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Q3 2025 Supplemental Information Package
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Safe Harbour This Supplemental Information Package may contain, without limitation, forward-looking statements related to our future growth and our financial and operational results and performance that are based on current expectations, forecasts and assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially. In some cases, forward-looking statements can be identified by the use of words such as “outlook”, “may,”“could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would,” “illustrative” or the negative of such words or other words of similar connotation. Forward- looking statements are not guarantees. Specific risks and uncertainties that could cause our actual results, performance and outcomes to differ materially from those expressed in our forward-looking statements include, but are not limited to: variability of financial and operating results among periods, which include the pace, size and nature of transactions by or involving our asset management subsidiaries, investment funds, and operating companies; the volatility of the exchange rate between the U.S. dollar and the Canadian dollar and other currency exchange rates; changes in the fair market value of Onex’ operating companies, including the market value of our publicly- traded operating companies; and activities at the operating companies of our private equity funds and events within their industries. These and other risks and uncertainties and factors are discussed in the Company’s various public filings at www.sedar.com or on the Company’s website, www.onex.com. These risks, uncertainties and factors may cause our actual financial and operational results and performance to differ materially from the expectations expressed or implied by the forward-looking statements contained in this presentation. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake to update any forward- looking statement, except as required by applicable law. These cautionary statements expressly qualify all forward-looking statements in this supplemental information package. In addition, we may refer later in this presentation to various private offerings of securities. These offerings are made solely to such persons and in such transactions as do not require registration, qualification or approval under any U.S. or other applicable securities laws and otherwise to specified classes of permitted private purchasers. The securities are not and will not be registered, qualified or approved under U.S. or other securities laws, cannot be offered or sold in the U.S. without registration or exemption and will not be offered or sold in any other jurisdiction except in certain private, restricted transactions. This notification shall not constitute a promotion of, an offer to sell or the solicitation of an offer to buy any securities. All dollar amounts in U.S. as at September 30, 2025, unless otherwise stated. Q3 2025 Supplemental 1
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Table of Contents Q3 2025 Supplemental 2 OVERVIEW Key Highlights 4 Key Metrics 5 Investing Capital per Share 6 INVESTING Investing Capital Schedules 8 Investing Segment Earnings 10 Onex’ Investment Performance 13 ASSET MANAGEMENT Asset Management Segment Earnings (Loss) 15 Fee-Related Earnings and Distributable Earnings 16 Carried Interest Schedules 17 Fee-Generating Assets Under Management 19 OTHER SCHEDULES Liquidity Schedules 21 APPENDIX Run-Rate Management Fees 24 Fund Performance 27 Private Equity Portfolio Overview 28 Reconciliation of GAAP to Non-GAAP Measures 29 ENDNOTES 31
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Overview Q3 2025 Supplemental Information Package 3
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Key Highlights Q3 2025 Supplemental 4 Asset Management • Fee-generating capital ~$42 billion, with PE and Credit increasing by 22% and 18% respectively, since December 31, 2024 • Structured Credit fee-generating capital up 23% YTD • Credit raised or extended $10.7 billion YTD across its Structured Credit and tactical allocation strategies; 22 CLO transactions priced YTD through October • Q3 Asset Management FRE $11 million; Structured Credit FRE $17 million. Total Credit run-rate FRE of $50 million at September 30 • Unrealized carried interest $360 million, up $74 million since December 31, 2024 Investing • Investing Capital per share: $121.61 (C$169.28), a return of 7% YTD and 8% over LTM • Five-year compound annual return of 13% for Investing Capital per share • Onex Partners V completed 25% WestJet equity sale for $94 million in proceeds to Onex; agreed to sell