Slide 1: Q4 2025 Supplemental Information Package
Q4 2025 Supplemental Information Package
Slide 2: Safe Harbour
Safe Harbour 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 th
Slide 3: Table of Contents
Table of Contents OVERVIEW 3 Key Highlights 4 Key Metrics 5 Investing Capital per Share 6 CONVEX TRANSACTION AND BUSINESS PERFORMANCE 7 ONEX VALUE CREATION 17 INVESTING 20 Investing Capital Schedules 21 Investing Segment Earnings 23 Onex’ Investment Performance 26 ASSET MANAGEMENT 27 Asset Managemen
Slide 4: Overview
Overview Q4 2025 Supplemental Information Package 3
Slide 5: Key Highlights
Key Highlights • Investing Capital per share: $124.70 (C$171.15), a return of 3% in Q4, 10% over LTM, and CAGR of 11% over last five years • Onex Partners $7.7B in gross distributions to LPs, including co-investors, in 2025 • Onex Partners’ $1.5B multi-asset continuation fund to close in Q1, deliver
Slide 6: Key Metrics
Key Metrics ($ in millions, except per share data) YTD(1) Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Net earnings (loss) $617 $181 $39 $229 $168 ($2) $127 $168 $10 Net earnings (loss) per share - diluted $8.88 $2.64 $0.57 $3.30 $2.36 ($0.02) $1.68 $2.19 $0.13 Investing capital $8,662 $8,479 $8,
Slide 7: Investing Capital per Share
Investing Capital per Share KEY HIGHLIGHTS • Private equity portfolio return of 9% in FY’25.(2) • Credit portfolio return of 6% in FY’25.(2) • 76% invested at quarter-end 11% 5-year CAGR(1) (1) The 5-year CAGR reflects the cumulative five-year return for the period ended December 31, 2025, and is ad
Slide 8: Convex Transaction and Business Performance
Convex Transaction and Business Performance Q4 2025 Supplemental Information Package 7
Slide 9: Convex Key Financial Metrics
Convex Key Financial Metrics Convex has delivered strong organic growth in premiums, improved combined ratio and significant net income growth Key Highlights Key Metrics • Gross premium written increased ’22-25 14% in 2025, equating to a three- ($ in millions) CAGR/∆ 2025 2024 2023 2022 year CAGR of
Slide 10: Transaction Sources and Uses at Closing
Transaction Sources and Uses at Closing Onex Financing Sources Onex Corporation acquired a - Existing Balance Sheet Cash Utilized $1.7B majority interest in Convex at a $7.0B equity valuation. - Drawn NAV Loan $0.7B Pro-Forma Ownership(2) - Rollover of Existing Convex Ownership $0.8B • Valuation: Co
Slide 11: Convex Overview
Convex 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 Highlights • Specialist Insurance Group, Operating Globally ─ Purpose-built operating and techno
Slide 12: Convex Structural Competitive Advantages
Convex 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 Operations • Deep expertise in complex specialty risks across d
Slide 13: Convex 2025 Financial Results
Convex 2025 Financial Results Convex’ results demonstrate strong growth, operating leverage and a significant improvement in profitability year-over-year Scale Profitability Gross Premium Written Combined Ratio 87.3% 89.0% • Net Expense Ratio $5.2B $5.9B 14% Further decreased as Convex continues to
Slide 14: Convex Significant Growth and Strong Underwriting Profitability
Convex Significant Growth and Strong Underwriting Profitability Scale achieved in a short period of time… …across a well-diversified book of business Gross Premium Written ($M) 2025 Full Year $ 5,879 $ 5,166 $ 4,218 $ 3,035 $ 2,115 25% $ 1,095 CAGR $ 100 2019 2020 2021 2022 2023 2024 2025 Successful
Slide 15: Ability to Grow Earnings Through Cycle
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 17.7% • Conservative capitalisation provides for materiall
Slide 16: Market Growth Opportunity
Market Growth Opportunity 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 Expansion of Convex’ Market Share • Convex focuses on the Specialty Property &
Slide 17: What Convex Contributes to Onex Shareholders
What Convex Contributes to Onex Shareholders Multiple drivers of enterprise value expansion over time Investments in Onex’ Asset Management Distributable Cash Flow and 1 Growing Earnings and Enterprise Value 2 Products Driving Increased FRE 3 Capital Allocation Opportunities US$711M $7.3B 63% Onex A
