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Onex : Q1 2026 Supplemental Information Package (Q1 2026 Supplemental Information Package EXTERNAL vFinal 0596 )
Onex : Q1 2026 Supplemental Information Package (Q1 2026 Supplemental Information Package EXTERNAL vFinal 0596
About this update from Onex Corporation
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 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 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 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) 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. 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 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. 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. 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 Includes $15M of acquisition costs. Onex' investments in the Onex Partners and ONCAP Funds include co-investments, where applicable. Other segment earnings (loss) primarily includes financing costs and accrued interest related to the senior secured credit facility. 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 5 th 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% 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. 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% 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. 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. 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 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. 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 Excludes carried interest from Falcon funds. Realizations reduce the remaining unrealized carried interest balance. 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 Q1'26 and Q1'26 LTM Adjusted Net Income excludes $41M of one-off acquisition related costs. Defined as any single event resulting in greater than $50 million in gross losses. 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% 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. 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. Onex economic ownership as of March 31, 2026, including shares held in connection with the MIP, where applicable. 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 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. 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. Investing capital returns per share are adjusted for dividends paid during the period. 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. Convex segment gain (loss) - Net change in fair value includes $15 million of acquisition costs. 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. 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. Carried interest has been adjusted to remove Falcon-related carried interest balances. Q1 2026 Supplemental 39