Aimia Inc.

Aimia said Bozzetto was classified as discontinued operations, so continuing-operations results exclude it. For continuing operations, Q2 revenue was $36.4 million versus $37.8 million last year, gross profit was $8.7 million versus $8.8 million, and adjusted EBITDA was $2.3 million versus $2.8 million. Cortland revenue was $36.4 million, down $3.7 million year over year, and Cortland adjusted EBITDA was $4.4 million versus $4.9 million. The company ended the quarter with $294.5 million of consolidated cash, up from $100.3 million at the end of March, helped by $268.2 million of Bozzetto cash proceeds and $2.7 million of operating cash flow. Aimia also said it made a $131.4 million payment for tendered senior notes on July 3, leaving $11.2 million of principal notes outstanding through January 2030. No formal quarterly or full-year revenue/EPS guidance was given; management instead said it expects second-half improvement at Cortland, expects Holdco expenses to approximate $7 million over the next 12 months, and said pro forma liquidity after the note repayment was $173.2 million.

Rhys Summerton framed the quarter as evidence that Aimia is executing on a more active capital-allocation strategy: selling Bozzetto, reducing debt costs, renewing buybacks, and starting to deploy capital into investments. He emphasized that Aimia wants to grow net book value per share over time, but said quarterly gains will be lumpy and episodic, not repeatable every quarter. His tone was confident and opportunistic, with repeated focus on flexibility, disciplined capital deployment, and building Cortland and the investment portfolio into long-term value drivers.

Steven Leonard focused on the mechanics of the quarter: Bozzetto produced $270 million of net proceeds, a $21.7 million gain, and no income tax because about $45 million of taxable gain was offset by capital loss carryforwards. He said continuing-operations performance was broadly in line with last year, with lower revenue, gross profit, and adjusted EBITDA at Cortland tied to geopolitics, higher oil, lower volumes, and customer delays, partly offset by pricing surcharges. On liquidity, he cited $294.5 million of cash at quarter-end, pro forma liquidity of $173.2 million after the note repayment, and said Holdco expenses should approximate $7 million over the next 12 months.

Analysts pressed management on what success at Cortland should look like over 12-24 months, and Rhys said improvement should already begin in the second half of 2026, with the goal of making Cortland more resilient, geographically diversified, and eventually a growth platform. On pricing, Steven said Cortland uses a dynamic model and adjusts prices more frequently than quarterly or annually, roughly two to three times a month. Questions on the U.K. listing and investment strategy led Rhys to say most near-term opportunities are in the U.K. and other Western markets, that Europe is largely not a focus, and that Aimia wants to build positions at attractive prices without paying acquisition premiums. On tax losses and capital allocation, Steven explained that the Canadian parent holds the capital loss carryforwards and that Aimia structures investments to use those losses efficiently across gains, dividends, and interest income.