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Onex Corporation
Onex : Q1 2026 Supplemental Information Package (Q1 2026 Supplemental Information Package EXTERNAL vFinal 0596 )
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Onex : Q1 2026 Supplemental Information Package (Q1 2026 Supplemental Information Package EXTERNAL vFinal 0596 )



Q1 2026 Supplemental Information Package

This Supplemental Information Package may contain, without limitation, forward-looking statements related to our future growth and our financial and operational results and performance that are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. In some cases, forward-looking statements can be identified by the use of words such as "outlook", "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," "illustrative" or the negative of such words or other words of similar connotation. Forward-looking statements are not guarantees. Specific risks and uncertainties that could cause our actual results, performance and outcomes to differ materially from those expressed in our forward-looking statements include, but are not limited to: variability of financial and operating results among periods, which include the pace, size and nature of transactions by or involving our asset management subsidiaries, investment funds, and operating companies; the volatility of the exchange rate between the U.S. dollar and the Canadian dollar and other currency exchange rates; changes in the fair market value of Onex' operating companies, including the market value of our publicly-traded operating companies; and activities at the operating companies of our private equity funds and events within their industries. These and other risks and uncertainties and factors are discussed in the Company's various public filings at https://www.sedar.com or on the Company's website, https://www.onex.com. These risks, uncertainties and factors may cause our actual financial and operational results and performance to differ materially from the expectations expressed or implied by the forward-looking statements contained in this presentation. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake to update any forward-looking statement, except as required by applicable law. These cautionary statements expressly qualify all forward-looking statements in this supplemental information package.

In addition, we may refer later in this presentation to various private offerings of securities. These offerings are made solely to such persons and in such transactions as do not require registration, qualification or approval under any U.S. or other applicable securities laws and otherwise to specified classes of permitted private purchasers. The securities are not and will not be registered, qualified or approved under U.S. or other securities laws, cannot be offered or sold in the U.S. without registration or exemption and will not be offered or sold in any other jurisdiction except in certain private, restricted transactions. This notification shall not constitute a promotion of, an offer to sell or the solicitation of an offer to buy any securities.

All dollar amounts in U.S. as at March 31, 2026, unless otherwise stated.

OVERVIEW 3

Key Highlights 4

Onex Value Creation 5

Onex Sum-Of-The-Parts Valuation 6

INVESTING 8

Key Metrics 7

Investing Capital 9

CONVEX 14

Investing Segment Gain (Loss) 13

Key Metrics and Performance 15

25

ASSET MANAGEMENT

20

INVESTMENTS AND TREASURY

Convex: Value Creation 19

Asset Management Segment Earnings 26

Fee-Related Earnings and Distributable Earnings 27

Fee-Generating Assets Under Management

30

APPENDIX 31

Carried Interest Schedules 28

Convex Additional Schedules 32

Private Equity Portfolio Overview 36

Private Equity Fund Performance

37

Endnotes 38

Overview

Q1 2026 Supplemental Information Package

3

Key Highlights

  • Investing capital per share was $122.45/share (C$170.40), delivering a 10% five-year CAGR

    INVESTING CAPITAL

    Convex

    • Completed the acquisition of a 63% interest in Convex on February 6, 2026 for $3.8B

    • Convex generated $106M of Q1'26 adjusted net income (burdened by a $50M unrealized mark-to-market loss), $827M of adjusted net income over LTM

    • Onex' investment in Convex was valued at $4.0B ($51.87/share or C$72.18/share) at March 31, up $158M or ~4% since the acquisition

    • Convex value based on $3.4B of tangible book value (TBV) and a 2.0x TBV multiple, supported by its strong return on equity (ROE), earnings growth and

      continued market share gains. Implied P/E multiples of 8.1x on LTM Q1'26 adjusted net income and 10.0x on 2025 net income

    • Generated $2.2B of gross premium written in Q1'26, with an 86.8% combined ratio and 23.9% LTM ROE

      Investments

      and Treasury

  • Investments and Treasury investing capital was $5.4B at March 31, 2026, or $70.58/share (C$98.22)

  • Q1'26 activity remained robust, with $317M realized from the multi-asset continuation fund transaction and an 8% LTM return in Private Equity

  • Repaid $200M under the senior secured credit facility in April 2026, reducing the pro-forma balance to $500M. Following this repayment, Onex retained strong liquidity with approximately $200M of cash and near-cash and $600M available to be drawn on its revolving credit facility

  • Fee-generating capital was $42.8B at quarter-end, with year-over-year growth of 21% in Credit and 17% in Private Equity (adjusted for Convex)

  • Credit raised or extended $3.0 billion of fee-generating CLO AUM through April

  • Onex Partners completed a $1.6B multi-asset continuation fund, extending the fee duration and carry potential

  • Q1'26 realized carried interest was $32M, with $377M of unrealized carried interest remaining at quarter-end

  • Asset Management fee-related earnings were $5M in Q1'26, Structured Credit contributed $15M of FRE

  • Onex generated $827M of distributable earnings over LTM, $217M in Q1'26

ASSET MANAGEMENT



INVESTING CAPITAL

  1. Convex: A Leading Specialty P&C (Re)insurer Driving Enterprise Value Growth

    • Strategic, long-term holding in a market-leading specialty P&C (re)insurer with a proven management team and track record

    • High-quality organic growth with significant premium growth since inception and delivering strong underwriting profitability

    • Majority ownership position captures the value of a significant and increasing earnings stream which would

      drive meaningful enterprise value for shareholders as the platform continues to scale

    • Strong alignment of interests with AIG and Convex management investing at the same valuation

  2. Investments and Treasury: Strong Capital Base Enabling Flexibility

    • Re-orient capital deployment in areas where Onex has a "right to win"

    • Focus on (i) direct investments with strong risk adjusted returns and longer hold periods and

      (ii) "asset-lighter" commitments to PE and credit funds (up to 10% of fund size)

    • Will not compete with the Onex Partners and ONCAP platforms

      ASSET MANAGEMENT

  3. Asset Management: Accelerating Recurring Earnings Stream

  • Transition to an "asset-lighter" model and focused on raising third-party FGAUM