Slide 18: Onex Value Creation
Onex Value Creation Q4 2025 Supplemental Information Package 17
Slide 19: Onex Sum-Of-The-Parts Valuation Framework
Onex Sum-Of-The-Parts Valuation Framework Component-level valuation highlights significant share price discount to Onex’ intrinsic value Intrinsic Value Per Share(1) Implied Value of Remaining NAV Convex Value (Based on Acquisition Value) C$68 Asset Management Value (15x P/RR FRE at ’26 Year-End) C$
Slide 20: Summary of Drivers for Onex Shareholder Value Creation
Summary of Drivers for Onex Shareholder Value Creation 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 signific
Slide 21: Investing
Investing Q4 2025 Supplemental Information Package 20
Slide 22: Investing Capital Per Share
Investing Capital Per Share Adjusted for the ($ in millions, except per share data) Acquisition of Convex KEY HIGHLIGHTS December 31, December 31, September 30, December 31, As at 2025 2025 2025 2024 • ICPS returns were 3% in Q4’25 and 10% YTD (13) Convex 3,821 - - - • 11% compound annual return ove
Slide 23: Investing Capital: Fourth Quarter Changes
Investing Capital: Fourth Quarter Changes ($ in millions) September 30, Capital Realizations & Segment Other December 31, As at 2025 Deployed Distributions Earnings Items(14) 2025 Private Equity Onex Partners - Private Companies (1) $ 4,356 $ 94 $ (370) $ 65 - $ 4,145 Onex Partners - Public Companie
Slide 24: Investing Segment Earnings
Investing Segment Earnings KEY HIGHLIGHTS ($ in millions, except per share data) Quarter Annual As at Q4'25 Q4'24 2025 2024 • Private Equity • PE investments return was Private Equity 3% in Q4’25(2); 9% YTD(2) (1) Onex Partners $ 83 $ 8 $ 352 $ 228 ONCAP(1) 40 3 72 30 • Credit Total net gain from pr
Slide 25: Private Equity: Public Company Disclosure
Private Equity: Public Company Disclosure Fund Association Shares Held by Onex(1) Closing Share Price (in millions) Onex Partners Emerald OPIII, OPV 49.2 $4.47 Clarivate OPIV 16.2 $3.34 (1) Presented in millions of shares. Onex’ investments include co-investments, where applicable. Q4 2025 Supplemen
Slide 26: Private Equity: Industry Performance
Private Equity: Industry Performance ($ in millions) Gross PE Capital Gross PE Capital Gross Return(2) Core Industry Vertical (no. of investments)(1) ($) (%) Q4'25 YTD LTM Services (14) $ 1,852 33% (1%) 1% 1% Financial Services (7) 1,965 35% 6% 18% 18% Industrials (13) 1,220 22% 4% 13% 13% Healthcar
Slide 27: Onex' Investment Performance
Onex’ Investment Performance(1) 2025 Historic Annual Performance Q4 FY'25 L5Y FY'24 FY'23 FY'22 FY'21 FY'20 Private Equity Onex Partners 2% 9% 11% 5% 11% 1% 32% 24% ONCAP 6% 11% 18% 6% 17% 27% 33% 23% Total private equity 3% 9% 12% 5% 12% 3% 32% 24% MSCI World Mid Cap (2) 2% 18% 8% 11% 16% (19%) 18%
Slide 28: Asset Management
Asset Management Q4 2025 Supplemental Information Package 27
Slide 29: Asset Management Segment Earnings (Loss)
Asset Management Segment Earnings (Loss) LAST FOUR QUARTERS PYQ ($ in millions) YTD Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 (1) Fee-Related Earnings (Loss) $ (3) $ (4) $ 1 $ (2) $ 2 $ (1) Carried Interest Increase 133 52 21 38 22 18 (2) Other - 1 (2) - 1 1 Asset Management Segment Earnings $ 130 $ 49 $ 20 $ 3
Slide 30: Fee-Related Earnings and Distributable Earnings
Fee-Related Earnings and Distributable Earnings LAST FOUR QUARTERS PYQ ($ in millions) FY'25 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 KEY HIGHLIGHTS Private Equity Fee-related revenues from Private Equity(3)(4) 91 21 20 21 29 25 • Including fees from the Onex Compensation expense(5) 67 22 12 17 16 17 35 9 9 9
Slide 31: Carried Interest: Generated, Realized and Potential
Carried Interest: Generated, Realized and Potential ($ in millions) (1) Carried Interest Opening Ending AUM Subject (2) ($ in millions) Unrealized Generated Realized Unrealized to Carried Interest (3) 2020 $ 66 $ 21 $ - $ 87 $ 22,088 2021 87 236 48 275 22,272 2022 275 9 18 266 24,144 2023 266 11 13
Slide 32: Carried Interest: Unrealized Value