approximately 55% of its investment in OneDigital for expected net proceeds of $220 million • Pro-forma for Convex, OneDigital and WestJet realizations, OP V will reach distribution to paid-in capital of 0.7x • Onex Partners Opportunities Fund to acquire Integrated Specialty Coverages; transaction to close this year Key Activities • Onex will acquire a majority interest in Convex Group Limited, along with minority investor AIG • Convex is a market-leading specialty property and casualty (re)insurer with up to $6 billion of expected gross premium written in 2025; 25% CAGR in gross premium written and 18% average ROE over the last three years • AIG to commit $2B to Onex’ PE and credit strategies over next three years and take a 9.9% equity stake in Onex • Positions Onex for growth, accelerated profitability of asset management platform and enhances balance sheet efficiency; transaction to close in 1H 2026 • Megan McClellan to become Chief Financial Officer in February 2026 • Tawfiq Popatia confirmed as Head of Onex Partners
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Key Metrics Q3 2025 Supplemental 5 (1) Investing capital per share growth rate presented is adjusted to exclude the impact of capital deployed in the asset management segment, where applicable, and dividends paid during the quarter. (2) Investing capital returns per share are adjusted for dividends paid during the period. (3) Fee-related earnings (loss) (“FRE”) and distributable earnings (“DE”) are non-GAAP financial measures and do not have a standardized meaning prescribed under IFRS. Therefore, they may not be comparable to similar financial measures disclosed by other companies. Onex management believes that these measures provide investors insight into the profitability of Onex’ recurring asset management business (FRE), and the strategic ability to redeploy capital in the business and/or return to shareholders (DE). The most directly comparable measure to FRE and DE is Onex’ net earnings. Refer to the appendix for a reconciliation of net earnings, FRE and DE. Asset Management fee-related earnings (loss) excludes public company expenses and other expenses associated with managing Onex’ investing capital and is a component of total fee-related earnings. ($ in millions, except per share data) LTM(1) YTD(1) Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Net earnings (loss) $434 $436 $39 $229 $168 ($2) $127 $168 $10 $373 Net earnings (loss) per share - diluted $6.13 $6.25 $0.57 $3.30 $2.36 ($0.02) $1.68 $2.19 $0.13 $4.81 Investing capital $8,479 $8,429 $8,299 $8,273 $8,473 $8,480 $8,390 $8,433 Investing capital per share - USD (2) +8% +7% $121.61 $121.23 $116.97 $113.70 $113.37 $110.35 $107.44 $107.82 Investing capital per share - CAD (2) +11% +4% $169.28 $164.96 $168.28 $163.54 $153.04 $151.04 $145.58 $142.61 Investing segment earnings $433 $404 $50 $231 $123 $29 $121 $140 $54 $326 Investing segment earnings per share $0.71 $3.32 $1.70 $0.38 $1.58 $1.79 $0.67 $4.19 Asset Management segment earnings (loss) $99 $81 $20 $36 $25 $18 $22 $7 ($26) $46 Asset Management segment earnings (loss) per share $0.28 $0.52 $0.35 $0.24 $0.30 $0.10 ($0.34) $0.61 Total Fee-Generating AUM +23% +19% $42,043 $40,943 $36,851 $35,239 $34,131 $32,872 $35,051 $33,737 Credit +27% +18% $27,930 $27,001 $24,890 $23,653 $21,952 $20,352 $22,965 $22,344 Private Equity +16% +22% $14,113 $13,942 $11,961 $11,586 $12,179 $12,520 $12,086 $11,393 Fee-related earnings (loss)(3) Run-rate management fees +8% +4% $202 $196 $202 $195 $187 $179 $197 $191 Asset Management fee-related earnings (loss)(3) $34 $28 $11 $6 $11 $6 $6 ($2) ($4) $3 Total fee-related earnings (loss)(3) $0 $1 $1 ($2) $2 ($1) $0 ($8) ($12) ($2) Carried interest(4) Ending unrealized carried interest balance $360 $346 $308 $286 $270 $258 $248 $264 Carried interest increase (decrease) $99 $81 $21 $38 $22 $18 $22 $14 ($16) $45 Carried interest realized/distributed $9 $7 $7 $0 $0 $2 $10 $4 $0 $8 Distributable earnings(3) $401 $170 $111 $21 $38 $231 $267 $74 $45 $139
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Investing Capital per Share Q3 2025 Supplemental 6 KEY HIGHLIGHTS • Private equity portfolio LTM return of 6%.(2) • Credit portfolio LTM return of return of 9%. (2) • 82% invested at quarter-end (1) The 5-year CAGR reflects the cumulative five-year return for the period ended September 30, 2025, and is adjusted to exclude the impact of capital deployed in the asset management segment, where applicable, and dividends paid. (2) Adjusted for capital deployed, realizations and distributions, as applicable. Performance is gross of management incentive programs (private equity only) and is before carried interest, as applicable. 13% 5-year CAGR(1)
