Onex Reports Third Quarter 2025 Results

Core Insights - Onex Corporation reported its financial results for Q3 2025, highlighting ongoing progress across its business segments, particularly in Private Equity and Credit strategies [2][3]. Financial Results - Net earnings for Q3 2025 were $39 million, down from $127 million in Q3 2024, with net earnings per diluted share at $0.57 compared to $1.68 in the previous year [2][3]. - Total segment net earnings for Q3 2025 were $70 million, a decrease from $143 million in Q3 2024, with total segment net earnings per fully diluted share at $0.99, down from $1.88 [2][3]. - Distributable earnings for Q3 2025 were $111 million, significantly lower than $267 million in Q3 2024 [2][3]. Segment Performance - The Investing segment net earnings were $50 million in Q3 2025, compared to $121 million in Q3 2024, while the Asset Management segment net earnings were $20 million, slightly down from $22 million [2][3]. - Private Equity investments generated net gains of $21 million in Q3 2025, representing a less than 1% return, compared to $96 million or a 2% return in Q3 2024 [3][4]. - Credit strategies produced net gains of $17 million or a 2% return in Q3 2025, down from $29 million or a 3% return in Q3 2024 [4]. Strategic Developments - Onex announced the acquisition of a majority interest in Convex Group Limited, with AIG as a minority investor, which includes a $2 billion allocation to Onex private equity and credit strategies over three years [3]. - The company had approximately $8.5 billion of investing capital as of September 30, 2025, with investing capital per fully diluted share returning 7% year-to-date and 8% in the last twelve months [3][17]. Dividend Declaration - The Board of Directors declared a fourth-quarter dividend of C$0.10 per Subordinate Voting Share, payable on January 31, 2026, to shareholders of record on January 9, 2026 [5]. Cash and Near-Cash Position - Onex reported a cash and near-cash balance of $1.5 billion as of September 30, 2025, representing 18% of its investing capital, down from $1.6 billion or 19% at the end of 2024 [3][29].