  • Incremental FRE expected from AIG and Convex' investments into Onex' private equity and credit strategies

  • FRE growth supports asset management valuation, surfacing value for shareholders



Component-level valuation highlights significant share price discount to Onex' intrinsic value

Intrinsic Value Per Share Implied Value of Remaining NAV per Share

Convex Value

(2.0x P/TBV Valuation)(1)

C$72

Asset Management Value

(15x P/RR FRE of US$35M at '26 Year-End)(2)

C$10

NAV Excluding Convex

(Net of Senior Secured Credit Facility) as of Q1'26

C$98



C$113

/share

C$72

/share



C$10



/share

P/NAV 0.31x

C$98

/share

Sum-Of-The-Parts Intrinsic Value:

C$180 Per Share

(~59% Premium to May 14, 2026 C$113 Per Share)

C$31

/share

Based on CAD/USD FX rate of 1.3916 as at March 31, 2026.

Share Price (As of May 14)

Convex Asset Management Market Implied



NAV

(Excl. Convex)

NAV (Excl. Convex)

  1. Convex valued at a 2.0x tangible book value based on Q1'26 TBV. Valuation implies a 10.0x P/E on 2025A Net Income and 8.1x P/E on LTM Q1'26 Adjusted Net Income.

  2. Excludes additional $15M of FRE expected from remaining AIG and Convex capital commitments into Onex' asset management strategies.

Key Metrics

($ in millions, except per share data)

LTM

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

Q4'24

Q3'24

Q2'24

Net earnings (loss)

$578

$129

$181

$39

$229

$168

($2)

$127

$168

Net earnings (loss) per share - diluted

Total Assets

$8.26

$1.76

$10,239

$2.64

$11,502

$0.57

$13,418

$3.30

$13,644

$2.36

$13,350

($0.02)

$13,964

$1.68

$13,227

$2.19

$13,149

Investing capital(2)

$9,393

$8,662

$8,479

$8,429

$8,299

$8,273

$8,473

$8,480

Per share - USD(1)(3)(4)

+5%

$122.45

$124.70

$121.61

$121.23

$116.97

$113.70

$113.37

$110.35

Per share - CAD(1)(3)(4)

+1%

$170.40

$171.15

$169.28

$164.96

$168.28

$163.54

$153.04

$151.04

Convex segment gain (loss) - Net change in fair value(5)

$143

$143

Per share

$1.93

Investments and Treasury segment gain (loss)(6)

$366

($25)

$110

$50

$231

$123

$29

$121

$140

Per share

($0.32)

$1.57

$0.71

$3.32

$1.70

$0.38

$1.58

$1.79

Asset Management segment earnings

$107

$2

$49

$20

$36

$25

$18

$22

$7

Per share

$0.03

$0.71

$0.28

$0.52

$0.35

$0.24

$0.30

$0.10

Total Fee-Generating AUM

+16%

$42,793

$43,858

$42,043

$40,943

$36,851

$35,239

$34,131

$32,872

Credit

+21%

$30,153

$29,812

$27,930

$27,001

$24,890

$23,653

$21,952

$20,352

Private Equity

+6%

$12,640

$14,046

$14,113

$13,942

$11,961

$11,586

$12,179

$12,520

Fee-related earnings (loss)(7)

Run-rate management fees

+4%

$210

$207

$202

$196

$202

$195

$187

$179

Asset Management fee-related earnings (loss)(2)

$24

$5

$2

$11

$6

$11

$6

$6

($2)

Total fee-related earnings (loss)(2)

($8)

($3)

($4)

$1

($2)

$2

($1)

$0

($8)

Carried interest(8)

Ending unrealized carried interest balance

$377

$404

$360

$346

$308

$286

$270

$258

Carried interest increase (decrease)

$116

$5

$52

$21

$38

$22

$18

$22

$14

Carried interest realized/distributed

$47

$32

$8

$7

$0

$0

$2

$10

$4

Distributable earnings(7)

$827

$217

$478

$111

$21

$38

$231

$267

$74

See endnotes at the end of the presentation about Key Metrics. Investing capital, Investing capital per fully diluted share ("ICPS"), Fee-related earnings (loss) ("FRE") and Distributable earnings ("DE") are non-GAAP financial measures or ratios and do not have a standardized meaning prescribed under IFRS.

Investing Capital

Q1 2026 Supplemental Information Package

8

Growth in Investing Capital per Share

KEY HIGHLIGHTS

  • 10% compound annual return over the last five years (1)

  • Investing Capital Per Share ("ICPS")(2) was a loss of 2% in Q1'26(3) and a gain of 5% over LTM(3)

  • In Q1'26, ICPS was impacted by the dilution from the issuance of Onex's Subordinate Voting Shares to AIG in connection with the acquisition of Convex

  • Excluding the dilutive impact of the share issuance, ICPS increased by

1% since Q4'25 and 8% over LTM

Other

Cash & Near-Cash

$116.97

$9.52

$122.45

Credit(4)

$107.44

Private Equity(4)

Convex

($4.04)

$92.94

$96.24

$78.33

10%

5-year CAGR(1)

Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Impact From SVS Issuance To AIG

ICPS Growth, Excluding Dilution

Mar-26

  1. The 5-year CAGR reflects the cumulative five-year return for the period ended March 31, 2026, and is adjusted to exclude the impact of capital deployed in the asset management segment, where applicable, shares issued and dividends paid.

  2. Investing capital per fully diluted share is a non-GAAP ratio and does not have a standardized meaning prescribed under IFRS. See endnote 17 at the end of the presentation about Investing Capital.

