Aimia Inc. (TSX: AIM) (JSE: AII) ("Aimia" or the "Company"), today reported its financial results for the three months ended March 31, 2026. All amounts are in Canadian currency unless otherwise noted.

SENIOR LEADERSHIP COMMENTARY "Our progress in the first quarter was largely marked by the signing of a definitive agreement to sell Bozzetto despite the emergence of a number of macroeconomic headwinds," said Rhys Summerton, Aimia's Executive Chairman. "With regulatory approvals for the transaction now in hand, we anticipate closing the sale before the end of May 2026. This will allow us to accelerate our plans to redeploy the net proceeds towards new investments, reduce HoldCo indebtedness, and renew our normal course issuer bid."

"Our results for continuing operations in Q1 exclude the performance from Bozzetto given its pending sale and reflect the transition we are undertaking," said Steven Leonard, Aimia's President & Chief Financial Officer. "Most notably, we are focused on paying down debt, identifying target investment companies, and achieving further reductions to HoldCo costs consistent with our three-step strategy. We expect to build on this momentum over the coming months, particularly with improved results for Cortland anticipated in the second half of the year pending the cessation of hostilities in the Middle East, and exploring a secondary listing in the UK."

AIMIA'S Q1 2026 HIGHLIGHTS

HIGHLIGHTS SUBSEQUENT TO QUARTER END

CONSOLIDATED FINANCIAL HIGHLIGHTS

Given the progress on the transaction to divest Aimia's specialty chemicals company, Aimia has determined that Bozzetto met the criteria to be classified as discontinued operations. Accordingly, its performance and contributions are excluded from Q1 2026 results and the comparative period for last year with the exception of net earnings, earnings (loss) per share and headline earnings (loss) per share.

This press release should be read in conjunction with Aimia's consolidated financial statements and management discussions and analysis (MD&A) for the three-month period ended March 31, 2026, which can be accessed from SEDAR+ and www.aimia.com.

Balance Sheet and Liquidity As at March 31, 2026, Aimia had $100.3 million in cash and cash equivalents of which $42.6 million was related to continuing operations and $57.7 million was related to Bozzetto. In accordance with IFRS, Bozzetto's cash and cash equivalents were classified as assets held for sale. As at December 31, 2025, Aimia had $109.2 million of cash and cash equivalents.

The decline in Aimia's cash position in Q1 2026 was driven by a $5.9 million repayment of other borrowings, $2 million repayment of long-term debt, $1.4 million invested in common share buybacks, $2.2 million of investments in property, plant and equipment, and $0.7 million of preferred share dividend payments. The cash outflow was offset, in part, by $3.8 million in net cash from operating activities.

Of Aimia's consolidated cash and cash equivalents held at March 31, 2026, $3.9 million was held in Cortland International, $38.7 million in the Holdings segment, and $57.7 million in Bozzetto.

Available Tax Losses As at March 31, 2026, Aimia had $1,087.8 million of tax losses available for carry forward that may be used to reduce taxable income in future years. The total available for carry forward is comprised of $509.9 million of operating tax losses and $577.9 million of capital tax losses.

Dividends on Preferred Shares Aimia paid $0.7 million in dividends for the first quarter ended March 31, 2026, on its three series of outstanding preferred shares.

Aimia's Board of Directors declared quarterly dividends of $0.392563 per Series 1 preferred share, $0.485813 per Series 3 preferred share and $0.398343 per Series 4 preferred share, in each case payable on June 30, 2026, to shareholders of record on June 16, 2026. Dividends paid by Aimia to Canadian residents on its preferred shares are "eligible dividends" for the purpose of the Income Tax Act (Canada) and any similar applicable provincial legislation.

SEGMENT RESULTS As a result of Aimia's planned divestiture of its specialty chemicals holding, the Company is comprised of two segments: Cortland International and Holdings. Financial highlights for each segment for the three months ended March 31, 2026 follow.

Cortland International Aimia owns a 100% equity stake in Cortland International, a global leader in the manufacturing of high-performance synthetic fiber ropes and netting solutions for maritime and other industrial customers.

Holdings Segment The Holdings Segment includes Aimia's investments in Clear Media Limited as well as minority investments in public company securities and limited partnerships. The results of the Holdings Segment include corporate operating costs, including costs related to public company disclosure and board, executive leadership, legal, finance and administration.

