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Aimia reports fourth quarter and full year 2025 results
AIMIA INC.
(Incorporated in Canada)
(Corporation number: 1563505-5)
TSX share code: AIM JSE share code: AII
ISIN: CA00900Q1037
LEI: 5299005QK3KSTUZ66Y90
AIMIA REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Toronto, March 24, 2026 - Aimia Inc. (TSX: AIM; JSE:AII) ("Aimia" or the "Company"), today reported its financial results for the
three-month period and full year ended December 31, 2025. All amounts are in Canadian currency unless otherwise noted.
SENIOR LEADERSHIP COMMENTARY
"Aimia ended 2025 with a higher cash position, lower HoldCo costs, and more than 5.9 million common shares repurchased," said
Rhys Summerton, Aimia's Executive Chairman. "We have sustained this momentum into the new year by entering into a definitive
agreement to sell our specialty chemicals core holding, accelerating our transition to become a sustainable permanent capital
vehicle."
Mr. Summerton added, "In the near term we expect to deploy the net proceeds from the Bozzetto sale, which we anticipate will be
in the range of $265 to $271 million, to reduce HoldCo indebtedness and to allocate towards investments, consistent with our
three-step strategy."
AIMIA'S Q4 2025 HIGHLIGHTS
- Reported consolidated revenue of $118.5 million, down 6.8% from $127.2 million generated in Q4 2024. The decline was
attributable to unfavourable macroeconomic and geopolitical conditions that impacted Cortland and Bozzetto in the quarter.
- Generated consolidated Adjusted EBITDA of $16.7 million, down 3.5% from $17.3 million reported in Q4 2024.
- Generated net cash flow from operating activities of $19.4 million, down modestly from $20.2 million in Q4 2024.
- Reported a consolidated net loss of $9.9 million, due principally to a non-cash goodwill impairment charge. Aimia incurred a
net loss of $41.2 million in Q4 2024.
- Received an $8.8 million tax refund from Revenu Quebec relating to a 2013 income tax audit of a former subsidiary.
- Repurchased 1,271,600 common shares for cancellation for a total consideration of $3.6 million.
KEY DEVELOPMENTS IN 2025
- Ended FY2025 with $109.2 million in cash and cash equivalents, up from $95.4 million at the end of FY2024.
- Named Rhys Summerton as Executive Chairman and optimized the size of the Company's Board of Directors, generating
$1.3 million in annual savings.
- Launched a three-step strategy focused on reducing Aimia's holding company costs, reducing the discount of its share price
to the intrinsic value of its holdings, and deploying capital for new investments.
- Generated $85.6 million in adjusted EBITDA from its core holdings, broadly in line with the Company's target for the year.
- Reduced HoldCo costs to $7.7 million, below the $9 million target for the year. HoldCo costs in 2024 were $12 million.
- Completed a substantial issuer bid to purchase for cancellation all of the Company's preferred shares in consideration for
9.75% senior unsecured notes. A total of 7,889,931 Preferred Shares were tendered and the Company issued $142.6 million
principal amount of unsecured notes in consideration. The transaction generated a $53.8 million gain on the transaction and
$5.1 million in annual cash savings based on prevailing interest rates at the time.
- Received a $29.3 million tax refund from the Canada Revenue Agency (CRA) relating to a 2013 income tax audit.
- Renewed a normal course issuer bid to purchase for cancellation up to 5.9 million of Aimia's common shares, representing
10% of the Company's public float as at May 30, 2025. As at December 31, Aimia purchased and cancelled 2,779,000 shares,
or 47.1% of allowable shares in its current NCIB program, at an average price of $2.88 for a total consideration of $8.1 million.
HIGHLIGHTS SUBSEQUENT TO QUARTER END
- Entered into a definitive agreement to sell its interest in Giovanni Bozzetto S.p.A, the Company's specialty chemicals business.
The transaction is expected to generate net proceeds in the range of $265 to $271 million (1) upon close, which is anticipated in
the second quarter. Aimia anticipates using the net proceeds from the transaction to reduce its indebtedness and for
investment purposes consistent with its three-step strategy.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Aimia 3-Months Ended December 31 Year Ended December 31
(in $millions except for margin
and per share data) 2025 2024 Change 2025 2024 Change
Revenue 118.5 127.2 (6.8)% 503.4 500.8 0.5 %
Gross Profit 31.0 31.1 (0.3)% 136.3 132.0 3.3 %
Gross Margin 26.2% 24.4% 1.8 pp 27.1% 26.4% 0.7 pp
Selling, general and
administrative expenses (25.9) (23.4) (10.7)% (102.7) (126.3) 18.7 %
Impairment charge (14.0) (28.7) 51.2 % (14.0) (28.7) 51.2 %
Operating Income (loss) (8.9) (21.0) 57.6 % 19.6 (23.0) NM
Adjusted EBITDA (2) 16.7 17.3 (3.5)% 76.4 51.3 48.9 %
Net earnings (loss) (9.9) (41.2) 76.0 % (12.6) (53.5) 76.4 %
Earnings (loss) per share (0.13) (0.48) 72.9 % 0.38 (0.75) NM
Headline earnings (loss) per
share (3) 0.03 (0.21) 114.3 % 0.51 (0.50) NM
(1) Translated from Euro to CAD at exchange rate of 1.613 as at February 6, 2026
(2) Adjusted EBITDA is a non-GAAP measure.
