AIMIA REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS
Executive Summary
- Aimia reported Q4 2025 revenue of C$118.5 M (‑6.8% YoY) and a consolidated net loss of C$9.9 M, driven by a non‑cash goodwill impairment.
- The company entered into a definitive agreement to sell its specialty chemicals subsidiary Giovanni Bozzetto S.p.A., expected to generate net proceeds of C$265–271 M in Q2 2026, which will be used to reduce HoldCo debt and fund new investments.
- Shareholder returns: repurchased 1.27 M common shares for C$3.6 M; declared quarterly preferred‑share dividends of $0.39–$0.49 per share payable March 31 2026.
Key Details
- Financial Highlights – Q4 2025
- Revenue: C$118.5 M (‑6.8% YoY)
- Adjusted EBITDA: C$16.7 M (‑3.5% YoY)
- Net cash flow from operations: C$19.4 M (‑4% YoY)
- Consolidated net loss: C$9.9 M (vs. C$41.2 M loss in Q4 2024)
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Tax refund received: C$8.8 M (Revenu Québec)
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Full‑Year 2025 Highlights
- Cash & cash equivalents: C$109.2 M (up from C$95.4 M)
- HoldCo costs: C$7.7 M (below $9 M target)
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Preferred‑share issuer bid completed: 7,889,931 preferred shares exchanged for 9.75% senior unsecured notes; gain of C$53.8 M and annual cash savings of C$5.1 M.
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Asset Sale – Bozzetto
- Definitive agreement to sell Bozzetto interest; expected net proceeds C$265–271 M (subject to customary closing conditions).
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Proceeds earmarked for debt reduction and strategic investments under Aimia’s three‑step strategy.
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Share Repurchases & Dividends
- Common share buyback: 1,271,600 shares for C$3.6 M; total FY2025 NCIB purchases 2,779,000 shares (47.1% of allowable).
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Preferred‑share quarterly dividends declared: $0.392563 (Series 1), $0.485813 (Series 3), $0.395630 (Series 4); payable 31 Mar 2026.
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Segment Performance
- Bozzetto – Q4 revenue C$84.2 M (‑1.9% YoY); Adjusted EBITDA C$15.0 M, margin 17.8%.
- Cortland International – Q4 revenue C$34.3 M (‑17.1% YoY); Adjusted EBITDA C$4.1 M, margin 12.0%; new CEO Wolfgang Wandl appointed.
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Holdings – SG&A down to C$2.4 M; adjusted EBITDA loss of C$2.4 M; litigation settlement expense C$1.2 M.
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Liquidity & Debt
- Cash at year‑end: C$109.2 M (including C$50 M held in Bozzetto, $14.4 M in Cortland, $44.8 M in Holdings).
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Interest expense Q4: C$6.9 M on senior notes, C$4.7 M on Bozzetto credit facilities.
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Tax Position
- Tax loss carry‑forwards: C$1,084.6 M (C$506.6 M operating losses + C$578 M capital losses).
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Additional tax refunds received in FY2025: C$29.3 M (CRA) and C$8.8 M (Revenu Québec).
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Guidance & Outlook
- FY2025 adjusted EBITDA target met ($85.6 M vs. $88‑95 M range).
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No guidance for 2026 pending Bozzetto sale; commitment to keep HoldCo costs ≤ C$7 M.
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Conference Call
- Date/Time: 24 Mar 2026, 8:30 am ET; webcast link provided.
Notable Quotes
“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.” – Rhys Summerton, Executive Chairman
Materiality Assessment: Material – Neutral (significant earnings release and major asset sale that could affect shareholder value).