  3. Adjusted for capital deployed, realizations and distributions, as applicable.

Investing Capital by Segment

March 31, 2026(1) December 31, 2025

4% Cash and Near



Cash $398 2% Other $171

10% Credit

$912

24% Cash and Near Cash $2,060

0% Other



$35

42% Private Equity $3,933

42% Convex

$3,979

11% Credit

$955

65% Private Equity $5,612

Enhanced capital allocation with a strong base to support future flexibility and create long-term value

KEY HIGHLIGHTS

  • Convex returned 4% since the

    acquisition was completed in February

  • Private equity portfolio LTM return of 8%(13)(15)

  • Credit portfolio LTM return of 2%(13)(15)

•

•

95% invested at quarter-end

Decline in ICPS from Q4'25 was due

to the issuance of 7.5 million shares to AIG

Investing Capital

($ in millions, except per share data)

As at

March 31,

2026

December 31,

2025

Total Assets $ 10,239 $ 11,502

Convex $ 3,979 $ -

Onex Partners - Private Companies(1)

3,176

4,145

Onex Partners - Public Companies(2)(3)

277

305

ONCAP - Private Companies(4)

766

775

(5)

366

387

Total Private Equity

4,

585

5,612

Private Equity

Unrealized Carried Interest

Credit

Credit investments(6) 957 938

Unrealized Carried Interest(7) 11 17

955

968

Total Credit

Other Net Assets(8) 171 35

Cash and Near-Cash(9)(10) 398 2,060

Debt(11) (708) -

Onex Investing Capital (16) $ 9,393

$ 8,662

Onex Investing Capital per Share (U.S. dollars)(12)(17) $ 122.45

$ 124.70

Onex Investing Capital per Share (Canadian dollars)(12)(17) C$ 170.40

C$ 171.15

See endnotes at the end of the presentation about Investing Capital.

($ in millions)

December 31,

Capital

Realizations &

Segment

Other

March 31,

As at

2025

Deployed

Distributions

Gain (Loss)

Items(14)

2026

Investing Capital: First Quarter Changes

See endnotes at the end of the presentation about Investing Capital tables.

Convex

$ -

$ 3,821

$ -

$ 158

$ -

$ 3,979

Private Equity

Onex Partners - Private Companies(1) Onex Partners - Public Companies(2)(3) ONCAP - Private Companies(4) Unrealized Carried Interest(5)

Total Private Equity

4,145

305

775

387

5,612

279

-

1

-

280

(1,318)

-

-(29)

(1,347)

70

(28)

(10)

8

40

-

-

-

-

-

3,176

277

766

366

4,585

Credit

Credit investments(6)

Unrealized Carried Interest(7)

Total Credit

Other Net Assets(8)

Cash and Near-Cash(9)(10) Debt(11)

Onex Investing Capital

938

17

955

35

2,060

-

$ 8,662

211

211

-

(3,612)

(700)

$ -

(165)

-

(165)

154

1,358

-

$ -

(27)

(6)

(33)

(18)

(19)

(8)

$ 120

-

-

-

-

611

-

$ 611

957

11

968

171

398

(708)

$ 9,393

KEY HIGHLIGHTS

  • Convex

    • Convex segment gain (loss) represents mark-to-market gains on Onex' investment in Convex, net of transaction costs to complete the

      acquisition in Q1'26

    • Onex' fair value in Convex increased by $158 or 4% since the acquisition closed in February 2026

  • Private Equity

    • PE investments return was

      1% in Q1'26(4); 8% LTM(4)

  • Credit

    • Credit investment return was a loss of ~3% in Q1'26(4); return of 2% LTM(4)

Segment Gain (Loss): Convex & Investments and Treasury

($ in millions, except per share data)

As at

Quarter

LTM

Q1'26

Q1'25

2026

2025

Convex segment gain (loss) - net change in fair value(1)

$ 143

$ -

$ 143

$ -

Per share - fully diluted

$ 1.93

$ -

$ 1.93

$ -

Private Equity

Onex Partners(2)

42

99

295

260

ONCAP(1)

(10)

(3)

65

64

Total net gain from private equity

Credit

Structured Credit Strategies

32

96

360

324

CLOs

(23)

17

-

46

Other structured strategies

3

1

5

12

Opportunistic Credit Strategies

(5)

(8)

3

5

Liquid Strategies

(1)

-

9

8

Direct Lending

(1)

1

1

5

Total net gain (loss) from Onex Credit Strategies

Other segment earnings (loss)(3)

(27)

(30)

11

16

18 76

(12) 16

Investments and Treasury segment gain (loss)

$ (25)

$ 123

$ 366

$ 416

Per share - fully diluted

$ (0.32)

$ 1.70

$ 5.20

$ 5.47

  1. Includes $15M of acquisition costs.

  2. Onex' investments in the Onex Partners and ONCAP Funds include co-investments, where applicable.

  3. Other segment earnings (loss) primarily includes financing costs and accrued interest related to the senior secured credit facility.

  4. Adjusted for capital deployed, realizations and distributions. Portfolio value changes are gross of management incentive programs and before carried interest, as applicable.

Convex

Q1 2026 Supplemental Information Package

14

Key Metrics

Convex has delivered strong organic growth in premiums, improved combined ratio and significant net income growth

Key Highlights

  • GPW increased 5.1% year-over-year in Q1 '26 on a reported basis. Excluding Q1 '25 reinstatement premiums related to the California wildfire event, which elevated the prior-year comparison, growth would have been 8.3%

  • Achieved consistent and strong underwriting performance, with the combined ratio improving to 82.6% in Q1 '26 LTM from 89.0% in 2025

  • Delivered improvement in operating expense ratio, with a 410bps improvement since 2022

  • Q1 '26 LTM adjusted net income(1)

    increased 16% versus full year 2025

  • Returns on average TBV increased to 23.9% driven by increased net income and lower TBV due to the

$533M share repurchase as part of the transaction funding

Key Metrics

($ in millions, except per share data)

2022 - Q1 2026

CAGR / ∆

Q1 2026

LTM(1)

2025

2024

2023

2022

Q1 2026(1)

Q1 2025

Gross Premium Written

23.2%

$5,985

$5,879

$5,166

$4,128

$3,035

$2,166

$2,060

GPW Growth Rate

13.8%

25.1%

36.0%

43.5%

5.1%

Net Premium Earned

27.1%

$3,672

$3,673

$3,070

$2,337

$1,686

$914

$916

NPE Growth Rate

19.6%

31.4%

38.6%

61.8%

(0.2%)

Combined Ratio

(14.4%)

