Business
Onex Reports First Quarter 2026 Results
All amounts in U.S. dollars unless otherwise stated 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 profitab
About this update from Onex Corporation
All amounts in U.S. dollars unless otherwise stated 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’ ...