Onex Reports Second Quarter 2025 Results

Executive Summary

• Onex Corporation reported strong financial results for the second quarter ended June 30, 2025, with net earnings increasing to $229 million (up from $168 million in Q2 2024) and net earnings per diluted share rising to $3.30 (from $2.19).
• The company’s investing capital per fully diluted share returned 4% for the quarter and 7% for the first six months of 2025, reaching approximately $121.23 per share. Fee-generating capital grew to approximately $41 billion, driven by successful fundraises and capital inflows.
• Onex declared a third-quarter dividend of C$0.10 per Subordinate Voting Share and continued its share repurchase program, buying back over 1.8 million shares in Q2 for $129 million.

Key Details

• Net Earnings: $229 million for Q2 2025 (vs. $168 million in Q2 2024); $397 million for the six months ended June 30, 2025 (vs. $178 million in the prior year period).
• Earnings Per Share: Net earnings per diluted share were $3.30 for Q2 2025 (vs. $2.19); $5.64 for the six-month period (vs. $2.31).
• Investing Capital: Total investing capital was approximately $8.4 billion at June 30, 2025. Investing capital per fully diluted share was $121.23 (C$164.96).
• Investment Performance: Private equity investments generated net gains of $184 million (4% return) in Q2 2025. Credit strategies generated net gains of $33 million (4% return).
• Fee-Generating Capital: Increased to approximately $41 billion, with Private Equity and Credit strategies increasing by approximately 20% and 14% respectively since year-end.
• Asset Management Segment: Reported net earnings of $36 million for Q2 2025 (vs. $7 million in Q2 2024). Fee-related earnings were $6 million for Q2 2025 (vs. loss of $2 million in Q2 2024).
• Credit Platform: Onex Credit priced or extended 17 CLO transactions in 2025, raising or extending approximately $8.3 billion in fee-generating assets. Run-rate fee-related earnings for Credit are approximately $44 million.
• Carried Interest: Unrealized carried interest totaled $346 million as of June 30, 2025, an increase of $60 million since year-end.
• Share Repurchases: Onex repurchased over 1.8 million Subordinate Voting Shares (SVS) in Q2 at a cost of $129 million (average cost $70.66 per share). Total repurchases for the first half of 2025 exceeded 3.2 million SVS (4% of shares outstanding at start of year).
• Dividend: Board declared a third-quarter dividend of C$0.10 per Subordinate Voting Share, payable October 31, 2025, to shareholders of record on October 10, 2025.
• Cash Position: Cash and near-cash balance was $1.5 billion (18% of investing capital) as of June 30, 2025.
• M&A/Divestitures: Onex Partners V Group agreed to sell 25% of its WestJet investment (expected net proceeds ~$95 million to Onex). ONCAP completed the sale of a majority stake in Precision Concepts International, LLC in July.

Notable Quotes

• “Onex delivered a solid second quarter with growth in investing capital per share and continued momentum across our businesses,” said Bobby Le Blanc, CEO and President. “The Onex Partners and ONCAP teams are successfully returning capital to our investors, while compounding net asset value and increasing carried interest. Our Credit team is on track for another strong year, with attractive growth in fee-generating assets and earnings.”