Onex Reports Fourth Quarter and Full Year 2025 Results

All amounts in U.S. dollars unless otherwise stated

TORONTO, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the fourth quarter and year ended December 31, 2025. Onex also released supplemental financial information for Convex Group Limited (“Convex”) for fiscal 2025.

“The acquisition of Convex and partnership with AIG is a pivotal moment in Onex’ evolution that meaningfully enhances our growth prospects” said Bobby Le Blanc, CEO. “We are very pleased with Convex’ performance in 2025 and see considerable upside ahead as the business continues to grow into its cost structure and leverage its best-in-class underwriting talent, advanced technology platform and low-cost operating model to drive industry-leading growth and profitability.”

“We continue to see positive results across Onex,” added Mr. Le Blanc. “Our private equity and credit asset management platforms collectively raised more than $8 billion in new capital in 2025. With our acquisition of Convex, our new strategic relationship with AIG, and the growing profitability of our asset management business, we have significant momentum heading into the new year and are looking to 2026 and beyond with confidence and excitement.”

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(1) Refer to pages 28, 29, and 30 of Onex’ 2025 Annual MD&A for further details concerning the composition of segment net earnings. A reconciliation of total segment net earnings to net earnings (loss) is provided in the supplementary financial schedules in this press release.

(2) Refer to the glossary in Onex’ 2025 Annual MD&A for details concerning the composition of fully diluted shares.

(3) Asset management fee-related earnings excludes Onex’ public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings (loss).

(4) Total fee-related earnings (loss) is a non-GAAP financial measure that does not have a standardized meaning prescribed under International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to fee-related earnings (loss) is Onex’ net earnings (loss). Refer to the 2025 Results & Activity section of Onex’ 2025 Annual MD&A and the supplementary financial schedules in this press release for further details concerning fee-related earnings (loss).

(5) Distributable earnings is a non-GAAP financial measure that does not have a standardized meaning prescribed under IFRS Accounting Standards. Therefore, it may not be comparable to similar financial measures disclosed by other companies. The most directly comparable financial measure under IFRS Accounting Standards to distributable earnings is Onex’ net earnings (loss). Refer to the 2025 Results & Activity section of Onex’ 2025 Annual MD&A and the supplementary financial schedules in this press release for further details concerning distributable earnings.

Convex Closing and Financial Highlights

On February 6th, Onex completed the previously announced $7 billion acquisition of Convex, a specialty insurance and reinsurance company. Onex and co-investor AIG own approximately 63% and 35%, respectively, of Convex.

Convex continued its rapid growth and strong profitability in 2025, generating record results across key performance indicators:

Refer to Onex’ Q4 2025 Supplemental Information Package for more information on Convex’ 2025 financial results.

In connection with the transaction, AIG acquired 7.5 million subordinate voting shares or an approximate 9.9% equity stake in Onex, for cash proceeds of $642 million. AIG will commit $2 billion to Onex private equity and credit strategies over the next three years.

Onex Q4 and 2025 Highlights

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(6) Refer to the glossary in Onex’ 2025 Annual MD&A for details concerning the composition of investing capital per fully diluted share. The percentage changes in investing capital per share exclude the impact of capital deployed in Onex’ asset management segment, where applicable, and dividends paid by Onex.

(7) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this measure does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore might not be comparable to similar financial measures presented by other companies. The most directly comparable financial measure under IFRS Accounting Standards to cash and near-cash is Onex’ consolidated cash and cash equivalents balance, which was $1.3 billion at December 31, 2025 (December 31, 2024 - $929 million). Refer to the Cash and Near-Cash section of Onex’ 2025 Annual MD&A and the supplementary financial schedules in this press release for further details concerning Onex’ cash and near-cash.

Dividend Declaration

The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on April 30, 2026, to shareholders of record on April 10, 2026.

Webcast

Onex management will host a webcast to review Onex’ fourth quarter and full year 2025 results on Friday, February 20, 2026 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations. A 90-day on-line replay will be available shortly following the completion of the event.

Additional Information

Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings (loss), investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the quarters and years ended December 31, 2025. The financial statements prepared in accordance with IFRS Accounting Standards, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com, and are also available on SEDAR+ at www.sedarplus.ca. A supplemental information package with additional information is available on Onex’ website, www.onex.com.

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $59.2 billion in assets under management, of which $8.7 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical.

For Further Information:

(i) Refer to pages 28 and 29 of Onex’ 2025 Annual MD&A for further details concerning the composition of segmented results.

(i) Refer to pages 28 and 30 of Onex’ 2025 Annual MD&A for further details concerning the composition of segmented results.

Investing Capital ( i )

(i) Refer to the glossary in Onex’ 2025 Annual MD&A for further details concerning the composition of investing capital.

(ii) Fully diluted shares for investing capital per share were 69.5 million at December 31, 2025.

Fee-Related Earnings (Loss) and Distributable Earnings

(i) Includes carried interest Onex is entitled to from the Falcon Funds.

Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The tables below provide reconciliations of Onex’ net earnings (loss) to fee-related earnings (loss) and distributable earnings during the quarters and years ended December 31, 2025 and 2024.

(i) Includes carried interest Onex is entitled to from the Falcon Funds.

Cash and Near-Cash

The table below provides a breakdown of cash and near-cash at Onex as at December 31, 2025 and December 31, 2024.

(i) Excludes cash and cash equivalents allocated to the asset management segment related to accrued incentive compensation ($97 million (December 31, 2024 – $89 million)).

(ii) Includes management fees and recoverable fund expenses receivable from certain funds which Onex has elected to defer cash receipt from.

(iii) Cash and cash equivalents are reduced by Onex’ share of uncalled expenses payable by the Investment Holding Companies of $22 million (December 31, 2024 - $36 million) and $18 million payable by the Investment Holding Companies for Onex’ management incentive programs related to private equity realizations (December 31, 2024 – $2 million).

(iv) The December 31, 2025 balance consists of receivables for recoverable fund expenses paid for the ONCAP V Fund and a receivable from the Onex Senior Credit Fund I, and subscription financing receivable, including interest receivable, attributable to third-party investors in certain Credit Funds. The December 31, 2024 balance consisted of subscription line financing receivable, including interest receivable, attributable to third-party investors in the Onex Partners V and ONCAP V Funds.

The table below provides a reconciliation of the change in cash and near-cash from December 31, 2024 to December 31, 2025.

(i) Includes $7 million of interest income generated by the Investment Holding Companies.

Following the completion of the Convex investment in February 2026, Onex’ cash and near-cash balance declined to approximately $400 million.