Jamieson Wellness Inc. Reports Fourth Quarter and Full Year 2025 Results

Jamieson Wellness Inc. Reports Fourth Quarter and Full Year 2025 Results TORONTO--( BUSINESS WIRE)--Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported financial results for its fourth quarter and full year ended December 31, 2025. All amounts are expressed in Canadian dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS and other financial measures. See “Non-IFRS and Other Financial Measures” below.

Management Commentary

“2025 was an outstanding year for Jamieson Wellness, driven by sustained global demand for our products and superior execution across every key market,” said Mike Pilato, President and CEO. “Our branded business grew nearly 16%, with growth across each of our core geographies. Higher branded sales combined with investments in marketing and innovation expanded gross margins and drove double-digit growth in Adjusted EBITDA and cash flow.

“In China, we grew more than 56% in 2025 as our digital programs and performance marketing continued to deepen consumer engagement, and we're seeing that translate into material growth in brand health indicators and purchase conversion rates across all major platforms. Youtheory delivered double‑digit growth, with strong consumption across both digital and traditional channels driven by our new e‑commerce strategy and innovation in high-growth categories like stress and energy support.

“In Canada, our quality‑focused marketing campaign and strong innovation continue to resonate with consumers, driving category‑leading performance. Internationally, we delivered solid organic growth across our focus markets as demand remained healthy in key categories such as immunity, sleep, stress and energy.

“As we look to 2026, consumers continue to prioritize their health and wellness, and we're well-positioned to meet them – across geographies, across channels, and across life stages. We're focused on accelerating innovation, extending our reach in the markets that matter most, and strengthening our operational foundation as we continue to grow our branded platform on the path to $1 billion in revenue. I'm grateful to the entire Jamieson team for their commitment to our purpose of Inspiring Better Lives Every Day. Together, we are delivering innovative products for our consumers and building long-term value for our shareholders.”

Fiscal 2025 Highlights

Summary of Fourth Quarter Consolidated Results

All comparisons are with the fourth quarter of 2024

Summary of Fourth Quarter Segment Results

All comparisons are with the fourth quarter of 2024

Jamieson Brands

Strategic Partners

All comparisons are with the fourth quarter of 2024

Summary of Fourth Quarter Balance Sheet and Cash Flow from Operations

All comparisons are with the fourth quarter of 2024

Summary of Fiscal 2025 Consolidated Results

All comparisons are with the fiscal year ended December 31, 2024

1 This is a non-IFRS financial measure. See the “Non-IFRS and Other Financial Measures” section of this press release for more information on each non-IFRS financial measure.

2 This is a non-IFRS ratio. See the “Non-IFRS and Other Financial Measures” section of this press release for more information on each non-IFRS ratio.

3 This is a supplementary financial measure. See the “Non-IFRS and Other Financial Measures” section of this press release for more information on each supplementary financial measure.

Fiscal 2026 Outlook

All comparisons are with the fiscal year ended December 31, 2025

In fiscal 2026 the Company expects:

The Company’s 2026 guidance reflects the current prevailing trade environment between the United States, Canada and other countries. To date, tariffs have not had a material impact on the Company’s overall financial performance, as most of these costs have been mitigated through flexible supply chain and operating efficiencies. The Company recognizes the trade environment is constantly changing, including upcoming USMCA negotiations which may introduce changes to cross-border trade requirements and associated costs. As a result, actual results may be impacted by future changes in global trade policies. For additional details on the Company’s fiscal 2026 outlook, including guidance for the first quarter of 2026, refer to the “Outlook” section in the management’s discussion and analysis of financial condition and results of operations (“MD&A”) for the three and twelve months ended December 31, 2025. The Company’s 2026 guidance is based on a number of key assumptions set forth in the section titled “Outlook – Key Assumptions” in the MD&A, which section is incorporated by reference into this press release.

Fourth Quarter Dividend

On February 26, 2026, the Company announced that the board of directors declared a cash dividend for the fourth quarter of 2025:

Consolidated Financial Statements and Management’s Discussion and Analysis

The Company’s audited consolidated annual financial statements and accompanying notes as at and for the three and twelve months ended December 31, 2025 and related 2025 MD&A are available under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Investor Relations section of the Company’s website at https://investors.jamiesonwellness.com.

