Canada · Delayed Price · Currency is CAD Onex Corporation Earnings Call Transcripts
Fiscal Year 2026
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The discussion highlighted a strategic shift toward long-term holdings, a more efficient balance sheet, and the central role of Convex and asset management in future growth. Convex's scalable platform and AIG partnership are key drivers, while disciplined capital allocation and transparency aim to unlock shareholder value.
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Q2 saw strong Convex results with 8% premium growth and 20%+ ROE, while private equity and credit platforms delivered robust capital returns and record structured credit earnings. Share repurchases will resume, and liquidity remains strong, supporting further strategic investments.
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Convex and asset management platforms drove solid Q1 results, with Convex delivering strong underwriting, profitability, and ROE improvements. AIG's $2B commitment and new fundraisings support future growth, while capital allocation remains disciplined and liquidity robust.
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The meeting highlighted strong 2025 results, the Convex acquisition, and a new AIG partnership. All board nominees and executive compensation were approved by majority vote, with no shareholder questions submitted.
Fiscal Year 2025
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Strong 2025 results driven by Convex's acquisition and robust private equity and credit performance. Convex delivered $711M net income and 20% ROE, with continued earnings growth expected in 2026 despite a softening P&C market.
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Announced the acquisition of Convex and a strategic partnership with AIG, both expected to drive long-term value and significant fee-related earnings growth. Asset management and credit segments delivered strong results, with robust fundraising and positive outlook for FRE and AUM expansion.
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Management has refocused on core strengths, improved efficiency, and achieved strong fundraising despite a tough environment. Structured credit and targeted sector strategies are driving growth, while share buybacks and capital efficiency aim to close the gap between intrinsic and market value.
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Q2 saw a 4% return on investing capital per share, strong AUM growth, and notable realizations in private equity and credit. Structured credit demand remains high, with further fundraising and PE realizations expected in the second half of 2025.
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Solid Q1 performance with 3% growth in investing capital per share and strong fundraising results. Achieved a 25% sale of WestJet at a premium, with continued share buybacks and robust credit activity. Limited tariff exposure and prudent leverage position support resilience.
Fiscal Year 2024
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Solid Q4 and full-year results driven by strong private equity capital returns and credit platform growth. Fee-generating AUM rose to $35B, with structured credit FRE up 45% year-over-year. Continued focus on capital allocation and active share buybacks.
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Solid Q3 results driven by strong structured credit and private equity activity, with $1.8B in cash and continued share buybacks. Fee-generating AUM grew to $34B, and the outlook for CLOs and disciplined capital allocation remains positive.
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Q2 saw a 3% return on investing capital per share, strong fundraising in private equity and credit, and significant realizations. The CLO platform exceeded growth targets, while the Falcon separation freed up capital and reduced AUM by $3 billion.