82.6%

89.0%

87.3%

89.0%

97.0%

86.8%

112.8%

Loss Ratio

(16.2%)

46.2%

53.9%

53.0%

53.0%

62.4%

48.8%

80.1%

Acquisition Ratio

5.8%

22.8%

22.0%

19.7%

20.2%

17.0%

24.7%

21.6%

Operating Expense Ratio

(4.1%)

13.6%

13.1%

14.5%

15.8%

17.7%

13.3%

11.1%

Net Income

n/a

$827

$711

$506

$503

($142)

$106

($8)

Return on Average Tangible Book Value

n/a

23.9%

20.0%

17.4%

20.8%

(6.4%)

n/a

n/a

Tangible Book Value(2)

$3,361

$3,834

$3,105

$2,589

$2,166

$3,361

$3,097

Q1 2026 Supplemental 15

Business Overview

Convex is a leading insurance and reinsurance business focused on complex speciality risks, formed in 2019 by an

experienced leadership team with a highly successful track record

Overview

  • Specialist Insurance Group, Operating Globally

    • Purpose-built operating and technology platform enabling scalable, low-cost

      underwriting focused on complex specialty risks for large commercial clients

    • 488 employees primarily in Bermuda, London, Guernsey and Luxembourg

  • Highly Regarded Management Team

    • Founded in 2019 by industry veterans Stephen Catlin and Paul Brand

    • Proven ability to build and scale high-performing underwriting teams

    • Meaningful roll-over investment, reinforcing long-term alignment

  • Balanced and Diversified Portfolio

    • Balanced mix of insurance and reinsurance across multiple specialty lines

    • Highly diversified by business line, distribution source and end market

  • Clean Balance Sheet and Financial Strength

    • Strong balance sheet with no long-term legacy insurance liabilities

    • Strong financial strength rating of A from both AM Best and S&P

  • Demonstrated Track Record of Growth and Profitability

    • GPW scaled from a standing start in May 2019 to $6B by Q1'26 LTM

    • Transitioned rapidly from initial build-out phase to profitable growth by 2023

    • Strong combined ratio and significant net income growth delivered, with

16% increase in Q1 '26 LTM versus 2025

Highlights

Scale

$6.0B

GPW (Q1'26 LTM)

23%

GPW Growth

(2022 - Q1 '26 LTM CAGR)

Profitability

$827M

Adjusted Net Income

(Q1'26 LTM)

23.9%

RoTBV (Q1'26 LTM)

Capability

87%

Combined Ratio (Q1'26)

55% / 45%

Insurance / Reinsurance

Portfolio (Q1 '26 LTM)

Financial Strength

$3.4B

Tangible Book Value

(Q1 '26)(1)

A

Financial Strength Rating from AM Best and S&P

Partnership Alignment

$500M

Convex Management Re-Investment

$2.1B

AIG Investment

Q1 2026 Supplemental 16

Structural Competitive Advantages

Convex has a modern operating model, unencumbered by legacy technology and operating systems, providing structural advantages and driving strong performance results

Underwriting & Risk Management

  • Deep expertise in complex specialty risks across diversified lines

  • Balanced insurance / reinsurance portfolio

  • Ceded reinsurance use to limit loss exposure & build cross-cycle resilience

  • Conservative risk appetite with consistent reserve releases

    Technology

  • Clean-slate, fully integrated technology platform

  • No legacy systems or infrastructure

  • Data-driven underwriting and portfolio insights

    Operations

  • Lean cost structure with outsourced non-core functions

  • Significant operating leverage as scale increases

  • Ability to generate high premium per employee

  • Market leading claims capabilities

    Distribution

  • Strong broker reputation as a leader in complex specialty markets

  • Durable, long-term client relationships

  • Consistent growth driven by trust and execution

    Strong Growth In Gross Premium Written Per Employee Delivered Reduction In Expense Ratio KPIs

    13.7%

    $10.9M

    $12.2M $12.4M

    $9.1M

    $6.9M

    $5.2M

    $3.4M

    $0.8M

    Operating Expense Ratio Operating Expenses / GPW

    17.7%

    15.8%

    14.5%

    13.1%

    13.6%

    9.6%

    8.8%

    8.6%

    8.2%

    8.4%

    2019 2020 2021 2022 2023 2024 2025 Q1'26 LTM

    2022 2023 2024 2025 Q1'26 LTM

    Ability To Grow Earnings Through Cycle

    Convex has several structural levers it can utilize to support earnings growth

    Operating Leverage As Convex Scales Into Expense Base

Growth In Asset Leverage

  • Operations and expense base built to scale for materially higher volumes

  • Expense ratio and OpEx./GPW reductions of 410bps and 120bps since 2022, respectively

  • Incremental GPW flows through at strong

    17.7%

    13.7%

    9.6%

    13.6%

    8.4%

  • Conservative capitalisation provides headroom to increase asset leverage

    23.9%

    Return on Tangible

    Equity (Q1 '26 LTM)

$4.4B

Increase in Investment Assets Since 2022

  • Higher premiums per dollar of equity support earnings growth without reliance on rate increases

    contribution margins as fixed costs scale

  • Combined ratio improvement expected to be supported by scale, not just pricing

    2022 Q1 '26 LTM

    Operating Expense Ratio

    Operating Expenses / GPW

  • Scaling balance sheet increases investable float, lifting the contribution of investment income to overall profitability

    Yield Improvement On Investment Portfolio

Growth In Net Underwriting Profitability

$7.5B

Investment Assets at March 31, 2026

  • Growing investment portfolio provides an earnings lever independent of underwriting

    1% Yield Increase =

    ~$75M of Incremental

    Net Income

  • Active portfolio management expected to support incremental yield over time

  • Allocation of float into Onex' strategies

    should deliver accretive returns

  • Competitive advantages expected to

    91%

    Retention on Renewal Portfolio(1)

support continued GPW growth

5th Consecutive Year

of Underwriting Profit

  • Focused on delivering GPW growth while maintaining underwriting discipline

  • Utilizing ceded insurance to maintain relationships with customers through cycle whilst protecting profitability