Conference Call

Management will host a conference call to discuss the Company’s fourth quarter and full year 2025 results at 5:00 p.m. ET today, February 26, 2026. To access:

About Jamieson Wellness

Jamieson Wellness is dedicated to Inspiring Better Lives Every Day with its portfolio of innovative natural health brands. Established in 1922, the Jamieson brand is Canada's #1 vitamins, minerals and supplements (“VMS”) brand. The Company’s youtheory brand, acquired in 2022, is an established and growing lifestyle brand in the U.S. Combined, these global brands are available in more than 50 countries worldwide. The Company also offers a variety of innovative VMS products as well as sports nutrition products to consumers in Canada with its Progressive, Smart Solutions, Iron Vegan and Precision brands. The Company is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. For more information please visit www.jamiesonwellness.com.

Jamieson Wellness’ head office is located at 1 Adelaide Street East Suite 2200, Toronto, Ontario, Canada.

Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Such information includes, but is not limited to, statements related to the Company’s anticipated results and its outlook for its 2026 revenue, Adjusted EBITDA, Adjusted EBITDA margins and Adjusted diluted earnings per share. Words such as “expect”, “anticipate”, “intend”, “may”, “will”, “estimate” and variations of such words and similar expressions are intended to identify such forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances, which could prove to be incorrect.

The forward-looking information in this press release is based on a number of assumptions, including our ability to pursue further strategic acquisitions; our ability to source raw materials and other inputs from our suppliers; our ability to continue to innovate product offerings that resonate with our target customer base; our ability to retain key management and personnel; our ability to continue to expand our international presence and grow our brand internationally; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; changes to trends in our industry or global economic factors; and changes to laws, rules, regulations and global standards . The forward-looking information in this press release is also subject to a number of risks and uncertainties, many of which are beyond the Company’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 31, 2025 and under the “Risk Factors” section in the 2025 MD&A filed today, February 26, 2026. The Company cautions that the forgoing list of assumptions and risks is not exhaustive and other factors could also adversely affect the Company’s results.

The forward-looking information in this press release is given as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Jamieson Wellness Inc.

Selected Consolidated Financial Information

In thousands of Canadian dollars, except share and per share amounts

2025

2024

2025

2024

277,659

244,781

822,056

733,780

158,976

144,555

483,724

458,170

118,683

100,226

338,332

275,610

42.7

40.9

41.2

37.6

58,890

49,082

216,164

174,489

(3,766

)

(12,425

)

(3,766

)

(12,425

)

2,125

1,987

8,408

7,268

61,434

61,582

117,526

106,278

22.1

25.2

14.3

14.5

2,163

1,852

1,853

1,479

6,401

5,684

22,409

20,272

2,220

3,427

8,729

52,870

51,826

89,837

75,798

15,233

15,705

25,373

24,665

37,637

36,121

64,464

51,133

36,833

36,810

62,437

51,914

804

(689

)

2,027

(781

)

37,637

36,121

64,464

51,133

38,500

34,641

79,394

69,044

64,320

63,890

135,330

123,331

67,571

59,437

159,706

141,003

24.3

19.4

19.2

41,825,723

41,818,220

41,833,795

41,580,983

42,919,362

43,179,260

42,882,406

42,843,210

0.88

0.86

1.49

1.23

0.86

0.84

1.46

1.19

0.90

0.80

1.85

1.61

Jamieson Wellness Inc.

