Slide 1: Q1 2026 Supplemental Information Package
Q1 2026 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 Onex Value Creation 5 Onex Sum-Of-The-Parts Valuation 6 Key Metrics 7 INVESTING 8 Investing Capital 9 Investing Segment Gain (Loss) 13 CONVEX 14 Key Metrics and Performance 15 Convex: Value Creation 19 INVESTMENTS AND TREASURY 20 ASSET MANAGEMENT 25 Asse
Slide 4: Overview
Overview Q1 2026 Supplemental Information Package 3
Slide 5: Key Highlights
Key Highlights INVESTING CAPITAL • Investing capital per share was $122.45/share (C$170.40), delivering a 10% five-year CAGR • 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
Slide 6: Summary of Drivers for Onex Shareholder Value Creation
Summary of Drivers for Onex Shareholder Value Creation 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 gr
Slide 7: 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 Implied Value of Remaining NAV per Share Convex Value C$72 (2.0x P/TBV Valuation)(1) Asset Management Value C$72 C$10 /share (15x P/RR FR
Slide 8: Key Metrics
Key Metrics ($ 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 $8.26 $1.76 $2.64 $0.57 $3.30 $2.36 ($0.02) $1.68 $2.19 Total Assets $10,239 $11,502 $13,418
Slide 9: Investing Capital
Investing Capital Q1 2026 Supplemental Information Package 8
Slide 10: Growth in Investing Capital per Share
Growth in Investing Capital per Share Other $9.52 $122.45 KEY HIGHLIGHTS Cash & Near-Cash $116.97 Credit (4) $107.44 ($4.04) • 10% compound annual return over (4) Private Equity the last five years (1) $96.24 $92.94 Convex • Investing Capital Per Share (“ICPS”)(2) $78.33 was a loss of 2% in Q1’26(3)
Slide 11: Investing Capital by Segment
Investing Capital by Segment March 31, 2026(1) December 31, 2025 4% Cash and Near Cash $398 2% Other $171 0% Other 24% Cash and $35 10% Credit Near Cash $2,060 $912 42% Convex $3,979 65% Private 42% Private Equity $5,612 11% Credit Equity $3,933 $955 Enhanced capital allocation with a strong base to
Slide 12: Investing Capital
Investing Capital ($ in millions, except per share data) March 31, December 31, As at 2026 2025 KEY HIGHLIGHTS Total Assets $ 10,239 $ 11,502 • Convex returned 4% since the acquisition was completed in Convex $ 3,979 $ - February Private Equity • Private equity portfolio LTM return Onex Partners - P
Slide 13: Investing Capital: First Quarter Changes
Investing Capital: First Quarter Changes ($ in millions) December 31, Capital Realizations & Segment Other March 31, As at 2025 Deployed Distributions Gain (Loss) Items(14) 2026 Convex $- $ 3,821 $- $ 158 $- $ 3,979 Private Equity Onex Partners - Private Companies(1) 4,145 279 (1,318) 70 - 3,176 One
Slide 14: Segment Gain (Loss): Convex & Investments and Treasury
Segment Gain (Loss): Convex & Investments and Treasury ($ in millions, except per share data) Quarter LTM As at KEY HIGHLIGHTS Q1'26 Q1'25 2026 2025 Convex segment gain (loss) – net change in fair value(1) $ 143 $- $ 143 $- • Convex Per share – fully diluted $ 1.93 $- $ 1.93 $- • Convex segment gain
Slide 15: Convex
Convex Q1 2026 Supplemental Information Package 14
Slide 16: Key Metrics
Key Metrics Convex has delivered strong organic growth in premiums, improved combined ratio and significant net income growth Key Highlights Key Metrics 2022 – Q1 2026 Q1 2026 • GPW increased 5.1% year-over-year 2025 2024 2023 2022 Q1 2026(1) Q1 2025 ($ in millions, except per share data) CAGR / ∆ L
Slide 17: Business Overview
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 Highlights • Specialist Insurance Group, Operating Globally ─ Purpose-built operating and tech
Slide 18: Structural Competitive Advantages
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 diversif
Slide 19: 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 • Conservative capitalisation provides for materially high
Slide 20: 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$827M $7.5B 63% Onex A
Slide 21: Investments and Treasury
Investments and Treasury Q1 2026 Supplemental Information Package 20
Slide 22: Investments and Treasury: First Quarter Changes
Investments and Treasury: First Quarter Changes $211 ($165) $8,662 $280 ($1,347) $136 $7 $2,095 ($1,662) $955 $5,414 ($708) $968 $5,612 $4,585 ($139) (9)(10) (11) Investments and Capital Deployed (1) Realizations &(1) Segment Earnings Other Net Assets(8) Cash and Near-Cash Debt Investments and Treas
Slide 23: Private Equity: Industry Performance
