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1 J A M I E S O N W E L L N E S S 2 0 2 5 Q U A R T E R LY U P D AT E Q 2 2 0 2 5
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2 J A M I E S O N W E L L N E S S 2 0 2 5 This presentation contains “forward-looking information” within the meaning of applicable securities laws. Forward looking information may relate to our future outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividend policy, plans, intentions, beliefs, and objectives of our Company. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities is forward looking information. In some cases, forward looking information can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects”, “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain 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. In addition, our assessments of, and targets for, annual revenue, Adjusted EBITDA, Adjusted diluted earnings per share and certain other measures are considered forward looking information. See the section titled “Outlook” in our most recently filed MD&A for additional information concerning our strategies, assumptions and market outlook related to these assessments. The forward-looking information contained in this presentation is based on management’s opinions, estimates and assumptions in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe to be appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of the 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 are material factors made in preparing the forward looking information and management’s expectations contained in this presentation. The forward-looking information contained in this presentation represents management’s expectations as of the date of this presentation and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that management considered appropriate and reasonable as of the date such statements are made, is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to those described under the heading “Risk Factors” in our 2024 annual MD&A for the fiscal year ended December 31, 2024 and in our most recent annual information form. We caution that the list of risk factors and uncertainties under the heading “Risk Factors” is not exhaustive and other factors could also adversely affect our results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. NON-IFRS FINANCIAL MEASURES This presentation may make reference to the following non IFRS financial measures: “EBITDA”, “Adjusted EBITDA”, “Adjusted net earnings”, “normalized gross profit”, “normalized SG&A”, “normalized earnings from operations”, “cash from operating activities before working capital considerations” and “net debt”, 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”, “operating margin” and “USD denominated revenue”, to provide supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. For further details on these non-IFRS measures, non-IFRS ratios, and supplementary financial measures, including relevant definitions and certain reconciliations, see our most recently filed MD&A. Forward Looking Information
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3 J A M I E S O N W E L L N E S S 2 0 2 5 Second Quarter 2025 Highlights New Jamieson innovation, notably behind the trending magnesium category and “Proudly Canadian” marketing programs drove strong consumer consumption in Canada Highly successful 6/18 promotion in China achieved 73% growth over prior year Trending ingredients drove increased youtheory consumption including accelerated growth in stress support and a market-leading product in the energy category New product launches and successful heart and women’s health campaigns drove sell through in many International markets 1 2 3 4 1
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4 J A M I E S O N W E L L N E S S 2 0 2 5 • Revenue was $177.3 million, an increase of 13.8% or $21.5 million • Gross profit increased $17.0 million to $78.3 million; normalized gross profit margin increased by 370 bps, from volume driven efficiencies compared to shutdown related inefficiencies realized in the prior year results and favourable channel mix in China • Adjusted EBITDA1 increased by $4.8 million to $33.5 million, reflecting the impact of higher sales volumes, partially offset by timing of investments in SG&A Second Quarter 2025 Summary of Segment Results U.S. (youtheory) revenue increased 9.7% to $48.8 million China revenue increased 70.8% to $35.2 million International revenue increased 9.6% to $11.7 million JAMIESON BRANDS 1 This is a non-IFRS financial measure. See the “Non-IFRS and Other Financial Measures” section of this presentation for more information on each non-IFRS financial measure. Canada revenue increased 2.0% to $81.6 million
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5 J A M I E S O N W E L L N E S S 2 0 2 5 • Revenue was $21.8 million, an expected decrease of 24.9% or $7.2 million, impacted by the timing of customer ordering patterns under new programs and shipments shifting to the second half of the year • Gross profit was $2.6 million, a decrease of $1.2 million • Gross profit margin1 was 11.8%, a decrease of 110 basis points, driven mainly by production mix • Adjusted EBITDA2 was $1.6 million, a decrease of $1.2 million; Adjusted EBITDA margin3 was 7.5%, a decrease of 240 basis points STRATEGIC PARTNERS Second Quarter 2025 Summary of Segment Results 1 This is a supplementary financial measure. See the “Non-IFRS and Other Financial Measures” section of this presentation for more information on each supplementary financial measure. 2 This is a non-IFRS financial measure. See the “Non-IFRS and Other Financial Measures” section of this presentation for more information on each non-IFRS financial measure. 3 This is a non-IFRS ratio. See the “Non-IFRS and Other Financial Measures” section of this presentation for more information on each non-IFRS ratio.
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6 J A M I E S O N W E L L N E S S 2 0 2 5 • As of June 30, 2025, the Company had approximately $132.9 million in cash and available revolving and swingline facilities and net debt1 of $367.1 million • The Company generated $11.4 million in cash from operations compared to $6.9 million generated in Q2 2024 • Cash from operating activities before working capital considerations of $18.8 million was $1.7 million higher than Q2 2024 • Cash invested in working capital decreased by $2.9 million mainly due to timing of vendor payments, partially offset by the timing of customer collections and increased inventories to support the growth of the business Second Quarter 2025 Balance Sheet and Cash Flow 1 This is a supplementary financial measure. See the “Non-IFRS and Other Financial Measures” section of this presentation for more information on each supplementary financial measure.