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Investing Q3 2025 Supplemental Information Package 7
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Investing Capital Per Share See endnotes at the end of the presentation about Investing Capital tables. Investing Capital is equivalent to investing segment assets included in Onex’ Interim and Annual reports. KEY HIGHLIGHTS • ICPS returns were flat in Q3’25 and 8% over LTM (13) • 13% compound annual return over last five years (13) Q3 2025 Supplemental 8 ($ in millions, except per share data) September 30, June 30, December 31, As at 2025 2025 2024 Private Equity Onex Partners - Private Companies(1) $ 4,356 $ 4,323 $ 4,100 Onex Partners - Public Companies(2)(3) 514 553 559 ONCAP - Private Companies(4) 730 776 795 Unrealized Carried Interest(5) 336 322 264 Total Private Equity 5,936 5,974 5,718 Credit Credit investments(6) 958 922 924 Unrealized Carried Interest(7) 24 24 22 Total Credit 982 946 946 Other Net Assets(8) 32 35 31 Cash and Near-Cash (9)(10) 1,529 1,474 1,578 Debt(11) - - - Onex Investing Capital $ 8,479 $ 8,429 $ 8,273 Onex Investing Capital per Share (U.S. dollars) (12) $ 121.61 $ 121.23 $ 113.70 Onex Investing Capital per Share (Canadian dollars) (12) C$ 169.28 C$ 164.96 C$ 163.54
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Investing Capital: Third Quarter Changes Q3 2025 Supplemental 9 See endnotes at the end of the presentation about Investing Capital tables. Investing Capital is equivalent to investing segment assets included in Onex’ Interim and Annual reports. ($ in millions) June 30, Capital Realizations & Segment Other September 30, As at 2025 Deployed Distributions Earnings Items(14) 2025 Private Equity Onex Partners - Private Companies(1) $ 4,323 $ - $ (14) $ 47 -$ $ 4,356 Onex Partners - Public Companies(2)(3) 553 - (1) (38) - 514 ONCAP - Private Companies(4) 776 - (58) 12 - 730 Unrealized Carried Interest(5) 322 - (7) 21 - 336 Total Private Equity 5,974 - (80) 42 - 5,936 Credit Credit investments(6) 922 200 (181) 17 - 958 Unrealized Carried Interest(7) 24 - - - 24 Total Credit 946 200 (181) 17 - 982 Other Net Assets(8) 35 - 1 (4) - 32 Cash and Near-Cash (9)(10) 1,474 (200) 260 (5) - 1,529 Debt(11) - - - - - - Onex Investing Capital $ 8,429 $ - $ - $ 50 $ - $ 8,479
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(1) Onex’ investments in the Onex Partners and ONCAP Funds include co -investments, where applicable. (2) Adjusted for capital deployed, realizations and distributions. Private equity gross portfolio value changes are gross of mana gement incentive programs and before carried interest, as applicable. Investing Segment Earnings KEY HIGHLIGHTS • Private Equity • PE investment return was less then 1% in Q3’25(2); 6% in LTM(2) • Credit • Credit investment return of 2% in Q3’25(2) ; 9% in LTM(2) Q3 2025 Supplemental 10 ($ in millions, except per share data) Quarter Last Twelve Months As at Q3'25 Q3'24 Q3'25 Q3'24 Private Equity Onex Partners(1) $ 9 $ 101 $ 277 $ 417 ONCAP(1) 12 (5) 35 80 Total net gain (loss) from private equity 21 96 312 497 Credit Structured Credit Strategies CLOs 7 19 52 75 Other structured strategies - 4 7 14 Opportunistic Credit Strategies 6 2 5 18 Liquid Strategies 3 4 9 15 Direct Lending 1 - 4 4 Total net gain (loss) from Onex Credit Strategies 17 29 77 126 Other investing segment earnings (loss) 12 (4) 44 18 Investing segment net earnings $ 50 $ 121 $ 433 $ 641 Segment earnings per share – fully diluted $ 0.71 $ 1.58 $ 6.02 $ 8.29
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Private Equity: Public Company Disclosure (1) Presented in millions of shares. Onex’ investments include co -investments, where applicable. Q3 2025 Supplemental 11 Fund Association Shares Held by Onex (1) (in millions) Closing Share Price Onex Partners Emerald OPIII, OPV 49.2 $5.09 Clarivate OPIV 16.2 $3.83 Ryan Specialty Direct 4.1 $56.36
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Private Equity: Industry Performance (1) Onex' private equity portfolio is categorized based on its five core verticals. Below is a list of the investments in each c ategory that Onex continued to hold at September 30, 2025. Services: Analytic Partners, Clarivate Analytics Plc, Data Driven Holdings, Education Holding Corporation, Emerald Expositions Events, In c, Imagine Learning, International Language Academy of Canada, Mid- State, Morson Group, Ontivity, PowerSchool Group LLC, Resource Environmental Solutions, LLC, Tes Global, Unanet. Financial Services: Accredited, BBAM Limited Partnership, Convex Group Limited, OneDigital, Ryan Specialty, Sedgwick Claims Management Services and Wealth Enhancement Group. Industrials: Advanced Integration Technology, Biomerics, Farsound, Fischbach, Fidelity