Private Equity: Industry Performance ($ in millions) Gross PE Capital Gross PE Capital Gross Return(2) Core Industry Vertical (no. of investments)(1) ($) (%) Q1'26 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%
Slide 24: Onex' Investment Performance
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%)
Slide 25: Cash and Near-Cash: Year to Date Changes
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 ($15) (2) Cash and near- Private equity Amounts drawn Issuance of Interest and net Convex direct Financing fees Private equity Net private Net stock-based Cash dividends Ot
Slide 26: Asset Management
Asset Management Q1 2026 Supplemental Information Package 25
Slide 27: Asset Management Segment Earnings
Asset Management Segment Earnings LAST FOUR QUARTERS PYQ ($ in millions) LTM Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 IFRS Net earnings (loss) $ 578 $ 129 $ 181 $ 39 $ 229 $ 168 Fee-Related Earnings (Loss)(1) (8) (3) (4) 1 (2) $ 2 Carried Interest Increase 116 5 52 21 38 22 Other(2) (1) - 1 (2) - 1 Asset Manag
Slide 28: Fee-Related Earnings and Distributable Earnings
Fee-Related Earnings and Distributable Earnings LAST FOUR QUARTERS PYQ ($ in millions) LTM Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Private Equity Management and advisory fees(3)(4) $ 82 $ 20 $ 21 $ 20 $ 21 $ 29 Total fee-related revenues from Private Equity(3) 82 20 21 20 21 29 Compensation expense(5) 68 17 2
Slide 29: Carried Interest: Generated, Realized and Potential
Carried Interest: Generated, Realized and Potential Carried Interest(1) Opening Ending AUM Subject (2) ($ in millions) Unrealized Generated Realized 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 32,610 202
Slide 30: Carried Interest: Unrealized Value
Carried Interest: Unrealized Value ($ in millions) KEY HIGHLIGHTS Onex Partners • Realized $32M of carried ONCAP $404 interest during Q1’26 primarily $17 $377 from realizations in Onex Onex Credit $360 Partners V $346 $36 $11 $24 $36 $308 $24 • Unrealized carried interest is $27 primarily driven by
Slide 31: Fee-Generating Assets Under Management
Fee-Generating Assets Under Management ($ in billions) KEY HIGHLIGHTS • 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 realizatio
Slide 32: Appendix
Appendix Q1 2026 Supplemental Information Package 31
Slide 33: Convex: Detailed Financial Highlights
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
Slide 34: Convex: Market Growth Opportunity
Convex: 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 Pr
Slide 35: Convex: Gross Premium Written by Line of Business
Convex: Gross Premium Written by Line of Business By Line Of Business For Q1 ’26 LTM Insurance Reinsurance 12% 23% 22% 10% 33% 13% 14% 18% 52% Total Insurance Total Reinsurance Gross Premium Written: $3.3B Gross Premium Written: $2.7B Casualty Property Marine Aerospace Energy Specialty Other(1) Q1 2
Slide 36: Convex: Investment Portfolio Overview
Convex: Investment Portfolio Overview 3% 5% 87% 11% Above Investment Grade(1) 30% 3% 5% AA- Weighted Average Credit Rating of Fixed Maturities Portfolio 11% 2.8 Year Average Duration of 33% Fixed Maturities Total Investments: $7.5B 0.5% YTD Net Investment Return as of Mar-31-2026 Government Bonds AB
Slide 37: Investments and Treasury: Private Equity Fund Performance
Investments and Treasury: Private Equity Fund Performance(1) Gross Pro Forma Gross Net Vintage Fund Commitments IRR(1) Gross IRR(1)(2) MOIC(1) MOIC(1)(3) Onex Partners Funds Onex Partners I(4) 2003 $1.7B 55% n/a 4.0x 3.1x (4) Onex Partners II 2006 $3.5B 17% n/a 2.2x 1.8x Onex Partners III 2009 $4.7B
Slide 38: Endnotes
Endnotes Q1 2026 Supplemental Information Package 37
Slide 39: Endnotes
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 standar
Slide 40: Endnotes (continued)
Endnotes (continued) 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 $238 million (December 31, 2025 - $250 million) and any debt financing within the Onex Partners. Distri
Slide 41: 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 42: Endnotes (continued)
Endnotes (continued) Fund Performance: Private Equity (1) Private equity fund performance measures, including Gross IRR, Net IRR, Pro Forma IRR, Gross MOIC and Net MOIC are supplementary financial measures. Onex management believes these measures are useful to investors since Onex’ ability to raise
Slide 43: Contact
Contact 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 Q1 2026 Supplemental 42