Carried Interest: Unrealized Value ($ in millions) Onex Partners ONCAP $404 Onex Credit $360 $17 $346 $36 $24 $308 $24 $27 $286 $31 $22 $22 $29 $29 $351 $291 $309 $257 $235 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Realizations reduce the remaining unrealized carried interest balance. Table adjusted to exc
Slide 33: Fee-Generating Assets Under Management
Fee-Generating Assets Under Management ($ in billions) KEY HIGHLIGHTS • LTM increase in Private Equity AUM due to new commitments in Onex Opportunities Fund and ONCAP V, along with net gains on investments. • LTM increase in Credit AUM driven by new capital raised from 12 new CLOs as well as capital
Slide 34: Capital Management and Other
Capital Management and Other Q4 2025 Supplemental Information Package 33
Slide 35: Total Value Returned to Shareholders
Total Value Returned to Shareholders ($ in millions) Dividends Paid Shares Repurchased $20 $4,214 $23 $497 $24 $228 $26 $417 $28 $196 $2,683 $321 $3,717 $377 $249 $2,306 1997 – 2020 2021 2022 2023 2024 2025 1997- 2025 SVS Outstanding as at December 31, 2025 - 68,658,960 Q4 2025 Supplemental 34
Slide 36: Cash and Near-Cash: Year to Date Changes
Cash and Near-Cash: Year to Date Changes(1) ($ in millions) $833 ($168) ($237) $42 $42 $32 ($34) ($20) ($8) $2,060 $1,578 Cash and near- Private equity Private equity Net private credit Interest and net Sale of Aircraft Repurchase of Net stock-based Cash dividends Other(2) Cash and near- cash at rea
Slide 37: Appendix
Appendix Q4 2025 Supplemental Information Package 36
Slide 38: Onex Capital In CLO Platform Over Time
Onex Capital In CLO Platform Over Time $30.0 70% CLO AUM ($B) Onex CLO Equity (%) 65% $25.0 60% $20.0 55% $15.0 50% 45% $10.0 40% $5.0 35% – 30% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Continued improvement in CLO platform’s capital efficiency Q4 20
Slide 39: Fund Performance: Private Equity
Fund Performance: Private Equity(1) Fund Gross Net Pro Forma Pro Forma Gross Net Vintage Commitments IRR(1) IRR(1)(2) Gross IRR(1)(6) Net IRR(1)(6) MOC(1) MOC(1)(2) Onex Partners Funds - Invested (3) 2003 $1.7B 55% 38% n/a n/a 4.0x 3.1x Onex Partners I (3) 2006 $3.5B 17% 13% n/a n/a 2.2x 1.8x Onex P
Slide 40: Private Equity: Onex Partners/Direct Investments Portfolio Overview
Private Equity: Onex Partners/Direct Investments Portfolio Overview Portfolio Companies Fund Acquisition Date Onex Origial Cost(1) Onex Realized Proceeds(2) Onex Economic Owneship(3) BBAM Limited Partnership(4) Onex Partners III Dec-12 $69 $235 9% Emerald Expositions Events, Inc Onex Partners III/V
Slide 41: Reconciliation of GAAP to Non-GAAP Measures: FRE and DE
Reconciliation of GAAP to Non-GAAP Measures: FRE and DE LAST FOUR QUARTERS PYQ ($ in millions) FY'25 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Net earnings (loss) $ 617 $ 181 $ 39 $ 229 $ 168 $ (2) Provision for income taxes 4 3 1 - - 1 Earnings (loss) before income taxes $ 621 $ 184 $ 40 $ 229 $ 168 $ (1) Stoc
Slide 42: Endnotes
Endnotes Q4 2025 Supplemental Information Package 41
Slide 43: Endnotes
Endnotes Investing Capital and Investing Capital (1) Based on the fair value of the investments in Onex Partners, net of the estimated management incentive programs (“MIP”) liability on these investments of $250 million (September 30, 2025 - $229 million; December 31, 2024 - $197 million) and any de
Slide 44: Endnotes (continued)
Endnotes (continued) Fee-Related Earnings and Distributable Earnings (1) Fee-related earnings (loss) (“FRE”) is a non-GAAP measure and does not have a standardized meaning prescribed under IFRS. Therefore, it may not be comparable to similar financial measures disclosed by other companies. Onex mana
Slide 45: Endnotes (continued)
Endnotes (continued) Fund Performance: Private Equity (1) Private equity fund performance measures, including Gross IRR, Net IRR, Pro Forma IRR, Gross MOC and Net MOC are supplementary financial measures. Onex management believe these measures are useful to investors since Onex’ ability to raise cap
Slide 46: Contact
Contact Jill Homenuk Managing Director – Shareholder Relations and Communications jhomenuk@onex.com Zev Korman Vice President, Shareholder Relations and Communications zkorman@onex.com 161 Bay Street Toronto, Ontario M5J 2S1 +1 416.362.7711 www.onex.com Q4 2025 Supplemental 45