Building Services, Komar, Precision Concepts International, Precision Global, Rebox Corporation, Venanpri Group, Walter Surface Technologies, WestJet Airlines Ltd. and WireCo WorldGroup, Healthcare: Acacium Group, Newport Healthcare and SCP Health. Consumer: AutoSavvy, Chatters Canada, Image Specialty Partners, Mayzon, Merrithew and Parkdean Resorts (2) Adjusted for capital deployed, realizations and distributions. Performance results are gross of management incentive programs and an allocation of management fees and carried interest on Onex’ capital. Q3 2025 Supplemental 12 ($ in millions) Gross PE Capital Gross PE Capital Core Industry Vertical (no. of investments) (1) ($) (%) Q3'25 YTD LTM Services (14) $ 1,867 31% 0% 2% 0% Financial Services (7) 2,255 39% 3% 12% 16% Industrials (13) 1,279 21% 1% 8% 9% Healthcare (3) 326 5% (6%) (12%) (18%) Consumer (6) 256 4% (9%) 5% (2%) Total (43) $ 5,983 100% 0% 6% 6% Gross Return(2)
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Onex’ Investment Performance(1) Q3 2025 Supplemental 13 (1) Adjusted for capital deployed, realizations and distributions. Investment performance is presented gross, before the impact o f carried interest received and amounts payable under the management incentive programs, as applicable. The performance of Onex' private equity investments represents Onex' share of investments and co-investments in each investment platform, where applicable, and as a result the performance may differ from the performance for the investment platforms including all investors and excluding co -investments, where applicable. (2) Reflect total returns. Onex has provided the benchmark and index data for informational purposes only. Comparisons of any fund or strategy to a benchmark or an index is imperfect, including but not limited to, the following reasons: ( i) the volatility of such benchmark or index likely will be materially different from the fund or strategy; (ii) such benchmark or index employs different investment guidelines and criteria than the fund or strategy; and (iii) the holdings of the fund and strategy differ significantly from holdings of the securities that comprise such benchmark or index. The performance of the benchmark or index was not necessarily selected to represent an appropriate benchmark or index to compare to the performance of the fund o r strategy discussed herein, but rather, is disclosed to allow for comparison of the fund or strategy to that of a well -known benchmark or index. (3) Certain of Onex’ private credit investments employ leverage at the fund level, which will amplify returns/losses on the under lying portfolio. Accordingly, Onex’ returns/losses on private credit investments relative to the Credit Suisse Leveraged Loan index are generally expected to reflect this amplification. 2025 Historic Annual Performance Q3 YTD LTM L5Y FY'24 FY'23 FY'22 FY'21 FY'20 Private Equity Onex Partners 0% 6% 6% 13% 5% 11% 1% 32% 24% ONCAP 2% 5% 5% 19% 6% 17% 27% 33% 23% Total private equity 0% 6% 6% 13% 5% 12% 3% 32% 24% MSCI World Mid Cap (2) 5% 16% 13% 11% 11% 16% (19%) 18% 16% S&P 500 (2) 8% 15% 18% 16% 25% 26% (18%) 29% 18% Private credit(3) 2% 7% 9% 14% 9% 24% (5%) 20% 7% Credit Suisse Leveraged Loan (2)(3) 2% 5% 7% 7% 9% 13% (1%) 5% 3%
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Asset Management Q3 2025 Supplemental Information Package 14
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Asset Management Segment Earnings (Loss) Q3 2025 Supplemental 15 See endnotes at the end of the presentation about Fee- Related Earnings and Distributable Earnings. LAST FOUR QUARTERS PYQ ($ in millions) LTM YTD Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Fee-Related Earnings (Loss) (1) $ - $ 1 $ 1 $ (2) $ 2 $ (1) $ - Carried Interest Increase 99 81 21 38 22 18 22 Other(2) - (1) (2) - 1 1 - Asset Management Segment Earnings 99$ 81$ 20$ 36$ 25$ 18$ 22$
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Fee-Related Earnings and Distributable Earnings See endnotes at the end of the presentation about Fee- Related Earnings and Distributable Earnings. Q3 2025 Supplemental 16 LAST FOUR QUARTERS PYQ ($ in millions) LTM YTD Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Private Equity Management and advisory fees (3)(4) $ 95 $ 70 $ 20 $ 21 $ 29 $ 25 $ 24 Total fee-related revenues from Private Equity (3) 95 70 20 21 29 25 24 Compensation expense (5) 62 45 12 17 16 17 16 Support and other net expenses (6) 34 26 9 9 8 8 10 Private Equity net contribution (1) (1) (1) (5) 5 - (2) Structured Credit Management fees(3)(7) 97 76 29 24 23 21 21 Performance fees (8) 2 2 1 1 - - 1 Fee-related revenues from Structured Credit (3) 99 78 30 25 23 21 22 Compensation expense (5) 