Slide 1: Aimia Q4 Presentation
Aimia Q4 Presentation March 28, 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 Tom Finke Rhys Summerton Steve Leonard Outgoing Executive Chairman Incoming Executive Chairman President & CFO 4
Slide 5: Key highlights and recent developments
Key highlights and recent developments • Q4 results marked by progress across key financial metrics • Results driven by strong performance of core holdings • Aimia achieved guidance for FY2024 • Completion of SIB paves way for next phase of efforts to unlock shareholder value • Guidance for 2025 bui
Slide 6: Financial & Operating Results
Financial & Operating Results
Slide 7: Consolidated financial highlights
Consolidated financial highlights $ million except EPS Q4 2024 Q4 2023 • Q4 2024 results sustained momentum established at start of year Revenue $127.2 $100.1 • Improvements to key financial metrics Gross Profit $31.1 $23.8 driven by core holdings’ performance Gross Profit Margin 24.4% 23.8% SG&A $2
Slide 8: Bozzetto financial highlights
Bozzetto financial highlights* Revenue Adj. EBITDA** +22% $Million $Million +29% $90 $88.1 $87.4 $15.5 $86.0 $85.8 $16 $15.1 $85 $14.5 $14 $13.4 $80 $75 $80.8 $79.0 $77.2 $78.5 $13.1 $12 $14.0 $12.4 $70.3 $10.4 $11.6 $2 $5 $8.4 $8.8 $7.3 $7.3 $1.5 $2.0 $2.1 $1.8 $0 $0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q
Slide 9: Bozzetto Q4 financial highlights
Bozzetto Q4 financial highlights Sales by Solutions Group Volumes by Solutions Group Water Water 10% 8% Dispersion 29% Dispersion 53% 39% Textile 61% Textile • Textile Solutions continues to lead • Dispersion Solutions volumes are Bozzetto’s sales consistent with previous quarters despite increase i
Slide 10: Cortland International financial highlights
Cortland International financial highlights $Million Revenue $Million Adj. EBITDA* +168% +39% $7 $6.7 $45 $43.1 $41.4 $6 $5.4 $40 $5 $35.0 $4.0 $35 $34.0 $4 $3.6 $29.7 $3 $2.5 $30 $0 $0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 • Sales in Q4 2024 benefited from improved • Q4 2024 r
Slide 11: Cortland International financial highlights
Cortland International financial highlights Sales by Region Industry verticals that Cortland sells to: Asia & Oceania • Fishing & Aquaculture Americas 35% 33% • Marine & Shipping • Industrial & Safety 5% • Oil & Gas Africa & Middle East 27% • Aerospace & Defense Europe • Regional sales in Q4 were la
Slide 12: Consolidated cash waterfall through December 31
Consolidated cash waterfall through December 31* $Million -$25.2 $3.4 $(3.8) $120.6 $20.2 $(30.0) $(5.4) $(7.2) $95.4 $(2.4) Q3 Cash Cashflow from Other Preferrd share Bozzetto Property, Interest NCIB Q4 Cash Operations movements dividends repayment of Plant & Equip. payments borrowings *Represents
Slide 13: Performance against 2024 guidance
Performance against 2024 guidance Guidance for 2024 Results 2024* Actuals Cortland 2024 Guidance* $21.9 Adjusted EBITDA at $80 - $85M $80.4M** Bozzetto and Cortland 2024 Adjusted Holdco Costs $13M $12M*** EBITDA $M $58.5 Bozzetto Aimia achieved guidance for 2024 * Adjusted EBITDA is a non-GAAP measu
Slide 14: 2025 guidance
2025 guidance Guidance for 2025 • Forecasts based on cost-cutting initiatives at Holdco and core Adjusted EBITDA at $88 - $95M holdings performance in 2024 Bozzetto and Cortland combined • Adjusted EBITDA* guidance Holdco Costs Below $11M represent 13.8% growth from 2024** Guidance for 2025 builds o
Slide 15: Updated valuation metrics
Updated valuation metrics In millions As at Dec. 31, 2024 Cash & marketable securities $95.5 • Highlights to assist with modeling Market Capitalization $251.9 purposes Preferred shares (Par value)* $38.7 • Updated to reflect Q4/YE results Tax losses carry forward $1,003.0 Common shares outstanding 9
Slide 16: Strategic developments
Strategic developments AIMIA
Slide 17: Update on common share buyback
Update on common share buyback* Total available shares • NCIB launched June 6 % Purchased • Received approval to purchase up to 7,009,622 common shares 43% • Purchased approximately 3M of allowable 7,009,622 shares*, including a 1.3M block 57% • Represents an outlay of approx. $7.8M % Remaining *As
Slide 18: Completed substantial issuer bid
Completed substantial issuer bid • 84% of all preferred shares tendered for notes • 7.9M preferred shares exchanges for $142.6M of senior unsecured notes • Notes will pay 9.75% interest, payable 2X/year • Notes due January 14, 2030 • $5M of annual cash savings due to Part VI.1 tax • $53.8M gain on t
Slide 19: SIB – Conversion Gain
SIB – Conversion Gain IFRS Gain* NAV Economic Impact In millions In millions Preferred shares - Carrying Value* $235.9 Preferred shares - Carrying Value* $235.9 Preferred Issuance Costs* $(4.8) Preferred Shares exchanged (%) 83.6% Net Carrying Value of Preferred Shares* $231.1 Carrying Value of Exch
Slide 20: Summary and Outlook
Summary and Outlook • Q4 results and performance sustained momentum established at start of 2024 • FY2024 results were in line with guidance • Guidance for 2025 builds on results for 2024 • Near-term focus will centre on driving strong results at core holdings and identifying options to unlock share
Slide 21: Questions?
Questions? AIMIA
Slide 22: TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
TSX: AIM www.aimia.ca IRandMedia@corp.aimia.ca
Slide 23: Appendix Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures
Slide 24: Reconciliation of Adjusted EBITDA – Bozzetto
Reconciliation of Adjusted EBITDA Bozzetto (in millions of Canadian dollars) Q4 2024 Q4 2023 FY 2024 FY 2023 Reconciliation of Adjusted EBITDA Operating income (loss) 6.6 4.4 28.5 (2.1) Depreciation and amortization 6.8 5.1 23.4 13.1 Cost of sales expense related to inventory fair value step up resu
Slide 25: Reconciliation of Adjusted EBITDA – Cortland International
Reconciliation of Adjusted EBITDA Cortland International (in millions of Canadian dollars) Q4 2024 Q4 2023 FY 2024 FY 2023 Reconciliation of Adjusted EBITDA Operating income (loss) (24.4) (1.3) (24.1) (13.9) Depreciation and amortization 3.1 3.0 12.0 8.7 Impairment charge 28.7 — 28.7 — Cost of sales
Slide 26: Reconciliation of Adjusted EBITDA – Holdings
Reconciliation of Adjusted EBITDA Holdings (in millions of Canadian dollars) Q4 2024 Q4 2023 FY 2024 FY 2023 Reconciliation of Adjusted EBITDA Operating income (loss) (3.2) (14.2) (27.4) (35.0) Depreciation and amortization — — — 1.1 Share-based compensation expense (reversal) 0.4 0.2 (0.3) (0.2) Co
Slide 27: Reconciliation of HoldCo costs
Reconciliation of HoldCo costs Holdings Twelve Months Ended (in millions of Canadian dollars) December 31, 2024 Holdings segment Selling, general and administrative expenses 27.4 Shareholders activism related expenses (12.1) Share-based compensation (expense) reversal 0.3 Separation payments related