Aimia outlines capital strategy as Bozzetto sale nears completion

Aimia Inc has reported its first-quarter 2026 financial results, marking a period of strategic restructuring and capital reallocation. The holding company is advancing the sale of its specialty chemicals subsidiary, Bozzetto, which is projected to yield approximately CAD 267 million in net proceeds by late May. These funds are earmarked for the redemption of senior notes and potential new investments. Concurrently, Aimia’s marine logistics arm, Cortland International, reported a significant contraction in revenue and earnings, attributed to softer shipping markets and geopolitical tensions in the Middle East. To address operational challenges, Aimia has appointed Wolfgang Wandl as the new CEO of Cortland, aiming to streamline management and improve cash flow. The company also confirmed plans to renew its share buyback programme in June and is exploring a potential listing on the UK’s Alternative Investment Market (AIM) later in the summer.

Executive Chairman Rhys Summerton described the quarter as “particularly busy,” highlighting the progress made on the Bozzetto divestiture and the execution of CAD 1.4 million in share buybacks. The company received the necessary regulatory approvals to complete the transaction, which is expected to close by the end of May. Summerton stated that the proceeds would allow Aimia to eradicate holding company debt, specifically the senior notes, and begin investing in undervalued companies with the goal of acquiring controlling interests.

President and Chief Financial Officer Steven Leonard confirmed that Aimia does not anticipate paying taxes on the gain from the Bozzetto sale, citing capital tax carryforwards exceeding CAD 500 million as of March 31. Leonard noted that the company intends to use approximately CAD 146.1 million of the proceeds to redeem its senior notes at par value plus accrued interest in late May or early June. While some noteholders may choose to retain their instruments until maturity, leaving Aimia with a higher pro forma cash position, the primary objective remains debt reduction.

Cortland International experienced a 19.7% year-on-year decline in revenue to CAD 32.7 million, driven by weaker marine and shipping sales, order timing issues, and geopolitical pressures in the Middle East. Adjusted EBITDA for the unit fell 16.7% to CAD 4.5 million, although this decline was partly offset by CAD 1 million in lower selling, general and administrative expenses. To counter these headwinds, Aimia appointed Wolfgang Wandl as Cortland’s new CEO. Summerton criticised the previous management structure as “clumsy,” stating that Wandl’s mandate is to improve free cash flow generation and expand Cortland’s global footprint, potentially using it as a platform for future acquisitions.

Aimia ended the quarter with CAD 100.3 million in consolidated cash, down from CAD 109 million at the end of December 2025. Cash outflows included CAD 5.9 million in repayments of other borrowings, CAD 2.2 million in capital expenditures, and a CAD 5.2 million lump-sum payment to a former executive as part of a settlement agreement related to a 2020 claim. Looking ahead, the company expects to renew its normal course issuer bid in June, potentially repurchasing up to 5 million shares over the next 12 months. Summerton also confirmed that Aimia is considering a listing on the UK’s AIM market later in the summer, subject to meeting listing qualifications, as the company continues to focus on growing its net book value per share.