(in $ thousands except where otherwise indicated)
Q3
Q2
Q3
YTD
YTD
2025
2025
2024
2025
2024
End of period AUM (in $ billions)
166.9
160.5
165.5
166.9
165.5
Average AUM (in $ billions)
163.7
159.0
163.8
162.4
162.6
IFRS Financial Measures
Total revenues
167,090
162,974
171,711
492,935
504,612
Base management fees
152,793
147,867
154,381
455,202
455,261
Performance fees
7,010
2,491
5,857
9,684
11,186
Commitment and transaction fees
2,032
5,246
3,622
9,718
9,224
Share of earnings in joint ventures and associates
1,387
2,035
1,691
6,017
10,667
Other revenues
3,868
5,335
6,160
12,314
18,274
Net earnings 1
5,834
3,757
12,639
31,380
25,179
Non-IFRS Financial Measures
Adjusted EBITDA 2
50,325
45,692
51,685
139,420
142,364
Adjusted EBITDA margin 2
30.1 %
28.0 %
30.1 %
28.3 %
28.2 %
Adjusted net earnings 1,2
25,034
27,198
28,909
77,658
79,870
LTM Free Cash Flow 2
87,059
75,336
95,215
87,059
95,215
Note: Certain totals, subtotals and percentages may not reconcile due to rounding
1
Attributable to the Company's shareholders
2
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Free Cash Flow are non-IFRS measures. Refer to the "Non-IFRS Measures" section of this press release
"This quarter we delivered positive net organic growth of close to $900 million, returning the firm to positive total net flows" said Maxime Ménard, Global President and Chief Executive Officer. "Results reflect net inflows from both our Public Markets and Private Markets platforms, which benefited from recently announced relationships with ATB Investment Management and the Canadian District of the United Brotherhood of Carpenters and Joiners of America. These wins are a testament to the strength of our ability to design and deliver high-impact, customized investment solutions, and reflect the confidence that clients continue to place in our investment capabilities."
"We are pleased with our financial performance during the third quarter. Adjusted EBITDA margin strengthened to 30% in the quarter, driven by higher revenues and cost containment efforts as part of our continued commitment to improving operating efficiency" said Lucas Pontillo, Executive Director, Global Chief Financial Officer and Head of Corporate Strategy. "We paid down our credit facility, reducing both our net debt and net debt ratio from the prior quarter, and repurchased more than 500,000 shares, reinforcing our commitment to return capital to shareholders. The Board of Directors has approved a dividend of 10.8 cents per share, payable on December 22, 2025."
Assets Under Management (in $ millions, unless otherwise indicated)
By Platform
June 30,2025
New
Lost
Net
Contributions
Net Organic Growth1
Market and
Other2
September 30, 2025
Public Markets, excludingsub-advised AUM
103,797
470
(38)
370
802
3,030
107,629
Public Markets sub-advised AUM
35,824
12
(299)
(460)
(747)
2,268
37,345
Public Markets - Total
139,621
482
(337)
(90)
55
5,298
144,974
Private Markets
20,853
936
(16)
(78)
842
280
21,975
Total
160,474
1,418
(353)
(168)
897
5,578
166,949
By Distribution Channel
June 30, 2025
New
Lost
Net
Contributions
Net Organic Growth1
Market and
Other2
September 30,2025
Institutional
92,108
983
(313)
(916)
(246)
2,668
94,530
Financial Intermediaries
54,632
407
—
921
1,328
2,467
58,427
Private Wealth
13,734
28
(40)
(173)
(185)
443
13,992
Total
160,474
1,418
(353)
(168)
897
5,578
166,949
By Platform
December 31, 2024
New
Lost
Net
Contributions
Net Organic Growth1
Market and
Other2
Strategic3
September 30, 2025
Public Markets, excluding sub-advisedAUM
103,350
2,670
(435)
(1,688)
547
4,842
(1,110)
107,629
Public Markets sub-advised AUM
44,045
20
(6,456)
(2,337)
(8,773)
2,073
—
37,345
Public Markets - Total
147,395
2,690
(6,891)
(4,025)
(8,226)
6,915
(1,110)
144,974
Private Markets
19,716
1,621
(108)
(733)
780
532
947
21,975