28 22 8 7 7 6 6 Support and other net expenses (6) 15 12 5 3 4 3 3 Structured Credit net contribution 56 44 17 15 12 12 13 Other Credit Management fees(3)(7) 14 10 3 4 3 4 4 Performance fees (8) 3 2 1 1 - 1 - Other income 1 1 - 1 - - 1 Fee-related revenues from Other Credit (3) 18 13 4 6 3 5 5 Compensation expense (5) 17 11 4 4 3 6 4 Support and other net expenses (6) 22 17 5 6 6 5 6 Other Credit net contribution (21) (15) (5) (4) (6) (6) (5) Asset Management fee-related earnings 34 28 11 6 11 6 6 Public Company and Onex Capital Investing Compensation expense (9) 18 15 6 4 5 3 4 Other net expenses 16 12 4 4 4 4 2 Total Public Company and Onex Capital Investing expenses (34) (27) (10) (8) (9) (7) (6) Fee-related earnings (loss) (10) - 1 1 (2) 2 (1) - Real i zed carri ed i nterest 14 12 7 - 5 2 10 Realized gain on investments, net 387 157 103 23 31 230 257 Distributable earnings(10) 401$ 170$ 111$ 21$ 38$ 231$ 267$
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Carried Interest: Generated, Realized and Potential Realizations reduce the remaining unrealized carried interest balance. Excludes carried interest from Falcon funds. Q3 2025 Supplemental 17 ($ in millions) Carried Interest ($ in millions) Opening Unrealized Generated Realized Ending Unrealized AUM Subject to Carried Interest 2020 66$ 21$ -$ 87$ 22,088$ 2021 87 236 48 275 22,272 2022 275 9 18 266 24,144 2023 266 11 13 264 27,491 2024 264 38 16 286 32,610 2025 YTD 286 81 7 360 38,991 Total Since 2019 396$ 102$
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Carried Interest: Unrealized Value Realizations reduce the remaining unrealized carried interest balance. Table adjusted to exclude carried interest from Falcon funds. Q3 2025 Supplemental 18 ($ in millions)
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$9.6 $10.6 $12.8 $14.9 $19.2 $25.9$6.4 $7.1 $6.4 $4.7 $2.8 $2.1 $10.0 $10.4 $9.7 $11.0 $12.2 $14.1 $26.1 $28.1 $28.9 $30.6 $34.1 $42.0 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Private Equity Other Credit Structured Credit Fee-Generating Assets Under Management (1) The historical balances have been adjusted to remove fee-generating assets under management associated with the Falcon Funds. Q3 2025 Supplemental 19 KEY HIGHLIGHTS • LTM increase in Private Equity AUM due to new commitments in Onex Opportunities Fund and ONCAP V, along with net gains on investments. • LTM increase in Credit AUM driven by new capital raised for US and EURO CLOs as well as capital raised for other private credit funds. ($ in billions) 10% 5-year CAGR (1)
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Capital Management and Other Q3 2025 Supplemental Information Package 20
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$1,862 $444 $249 $321 $196 $417 $228 $3,717 $349 $28 $28 $26 $24 $23 $15 $492 $2,211 $4,209 1997 – 2019 2020 2021 2022 2023 2024 2025 (September 30) 1997- 2025 Dividends Paid Shares Repurchased Total Value Returned to Shareholders Q3 2025 Supplemental 21 ($ in millions) SVS Outstanding as at September 30, 2025 - 68,508,073
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$1,578 $1,529 $233 $27 $31($67) ($237) ($18) ($15) ($3) Cash and near- cash at December 31, 2024 Private equity realizations and distributions Private equity investments Net private credit strategies investment activity Interest and net treasury investment income Repurchase of shares of Onex Corporation Net stock-based compensation paid Cash dividends paid Other Cash and near- cash at September 30, 2025 Cash and Near-Cash: Year to Date Changes(1) ($ in millions) (1) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS. The pres entation of this measure does not have a standardized meaning prescribed under IFRS and therefore may not be comparable to si milar financial measures presented by other companies. Refer to page 26 of Q3 2025 Interim MD&A for further details concerning the company’s cash and near -cash. At September 30, 2025 and December 31, 2024, Onex’ consolidated cash and cash equivalents were $672 million and $929 million, respective ly. (2) Other includes net cash flow from asset management activities, capital expenditures, operating costs and changes in working c apital. Q3 2025 Supplemental 22 (2) (1) (1)
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Appendix Q3 2025 Supplemental Information Package 23
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Run-Rate Management and Advisory Fees: Private Equity Q3 2025 Supplemental 24 (1) Includes fees earned from operating companies as well as fees from the Wyse Continuation Fund. ($ in millions) Fee Basis Limited Partner Capital Percentage Applied Run-Rate Fees Onex Partners V Invested 4,207$ 1.0% 42$ Opportunities Fund Committed 488 1.4% 7 Ryan Continuation Vehicle Invested 499 0.6% 3 ONCAP IV Invested 461 1.5% 7 ONCAP V Committed 921 2.0% 18 Advisory fees to Onex(1) 4 Total private equity run-rate management and advisory fees 81$
