AIMIA REPORTS SOLID THIRD QUARTER 2025 RESULTS AND RE-ITERATES GUIDANCE FOR YEAR

Executive Summary

• Aimia posted its first quarterly profit for equity holders since Q3 2022, reporting net earnings of C$1.4 M versus a loss of C$2.2 M a year earlier.
• Adjusted EBITDA rose 35 % YoY to C$20.3 M; operating cash flow increased sharply to C$15.1 M.
• The company reaffirmed its full‑year 2025 guidance on adjusted EBITDA and holding‑company costs, while noting an expected C$8.5 M tax refund from Revenu Québec.

Key Details

• Revenue: C$126.4 M (‑2.1 % YoY).
• Adjusted EBITDA: C$20.3 M (+35.3 % YoY); nine‑month total C$59.7 M (+75.6 %).
• Net Earnings: C$1.4 M (first profit since Q3 2022); nine‑month loss of C$4.3 M.
• Operating Cash Flow: C$15.1 M (up from C$1.3 M YoY).
• Cash Position: Ended quarter with C$106.5 M cash & equivalents; C$47.3 M in Bozzetto, C$12.2 M in Cortland International, C$47.0 M in Holdings.
• Share Repurchases: 960,300 shares for $3 M (total 1,508,300 shares repurchased to date). Post‑quarter purchase of 233,100 shares for $0.7 M.
• Tax Refunds: Received C$29.3 M CRA refund; expects additional C$8.5 M from Revenu Québec after audit finalization.
• Dividends: Paid C$0.7 M preferred dividends (down from C$3.9 M YoY). Board declared quarterly preferred dividends of $0.392563, $0.485813 and $0.432337 per share payable 31‑Dec‑2025.
• Segment Performance – Bozzetto: Revenue C$88.8 M (+3.3 %); Adjusted EBITDA C$16.8 M (margin 18.9 %).
• Segment Performance – Cortland International: Revenue C$37.6 M (‑12.8 %); Adjusted EBITDA C$5.5 M (margin 14.6 %).
• Holdings Segment: SG&A down to C$2.6 M; Adjusted EBITDA improved to –C$2.0 M due to lower activism and professional fees.
• Guidance Re‑iteration: Adjusted EBITDA for Bozzetto & Cortland combined expected $88–$95 M for full year (YTD $66.5 M). Holding‑company costs projected at $9 M (YTD $6.4 M), exclusive of one‑time items.
• Conference Call: Hosted 8:30 a.m. ET, Nov 12; webcast available for 90 days.

Notable Quotes

“Aimia generated its first profit for equity holders in more than three years… increased liquidity, more operating cash flow, and improved adjusted EBITDA despite unfavourable macroeconomic and geopolitical headwinds.” – Rhys Summerton, Executive Chairman
“We reduced HoldCo costs to $1.9 M and gained increased confidence in the market value of core holdings…” – Steven Leonard, President & CFO