ONEX Corporation(DE:ONE)
€69.500.00 (0.00%)
DE:ONE
ONEX Corporation earnings date
€69.50
At close:0.00 (0.00%)
ONEX Corporation (ONE) Q3 2026 Earnings Report
4 Followers
DE:ONE Q3 2026 EPS Results
- Actual EPS
- EUR 1.16
- Consensus EPS
- EUR 1.46
- Beat/Miss
- Missed by -EUR 0.30
- One Year Ago EPS
- EUR 0.71
DE:ONE Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/13/2026
- Time
- Before Open
- Conference Call
- Friday, November 13, 2026
DE:ONE Upcoming Earnings
ONEX Corporation's next earnings date is estimated for February 19, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, with strong Convex profitability, continued private equity realizations, a better-than-expected Onex Partners VI first close, expanding credit activity, progress toward the $35 million exit run-rate FRE target, and improving capital allocation metrics. The principal challenges were softer insurance pricing, potential moderation in Convex growth, fixed-income mark-to-market losses affecting tangible book value, and declines in private equity fee-generating AUM and credit investing capital.
Company Guidance
Onex remains on track to achieve $35 million of exit run-rate FRE by the end of 2026, which is doubling what we exited 2025 with, and expects that benefit to continue through 2027. Convex’s business is expected to be growing in 2027, maybe slightly less than we've seen in 2026, but broadly up in the high single digits, maybe as much as 10%; Onex might end the year slightly better than the 8% last 12 months, so somewhere between 8% and 10%. Onex expects additional proceeds from the secondary transactions, with all proceeds expected to be received by the end of the first quarter of 2027, while the Walter Surface Technologies transaction is expected to close later in 2026 and should ultimately bring ONCAP IV above the 1.0 DPI threshold.
- Convex Delivered Strong Year-over-Year Profitability GrowthOn a last-12-month basis, gross premiums written increased 8% to $6.4 billion, net premiums earned increased 7% to $3.8 billion, and adjusted net income increased 13% to $659 million from $584 million. Stronger underwriting profit was the primary driver, rising to $496 million from $357 million.
- Convex Underwriting Metrics ImprovedConvex's last-12-month combined ratio improved by 290 basis points to 87%, its loss ratio decreased to 50% from 56%, and adjusted return on equity increased to 18.5% from 18%.
- Convex Third-Quarter Premiums Increased 20%Third-quarter gross premiums written increased 20% year-over-year to $1.4 billion, while net premiums earned grew 8%, with growth across both insurance and reinsurance. Growth was supported by marine war activity, later inception dates for certain larger contracts, and improving terms in the U.S. casualty book.
- Convex Continued to Gain Market Share with a Profitability FocusDespite softer market conditions, Convex continued to gain market share while maintaining an underwriting strategy focused on profitability rather than top-line growth. Rate increases in classes affected by the Middle East conflict and certain casualty classes partially offset lower pricing in shorter-tail classes such as property.
- Convex Investment Value Increased Since AcquisitionThe value of Onex's Convex investment has increased by $323 million, or 8%, since the acquisition in February. Convex generated $132 million of net income in the quarter and increased tangible book value.
- Private Equity Generated Significant ProceedsOver the past 12 months, Onex's private equity platform generated $1.4 billion in proceeds, excluding Convex. During the quarter, private equity generated $298 million of realizations and distributions, including $256 million of cash proceeds for Onex from the sale of Emerald.
- Onex Partners VI First Close Exceeded ExpectationsOnex Partners VI reached a first close of more than $2 billion in aggregate capital commitments, including Onex's commitment of up to $300 million. The close included a 100% re-up rate from institutional investors in the Onex Partners Opportunities Fund and the largest number of institutional investors ever to participate in an Onex Partners first close.
- Strong Third-Party and Strategic Partner Participation in OP VIAIG and Convex were meaningful investors in the first close, while the majority of the capital came from third-party, non-Onex-related investors. With Onex's commitment capped at 10% of fund size, OP VI will have a higher proportion of third-party capital than predecessor funds.
- Secondary Transactions Expected to Generate $334 MillionOnex agreed to sell portions of its interests in certain Onex Partners funds through several secondary transactions expected to generate $334 million in proceeds, representing 92% of June 30, 2026 carrying value. Additional proceeds are expected from further syndication, with all proceeds expected by the end of the first quarter of 2027. The transactions also established new fee-generating assets under management.
