Aimia (AIM) Q2 2026 earnings summary

Executive summary

• Completed the sale of Bozzetto, generating $270 million (CAD 270 million) in net proceeds and a net gain of $21.7 million, with no income tax due to utilization of $45 million in capital loss carryforwards, boosting EPS and net book value per share by 22% to $3.74.

• Repurchased $131.4 million of Senior Notes due 2030, reducing future interest expenses by $45.3 million, and renewed a buyback program for up to 5 million shares through June 2027.

• Net equity value attributable to common shareholders rose 21.5% quarter-over-quarter to $330.6 million.

• Focus remains on disciplined capital allocation, dual listing in the UK, and operational improvements at Cortland.

Financial highlights

• Revenue from continuing operations was $36.4 million (CAD 36.4 million), down 3.7% year-over-year; six-month revenue was $69.1 million, down 12%.

• Gross profit was $8.7 million (23.9% margin), nearly flat year-over-year; adjusted EBITDA was $2.3 million, down from $2.8 million.

• Consolidated net earnings were $33.3 million, up from a $(6.1) million loss, driven by the Bozzetto gain and favorable FX.

• Cash and cash equivalents at quarter end were $294.5 million, up from $100.3 million sequentially, primarily from Bozzetto proceeds.

• Earnings per share improved to $0.36 from a loss per share of $0.08 year-over-year.

Outlook and guidance

• Cortland's performance expected to strengthen in the second half of 2026, pending easing geopolitical tensions.

• Focus remains on disciplined capital deployment, enhancing shareholder value, and completing a secondary listing on AIM in the U.K.

• Net book value per share is expected to appreciate over time, with episodic gains and some period-to-period lumpiness.

• Annualized HoldCo costs expected to be $7 million, excluding investing, share-based compensation, and dual-listing expenses.