    What Convex Contributes to Onex Shareholders

    $7.5B

    Investment Assets

    63% Onex Ownership

Multiple drivers of enterprise value expansion over time

1

Growing Earnings and Enterprise Value

2

Investments in Onex' Asset Management

Products Driving Increased FRE

3

Distributable Cash Flow and

Capital Allocation Opportunities

US$827M

Adj. Net Income

(Q1'26 LTM)

Onex Proportional Adjusted Earnings of US$518M(1)

Allocation to

Onex' Products

Incremental FRE for

Onex' Private Equity and Credit Strategies

  • Majority ownership position captures the value of a significant and increasing earnings stream driving meaningful enterprise value growth for Onex shareholders

  • Onex' investment value in Convex increased to

    $4.0B as of March 31, 2026, based on an assumed 2.0x P/TBV multiple supported by Convex' strong ROE and structural levers that will support earnings growth

  • Valuation implies an 8.1x and 10.0x P/E on Q1

    '26 LTM and 2025 net income, respectively

  • Convex' growth will drive an increase in the

    Significant Distributable Cash Flow Generation from Net Income

    19.4%

    Average Returns on Tangible Equity

    (Q1'24 LTM to Q1'26 LTM)

    size of its investment portfolio

  • An increasing portion of this investment portfolio to be managed in Onex' strategies, while remaining within regulatory capital requirements

  • Incremental fee-generating capital will drive FRE growth, supporting the value of Onex' asset management platform

  • Attractive conversion of net income to distributable cash flows

  • Cash generation provides optionality for reinvestment to drive growth at Convex and/or capital returns to Onex and other shareholders

  • Onex will utilize capital returned for direct balance sheet acquisitions, investments in our asset management platforms (up to 10% of fund size) and returning capital to shareholders

Investments and Treasury

Q1 2026 Supplemental Information Package

20

Investments and Treasury: First Quarter Changes

$8,662

$211 ($165)

$7 $136

($1,347)

$5,414

Investments and Treasury as at December 31, 2025

Capital Deployed(1)

Realizations &(1)

Distributions

Segment Earnings Other Net Assets(8)

Private Equity Credit Other

$280

$5,612

$4,585

$968

$955

$2,095

($708)

($1,662)

Cash and Near-Cash(9)(10)

Debt(11)

($139)

Investments and Treasury as at March 31, 2026

See endnotes at the end of the presentation about Investing Capital tables.

Private Equity: Industry Performance

($ in millions)

Core Industry Vertical (no. of investments)(1)

Gross PE Capital

($)

Gross PE Capital

(%)

Q1'26

Gross Return(2)

LTM

Services (15)

$ 1,859

41%

(3%)

1%

Financial Services (5)

1,170

25%

7%

17%

Industrials (12)

993

22%

(1%)

11%

Healthcare (3)

332

7%

1%

(8%)

Consumer (7)

241

5%

(3%)

(6%)

Total (42)

$ 4,595

100%

1%

8%

  1. Onex' private equity portfolio is categorized based on its five core verticals. Below is a list of the investments in each category that Onex continued to hold at March 31, 2026.

    Services: Analytic Partners, Clarivate Analytics Plc, Data Driven Holdings, Education Holding Corporation, Emerald Expositions Events, Inc, Imagine Learning, International Language Academy of Canada, Mid-State, Morson Group, Ontivity, PowerSchool Group LLC, Resource Environmental Solutions, LLC, Tes Global, Unanet, PriceLabs.

    Financial Services: Accredited, BBAM Limited Partnership, Integrated Specialty Partners, OneDigital, Claims Management Services and Wealth Enhancement Group.

    Industrials: Advanced Integration Technology, Biomerics, Farsound, Fischbach, Komar, Precision Concepts International, Precision Global, Rebox Corporation, Venanpri Group, Walter Surface Technologies, WestJet Airlines Ltd. and WireCo WorldGroup.

    Healthcare: Acacium Group, Newport Healthcare and SCP Health.

    Consumer: AutoSavvy, Chatters Canada, CSN Collision, Image Specialty Partners, Mayzon, Merrithew and Parkdean Resorts.

  2. Adjusted for capital deployed, realizations and distributions. Performance results are gross of management incentive programs and an allocation of management fees and carried interest on Onex' capital.

Onex' Investment Performance(1)

2026

Historic Annual Performance

Q1

LTM

L5Y

FY'25

FY'24

FY'23

FY'22

FY'21

Private Equity

Onex Partners

1%

7%

10%

9%

5%

11%

1%

32%

ONCAP

(1%)

11%

15%

11%

6%

17%

27%

33%

Total private equity

1%

8%

10%

9%

5%

12%

3%

32%

MSCI World Mid Cap (2)

(1%)

17%

7%

18%

11%

16%

(19%)

18%

S&P 500 (2)

(4%)

18%

12%

18%

25%

26%

(18%)

29%

Private credit(3)

(3%)

2%

9%

6%

9%

24%

(5%)

20%

Credit Suisse Leveraged Loan (2)(3)

(0%)

5%

6%

6%

9%

13%

(1%)

5%

  1. Adjusted for capital deployed, realizations and distributions. Investment performance is presented gross, before the impact of carried interest received and amounts payable under the management incentive programs, as applicable. The performance of Onex' private equity investments represents Onex' share of investments and co-investments in each investment platform, where applicable, and as a result the performance may differ from the performance for the investment platforms including all investors and excluding co-investments, where applicable.

  2. Reflects total returns. Onex has provided the benchmark and index data for informational purposes only. Comparisons of any fund or strategy to a benchmark or an index is imperfect, including but not limited to, the following reasons: (i) the volatility of such benchmark or index likely will be materially different from the fund or strategy; (ii) such benchmark or index employs different investment guidelines and criteria than the fund or strategy; and (iii) the holdings of the fund and strategy differ significantly from holdings of the securities that comprise such benchmark or index. The performance of the benchmark or index was not necessarily selected to represent an appropriate benchmark or index to compare to the performance of the fund or strategy discussed herein, but rather, is disclosed to allow for comparison of the fund or strategy to that of a well-known benchmark or index.

