Canada · Delayed Price · Currency is CAD Onex Corporation Earnings Call Transcripts
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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Pending Convex acquisition and AIG partnership mark a strategic shift, boosting fee-related earnings and positioning for long-term value creation. Q3 saw strong PE realizations, robust credit fundraising, and a move toward a capital-light model.
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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. Investing capital per share rose 6% YoY, with $35B in fee-generating AUM and robust liquidity. Continued share buybacks and positive outlook for 2025 FRE growth.
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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 major realizations expected to return $1.6B to Onex Partners. The CLO platform exceeded growth targets, and Falcon was separated, freeing up capital and streamlining focus.