Debt (Tables)

6 Months Ended

Nov. 30, 2025

Debt Disclosure [Abstract]

Summary of Debt Outstanding

The following table summarizes the Company’s debt outstanding at the dates presented:

		Rate			November 30,		May 31,
(In millions)	Security	Type	Rate	Maturity	2025		2025
Long-term debt:
Canadian Expansion Loans:
FED DEV Loan	Unsecured	–	–	March 2032	$	2.3	$	2.3
BDC Loan	Secured	Variable	BDC Floating Base Rate minus 1.75%	June 2051		21.2		-
AMIC Loan	Unsecured	Fixed	0% until June 2028, 5.97% thereafter	May 2032		1.8		-
Sitem Group Term Loans:
Sitem Group Term Loan 1 (a)	Unsecured	Variable	Euribor 3m/360 + 1.50%	June 2029		3.6		-
Sitem Group Term Loan 2	Unsecured	Fixed	1.50%	March 2027		1.1		-
Sitem Group Term Loan 3	Secured	Fixed	1.94%	September 2030		4.2		-
Sitem Group Term Loan 4	Unsecured	Fixed	0.36%	February 2029		0.2		-
Sitem Group Term Loan 5 (b)	Unsecured	Variable	Euribor 3m/360 + 1.60%	March 2029		3.3		-
Sitem Group Term Loan 6	Unsecured	Fixed	0.55%	December 2028		0.8		-
Sitem Group Term Loan 7 (b)	Unsecured	Variable	Euribor 1m/360 + 1.40%	March 2027		0.9		-
Sitem Group Term Loan 8	Secured	Variable	Euribor 1m/360 + 1.65%	May 2026		0.9		-
Sitem Group Term Loan 9 (c)	Secured	Variable	Euribor 3m/360 + 1.90%	March 2030		6.2		-
Sitem Group Term Loan 10	Secured	Variable	Euribor 3m/360 + 1.20%	September 2026		0.4		-
Sitem Group Term Loan 11	Unsecured	Variable	Euribor 3m/360 + 1.65%	March 2028		3.7		-
Sitem Group Term Loan 12	Unsecured	Fixed	0.65%	November 2025		0.2		-
Sitem Group Term Loan 13	Secured	Fixed	0.90%	October 2026		0.1		-
Standstill Agreement – Sitem Group	Secured	Variable	SARON (subject to 0% floor) + 5.0%	June 2026		21.2		-
Total						72.1		2.3
Less: current maturities of long-term debt	–	–	–	–		30.4		-
Long-term debt, net of current maturities					$	41.7	$	2.3
Short-term borrowing and current maturities:
Revolving credit facility	Secured	Variable	Various	November 2028	$	110.0	$	149.2
Current maturities of long-term debt	–	–	–	–		30.4		-
Total short-term borrowings and current maturities						140.4		149.2
Total Debt					$	182.1	$	151.5

(a)Annually, Sitem Group shall maintain a ratio of bank debt plus financial lease obligations less cash and cash equivalents (“Net Financial Position” or “NFP”) to net earnings before interest, tax, depreciation and amortization (“EBITDA”) less than or equal to 3, and a ratio of NFP to Equity less than or equal to 1.

(b)Annually, Sitem Group shall maintain a ratio of NFP to EBITDA less than or equal to 3, a ratio of NFP to Equity less than or equal to 1, a ratio of EBITDA to financial expenses less than or equal to 10, and a NFP less than or equal to €40.0 million (approximately USD $46.1 million as of November 30, 2025).

(c)Annually, Sitem Group shall maintain a ratio of NFP to EBITDA less than or equal to 3.60, a ratio of NFP to Equity less than or equal to 1.20, a ratio of EBITDA to financial expenses less than or equal to 8, and a NFP less than or equal to €48.0 million (approximately USD $55.4 million as of November 30, 2025).

Schedule of Maturities of Long-term Debt

The following table provides the maturities of long-term debt in the next five years and the remaining years thereafter as of November 30, 2025:

(In millions)
Year 1	$	30.4
Year 2		7.7
Year 3		6.6
Year 4		5.4
Year 5		3.2
Thereafter		18.8
Total	$	72.1