AIMIA ANNOUNCES INTENTION TO RENEW NORMAL COURSE ISSUER BID

• NCIB Renewal: Aimia Inc. has authorized a renewal of its Normal Course Issuer Bid (NCIB) to repurchase up to 10% of its public float, approximately 5 million common shares.
• Timeline: The program is expected to commence on or about June 6, 2026, and expire no later than June 5, 2027.
• Objective: Management aims to narrow the discount between the share price and the intrinsic value of net assets.
• Execution: Purchases will be made via the Toronto Stock Exchange (TSX) at prevailing market prices; a pre-defined plan with brokers is intended for blackout periods.
• Context: This follows Q1 2026 results where the company reported net earnings of $3.8 million and confirmed regulatory approval for the Bozzetto divestiture, expected to close by end of May 2026 generating ~$267 million in proceeds.

• Rating Justification: The news is categorized as Routine - Positive because the NCIB renewal was anticipated given the previous authorization expired June 5, 2026. It confirms management's commitment to capital allocation but does not introduce a fundamentally new variable compared to the Bozzetto sale announcement in February/May.
• Capital Allocation: The buyback aligns with the company's stated strategy of reducing the discount to net asset value (NAV). With $100.3 million cash on hand and imminent proceeds from Bozzetto ($267M), liquidity is sufficient to support both debt redemption and share repurchases without immediate dilution risk.
• Market Sentiment: The renewal signals confidence in the post-divestiture balance sheet, specifically after the Q1 earnings beat (net earnings up 850% YoY) despite revenue declines. However, it does not materially alter the valuation thesis established by the asset sale news.

• Business Model: Aimia operates as a holding company with two primary operating subsidiaries: Giovanni Bozzetto S.p.A. (specialty chemicals, textile solutions) and Cortland International (marine ropes, industrial textiles).
• Flagship Project/Asset: The core asset is the Bozzetto interest, which has been the primary revenue driver but is currently in the process of being divested to One Equity Partners.
• Strategic Pivot: Management is transitioning Aimia into a sustainable permanent capital vehicle focused on acquiring controlling interests in undervalued public companies, utilizing significant tax-loss carryforwards ($1.1 billion).