Onex Reports First Quarter 2026 Results

About this update from Onex Corporation

A l l a m o u nts i n U . S . d o l l ars u n l e s s o t h e r w i s e sta t ed TORONTO, May 15, 2026 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced its financial results for the first quarter ended March 31, 2026. Onex also released supplemental financial information for Convex Group Limited (“Convex”). “Onex carried significant momentum into 2026 and we continue to make good progress on our strategic objectives,” said Bobby Le Blanc, CEO. “Convex delivered another strong quarter of underwriting profitability and net income and remains well positioned for continued growth in 2026.” “Within Asset Management, following a strong period for Private Equity realizations last year, Onex Partners successfully closed on a $1.6 billion multi-asset continuation vehicle this quarter, delivering incremental return of capital and extending fee-generating assets. In Credit, the team’s continued focus on proactive and prudent portfolio management resulted in another solid quarter of activity and performance in Structured Credit, including $3 billion in CLO transactions.” Financial Results ______________________ Convex Results The fair value of Onex’ investment in Convex was $4.0 billion as of March 31, 2026, an increase of $158 million, or 4%, since the acquisition closed in February 2026. This valuation of Convex is based on an assumed 2.0x price-to-tangible book value multiple, supported by Convex’ return on equity, earnings growth and continued market share gains. Going forward the business should benefit from prudent growth in asset leverage, investment portfolio yield improvement and operating leverage as the business continues to scale. At this valuation, the implied price to earnings multiples are 8.1x on an LTM adjusted net income basis as of March 31, 2026 and 10.0x on 2025 net income. Additional key performance metrics for Convex include the following: (i) Adjusted net income for the three months ended March 31, 2026 excludes $41 million of one-time acquisition related costs (2025 – nil). Convex’ net income (loss) is calculated based on U.S. generally accepted accounting principles. Refer to Onex’ Q1 2026 Interim MD&A and Q1 2026 Supplemental Information Package for further details concerning Convex’ performance metrics. (i) Adjusted net income for the twelve months ended March 31 2026 excludes $41 million of one-time acquisition related costs (2025 – nil). Convex’ net income (loss) is calculated based on U.S. generally accepted accounting principles. Refer to Onex’ Q1 2026 Interim MD&A and Q1 2026 Supplemental Information Package for further details concerning Convex’ performance metrics. Additional Recent Highlights Onex’ cash and near-cash ( 9 ) balance was $398 million or 4% of Onex’ investing capital as of March 31, 2026 (December 31, 2025 – $2.1 billion or 24%). In April 2026, Onex made a partial repayment of its outstanding debt under its senior secured credit facility totaling $200 million. Following this repayment, Onex’ cash and near-cash balance was approximately $200 million, and Onex also has access to $600 million under its revolving credit facility. Dividend Declaration The Board of Directors has declared a first quarter dividend of C$0.10 per Subordinate Voting Share payable on July 31, 2026, to shareholders of record on July 10, 2026. Webcast Onex management will host a webcast to review Onex’ first quarter 2026 results on Friday, May 15, 2026 at 11:00 a.m. ET. The webcast will be available in listen-only mode from the Presentations and Events section of Onex’ website, https://www.onex.com/events-and-presentations . A 90-day on-line replay will be available shortly following the completion of the event. Additional Information Enclosed are supplementary financial schedules related to Onex’ consolidated net earnings, investing capital, fee-related earnings (loss), distributable earnings, and cash and near-cash changes for the quarter ended March 31, 2026. The financial statements prepared in accordance with IFRS Accounting Standards applicable to interim financial reporting, including Management’s Discussion and Analysis of the results, are posted on Onex’ website, www.onex.com , and are also available on SEDAR+ at www.sedarplus.ca . A supplemental information package with additional information is available on Onex’ website, www.onex.com . ______________________ About Onex Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.8 billion in assets under management, of which $9.4 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com . Onex’ security filings can also be accessed at www.sedarplus.ca . Forward-Looking Statements This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release. Non-GAAP Financial Measures and Ratios This press release contains non-GAAP financial measures and ratios which have been calculated using methodologies that are not in accordance with IFRS Accounting Standards. The presentation of financial measures and ratios in this manner does not have a standardized meaning prescribed under IFRS Accounting Standards and is therefore unlikely to be comparable to similar financial measures presented by other companies. Onex management believes these financial measures and ratios provide useful information to investors. Reconciliations of the non-GAAP financial measures to information contained in the consolidated financial statements have been presented where practical. F or Fu r ther I nf o r m a t i o n: Supplementary Financial Schedules Investing Capital Investing capital is a non-GAAP financial measure. The tables below provide reconciliations of Onex’ total assets and investing capital, which is determined on the same basis as Onex’ Convex segment assets and Investments and Treasury segment assets during the quarters ended March 31, 2026 and 2025.   Convex Valuation Fee-Related Earnings (Loss) and Distributable Earnings Fee-related earnings (loss) and distributable earnings are non-GAAP financial measures. The table below provides a reconciliation of Onex’ net earnings to fee-related earnings (loss) and distributable earnings during the quarters ended March 31, 2026 and 2025. Cash and Near-Cash The table below provides a breakdown of cash and near-cash at Onex as at March 31, 2026 and December 31, 2025. The table below provides a reconciliation of the change in cash and near-cash from December 31, 2025 to March 31, 2026. Since March 31, 2026, Onex’ cash and near-cash balance has decreased by approximately $200 million as a result of a partial repayment made on the senior secured credit facility in April 2026. Following this repayment, Onex has access to $600 million under its revolving credit facility.

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