Jamieson Wellness Inc.

Q4 2025 consolidated revenue increased 13.4% to C$277.7 million. Jamieson Brands revenue increased 17.1% to C$237.4 million; Strategic Partner revenue declined 4.4%. By geography in Q4, China revenue rose 43.9%, the U.S. grew 20.2%, Canada increased 5.5%, and international revenue increased 39.2%. Consolidated gross profit rose C$18.5 million to C$118.7 million, with gross margin up 180 basis points; Jamieson Brands normalized gross margin increased 90 basis points to 47.6%. SG&A increased 20% or C$9.8 million. Normalized operating income rose 13.3% to C$60.4 million; normalized operating margin was 21.8%. Adjusted EBITDA increased 13.7% to C$? million, with adjusted EBITDA margin at 24.3%. Net earnings were C$37.6 million and adjusted net earnings were C$38.5 million. Adjusted diluted EPS was C$0.90. Cash from operations was C$31.9 million in Q4 versus C$37.8 million last year, and year-end cash plus available operating facilities totaled C$126.6 million. For the full year, management said consolidated revenue grew 12% and branded business grew nearly 16%. 2026 guidance calls for consolidated revenue of C$895 million to C$935 million, Jamieson Brands revenue of C$790 million to C$820 million, adjusted EBITDA of C$174 million to C$181 million, adjusted EBITDA margin of about 19.4%, adjusted diluted EPS of C$2.08 to C$2.21, and cash from operations before working capital of C$120 million to C$130 million. Capex is expected to be about C$20 million.

Michael Pilato framed 2025 as a year of strong execution and said the company is entering 2026 with momentum across its core markets. He emphasized that brand awareness, trial, and repeat purchase are improving, especially in China, where the team is seeing the benefits of sustained investment in performance marketing and consumer engagement. He also highlighted broad-based innovation in immunity, sleep, stress, and energy, and said the company is focused on pushing toward more than C$900 million in 2026 revenue as a step toward C$1 billion in sales.

Christopher Snowden walked through the quarter’s financial performance, citing C$277.7 million of consolidated revenue, C$118.7 million of gross profit, 21.8% normalized operating margin, and 24.3% adjusted EBITDA margin. He said SG&A rose 20% due to performance marketing, variable compensation, and global infrastructure, plus C$2.7 million of acquisition-related legal and professional fees tied to a deal that did not clear the company’s investment standards. On capital allocation, he noted C$31.9 million of operating cash flow in Q4, C$126.6 million of year-end liquidity, C$18.1 million spent on NCIB repurchases in the quarter, and a new C$0.23 dividend per share.

Analysts focused on the sustainability of China’s growth, the 2026 margin outlook, Canada’s ability to keep growing off a mature base, and the company’s M&A criteria. Management said China’s brand awareness and conversion metrics are still improving, with 57% growth in awareness-to-trial conversion and 81% growth in trial-to-repeat conversion, and said the market is seeing a halo effect from digital spend into retail and club channels. On M&A, Snowden said Jamieson is looking for a scaled quality brand, mainly in the U.S., ideally above C$100 million in size, with digital and multichannel expertise. On margins, management said China is ahead of prior expectations on its margin profile, but the mix of faster-growing geographies should leave EBITDA margin roughly flat year over year in 2026.