Earnings release
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Jamieson WELLNESS ™ Jamieson Wellness Inc. Reports Second Quarter 2026 Results Jamieson Brands Revenue up over 18 % as Consumer Demand Continues Across All Key Markets TORONTO , ONTARIO , Aug 6 , 2026 - Jamieson Wellness Inc. ( “ Jamieson Wellness " or the " Company " ) ( TSX : JWEL ) today reported its second quarter results for the period ended June 30 , 2026. All amounts are expressed in Canadian dollars ( " CAD " ) . 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 " Q2 was another strong quarter for Jamieson Wellness , with revenue growth of nearly 19 % across our brands and contributions from all of our key markets , " said Mike Pilato , President and CEO of Jamieson Wellness . " A successful 6/18 campaign in China , continued innovation and strong consumer demand supported our results through the quarter , contributing to 17 % growth across our branded business in the first half of 2026 . " As announced this afternoon , we have entered into an agreement to be acquired by Kirin Holdings Company , Limited ( “ Kirin " ) . We believe the transaction reflects the strength of the business our team has built and the value of our portfolio , and I would like to thank our team members for their ongoing dedication to serving our consumers , customers and partners . " Second Quarter Highlights • • . • Growth in Canada led by increased consumption and strong promotional execution at key retailers , and successful product innovation particularly in the sleep and stress categories Revenue growth in China exceeded expectations , driven by strong 6/18 promotional programs and increased consumption in the Club channel Digital commerce and continued execution of flagship programs in key retailers drove growth in the U.S. Product innovation and successful promotional programs driving consumer traffic and conversion led growth in key International markets Second Quarter Financial Results Consolidated Summary All comparisons are with the second quarter of 2025 . • • . Consolidated revenue increased 17.4 % to $ 233.8 million , driven by 18.6 % growth in Jamieson Brands and 8.3 % growth in Strategic Partners Gross profit increased by $ 16.6 million to $ 97.4 million Normalized gross profit margin³ increased by 160 basis points , mainly driven by geographic mix in the Jamieson Brands segment EBITDA increased by $ 8.3 million to $ 38.4 million , mainly driven by higher revenues and gross profit ; Adjusted EBITDA¹ increased by $ 4.3 million or 12.3 % to $ 39.4 million , reflecting the impact of higher sales volumes and gross profit Net earnings was $ 18.6 million ; Adjusted net earnings¹ was $ 19.9 million , or $ 2.7 million higher , reflecting higher normalized earnings from operations
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Diluted earnings per share was $0.42; Adjusted diluted earnings per share2 was $0.46 Summary of Segment Results All comparisons are with the second quarter of 2025 and reflect the allocation of youtheory brand revenue to its respective branded business segment. Jamieson Brands Revenue increased 18.6% or $32.9 million to $210.2 million o Canada revenue increased by 5.7% to $91.6 million, reflecting sustained consumer demand and timing of shipments in advance of the Company’s distribution centre transition o China revenue increased 46.6% on a constant currency basis to $54.3 million, primarily driven by successful 6/18 promotions and continued growth across digital platforms o U.S. revenue increased by 21.7% on a constant currency basis to $50.1 million, reflecting the timing of pipeline fill of product innovations and continued strength in e-commerce channels o International revenue increased by 7.5% on a constant currency basis to $14.3 million, driven by strong consumer demand across our major markets Gross profit increased by $16.4 million to $94.7 million, driven primarily by higher sales volumes Gross profit margin3 increased by 90 basis points to 45.0%; normalized gross profit margin increased by 160 basis points to 45.7%, mainly driven by geographical mix and higher sales volumes in China, the Company’s highest-margin market based on channel dynamics Adjusted EBITDA1 increased by $4.0 million to $37.5 million, driven by higher gross profit; Adjusted EBITDA margin2 decreased by 110 basis points to 17.8%, mainly driven by higher SG&A due to performance marketing campaign investments Strategic Partners Revenue increased 8.3% or $1.8 million to $23.6 million, driven by customer ordering patterns and new programs with key customers Gross profit increased 5.5% to $2.7 million, driven by higher sales volumes; gross profit margin decreased by 30 basis points to 11.5%, mainly driven by customer mix Adjusted EBITDA1 increased by 17.0% to $1.9 million, mainly due to higher gross profit; Adjusted EBITDA margin2 was 8.2% Balance Sheet and Cash Flow from Operations All comparisons are with the second quarter of 2025 As at June 30, 2026, the Company had approximately $383.3 million in cash and available revolving and swingline facilities and net debt1 of $416.7 million The Company generated $1.8 million in cash from operations compared to $11.4 million generated in Q2 2025 Cash from operating activities before working capital considerations was $25.9 million, $7.2 million higher than prior year, mainly due to revenue and earnings growth Cash invested in working capital increased by $16.8 million mainly due to the timing of vendor payments, resulting in a significant change in accounts payable and accrued liabilities, partially offset by lower investments in inventories and receivables 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.
