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Aimia reports first quarter 2026 results
AIMIA INC.
(Incorporated in Canada)
(Corporation number: 1563505-5)
TSX share code: AIM JSE share code: AII
ISIN: CA00900Q1037
LEI: 5299005QK3KSTUZ66Y90
AIMIA REPORTS FIRST QUARTER 2026 RESULTS
Toronto, May 13, 2026 - 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
- 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 approximately $267 million in net proceeds once the payment of Bozzetto's senior
debt, minority interests and transaction costs are taken into consideration. Aimia anticipates using the net proceeds from the
transaction to reduce its indebtedness and for investment purposes consistent with its three-step strategy.
- Entered into hedging instruments for the notional value of €88 million to mitigate the currency risk exposure of the net proceeds
of the Bozzetto divestiture. Canadian dollar proceeds from these hedges will be available for use towards Aimia's planned
offer to purchase its 9.75% Senior Notes with a principal amount of $142.6 million and $3.5 million of accrued and unpaid
interest at March 31, 2026.
- Reported revenue from continuing operations of $32.7 million, down 19.7% from $40.7 million generated in Q1 2025. Aimia's
results for Q1 2026 and the comparative period of 2025 exclude the contributions from Bozzetto, which is considered as
discontinued operations given its pending sale, consistent with International Financial Reporting Standards (IFRS).
- Generated Adjusted EBITDA from continuing operations of $2.5 million, down from $2.7 million reported in Q1 2025. The
decline was driven by lower contributions from Cortland International but offset by reduced HoldCo costs.
- Generated net cash flow from operating activities of $3.8 million, down from $12.2 million in Q1 2025. The totals include results
from continuing and discontinued operations for both periods.
- Reported consolidated net earnings of $3.8 million, up from $0.4 million in Q1 2025. The improvement was driven by Bozzetto's
performance in Q1 2026.
- Generated consolidated earnings per share of $0.02 compared to earnings per share of $0.55 in Q1 2025 when the company
generated a $53.8 million net gain from the substantial issuer bid completed in February 2025.
- Repurchased 480,900 common shares for cancellation for a total consideration of $1.4 million.
- Received approval to list under the symbol "AII" on the Main Board of the Johannesburg Stock Exchange, effective February
24, 2026.
HIGHLIGHTS SUBSEQUENT TO QUARTER END
- Received regulatory approvals for the sale of Bozzetto. As a result, Aimia now expects the transaction to close before the
end of May 2026 and its offer to redeem the Company's 9.75% Senior Notes to be issued soon thereafter.
- Hedged an additional €40 million for a total notional value of €128 million towards the Bozzetto transaction proceeds.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Aimia 3-Months Ended March 31
(in $millions except for margin and per share data) 2026 2025 Change
Continuing operations
Revenue 32.7 40.7 (19.7)%
Gross Profit 7.9 9.7 (18.6)%
Gross Margin 24.2% 23.8% 0.4 pp
Selling, general and administrative expenses (9.7) (11.7) 17.1%
Operating Income (loss) (1.8) (2.0) 10.0%
Adjusted EBITDA (1) 2.5 2.7 (7.4)%
Consolidated (unless otherwise noted)
Net earnings 3.8 0.4 NM
Earnings per share 0.02 0.55 (96.4)%
Earnings (loss) per share - Continuing operations (0.05) 0.50 NM
Earnings per share - Discontinued operations 0.07 0.05 40.0%
Headline earnings per share (2) 0.02 0.55 (96.4)%
1 Adjusted EBITDA is a non-GAAP measure.
2 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).
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 announcement 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 ("Q1 2026 results"). This announcement is the
responsibility of the directors of Aimia and is only a summary of the information contained in the Q1 2026 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 Q1 2026 results. The Q1 2026 results are available on the JSE website at:
https://senspdf.jse.co.za/documents/2026/JSE/isse/aiie/Q12026.pdf.
The Q1 2026 results and the Company's earnings release can be accessed from SEDAR+ and www.aimia.com.
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
March 31,
2026 2025
Gross Net Gross Net
Earnings (loss) attributable to equity holders of the Corporation 2.7 (0.6)
Deduct: Dividends declared on preferred shares related to the period (0.7) (0.7)
Add: Excess of preferred shares' assigned value over consideration exchanged for
repurchase - 53.8
Earnings (loss) attributable to common shareholders 2.0 52.5
Headline earnings (loss) attributable to common shareholders 2.0 52.5
Weighted average number of common shares - Basic and diluted 89,287,789 95,063,846
Headline earnings (loss) per common share $ 0.02 $ 0.55
Diluted headline earnings (loss) per common share $ 0.02 $ 0.55
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 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 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.
For more information, please contact:
Joe Racanelli Vice President, Investor Relations
647 970 2200
Joseph.Racanelli@aimia.com
Aimia has a primary listing on Toronto Stock Exchange and a secondary listing on the Main Board of the JSE.
May 13, 2026
JSE sponsor
Java Capital
Date: 13-05-2026 12:00:00
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