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7 J A M I E S O N W E L L N E S S 2 0 2 5 METRIC Q2 2025 Q2 2024 Growth Rate Consolidated Revenue $199.1 $184.8 7.7% Canada $81.6 $80.0 2.0% U.S. (youtheory) $48.8 $44.5 9.7% China $35.2 $20.6 70.8% International $11.7 $10.7 9.6% Total Jamieson Brands Segment $177.3 $155.8 13.8% Strategic Partners Segment $21.8 $29.0 (24.9%) Consolidated Adjusted EBITDA $35.1 $31.6 11.2% Consolidated Adjusted EBITDA Margin¹ 17.6% 17.1% 50bps Adjusted diluted EPS $0.40 $0.35 14.3% Second Quarter 2025 Consolidated Results
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8 J A M I E S O N W E L L N E S S 2 0 2 5 Summary Consolidated Financial Information Fiscal Year Ended December 31, ($ in millions, except as otherwise noted) 2024 2023 2022 2021 2020 Revenue 733.8 676.2 547.4 451.0 403.7 Cost of sales 458.2 442.6 349.0 288.6 258.9 Selling, general and administrative expenses 174.5 140.3 110.2 80.7 76.3 Share-based compensation 7.3 5.9 4.9 5.7 4.9 Acquisition related adjustments (12.4) (7.9) -- -- -- Earnings from operations 106.3 95.3 83.2 76.0 63.6 Foreign exchange loss (gain) 1.5 2.0 0.3 (0.1) 0.5 Interest expense and other financing costs 20.3 22.8 12.4 5.7 6.0 Accretion on preferred shares 8.7 4.8 -- -- -- Earnings before income taxes 75.8 65.7 70.5 70.5 57.0 Provision for income taxes 24.7 19.6 17.7 18.4 15.5 Net earnings 51.1 46.0 52.8 52.1 41.6 Revenue 733.8 676.2 547.4 451.0 403.7 Adjusted EBITDA 141.0 138.1 123.8 100.1 88.0 Adjusted EBITDA Margin 19.2% 20.4% 22.6% 22.2% 21.8% Adjusted Net Earnings 69.0 66.1 65.1 55.2 47.9 Adjusted Net Earnings Per Fully Diluted Share 1.61 1.55 1.55 1.32 1.16
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9 J A M I E S O N W E L L N E S S 2 0 2 5 Summary Consolidated Financial Information ($ in millions, except as otherwise noted) 2025 2024 % Change 2025 2024 % Change Revenue 199.1 184.8 7.7% 345.1 312.8 10.3% Cost of sales 118.3 119.8 (1.2%) 209.0 205.0 2.0% Gross profit margin 40.6% 35.2% 5.4% 39.4% 34.5% 4.9% Selling, general and administrative expenses 55.3 43.9 26.2% 104.9 83.4 25.8% Share-based compensation 2.1 1.7 19.2% 4.2 3.5 19.2% Earnings from operations 23.4 19.4 20.5% 26.9 20.9 28.9% Foreign exchange loss (gain) (1.7) (0.2) (871.7%) (1.2) (1.0) (30.9%) Interest expense and other financing costs 4.8 4.7 2.7% 9.7 9.5 1.7% Accretion on preferred shares 1.2 2.1 (45.5%) 3.4 4.3 (21.0%) Income before income taxes 19.2 12.8 49.8% 15.1 8.0 88.8% Recovery of income taxes 5.4 4.5 19.2% 3.8 3.4 10.9% Net earnings 13.8 8.3 66.3% 11.3 4.6 146.3% Revenue 199.1 184.8 7.7% 345.1 312.8 10.3% Adjusted EBITDA 35.1 31.6 11.2% 54.2 47.7 13.7% Adjusted EBITDA Margin 17.6% 17.1% 0.5% 15.7% 15.2% 0.5% Adjusted Net Earnings 17.3 14.7 17.8% 23.2 18.6 25.0% Adjusted Earnings Per Share 0.40 0.35 14.3% 0.54 0.44 22.7% Three Months Ended June 30, Six Months Ended June 30,
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10 J A M I E S O N W E L L N E S S 2 0 2 5 Reconciliation of net income to EBITDA, adjusted EBITDA and adjusted net income Fiscal Year Ended December 31, ($ in millions, except as otherwise noted) 2025 2024 2025 2024 2024 2023 2022 2021 2020 2019 2018 Net earnings 13.8 8.3 11.3 4.6 51.1 46.0 52.8 52.1 41.6 31.7 26.7 Provision for (recovery of) income taxes 5.4 4.5 3.8 3.4 24.7 19.6 17.7 18.4 15.5 10.6 10.6 Interest expense and other financing costs 4.8 4.6 9.7 9.5 20.3 22.8 12.4 5.7 6.0 9.4 9.0 Accretion on preferred shares 1.2 2.1 3.4 4.3 8.7 4.8 -- -- -- -- -- Depreciation and amortization 5.0 4.8 9.7 9.7 18.5 20.3 17.2 14.3 12.2 10.9 9.0 EBITDA 30.1 24.4 37.9 31.5 123.3 113.6 100.2 90.4 75.3 62.6 