- ONCAP IV Walter Surface Technologies RealizationONCAP IV agreed to sell Walter Surface Technologies to a single-asset continuation fund managed by ONCAP. Onex's current share of the related realization is approximately $50 million, with additional proceeds expected. The transaction is expected to close later in 2026 and should ultimately bring ONCAP IV above the 1.0 DPI threshold.
- Credit Platform Expanded CLO AssetsIn 2026, Onex raised or extended 18 CLOs representing $7.9 billion in fee-generating assets, making Onex a top 10 issuer globally. In early fourth quarter, the team raised or extended another five CLOs representing $2.4 billion in fee-generating assets.
- Structured Credit Delivered Fee-Related EarningsStructured credit delivered $20 million of fee-related earnings in the third quarter and remains positioned for continued growth. Onex also added team members to pursue infrastructure CLOs and infrastructure debt funds.
- Progress on Repositioning Invested CapitalPro forma for signed transactions, private equity will represent 43% of Onex's investing capital, down significantly from 65% at year-end. This supports the strategic objective of repositioning invested capital toward Convex and one or two additional businesses with strategic fit.
- NAV Loan Balance Reduced and Cash Position ImprovedOnex has repaid a significant portion of its NAV loan and is close to a net neutral cash position. The NAV loan's principal balance was $220 million at quarter-end, compared with the $700 million initially drawn to fund the Convex acquisition.
- Asset Management Growth Remained on TrackOnex remained on track to achieve $35 million of exit run-rate fee-related earnings by the end of 2026, which would double the amount exited with in 2025. Fee-generating AUM was $43.7 billion, up 4% over the last 12 months and 1% during the quarter, while run-rate management fees were $213 million, up 5% year-over-year.
- Credit Fee-Generating AUM IncreasedCredit fee-generating AUM reached $31.5 billion, up 13% over the last 12 months and 3% during the quarter, driven by net new CLO fee-generating AUM and the final close of Onex Structured Credit Opportunities Fund II in July.
- Share Repurchases ContinuedOnex repurchased more than 800,000 shares in the third quarter under its normal course issuer bid while balancing the initiative with building liquidity for its next strategic direct investment.
- Investing Capital per Share IncreasedOnex ended the third quarter with total investing capital per share of $125.73, or CAD 178.93. Excluding the one-time dilutive impact of issuing shares to AIG earlier in the year, investing capital per share increased 7% over the last 12 months.
- Liquidity Position Remained SolidOnex ended the quarter with $161 million of cash and near cash and access to $600 million of undrawn capacity under its revolving credit facility. The company also expects meaningful cash inflows before year-end from private equity secondary transactions.
- Management Highlighted Significant Earnings and Asset ValueOnex expects Convex earnings and the targeted exit run-rate fee-related earnings to collectively represent approximately $450 million of earnings for Onex shareholders. In addition, shareholders own $5.4 billion of investing capital, primarily private equity and credit investments, worth another CAD 101 per share according to management.
- Operating Leverage Expected to Support 2027 GrowthManagement stated that the expense base is largely in place and largely controlled, with stronger margins expected to continue through 2027 as credit revenue grows and Onex Partners VI contributes.
DE:ONE Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 19, 2027 | 2026 (Q4) | ―- | 2.38 | ― | ― |
| Nov 13, 2026 | 2026 (Q3) | 1.461.16 | 0.71 | 64.52% (+0.46) | |
| Aug 13, 2026 | 2026 (Q2) | ―1.51 | 4.17 | -63.86% (-2.66) | |
| May 15, 2026 | 2026 (Q1) | ―1.60 | 3.08 | -48.10% (-1.48) | |
| Feb 20, 2026 | 2025 (Q4) | ―2.38 | -0.02 | 13225.00% (+2.40) | |
| Nov 07, 2025 | 2025 (Q3) | ―0.49 | 1 | -50.67% (-0.51) | |
| Aug 07, 2025 | 2025 (Q2) | ―2.92 | 1.9 | 53.97% (+1.02) | |
| May 09, 2025 | 2025 (Q1) | ―2.16 | 0.08 | 2573.23% (+2.08) | |
| Feb 21, 2025 | 2024 (Q4) | ―-0.02 | 5.95 | -100.30% (-5.97) | |
| Nov 08, 2024 | 2024 (Q3) | ―1.43 | 3.94 | -63.71% (-2.51) |
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
