Mr. Bobby Le Blanc reports

ONEX REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Onex Corp. has released its financial results for the fourth quarter and year ended Dec. 31, 2023.

All amounts are in U.S. dollars unless otherwise stated.

"Onex delivered solid overall performance in 2023, driven by good investment results, positive deployment and realization activity in a challenging environment, and continued progress on strategic initiatives and expense management," said Bobby Le Blanc, chief executive officer. "We continue to benefit from our operating capabilities and a strong balance sheet. We feel positive about the future and our ability to increase long-term shareholder value."

Recent highlights:

• Onex's investing capital per fully diluted share had a return of 11 per cent during the 12 months ended Dec. 31, 2023, and a return of 4 per cent from the previous quarter ended Sept. 30, 2023. Onex had approximately $8.4-billion of investing capital, or $107.82 ($142.61 (Canadian)) per fully diluted share at Dec. 31, 2023. Over the last five years, Onex's investing capital per fully diluted share had an annualized return of 14 per cent.
• Onex's private equity investments had net gains of $250-million, or a return of 5 per cent, in the fourth quarter of 2023 (Q4 2022: net gains of $368-million, or a return of 7 per cent). Investments in credit strategies generated net gains of $67-million or a return of 8 per cent in the fourth quarter of 2023 (Q4 2022: net gains of $7-million, or a return of 1 per cent).
• Onex Partners V's pending acquisition of specialty insurance company Accredited (from R&Q Insurance Holdings) received approval from R&Q's shareholders. The transaction is expected to close in the first half of 2024, subject to customary closing conditions and regulatory approvals.
• Onex Partners V completed a majority investment in Morson Group, a leading United Kingdom based engineering and technical staffing and work force solution business. The transaction marks the conclusion of Onex Partners V's initial investment period, following which Tawfiq Popatia and Nigel Wright assumed co-leadership of the Onex Partners platform.
• ONCAP III completed the sale of Hopkins Manufacturing Corp., delivering a strong return on investment and valuable return of capital to limited partners.
• Onex closed its 29th U.S. CLO (collateralized loan obligation) and eighth euro CLO for aggregate fee-generating assets of approximately $790-million. Onex closed a total of seven CLOs in 2023 for a total of $2.7-billion in fee-generating assets. In January, 2024, Onex closed its 30th U.S. CLO for aggregate fee-generating assets of approximately $400-million and priced its 31st U.S. CLO, which will add approximately $500-million in fee-generating assets upon its expected closing in Q1 2024.
• Peter Brown has joined Onex as head of client and products solutions (CPS). Mr. Brown brings substantial experience in both fundraising and the management of distribution teams. He will work closely with the entire CPS team to enhance Onex's investor marketing, product development and fundraising activities.
• Onex repurchased 597,472 subordinate voting shares in Q4 2023 and January, 2024, for a total cost of $35-million ($48-million (Canadian)) or an average cost per share of $58.99 ($80.52 (Canadian)).
• Onex had $33.7-billion of fee-generating assets under management (FGAUM) and $191-million of run-rate management fees at Dec. 31, 2023. Onex raised approximately $3.7-billion in FGAUM across its platforms in 2023.
• Unrealized carried interest increased $41-million from the prior quarter to $281-million at Dec. 31, 2023.
• Onex's cash and near-cash balance was $1.5-billion, or 17 per cent of Onex's investing capital, as of Dec. 31, 2023 (Dec. 31, 2022: $1.1-billion, or 13 per cent of Onex's investing capital).

Webcast

Onex management will host a webcast to review Onex's fourth quarter 2023 results on Friday, Feb. 23, 2024, at 11 a.m. ET. The webcast will be available in listen-only mode from the presentations and events section of Onex's website. A 90-day on-line replay will be available shortly following the completion of the event.

About Onex Corp.

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, Onex has a long record of creating value for its clients and shareholders. Onex's two primary businesses are private equity and credit. In private equity, Onex raises funds from third party investors or limited partners and invests them, along with Onex's own investing capital, through the funds of the company's private equity platforms, Onex Partners and ONCAP. Similarly, in credit, Onex raises and invests capital across several private credit, public credit and public equity strategies. Onex's investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies, family offices, and high-net-worth individuals. In total, Onex has $49.6-billion in assets under management, of which $8.4-billion is Onex's own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex's platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX.

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