  3. Certain of Onex' private credit investments employ leverage at the fund level, which will amplify returns/losses on the underlying portfolio. Accordingly, Onex' returns/losses on private credit investments relative to the Credit Suisse Leveraged Loan index are generally expected to reflect this amplification.

Cash and Near-Cash: Year to Date Changes(1)

($ in millions)

$642 $8 ($3,821)

$700

$992

$2,060

($82)

($46)

($12)

($5)

($23)

$398

($15)

Cash and near-

Private equity

Amounts drawn

Issuance of

Interest and net

Convex direct

Financing fees

Private equity

Net private

Net stock-based Cash dividends

Other(2)

Cash and near-

cash at

realizations and

on the senior

subordinate

treasury

investment

on senior

investments

credit strategies

compensation

paid

cash at

(1)

December 31,

2025(1)

distributions

secured facility

voting shares

investment

income

secured credit

facility

investment

activity

paid

March 31, 2026

  1. Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS. The presentation of this measure does not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar financial measures presented by other

    companies. Refer to Onex' 2026 Interim Report for further details concerning the company's cash and near-cash. At March 31, 2026 and December 31, 2025, Onex' consolidated cash and cash equivalents were $116 million and $1.3 billion, respectively.

  2. Other includes net cash flow from asset management activities, capital expenditures, operating costs and changes in working capital.

Asset Management

Q1 2026 Supplemental Information Package

25

Asset Management Segment Earnings

$ 168

PYQ

Q1'25

$ 2

22

1

$ 25

($ in millions)

LTM

LAST FOUR QUARTERS

Q1'26

Q4'25

Q3'25

Q2'25

IFRS Net earnings (loss)

$ 578

$ 129

$ 181

$ 39

$ 229

Fee-Related Earnings (Loss)(1)

(8)

(3)

(4)

1

(2)

Carried Interest Increase

116

5

52

21

38

Other(2)

(1)

-

1

(2)

-

Asset Management Segment Earnings

$ 107

$ 2

$ 49

$ 20

$ 36

Fee-Related Earnings and Distributable Earnings

($ in millions)

LTM

LAST FOUR QUARTERS

Q1'26

Q4'25

Q3'25

Q2'25

Private Equity

Management and advisory fees(3)(4)

$ 82

$ 20

$ 21

$ 20

$ 21

Total fee-related revenues from Private Equity(3)

82

20

21

20

21

Compensation expense(5)

68

17

22

12

17

Support and other net expenses(6)

35

8

9

9

9

Private Equity net contribution

(21)

(5)

(10)

(1)

(5)

Structured Credit

Management fees(3)(7)

111

29

29

29

24

Performance fees(8)

2

-

-

1

1

Fee-related revenues from Structured Credit(3)

113

29

29

30

25

Compensation expense(5)

32

9

8

8

7

Support and other net expenses(6)

17

5

4

5

3

Structured Credit net contribution

64

15

17

17

15

Other Credit

Management fees(3)(7)

13

3

3

3

4

Performance fees(8)

1

-

(1)

1

1

Other income

2

-

1

-

1

Fee-related revenues from Other Credit(3)

16

3

3

4

6

Compensation expense(5)

15

4

3

4

4

Support and other net expenses(6)

20

4

5

5

6

Other Credit net contribution

(19)

(5)

(5)

(5)

(4)

Asset Management fee-related earnings

24

5

2

11

6

Public Company and Onex Capital Investing

Compensation expense(9)

18

5

3

6

4

Other net expenses

14

3

3

4

4

Total Public Company and Onex Capital Investing expenses

(32)

(8)

(6)

(10)

(8)

Fee-related earnings (loss)(10)

(8)

(3)

(4)

1

(2)

Realized carried interest

51

35

9

7

-

Realized gain on investments, net

784

185

473

103

23

Distributable earnings(10)

$ 827

$ 217

$ 478

$ 111

$ 21

PYQ

Q1'25

$ 29

29

16

8

5

23

-

23

7

4

12

3

-

-

3

3

6

(6)

11

5

4

(9)

2

5

31

$ 38

Carried Interest: Generated, Realized and Potential

Opening

Carried Interest(1)

Ending

AUM Subject

($ in millions)

Unrealized Generated Realized(2)

Unrealized

to Carried Interest (3)

2021

$ 87

$ 236

$ 48

$ 275

$

22,272



2022

275

9

18

266

24,144

2023

266

11

13

264

27,491

2024

264

38

16

286

32,610

2025

286

133

15

404

40,771

2026 YTD

404

5

32

377

39,884



Total Since 2020

$ 432

$ 142

  1. Excludes carried interest from Falcon funds.

  2. Realizations reduce the remaining unrealized carried interest balance.

  3. As of March 31, 2026, includes $26,718 of AUM attributable to CLOs (December 31, 2025 - $26,178).

Carried Interest: Unrealized Value

KEY HIGHLIGHTS

  • Realized $32M of carried

    interest during Q1'26 primarily from realizations in Onex Partners V

  • Unrealized carried interest is primarily driven by Onex Partners V and Onex Partners Ranger CV(1)

($ in millions)

Onex Partners

ONCAP

$404

Onex Credit

$308

$22

$29

$346

$24

$31

$360

$24

$27

$17

$36

$377

$11

$36

$351

$330

$291

$309

$257

Mar-25 Jun-25 Sep-25 Dec-25 Mar-26

Realizations reduce the remaining unrealized carried interest balance.

Excludes carried interest from Falcon funds.

See endnotes at the end of the presentation about Fund Performance: Private Equity.

Fee-Generating Assets Under Management

  • LTM increase in Private Equity FGAUM was due to new commitments in Onex Partners Multi-Asset Continuation Vehicle, Onex Partners Opportunities Fund and ONCAP V, along with net gains on investments, partially offset by realizations

  • LTM increase in Credit FGAUM was driven by new capital raised from 12 new CLOs as well as capital raised for other private credit funds

KEY HIGHLIGHTS

($ in billions)

9%

5-year

(1)

CAGR



(1) The historical balances have been adjusted to remove fee-generating assets under management associated with the Falcon Funds.