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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. Withdrawal of Financial Guidance for Fiscal 2026 In light of the earlier announcement today of the Company entering into a definitive arrangement agreement (the “Arrangement Agreement”) with Kirin, pursuant to which Kirin has agreed to acquire all of the issued and outstanding common shares (the “Shares”) of the Company (the “Transaction”) at a price of CAD $45.75 per Share in cash, the Company is withdrawing its previously issued financial guidance for the 2026 fiscal year. The announced Transaction represents a significant strategic shift that will impact the Company’s capital structure and financial profile. Due to the inherent unpredictability of the precise timing of the closing, transaction-related expenses, integration costs and the ultimate financial impact of the Transaction, management believes it is prudent to withdraw its outlook at this time. Declaration of Second Quarter Dividend The Board of Directors of the Company authorized a 2.0 cent or an 8.7% increase in the quarterly dividend and declared a cash dividend for the second quarter of 2026: $0.25 per common share, or approximately $10.4 million in the aggregate Paid on September 15, 2026 to all common shareholders of record at the close of business on August 31, 2026 The Company has designated this dividend as an “eligible dividend” for the purposes of 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 six months ended June 30, 2026 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 As noted earlier today, in light of the recently announced Transaction, the regularly scheduled conference call to discuss the Company’s second quarter 2026 results has been cancelled. 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.
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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 statements regarding the Transaction, including the proposed timing and completion of the Transaction,. 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 complete the Transaction on the terms and conditions contemplated, or on the timing, currently contemplated. 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, 2026 and under the “Risk Factors” section in the MD&A filed today, August 6, 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. Investor Relations and Media Contact Information: Jamieson Wellness Ruth Winker 416-960-0052 rwinker@jamiesonlabs.com Source: Jamieson Wellness Inc.
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Jamieson Wellness Inc. Selected Consolidated Financial Information In thousands of Canadian dollars, except share and per share amounts Three months ended Six months endedJune 30 June 302026 2025 2026 2025Revenue 233,844 199,109 403,594 345,072 Cost of sales 136,452 118,295 237,117 209,038 Gross profit 97,392 80,814 166,477 136,034 Gross profit margin 41.6% 40.6% 41.2% 39.4%Selling, general and administrative expenses 65,552 55,346 118,105 104,933 Share-based compensation 2,226 2,078 4,595 4,165 Earnings from operations 29,614 23,390 43,777 26,936 Operating margin12.7% 11.7% 10.8% 7.8%Foreign exchange gain (3,393) (1,749) (4,624) (1,245) Interest expense and other financing costs 7,555 4,771 12,620 9,679 Accretion on preferred shares - 1,155 - 3,427 Earnings before income taxes 25,452 19,213 35,781 15,075 Provision for income taxes 6,842 5,385 7,571 3,761 Net earnings 18,610 13,828 28,210 11,314 Net earnings attributable to:Shareholders 17,948 13,071 26,757 10,625 Non-controlling interests 662 757 1,453 689 18,610 13,828 28,210 11,314 Adjusted net earnings 19,921 17,267 27,341 23,215 EBITDA 38,401 30,118 58,822 37,915 Adjusted EBITDA 39,425 35,100 61,853 54,166 Adjusted EBITDA margin 16.9% 17.6% 15.3% 15.7%Weighted average number of sharesBasic 41,481,638 41,712,207 41,432,789 41,845,278 Diluted 43,020,022 43,065,916 42,893,721 43,104,101 Earnings per share attributable to common shareholders:Basic, earnings per share 0.43 0.31 0.65 0.25 Diluted, earnings per share 0.42 0.30 0.62 0.25 Adjusted diluted, earnings per share 0.46 0.40 0.64 0.54
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Jamieson Wellness Inc. Consolidated Statements of Financial Position In thousands of Canadian dollars June 30, 2026December 31, 2025AssetsCurrent assetsCash 24,314 41,225 Accounts receivable 157,042 199,245 Inventories 256,977 203,083 Derivatives 1,270 486 Prepaid expenses and other current assets 9,833 7,303 Income taxes recoverable 5,819 - 455,255 451,342 Non-current assetsProperty, plant and equipment 122,783 117,342 Goodwill 285,510 279,644 Intangible assets 366,954 362,753 Deferred income tax 3,113 3,951 Total assets 1,233,615 1,215,032 LiabilitiesCurrent liabilitiesAccounts payable and accrued liabilities 123,535 155,266 Income taxes payable 1,742 2,894 Derivatives 2,251 3,971 Current portion of other long-term liabilities 6,065 12,014 133,593 174,145 Long-term liabilitiesLong-term debt 441,000 414,597 Post-retirement benefits 1,343 1,282 Deferred income tax 71,119 68,855 Other long-term liabilities 30,289 26,642 Total liabilities 677,344 685,521 EquityShare capital 340,021 333,347 Warrants 14,705 14,705 Contributed surplus 26,104 27,494 Retained earnings 98,106 90,374 Accumulated other comprehensive income 30,587 19,498 Total shareholders' equity 509,523 485,418 Non-controlling interests 46,748 44,093 Total equity 556,271 529,511 Total liabilities and equity 1,233,615 1,215,032
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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 to analyze 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 six months ended June 30, 2026.
