standpoint , and I want to make sure that we get on introducing these strategies and also have the ability to allow some of those , perhaps to access the Canadian market .

Speaker #3: So one of our strengths , when you look at it as a non-bank , independent , multi-asset and asset manager or single purpose organization , we focus on adding value from an asset management and from , you know , tactical asset allocation and multi-asset strategy .

Speaker #3: And there's very few left here in Canada . So we're trying to look at how we could partner throughout the world with whether it's insurers or large conglomerates that would benefit from our exposure .

Maxime Ménard: We're trying to look at how we could partner throughout the world with whether it's insurers or large conglomerates that would benefit from our exposure and expertise. There's still a continued effort in growing organically in these different markets, but as we've seen over the last probably 2 to 3 years, there's been a heavy consolidation towards the trillion-dollar asset manager. I just wanna make sure that we are aware and capitalize on those opportunities.

Speaker #3: And expertise . There's still a continued effort in growing organically in these different markets . But as we've seen over the last , probably 2 to 3 years , there's been a heavy consolidation towards $1 trillion asset manager and so I just want to make sure that we are aware .

Speaker #3: And give it you later on on those opportunities

Speaker #7: So that would just to be clear , that would be more like a sub type mandate within a multi-asset strategy from a larger institution .

[Analyst] (Aiera): That would, just to be clear, that would be more like a sub-advisory type mandate within a multi-asset strategy from a larger institution. Is that where Pierre would fit into that?

Graham Ryding: That would, just to be clear, that would be more like a sub-advisory type mandate within a multi-asset strategy from a larger institution. Is that where Pierre would fit into that?

Speaker #7: Is that where where fear would fit into that

Speaker #3: To take different fronts? You could take subadvisory—it could be a product, it could be an equity component. There's a number of things.

Maxime Ménard: Could take different forms. It could take sub-advisory, it could be a product, it could be equity component. There's a number of things. I mean, I think there's really three prongs when you look at it. It could be commercial-driven, strictly, it could be more strategic, or it could be, you know, e-equity, if we get to a point where we really feel that there's a absolute fit from a geographic and solution standpoint.

Speaker #3: I mean , I think there's really three prongs when you look at it , it could be commercial driven strictly . It could be more strategic , or it could be even , you know , equity .

Speaker #3: If if we get to a point where we really feel that there's an absolute fit from a geographic and , and solution standpoint

Speaker #7: Okay . And you said that's it for me . Thank you .

[Analyst] (Aiera): Okay. Understood. That's it for me. Thank you.

Graham Ryding: Okay. Understood. That's it for me. Thank you.

Speaker #3: Thank you .

Maxime Ménard: Thank you.

Speaker #1: Your next question comes from James Glenn from National Bank Capital Markets . Please go ahead .

Operator: Your next question comes from Jaeme Gloyn from National Bank Financial. Please go ahead.

Speaker #8: Yeah . Thanks . First question . Just wanted to dig into the I guess , distribution strategy over this three year plan . Maybe you can highlight some of the the key shifts in the strategy for the next three years that we should expect to see relative to , you know , the business .

Jaeme Gloyn: Thanks. First question, just wanted to dig into the, I guess, distribution strategy over this three-year plan. Maybe you can highlight some of the key shifts in the strategy for the next three years that we should expect to see, relative to, you know, the business, I guess, as is, and what has been tried in the past in terms of trying to drive stronger distribution penetration and flows as a result.

Speaker #8: I guess , as is and , and what has been tried in the past in terms of trying to drive drive stronger distribution , penetration and flows as a result .

Speaker #3: Yeah , good question . So , so in Canada , what we what we did over the last few years is we we've really gone to a more specialty distribution model .

Maxime Ménard: Yeah, good question. In Canada, what we did over the last few years is we've really gone to a more specialty distribution model. We have a team that does servicing, which means effectively, they focus on our existing asset base and try to add value through complementing their offering, giving consultative approach and where and when possible, add cross-sell opportunities. I also have a dedicated team of people who are split between private and public markets. I think the concept of being generalists in the market, where it's becoming evenly complex and where platforms are more and more broad, makes it very hard for someone to be able to add value at a certain level.

Speaker #3: So we have a we have a team that does servicing which means effectively they , they focus on our existing asset base and try to add value through complementing their offering , giving consultative approach .

Speaker #3: And where and when possible , add cross-sell opportunities . And I also have a dedicated team of people who are split between private and public markets .

Speaker #3: I think the concept of being generalist in the market , where it's becoming easily complex and where platforms are more and more broad , makes it very hard for someone to be able to add value at a certain level .

