Jamieson Wellness Inc. Reports Third Quarter 2025 Results

TORONTO--(BUSINESS WIRE)--Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported its third quarter results for the period ended September 30, 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

“In Q3, Jamieson delivered another strong quarter with 16.5% branded growth and momentum across every major region,” said Mike Pilato, President and CEO. “In Canada, our marketing campaign featuring our product quality and Canadian-made message continues to resonate, driving growth and reinforcing trust in a market where we're the category leader.

“In China, we grew our share position across all major digital platforms. Our evolving marketing strategy is delivering solid results, amplified by a diverse network of respected wellness influencers. Jamieson was recently named VMS Store of the Year on Douyin, a social and e-commerce platform with over 700 million daily active users. It's a powerful endorsement of our brand strength and execution in one of the world's most dynamic consumer markets.

“Youtheory continues to scale in the U.S., with strong growth in both digital and traditional channels. Product innovations, led by our new ashwagandha gummy, drove deeper consumer engagement with the brand. And internationally, we're seeing double digit growth in key markets led by the Middle East, with strong gains in Saudia Arabia where Jamieson is now a leading foreign brand.

“Even against a volatile macro backdrop, our category continues to prove its resilience. VMS is increasingly central to how consumers care for themselves and their families, and with our diverse and growing branded platform, we're uniquely positioned to meet them - across geographies, across channels, and across life stages. I’m grateful to the entire Jamieson team for their expert execution, delivering exceptional results today and building long-term value for our shareholders.”

Third Quarter Highlights

• Successful innovation and the Company’s recent quality-focused advertising campaign drove continued strong consumer consumption in Canada
• Digital e-commerce growth outpaced the market in China due to evolving influencer marketing strategy, impacting all channels and resulting in over 60% revenue growth
• youtheory POS increased as the Company’s new digital e-commerce strategy continues to perform and traditional retail continues to grow
• International growth continued in key markets including Saudi Arabia, the Caribbean and Europe driven by new distribution and high consumer engagement

Summary of Consolidated Results

All comparisons are with the third quarter of 2024

• Consolidated revenue increased 13.2% to $199.3 million, driven by 16.5% growth in Jamieson Brands, partially offset by an expected decline in Strategic Partners
• Gross profit increased by $16.0 million to $83.6 million, driven by higher branded revenue and margins
• Gross profit margin³ increased by 350 basis points due to a higher proportion of growth in Jamieson Brands sales
• EBITDA¹ increased by $5.2 million to $33.1 million, mainly driven by higher revenues and gross profit; Adjusted EBITDA¹ increased by $4.1 million or 12.0% to $38.0 million, reflecting the impact of higher sales volumes, partially offset by timing of investments in SG&A
• Net earnings was $15.5 million; Adjusted net earnings¹ was $17.7 million, or $1.8 million higher, reflecting higher normalized earnings from operations
• Diluted earnings per share was $0.35; Adjusted diluted earnings per share² was $0.41

Summary of Segment Results

All comparisons are with the third quarter of 2024

Jamieson Brands

• Revenue increased 16.5% or $25.5 million
  • Canada revenue increased by 4.0%, largely reflecting consumer consumption driven by the Company’s latest marketing campaign and innovations
  • China revenue increased 63.0% primarily driven by successful digital performance marketing campaigns
  • youtheory revenue increased by 16.8%, driven by continued strong consumption in e-commerce and growth in the Company’s traditional channels
  • International revenue increased by 19.3%, driven by growth in core markets in the Middle East through innovation and distribution gains
• Gross profit increased by $16.0 million to $81.3 million, mainly driven by revenue growth and higher margins
• Gross profit margin³ increased by 290 basis points, mainly driven by higher branded volumes in China, the Company’s highest margin business
• Adjusted EBITDA¹ increased by $4.1 million to $36.5 million, driven by higher gross profit partially offset by timing of marketing spend; Adjusted EBITDA margin² was 20.2%, a decrease of 70 basis points driven by investment in marketing noted above

Strategic Partners

• Revenue decreased an expected 11.2% or $2.4 million, impacted by a reduction in business and the timing of onboarding new customer contracts amidst trade and tariff uncertainties
• Gross profit was $2.4 million, consistent with Q3 2024; gross profit margin³ increased by 170 basis points driven mainly by customer and product mix
• Adjusted EBITDA¹ was $1.5 million; Adjusted EBITDA margin² was 8.0%, an increase of 60 basis points, mainly due to customer and product mix