Consolidated Statements of Financial Position

In thousands of Canadian dollars

December 31,

2025

2024

41,225

44,787

199,245

228,031

203,083

154,658

486

2,661

7,303

6,803

451,342

436,940

117,342

103,591

279,644

287,503

362,753

377,214

3,951

3,545

1,215,032

1,208,793

155,266

137,653

2,894

4,373

3,971

2,982

12,014

27,673

174,145

172,681

414,597

308,285

1,282

1,209

68,855

64,467

98,138

26,642

15,633

685,521

660,413

333,347

326,219

14,705

27,494

23,835

90,374

99,109

19,498

41,313

485,418

505,181

44,093

43,199

529,511

548,380

1,215,032

1,208,793

Non-IFRS and Other Financial Measures

This press release makes reference to certain financial measures, including non-IFRS financial measures that are historical, non-IFRS measures that are forward-looking, non-GAAP ratios and supplementary financial measures. Management uses these financial measures for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of ongoing operations and in analyzing the Company’s business performance and trends. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses the following non-IFRS financial measures: “EBITDA”, “Adjusted EBITDA” and “Adjusted net earnings”, the most directly comparable financial measure for each that is disclosed in its financial statements being net earnings, “normalized gross profit”, “normalized SG&A”, “normalized earnings from operations”, “cash from operating activities before working capital considerations” and “net debt”, the most directly comparable financial measures for each that is disclosed in its financial statements being gross profit, SG&A, earnings from operations, cash flows from operating activities, and long-term debt, respectively, the following non-IFRS ratios: “Adjusted EBITDA margin”, “Adjusted diluted earnings per share”, “normalized gross profit margin”, “normalized operating margin”, and the following supplementary financial measures: “gross profit margin” and “operating margin” to provide supplemental measures of the Company’s operating performance and thus highlight trends in the Company’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management also uses non-IFRS and supplementary financial measures in order to prepare annual operating budgets and to determine components of management compensation. For an explanation of the composition of each such measure and the usefulness and additional uses of each by management, see the “How we Assess the Performance of our Business” section of the MD&A, which is incorporated by reference. See below for a quantitative reconciliation of each non-IFRS financial measure to its most directly comparable financial measure disclosed in the Company’s financial statements to which the measure relates.

The following tables provide a quantitative reconciliation of net earnings to EBITDA, Adjusted EBITDA, and Adjusted net earnings, as well as gross profit to normalized gross profit, SG&A to normalized SG&A, earnings from operations to normalized earnings from operations and net debt, each of which are non-IFRS financial measures (see the “Non-IFRS and Other Financial Measures” of this press release for further information on each non-IFRS financial measure) for the three and twelve months ended December 31, 2025.

Jamieson Wellness Inc.

Segment Information

In thousands of Canadian dollars, except as otherwise noted

2025

2024

$ Change

% Change

237,361

202,621

34,740

17.1

112,992

94,395

18,597

19.7

315

(315

)

(100.0

112,992

94,710

18,282

19.3

47.6

46.6

1.0

47.6

46.7

0.9

2,125

1,987

138

6.9

57,187

47,621

9,566

20.1

(462

)

462

100.0

(799

)

(2,141

)

1,342

62.7

(1,930

)

(1,215

)

(715

)

(58.8

54,458

43,803

10,655

24.3

57,446

57,212

234

0.4

777

(777

)

(100.0

799

2,141

(1,342

)

(62.7

(3,766

)

(12,425

)

8,659

69.7

1,930

1,215

715

58.8

56,409

48,920

7,489

15.3

24.2

28.2

(4.0

23.8

24.1

(0.3

62,908

54,341

8,567

15.8

26.5

26.8

(0.3

2025

2024

$ Change

% Change

40,298

42,160

(1,862

)

(4.4

5,691

5,831

(140

)

(2.4

14.1

13.8

0.3

1,703

1,461

242

16.6

3,988

4,370

(382

)

(8.7

9.9

10.4

(0.5

4,663

5,096

(433

)

(8.5

11.6

12.1

(0.5

Jamieson Wellness Inc.

