This article first appeared on GuruFocus .
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Adjusted EBITDA:Relatively flat compared to last year, with a decrease in operating profit offset by a $2 million decline in SG&A expenses.
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Net Earnings:Improved by $3.4 million, benefiting from reduced SG&A expenses and contributions from Buzzetto.
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Cortland Revenue:$32.7 million, down 19.7% from last year; 16% decline on a constant currency basis.
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Cortland Adjusted EBITDA:$4.5 million, down 16.7% from $5.4 million last year.
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Cash Position:Ended the quarter with $100.3 million, down from $109 million at the end of December 2025.
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Cash Flow from Operations:$3.8 million, including a $5.2 million lump sum payment to a former executive.
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Divestiture Proceeds:Sale of Buzzetto to generate approximately $267 million in net proceeds.
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Share Buybacks:$1.4 million invested in share buybacks during the quarter.
Release Date: May 13, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Aimia Inc ( AIMFF ) announced the divestiture of its specialty chemicals business, Bazetto, which is expected to generate approximately $267 million in net proceeds.
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The company invested $1.4 million in share buybacks, demonstrating a commitment to returning value to shareholders.
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Aimia Inc ( AIMFF ) received all necessary regulatory approvals for the Bazetto transaction, paving the way for its completion by the end of May.
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The company plans to use the proceeds from the Bazetto sale to make investments in undervalued companies, aiming to acquire controlling interests.
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Aimia Inc ( AIMFF ) is optimistic about improvements in its Courtland business in the second half of the year, with a new CEO appointed to drive growth and innovation.
Negative Points
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Courtland's revenue in Q1 2026 declined by 19.7% year-over-year, impacted by lower sales volume and geopolitical tensions in the Middle East.
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Adjusted EBITDA for Courtland decreased by 16.7% compared to the previous year, due to lower sales volume and gross profit.
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Aimia Inc ( AIMFF ) experienced a decrease in cash on a consolidated basis, from $109 million at the end of December 2025 to $100.3 million at the end of Q1 2026.
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The company faced increased costs due to elevated oil prices affecting raw material costs, impacting working capital.
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Aimia Inc ( AIMFF ) has been in a blackout period for much of the year, limiting its ability to accelerate share buybacks.
Q & A Highlights
Q: What percentage of deployable capital will be used for investments, and how much will be kept as dry powder? A: Rhys Summerton, Executive Chairman, explained that Aimia has three buckets of value: cash after settling notes, cash generated by Courtland, and tax losses. These will be used to allocate capital efficiently, including potential acquisitions by Courtland.
Q: What will be the primary mandate of the new CEO of Courtland? A: Rhys Summerton stated that the new CEO, Wolfgang Wandel, will focus on improving free cash flow generation and expanding Courtland's footprint, particularly through manufacturing in India and global distribution.
Q: What are the working capital conditions at Courtland, and how will they impact free cash flow over the next 12 to 24 months? A: Steve Leonard, President and CFO, noted that rising oil prices are increasing costs for raw materials like polymers, impacting working capital. The company is managing working capital efficiently to prepare for improved results in the second half of the year.
Q: Can you provide more color on the anticipated improvement in Courtland's second-half trading? A: Steve Leonard mentioned that strong fishing seasons in India and progress in aquaculture markets like Latin America are expected to drive better results. The company is also working on mitigating elevated pricing impacts through surcharges.
Q: Will there be an acceleration in the share buyback program before it ends? A: Rhys Summerton indicated that the company intends to complete the buyback program, subject to blackout periods and share price levels. If the share price offers a significant discount, they will continue to buy back shares.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