(3) Headline Earnings Per Share is a JSE mandated financial metric that measures core operating profitability by adjusting earnings
for certain specified re-measurements in accordance with the Headline Earnings Circular 1/2023 issued by the South African
Institute of Chartered Accountants (SAICA).
This announcement is the responsibility of the directors of Aimia and is only a summary of the information contained in the annual
and fourth quarter financial results and management discussions and analysis (MD&A) for the year ended December 31, 2025
("FY2025 results") and does not contain full or complete details. Any investment decision by investors and/or shareholders should
be based on a consideration of, inter alia, the FY2025 results. The FY2025 results are available on the JSE website at:
https://senspdf.jse.co.za/documents/2026/JSE/isse/AIIE/FY2025.pdf
The FY2025 results and the Company's press release can be accessed from SEDAR+ and www.aimia.com.
Quarterly Conference Call and Audio Webcast Information
Aimia will host a conference call to discuss its fourth quarter and full year 2025 financial results at 8:30 am ET on March 24. The
call will be webcast at the following URL: https://app.webinar.net/7AloDEJnZm8. Interested parties can listen to 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 reducing holding company costs, increasing its intrinsic value, 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.
For more information, please contact:
Joe Racanelli Vice President, Investor Relations
647 970 2200
Joseph.Racanelli@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 EBITDA
Adjusted 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 Bozzetto, Cortland International and Holdings
segments. 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, costs related to the termination of the Paladin agreements, 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.
Three Months Ended Years Ended December
Bozzetto December 31, 31,
(in millions of Canadian dollars) 2025 2024 2025 2024
Reconciliation of Adjusted EBITDA
Operating income (loss) 5.6 6.6 38.9 28.5
Depreciation and amortization 6.5 6.8 25.0 23.4
Cost of sales expense related to inventory fair value step
up resulting from purchase price allocation - - - 0.7
Cost related to the termination of Paladin agreements - - - 4.9
Transaction related (income) costs 2.9 - 1.8 1.0
Adjusted EBITDA 15.0 13.4 65.7 58.5
Adjusted EBITDA margin 17.8% 15.6% 18.6% 16.8%
Three Months Ended
December 31, Years Ended December 31,
Cortland International
(in millions of Canadian dollars) 2025 2024 2025 2024
Reconciliation of Adjusted EBITDA
Operating income (loss) (12.1) (24.4) (8.4) (24.1)
Depreciation and amortization 2.9 3.1 11.8 12.0
Impairment charge 14.0 28.7 14.0 28.7
Cost related to the termination of Paladin agreements - - - 1.5
Gain from the disposal of manufacturing property and land - (0.8) - (0.8)
Long-term management incentive plan (0.7) - 2.5 -
Transaction and transition related costs - 0.1 — 2.4
Adjusted EBITDA 4.1 6.7 19.9 19.7
Adjusted EBITDA margin 12.0% 16.2% 13.2% 12.8%
Three Months Ended
Holdings December 31, Years Ended December 31,
(in millions of Canadian dollars) 2025 2024 2025 2024
Reconciliation of Adjusted EBITDA
Operating income (loss) (2.4) (3.2) (10.9) (27.4)
Share-based compensation expense (reversal) - 0.4 1.7 (0.3)
Costs related to the termination of Paladin agreements - - - 0.8
Adjusted EBITDA (2.4) (2.8) (9.2) (26.9)
For a reconciliation of HoldCo costs to the Holdings segment's Selling, general and administrative expenses, please refer to the
table below.
Year Ended
Holdings December 31,
(in millions of Canadian dollars) 2025
Selling, general and administrative expenses (10.9)
Share-based compensation expense (reversal) 1.7
Litigation settlement agreement related expense 1.2
Other one-time costs 0.3
Holdco Costs (7.7)
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.
Three Months Ended
December 31, Years Ended December 31,
2025 2024 2025 2024
Gross Net Gross Net Gross Net Gross Net
Earnings (loss) attributable to equity holders of
the Corporation (10.9) (42.1) (16.2) (56.4)
Deduct: Dividends declared on preferred shares
related to the period (0.7) (3.8) (2.8) (14.7)
Add: Excess of preferred shares' assigned value - - 53.8 -
over consideration exchanged for repurchase
Earnings (loss) attributable to common
shareholders (11.6) (45.9) 34.8 (71.1)
Headline earnings adjustments:
Impairment charge 14.0 14.0 28.7 28.7 14.0 14.0 28.7 28.7
(Gain) Loss from the disposal of manufacturing
property and land - - (0.8) (0.8) - - (0.8) (0.8)
Reclassification to net earnings of cumulative
translation adjustments 0.6 0.6 (1.8) (1.8) (1.6) (1.6) (4.1) (4.1)
Headline earnings (loss) attributable to
common shareholders 3.0 (19.8) 47.2 (47.3)
Weighted average number of common
shares - Basic and diluted 90,274,031 95,869,313 92,446,746 95,355,111
Headline earnings (loss) per common share $ 0.03 $ (0.21) $ 0.51 $ (0.50)
Diluted headline earnings (loss) per common
share $ 0.03 $ (0.21) $ 0.51 $ (0.50)
Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities
laws ("forward-ling 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; the potential use of Aimia's net proceeds from the sale of its Bozzetto interest, and the impact
of tariffs on Aimia's outlook and guidance.
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.
Aimia has a primary listing on Toronto Stock Exchange and a secondary listing on the Main Board of the JSE.
March 24, 2026
JSE sponsor
Java Capital
Date: 24-03-2026 12:00:00
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