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Jamieson Wellness Inc. Segment Information In thousands of Canadian dollars, except as otherwise noted Jamieson Brands 2026 2025 $ Change % Change Revenue 210,248 177,317 32,931 18.6%Gross profit 94,688 78,251 16,437 21.0%Distribution centre transition (2)1,331 - 1,331 100.0%Normalized gross profit 96,019 78,251 17,768 22.7%Gross profit margin 45.0% 44.1% - 0.9%Normalized gross profit margin 45.7% 44.1% - 1.6%Share-based compensation (1 )2,226 2,078 148 7.1%Selling, general and administrative expenses 63,989 53,767 10,222 19.0%IT system implementation (3)(425) (3,796) 3,371 88.8%Legal and other (4)(435) (857) 422 49.2%Normalized selling, general and administrative expenses 63,129 49,114 14,015 28.5%Earnings from operations 28,473 22,406 6,067 27.1%Distribution centre transition (2)1,331 - 1,331 -IT system implementation (3)425 3,796 (3,371) (88.8%)Legal and other (4)435 857 (422) (49.2%)Normalized earnings from operations 30,664 27,059 3,605 13.3%Operating margin 13.5% 12.6% - 0.9%Normalized operating margin 14.6% 15.3% - (0.7%)Adjusted EBITDA 37,501 33,455 4,046 12.1%Adjusted EBITDA margin 17.8% 18.9% - (1.1%)Strategic Partners 2026 2025 $ Change % Change Revenue 23,596 21,792 1,804 8.3%Gross profit 2,704 2,563 141 5.5%Gross profit margin 11.5% 11.8%- (0.3%)Selling, general and administrative expenses 1,563 1,579 (16) (1.0%) Earnings from operations 1,141 984 157 16.0%Operating margin 4.8% 4.5% - 0.3%Adjusted EBITDA 1,924 1,645 279 17.0%Adjusted EBITDA margin 8.2% 7.5% - 0.7% Three months ended June 30 Three months ended June 30
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Jamieson Brands 2026 2025 $ Change % Change Revenue 362,122 308,698 53,424 17.3%Gross profit 161,313 132,041 29,272 22.2%Distribution centre transition (2)1,331 - 1,331 100.0%IT system implementation (3)- 1,023 (1,023) (100.0%)Normalized gross profit 162,644 133,064 29,580 22.2%Gross profit margin 44.5% 42.8% 0.0% 1.7%Normalized gross profit margin 44.9% 43.1% 0.0% 1.8%Share-based compensation (1)4,595 4,165 430 10.3%Selling, general and administrative expenses 114,846 101,807 13,039 12.8%IT system implementation (3)(1,044) (8,082) 7,038 87.1%Donations (5)- (3,118) 3,118 100.0%Legal and other (4)(685) (882) 197 22.3%Normalized selling, general and administrative expenses 113,117 89,725 23,392 26.1%Earnings from operations 41,872 26,069 15,803 60.6%IT system implementation (3)1,044 9,105 (8,061) (88.5%)Distribution centre transition (2)1,331 - 1,331 100.0%Donations (5)- 3,118 (3,118) (100.0%)Legal and other (4)685 882 (197) (22.3%)Normalized earnings from operations 44,932 39,174 5,758 14.7%Operating margin 11.6% 8.4% - 3.2%Normalized operating margin 12.4% 12.7% - (0.3%)Adjusted EBITDA 58,563 51,728 6,835 13.2%Adjusted EBITDA margin 16.2% 16.8% - (0.6%) Strategic Partners 2026 2025 $ Change % Change Revenue 41,472 36,374 5,098 14.0%Gross profit 5,164 3,993 1,171 29.3%IT system implementation (3)- 226 (226) (100.0%)Normalized gross profit 5,164 4,219 945 22.4%Gross profit margin 12.5% 11.0% - 1.5%Normalized gross profit margin 12.5% 11.6% - 0.9%Selling, general and administrative expenses 3,259 3,126 133 4.3%Earnings from operations 1,905 867 1,038 119.7%IT system implementation (3)- 226 (226) (100.0%)Normalized earnings from operations 1,905 1,093 812 74.3%Operating margin 4.6% 2.4% - 2.2%Normalized operating margin 4.6% 3.0% - 1.6%Adjusted EBITDA 3,290 2,438 852 34.9%Adjusted EBITDA margin 7.9% 6.7% - 1.2%Six months ended June 30 Six months ended June 30