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Run-Rate Management Fees: Credit Q3 2025 Supplemental 25 ($ in millions) FGAUM Run-Rate Fees Structured Credit 25,870$ 108$ Liquid Strategies 1,413 7 Direct Lending 471 3 Opportunistic 176 2 Total credit run-rate management fees 27,930$ 121$
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Onex Capital In CLO Platform Over Time Q3 2025 Supplemental 26 Continued improvement in CLO platform’s capital efficiency 30% 35% 40% 45% 50% 55% 60% 65% 70% – $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 CLO AUM ($B) Onex CLO Equity (%)
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Fund Performance: Private Equity(1) See endnotes at the end of the presentation about Fund Performance: Private Equity. The performance returns for Onex Partners V represent a limited partner that elected to participate in the credit facility of Onex Partners V. Onex Partners Pro Forma IRR represents adjusted fund performance based on subscription line utilization with 15-month pay-downs and fees, expenses, and carried interest deferral to the final follow-on date, and/or September 30, 2025, as applicable. No investor received the Pro Forma IRR and it is provided for illustrative purposes only and a basis of comparison to asset management peers. Q3 2025 Supplemental 27 Vintage Fund Commitments Gross Net Pro Forma Gross Net IRR(1) IRR(1)(2) IRR(1)(6) MOC(1) MOC(1)(2) Onex Partners Funds - Invested Onex Partners I(3) 2003 $1.7B 55% 38% n/a 4.0x 3.1x Onex Partners II(3) 2006 $3.5B 17% 13% n/a 2.2x 1.8x Onex Partners III 2009 $4.7B 17% 11% 20% 2.2x 1.7x Onex Partners IV 2015 $5.7B 9% 7% 8% 1.6x 1.4x Onex Partners V(4) 2019 $7.2B 18% 12% 15% 1.9x 1.5x ONCAP Funds - Invested ONCAP I(3)(5) 1999 C$400mm 43% 33% n/a 4.1x 3.1x ONCAP II(5) 2006 C$574mm 29% 21% n/a 4.8x 3.2x ONCAP III(5) 2011 C$800mm 25% 18% n/a 3.7x 2.7x ONCAP IV 2016 $1.1B 17% 11% n/a 2.1x 1.6x Onex Partners and ONCAP Funds - Investing Onex Partners Opportunities Fund(7)(8) TBC $1.2B n/m n/m n/a n/m n/m ONCAP V 2024 $1.3B 39% 12% n/a 1.5x 1.1x
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Private Equity: Onex Partners/Direct Investments Portfolio Overview (1) Onex original cost reflects the initial investment and follow-on investments and is presented net of bridge financing returned, where applicable. Onex original cost is not reduced for partial realizations. (2) Onex Realized Proceeds represent the sum of the cash proceeds to Onex generated from partial dispositions, dividends and interest, including carried interest received and net of management incentive programs, where applicable. (3) Onex economic ownership as of September 30, 2025, including shares held in connection with the MIP, where applicable. (4) BBAM Platform includes Onex’ investments in BBAM Limited Partnership and Meridian Aviation Partners Limited and affiliates. Economic ownership presented reflects Onex’ ownership in BBAM Limited Partnership. (5) Onex economic ownership and Onex original cost reflect the increase in Onex' interest in Onex Partners IV since the initial investment in the companies. The original cost has been adjusted to include the additional investment in the companies at original cost. Q3 2025 Supplemental 28 Portfolio Companies Fund Acquisition Date Onex Origial Cost(1) Onex Realized Proceeds(2) Onex Economic Owneship(3) BBAM Limited Partnership(4) Onex Partners III Dec-12 $69 $228 9% Emerald Expositions Events, Inc Onex Partners III/V Jun-13 / Jun-20 226 80 25% Sedgwick Claims Management Services Onex Partners III Oct-14 173 96 1% Advanced Integration Technology LP(5) Onex Partners IV Dec-14 54 80 9% SCP Health(5) Onex Partners IV Jul-15 105 - 21% WireCo WorldGroup(5) Onex Partners IV Sep-16 86 - 22% Clarivate Analytics Plc(5) Onex Partners IV Oct-16 445 837 2% Parkdean Resorts(5) Onex Partners IV Mar-17 227 5 33% Ryan Specialty Direct Investments Jun-18 306 860 2% PowerSchool Group LLC Onex Partners IV Aug-18 295 282 8% Convex Group Limited Onex Partners V Apr-19 260 - 13% WestJet Airlines Ltd. Onex Partners V Dec-19 196 97 19% Acacium Group Onex Partners V Sep-20 59 40 22% OneDigital Onex Partners V Nov-20 200 - 10% Imagine Learning Onex Partners V Mar-21 279 2 10% Newport Healthcare Onex Partners V Jul-21 185 - 23% Wealth Enhancement Group Onex Partners V Sep-21 173 - 10% Fidelity BSG Onex Partners V Dec-21 83 18 21% Tes Global Onex Partners V Feb-22 98 32 24% Resource Environmental Solutions, LLC Onex Partners V Mar-22 117 - 20% Analytic Partners Onex Partners V Apr-22 97 17 14% Unanet Direct Investments Dec-22 99 - 17% Morson Onex Partners V Feb-24 47 - 18% Accredited Onex Partners V Jun-24 85 - 23% Fischbach Onex Partners Opportunities Fund Oct-24 63 2 31% Farsound Onex Partners Opportunities Fund Dec-24 64 2 18%