Balance Sheet and Cash Flow from Operations

All comparisons are with the third quarter of 2024

• As at September 30, 2025, the Company had approximately $128.8 million in cash and available revolving and swingline facilities and net debt¹ of $371.2 million
• The Company generated $7.7 million in cash from operations compared to $24.2 million generated in Q3 2024
• Cash from operating activities before working capital considerations of $22.8 million was $4.3 million higher than Q3 2024
• Cash invested in working capital increased by $20.8 million mainly due to increased inventories to support the high seasonality fourth quarter deliverables including growth of the business and securing supply amidst tariff uncertainties and port congestion
• During the nine-month period ended September 30, 2025, the Company purchased for cancellation 636,284 common shares under its NCIB program for an aggregate consideration of $19.7 million

Narrowing Fiscal 2025 Outlook

The Company’s 2025 investments in digital marketing and innovation continue to provide returns, and consumer consumption remains strong across each of our primary markets. As a result, the Company has narrowed its full year consolidated guidance for fiscal 2025, while maintaining the midpoint of its previous growth expectation for both revenue and Adjusted EBITDA.

The Company now expects the following consolidated results:

• Revenue to range from $810.0 - $830.0 million or 10.4% - 13.1% growth (previously 9.0% - 14.5% growth)
• Adjusted EBITDA to range from $158.0 - $162.0 million or 12.0% - 15.0% growth (previously 11.0% - 15.5% growth)
• Adjusted Diluted EPS to range from $1.82 - $1.88 or 13.0% - 17.0% growth (previously 11.0% - 18.0% growth)

The Company is adjusting its segment outlook for the 2025 fiscal year to reflect higher Jamieson Brands revenue in China and youtheory, and lower Strategic Partners revenue to account for currency conversation and tariff uncertainty related delays.

The Company now expects the following segment results:

• Revenue in the Jamieson Brands segment to range from $710.0 - $725.0 million, or 12.9% - 15.3% growth (previously 10.5% - 15.3% growth)
  • Canada revenue growth of 5.0% - 7.0% (previously 5.0% - 8.0% growth)
  • youtheory revenue growth of 8.0% - 12.0% (previously 5.0% - 15.0% growth)
  • China revenue growth of 45.0% - 50.0% (previously 30.0% - 40.0% growth)
  • International revenue growth of 20.0% - 25.0% (previously 20% - 30% growth)
• Strategic Partners revenue to decline approximately 5.0% (previously up to 10.0%)

The Company’s 2025 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 a majority of these costs have been mitigated through our flexible supply chain and operating efficiencies. The Company recognizes that the trade environment is constantly changing, and actual results may be impacted by future changes in global trade policies. For additional details on the Company’s fiscal 2025 outlook, including guidance for the fourth quarter of 2025, refer to the “Outlook” section in the management’s discussion and analysis of financial condition and results of operations (“MD&A”) for the three months ended September 30, 2025.

Declaration of Third Quarter Dividend

The board of directors of the Company declared a cash dividend for the third quarter of 2025 of $0.23 per common share, or approximately $9.6 million in total.

• Payable: December 15, 2025
• Record date: December 1, 2025
• Designated an “eligible dividend” under the Income Tax Act (Canada)

Consolidated Financial Statements and Management’s Discussion and Analysis

The Company’s unaudited condensed consolidated interim financial statements and accompanying notes as at and for the three and nine months ended September 30, 2025 and related 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 third quarter 2025 results at 5:00 p.m. ET today, November 6, 2025. To access:

• By phone: 1-800-717-1738 from Canada and the U.S. or 1-646-307-1865 from international locations
• Online: https://investors.jamiesonwellness.com or https://viavid.webcasts.com/starthere.jsp?ei=1738878&tp_key=18b6589547

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 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 2025 revenue, Adjusted EBITDA 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. This information reflects the Company’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is 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, but are not limited to, 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 MD&A filed today, November 6, 2025. This information is based on the Company’s reasonable assumptions and beliefs in light of the information currently available to it and the statements are made 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 or regulatory authority.

The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect the Company’s results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See “Forward-looking Information” and “Risk Factors” within the MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.

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 nine months ended September 30, 2025.