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Reconciliation of Non-IFRS Financial Measures In thousands of Canadian dollars (1) Our share-based compensation expense pertains to our LTIP (refer to “Share-based compensation”), with stock option, PSU, RSU and DSU expenses, along with associated payroll taxes. (2) Includes costs related to the transition of our existing distribution centre to a larger and more efficient facility. (3) 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 Three months ended Six months ended June 30 June 302026 2025 2026 2025 Net earnings:18,610 13,828 28,210 11,314 Add:Provision for income taxes 6,842 5,385 7,571 3,761 Interest expense and other financing costs 7,555 4,771 12,620 9,679 Accretion on preferred shares - 1,155 - 3,427 Depreciation of property, plant, and equipment 3,913 3,474 7,470 6,729 Amortization of intangible assets 1,481 1,505 2,951 3,005 Earnings before interest, taxes, depreciation, and amortization (EBITDA) 38,401 30,118 58,822 37,915 Share-based compensation (1)2,226 2,078 4,595 4,165 Foreign exchange gain (3,393) (1,749) (4,624) (1,245) Distribution centre transition (2)1,331 - 1,331 - IT system implementation (3)425 3,796 1,044 9,331 Donations (5)- - - 3,118 Legal and other (4)435 857 685 882 Adjusted EBITDA39,425 35,100 61,853 54,166 Provision for income taxes (6,842) (5,385) (7,571) (3,761) Interest expense and other financing costs (7,555) (4,771) (12,620) (9,679) Financing costs on renewal of credit facility 2,173 - 2,173 - Depreciation of property, plant, and equipment (3,913) (3,474) (7,470) (6,729) Amortization of intangible assets (1,481) (1,505) (2,951) (3,005) Share-based compensation (1)(2,226) (1,956) (4,516) (3,921) Tax deduction from vesting of certain share-based awards - (19) (2,002) (708) Tax effect of normalization adjustments 340 (723) 445 (3,148) Adjusted net earnings 19,921 17,267 27,341 23,215 Three months ended Six months endedJune 30 June 302026 2025 2026 2025Gross profit 97,392 80,814 166,477 136,034 IT system implementation (3)- - - 1,249 Distribution centre transition (2)1,331 - 1,331 - Normalized gross profit 98,723 80,814 167,808 137,283 Normalized gross profit margin 42.2% 40.6% 41.6% 39.8%Selling, general and administrative expenses 65,552 55,346 118,105 104,933 IT system implementation (3)(425) (3,796) (1,044) (8,082) Donations (5)- - - (3,118) Legal and other (4)(435) (857) (685) (882) Normalized selling, general and administrative expenses 64,692 50,693 116,376 92,851 Earnings from operations 29,614 23,390 43,777 26,936 Distribution centre transition (2)1,331 - 1,331 - Donations (5)- - - 3,118 IT system implementation (3)425 3,796 1,044 9,331 Legal and other (4)435 857 685 882 Normalized earnings from operations 31,805 28,043 46,837 40,267 Normalized operating margin 13.6% 14.1% 11.6% 11.7%
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costs capitalized, due to its cloud-based nature, these system implementation costs are expensed accordingly. (4) 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. (5) Includes cash and in-kind donations to support communities adjacent to our Irvine, California facility impacted by the wildfires in 2025. Reconciliation of Net Debt In thousands of Canadian dollars ($ in 000's)As at June 30, As at December 31,2026 2025Long-term debt 441,000 414,597Cash (24,314) (41,225)Net debt 416,686 373,372