TORONTO, March 24, 2026 /CNW/ - 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 Québec 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 million1 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 2025 2024 Change 2025 2024 Change except for margin and per share data) 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 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 press release should be read in conjunction with Aimia's consolidated financial statements and management discussions and analysis (MD&A) for the three-month and full-year periods ended December 31, 2025, which can be accessed from SEDAR+ and www.aimia.com.
Balance Sheet and Liquidity
As at December 31, 2025, Aimia had $109.2 million in cash and cash equivalents. As at September 30, 2025, Aimia had $106.5 million of cash and cash equivalents.
The quarter-over-quarter increase in Aimia's liquidity was largely attributable to the receipt of an $8.8 million tax refund from Revenu Québec and $19.4 million in net cash flows from operating activities in Q4 2025. The increase was offset by a number of fourth quarter items, including $6.9 million of interest paid on Aimia's 9.75% senior notes, $4.7 million of interest paid on Bozzetto's credit facilities, $3.6 million used for common share buybacks, $3.2 million of principal repayments by Bozzetto on its credit facilities, $5 million of investments in property, plant and equipment, and $0.7 million of preferred share dividend payments.
Of Aimia's cash and cash equivalents held at December 31, 2025, $50 million was held in Bozzetto, $14.4 million in Cortland International, and $44.8 million in the Holdings segment.
Available Tax Losses
As at December 31, 2025, Aimia had $1,084.6 million of tax losses available for carry forward that may be used to reduce taxable income in future years. The total available for carry forward is comprised of $506.6 million of operating tax losses and $578 million of capital tax losses.
Dividends on Preferred Shares
Aimia paid $0.7 million in dividends for the fourth quarter ended December 31, 2025, on its three series of outstanding preferred shares. In the same period of 2024, Aimia paid $3.8 million in dividends. The year-over-year decline reflects the successful completion of the Corporation's substantial issuer bid that resulted in the purchase for cancellation 7,889,931 Preferred Shares in consideration for the 9.75% senior unsecured notes.
Aimia's Board of Directors declared quarterly dividends of $0.392563 per Series 1 preferred share, $0.485813 per Series 3 preferred share and $0.395630 per Series 4 preferred share, in each case payable on March 31, 2026, to shareholders of record on March 25, 2026. Dividends paid by Aimia to Canadian residents on its preferred shares are "eligible dividends" for the purpose of the Income Tax Act (Canada) and any similar applicable provincial legislation.
SEGMENT RESULTS
Aimia is comprised of three segments: Bozzetto, Cortland International, and Holdings. Financial highlights for each segment for the three-months and full year ended December 31, 2025 follow.
Bozzetto
Aimia owns a 94.18% equity stake in Bozzetto, one of the world's leading providers of sustainable specialty chemicals with solutions in textile, home and personal care, geothermal, construction, and agrochemical markets. Bozzetto's management team owns the remaining 5.82%.
Bozzetto 3-Months Ended December 31 Year Ended December 31 (in $ millions 2025 2024 Change 2025 2024 Change except for margin data) Revenue 84.2 85.8 (1.9) % 353.0 347.3 1.6 % Gross Profit 24.1 22.8 5.7 % 102.6 98.9 3.7 % Gross Margin 28.6 % 26.6 % 2.0 pp 29.1 % 28.5 % 0.6 pp Selling, general and administrative expenses (18.5) (16.2) (14.2) % (63.7) (70.4) 9.5 % Operating Income (loss) 5.6 6.6 (15.2) % 38.9 28.5 36.5 % Earnings (loss) before income taxes 8.0 (0.8) NM 29.5 9.2 220.7 % Adjusted EBITDA(4) 15.0 13.4 11.9 % 65.7 58.5 12.3 % Adjusted EBITDA margin 17.8 % 15.6 % 2.2 pp 18.6 % 16.8 % 1.8 pp ______________________________ (4) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures.
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