Segment Information (continued)

In thousands of Canadian dollars, except as otherwise noted

2025

2024

$ Change

% Change

726,582

628,744

97,838

15.6

326,286

262,065

64,221

24.5

5,028

(5,028

)

(100.0

1,023

100.0

165

(165

)

(100.0

327,309

267,258

60,051

22.5

44.9

41.7

3.2

45.0

42.5

2.5

8,408

7,268

1,140

15.7

209,809

168,459

41,350

24.5

(10,244

)

(11,562

)

1,318

11.4

(2,137

)

2,137

100.0

(3,118

)

(3,118

)

(100.0

(3,270

)

(2,458

)

(812

)

(33.0

193,177

152,302

40,875

26.8

111,835

98,763

13,072

13.2

11,267

11,562

(295

)

(2.6

7,165

(7,165

)

(100.0

3,118

100.0

(3,766

)

(12,425

)

8,659

69.7

3,270

2,623

647

24.7

125,724

107,688

18,036

16.7

15.4

15.7

(0.3

17.3

17.1

0.2

151,105

130,496

20,609

15.8

20.8

2025

2024

$ Change

% Change

95,474

105,036

(9,562

)

(9.1

12,046

13,545

(1,499

)

(11.1

226

100.0

12,272

13,545

(1,273

)

(9.4

12.6

12.9

(0.3

12.9

6,355

6,030

325

5.4

5,691

7,515

(1,824

)

(24.3

226

100.0

5,917

7,515

(1,598

)

(21.3

6.0

7.2

(1.2

6.2

7.2

(1.0

8,601

10,507

(1,906

)

(18.1

9.0

10.0

(1.0

Reconciliation of Non-IFRS Financial Measures

In thousands of Canadian dollars

2025

2024

2025

2024

37,637

36,121

64,464

51,133

15,233

15,705

25,373

24,665

6,401

5,684

22,409

20,272

2,220

3,427

8,729

3,431

2,635

13,579

12,588

1,618

1,525

6,078

5,944

64,320

63,890

135,330

123,331

2,125

1,987

8,408

7,268

2,163

1,852

1,853

1,479

777

7,165

799

2,141

11,493

11,562

(3,766

)

(12,425

)

(3,766

)

(12,425

)

3,118

1,930

1,215

3,270

2,623

67,571

59,437

159,706

141,003

(15,233

)

(15,705

)

(25,373

)

(24,665

)

(6,401

)

(5,684

)

(22,409

)

(20,272

)

(3,431

)

(2,635

)

(13,579

)

(12,588

)

(1,618

)

(1,525

)

(6,078

)

(5,944

)

(2,003

)

(1,865

)

(7,920

)

(6,780

)

(708

)

(385

)

2,618

(4,245

)

(1,710

)

38,500

34,641

79,394

69,044

2025

2024

2025

2024

118,683

100,226

338,332

275,610

315

5,028

165

1,249

118,683

100,541

339,581

280,803

42.7

41.1

41.3

38.3

58,890

49,082

216,164

174,489

(799

)

(2,141

)

(10,244

)

(11,562

)

(462

)

(2,137

)

(3,118

)

(1,930

)

(1,215

)

(3,270

)

(2,458

)

56,161

45,264

199,532

158,332

61,434

61,582

117,526

106,278

(3,766

)

(12,425

)

(3,766

)

(12,425

)

799

2,141

11,493

11,562

3,118

777

7,165

1,930

1,215

3,270

2,623

60,397

53,290

131,641

115,203

21.8

16.0

15.7

These expenses are mainly comprised of third-party legal, security fees, unavoidable facility expenditures, customer fines and penalties, along with freight charges to expedite shipments to customers as it relates to a labour disruption in Q1 2024.

Our share-based compensation expense pertains to our long-term incentive plan (the “LTIP”), with stock options, performance-based share units (“PSUs”), time-based restricted share units (“RSUs”), and deferred share units (“DSUs”) expenses, along with associated payroll taxes.

Mainly pertains to development and post implementation start-up costs associated with our IT system implementation to augment our system infrastructure. Unlike other system improvement projects with costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly.

Includes professional service fees relating to completed due diligence costs for an unsuccessful acquisition and other non-recurring expenses primarily relating to non-operational legal costs.

To adjust for the fair value of purchase consideration accounted for as compensation in the 2022 youtheory acquisition, net of post-acquisition working capital adjustments to reflect acquired liabilities.

Include cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires.

Reconciliation of Net Debt

In thousands of Canadian dollars

As at December 31,

2025

2024

414,597

308,285

(41,225

)

(44,787

)

373,372

263,498