55.3 Share-based compensation 2.1 1.7 4.2 3.5 7.3 5.9 4.9 5.7 4.9 4.3 3.1 Foreign exchange loss (gain) (1.7) (0.2) (1.2) (1.0) 1.5 2.0 0.3 (0.1) 0.5 0.4 0.6 Acquisition and divestiture related costs -- 0.5 -- 0.5 1.2 8.4 12.9 -- -- -- (1.1) Amortization of fair value adjustments -- -- -- -- -- 8.4 0.8 -- -- -- -- Labour relations costs -- 1.7 -- 6.4 7.2 -- -- -- -- -- -- COVID-19 related costs -- -- -- -- -- -- 0.2 2.4 5.1 -- -- IT implementation and business integration 3.8 3.4 9.3 6.4 11.6 7.7 4.5 1.9 2.2 1.2 4.1 Acquisition related purchase consideration and post-closing adjustments -- -- -- -- (12.4) (7.9) -- -- -- -- -- International market expansion -- -- -- -- -- -- -- -- -- 1.7 0.9 Donations -- -- 3.1 -- -- -- -- -- -- -- -- Other 0.8 0.0 0.9 0.3 1.4 -- -- (0.1) -- 5.6 4.7 Adjusted EBITDA 35.1 31.6 54.2 47.7 141.0 138.1 123.8 100.1 88.0 75.9 67.6 Provision for income taxes (5.4) (4.5) (3.8) (3.4) (24.7) (19.6) (17.7) (18.4) (15.5) (10.6) (10.6) Interest expense and other financing costs (4.8) (4.6) (9.7) (9.5) (20.3) (22.8) (12.4) (5.7) (6.0) (9.4) (9.0) Depreciation and amortization (5.0) (4.8) (9.7) (9.7) (18.5) (20.3) (17.2) (14.3) (12.2) (10.9) (9.0) Share-based compensation (2.0) (1.6) (3.9) (3.2) (6.8) (5.5) (6.3) (5.5) (4.3) (3.6) (2.5) Tax deduction from vesting of certain share-based awards 0.0 -- (0.7) -- -- (1.0) -- -- -- (1.0) -- Other -- -- -- -- -- -- -- -- 0.1 0.2 -- Tax effect of normalization adjustments (0.7) (1.4) (3.1) (3.3) (1.7) (2.8) (4.9) (1.1) (2.1) (2.4) (2.7) Adjusted net earnings 17.3 14.7 23.2 18.6 69.0 66.1 65.1 55.2 47.9 38.1 33.7 Adjusted EBITDA 35.1 31.6 54.2 47.7 141.0 138.1 123.8 100.1 88.0 75.9 67.6 Less capital expenditures 2.9 2.0 4.9 3.4 5.4 6.1 13.9 21.5 11.3 9.0 10.9 Simple free cash flow 32.2 29.6 49.3 44.3 135.6 132.0 109.8 78.6 76.7 66.9 56.7 Simple free cash flow conversion 92% 94% 91% 93% 96% 96% 89% 79% 87% 88% 84% Three Months Ended June 30, Six Months Ended June 30,
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11 J A M I E S O N W E L L N E S S 2 0 2 5 Financial Performance: 2025 Guidance *Company guidance updated on August 7, 2025 *All $ figures in CAD millions This outlook reflects the following assumptions: • Normalized SG&A are expected to increase 15% to 20% • A fully diluted share count of approximately 43 million shares • The Company’s 2025 guidance reflects the current prevailing trade environment between the United States, Canada and other cou ntries. To date, tariffs have not had a material impact on the Company’s overall financial performance, as these costs have been mitigated through the Company’s flex ible supply chain and operating efficiencies. The Company recognizes that the trade environment is constantly changing and actual results maybe impacted by future changes in global trade policies. METRIC 2024 2025 TARGET RANGE GROWTH RATE Total Revenue $733.8 $800.0 – 840.0 9.0% - 14.5% Jamieson Brands Segment • Canada $333.1 $350.0 - $360.0 5.0% - 8.0% • U.S. (youtheory) $166.0 $174.0 - $191.0 5.0% - 15.0% • China $91.2 $119.0 – $128.0 30.0% - 40.0% • International $38.4 $46.0 - $50.0 20.0% - 30.0% Total Jamieson Brands Segment $628.7 $695.0 - $725.0 10.5% - 15.3% Strategic Partners Segment $105.0 $105.0 - $116.0 up to 10.0% Adj. EBITDA $141.0 $157.0 - $163.0 11.0% - 15.5% Adj. EBITDA Margin 19.2% 19.0% - 19.5% -20bps - +30bps Adj. Diluted Earnings per Share $1.61 $1.79 - $1.90 11.0% - 18.0%
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12 J A M I E S O N W E L L N E S S 2 0 2 5 INVESTOR RELATIONS CONTACT: Ruth Winker rwinker@jamiesonlabs.com linkedin.com/company/jamiesonwellness twitter.com/JWEL_Canada