Aimia Inc.

Good morning, ladies and gentlemen, and welcome to the IMEA Inc. First Quarter 2025 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, May 13, 2025. I would now like to turn the conference over to Joe Raconnelli, please go ahead.

Thank you, operator, and good morning, everyone. Joining me on today's call are AMIA's Executive Chairman, Reece Somerton, and AMIA's President and CFO, Steven Leonard. Before we begin, I'd like to point out a couple of items. We issued our financial results for the first quarter earlier this morning, and all of our materials, including the news release, MD&A, financial statements, are available from our website and CDAR+. We will be using a presentation today, and for those listening to our discussion by phone, a copy of the presentation is available from the IR section of our website. Now, some of the statements made on today's call may constitute forward-looking information, and our future results may differ materially from what we discussed. Please refer to the risks and uncertainties section of our financial statement, our MD&A, and as well as the annual information form. In addition, we will be making note of GAAP and non-GAAP financial measures. Reconciliation of these is provided in the appendix of our presentation. Following today's presentation after a Q&A session, if you do have any other points to discuss with us, please reach out to me and we'll make arrangements to do so. With that, I'd like to turn the call now to Rhys. Please go ahead, Rhys.

Thanks, Joe. Good morning and thank you for joining us today. I think... On balance, there's much to be pleased about with these results. On a consolidated basis, we increased adjusted EBITDA, lowered Holco costs to below $3 million, and on a non-operational basis, we generated a gain of almost $54 million from the completion of our substantial issuer bid. We also benefited from the positive impact on foreign currency fluctuations. Efforts to rein in SG&A expenses both at the Holco level and at our core holdings, we're also contributing factors to our improved financial performance. Our core holdings didn't have any significant impact from tariffs in Q1. We continue to monitor the impact of tariffs on these businesses and remain cautiously optimistic about the outlook for both Bizetto and Cortland for the remainder of the year. As a result, we are reiterating our guidance for the year. At the end of March, We optimized the size of our board, which we've alluded to before, and adjusted director compensation, generating savings of $1.3 million. But that leaves us at this current juncture. Much work is, in fact, still needed to address the discount our shares are trading at relative to our estimates of net asset value and the balance sheet value, and to utilize efficiently the $1 billion of tax loss carry forwards not being utilized currently. In my closing remarks, I will expand on our strategy going forward and outline some of the steps we plan to take. But first, Steve will provide a summary of our financial results and operational highlights for the first quarter.