Strong category momentum and consistent execution drove 14% annual branded revenue growth and market share gains in every key market

Jamieson Wellness Inc. (“Jamieson Wellness” or the “Company”) (TSX: JWEL) today reported financial results for its fourth quarter and full year for the period ended December 31, 2024. 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.

"2024 was a transformative year for Jamieson Wellness, marked by unprecedented global consumer demand and accelerating health and wellness trends," said Mike Pilato, President and CEO. "Our strategic execution and brand strength drove market share gains across all key markets, delivering 14% branded revenue growth. Importantly, this performance translated into substantial cash generation, with record cash flows and EBITDA margins exceeding our expectations.

“In China, our strategic investments in marketing delivered exceptional revenue growth of nearly 80% and broadened our connection with Chinese consumers, validating our commitment to this critical market and setting us up for long-term growth. In Canada, we further expanded our market leadership through targeted marketing programs that celebrated our heritage of Canadian manufacturing, quality and trust. In the U.S., we achieved significant channel growth, particularly through the expansion of our youtheory brand in e-commerce and brick and mortar retailers, and demonstrated our continued innovation focus with the launch of our GLP-1 support products in Q4. Throughout the year, we also strengthened our International presence, as consumers increased their engagement with our Jamieson brand, specifically in the Middle East and Europe.

"Looking ahead to 2025, we're executing from an even stronger foundation. Global category tailwinds remain robust and our strategic marketing investments are driving revenue growth, improved profitability, and sustained improvements in cash flow. We remain focused on extending our reach and enhancing our offerings to meet evolving consumer needs. I want to thank each of our team members for their dedication to our Purpose of Inspiring Better Lives Every Day. Your commitment has been instrumental in our success, and I am confident that together, we will achieve even greater results in the coming year."

Fiscal 2024 Performance Highlights

• Revenue growth in Canada outpaced the market, driven by strong dollar and unit consumption as consumer demand for foundational health products and innovative natural solutions remained high
• The Company’s youtheory expansion continued to gain traction, with international, new distribution, and e-commerce revenue increasing by 17%, driven by strong consumption of innovations featuring trending ingredients Ashwagandha and Shilajit
• Successful implementation of the Company’s investment strategy in China delivered 77.9% revenue growth, through strategic execution of influencer and cross-border e-commerce marketing programs
• Growth continued in International markets with notable gains in both the Middle East and Europe
• Operating cash flows before working capital considerations grew 27.7%, driven by increased operating leverage and strategic pacing of SG&A investments
• Published the Company’s first annual Sustainability Impact Report, detailing progress towards its previously established sustainability targets

Fourth Quarter Performance Highlights

• Cold and flu programs drove strong POS in Canada as consumers focused on immune health
• The Company’s youtheory brand grew international revenues by 20% and channel expansion revenues by 37%; gains offset by timing of promotional purchases within its traditional distribution base
• Successful 11/11 promotional campaigns in China outpaced industry and channel growth among the Company’s peers, resulting in a 50.7% revenue increase over prior year’s successful campaigns
• Sleep, Stress and Energy programs in International markets drove unit sell out of more than 15% for top distribution partners

Fourth Quarter Financial Performance Highlights

All comparisons are with the fourth quarter of 2023

• Consolidated revenue increased by 11.1% to $244.8 million driven by 11.9% growth in Jamieson Brands and 7.1% growth in Strategic Partners
• Gross profit increased by $21.2 million to $100.2 million; Normalized gross profit increased $18.9 million to $100.5 million driven by higher revenues and increased margins
• Gross profit margin ³ increased by 500 bps to 40.9%; Normalized gross profit margin increased 400 basis points due to the amortization of fair value adjustment in the prior year
• Adjusted EBITDA ¹ increased by $8.8 million or 17.4% to $59.4 million, reflecting the impact of higher sales volumes and pricing, partially offset by investments in SG&A; EBITDA ¹ increased $17.4 million or 37.4% to $63.9 million
• Net earnings increased to $36.1 million; Adjusted net earnings ¹ increased 21.1% to $34.6 million with higher net earnings from operations
• Adjusted diluted earnings per share ² was $0.80; Diluted earnings per share was $0.84
• Cash from operating activities before working capital considerations of $41.3 million increased by $20.9 million compared to Q4 2023 mainly driven by higher net earnings
• Cash invested in working capital of $3.5 million was $9.2 million higher than prior year, due to higher accounts receivable due to timing of customer collections
• Net debt ¹ at the end of the quarter was $263.5 million, or 8.6% lower than Q4 2023
• As at December 31, 2024, the Company had approximately $236.5 million in cash and available borrowings

