Jamieson Wellness Inc.

Q4 consolidated revenue increased 13.4% to C$277.7 million. Jamieson Brands revenue grew 17.1% to C$237.4 million, while strategic partner revenue declined 4.4%. Consolidated gross profit increased C$18.5 million to C$118.7 million, and gross margin expanded 180 basis points. Normalized operating income rose 13.3% to C$60.4 million, adjusted EBITDA increased 13.7% to C$67.2 million, and adjusted EBITDA margin was 24.3%. Adjusted diluted EPS was C$0.90. For the full year, management said consolidated revenue grew 12%, branded business grew nearly 16%, and adjusted EBITDA and operating cash flow both grew at double-digit rates. For 2026, Jamieson expects 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, cash from operations before working capital of C$120 million to C$130 million, working capital use of C$25 million to C$35 million, and capex of about C$20 million.

The CEO framed 2025 as a year of disciplined execution and broad-based branded momentum, with China, Youtheory, Canada, and international all contributing. He emphasized that consumer awareness, trial, and repeat conversion are improving, especially in China, where the company said brand awareness-to-trial conversion rose 57% and trial-to-repeat conversion rose 81%. His tone was confident and constructive, with repeated references to strong demand, a durable category, and confidence in crossing C$1 billion in sales over time.

The CFO focused on the mechanics behind the quarter: higher branded revenue, mix benefits from China, and reinvestment in performance marketing. He cited Q4 gross profit of C$118.7 million, a 180 basis point gross margin expansion, SG&A up 20% or C$9.8 million due to China marketing, variable compensation, and infrastructure spending, and C$2.7 million of acquisition due diligence costs. On cash, he said operating cash flow was C$31.9 million in Q4, year-end cash and available operating facilities were C$126.6 million, and the company returned capital via C$18.1 million of buybacks in Q4 and C$37.2 million of dividends for the year; he also announced a new C$0.23 dividend. He guided 2026 EBITDA margins to roughly flat year over year at about 19.4% because faster China growth and higher strategic partner revenue offset segment-level margin improvement.

Analysts focused on whether China marketing spend will stay elevated, how the company can sustain its 2026 outlook after a strong 2025, and what the medium-term China margin trajectory looks like. Management said conversion metrics in China are still improving, that the business is ahead of prior margin expectations there, and that China margins should continue to expand gradually over the next 3 to 4 years, referencing an 800 basis point evolution over 3 to 5 years from the 2024 base. Questions also covered M&A, with management saying it wants a scaled quality brand, primarily in the U.S., ideally above C$100 million in size, and additional digital/multichannel expertise. On youtheory and GLP-1, management said the launch remains early and modest but could be a long-term category tailwind as consumers engage more deeply in wellness.