Slide 1: Q3 2025 Supplemental Information Package
Q3 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 Key Highlights 4 Key Metrics 5 Investing Capital per Share 6 INVESTING Investing Capital Schedules 8 Investing Segment Earnings 10 Onex’ Investment Performance 13 ASSET MANAGEMENT Asset Management Segment Earnings (Loss) 15 Fee-Related Earnings and Distributable Earnings 1
Slide 4: Overview
Overview Q3 2025 Supplemental Information Package 3
Slide 5: Key Highlights
Key Highlights • Investing Capital per share: $121.61 (C$169.28), a return of 7% YTD and 8% over LTM • Five-year compound annual return of 13% for Investing Capital per share • Onex Partners V completed 25% WestJet equity sale for $94 million in proceeds to Onex; agreed to sell approximately 55% of
Slide 6: Key Metrics
Key Metrics ($ in millions, except per share data) LTM(1) YTD(1) Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Net earnings (loss) $434 $436 $39 $229 $168 ($2) $127 $168 $10 $373 Net earnings (loss) per share - diluted $6.13 $6.25 $0.57 $3.30 $2.36 ($0.02) $1.68 $2.19 $0.13 $4.81 Investing capital
Slide 7: Investing Capital per Share
Investing Capital per Share KEY HIGHLIGHTS • Private equity portfolio LTM return of 6%.(2) • Credit portfolio LTM return of return of 9%.(2) • 82% invested at quarter-end 13% 5-year CAGR(1) (1) The 5-year CAGR reflects the cumulative five-year return for the period ended September 30, 2025, and is a
Slide 8: Investing
Investing Q3 2025 Supplemental Information Package 7
Slide 9: Investing Capital Per Share
Investing Capital Per Share ($ in millions, except per share data) September 30, June 30, December 31, KEY HIGHLIGHTS As at 2025 2025 2024 Private Equity • ICPS returns were flat in Q3’25 and Onex Partners - Private Companies (1) $ 4,356 $ 4,323 $ 4,100 8% over LTM (13) Onex Partners - Public Compan
Slide 10: Investing Capital: Third Quarter Changes
Investing Capital: Third Quarter Changes ($ in millions) June 30, Capital Realizations & Segment Other September 30, As at 2025 Deployed Distributions Earnings Items(14) 2025 Private Equity Onex Partners - Private Companies (1) $ 4,323 $- $ (14) $ 47 $ - $ 4,356 Onex Partners - Public Companies (2)(
Slide 11: Investing Segment Earnings
Investing Segment Earnings KEY HIGHLIGHTS ($ in millions, except per share data) Quarter Last Twelve Months As at Q3'25 Q3'24 Q3'25 Q3'24 • Private Equity • PE investment return was less Private Equity then 1% in Q3’25(2); 6% in Onex Partners (1) $ 9 $ 101 $ 277 $ 417 LTM(2) ONCAP(1) 12 (5) 35 80 To
Slide 12: Private Equity: Public Company Disclosure
Private Equity: Public Company Disclosure (1) Fund Association Shares Held by Onex Closing Share Price (in millions) Onex Partners Emerald OPIII, OPV 49.2 $5.09 Clarivate OPIV 16.2 $3.83 Ryan Specialty Direct 4.1 $56.36 (1) Presented in millions of shares. Onex’ investments include co-investments, w
Slide 13: Private Equity: Industry Performance
Private Equity: Industry Performance (2) ($ in millions) Gross PE Capital Gross PE Capital Gross Return (1) Core Industry Vertical (no. of investments) ($) (%) Q3'25 YTD LTM Services (14) $ 1,867 31% 0% 2% 0% Financial Services (7) 2,255 39% 3% 12% 16% Industrials (13) 1,279 21% 1% 8% 9% Healthcare
Slide 14: Onex' Investment Performance
Onex’ Investment Performance(1) 2025 Historic Annual Performance Q3 YTD LTM L5Y FY'24 FY'23 FY'22 FY'21 FY'20 Private Equity Onex Partners 0% 6% 6% 13% 5% 11% 1% 32% 24% ONCAP 2% 5% 5% 19% 6% 17% 27% 33% 23% Total private equity 0% 6% 6% 13% 5% 12% 3% 32% 24% MSCI World Mid Cap (2) 5% 16% 13% 11% 11
Slide 15: Asset Management
Asset Management Q3 2025 Supplemental Information Package 14
Slide 16: Asset Management Segment Earnings (Loss)
Asset Management Segment Earnings (Loss) LAST FOUR QUARTERS PYQ ($ in millions) LTM YTD Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Fee-Related Earnings (Loss)(1) $ - $ 1 $ 1 $ (2) $ 2 $ (1) $ - Carried Interest Increase 99 81 21 38 22 18 22 Other(2) - (1) (2) - 1 1 - Asset Management Segment Earnings $ 99 $ 81 $
Slide 17: Fee-Related Earnings and Distributable Earnings
