(in $ thousands except where otherwise indicated)
Q1
Q4
Q1
2026
2025
2025
End of period AUM 1 (in $ billions)
160.2
164.1
161.6
Average AUM (in $ billions)
163.3
166.4
164.4
IFRS Financial Measures
Total revenues
153,311
180,062
162,871
Base management fees
147,164
153,950
154,542
Performance fees
—
13,505
183
Commitment and transaction fees
1,347
7,667
2,440
Share of earnings in joint ventures and associates
947
598
2,595
Other revenues
3,853
4,342
3,111
Net earnings 2
2,833
7,667
21,789
Non-IFRS Financial Measures
Adjusted EBITDA 3
42,707
54,672
43,403
Adjusted EBITDA margin 3
27.9 %
30.4 %
26.6 %
Adjusted net earnings 2,3
23,532
29,892
25,426
LTM Free Cash Flow 3
95,609
78,948
86,674
Notes: Refer to the "Footnotes" section of this press release. Certain totals, subtotals and percentages may not reconcile due to rounding.
"The first quarter of 2026 was marked by heightened market volatility in the month of March, resulting in market losses which have already reversed in the second quarter to-date. Against this backdrop, we remained disciplined in executing on our strategic priorities and supporting clients through uncertain markets" said Maxime Ménard, Global President and Chief Executive Officer. "Our Private Markets platform continued to be a source of strength, with sustained momentum in our market leading Canadian core real estate strategy. Public markets volatility underscores the value of our Private Markets platform, offering clients a broad suite of strategies that enhance portfolio diversification and provide a natural hedge against inflation."
"We remained disciplined in our approach to cost containment during the quarter, with SG&A declining 7% year-over-year. As a result, we were able to deliver relatively stable adjusted EBITDA and year-over-year margin expansion despite revenue headwinds" said Lucas Pontillo, Executive Director, Global Chief Financial Officer and Head of Corporate Strategy. "Dividends paid were comfortably below free cash flow for the trailing twelve months, allowing us to return additional capital to shareholders through $3.2 million of share repurchases during the quarter. The Board of Directors has approved a dividend of 10.8 cents per share, payable on June 18, 2026."
Assets Under Management (in $ millions, unless otherwise indicated)
By Platform
December 31, 2025
New
Lost
Net Contributions
Net Organic Growth4
Market and Other5
Strategic6
March 31, 2026
Public Markets, excluding sub-advised AUM
108,171
339
(945)
(213)
(819)
(886)
(650)
105,816
Public Markets sub-advised AUM
33,938
—
(9)
(503)
(512)
(1,319)
—
32,107
Public Markets - Total
142,109
339
(954)
(716)
(1,331)
(2,205)
(650)
137,923
Private Markets
21,971
140
(23)
(114)
3
268
—
22,242
Total
164,080
479
(977)
(830)
(1,328)
(1,937)
(650)
160,165
By Distribution Channel
December 31, 2025
New
Lost
Net Contributions
Net Organic Growth4
Market and Other5
Strategic6
March 31, 2026
Institutional
93,641
351
(611)
6
(254)
(731)
(5)
92,651
Financial Intermediaries
56,728
—
(86)
(566)
(652)
(935)
(644)
54,497
Private Wealth
13,711
128
(280)
(270)
(422)
(271)
(1)
13,017
Total
164,080
479
(977)
(830)
(1,328)
(1,937)
(650)
160,165
AUM decreased by $3.9 billion or 2.4% in Q1 2026 to end the quarter at $160.2 billion. The decline was primarily due to a negative market impact of $2.9 billion, negative net organic growth from Public Markets of $1.3 billion, and the wind down of the Canadian Equity Small Cap Core Strategy, which reduced AUM by $0.7 billion. These decreases in AUM were partly offset by a positive foreign exchange impact of $1.0 billion.
In Public Markets, negative net organic growth was $1.3 billion and included $0.5 billion from sub-advised AUM from net contributions related to ongoing client relationships.
Net organic growth from Private Markets was nominal as new mandates were offset by return of capital.
First Quarter Financial Highlights
Revenue of $153.3 million decreased by $26.8 million or 14.9% compared to Q4 2025, primarily from performance fees crystallized in the prior quarter, lower base management fees from Public Markets, and lower commitment and transaction fees. Revenue decreased by $9.6 million or 5.9% compared to Q1 2025, primarily due to lower base management fees from sub-advised mandates, lower share of earnings in joint ventures and associates, and lower commitment and transaction fees.
Adjusted EBITDA of $42.7 million decreased by $12.0 million or 21.9% compared to Q4 2025, primarily due to the timing of performance fees crystallized in the prior quarter, partly offset by lower employee compensation costs and sub-advisory fees. Adjusted EBITDA decreased by $0.7 million or 1.6% compared to Q1 2025, primarily due to lower revenues, largely offset by lower employee compensation costs and sub-advisory fees.
Adjusted net earnings of $23.5 million decreased by $6.4 million, or 21.4% compared to Q4 2025, primarily due to lower revenues, partly offset by lower selling, general, and administrative ("SG&A") expenses, excluding share-based compensation, lower income tax expense, and lower interest expense from debentures. Adjusted net earnings decreased by $1.9 million or 7.5% compared to Q1 2025, primarily due to lower revenues and higher income tax expense, partly offset by lower SG&A expenses, excluding share-based compensation.
Net earnings attributable to the Company's shareholders decreased by $4.9 million or 63.6% compared to Q4 2025, primarily due to lower revenues, partly offset by lower SG&A expenses, lower income tax expense, and lower interest expense from debentures. Net earnings attributable to the Company's shareholders decreased by $19.0 million or 87.2% compared to Q1 2025. The decrease was primarily due to a $12.7 million gain on revaluation of an investment recorded in Q1 2025 related to the acquisition of a controlling interest in a real estate investment platform, lower revenues, and higher restructuring, acquisition related and other costs. These decreases were partly offset by lower SG&A expenses.
LTM Free Cash Flow of $95.6 million increased by $16.7 million or 21.2% compared to Q4 2025. The increase was primarily due to lower dividends paid to non-controlling interest, favourable changes in working capital, ...
