Canada's Fiera Capital Q2 revenue misses on lower base management fees

Fiera Capital

07/08/2026 12:42

Overview
Canada asset manager's Q2 revenue declined and missed analyst expectations, adjusted EPS also missed
Revenue fell due to lower base management fees in Public Markets and joint venture earnings
Company renewed normal course issuer bid to repurchase up to 4 mln Class A shares

Outlook
Company did not provide specific guidance for upcoming quarters or full-year financial metrics in the press release

Result Drivers
LOWER BASE FEES - Revenue fell due to lower base management fees in Public Markets, mainly from sub-advised assets
NEGATIVE NET FLOWS - Net flows remained negative, mostly reflecting a previously disclosed sub-advisory redemption and client rebalancing across equity and fixed income mandates, per CEO Maxime Ménard
COST OPTIMIZATION - SG&A expenses declined year-over-year due to continued cost optimization efforts, per CFO Lucas Pontillo

Company press release: ID:nCNW5ZQfBa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
C$155.10 mln
C$160.80 mln (3 Analysts)
Q2 Adjusted EPS
Miss
C$0.21
C$0.23 (5 Analysts)
Q2 Adjusted Net Income
 
C$23.90 mln
 
Q2 Net Income
 
C$3.50 mln
 
Q2 Adjusted EBITDA
 
C$42 mln
 
Q2 Adjusted EBITDA Margin
 
27.10%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy."
Wall Street's median 12-month price target for Fiera Capital Corp is C$5.63, about 10.9% above its August 6 closing price of C$5.07
The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 6 three months ago

Reuters Recommended Reads
Aug 5 - Canada's Sprott Q2 net income more than doubles on higher average AUM
Aug 4 - Prudential Q2 profit rises 85% on higher asset management fees
Aug 5 - Brookfield Asset Management Q2 fee-related earnings rise 20%

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)