Aimia Inc. · TSX:AIM
Aimia — Q1 2025 Earnings Presentation
25 slides from Aimia's earnings presentation, May 13, 2025
Slide 1: Aimia Q1 2025 Presentation
Aimia Q1 2025 Presentation May 13, 2025
Slide 2: Forward-looking and cautionary statements
Forward-looking and cautionary statements This presentation contains statements that constitute “forward-looking information” within the meaning of Canadian securities laws (“forward-looking statements”), which are based upon Aimia’s current expectations, estimates, projections, assumptions and beli
Slide 3: GAAP and Non-GAAP Financial Measures
GAAP and Non-GAAP Financial Measures GAAP FINANCIAL MEASURES To measure performance, the Corporation uses and presents several financial measures in accordance with GAAP, including, but not limited to, gross profit (loss), operating income (loss), Earnings (loss) before income taxes, Net earnings (l
Slide 4: Today’s presenters
Today’s presenters Rhys Summerton Steve Leonard Executive Chairman President & CFO 4
Slide 5: Q1 highlights
Q1 highlights • Q1 performance sustained recent momentum • Improved results driven by core holding performance, reduced Holdco costs and FOREX fluctuations • Experienced limited impact due to tariffs • Generated $53.8M gain from SIB • Ended quarter with $94.7M of liquidity • Optimized Board size, pa
Slide 6: Financial & Operating Results
Financial & Operating Results
Slide 7: Consolidated financial highlights
Consolidated financial highlights $ million except EPS Q1 2025 Q1 2024 • Improvements to key financial metrics driven by combination of factors Revenue $129.8 $122.1 • Adjusted EBITDA gains largely due to Gross Profit $35.6 $34.3 $10.1M of Holdco cost reductions Gross Profit Margin 27.4% 28.1% SG&A
Slide 8: Net gain from SIB
Net gain from SIB In millions • Net gain from SIB resulted in EPS of Preferred shares - Carrying Value* $235.9 $0.55 in Q1 Preferred Issuance Costs* $(4.8) • Excluding net gain from SIB, EPS have Net Carrying Value of Preferred Shares* $231.1 been negligible in Q1 Preferred Shares exchanged (%) 83.6
Slide 9: Bozzetto financial highlights
Bozzetto financial highlights Revenue Adj. EBITDA* 9.7% $Million $Million 1.1% $17.0 90 $17 $89.1 89 $16 $88.1 $15.5 88 $15.1 $87.4 $15 $14.5 87 $86.0 $14 86 $85.8 $13.4 0 $10 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • Revenue growth largely due to positive • Adjusted EBITDA incre
Slide 10: Cortland International financial highlights
Cortland International financial highlights $Million Revenue $Million Adj. EBITDA* 19.7% +35% $7 $6.7 $44 $43.1 $42 $41.4 $40.7 $6 $5.4 $5.4 $40 $38 $5 $36 $35.0 $4.0 $34.0 $4 $3.6 $34 $0 $0 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 • Sales in Q1 2025 benefited from improved • Q1 2
Slide 11: Consolidated cash waterfall through March 31
Consolidated cash waterfall through March 31* $Million -$0.7 $(0.7) $(1.9) $95.4 $12.2 $(3.8) $94.7 $(3.8) $(1.6) $(1.1) Q4 Cash Cashflow from Preferred share Bozzetto CAPEX SIB Transaction NCIB Other Q1 Cash Operations dividends repayment of costs movements borrowings *Represents major movements of
Slide 12: Performance against 2025 guidance
Performance against 2025 guidance Guidance for 2025 YTD Cortland 2025* Results*** 2024 Guidance* Actuals $5.4 Adjusted EBITDA** at $88 - $95M $22.4M Bozzetto and Cortland Q1 Adjusted Holdco Costs Below $11M $2.7M EBITDA $M $17.0 Bozzetto * Impact of tariffs on core holdings is expected to be limited
Slide 13: Updated valuation metrics
Updated valuation metrics In millions As at March 31, 2025 Cash & marketable securities $94.7 • $47.5M of cash is held in Bozzetto, Investments in non-core holdings $20.4 $11.7M in Cortland; $35.5M in Tax deposit $32.9 Holdco 9.75% Unsecured Notes (principal owed) $142.6 • Unsecured notes due 2030 B
Slide 14: Strategic developments
Strategic developments AIMIA
Slide 15: Path going forward
Path going forward Allocate Utilize capital tax loss carry effectively forwards - Identify undervalued companies Reduce share price - Make equity investments discount - Acquire controlling interests - Utilize tax loss carry forwards - Renew NCIB for 2026 Reduce Holdco - Determine the value of core c
Slide 16: Commitment towards reducing Holdco costs
Commitment towards reducing Holdco costs • Thorough review of Holdco costs and budget completed • Numerous opportunities for cost savings identified Goal is to • Director compensation have Holdco • Office rent costs at or • Audit fees below 1.5% • Software licenses and subscriptions of NAV • Profess
Slide 17: Update on NCIB
Update on NCIB* Total available shares Share buybacks by month 494,300 % Remaining % Purchased 40% 234,900 211,200 207,400 7,009,622 60% 25-Jan 25-Feb 25-Mar 25-Apr Plan is to renew NCIB in June *As at May 8 17
Slide 18: Summary and Outlook
Summary and Outlook • Q1 results put Aimia on track to reach 2025 guidance • Near-term focus will be to sustain performance of core holdings and transition Aimia into a permanent capital vehicle • Progress will be measured by reduced Holdco costs, narrower share price discount to NAV, and effective
Slide 19: Questions?
Questions? AIMIA
Slide 20: TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
Slide 21: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures
Slide 22: Reconciliation of Adjusted EBITDA - Bozzetto
Reconciliation of Adjusted EBITDA Bozzetto (in millions of Canadian dollars) Q1 2025 Q1 2024 Reconciliation of Adjusted EBITDA Operating income (loss) 12.1 9.4 Depreciation and amortization 6.0 5.4 Transaction related (income) costs (1.1) 0.7 Adjusted EBITDA 17.0 15.5 Adjusted EBITDA Margin 19.1% 17
Slide 23: Reconciliation of Adjusted EBITDA - Cortland International
Reconciliation of Adjusted EBITDA Cortland International (in millions of Canadian dollars) Q1 2025 Q1 2024 Reconciliation of Adjusted EBITDA Operating income (loss) 1.4 0.8 Depreciation and amortization 3.0 3.0 Long-term management incentive plan 1.0 — Transaction and transition related costs — 0.2
Slide 24: Reconciliation of Adjusted EBITDA - Holdings
Reconciliation of Adjusted EBITDA Holdings (in millions of Canadian dollars) Q1 2025 Q1 2024 Reconciliation of Adjusted EBITDA Operating income (loss) (3.4) (10.9) Share-based compensation expense (reversal) 0.7 (1.9) Adjusted EBITDA (2.7) (12.8) 24
Slide 25: Reconciliation of HoldCo costs
Reconciliation of HoldCo costs Holdings Three Months (in millions of Canadian dollars) Ended March 31, 2025 Holdings segment Selling, general and administrative expenses 3.4 Share-based compensation (expense) reversal (0.7) Holdco Costs 2.7 25