$ONEX.TO

Onex Q1 Net Earnings Fall, But Co Says Convex "Remains Well Positioned For Continued Growth In 2026"

Onex (ONEX.TO) reported lower net earnings for the first quarter, but singled out recent acquisition Convex as it "remains well positioned for continued growth in 2026".First quarter net earnings was US$129 million, compared to US$168 million in the corresponding year-ago quarter. Net earnings per diluted share in the quarter was US$1.76 per share, compared to US$2.36 per share in the year-ago quarter.Onex also released supplemental financial information for Convex Group Limited and reported that in Q1 2026, Convex generated adjusted net income of US$106 million, compared to adjusted net loss of $8 million in the year-ago quarter. Net income was negatively impacted by a US$50 million unrealized mark-to-market loss on its fixed income investment portfolio amid rising interest rates due to the broader macroeconomic volatility, it said. Excluding this non-operational accounting loss and one-time acquisition costs, Convex would have generated net income of US$156 million, the company added.The fair value of Onex' investment in Convex, a specialty property and casualty insurance and reinsurance company, was $4.0 billion as of March 31, 2026, an increase of $158 million, or 4%, since the acquisition closed in February 2026.The board of directors declared a dividend of C$0.10 per subordinate voting share payable on July 31, 2026, to shareholders of record on July 10, 2026, said the company. It is unchanged from the prior quarter."Onex carried significant momentum into 2026 and we continue to make good progress on our strategic objectives," said Bobby Le Blanc, Chief Executive Officer. "Convex delivered another strong quarter of underwriting profitability and net income and remains well positioned for continued growth in 2026."

Onex Partners Announcing Sale of Emerald to Apollo Funds

Onex Partners announced Monday the sale of Emerald Holding Inc. (NYSE:EEX), of which it owns over 90% of the outstanding shares, to funds managed by Apollo (NYSE:APO), in a transaction that values Emerald at approximately US$1.5 billion.Upon completion of the transaction, Emerald will cease trading on the New York Stock Exchange and become a private company owned by the Apollo Funds.Onex Partners' investment in Emerald, a U.S.-based B2B event organizer, is held through Onex Partners III and Onex Partners V, both of which will receive full liquidity on their respective positions.The transaction is expected to close in the second half of 2026, subject to regulatory approvals.Shares in Onex were down 0.85% in Canada on Friday.

Onex Partners Says Transaction Values Emerald at Near US$1.5 Billion

Onex Partners Announcing Sale of Emerald to Apollo Funds

CIBC Initiates Coverage on Onex With Neutral Rating and Target of $135

CIBC Capital Markets started coverage with neutral rating on the shares of Onex (ONEX.TO) and a price target of C$135 over the weekend.ONEX is undertaking a "meaningful strategic pivot," reallocating proprietary capital out of its funds and into majority-owned operating investments following the February 2026 acquisition of specialty P&C insurer Convex, the bank noted."While we like the new approach, and believe that consolidating the NAV into 2-3 operating businesses can help narrow the NAV discount and accelerate NAV/share growth, adding an insurance platform in the beginning stages of a softening market introduces near-term uncertainty," said analyst Scott Fletcher. "We prefer to remain on the sidelines in the early stages of the pivot as Convex establishes its through-the-cycle earnings profile."(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $115.87, Change: $-0.84, Percent Change: -0.72%

Onex Renews Normal Course Issuer Bid

Onex (ONEX.TO) on Wednesday said the Toronto Stock Exchange accepted its notice of intention to make a Normal Course Issuer Bid (NCIB) permitting the company to buy back for cancellation up to 10% of the public float in its subordinate voting shares, or 6.4-million shares.The company said there are 76.2-million subordinate voting shares issued and outstanding and the public float as at Apr. 10, was 63.9-million shares. Onex may buy back shares from time to time during the next twelve months.The NCIB will start on Apr. 18, 2026, and will conclude on the earlier of the date on which purchases under the bid have been completed and Apr. 17, 2027.Shares of the company closed up 1.2% to $109.21 on Tuesday on the Toronto Stock Exchange.

Onex Renewing Normal Course Issuer Bid