Appendix

Q1 2026 Supplemental Information Package

31

Convex: Detailed Financial Highlights

($ in millions)

LTM

Full Year

Last Four Quarters

PYQ

Q1 '26

2025

Change

Q1'26

Q4'25

Q3'25

Q2'25

Q1'25

Income Statement Highlights

Gross Premium Written

$5,985

$5,879

1.8%

$2,166

$891

$1,167

$1,761

$2,060

Net Premium Written

3,943

4,075

(3.2%)

1,314

622

813

1,194

1,446

Net Premium Earned

$3,672

$3,673

(0.1%)

$914

$957

$905

$895

$916

Losses and Loss Expenses

(1,696)

(1,980)

(14.3%)

(448)

(429)

(429)

(390)

(732)

Net Acquisition Costs

(787)

(761)

3.4%

(217)

(208)

(163)

(199)

(191)

Operating Expenses

(501)

(480)

4.4%

(122)

(147)

(116)

(116)

(101)

Other Underwriting Income / (Expenses)

(47)

(48)

(3.3%)

(6)

(13)

(9)

(18)

(7)

Underwriting Result

$639

$403

58.6%

$121

$160

$187

$171

($117)

Net Investment Return

318

395

(19.7%)

35

78

99

105

113

Preference Share Dividends

(52)

(52)

(2.3%)

(13)

(13)

(13)

(13)

(13)

Other Items

(79)

(35)

130.3%

(36)

(21)

(36)

13

9

Net Income(1)

$827

$711

16.0%

$106

$205

$238

$276

($8)

Underwriting Ratios

Current Accident Year Loss Ratio Excluding Catastrophe Losses

49.7%

47.7%

2.0%

54.7%

46.8%

48.5%

47.1%

48.8%

Major Event Loss Ratio(2)

1.4%

10.4%

(9.0%)

0.0%

3.6%

2.2%

1.8%

34.0%

Prior Year Development

(5.0%)

(4.2%)

(0.8%)

(5.9%)

(5.7%)

(3.4%)

(4.8%)

(2.7%)

Total Loss Ratio

46.2%

53.9%

(7.8%)

48.8%

44.6%

47.3%

44.1%

80.1%

Policy Acquisition Cost Ratio

22.8%

22.0%

0.7%

24.7%

24.0%

19.1%

23.5%

21.6%

Expense Ratio

13.6%

13.1%

0.6%

13.3%

15.3%

12.9%

13.1%

11.1%

Combined Ratio

82.6%

89.0%

(6.5%)

86.8%

83.9%

79.3%

80.7%

112.8%

Balance Sheet Highlights

Tangible Book Value (Excl. DTA)(3)

$3,361

$3,834

(12.3%)

$3,361

$3,834

3,625

$3,382

$3,097

Preferred Shares

400

500

(20.0%)

400

500

500

500

500

Total Capital $3,761 $4,334 (13.2%)

$3,761

$4,334

$4,125

$3,882

$3,597

Return on Average Tangible Equity

23.9%

20.0%

3.9%



Q1 2026 Supplemental 32

  1. Q1'26 and Q1'26 LTM Adjusted Net Income excludes $41M of one-off acquisition related costs.

  2. Defined as any single event resulting in greater than $50 million in gross losses.

  3. Excludes deferred tax asset (DTA) of $68M associated with the Bermuda Economic Transition Adjustment.

    Target addressable market has grown at a 13% CAGR since Convex was formed, during which time Convex has managed to grow to a ~2% market share, with significant growth opportunities ahead

    Overview

    • Convex focuses on the Specialty Property & Casualty (P&C) market across:

      • London Market

      • Bermuda Reinsurance

      • Non-Lloyd's US E&S (following the launch of Convex' US business)

    • Addressable market of ~$310B(1), growing at a 13% CAGR since 2019

    • Convex has outpaced growth in the wider market thus far and future growth will be fuelled by:

      • Headroom to expand market share in existing products & markets

      • New product initiatives within existing addressable markets

      • New distribution channels & expanding addressable market

Structural Growth Drivers

  • Rising complexity of global commercial risks

  • Structural shift of complex risks into specialty markets

  • Sustained demand for specialist underwriting expertise and capacity

Expansion of Convex' Market Share

0.6%



0.9%



1.5%





1.2%



1.7%



~2%



0.1%

Convex Estimated Overall Market Share

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

2019 2020 2021 2022 2023 2024 2025

London Bermuda Reinsurance Non-Lloyd's US E&S

By Line Of Business For Q1 '26 LTM

Insurance Reinsurance

12%

10%

33%

13%

14%

18%

23%

22%

52%

Total Insurance

Gross Premium Written: $3.3B

Total Reinsurance

Gross Premium Written: $2.7B

Casualty

Property

Marine

Aerospace

Energy

Specialty

Other(1)

Total Investments: $7.5B as of Mar-31-2026

87%

5% 3%

11%

30%

3%

5%

11%

33%

Above Investment Grade(1)

AA-

Weighted Average Credit Rating of Fixed Maturities Portfolio

2.8 Year

Average Duration of

Fixed Maturities

0.5%

YTD Net Investment Return

Government Bonds Agency MBS

Corporate Bonds

ABS

RMBS / CMBS

CLO / Loans

Equities

Other

Q1 2026 Supplemental 35

Note: Investment portfolio breakdown shown on a market value basis.

Portfolio Companies

Fund

Acquisition Date

Onex Original Cost(1)

Onex Realized Proceeds(2)

Onex Economic Ownership(3)

BBAM Limited Partnership(4)

Onex Partners III

Dec-12

$69

$237

9%

Emerald Expositions Events, Inc

Onex Partners III/V

Jun-13 / Jun-20

226

81

25%

Advanced Integration Technology LP(5)

Onex Partners IV

Dec-14

54

80

9%

SCP Health(5)

Onex Partners IV

Jul-15

105

-

21%

WireCo WorldGroup(5)

Onex Partners IV

Sep-16

86

-

22%

Clarivate Analytics Plc(5)

Onex Partners IV

Oct-16

445

837

3%

Parkdean Resorts(5)

Onex Partners IV

Mar-17

227

5

33%

PowerSchool Group LLC

Direct Investments

Mar-26

197

-

7%

WestJet Airlines Ltd.