Fee-Related Earnings and Distributable Earnings LAST FOUR QUARTERS PYQ ($ in millions) LTM YTD Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Private Equity Management and advisory fees (3)(4) $ 95 $ 70 $ 20 $ 21 $ 29 $ 25 $ 24 Total fee-related revenues from Private Equity(3) 95 70 20 21 29 25 24 Compensation expen
Slide 18: Carried Interest: Generated, Realized and Potential
Carried Interest: Generated, Realized and Potential ($ in millions) Carried Interest ($ in Opening Ending AUM Subject millions) Unrealized Generated Realized Unrealized to Carried Interest 2020 $ 66 $ 21 $ - $ 87 $ 22,088 2021 87 236 48 275 22,272 2022 275 9 18 266 24,144 2023 266 11 13 264 27,491 2
Slide 19: Carried Interest: Unrealized Value
Carried Interest: Unrealized Value ($ in millions) Realizations reduce the remaining unrealized carried interest balance. Table adjusted to exclude carried interest from Falcon funds. Q3 2025 Supplemental 18
Slide 20: Fee-Generating Assets Under Management
Fee-Generating Assets Under Management ($ in billions) KEY HIGHLIGHTS Private Equity $42.0 • LTM increase in Private Equity AUM Other Credit due to new commitments in Onex Opportunities Fund and ONCAP V, Structured Credit $34.1 along with net gains on $14.1 investments. $30.6 $28.9 • LTM increase in
Slide 21: Capital Management and Other
Capital Management and Other Q3 2025 Supplemental Information Package 20
Slide 22: Total Value Returned to Shareholders
Total Value Returned to Shareholders ($ in millions) Dividends Paid Shares Repurchased $15 $4,209 $23 $492 $24 $228 $26 $417 $28 $196 $28 $321 $3,717 $249 $2,211 $349 $444 $1,862 1997 – 2019 2020 2021 2022 2023 2024 2025 1997- 2025 (September 30) SVS Outstanding as at September 30, 2025 - 68,508,073
Slide 23: Cash and Near-Cash: Year to Date Changes
Cash and Near-Cash: Year to Date Changes(1) ($ in millions) $233 ($67) $31 ($237) $27 $1,578 ($18) ($15) ($3) $1,529 (2) Cash and near- Private equity Private equity Net private credit Interest and net Repurchase of Net stock-based Cash dividends Other Cash and near- cash at realizations and investm
Slide 24: Appendix
Appendix Q3 2025 Supplemental Information Package 23
Slide 25: Run-Rate Management and Advisory Fees: Private Equity
Run-Rate Management and Advisory Fees: Private Equity Limited Partner Percentage Run-Rate ($ in millions) Fee Basis Capital Applied Fees Onex Partners V Invested $ 4,207 1.0% $ 42 Opportunities Fund Committed 488 1.4% 7 Ryan Continuation Vehicle Invested 499 0.6% 3 ONCAP IV Invested 461 1.5% 7 ONCAP
Slide 26: Run-Rate Management Fees: Credit
Run-Rate Management Fees: Credit Run-Rate ($ in millions) FGAUM Fees Structured Credit $ 25,870 $ 108 Liquid Strategies 1,413 7 Direct Lending 471 3 Opportunistic 176 2 Total credit run-rate management fees $ 27,930 $ 121 Q3 2025 Supplemental 25
Slide 27: 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% Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Continued improvement in CLO platform’s capital efficiency Q3 20
Slide 28: Fund Performance: Private Equity
Fund Performance: Private Equity(1) Fund Gross Net Pro Forma Gross Net Vintage Commitments IRR(1) IRR(1)(2) IRR(1)(6) MOC(1) MOC(1)(2) Onex Partners Funds - Invested Onex Partners I(3) 2003 $1.7B 55% 38% n/a 4.0x 3.1x Onex Partners II(3) 2006 $3.5B 17% 13% n/a 2.2x 1.8x Onex Partners III 2009 $4.7B
Slide 29: 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 $228 9% Emerald Expositions Events, Inc Onex Partners III/V
Slide 30: Reconciliation of GAAP to Non-GAAP Measures: FRE and DE
Reconciliation of GAAP to Non-GAAP Measures: FRE and DE LAST FOUR QUARTERS PYQ ($ in millions) LTM YTD Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Net earnings (loss) $ 434 $ 436 $ 39 $ 229 $ 168 $ (2) $ 127 Provision for income taxes 2 1 1 - - 1 - Earnings (loss) before income taxes $ 436 $ 437 $ 40 $ 229 $ 168
Slide 31: Endnotes
Endnotes Q3 2025 Supplemental Information Package 30
Slide 32: 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 $229 million (June 30, 2025 - $218 million; December 31, 2024 - $197 million) and any debt fi
Slide 33: 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 34: 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 35: 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 Q3 2025 Supplemental 34