Fiera Capital Corporation

Good morning and welcome to the Sierra 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. You may begin your conference.

Thank you and good morning, everyone. Welcome to the Sierra 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. Please refer to the forward-looking statements on page two of the presentation. Our speakers today are Maxine Menard, Global President and CEO, and Lucas Pontillo, Executive Director of Global CFO and Head of Corporate Strategy. Also available to answer questions will be John Valentini, President and CEO, Private Markets. I will now turn the call over to Maxime.

Good morning, everyone. Thank you for joining us today as we report operating and financial results for the fourth quarter and full year. Our total assets under management ended the year at $164.1 billion. Excluding subadvised strategies, assets under management increased 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. Including sub-advisory AUM, our total assets under management declined by 1.7% for the quarter and 1.8% for the year, reflecting net outflows from our sub-advisory strategies. In public markets, assets under management ended the year at $142.1 billion. Excluding sub-advised strategies, public markets AUM reached $108 billion, increasing 0.5% in the fourth quarter and 4.7% for the year. Assets in our private market platform ended the year at $22 billion, up 11.4% from the end of the prior year, and reflect net inflows of approximately $900 million in 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 effects impact. Turning to highlights of our commercial and investment platform. starting with our public market platforms. For the quarter, new mandates totaled approximately $500 million, with good demand for our Canadian large-cap and U.S. growth equity strategy. Excluding sub-advised AUM, net outflows for the quarter were $450 million, largely reflected outflows from our U.S. fixed incomes. During the quarter, approximately 550 million of subadvised assets within our balance mandate were reallocated into our U.S. equity strategy. Including this transfer, combined net inflows into our non-subadvised AUM were 100 million for the quarter. For the year, Public markets captured new mandates of $3.2 billion, reflecting strong interest in our Canadian large-gap U.S. and emerging market strategies. Several of these new mandates were the result of relationships established with new financial intermediaries' clients during the year, which are expected to generate ongoing net inflows on the go-forward basis. Approximately 700 million of positive net contribution in 2025 were directly attributed to these new mandates. For the year, net inflows excluding subsidized assets were approximately $100 million. Our four largest core public market franchise consisting of Canadian equities, U.S. 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. These were largely upset by Treasury and U.S. fixed income net outflows within our financial intermediary channel in the U.S., Net outflows in our U.S. fixed income business in 2025 were mostly related to structural changes at the investment advisory partners and not related to performance. These advisory firms continue to view FIERA U.S. 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 sub-advised strategy, we captured positive net contribution of $400 million in 2025, up from negative net contribution of $4.3 billion, a year-over-year improvement of $4.7 billion. We also saw year-over-year growth and growth mandate for better client retention. We lost mandates to only approximately 200 million in 2025 compared to 2.2 billion the prior year. Overall net organic growth in our core Canadian public market increased from net outflows of more than 4 billion in 2024 to net inflows of $2.7 billion in 2025, an improvement of $6.8 billion year-over-year. We are pleased to note that a higher share of new mandates won in the past year have been through the financial intermediary channel, where mandates are multi-products 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. 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. Most of our equity strategies deliver positive absolute returns in the quarter, but outperform remain a challenge as low-quality index can sit through and continue to drive growth in benchmark index. In 2025, was a challenge year for value and high conviction manager in general. But despite near-term challenges, absolute return for our strategies remained strong at how part-client achieved their overall objectives. We have seen minimal attrition related to performance over the year. Now turning to our private market platforms. For the quarter, we captured new mandates of approximately $300 million, primarily into real estate strategies, and saw net organic growth of $75 million. For the year, new subscriptions were $1.9 billion, and net end flows were close to $900 million. Flows were mostly driven by demand for our real estate assets, 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. Loss mandate within the private market platform remains limited. estimates of the strength of our offering and stickiness of our clients. We return capital of approximately $100 million for the quarter and $600 million for the year. We also deployed approximately $450 million of capital into new projects during the fourth quarter and close to $2 billion year-to-date. We maintain a robust pipeline of $2 billion in 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. Within real estate, our core and small-cap industrial strategies produce positive absolute returns for the quarter. We have generated returns of 8% and 13% respectively since inception. We see a more constructive backdrop, and these strategies in 2026 give an improvement in the best through appetite and supportive industry tailwinds. 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 benchmarks. Within private credit, performance in our real estate debt and infrastructure debt strategies remains strong, and absolute returns of 10% for the year and gross internal rates of return of 12% 11% respectfully 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 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.