Speaker #3: So we in Canada have split sales in private and public markets , and we've seen a huge pick up in terms of appetite .

Maxime Ménard: We in Canada have split sales in private and public markets, and we've seen a huge pickup in terms of appetite. Also, the incentive in terms of, you know, how they get rewarded for success has been a huge driver. I'm gonna continue to deploy the strategy in the US, Asia, and other markets where I think that we may have a limited product shelf compared to what we have in Canada. We wanna make sure that we identify where we have an opportunity to win, and then we double down and put a lot of effort on that. When you think about Canada, it's gonna be, you know, continue to offer the full breadth of our offering, including, you know, tactical asset allocation, multi-asset base.

Speaker #3: Also , the the incentive in terms of , you know , how how they get rewarded for success is has been a huge driver .

Speaker #3: And I'm going to continue to deploy this strategy in the US . Aimia and other markets where I think that we may have a limited product shelf compared to what we have in Canada , but we want to make sure that we identify where we have an opportunity to win , and then we we double down and put a lot of effort on this .

Speaker #3: So when you think about Canada , it's going to be , you know , continue to offer the the full breadth of our offering , including , you know , tactical asset allocation , multi-asset base .

Speaker #3: And when you get into the US , the competitive and the speed of product development is so fast that we have to have dedicated individual with really , really strong ties to to the decision makers to make sure that we have an ability to , to to get some traction .

Maxime Ménard: When you get into the US, the competitive and the speed of product development is so fast that we have to have dedicated individual with really, really strong ties to the decision makers, to make sure that we have an ability to get some traction. You know, it could be through financial intermediaries, it could be through distribution, like when you think about the US. A lot of the distribution is consolidated around, you know, very big consultants, very big intermediaries, wirehouses, insurers, and we have to make sure we have, you know, the right strategy to continue to push through this. You know, we've had some success, but I think we have an opportunity to pick this up.

Speaker #3: So , you know , it could be through financial intermediaries , it could be through distribution , like when you think about the US , a lot of the distribution is consolidated around , you know , very big consultants , very big intermediaries .

Speaker #3: Wirehouses insurers . And we have to make sure we have , you know , the right strategy to continue to push through this .

Speaker #3: You know , we've had some success , but I think we we have an opportunity to pick this up when we think about Europe and EMEA , we've had some really , really good success in the Middle East .

Maxime Ménard: When we think about Europe and EMEA, we've had some really, really good success in the Middle East, and I think we're in, you know, in great discussion with some of the very large players, about insurance and whatnot. In that sense, you know, what you could expect to see is continued, you know, regionalization from a leadership standpoint. From a distribution standpoint, we may split private and public markets to make sure we have the right level of sophistication of conversation when we get to, you know, the final or close to the final pitch.

Speaker #3: And I think we're , you know , in great discussion with some of the very large players about insurance and whatnot . And then so in that sense , you know , what you could expect to see is continued .

Speaker #3: You know , regionalization from a From a leadership standpoint , but from a distribution standpoint , we may split private and public markets to make sure we have the right level of sophistication of conversation .

Speaker #3: When we get to , the final or close to the final pitch

Speaker #4: And if I can just add some numbers to that for context , I mean , if you think about sort of what the year 2025 looked like in terms of the the focus of the model that Max was talking about in Canada .

Lucas Pontillo: If I can just add some numbers to that for context. I mean, if you think about what the year 2025 looked like, in terms of the focus of the model that Max was talking about in Canada. When you look at our gross flows for the year, you know, we generated new business of just over CAD 5.1 billion, while 3.8 of that came from Canada. A high level of conviction that effectively, you know, exporting that same focused strategy to the other regions of the world should be able to yield the same type of results that we had in Canada this year.

Speaker #4: When you look at our gross flows for the year , you know , we generated new business of just over $5.1 billion . Well , 3.8 of that came from Canada .

Speaker #4: So high level of conviction that effectively , you know , exporting that same focused strategy to the other regions of the world should be able to yield the same type of results that we had in Canada this year

Speaker #8: Thank you very much

[Analyst] (Aiera): Thank you very much.

Jaeme Gloyn: Thank you very much.

Speaker #1: We have no further questions registered at this time . I will turn the call back over to Natalie for closing remarks .

Operator: We have no further question registered at this time. I will turn the call back over to Natalie for closing remarks.

Speaker #2: Thank you , everyone , for joining us this morning . Please feel free to reach out if you have any other questions . Operator .

Natalie Medak: Thank you, everyone, for joining us this morning. Please feel free to reach out if you have any other questions. Operator, we can end the call now.

Speaker #2: We can end the call now .

Operator: Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

Q4 2025 Fiera Capital Corp Earnings Call

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