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Reconciliation of GAAP to Non-GAAP Measures: FRE and DE Q3 2025 Supplemental 29 LAST FOUR QUARTERS PYQ ($ in millions) LTM YTD Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Net earnings (loss) 434$ 436$ 39$ 229$ 168$ (2)$ 127$ Provision for income taxes 2 1 1 - - 1 - Earnings (loss) before income taxes 436$ 437$ 40$ 229$ 168$ (1)$ 127$ Stock-based compensation expense (recovery) 60 27 25 28 (26) 33 7 Amortization of property, equipment and other intangible assets, excluding right-of-use assets 13 10 4 3 3 3 2 Restructuring expenses (recovery), net 13 3 (1) 3 1 10 3 Unrealized performance fees and carried interest included in segment net earnings (loss) - Credit 8 5 2 3 - 3 3 Other 2 3 - 1 2 (1) 1 Segment net earnings 532$ 485$ 70$ 267$ 148$ 47$ 143$ Investing segement net earnings (433) (404) (50) (231) (123) (29) (121) Net gain from carried interest (99) (80) (19) (38) (23) (19) (22) Total fee-related earnings (Loss) -$ 1$ 1$ (2)$ 2$ (1)$ -$ Realized carried interest 14 12 7 - 5 2 10 Realized gain on corporate investments and interest income 387 157 103 23 31 230 257 Total distributable earnings 401$ 170$ 111$ 21$ 38$ 231$ 267$
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Endnotes Q3 2025 Supplemental Information Package 30
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Endnotes Investing Capital and Investing Capital (1) Based on the fair value of the investments in Onex Partners, net of the estimated management incentive programs (“MIP”) liability on these investments of $229 million (June 30, 2025 - $218 million; December 31, 2024 - $197 million) and any debt financing within the Onex Partners. (2) For certain public investments, a discount may be applied to the closing prices in relation to trading restrictions relating to Onex or the Onex Partners holdings in these investments. No discount was applied to public investments held as at September 30, 2025, June 30, 2025, March 31, 2025 or December 31, 2024. (3) Based on the closing prices on September 30, 2025. Net of the estimated MIP liability on these investments of $45 million (June 30, 2025 - $50 million; December 31, 2024 - $38 million). (4) Based on the fair value of the investments in ONCAP, net of the estimated MIP liability on these investments of $54 million (June 30, 2025 - $68 million; December 31, 2024 - $65 million). (5) Represents Onex’ share of the unrealized carried interest from third-party limited partners of the Onex Partners and ONCAP Funds. (6) Includes warehouse facilities, as applicable. (7) Represents Onex’ share of the unrealized carried interest from third-party limited partners in the Onex Credit Funds. (8) Represents investment-related net assets (liabilities) of investment holding companies and Onex’ share of unrealized carried interest from third-party limited partners in the Falcon funds. (9) Cash and near-cash is a non-GAAP financial measure calculated using methodologies that are not in accordance with IFRS. The presentation of this measure does not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar financial measures presented by other companies. Refer to page 26 of Onex’ 2025 Third Quarter Report for further details concerning the company’s cash and near-cash. (10) Includes $532 million (June 30, 2025 - $511 million; December 31, 2024 - $464 million) of management fees and recoverable fund expenses receivable from the limited partners of its private equity platforms. (11) Represents debt at Onex Corporation, the parent company. (12) Calculated on a fully diluted basis. Fully diluted shares were 69.7 million (June 30, 2025 - $69.5 million; December 31, 2024 – 72.8). The change in Onex' investing capital per share is impacted by the fair value changes of Onex’ investments. Shares repurchased and options exercised during the period will decrease or increase Onex' investing capital per share to the extent that the price for share repurchases and option exercises was above or below Onex investing capital per share, respectively. (13) Adjusted for capital deployed, realizations and distributions. (14) Other items include Onex share repurchases, dividends, options exercised, Director DSUs exercised and investment in RSU hedges, as applicable. Q3 2025 Supplemental 31
