Onex Reports Fourth Quarter and Full Year 2025 Results

Executive Summary

• Onex Corp. reported strong FY 2025 financial performance: net earnings of $617 M ($8.88 per diluted share), a 104% increase year‑over‑year, and record segment earnings in both investing ($514 M) and asset‑management ($347 M).
• Completed the previously announced $7 B acquisition of Convex Group Limited on Feb 6 2026; Convex posted record 2025 results (net income $711 M, gross premiums $5.9 B, net combined ratio 89%). AIG acquired a 9.9% stake in Onex for $642 M and committed $2 B of capital to Onex’s private‑equity and credit strategies over three years.
• Declared a first‑quarter dividend of C$0.10 per subordinate voting share (payable Apr 30 2026).

Key Details

• FY 2025 Net Earnings: $617 M vs. $303 M in 2024; diluted EPS $8.88 vs. $4.00.
• Q4 2025 Net Earnings: $181 M vs. a loss of $2 M in Q4 2024; diluted EPS $2.64 vs. –$0.02.
• Investing Segment Net Earnings (FY): $514 M (+48% YoY).
• Asset‑Management Segment Net Earnings (FY): $347 M (+19% YoY).
• Distributable Earnings FY 2025: $648 M (up from $617 M).
• Investing Capital End‑2025: $8.66 B; per fully diluted share $124.70 (U.S.) / $171.15 (C$).
• Fee‑Related Earnings (Loss) FY 2025: –$3 M vs. –$21 M in 2024.
• Cash & Near‑Cash End‑2025: $2.06 B (24% of investing capital); fell to ≈$0.40 B after Convex closing.

Convex Acquisition & Performance

• Acquisition Price: $7 B (completed Feb 6 2026). Ownership: Onex 63%, AIG 35%.
• Convex FY 2025 Net Income: $711 M (+40% YoY).
• Gross Premiums Written: $5.9 B (+14%).
• Tangible Book Value: $3.8 B (+23%).
• Adjusted Return on Tangible Common Equity: 20%.
• Net Combined Ratio: 89%; Net Loss Ratio: 54%; Operating Expense Ratio: 13.1% (down 140 bps).

AIG Transaction

• Acquired 7.5 M subordinate voting shares (~9.9% equity) for cash proceeds of $642 M.
• Committed $2 B of capital to Onex private‑equity and credit strategies over the next three years.

Other Notable Business Highlights

• Private Equity & Credit Returns: FY 2025 net gains – PE $424 M (9% return), Credit $56 M (6% return).
• Distributions to LPs: $7.7 B gross distributions in 2025, including $4.3 B to co‑investors.
• OneDigital Sale: Onex Partners V sold 54% stake; net proceeds $239 M.
• Ryan Specialty Realization: Total proceeds $1.2 B (3.8× MOIC, 49% IRR).
• ONCAP Activity: $270 M returned to LPs; new investment in CSN Collision; leadership succession completed.
• CLO Transactions: Eight CLO deals totaling $3.7 B raised/extended in Q4; FY 2025 total $12.6 B fee‑generating assets, including $7.7 B new.

Dividend & Shareholder Communication

• Dividend Declared: C$0.10 per subordinate voting share (payable Apr 30 2026).
• Webcast: Management will present Q4 and FY 2025 results on Feb 20 2026, 11:00 a.m. ET; replay available for 90 days.

Notable Quotes

“The acquisition of Convex and partnership with AIG is a pivotal moment in Onex’ evolution that meaningfully enhances our growth prospects,” – Bobby Le Blanc, CEO
“We continue to see positive results across Onex… our private equity and credit asset management platforms collectively raised more than $8 billion in new capital in 2025.” – Bobby Le Blanc, CEO