Onex (ONEX) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results with Convex showing robust premium growth, improved ROE, and strategic capital reallocation post-acquisition.

• Private equity funds returned significant capital to LPs, with notable realizations and a reduction in capital intensity.

• Credit platform posted record structured credit earnings, closed a new fund, and saw active CLO activity.

• Balance sheet efficiency improved, share repurchases set to resume, and distributable cash flow remains strong.

• Return on average tangible equity increased to 20.3% year-over-year.

Financial highlights

• Convex gross premiums written reached $1.9B for Q2, up 8% year-over-year; LTM GPW was $6.1B.

• Convex net income was $169M for Q2; adjusted net income for LTM rose 38% to $719M.

• Combined ratio improved to 83.7% (Q2 2026 LTM), up from 94.2% prior year.

• Fee-generating AUM reached $43.2B, up 6% year-over-year.

• Investing capital per share: $123.99, up 6% year-over-year.

Outlook and guidance

• On track to achieve $35M exit run rate FRE by end of 2026, contingent on Onex Partners VI first close.

• Expect continued Convex earnings growth from market share gains and operating leverage.

• Combined ratio improvement expected to continue, supported by scale and investment yield improvements.

• Anticipate further private equity realizations and robust fundraising pipeline in H2.