Slide 1: Aimia Q3 2025 Presentation
Aimia Q3 2025 Presentation November 12, 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: Q3 highlights
Q3 highlights • Delivered solid financial results despite economic headwinds • Generated net earnings of $1.4M • Grew Adj. EBITDA by 35% to $20.3M • Increased operating income by 37% to $7.8M • Grew cash flow from operations by $13.8M • Received $29.3M tax refund • Invested $3.3M in share buybacks •
Slide 6: Financial & Operating Results
Financial & Operating Results
Slide 7: Consolidated financial highlights
Consolidated financial highlights $ million except EPS Q3 2025 Q3 2024 • Improvements to key financial metrics Revenue $126.4 $129.1 driven by combination of factors Gross Profit $34.1 $35.1 • Adj EBITDA growth largely due to Gross Profit Margin 27.0% 27.2% reduced SG&A expenses and favourable SG&A
Slide 8: Bozzetto financial highlights
Bozzetto financial highlights Revenue Adj. EBITDA* $Million $Million +3% +16% $88.8 $16.8 $88 $16 $86.0 $15 $14.5 $86 $14 $84 $13 $12 $82 $11 $10 Q3 24 Q3 25 Q3 24 Q3 25 • Year-over-year growth largely due to positive • Adjusted EBITDA benefitted from lower impact of F/X fluctuations SG&A expenses,
Slide 9: Cortland International financial highlights
Cortland International financial highlights Revenue Adj. EBITDA* $Million $Million -13% +2% $45 $43.1 $5.5 $5.5 $5.4 $40 $37.6 $5.0 $35 $4.5 $4.0 $30 $3.5 $25 $3.0 $2.5 $20 Q3 24 Q3 25 Q3 24 Q3 25 • Year-over-year decline due to impacts of • Growth driven by lower SG&A costs tariffs and competitive
Slide 10: Consolidated cash waterfall through September 30
Consolidated cash waterfall through September 30* $Million +$36.0 $1.8 $0.5 $106.5 $(3.3) $(2.0) $29.3 $(4.2) $(0.7) $(0.5) $70.5 $15.1 Q2 Cash Cashflow CRA Refund Proceeds Kognitiv Loan NCIB Bozzetto CAPEX Preferred Other Q3 Cash from from sale of Repayment principal share movements Operations idle
Slide 11: Q3 Liquidity
Q3 Liquidity Cortland Expected impacts to liquidity over next 12 months: $12.2 • Less than $9M of Holdco costs Bozzetto • $13.9M of interest payments for 2030 notes $47.3 • $2.8M of dividend payments for preferred $106.5 shares and $1.1M of Part VI tax expenses $47.0 • $20.4M of Bozzetto senior debt
Slide 12: Update on 2025 guidance
Update on 2025 guidance Guidance 2025 YTD • Results of core holdings through 9- for 2025* Results** Actuals months are in line with expectations 2024 Adjusted EBITDA** at $88- * Guidance $66.5M • Cost savings include reduced audit Bozzetto and Cortland $95M and professional services fees, lower Hold
Slide 13: Strategic Developments & Outlook
Strategic Developments & Outlook
Slide 14: Progress against 3-step strategy
Progress against 3-step strategy Reduce Share price Deploy capital 11. Reduce HoldCo Costs 022. Discount 3. effectively $0.8M of cost-cutting Renewed NCIB in June to Gained confidence in market initiatives implemented in Q3 purchase up to 5.9M shares value of core holdings $6.4M of HoldCo costs YTD
Slide 15: Progress against NCIB
Progress against NCIB Number of Aimia Shares Outstanding 8.9% 99,679,614 100,000,000 98,000,000 Decline in share count since 96,000,000 start of buybacks in June 2024 94,000,000 92,000,000 90,771,685 90,000,000 31- 30- 31- 31- 30- May- Sep- Jan- May- Sep- 24 24 25 25 25 15
Slide 16: Updated valuation metrics
Updated valuation metrics In millions As at Sept. 30, 2025 NBV attributable to common shareholders* $295.9 • Tax deposit anticipated from Cash & marketable securities $106.5 provincial agency is now $8.5M Investments in non-core holdings $16.5 Tax deposit $6.2 • Bozzetto data is presented on a 9.75%
Slide 17: Tax loss carryforwards
Tax loss carry forwards OPERATING TAX LOSSES Amounts in $CAD Expiry Canada U.S. • Aimia has $523.7M of net operating 2028 $0.2 $2.7 2029 - $11.2 tax losses carry forwards 2030 - $34.0 2031 - - • Only 9% of available tax losses will 2032 - $25.5 expire in next 5 years 2033 - $38.2 2034 - $10.9 • Tax
Slide 18: Measuring value creation
Measuring value creation $7.00 $6.48 Net book value per common share* $6.50 $6.00 $5.50 Aimia is narrowing the discount of $5.00 $4.52 $4.50 its share price relative to the $4.00 intrinsic value of its businesses $3.50 $3.26 $3.26 $3.00 $2.50 $2.82 $2.00 Dec. 31- 30-Jun Sept. Dec. 31- 30-Jun Sept. D
Slide 19: Summary and Outlook
Summary and Outlook • Q3 was marked by solid financial results and progress against 3-step strategy • Core holdings showed resilience against macro- economic and geopolitical headwinds • Priorities include achieving guidance, reducing HoldCo costs, and buying back shares • Ready to deploy capital to
Slide 20: Questions?
Questions? AIMIA
Slide 21: TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
Slide 22: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures
Slide 23: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Nine Months Ended Bozzetto September 30, September 30, (in millions of Canadian dollars) 2025 2024 2025 2024 Reconciliation of Adjusted EBITDA Operating income (loss) 8.8 8.8 31.7 21.9 Depreciation and amortization 6.4 5.6 18.5 16.6 Cost of sales
Slide 24: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Nine Months Ended Cortland International September 30, September 30, (in millions of Canadian dollars) 2025 2024 2025 2024 Reconciliation of Adjusted EBITDA Operating income (loss) 1.6 2.2 3.7 0.3 Depreciation and amortization 2.8 3.0 8.9 8.9 Cost
Slide 25: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Nine Months Ended Holdings September 30, September 30, (in millions of Canadian dollars) 2025 2024 2025 2024 Reconciliation of Adjusted EBITDA Operating income (loss) (2.6) (5.3) (8.5) (24.2) Share-based compensation expense (reversal) 0.6 0.4 1.7
Slide 26: Reconciliation of HoldCo costs
Reconciliation of HoldCo costs Three Months Ended Nine Months Ended September 30, September 30, Holdings (in millions of Canadian dollars) 2025 2025 Selling, general and administrative expenses (2.6) (8.5) Share-based compensation expense (reversal) 0.6 1.7 Legal fees incurred in relation with CRA s