Slide 1: Aimia Q2 2026 Presentation
Aimia Q2 2026 Presentation August 11, 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: Q2 highlights
Q2 highlights • Generated $270M in net proceeds from Bozzetto transaction • Recorded a net gain of $21.7M from divestiture • Grew net book value per share* to $3.74 • Purchased $131.4M of 2030 Senior Notes • Set Cortland up for future growth and success • Renewed NCIB to buy back up to 5M shares • S
Slide 6: Financial & Operating Results
Financial & Operating Results
Slide 7: Impact of Bozzetto divestiture on Q2 results
Impact of Bozzetto divestiture on Q2 results • Transaction closed May 29th • Bozzetto classified as discontinued operations: • Results only included in Q2 cash flow from operations, net earnings and EPS totals • Generated $270M in net proceeds* • Resulted in a net gain of $21.7M • Incurred no tax ex
Slide 8: Financial highlights
Financial highlights $ million Q2 2026 Q2 2025 • Cortland’s results impacted by Revenue $36.4 $37.8 developments in the Middle East Gross Profit $8.7 $8.8 • Reduced SG&A expenses include Gross Profit Margin 23.9% 23.3% HoldCo cost-savings initiatives SG&A expenses $10.1 $10.6 Operating income (loss)
Slide 9: Cortland International financial highlights
Cortland International financial highlights $Million Revenue $Million Adj. EBITDA* $45 -3.7% $8 $40 $37.8 $37.6 -10.2% $36.4 $5.5 $34.3 $6 $35 $32.7 $4.9 $4.5 $4.1 $4.4 $4 $30 $25 $2 $20 $0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 • Q2 2026 impacted by lower sales volume • Set up
Slide 10: Consolidated cash waterfall through June 30
Consolidated cash waterfall through June 30* $Million +$194.2 $2.7 $1.8 $(22.6) $(25.0) $294.5 $(7.5) $(4.8) $(4.3) $(1.8) $(0.7) $(11.8) $268.2 $100.3 Q1 Cash Bozetto net Cashflow Other Bozzetto Bozzetto Interest Bozzetto CAPEX NCIB Preferred Net Q2 Cash proceeds from movements senior cash at payme
Slide 11: Cash position as at June 30, 2026
Cash position as at June 30, 2026 Cortland $7.7 • Excludes $131.4M payment for tendered Senior Notes on July 3, 2026 and $1.8M received in July related to the Bozzetto transaction closing • $7M of operating expenses at HoldCo expected over $294.5 next 12 months • $45.3M in interest expenses eliminat
Slide 12: Aimia's proforma liquidity after payment of tendered notes
Aimia’s proforma liquidity after payment of tendered notes* $Million $304.6 Marketable $12.1 Securities $(131.4) $173.2 $12.1 Marketable Cash & Securities equivalents $294.5 Cash & $163.1 equivalents Other current Other current $(2.0) $(2.0) borrowings borrowings Liquidity at June 30 Payment for not
Slide 13: Outlook & priorities
Outlook & priorities AIMIA
Slide 14: Longer term priority – grow net book value per share
Longer term priority – grow net book value per share* $7.00 $6.48 $6.50 $6.00 $5.50 $5.00 $4.50 $3.74 22% $4.00 $3.57 increase due to $3.50 $3.08 Bozzetto sale $2.82 $3.00 $2.50 $2.00 Dec. 31- 30-Jun Sept. Dec. 31- 30-Jun Sept. Dec. 31- 30-Jun 30- Dec. 31- 30-Jun 31 Mar 30 31 Mar 30 31 Mar Sep 31 Ma
Slide 15: Summary and Outlook
Summary and Outlook • Q2 marked by close of Bozzetto sale, purchase of Senior Notes, growth of net book value per share • Outlook for Cortland is anticipated to be stronger in H2 2026 • Near-term priorities include: • Identifying investment targets • Deploying capital to enhance intrinsic value • Li
Slide 16: Questions?
Questions? AIMIA
Slide 17: TSX: AIM; JSE: AII www.aimia.ca
TSX: AIM; JSE: AII www.aimia.ca IRandMedia@corp.aimia.ca
Slide 18: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures
Slide 19: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Six Months Ended June 30, Cortland International June 30, (in millions of Canadian dollars) 2026 2025 2026 2025 Reconciliation of Adjusted EBITDA Operating income (loss) 0.9 0.7 1.5 2.1 Depreciation and amortization 2.8 3.1 5.7 6.1 Long-term manag
Slide 20: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Three Months Ended Six Months Ended June 30, Holdings June 30, (in millions of Canadian dollars) 2026 2025 2026 2025 Reconciliation of Adjusted EBITDA Operating income (loss) (2.3) (2.5) (4.7) (5.9) Share-based compensation expense (reversal) 0.2 0.4 0.6 1.1 Adjuste
Slide 21: Reconciliation of Net Book Value
Reconciliation of Net Book Value Aimia 30-Jun-26 (in millions of Canadian dollars except share totals) Total attributable to the equity holders of the Corporation 368.6 Less: Carrying value of preferred shares (38.0) Equity attributable to common shareholders 330.6 Total Number of shares outstanding