Q2 2025 Onex Corp Earnings Call Transcript

Aug 7, 2025 / 03:00 PM GMT

Release Date Price: €69 (-0.72%)

Transcript

Key Points

Positve

Onex Corp (ONEXF) reported a 4% return on investing capital per share in Q2 and 7% for the first half of 2025, driven by gains in private equity and credit.
Fee-generating assets under management (AUM) increased by 16% in 2025, with significant contributions from structured credit and private equity platforms.
The partial sale of WestJet is expected to return all of Onex's original investment while retaining 75% of its original stake, with a sale price representing a 40% premium to Q1 marks.
Onex's structured credit team executed 17 transactions in 2025, raising $4.5 billion in new fee-generating assets and extending another $3.8 billion.
The Onex Partners Opportunities Fund showed strong early results with an annualized return over 20%, contributing to a 22% increase in unrealized carried interest across private equity.

Negative

Total fee-related earnings (FRE) were a loss of $2 million in Q2 and break-even for the first half of 2025, indicating challenges in covering costs associated with managing capital and maintaining the public company.
Despite strong performance, the disconnect between intrinsic value and share price persists, prompting continued share buybacks.
The M&A market remains uncertain due to geopolitical issues, which could impact future realizations and investment opportunities.
The credit platform's growth in AUM has been achieved with relatively modest growth in operating costs, suggesting potential future pressure on operational efficiency.
Overall FRE is currently at break-even, with expectations to reach double digits by year-end, indicating potential challenges in achieving profitability targets.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ONEX.TO - Onex Corp
Q2 2025 Onex Corp Earnings Call
Aug 07, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to the Onyx Corporation's 2nd quarter earnings results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press 11 on your. Telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press 11 again. As a reminder, today's program is being recorded.

And now I'd like to introduce your host for today's program, Jill Homen, Shareholder relations and communications. Please go ahead.

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Unidentified_2 [2]
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