Slide 1: Aimia Q4 2025 Presentation
Aimia Q4 2025 Presentation March 24, 2026
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: Q4 highlights
Q4 highlights • Delivered solid financial results despite economic headwinds • $31M in gross profit • $16.7M in adjusted EBITDA • $19.4M in cash flow from operations • Increased cash and cash equivalents to $109.2M • Accelerated efforts to sell core holding • Received $8.8M tax refund • Invested $3.
Slide 6: Financial & Operating Results
Financial & Operating Results
Slide 7: Consolidated financial highlights
Consolidated financial highlights $ million Q4 2025 Q4 2024 Revenue $118.5 $127.2 • Revenue impacted by geopolitical and Gross Profit $31.0 $31.1 economic headwinds Gross Profit Margin 26.2% 24.4% • Q4 2024 results included sales at SG&A $25.9 $23.4 Cortland that did not re-occur in 2025 Impairment
Slide 8: Bozzetto financial highlights
Bozzetto financial highlights Revenue Adj. EBITDA* $Million $Million 92 $90.9 $17.0 $16.9 $16.8 90 $89.1 $88.8 $16 $15.0 88 $15 86 $85.8 $14 $13.4 $84.2 $13 84 $12 82 $11 80 $10 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • Year-over-year decline largely due local • Adjusted EBITDA s
Slide 9: Cortland International financial highlights
Cortland International financial highlights $Million Revenue $Million Adj. EBITDA* $45 $41.4 $40.7 $8 $40 $37.8 $37.6 $6.7 $34.3 $6 $5.4 $5.5 $35 $4.9 $4.1 $4 $30 $25 $2 $20 $0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • Year-over-year decline due to impacts of • $1M increase in SG
Slide 10: Consolidated cash waterfall through Dec. 31
Consolidated cash waterfall through Dec. 31* $Million +$2.7 $8.8 $(6.9) $106.5 $19.4 $(4.7) $(3.6) $109.2 $(3.2) $(5.0) $(0.7) $(1.4) Q3 Cash Cashflow Revenu Senior notes Bozzetto NCIB Bozzetto CAPEX Preferred Other Q4 Cash from Quebec interest senior credit principal share movements Operations refu
Slide 11: Liquidity as at Dec. 31, 2025
Liquidity as at Dec. 31, 2025 Liquidity over next 12 months to be impacted by: Cortland $14.4 • Net proceeds of $265M - $271M from sale of Bozzetto Bozzetto • Offer to redeem $142.6M of Senior Notes $50.0 $109.2 • $7M of operating expenses at HoldCo $44.8 Holdings Liquidity excludes anticipated net
Slide 12: Tracking against 2025 guidance
Tracking against 2025 guidance Guidance 2025 Results** for 2025* Actuals 2024 Adjusted EBITDA** at $88- * Guidance $85.6M Adj. EBITDA slightly below guidance due Bozzetto and Cortland $95M to macroeconomic headwinds HoldCo Costs** $9M $7.7M HoldCo costs were lower than target FY2025 results were bro
Slide 13: Bozzetto divestiture
Bozzetto divestiture AIMIA
Slide 14: Bozzetto transaction highlights
Bozzetto transaction highlights • Definitive agreement signed with purchaser • Transaction to generate net proceeds in the range of CAD$265 to $271M* • Close expected in Q2 • Net proceeds will be used to invest in undervalued companies and reduce Aimia’s indebtedness No taxes expected due to use of
Slide 15: Estimated net proceeds from sale
Estimated net proceeds from sale* $Million $411 $(10) $265 - $271 ($113 - $119) $(17) Enterprise Value Net debt Transaction costs Minority interests Net proceds *At mid-point of expected range. Translated from Euro to CAD at 1.613 as at February 6 15
Slide 16: Aimia’s proforma cash as of December 31
Aimia’s proforma cash as of December 31* $Million +$75.4 $(142.6) $268.0 $184.6 $109.2 $(50.0) Q4 Cash Bozzetto Cash Net proceeds Notes redemption Proforma Cash *Represents major movements of Aimia’s cash position since December 31, 2025, reflective of the Bozzetto sale and requirement to redeem 203
Slide 17: Outlook & priorities
Outlook & priorities AIMIA
Slide 18: Expected timeline of near-term activities
Expected timeline of near-term activities May 2026 June 2026 Bozzetto sale close Offer to redeem 2030 notes Deploy capital • CAD$265 to $271M in net • Requirement of indenture • Utilize proceeds towards proceeds expected agreement investments in undervalued companies • Subject to customary • Notehol
Slide 19: Impact of early redemption
Impact of early redemption Senior notes • Senior notes generated a Maturity Date January, 2030 $53.8M gain and $5.1M in annual savings when issued Interest rate 9.75% • Early redemption will result in approximately $56.1M of savings Interest paid in 2025 $13.3M related to interest payments Principal
Slide 20: Progress against 3-step strategy
Progress against 3-step strategy Reduce Share price Deploy capital 11. Reduce HoldCo Costs 022. Discount 3. effectively Decreased HoldCo costs to $7.7M Bought $3.6M of common Proceeds from sale of in 2025 from $12M in 2024 shares in Q4 2025 Bozzetto will be redeployed Goal for costs continues to be
Slide 21: Progress against NCIB
Progress against NCIB Number of Aimia Shares Outstanding 10.5% 99,679,614 100,000,000 98,000,000 96,000,000 Decline in share count since 94,000,000 start of buybacks in June 2024 92,000,000 90,000,000 89,255,985 88,000,000 31- 30- 31- 31- 30- 30- 31- 28- May- Sep- Dec- Mar- Jun- Sep- Dec- Feb- 24 24
Slide 22: Summary and Outlook
Summary and Outlook • Q4 was marked by solid financial results and progress against 3-step strategy • Momentum sustained with divestiture of Bozzetto • Near-term priorities include: • Close of Bozzetto sale • New investments in undervalued companies • Monetize non-core investments • NCIB renewal Aim
Slide 23: Questions?
Questions? AIMIA
Slide 24: TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
Slide 25: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures
Slide 26: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Years Ended December 31, December 31, Bozzetto (in millions of Canadian dollars) 2025 2024 2025 2024 Reconciliation of Adjusted EBITDA Operating income (loss) 5.6 6.6 38.9 28.5 Depreciation and amortization 6.5 6.8 25.0 23.4 Cost of sales expense
Slide 27: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Years Ended December 31, Cortland International December 31, (in millions of Canadian dollars) 2025 2024 2025 2024 Reconciliation of Adjusted EBITDA Operating income (loss) (12.1) (24.4) (8.4) (24.1) Depreciation and amortization 2.9 3.1 11.8 12.0
Slide 28: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Years Ended December 31, Holdings December 31, (in millions of Canadian dollars) 2025 2024 2025 2024 Reconciliation of Adjusted EBITDA Operating income (loss) (2.4) (3.2) (10.9) (27.4) Share-based compensation expense (reversal) — 0.4 1.7 (0.3) Co
Slide 29: Reconciliation of HoldCo costs
Reconciliation of HoldCo costs Year Ended December 31, Holdings (in millions of Canadian dollars) 2025 Selling, general and administrative expenses (10.9) Share-based compensation expense (reversal) 1.7 Litigation settlement agreement related expense 1.2 Other one-time costs 0.3 Holdco Costs (7.7) 2