Discontinued Operations - Bozzetto Aimia owns a 94.18% equity stake in Bozzetto, one of the world's leading providers of sustainable specialty chemicals with solutions in textile, home and personal care, geothermal, construction, and agrochemical markets. Bozzetto's management team owns the remaining 5.82%. On February 9, 2026, Aimia announced that it had entered in a definitive agreement to divest its interest in Bozzetto. Given the progress on the transaction and in accordance with IFRS, Bozzetto was classified as discontinued operations and its contributions were excluded from Aimia's financial results for continuing operations.

Quarterly Conference Call and Audio Webcast Information Aimia will host a conference call to discuss its first quarter 2026 financial results at 8:30 am ET on May 13. The call will be webcast at the following URL: https://app.webinar.net/EPYVWBVW2wk Interested parties can listen to the conference call by dialing 1 888 699 1199 or 1 416 945 7677 (internationally). A slide presentation intended for simultaneous viewing with the conference call and an archived audio webcast will be available for 90 days following the original broadcast available at: https://www.aimia.com/investor-relations/events-presentations/.

About Aimia Aimia Inc. (TSX: AIM; JSE: AII) is a diversified conglomerate focused on enhancing the value of its holdings. Headquartered in Toronto, Aimia's priorities include increasing its intrinsic value, reducing holding company costs, reducing the discount of its share price to the intrinsic value of its businesses, and redeploying capital to make investments in undervalued companies. For more information about Aimia, visit www.aimia.com.

Non-GAAP Financial Measures and Reconciliation to Comparable GAAP Measures

"GAAP" means Canadian Generally Accepted Accounting Principles (which are in accordance with the International Financial Reporting Standards).

Adjusted EBITDAAdjusted EBITDA is not a measurement based on GAAP, is not considered an alternative to net earnings in measuring profitability, does not have a standardized meaning and is not directly comparable to similar measures used by other issuers. Adjusted EBITDA should not be used as an exclusive measure of cash flow because it does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows. A reconciliation to operating income (loss) is provided.

Adjusted EBITDA is used by management to evaluate the performance of its Cortland International and Holdings segments, as well as the performance of the Bozzetto business. Management believes Adjusted EBITDA assists investors in comparing Aimia's performance on a consistent basis excluding depreciation and amortization, impairment charges related to non-financial assets and share-based compensation, which are non-cash in nature and can vary significantly depending on accounting methods as well as non-operating factors such as historical cost. Aimia's management believes that the exclusion of business acquisition and/or disposal related expenses assists investors by excluding expenses that are not representative of the run-rate cost structure of its operations.

Adjusted EBITDA is operating income (loss) adjusted to exclude depreciation, amortization, impairment charges related to non-financial assets, cost of sales expense related to inventory fair value step up resulting from purchase price allocation, share-based compensation, expenses related to Cortland International's long-term management incentive plan, gain/loss from the disposal of manufacturing property and land, termination benefits, as well as transaction costs related to business acquisitions and divestitures.

For a reconciliation of Adjusted EBITDA to operating income (loss), please refer to the tables below.

 

 

Headline earnings per common share

The Corporation's shares are also listed on the JSE which requires the Corporation to present headline and diluted headline earnings (loss) per share. Headline earnings (loss) per share is calculated by dividing headline earnings (loss) attributable to equity holders of the Corporation by the weighted average number of common shares issued and outstanding during the period. The following table summarizes the adjustments to earnings (loss) attributable to equity holders of the Corporation for the purpose of calculating headline earnings (loss) attributable to the equity holders of the Company, and the headline earnings (loss) and diluted headline earnings (loss) per share. Adjusted amounts represented under the "Gross" column are pre-tax whereas adjusted amounts under the "Net" column are net of tax.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon Aimia's current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and "should", and similar terms and phrases, including references to assumptions.

Forward-looking statements in this press release include, but are not limited to, Aimia's future capital allocation activities; Aimia's reduction in holding company costs; and the potential use of Aimia's net proceeds from the sale of its Bozzetto interest.

Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statement will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. A discussion of the material risks applicable to the Company can be found in Aimia's current Management's Discussion and Analysis and Annual Information Form, each of which have been or will be filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aimia disclaims any intention and assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Aimia Inc.

SOURCE: Aimia Inc.

For more information, please contact: Joe Racanelli Vice President, Investor
Relations, 647 970 2200, Joseph.Racanelli@aimia.com

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