Onex Partners V

Dec-19

196

201

14%

Acacium Group

Onex Partners V

Sep-20

59

40

22%

OneDigital

Onex Partners V

Nov-20

200

239

5%

Imagine Learning

Onex Partners V

Mar-21

279

2

10%

Newport Healthcare

Onex Partners V

Jul-21

185

-

22%

Wealth Enhancement Group

Onex Partners V

Sep-21

173

-

10%

Tes Global

Onex Partners V

Feb-22

98

32

24%

Resource Environmental Solutions, LLC

Onex Partners V

Mar-22

117

-

20%

Analytic Partners

Onex Partners V

Apr-22

97

17

14%

Unanet

Direct Investments

Dec-22

99

-

17%

Morson

Onex Partners V

Feb-24

47

-

18%

Accredited

Onex Partners V

Jun-24

85

-

24%

Fischbach

Onex Partners Opportunities Fund

Oct-24

63

13

31%

Farsound

Onex Partners Opportunities Fund

Dec-24

64

2

17%

Integrated Specialty Coverages

Onex Partners Opportunities Fund

Sep-25

75

-

8%

PriceLabs

Onex Partners Opportunities Fund

Mar-26

70

-

21%

  1. Onex original cost reflects the initial investment and follow-on investments and is presented net of bridge financing returned, where applicable. Onex original cost is not reduced for partial realizations.

  2. Onex Realized Proceeds represent the sum of the cash proceeds to Onex generated from partial dispositions, dividends and interest, including carried interest received and net of management incentive programs, where applicable.

  3. Onex economic ownership as of March 31, 2026, including shares held in connection with the MIP, where applicable.

  4. BBAM Platform includes Onex' investments in BBAM Limited Partnership and Meridian Aviation Partners Limited and affiliates. Economic ownership presented reflects Onex' ownership in BBAM Limited Partnership.

(5) Onex economic ownership and Onex original cost reflect the increase in Onex' interest in Onex Partners IV since the initial investment in the companies. The original cost has been adjusted to include the additional investment in the companies at original cost.

Onex Partners Funds

Onex Partners I(4)

2003

$1.7B

55%

n/a

4.0x

3.1x

Onex Partners II(4)

2006

$3.5B

17%

n/a

2.2x

1.8x

Onex Partners III

2009

$4.7B

17%

25%

2.2x

1.7x

Onex Partners IV

2015

$5.7B

8%

10%

1.5x

1.3x

Onex Partners V

2019

$7.2B

18%

20%

2.0x

1.5x

Onex Partners Ranger CV(5)

2023

$0.6B

90%

n/a

3.9x

3.1x

Onex Partners Co-Investment Fund LP(7)

2025

$47M

n/m

n/a

1.0x

0.9x

Onex Partners Leaf MACV(7)

2026

$1.5B

n/m

n/a

1.3x

1.2x

Onex Partners Opportunities Fund(5)(7)(8)

2025

$2.1B

n/m

n/a

1.3x

1.1x

Investments and Treasury: Private Equity Fund Performance(1)

Vintage Fund Commitments

Gross Pro Forma Gross Net IRR(1) Gross IRR(1)(2) MOIC(1) MOIC(1)(3)

ONCAP Funds

ONCAP I(4)(6)

1999

C$400M

43%

n/a

4.1x

3.1x

ONCAP II(6)

2006

C$574M

29%

n/a

4.8x

3.2x

ONCAP III(6)

2011

C$800M

25%

n/a

3.6x

2.7x

ONCAP IV

2016

$1.1B

17%

n/a

2.1x

1.6x

ONCAP V(5)

2024

$1.3B

31%

n/a

1.3x

1.1x

See endnotes at the end of the presentation about Fund Performance: Private Equity.

Endnotes

Q1 2026 Supplemental Information Package

38

Endnotes

Key Metrics

  1. Investing capital per share growth rate presented is adjusted to exclude the impact of capital deployed in the asset management segment, where applicable, and dividends paid during the period.

  2. Investing capital 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. Onex management believes that investing capital provides investors with useful information in assessing the performance of Onex' investing activities. Investing capital comprises the total assets of the Convex segment and Investments and Treasury segment. The most directly comparable financial measure under IFRS Accounting Standards to investing capital is Total Assets. Refer to glossary and page 29 of the interim MD&A for further details concerning investing capital, including a reconciliation to total assets.

  3. Investing capital returns per share are adjusted for dividends paid during the period.

  4. Investing capital per fully diluted share is a non-GAAP ratio calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of this ratio does not have a standardized meaning prescribed under IFRS Accounting Standards and therefore may not be comparable to similar ratios presented by other companies. Onex' management believes that the investing capital per fully diluted share provides useful information to investors in assessing the performance of Onex' investing activities. Investing capital per fully diluted share is calculated as Onex' investing capital divided by the number of fully diluted shares outstanding. Refer to glossary of this interim MD&A on further details concerning fully diluted shares.

  5. Convex segment gain (loss) - Net change in fair value includes $15 million of acquisition costs.

  6. Investments and Treasury segment earnings (loss) primarily consist of mark-to-market changes of investments in Private Equity and Credit, together with all other Treasury activities.

  7. Fee-related earnings (loss) ("FRE") and distributable earnings ("DE") are non-GAAP financial measures and do not have a standardized meaning prescribed under IFRS. Therefore, they may not be comparable to similar financial measures disclosed by other companies. Onex management believes that these measures provide investors insight into the profitability of Onex' recurring asset management business (FRE), and the strategic ability to redeploy capital in the business and/or return to shareholders (DE). The most directly comparable measure to FRE and DE is Onex' net earnings. Refer to glossary and page 17 of the interim MD&A for a reconciliation of net earnings, FRE and DE. Asset Management fee-related earnings (loss) excludes public company expenses and other expenses associated with managing Onex' investing capital and is a component of total fee-related earnings.

  8. Carried interest has been adjusted to remove Falcon-related carried interest balances.



Q1 2026 Supplemental 39