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Onex (ONEX) investor relations material
Onex Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Announced the acquisition of a majority interest in Convex Group Limited and a new strategic partnership with AIG, both expected to be transformational for long-term shareholder value and asset management profitability.
AIG will commit $2 billion to private equity and credit strategies and take a 9.9% equity stake, supporting incremental fee-related earnings and new collaboration opportunities.
Investing capital per share reached $121.61 at Q3 2025, up 7% year-to-date and 8% over the last twelve months, with a five-year CAGR of 13%.
Leadership changes include Megan McClellan as incoming CFO and Tawfiq Popatia as Head of Onex Partners.
Strategic shift toward a capital-light model, focusing on concentrated investments in areas of deep expertise.
Financial highlights
Net earnings for Q3 2025 were $39 million, with LTM net earnings at $434 million and net earnings per diluted share of $0.57 for Q3 2025.
Investing segment earnings for Q3 2025 were $50 million; Asset Management segment earnings were $20 million, including $11 million in fee-related earnings.
Fee-generating AUM reached $42 billion, up 23% LTM, with PE and Credit AUM up 22% and 18% year-to-date, respectively.
$360 million in proceeds from recent PE realizations, with most exits at or above prior quarter marks.
Unrealized carried interest balance rose to $360 million, up $74 million since December 31, 2024.
Outlook and guidance
Convex acquisition and AIG partnership expected to accelerate asset management profitability and balance sheet efficiency, with transaction closing in 1H 2026.
Expect to exit 2025 with a positive firm-wide run rate FRE of approximately $17 million, with further upside from AIG and Convex allocations.
FRE run rate expected to reach $4 million+ per quarter by Q2 2026 as new capital becomes fully fee-paying.
Fundraising for OP6 targeted for mid-2026, with Onex aiming to commit up to 10% per fund, supporting a capital-light approach.
Onex Partners Opportunities Fund to acquire Integrated Specialty Coverages, closing expected this year.
Future balance sheet deployment strategy
When will $17M FRE run rate be realized?
Onex's private credit risk differentiation
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Frequently asked questions
Onex Corporation is a private equity and asset management firm that invests in and manages businesses across various industries. The company operates through its private equity platform, acquiring and building companies in sectors such as healthcare, industrials, financial services, and technology. Additionally, Onex manages credit and alternative investment strategies through its asset management division, serving institutional and high-net-worth investors. Onex Corporation is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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