EarningsQ2 2026 Earnings Report
DE:ONE Q2 2026 EPS Results
Actual EPS€1.49
Consensus EPS―
Beat/Miss―
One Year Ago EPS€2.87
DE:ONE Q2 2026 Revenue Results
Actual Revenue€54.39M
Expected Revenue―
Beat/Miss―
YoY Revenue Growth-3.10%
Earnings Announcement Details
QuarterQ2 2026
Date08/13/2026
TimeBefore Open
Conference CallThursday, August 13, 2026
DE:ONE Upcoming Earnings
ONEX Corporation's next earnings date is estimated for November 13, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed solid operational and strategic progress — led by Convex's strong underwriting performance, premium growth, improved combined ratio, robust LTM adjusted earnings growth, a meaningful shift in investing-capital mix, rapid NAV loan paydown, and growth in credit fee-generating AUM and structured-credit FRE. Key challenges noted were mark-to-market losses (principally in fixed-income and some CLO positions), softening pricing in short-tail insurance lines, selective private equity markdowns that produced a flat/negative quarterly PE result, and the dependence on a successful Onex Partners VI first close to hit the stated FRE target. On balance, the positives around Convex, balance-sheet improvement, realizations, and clear path to resume buybacks and grow FRE outweigh the near-term mark-to-market and fundraising execution risks.Company Guidance
Convex: Premium Growth and Strong Underwriting Performance
Gross premiums written of $1.9B in Q2, up 8% year-over-year; net income of $169M in the quarter; quarter combined ratio 85% and last-12-month combined ratio improved to 84% from 94% year-over-year (10 percentage-point improvement); adjusted net income for the last 12 months increased 38% to $719M (from $520M); return on average tangible equity rose 350 basis points to 20.3%.
Convex Valuation and Material Contribution to Investing Capital
Convex valuation increased 4% in the quarter and 9% since acquisition to USD 4.2B at quarter-end; Convex now represents 44% of Onex investing capital; valuation based on a 2x price-to-tangible-book multiple and implies a ~9.8x P/E on last-12-month adjusted net income.
Repositioning of Investing Capital and Balance Sheet Improvements
Private equity share of investing capital reduced from $5.6B (65%) at year-end 2025 to $4.4B (46%) — a 19 percentage-point reduction in 6 months; NAV loan was drawn to $700M for the Convex acquisition and subsequently reduced to $220M, leaving Onex in a net neutral cash position; investing capital per share of $123.99 USD (CAD 176.02), up 6% over 12 months excluding AIG share issuance dilution.
Private Equity Realizations and DPI Progress
Approximately $1.4B of distributions realized from Onex Partners over the past 12 months (excluding Convex); Onex Partners V (2019 vintage) has returned 1.0x DPI; ONCAP Fund IV realizations expected to push that fund's DPI above 1.0 — supporting fundraising momentum for Onex Partners VI.
Growth in Credit Fee-Generating AUM and Structured Credit Momentum
Fee-generating AUM of $43.2B at quarter-end, up 6% year-over-year; credit fee-generating AUM of $30.6B (credit FGAUM up ~13% over the last 12 months and up 2% during the quarter); raised/extended 10 CLOs totaling $4.4B of fee-generating AUM in H1; Onex ranked the 11th largest broadly syndicated CLO manager by AUM; structured credit (CLOs, ONCAP, OSCO) delivered $19M in fee-related earnings in Q2 — the best structured-credit FRE quarter to date.
Progress Toward Asset Management FRE Target
Run-rate management fees of $211M; management remains on track to achieve $35M of exit run-rate fee-related earnings (FRE) by end of 2026, contingent on delivering a successful first close for Onex Partners VI in Q4; AIG’s $2B commitment has begun deployment and is expected to support FRE growth.
Liquidity, Lower Unfunded Commitments, and Resumption of Buybacks
Ended the quarter with $287M of cash and near-cash and $600M of undrawn revolving credit capacity; unfunded commitments of $275M (down from $330M at year-end); NAV loan reduced to $220M; management expects to resume share repurchases immediately and has adequate liquidity to pursue additional strategic investments.
DE:ONE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed