Q1 2026 Investor Presentation

Q1 2026 Presentation

May 13, 2026

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 (loss) and Earnings (Loss) by Common Share. Aimia's material accounting policy information is included in Note 2 of the audited consolidated financial statements for the year ended December 21, 2025 dated March 23, 2026. Please refer to the Critical Accounting Estimates section for a discussion on the identified areas that are the most subject to judgments, inherently uncertain and which could change significantly in subsequent periods, as well as the Change in Accounting Policies section for the list of revised accounting standards and accounting policies adopted during the three months ended March 31, 2026 and their impacts on the consolidated financial statements.

NON- GAAP FINANCIAL MEASURES

Adjusted EBITDA is not a measurement based on GAAP, is not considered an alternative to net earnings in measuring profitability, does not have a standardized meaning and is not directly comparable to similar measures used by other issuers. Adjusted EBITDA should not be used as an exclusive measure of cash flow because it does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows. A reconciliation to operating income (loss) is provided.

Adjusted EBITDA is used by management to evaluate the performance of its Cortland International and Holdings segments as well as the performance of the Bozzetto business.. Management believes Adjusted EBITDA assists investors in comparing Aimia's performance on a consistent basis excluding depreciation and amortization, impairment charges related to non-financial assets and share-based compensation, which are non-cash in nature and can vary significantly depending on accounting methods as well as non-operating factors such as historical cost. Aimia's management believes that the exclusion of business acquisition and/or disposal related expenses assists investors by excluding expenses that are not representative of the run-rate cost structure of its operations.

Adjusted EBITDA is operating income (loss) adjusted to exclude depreciation, amortization, impairment charges related to non-financial assets, cost of sales expense related to inventory fair value step up resulting from purchase price allocation, share-based compensation, expenses related to Cortland International's long-term management incentive plan, gain/loss from the disposal of manufacturing property, land and termination benefits as well as transaction costs related to business acquisitions and disposals. For a reconciliation of Adjusted EBITDA to operating income (loss), please refer to the Segmented Operating Results section and the Discontinued Operations - Bozzetto section of Aimia's MD&A and the Appendix within this presentation.

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Rhys Summerton

Executive Chairman

Steve Leonard

President & CFO

4

• Announced divestiture of specialty chemicals business

• Q1 results from continuing operations exclude contributions from Bozzetto

• Cortland's results impacted by timing of orders and

  developments in the Middle East

• Invested $1.4M in share buybacks

• Bozzetto transaction has received regulatory approval and is expected to close in May

  Aimia is poised to make investments and reduce indebtedness

  
  
  

  5

  
  
  Financial & Operating Results
  
  Financial highlights

  Consolidated Cashflow from Operations

  $3.8

  $12.2

• Results exclude Bozzetto contributions except for net earnings and cashflow from operations

  Revenue	$32.7	$40.7
  Gross Profit	$7.9	$9.7
  Gross Profit Margin	24.2%	23.8%
  SG&A expenses	$9.7	$11.7
  Operating income (loss)	$(1.8)	$(2.0)
  Adjusted EBITDA*	$2.5	$2.7
  Consolidated Net earnings	$3.8	$0.4

• Bozzetto treated as discontinued operations consistent with IFRS

• Cortland's results impacted by

  developments in the Middle East

• Reduced SG&A expenses include HoldCo cost-savings initiatives

  
  
  

  *Adjusted EBITDA is a non-GAAP financial measure. See Appendix for reconciliation.

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  $ million

  Q1 2026

  Q1 2025

  Cortland International financial highlights

  $Million

  $45

  $40

  $35

  $30

  $25

  $20

  $40.7

  Revenue

  $37.8 $37.6

  $34.3 $32.7

  $Million

  $8

  $6

  $4

  $2

  $0

  Adj. EBITDA*

  $5.4 $4.9 $5.5

  $4.1 $4.5

  Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

  • Q1 2026 impacted by lower sales volume, the timing of orders, and developments in the Middle East

    Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

  • Q1 2026 impacted by lower gross profit but offset by lower SG&A

    
    
    

    8

    *Adjusted EBITDA is non-GAAP financial measure. See Appendix for reconciliation.

    Consolidated cash waterfall through March 31*

    $Million

    $109.2

    $3.8

    $(5.9)

    $(2.0)

    -$8.9

    $(2.2)

    $(1.4)

    $(0.7)

    $(0.5)

    $100.3

    Q4 Cash Cashflow from	Reimbursements	Bozzetto senior	CAPEX	NCIB	Preferred share	Other Q1 Cash
    Operations**	of other	credit facilities			dividends	movements
    	borrowings	principal
    		repayments

    *Represents major movements of Aimia's cash position in Q1 2026. 9

    **Cashflow from operations includes a $5.2M settlement payment to a former executive.

    
    
    Liquidity as at March 31, 2026

    Cortland

    $3.9

    $$110000..33

    $38.7

    $57.7

    Holdings

    Liquidity over next 12 months to be impacted by:

• Net proceeds of $267M from sale of Bozzetto

• Offer to redeem $142.6M of Senior Notes

• $7M of operating expenses at HoldCo

  Bozzetto's $57.7M of cash classified as asset for sale

  Bozzetto

  
  
  

  10

  Bozzetto divestiture
  
  Bozzetto transaction update

  • On track towards closing in May 2026

  • Regulatory approvals received

  • Transaction to generate approximately CAD$267 in net proceeds

  • Net proceeds will be used to invest in undervalued companies and reduce Aimia's indebtedness

No taxes expected due to use of capital tax loss carryforwards

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$Million

$411

$(11)

$(17)

$267

Enterprise Value Net debt

Transaction costs

Minority interests Net proceds

*Translated from Euro to CAD at 1.61 13

$Million

$(142.6)

$(3.5)

$192.0

80%

acceptance of offer for senior notes will increase pro forma cash by

$28.5M to

$192M

Q1 Cash

Less Bozzetto cash

Net proceeds

Notes redemption

Accrued and

unpaid interest**

Pro forma Cash

*Represents major movements of Aimia's cash position since March 31, 2026, reflective of the Bozzetto sale and mandatory offer to redeem 2030 notes.

**As at March 31, 2026 14

May 2026

Bozzetto sale close

• CAD$267M in net proceeds

  expected

• Regulatory approval received

June 2026

Offer to redeem 2030 notes

• Offer will be made at par value + accrued interest within 30 days of closing

• Noteholders will have option to redeem or hold their notes

  NCIB renewal

• Buy back ~5M shares over next 12 months

• Regulatory approval required

  Deploy capital

• Utilize proceeds towards investments in undervalued companies

• Short list of target companies identified

  Secondary listing

• Explore secondary listing in the UK

  Summary and Outlook

  • Q1 marked by news of Bozzetto sale

  • Outlook for Cortland is stronger in H2 2026

  • Near-term priorities include:

    • Close Bozzetto sale in May

    • Make offer to redeem 9.75% senior notes

    • Renew NCIB in June

    • Explore listing in the UK

  • Longer term focus is to grow net asset value per share

Transition to permanent capital vehicle is well underway

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TSX: AIM

https://www.aimia.ca IRandMedia@corp.aimia.ca