Onex (ONEX) Q2 2025 earnings summary

Executive summary

• Investing capital per share reached $121.23, up 4% in Q2 and 7% year-to-date, with a five-year CAGR of 15%.

• Fee-generating AUM grew 16% year-to-date to $41 billion, driven by private equity and structured credit growth.

• Net earnings for Q2 2025 were $229 million, with diluted EPS of $3.30, up from a loss in Q2 2024.

• Notable realizations include the partial sale of WestJet and the sale of Precision Concepts International.

• Repurchased 1.8 million shares in Q2, 3.2 million year-to-date, totaling $228 million.

Financial highlights

• Q2 net earnings were $229 million, with segment net earnings of $267 million and diluted EPS of $3.30.

• Investing capital per share at quarter end was $121.23, up from $113.70 at year-end 2024.

• Private equity and credit portfolios each delivered a 4% return in Q2.

• Asset management segment generated $36 million in Q2 earnings; structured credit FRE was $15 million.

• Fee-generating AUM increased 16% year-to-date to $40.9 billion.

Outlook and guidance

• Structured credit demand remains high, with fundraising pace expected to continue barring market dislocation.

• Management expects continued momentum in fee-generating asset growth and earnings, especially in Credit.

• Five-year compound annual return for investing capital per share remains at 15%.

• M&A market has improved, with more PE realizations expected in the second half of the year.

• Continued focus on buybacks and investment in priority areas, supported by robust liquidity.