Mining & Metals
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."
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