Aimia (AIM) Q4 2025 earnings summary

Executive summary

• Achieved annual guidance and maintained momentum into 2026, highlighted by a definitive agreement to divest the specialty chemicals core holding, Bozzetto, accelerating transition to a permanent capital vehicle.

• Progressed on a three-step strategy: reducing Holdco costs, narrowing share price discount, and deploying capital effectively.

• Ended 2025 with higher cash, lower holding company costs, and over 5.9 million common shares repurchased.

• Near-term priorities include closing the Bozzetto sale, investing in undervalued companies, monetizing non-core investments, and renewing the NCIB.

Financial highlights

• Q4 2025 consolidated revenue was $118.5 million, down 6.8% year-over-year, impacted by lower volumes, pricing pressures, and macroeconomic/geopolitical factors.

• Gross profit for Q4 was $31.0 million, nearly flat year-over-year; gross margin improved to 26.2%.

• Adjusted EBITDA for Q4 2025 was $16.7 million, slightly below prior year; full-year adjusted EBITDA was $76.4 million, up 48.9%.

• Net loss for Q4 2025 was $9.9 million, mainly due to a non-cash goodwill impairment charge at Cortland; full-year net loss was $12.6 million, a 76.4% improvement.

• Cash and equivalents at year-end were $109.2 million, up from $106 million at Q3 end.

Outlook and guidance

• Core holdings generated $85.6 million in adjusted EBITDA, in line with targets; Holdco costs were $7.7 million, below the $9 million target.

• No guidance for 2026 due to the planned sale of Bozzetto.

• Focus remains on closing the Bozzetto transaction in Q2 2026, redeeming senior notes, and investing in undervalued companies.