Fourth Quarter Segment Highlights

All comparisons are with the fourth quarter of 2023

Jamieson Brands

• Revenue increased 11.9% or $21.6 million to $202.6 million
  • Jamieson Canada increased 11.4% to $105.0 million, driven by continued strong consumer consumption and in-market pricing
  • Youtheory was $56.3 million, with international, new distribution and e-commerce revenue increasing by over 25% in the quarter through innovation and expanded offerings as the Company integrated sales efforts and its new e-commerce business partnership. Total youtheory shipment growth of 2.3% (9% YTD) was impacted by the timing of promotional purchases within the Company’s traditional distribution base
  • Jamieson China was $29.3 million, increasing 38.9% on a constant currency basis, reflecting the Company’s investment strategy to drive brand awareness, market penetration and highly successful 11/11 e-commerce programs
  • Jamieson International was $12.0 million, increasing by 14.2% on a constant U.S. dollar basis, driven by innovation and growth in the Middle East and Europe
• Gross profit increased $21.3 million to $94.4 million; normalized gross profit increased by $19.0 million
• Gross profit margin ³ increased by 620 bps; normalized gross profit margin increased by 490 bps to 46.7% largely driven by volume growth and favourable channel mix in China
• Adjusted EBITDA ¹ increased $8.9 million to $54.3 million driven by higher gross profit and partially offset by investments in China and timing of variable compensation; Adjusted EBITDA margin ² increased by 170 bps to 26.8% driven by higher gross profits

Strategic Partners

All comparisons are with the fourth quarter of 2023

• Revenue grew 7.1% to $42.2 million, driven by customer ordering patterns and initial shipment of new business awarded
• Gross profit was $5.8 million, a decrease of $0.1 million; gross profit margin ³ was 13.8%, a decrease of 130 bps, impacted by reduced manufacturing efficiencies, partially offset by customer mix
• Adjusted EBITDA ¹ was $5.1 million representing an Adjusted EBITDA margin ² of 12.1%, lower by 120 bps

Fiscal 2024 Financial Performance Highlights

All comparisons are with FY2023

• Consolidated revenue increased 8.5% to $733.8 million driven by 14.1% growth in Jamieson Brands, partially offset by an expected 16.0% decline in Strategic Partners as the Company completed the close out of a previously noted customer contract
• Adjusted EBITDA ¹ increased by $2.9 million or 2.1% to $141.0 million
• Net earnings were $51.1 million; Adjusted net earnings increased 4.5% to $69.0 million
• Adjusted diluted earnings per share ² was $1.61; Diluted earnings per share was $1.19

Fiscal 2025 Outlook

All comparisons are with FY2024.

Following its 2024 investments in digital and traditional marketing, the company realized strong growth in China and within its youtheory brand. Both brands gained market share globally as consumption growth outpaced reported record shipment growth. In 2025, the Company remains focused on brand contribution while driving operating efficiency at the gross margin level and continuing to grow its investments in the Jamieson and youtheory brands across primary geographies, driving long-term brand equity, awareness, consumer consumption and ultimately share growth.

In fiscal 2025 the Company expects:

• Consolidated revenue of between $800.0 million and $840.0 million, representing growth of 9.0% to 14.5%
• Jamieson Brands revenue of $685.0 million to $720.0 million, or growth of between 9.0% and 14.5%
  • Canada: Growth of 5.0% to 8.0%, reflecting the impact of the Company’s new marketing campaigns driving consumption growth, the full year impact of in-market pricing and strong innovation focusing on stress, sleep, digestive health, essential minerals and gummies;
  • U.S. business (youtheory): Growth of between 5.0% and 15%, building on the momentum gained through innovation and expanded distribution with new FDM and club customers. Growth is expected to be propelled by the Company’s expanded digital marketing activities and product innovation. Changes to youtheory’s revenue reporting structure due to the Company’s new ecommerce partnership will impact reported revenue, with revenue reported net of certain marketing and distribution costs previously reported;
  • China: Growth of between 25.0% and 30.0%, building on the Company’s investment in fiscal 2024 which significantly scaled its Chinese revenue base. Growth is expected to be driven by market expansion, innovation, and by further extending the effectiveness and efficiency of digital programs driving trial and awareness;
  • International: Growth of between 20.0% and 30.0% driven by innovation and distribution gains strengthening the Company’s position in key markets, and the continued expansion of strategic global partnerships and digital commerce initiatives.
• Strategic Partners revenue growth of 10.0% to 15.0%, driven by new programs and industry growth propelling higher volumes within the Company’s existing program portfolio
• Adjusted EBITDA of between $157.0 and $163.0 million, or growth of 11.0% to 15.5%
• Adjusted EBITDA margins to range from 19.0% to 19.5%
• Adjusted diluted earnings per share of $1.82 to $1.93, or growth of 13.0% to 20.0%

The Company’s 2025 guidance does not consider any potential impact of tariffs imposed on trade between Canada and the United States. As such, actual results may differ from those expressed or implied in this guidance due to unforeseen changes in trade policies and economic conditions. For additional details on the Company’s fiscal 2025 outlook, including guidance for the first 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 and twelve months ended December 31, 2024.

Fourth Quarter Dividend

On February 27, 2025, the Company announced that the board of directors declared a cash dividend for the fourth quarter of 2024:

• $0.21 per common share or approximately $8.8 million in the aggregate
• Paid on March 14, 2025 to all common shareholders of record at the close of business on March 7, 2025
• 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 audited consolidated annual financial statements and accompanying notes as at and for the three and twelve months ended December 31, 2024 and related 2024 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 fourth quarter and full year 2024 results at 5:00 p.m. ET today, February 27, 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=1703188&tp_key=2d06661dec

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 www.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 30, 2024 and under the “Risk Factors” section in the 2024 MD&A filed today, February 27, 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 2024 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 twelve months ended December 31, 2024, and December 31, 2023.

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Investor Relations and Media Contact Information:
Jamieson Wellness
Ruth Winker
416-960-0052
rwinker@jamiesonlabs.com