Fiera Capital Reports Mixed Q2 2026: AUM Growth Offset by Net Outflows
Event summary
- Fiera Capital's Q2 2026 AUM increased by $3.3 billion to $163.5 billion, driven by market appreciation but offset by net outflows of $7.6 billion in Public Markets.
- Revenues rose by 1.2% quarter-over-quarter to $155.1 million but declined 4.8% year-over-year due to lower base management fees and transaction fees.
- Adjusted EBITDA decreased by 1.6% quarter-over-quarter and 8.1% year-over-year, reflecting higher SG&A expenses despite cost optimization efforts.
- Net debt increased by $23 million during the quarter to $723 million, with a net debt ratio of 3.8x.
- The Board approved a dividend of 10.8 cents per share, payable on September 17, 2026.
The big picture
Fiera Capital's Q2 2026 results highlight the tension between market-driven AUM growth and persistent net outflows, particularly in Public Markets. The company's focus on cost optimization and strategic priorities like Private Markets and intermediary relationships will be crucial in navigating competitive pressures and economic uncertainties. The renewed Normal Course Issuer Bid (NCIB) signals confidence in shareholder value creation amid mixed financial performance.
What we're watching
- Flow Momentum
- Whether Fiera Capital can sustain positive flow momentum through intermediary relationships and Private Markets growth.
- Cost Management
- The effectiveness of continued cost optimization efforts in maintaining adjusted EBITDA margins amid revenue pressures.
- Market Conditions
- How broader market conditions will impact AUM growth and net flows in the coming quarters.