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Fee-Related Earnings and Distributable Earnings (1) Fee-related earnings (loss) (“FRE”) is a non-GAAP measure and does not have a standardized meaning prescribed under IFRS. Therefore, it may not be comparable to similar financial measures disclosed by other companies. Onex management believes that FRE provides investors insight into the profitability of Onex’ recurring asset management business. FRE excludes realization-driven carried interest, which can be less predictable and recurring due to the long-term nature of Onex’ private equity and private credit funds. The most directly comparable measure to FRE is Onex’ net earnings. A reconciliation of net earnings and FRE can be found in the appendix. (2) Includes changes in carried interest that Onex is entitled to from the Falcon Funds. (3) Management and advisory fees, and fee-related revenue include those fees earned in the Onex Partners and ONCAP Funds and Onex’ retained portion of the management and advisory fees earned from operating companies. (4) Run-rate private equity management fees at September 30, 2025 are $81 million. (5) Reflects compensation for the investment professionals in each business line. Compensation related to Onex’ corporate functions that are allocated to the business lines are included with other expenses, net. This schedule excludes stock-based compensation and amounts paid to Onex and ONCAP management under the management incentive programs in connection with Onex capital. (6) Other expenses, net include direct business line expenses and those expenses of Onex’ corporate functions, including compensation, allocated to the business line. (7) Run-rate credit management fees at September 30, 2025 are $121 million. (8) Fee-related performance fees are reported on an accrual basis and include unrealized performance fees in the period generated. Performance fees reflect the net amount attributable to Onex. (9) Public company and Onex capital investing does not incur direct business line compensation. Compensation reflects the allocation to the business line of Onex’ corporate functions. (10) Distributable earnings (“DE”) is a non-GAAP measure and does not have a standardized meaning prescribed under IFRS. Therefore, it may not be comparable to similar financial measures disclosed by other companies. Onex management believes that DE provides investors insight into the profitability of Onex’ asset management business and the strategic ability to redeploy capital in the business and/or return to shareholders. DE consists of the recurring FRE component, net gains (losses) from Onex’ investments and the receipt of carried interest from Onex’ private equity and private credit funds. The most directly comparable measure to DE is Onex’ net earnings. A reconciliation of net earnings and DE can be found in the appendix. Endnotes (continued) Q3 2025 Supplemental 32
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Endnotes (continued) Fund Performance: Private Equity (1) Private equity fund performance measures, including Gross IRR, Net IRR, Pro Forma IRR, Gross MOC and Net MOC are supplementary financial measures. Onex management believe these measures are useful to investors since Onex’ ability to raise capital may be materially impacted by the performance returns of current and prior funds. The Glossary in Onex’ 2024 Annual MD&A describes the composition of the performance returns. (2) Net IRR and Net MOC are presented for fee-paying limited partners in the Onex Partners and ONCAP Funds and exclude the capital contributions and distributions attributable to Onex’ commitment as a limited partner in each fund. (3) Onex Partners I, Onex Partners II and ONCAP I are fully realized. (4) The performance returns for Onex Partners V represent a limited partner that elected to participate in the credit facility of Onex Partners V. (5) Performance returns are calculated in Canadian dollars, the functional currency of these ONCAP Funds. (6) Onex Partners Pro Forma IRR represents adjusted fund performance based on subscription line utilization with 15-month pay-downs and fees, expenses, and carried interest deferral to the final follow- on date and/or September 30, 2025, as applicable. No investor received the Pro Forma IRR and it is provided for illustrative purposes only and a basis of comparison to asset management peers. (7) Fund performance metrics are not meaningful due to its short operating period. (8) Aggregate commitments are inclusive of commitments related to affiliated vehicles. Q3 2025 Supplemental 33
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Contact Jill Homenuk Managing Director – Shareholder Relations and Communications jhomenuk@onex.com Zev Korman Vice President, Shareholder Relations and Communications zkorman@onex.com 161 Bay Street Toronto, Ontario M5J 2S1 +1 416.362.7711 www.onex.com Q3 2025 Supplemental 34